v3.26.1
Borrowings (Tables)
 6 Months Ended
Jun. 30, 2026
Borrowings [Abstract]  
Summary of Average Debt Outstanding and Interest Rates on Secured Credit Facility

The following tables summarize the average debt outstanding and the interest rates on the Secured Credit Facility for the three and six months ended June 30, 2026 and June 30, 2025, respectively:

 

 

For the Three Months Ended June 30,

 

 

 

2026

 

 

2025

 

Average Debt Outstanding

 

$

380,079,121

 

 

$

396,390,459

 

Effective Interest Rate

 

 

6.93

%

 

 

7.40

%

Weighted Average Interest Rate (1)

 

 

6.35

%

 

 

6.88

%

 

(1)
The calculation of weighted average interest rate does not include minimum utilization fees, non-utilization fees, administration fees or the amortization of deferred financing costs.

 

 

For the Six Months Ended June 30,

 

 

 

2026

 

 

2025

 

Average Debt Outstanding

 

$

402,158,398

 

 

$

363,662,612

 

Effective Interest Rate

 

 

6.88

%

 

 

7.56

%

Weighted Average Interest Rate (1)

 

 

6.38

%

 

 

6.93

%

 

(1)
The calculation of weighted average interest rate does not include minimum utilization fees, non-utilization fees, administration fees or the amortization of deferred financing costs.
Interest Expense Related to Secured Credit Facility

For the three and six months ended June 30, 2026 and June 30, 2025, the components of interest expense related to the Secured Credit Facility were as follows:

 

For the Three Months Ended June 30,

 

 

 

2026

 

 

2025

 

Borrowing interest expense

 

$

6,017,014

 

 

$

6,800,699

 

Minimum utilization fee

 

 

—

 

 

 

—

 

Non-utilization fees

 

 

303,134

 

 

 

261,902

 

Administration fee

 

 

48,038

 

 

 

50,099

 

Amortization of deferred financing costs

 

 

202,256

 

 

 

202,256

 

Total interest and credit facility fees

 

$

6,570,442

 

 

$

7,314,956

 

 

 

For the Six Months Ended June 30,

 

 

 

2026

 

 

2025

 

Borrowing interest expense

 

$

12,733,668

 

 

$

12,490,085

 

Minimum utilization fee

 

 

—

 

 

 

—

 

Non-utilization fees

 

 

491,926

 

 

 

685,474

 

Administration fee

 

 

101,098

 

 

 

91,421

 

Amortization of deferred financing costs

 

 

402,290

 

 

 

366,452

 

Total interest and credit facility fees

 

$

13,728,982

 

 

$

13,633,432