CREDIT FACILITIES (Tables)
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6 Months Ended |
Jun. 30, 2026 |
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| Senior Secured Revolving Credit Agreement |
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| Line of Credit Facility [Line Items] |
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| Summary of Commitment and Credit Facilities |
| | | | | | | | | June 30, 2026 | | December 31, 2025 | Credit Facility payable | | $ | 141,000,000 | | $ | 128,650,000 | Prepaid loan structure fees | | | (2,220,478) | | | (2,637,237) | Credit Facility payable, net of prepaid loan structure fees | | $ | 138,779,522 | | $ | 126,012,763 |
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| Summary of interest expense and amortized financing costs on Commitment and Credit Facilities |
| | | | | | | | | | | | | | | | Three Months Ended | | Six Months Ended | | | June 30, 2026 | | June 30, 2025 | | June 30, 2026 | | June 30, 2025 | | Interest expense | | $ | 2,401,125 | | $ | 2,212,583 | | $ | 4,572,296 | | $ | 4,217,823 | | Loan structure fees amortization | | | 217,833 | | | 103,211 | | | 434,111 | | | 196,743 | | Total interest and other fees | | $ | 2,618,958 | | $ | 2,315,794 | | $ | 5,006,407 | | $ | 4,414,566 | | Weighted average interest rate | | | 6.5 | % | | 7.4 | % | | 6.6 | % | | 7.3 | % | Effective interest rate (including fee amortization) | | | 7.1 | % | | 7.7 | % | | 7.2 | % | | 7.7 | % | Average debt outstanding | | $ | 148,967,033 | | $ | 121,434,066 | | $ | 140,425,691 | | $ | 116,110,773 | | Cash paid for interest and unused fees | | $ | 2,264,454 | | $ | 2,244,868 | | $ | 4,642,343 | | $ | 4,194,458 | |
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| SPV Facility |
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| Line of Credit Facility [Line Items] |
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| Summary of Commitment and Credit Facilities |
| | | | | | | | | June 30, 2026 | | December 31, 2025 | SPV Facility payable | | $ | 75,000,000 | | $ | 75,000,000 | Prepaid loan structure fees | | | (652,939) | | | (731,092) | SPV Facility payable, net of prepaid loan structure fees | | $ | 74,347,061 | | $ | 74,268,908 |
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| Summary of interest expense and amortized financing costs on Commitment and Credit Facilities |
| | | | | | | | | | | | | | | | Three Months Ended | | Six Months Ended | | | | June 30, 2026 | | June 30, 2025 | | June 30, 2026 | | June 30, 2025 | | Interest expense | | $ | 1,073,931 | | $ | 857,591 | | $ | 2,135,449 | | $ | 1,709,316 | | Facility agent fee | | | 47,396 | | | 31,597 | | | 109,896 | | | 62,847 | | Loan structure fees amortization | | | 41,488 | | | 36,228 | | | 80,069 | | | 71,042 | | Total interest and other fees | | $ | 1,162,815 | | $ | 925,416 | | $ | 2,325,414 | | $ | 1,843,205 | | Weighted average interest rate | | | 5.7 | % | | 6.9 | % | | 5.7 | % | | 6.9 | % | Effective interest rate (including fee amortization) | | | 6.2 | % | | 7.4 | % | | 6.3 | % | | 7.4 | % | Average debt outstanding | | $ | 75,000,000 | | $ | 50,000,000 | | $ | 75,000,000 | | $ | 50,000,000 | | Cash paid for interest and unused fees | | $ | 1,150,087 | | $ | 898,902 | | $ | 2,280,810 | | $ | 1,787,630 | |
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