Borrowings |
6 Months Ended |
|---|---|
Jun. 30, 2026 | |
| Debt Disclosure [Abstract] | |
| Borrowings | Note 7. Borrowings The Company has entered into a Loan and Security Agreement with the KeyBank National Association (the "KeyBank Credit Agreement"), under which the Company established a $125,000,000 revolving line of credit to provide leverage to the Company. The line of credit has a maturity date of February 28, 2030. Borrowings under the KeyBank Credit Agreement generally bear interest at a rate equal to Term SOFR plus 3.25% to 4.00%, subject to the number of eligible loans in the collateral pool. Under the terms of the credit agreement, the Company is subject to several covenants. As of June 30, 2026 and December 31, 2025, the Company was in compliance with these covenants. The line of credit provides for advances that range from 45% to 55%, subject to the number of eligible loans in the collateral pool, on eligible loans held by the Company, as defined under KeyBank Credit Agreement. As part of the Formation Transaction, the Company paid $1,275,142 of debt issuance costs to underwrite this credit agreement. The Company paid $0 and $41,365 of debt issuance costs for the three and six months ended June 30, 2026, respectively, and $10,582 and $1,285,724 for the three months ended June 30, 2025 and period from the Commencement of Operations through June 30, 2025, respectively. As of June 30, 2026, the Company had $92,903,869 of gross outstanding borrowings under the line of credit, incurring $1,144,896 of interest expense with a weighted average interest rate of 6.89% for the three months ended June 30, 2026, and interest expense of $2,085,426 with a weighted average interest rate of 6.91% for six months ended June 30, 2026. As of June 30, 2025, the Company had $25,000,000 of gross outstanding borrowings under the line of credit, incurring $25,344 of interest expense with a weighted average interest rate of 8.07% for the three months ended June 30, 2025, and interest expense of $39,864 with a weighted average interest rate of 8.07% for the period from the Commencement of Operations through June 30, 2025.
The Company had average gross outstanding borrowings of $65,718,572 and $60,010,192 for the three and six months ended June 30, 2026, respectively. The Company had average gross outstanding borrowings of $1,241,758 and $1,449,383 for the three months ended June 30, 2025 and the period from the Commencement of Operations through June 30, 2025, respectively. Additionally, the Company incurred unused borrowing fees of $108,048, at a rate of 0.70%, and $240,645, at a rate of 0.72%, for the three and six months ended June 30, 2026, respectively. The Company incurred unused borrowing fees of $139,833 and $188,484, at a rate of 0.75%, for the three months ended June 30, 2025 and for the period from the Commencement of Operations through June 30, 2025, respectively. During the three and six months ended June 30, 2026, the Company incurred $99,524 and $208,796 of debt financing costs, respectively. During the three months ended June 30, 2025 and the period from the Commencement of Operations through June 30, 2025, the Company incurred $63,757 and $21,252 of debt financing costs, respectively. The interest expense, unused borrowing fees, and debt financing costs are included in interest expense and other debt fees on the Consolidated Statement of Operations. |