DEBT (Tables)

9 Months Ended

Sep. 30, 2024

Scheduled principal payments on the 2027 Senior Notes as of September 30, 2024 are as follows:


	2027 Senior Notes
Year
2024 (remaining)	$	—
2025	—
2026	—
2027	90,000,000
2028	—
Thereafter	—
Total principal	90,000,000
Deferred financing costs included in senior notes	(1,538,064)
Total due senior notes, net	$	88,461,936

The following tables reflect a summary of interest expense incurred during the three and nine months ended September 30, 2024 and 2023:


	Three months ended September 30, 2024
	2027 Senior Notes		Revolving Credit Facility		Total Borrowings

Interest expense	$	1,293,750	$	21,667	$	1,315,417

Amortization of deferred financing costs	158,964		98,324		257,288
Total interest expense	$	1,452,714	$	119,991	$	1,572,705


	Three months ended September 30, 2023
	2027 Senior Notes		Revolving Credit Facility		Total Borrowings

Interest expense	$	1,293,750	$	10,500	$	1,304,250
Unused fee expense	—		(26,667)		(26,667)
Amortization of deferred financing costs	158,964		96,381		255,345
Total interest expense	$	1,452,714	$	80,214	$	1,532,928


	Nine months ended September 30, 2024
	2027 Senior Notes		Revolving Credit Facility		Total Borrowings

Interest expense	$	3,881,250	$	104,054	$	3,985,304

Amortization of deferred financing costs	473,628		290,211		763,839
Total interest expense	$	4,354,878	$	394,265	$	4,749,143


	Nine months ended September 30, 2023
	2027 Senior Notes		Revolving Credit Facility		Total Borrowings

Interest expense	$	3,996,250	$	37,167	$	4,033,417
Unused fee expense	—		47,915		47,915
Amortization of deferred financing costs	482,698		212,833		695,531
Total interest expense	$	4,478,948	$	297,915	$	4,776,863