DEBT (Tables)

3 Months Ended

Mar. 31, 2026

Scheduled principal payments on the 2027 Senior Notes as of March 31, 2026 are as follows:


	2027 Senior Notes
Year
2026 (remaining)	$	—
2027	77,000,000
2028	—
2029	—
2030	—
Thereafter	—
Total principal	77,000,000
Deferred financing costs included in senior notes payable	(551,784)
Senior notes payable, net	$	76,448,216

The following table reflects a summary of interest expense incurred during the three months ended March 31, 2026:


	Three Months Ended March 31, 2026
	2027 Senior Notes		Revolving Credit Facility		TCGSL Revolving Credit Facility		Total Borrowings

Interest expense	$	1,106,875	$	408,588	$	12,389	$	1,527,852
Unused fee expense	—		19,417		—		19,417
Amortization of deferred financing costs	134,473		44,798		—		179,271
Total interest expense	$	1,241,348	$	472,803	$	12,389	$	1,726,540

The following table reflects a summary of interest expense incurred pre-Conversion during the three months ended March 31, 2025:


	Three Months Ended March 31, 2025
	2027 Senior Notes		Revolving Credit Facility		AFCF Revolving Credit Facility		Total Borrowings

Interest expense	$	1,293,750	$	191,333	$	8,889	$	1,493,972
Unused fee expense	—		56,259		—		56,259
Amortization of deferred financing costs	155,699		109,341		—		265,040
Total interest expense	$	1,449,449	$	356,933	$	8,889	$	1,815,271