| | |
Per Note
|
| |
Total(1)(2)
|
| ||||||
Public offering price
|
| | | $ | 25.00 | | | | | $ | 27,500,000 | | |
Underwriting discount
|
| | | $ | 0.8125 | | | | | $ | 893,750 | | |
Proceeds, before expenses, to us
|
| | | $ | 24.175 | | | | | $ | 26,606,250 | | |
| | |
Page
|
| |||
| | | | S-1 | | | |
| | | | S-3 | | | |
| | | | S-15 | | | |
| | | | S-21 | | | |
| | | | S-26 | | | |
| | | | S-27 | | | |
| | | | S-28 | | | |
| | | | S-30 | | | |
| | | | S-40 | | | |
| | | | S-44 | | | |
| | | | S-47 | | | |
| | | | S-47 | | | |
| | | | S-48 | | |
| | |
Page
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| | | | ii | | | |
| | | | 1 | | | |
| | | | 15 | | | |
| | | | 17 | | | |
| | | | 18 | | | |
| | | | 19 | | | |
| | | | 20 | | | |
| | | | 22 | | | |
| | | | 23 | | | |
| | | | 26 | | | |
| | | | 28 | | | |
| | | | 31 | | | |
| | | | 32 | | | |
| | | | 33 | | | |
| | | | 35 | | | |
| | | | 39 | | | |
| | | | 67 | | | |
| | | | 69 | | | |
| | | | 69 | | | |
| | | | 70 | | |
Payment Date
|
| |
Amount
Per Share |
| |||
2022 | | | | | | | |
April 18
|
| | | $ | 0.12 | | |
January 10Ω
|
| | | $ | 0.12 | | |
2021 | | | | | | | |
October 29
|
| | | $ | 0.12 | | |
July 30
|
| | | $ | 0.12 | | |
April 16
|
| | | $ | 0.12 | | |
January 8¥ | | | | $ | 0.12 | | |
2020 | | | | | | | |
November 4
|
| | | $ | 0.12 | | |
August 7
|
| | | $ | 0.12 | | |
January 27*
|
| | | $ | 0.12 | | |
2019 | | | | | | | |
October 22
|
| | | $ | 0.12 | | |
July 29
|
| | | $ | 0.12 | | |
April 18
|
| | | $ | 0.12 | | |
January 10**
|
| | | $ | 0.17 | | |
2018 | | | | | | | |
November 6
|
| | | $ | 0.12 | | |
July 27
|
| | | $ | 0.11 | | |
April 27***
|
| | | $ | 0.105 | | |
February 27****
|
| | | $ | 0.105 | | |
Payment Date
|
| |
Amount
Per Share |
| |||
2017 | | | | | | | |
November 17
|
| | | $ | 0.105 | | |
July 27
|
| | | $ | 0.105 | | |
April 27
|
| | | $ | 0.05 | | |
| | |
March 31, 2022
(Unaudited) |
| | | | | | | |||||||||||||||
| | |
Actual
|
| |
Pro Forma
|
| |
Pro Forma,
As Adjusted |
| | | |||||||||||||
Assets | | | | | | | | | | | | | | | | | | | | | | ||||
Cash and cash equivalents
|
| | | $ | 57,863,469 | | | | | $ | 72,761,299 | | | | | $ | 99,150,549 | | | | | ||||
Investment securities
|
| | | | 35,510,232 | | | | | | 35,510,232 | | | | | | 35,510,232 | | | | | ||||
Total
|
| | | $ | 93,373,701 | | | | | $ | 108,271,531 | | | | | $ | 134,660,781 | | | | | ||||
Indebtedness: | | | | | | | | | | | | | | | | | | | | | | ||||
Line of credit
|
| | | $ | 23,279,364 | | | | | $ | 23,312,181 | | | | | $ | 23,312,181 | | | | | ||||
Repurchase facility
|
| | | | 26,945,149 | | | | | | 36,672,430 | | | | | | 36,672,430 | | | | | ||||
Other notes
|
| | | | 24,294 | | | | | | 24,294 | | | | | | 24,294 | | | | | ||||
Mortgage payable
|
| | | | 750,000 | | | | | | 750,000 | | | | | | 750,000 | | | | | ||||
June 2024 Notes, December 2024 Notes, 2025 Notes, 2026 Notes and March 2027 Notes (net of deferred financing costs of $7,226,079 and $7,287,017 pro forma and pro forma, as adjusted)
|
| | | | 209,050,671 | | | | | | 210,864,734 | | | | | | 210,864,734 | | | | | ||||
Notes (net of deferred financing costs of $1,110,750)
|
| | | | — | | | | | | — | | | | | | 26,389,250 | | | | | ||||
Total indebtedness
|
| | | $ | 260,049,478 | | | | | $ | 271,623,639 | | | | | $ | 298,012,889 | | | | | ||||
Equity: | | | | | | | | | | | | | | | | | | | | | | ||||
Preferred shares – $.001 par value; 5,000,000 shares authorized; 1,903,000 shares of Series A Preferred Stock issued and outstanding
|
| | | $ | 1,903 | | | | | $ | 1,903 | | | | | $ | 1,903 | | | | | ||||
Common shares – $.001 par value; 100,000,000 shares authorized; 35,513,887 shares issued and outstanding and 36,283,119 shares issued and outstanding pro forma and pro forma, as adjusted
|
| | | | 35,514 | | | | | | 36,283 | | | | | | 36,283 | | | | | ||||
Paid-in capital
|
| | | | 201,168,304 | | | | | | 204,491,204 | | | | | | 204,491,204 | | | | | ||||
Accumulated other comprehensive loss
|
| | | | (233,208) | | | | | | (233,208) | | | | | | (233,208) | | | | | ||||
Accumulated deficit
|
| | | | (1,562,750) | | | | | | (1,562,750) | | | | | | (1,562,750) | | | | | ||||
Total shareholders’ equity
|
| | | $ | 199,409,763 | | | | | $ | 202,733,432 | | | | | $ | 202,733,432 | | | | | ||||
Total capitalization
|
| | | $ | 459,459,241 | | | | | $ | 474,357,071 | | | | | $ | 500,746,321 | | | | |
Underwriter
|
| |
Principal
amount of notes |
| |||
Ladenburg Thalmann & Co. Inc.
