| Schedule of Summarizes The Related Party Fees and Expenses |
The following table summarizes related party fees and expenses for the three and six months ended June 30, 2026 and 2025.
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For the three months ended June 30, |
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For the 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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Affiliate Payments |
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Management fees earned |
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$ |
1,187,052 |
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$ |
1,224,052 |
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$ |
2,388,055 |
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$ |
2,436,848 |
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Less: Outside Fees earned |
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(107,500 |
) |
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(133,046 |
) |
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(107,500 |
) |
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(136,617 |
) |
Base management fees, net |
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1,079,552 |
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1,091,006 |
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2,280,555 |
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2,300,231 |
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Incentive fees |
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524,776 |
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841,951 |
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1,043,268 |
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1,368,259 |
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Total management and incentive fees earned |
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1,604,328 |
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1,932,957 |
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3,323,823 |
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3,668,490 |
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General and administrative expenses reimbursable to Manager |
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1,395,641 |
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1,155,787 |
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2,424,700 |
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2,304,556 |
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Total |
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$ |
2,999,969 |
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$ |
3,088,744 |
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$ |
5,748,523 |
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$ |
5,973,046 |
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| Schedule of Summarizes The Related Party Transactions Payable |
The following table presents amounts payable to the Manager 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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Management fees payable |
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$ |
1,079,552 |
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$ |
1,034,149 |
|
Incentive fees payable |
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524,776 |
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2,064,427 |
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Management and incentive fees payable |
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1,604,328 |
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3,098,576 |
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General and administrative expenses reimbursable to Manager |
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2,061,428 |
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2,214,920 |
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Total |
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$ |
3,665,756 |
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$ |
5,313,496 |
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