| Schedule of interest expense and deferred financing costs |
| | | | | | | | | | | | | | | | | For the three months ended | | | For the six months ended | | | June 30, 2026 | | June 30, 2025 | | | June 30, 2026 | | June 30, 2025 | | Interest expense | | $ | — | | $ | 1,218,750 | | | $ | 500 | | $ | 2,437,500 | | Deferred financing costs | | | — | | | 111,374 | | | | — | | | 221,524 | | Total interest and financing expenses | | $ | — | | $ | 1,330,124 | | | $ | 500 | | $ | 2,659,024 | | Weighted average interest rate | | | N/A | % | | 4.9 | % | | | N/A | % | | 4.9 | % | Effective interest rate (including fee amortization) | | | N/A | % | | 5.4 | % | | | N/A | % | | 5.4 | % | Average debt outstanding | | $ | — | | $ | 100,000,000 | | | $ | — | | $ | 100,000,000 | | Cash paid for interest | | $ | — | | $ | — | | | $ | 500 | | $ | 2,437,500 | |
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| Schedule of interest expense and deferred financing costs |
| | | | | | | | | | | | | | | | | For the three months ended | | | For the six months ended | | | June 30, 2026 | | June 30, 2025 | | | June 30, 2026 | | June 30, 2025 | | Interest expense | | $ | 2,265,625 | | $ | 1,374,375 | | | $ | 4,531,250 | | $ | 1,374,375 | | Deferred financing costs | | | 136,182 | | | 81,944 | | | | 270,866 | | | 81,944 | | Discount amortization | | | 33,873 | | | 31,436 | | | | 67,121 | | | 31,436 | | Premium amortization | | | (31,006) | | | — | | | | (61,431) | | | — | | Total interest and financing expenses | | $ | 2,404,674 | | $ | 1,487,755 | | | $ | 4,807,806 | | $ | 1,487,755 | | Weighted average interest rate | | | 7.3 | % | | 7.4 | % | | | 7.3 | % | | 7.4 | %(1) | Effective interest rate (including fee amortization) | | | 7.7 | % | | 8.0 | % | | | 7.8 | % | | 8.0 | %(1) | Average debt outstanding | | $ | 125,000,000 | | $ | 75,000,000 | | | $ | 125,000,000 | | $ | 75,000,000 | (1) | Cash paid for interest | | $ | 4,531,250 | | $ | 15,000 | | | $ | 4,531,250 | | $ | 15,000 | |
(1) Calculated for the period from April 1, 2025, the date of the 2030 Notes Payable offering, through June 30, 2025.
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| Schedule of notes payable, net of deferred financing costs |
| | | | | | | | | June 30, 2026 | | December 31, 2025 | 2030 Notes Payable | | $ | 125,000,000 | | $ | 125,000,000 | Deferred financing costs | | | (2,051,714) | | | (2,272,580) | Premium on 2030 Notes Payable | | | 556,713 | | | 618,145 | Discount on 2030 Notes Payable | | | (607,036) | | | (674,156) | 2030 Notes Payable, net of deferred financing costs and discount | | $ | 122,897,963 | | $ | 122,671,409 |
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