v3.26.1
NOTES (Tables)
3 Months Ended
Mar. 31, 2026
Notes Payable 2026  
NOTES  
Schedule of interest expense and deferred financing costs

  ​ ​ ​

For the three months ended

 

  ​ ​ ​

March 31, 2026

March 31, 2025

 

Interest expense

$

500

$

1,218,750

Deferred financing costs

 

 

110,150

Total interest and financing expenses

$

500

$

1,328,900

Weighted average interest rate

 

N/A

%

 

4.9

%

Effective interest rate (including fee amortization)

 

N/A

%

 

5.4

%

Average debt outstanding

$

$

100,000,000

Cash paid for interest

$

500

$

2,437,500

7.250% Notes due 2030  
NOTES  
Schedule of notes payable, net of deferred financing costs

  ​ ​ ​

March 31, 2026

December 31, 2025

2030 Notes Payable

$

125,000,000

$

125,000,000

Deferred financing costs

 

(2,187,895)

 

(2,272,580)

Premium on 2030 Notes Payable

587,719

618,145

Discount on 2030 Notes Payable

(640,909)

(674,156)

2030 Notes Payable, net of deferred financing costs and discount

$

122,758,915

$

122,671,409

Schedule of interest expense and deferred financing costs

  ​ ​ ​

For the three months ended

  ​ ​ ​

March 31, 2026

Interest expense

$

2,265,625

Deferred financing costs

 

134,684

Discount amortization

33,248

Premium amortization

(30,425)

Total interest and financing expenses

$

2,403,132

Weighted average interest rate

 

7.4

%

Effective interest rate (including fee amortization)

 

7.8

%

Average debt outstanding

$

125,000,000

Cash paid for interest

$