| Summary of Debt Obligations |
Debt obligations consisted of the following as of June 30, 2025 and December 31, 2024:
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June 30, 2025 |
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December 31, 2024 |
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Total Borrowing Capacity |
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Principal Outstanding |
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Total Borrowing Capacity |
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Principal Outstanding |
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SMBC Facility |
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$ |
300,000,000 |
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$ |
259,000,000 |
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$ |
300,000,000 |
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$ |
249,000,000 |
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Revolving OCF II Loan |
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80,000,000 |
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— |
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80,000,000 |
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— |
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$ |
380,000,000 |
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$ |
259,000,000 |
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$ |
380,000,000 |
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$ |
249,000,000 |
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| Schedule of Components of Interest Expense |
For the three and six months ended June 30, 2025 and 2024, the components of interest expense were as follows:
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Three Months Ended June 30, |
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Six Months Ended June 30, |
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2025 |
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2024 |
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2025 |
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2024 |
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Interest expense |
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$ |
4,113,989 |
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$ |
4,934,599 |
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$ |
8,297,697 |
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$ |
10,363,374 |
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Amortization of deferred financing costs |
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132,937 |
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277,916 |
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264,413 |
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555,833 |
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Total interest and credit facility expense |
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$ |
4,246,926 |
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$ |
5,212,515 |
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$ |
8,562,110 |
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$ |
10,919,207 |
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Average debt outstanding |
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$ |
249,184,783 |
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$ |
241,500,000 |
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$ |
252,351,648 |
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$ |
256,704,918 |
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Weighted average interest rate |
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6.5 |
% |
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7.2 |
% |
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6.5 |
% |
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7.3 |
% |
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