DEBT (Tables)

6 Months Ended

Jun. 30, 2025

Scheduled principal payments on the 2027 Senior Notes as of June 30, 2025 are as follows:


	2027 Senior Notes
Year
2025 (remaining)	$	—
2026	—
2027	90,000,000
2028	—
2029	—
Thereafter	—
Total principal	90,000,000
Deferred financing costs included in senior notes payable	(1,092,320)
Senior notes payable, net	$	88,907,680

The following tables reflect a summary of interest expense incurred during the three and six months ended June 30, 2025 and 2024:


	Three months ended June 30, 2025
	2027 Senior Notes		Revolving Credit Facility		AFCF Credit Facility		Total

Interest expense	$	1,293,750	$	328,789	$	—	$	1,622,539
Unused fee expense	—		18,252		—		18,252
Amortization of deferred financing costs	157,331		60,052		—		217,383
Total interest expense	$	1,451,081	$	407,093	$	—	$	1,858,174


	Three months ended June 30, 2024
	2027 Senior Notes		Revolving Credit Facility		AFCF Credit Facility		Total

Interest expense	$	1,293,750	$	26,250	$	—	$	1,320,000
Unused fee expense	—		—		—		—
Amortization of deferred financing costs	157,332		95,943		—		253,275
Total interest expense	$	1,451,082	$	122,193	$	—	$	1,573,275


	Six months ended June 30, 2025
	2027 Senior Notes		Revolving Credit Facility		AFCF Revolving Credit Facility		Total Borrowings

Interest expense	$	2,587,500	$	520,122	$	8,889	$	3,116,511
Unused fee expense	—		74,511		—		74,511
Amortization of deferred financing costs	313,030		169,393		—		482,423
Total interest expense	$	2,900,530	$	764,026	$	8,889	$	3,673,445


	Six months ended June 30, 2024
	2027 Senior Notes		Revolving Credit Facility		AFCF Revolving Credit Facility		Total Borrowings

Interest expense	$	2,587,500	$	82,387	$	—	$	2,669,887
Unused fee expense	—		—		—		—
Amortization of deferred financing costs	314,664		191,887		—		506,551
Total interest expense	$	2,902,164	$	274,274	$	—	$	3,176,438