| Summary of Debt Obligations |
Debt obligations consisted of the following as of June 30, 2026 and December 31, 2025:
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June 30, 2026 |
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December 31, 2025 |
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Total Borrowing Capacity |
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Principal Outstanding |
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Total Borrowing Capacity |
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Principal Outstanding |
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SMBC Facility |
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$ |
300,000,000 |
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$ |
162,000,000 |
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$ |
300,000,000 |
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$ |
219,000,000 |
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OUSH Loan |
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20,000,000 |
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— |
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— |
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— |
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Revolving OCF II Loan |
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— |
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— |
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80,000,000 |
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— |
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$ |
320,000,000 |
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$ |
162,000,000 |
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$ |
380,000,000 |
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$ |
219,000,000 |
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| Schedule of Components of Interest Expense |
For the three and six months ended June 30, 2026 and 2025, the components of interest expense were as follows:
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Three Months Ended June 30, |
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Six Months Ended June 30, |
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2026 |
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2025 |
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2026 |
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2025 |
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Interest expense |
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$ |
2,903,564 |
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$ |
4,113,989 |
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$ |
6,131,738 |
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$ |
8,297,697 |
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Amortization of deferred financing costs |
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132,937 |
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132,937 |
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264,413 |
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264,413 |
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Total interest and credit facility expense |
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$ |
3,036,501 |
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$ |
4,246,926 |
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$ |
6,396,151 |
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$ |
8,562,110 |
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Average debt outstanding |
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$ |
186,532,609 |
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$ |
249,184,783 |
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$ |
198,626,374 |
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$ |
252,351,648 |
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Weighted average interest rate |
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5.6 |
% |
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6.5 |
% |
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5.7 |
% |
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6.5 |
% |
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