|
| | | $ | 5,800,000 | | |
Janney Montgomery Scott LLC
|
| | | | 6,525,000 | | |
InspereX LLC
|
| | | | 11,375,000 | | |
William Blair & Company, L.L.C.
|
| | | | 3,800,000 | | |
Total
|
| | | $ | 27,500,000 | | |
| | |
Per Note
|
| |
Without
Option |
| |
With
Option |
| |||||||||
Public offering price
|
| | | | 100.0% | | | | | $ | 27,500,000 | | | | | $ | 31,625,000 | | |
Underwriting discount (sales load) paid by us(1)
|
| | | | 3.25% | | | | | $ | 893,750 | | | | | $ | 1,027,813 | | |
Estimated proceeds to us, before expenses
|
| | | | 96.75% | | | | | $ | 26,606,250 | | | | | $ | 30,597,187 | | |
Document
|
| |
Filed
|
|
Annual Report on Form 10-K for the year ended December 31, 2021 | | | | |
Quarterly Report on Form 10-Q for the period ended March 31, 2022 | | | | |
Current Reports on Form 8-K | | | | |
Description common shares contained in our Registration Statement on Form 8-A | | | | |
Description of 7.75% 2025 Notes contained in Registration Statement on Form 8-A | | | | |
Description of 7.125% June 2024 Notes contained in Registration Statement on Form 8-A | | | | |
Description of 6.875% December 2024 Notes contained in Registration Statement on Form 8-A | | | | |
Description of the Series A Preferred Stock contained in Registration Statement on Form 8-A | | | | |
Description of 6.00% 2026 Notes contained in Registration Statement on Form 8-A | | | | |
Description of 6.00% March 2027 Notes contained in Registration Statement on Form 8-A | | | |
| | |
Page
|
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| | | | ii | | | |
| | | | 1 | | | |
| | | | 15 | | | |
| | | | 17 | | | |
| | | | 18 | | | |
| | | | 19 | | | |
| | | | 20 | | | |
| | | | 22 | | | |
| | | | 23 | | | |
| | | | 26 | | | |
| | | | 28 | | | |
| | | | 31 | | | |
| | | | 32 | | | |
| | | | 33 | | | |
| | | | 35 | | | |
| | | | 39 | | | |
| | | | 67 | | | |
| | | | 69 | | | |
| | | | 69 | | | |
| | | | 70 | | |
Payment Date
|
| |
Amount
Per Share |
| |||
2022 | | | | | | | |
January 10Ω | | | | $ | 0.12 | | |
2021 | | | | | | | |
October 29
|
| | | $ | 0.12 | | |
July 30
|
| | | $ | 0.12 | | |
April 16
|
| | | $ | 0.12 | | |
January 8¥ | | | | $ | 0.12 | | |
2020 | | | | | | | |
November 4
|
| | | $ | 0.12 | | |
August 7
|
| | | $ | 0.12 | | |
January 27*
|
| | | $ | 0.12 | | |
2019 | | | | | | | |
October 22
|
| | | $ | 0.12 | | |
July 29
|
| | | $ | 0.12 | | |
April 18
|
| | | $ | 0.12 | | |
January 10**
|
| | | $ | 0.17 | | |
2018 | | | | | | | |
November 6
|
| | | $ | 0.12 | | |
July 27
|
| | | $ | 0.11 | | |
April 27***
|
| | | $ | 0.105 | | |
February 27****
|
| | | $ | 0.105 | | |
2017 | | | | | | | |
November 17
|
| | | $ | 0.105 | | |
July 27
|
| | | $ | 0.105 | | |
April 27
|
| | | $ | 0.05 | | |
|
Ladenburg Thalmann
|
| |
Janney Montgomery Scott
|
| |
InspereX
|
| |
William Blair
|
|