| Schedule of Mandatory Scheduled Principal Payments on Unsecured Notes |
The following table presents the mandatory scheduled principal payments on the Unsecured Notes:
|
|
|
|
|
Year |
|
Notes Payable |
|
2025 |
|
$ |
- |
|
2026 |
|
|
- |
|
2027 |
|
|
- |
|
2028 |
|
|
50,000,000 |
|
Total principal |
|
$ |
50,000,000 |
|
Deferred debt issuance costs included in notes payable |
|
|
(665,541 |
) |
Total notes payable, net |
|
$ |
49,334,459 |
|
|
| Schedule of Interest Expense Incurred During Period |
The following table reflects a summary of interest expense incurred during the years ended December 31, 2025 and 2024.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the year ended December 31, 2025 |
|
|
|
Notes Payable |
|
|
Revolving Loan |
|
|
Total Borrowings |
|
Interest expense |
|
$ |
4,512,329 |
|
|
$ |
2,430,976 |
|
|
$ |
6,943,305 |
|
Unused fee expense |
|
|
- |
|
|
|
195,673 |
|
|
|
195,673 |
|
Amortization of debt issuance costs |
|
|
238,209 |
|
|
|
168,454 |
|
|
|
406,663 |
|
Total interest expense |
|
$ |
4,750,538 |
|
|
$ |
2,795,103 |
|
|
$ |
7,545,641 |
|
|
|
|
|
|
|
|
|
|
|
|
|
For the year ended December 31, 2024 |
|
|
|
Notes Payable |
|
|
Revolving Loan |
|
|
Total Borrowings |
|
Interest expense |
|
$ |
909,836 |
|
|
$ |
5,892,908 |
|
|
$ |
6,802,744 |
|
Unused fee expense |
|
|
- |
|
|
|
93,465 |
|
|
|
93,465 |
|
Amortization of debt issuance costs |
|
|
48,165 |
|
|
|
208,833 |
|
|
|
256,998 |
|
Total interest expense |
|
$ |
958,001 |
|
|
$ |
6,195,206 |
|
|
$ |
7,153,207 |
|
|