| Schedule of Credit Facilities |
For the three and six months ended June 30, 2026 and 2025, the components of interest expense, cash paid for interest, average interest rates and average outstanding balances for the Banc of California Credit Facility were as follows:
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|
|
|
|
|
|
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|
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Three Months Ended June 30, |
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|
Six Months Ended June 30, |
|
|
|
2026 |
|
|
2025 |
|
|
2026 |
|
|
2025 |
|
Stated interest expense |
|
$ |
321 |
|
|
$ |
99,483 |
|
|
$ |
31,921 |
|
|
$ |
189,081 |
|
Amortization of debt issuance costs |
|
|
10,001 |
|
|
|
20,236 |
|
|
|
21,173 |
|
|
|
40,460 |
|
Total interest and debt financing costs |
|
$ |
10,322 |
|
|
$ |
119,719 |
|
|
$ |
53,094 |
|
|
$ |
229,541 |
|
Cash paid for interest expense |
|
$ |
1,566 |
|
|
$ |
100,140 |
|
|
$ |
32,642 |
|
|
$ |
192,720 |
|
Effective interest rate(1) |
|
n/m |
|
|
|
9.46 |
% |
|
|
11.60 |
% |
|
|
9.46 |
% |
Average outstanding balance |
|
$ |
18,132 |
|
|
$ |
5,078,187 |
|
|
$ |
923,204 |
|
|
$ |
4,894,834 |
|
(1) Not meaningful due to a minimal average outstanding balance relative to the size of the total commitment and the amount of commitment fees incurred during the period.
|
| Schedule of Debt Instruments |
For the three and six months ended June 30, 2026 and 2025, the components of interest expense, cash paid for interest, average interest rates and average outstanding balances for the Unsecured Note were as follows:
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|
|
|
|
|
|
|
|
|
Three Months Ended June 30, |
|
|
Six Months Ended June 30, |
|
|
|
2026 |
|
|
2025 |
|
|
2026 |
|
|
2025 |
|
Stated interest expense |
|
$ |
206,250 |
|
|
$ |
206,250 |
|
|
$ |
412,500 |
|
|
$ |
412,500 |
|
Amortization of debt issuance costs |
|
|
18,172 |
|
|
|
18,172 |
|
|
|
36,344 |
|
|
|
36,344 |
|
Total interest and debt financing costs |
|
$ |
224,422 |
|
|
$ |
224,422 |
|
|
$ |
448,844 |
|
|
$ |
448,844 |
|
Cash paid for interest expense |
|
$ |
206,250 |
|
|
$ |
206,250 |
|
|
$ |
412,500 |
|
|
$ |
412,500 |
|
Effective interest rate |
|
|
5.98 |
% |
|
|
5.98 |
% |
|
|
5.98 |
% |
|
|
5.98 |
% |
Average outstanding balance |
|
$ |
15,000,000 |
|
|
$ |
15,000,000 |
|
|
$ |
15,000,000 |
|
|
$ |
15,000,000 |
|
For the three and six months ended June 30, 2026 and 2025, the average dollar borrowings and weighted average effective interest rate on the Company’s outstanding borrowings were as follows:
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|
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|
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|
Three Months Ended June 30, |
|
|
Six Months Ended June 30, |
|
|
|
2026 |
|
|
2025 |
|
|
2026 |
|
|
2025 |
|
Average dollar borrowings |
|
$ |
15,018,132 |
|
|
$ |
20,078,187 |
|
|
$ |
15,923,204 |
|
|
$ |
19,894,834 |
|
Weighted average effective interest rate |
|
|
6.27 |
% |
|
|
6.87 |
% |
|
|
6.36 |
% |
|
|
6.88 |
% |
|