v3.25.2
Debt (Tables)
 6 Months Ended
Jun. 30, 2025
Debt Disclosure [Abstract]  
Schedule of Debt
The following table presents a summary of the Company’s unsecured notes payable outstanding as of:

Coupon Rate
Effective Rate (1)
Maturity DateJune 30, 2025December 31, 2024
6.00% Senior Notes Due 2026
6.00 %7.00 %6/30/2026$85,125,000 $85,125,000 
7.00% Senior Notes Due 2026 (2)
7.00 %11.16 %3/31/202638,375,000 38,375,000 
Total principal amount123,500,000 123,500,000 
Unamortized issue discount(613,327)(902,312)
Unamortized purchase discount (2)
(1,142,709)(1,853,316)
Unamortized deferred financing costs(217,696)(320,272)
Unsecured notes payable, net$121,526,268 $120,424,100 
_______________
(1)Includes issue discount, purchase discount and deferred financing costs that are amortized to interest expense over the life of the notes.
(2)In connection with the BDC Merger, Terra LLC assumed all the obligations under the 7.00% Senior Notes Due 2026 (as defined below) and recorded a purchase discount of $4.6 million, representing the difference between the carrying value and the fair value of the notes on the date of the merger.
The following table is a summary of the Company’s secured financing agreements in place as of:

June 30, 2025December 31, 2024
Current MaturityExtended Maturity
Weighted Average Interest Rate (1)
Pledged Asset Carrying ValueMaximum Facility SizePrincipal AmountPrincipal
 Amount
Repurchase Agreements:
Goldman Sachs Bank facility (2)(3)
(3)(3)(3)$— $— $— $48,188,441 
Total— — — 48,188,441 
Non-Recourse Financing:
Promissory notes payable (2)(4)
September 2025 - March 2026March 2026 - March 20279.33 %59,610,514 N/A27,482,928 40,694,390 
Property mortgages - fixed rateJune 2028June 20286.25 %77,169,374 N/A40,250,000 40,250,000 
Property mortgages - variable rate (5)
April 2027April 20287.82 %27,037,500 N/A20,268,972 34,100,000 
Total163,817,388 88,001,900 115,044,390 
Other Secured Financing:
Revolving line of credit (2)(6)
June 2025June 20257.67 %23,116,267 11,071,390 11,071,390 16,361,111 
Term loan (7)
December 2027December 2028(10)48,455,336 10,000,000 10,000,000 10,000,000 
Secured borrowing (2)(8)
Nov 2026 - Jun 2027Nov 2026 - Jun 20279.54 %61,357,722 31,250,000 31,250,000 18,000,000 
Total132,929,325 52,321,390 52,321,390 44,361,111 
$296,746,713 $52,321,390 140,323,290 207,593,942 
Unamortized deferred financing costs and other(1,673,574)(1,875,160)
Secured financing agreements, net$138,649,716 $205,718,782 
_______________
(1)Amount is calculated using the applicable index rate as of June 30, 2025.
(2)These facilities were used to finance the Company’s senior loan investments.
(3)In June 2025, the outstanding balance was repaid in full and the facility was terminated.
(4)Interest rate is based on Term SOFR plus a spread ranging from 4.75% to 5.98% with a combined floor rate ranging from 9.0% to 11.28%.
(5)Interest rate is based on Term SOFR plus a spread of 3.5% with a Term SOFR floor of 3.75%.
(6)Interest rate is based on Term SOFR + 3.5% with a combined floor of 7.0%. On July 1, 2025, the outstanding balance was repaid in full and the facility was terminated.
(7)In December 2024, through a series of transactions, a wholly owned subsidiary of the Company issued a $10.0 million term loan payable to an entity in which the Company has an equity investment in exchange for the satisfaction of the remaining funding commitment of the Company to that entity (Note 4). This loan is interest-free until June 30, 2025, after that interest is charged at a fixed rate of 9.0% per annum. The term loan payable is collateralized by the Company’s equity interest in RESOF and the Company serves as a guarantor under the loan. Under the terms of the loan agreement, the Company is required to maintain certain loan-to-value ratio and investment rating. Additionally, the Company’s interest in RESOF is only available to pay the debt under the term loan and not available to pay the debt under any other financing arrangements.
(8)Interest rate is based on Term SOFR plus a spread of 5.0% with a combined floor rate ranging from 9.32% to 9.85%.
The following table presents certain information about the Company’s secured financing agreements:

Three Months Ended June 30,Six Months Ended June 30,
2025202420252024
Amortization of deferred financing costs
   and others		$191,702 $575,236 $718,116 $1,521,384 
Proceeds from secured financing$23,383,257 $58,246,507 
Repayments of secured financing$(91,059,190)$(84,780,619)
Schedule of Maturities of Long-Term Debt Scheduled debt principal payments for each of the five calendar years following June 30, 2025 are as follows:
Years Ending December 31,Total
2025 (July 1 through December 31)$14,321,390 
2026160,982,928 
202748,268,972 
202840,250,000 
2029— 
263,823,290 
Unamortized deferred financing costs and other(3,647,306)
Total$260,175,984