v3.25.2
Borrowings (Tables)
 6 Months Ended
Jun. 30, 2025
Borrowings [Abstract]  
Summary of Average Debt Outstanding and Interest Rates on Secured Credit Facility

The following tables summarizes the average debt outstanding and the interest rates on the Secured Credit Facility for the three and six months ended June 30, 2025 and June 30, 2024, respectively:

 

 

For the Three Months Ended June 30,

 

 

 

2025

 

 

2024

 

Average Debt Outstanding

 

$

396,390,459

 

 

$

255,000,000

 

Effective Interest Rate

 

 

7.40

%

 

 

9.24

%

Weighted Average Interest Rate (1)

 

 

6.88

%

 

 

8.79

%

 

(1)
The calculation of weighted average interest rate does not include minimum utilization fees, non-utilization fees, administration fees or the amortization of deferred financing costs.

 

 

For the Six Months Ended June 30,

 

 

 

2025

 

 

2024

 

Average Debt Outstanding

 

$

363,662,612

 

 

$

238,556,019

 

Effective Interest Rate

 

 

7.56

%

 

 

9.54

%

Weighted Average Interest Rate (1)

 

 

6.93

%

 

 

8.80

%

 

(1)
The calculation of weighted average interest rate does not include minimum utilization fees, non-utilization fees, administration fees or the amortization of deferred financing costs.
Interest Expense Related to Secured Credit Facility , the components of interest expense related to the Secured Credit Facility were as follows:

 

 

For the Three Months Ended June 30,

 

 

 

2025

 

 

2024

 

Borrowing interest expense

 

$

6,800,699

 

 

$

5,589,377

 

Minimum utilization fee

 

 

—

 

 

 

—

 

Non-utilization fees

 

 

261,902

 

 

 

113,750

 

Administration fee

 

 

50,099

 

 

 

—

 

Amortization of deferred financing costs

 

 

202,256

 

 

 

171,595

 

Total interest and credit facility fees

 

$

7,314,956

 

 

$

5,874,722

 

 

 

For the Six Months Ended June 30,

 

 

 

2025

 

 

2024

 

Borrowing interest expense

 

$

12,490,085

 

 

$

10,462,158

 

Minimum utilization fee

 

 

—

 

 

 

261,056

 

Non-utilization fees

 

 

685,474

 

 

 

280,486

 

Administration fee

 

 

91,421

 

 

 

—

 

Amortization of deferred financing costs

 

 

366,452

 

 

 

343,189

 

Total interest and credit facility fees

 

$

13,633,432

 

 

$

11,346,889