| Secured Credit Facility Commitment |
As of June 30, 2025 and December 31, 2024, the Secured Credit Facility commitment amounts were as follows:
| |
|
As of June 30, 2025
|
|
|
As of December 31, 2024
|
|
|
Secured Credit Facility Lender
|
|
Commitment
|
|
|
Commitment
|
|
|
Webster Bank
|
|
$
|
67,500,000
|
|
|
$
|
67,500,000
|
|
Dime Community Bank
|
|
|
25,000,000
|
|
|
|
25,000,000
|
|
|
First Foundation Bank
|
|
|
20,000,000
|
|
|
|
20,000,000
|
|
|
Mitsubishi HC Capital America, Inc.
|
|
|
20,000,000
|
|
|
|
20,000,000
|
|
|
Woodforest National Bank
|
|
|
20,000,000
|
|
|
|
20,000,000
|
|
Peapack-Gladstone Bank
|
|
|
17,000,000
|
|
|
|
17,000,000
|
|
|
Hanmai Bank
|
|
|
15,500,000
|
|
|
|
15,500,000
|
|
|
Apple Bank
|
|
|
15,000,000
|
|
|
|
15,000,000
|
|
|
Total Commitment
|
|
$
|
200,000,000
|
|
|
$
|
200,000,000
|
|
|
| Interest Expense and Other Debt Financing Expenses, Average Outstanding Balances and Average Stated Interest Rates |
The components of the Company’s interest expense and other debt financing expenses, average outstanding balances and average stated interest rates
(i.e. the rate in effect plus spread) were as follows:
| |
|
For the three months ended June 30,
|
|
|
|
|
2025
|
|
|
2024
|
|
|
Interest expense - Secured Credit Facility
|
|
$
|
2,208,438
|
|
|
$
|
2,954,331
|
|
|
Unused commitment fees
|
|
|
98,859
|
|
|
|
71,160
|
|
|
Amortization of deferred financing costs
|
|
|
170,350
|
|
|
|
144,398
|
|
|
Administration fees
|
|
|
(1,179,104
|
)
|
|
|
193,421
|
|
|
Total interest and other debt financing fees
|
|
$
|
1,298,543
|
|
|
$
|
3,363,310
|
|
|
Average debt outstanding
|
|
$
|
121,781,319
|
|
|
$
|
143,697,802
|
|
|
Average stated interest rate
|
|
|
7.27
|
%
|
|
|
8.25
|
%
|
| |
|
For the six months ended June 30,
|
|
| |
|
2025
|
|
|
2024
|
|
|
Interest expense - Secured Credit Facility
|
|
$
|
4,377,859
|
|
|
$
|
6,242,500
|
|
|
Unused commitment fees
|
|
|
198,423
|
|
|
|
118,847
|
|
|
Amortization of deferred financing costs
|
|
|
307,750
|
|
|
|
284,919
|
|
|
Administration fees
|
|
|
(1,043,712
|
)
|
|
|
458,235
|
|
|
Total interest and other debt financing fees
|
|
$
|
3,840,320
|
|
|
$
|
7,104,501
|
|
|
Average debt outstanding
|
|
$
|
121,069,061
|
|
|
$
|
152,983,516
|
|
|
Average stated interest rate
|
|
|
7.29
|
%
|
|
|
8.18
|
%
|
|