Quarterly report pursuant to Section 13 or 15(d)

Financing Transactions

Financing Transactions

6 Months Ended

Jun. 30, 2022

8. Financing Transactions

During the six month period ended June 30, 2022, the Company generated approximately $103.7 million of gross proceeds from the sale of its securities as follows:

(i)

$51,875,000 from the sale of its 6.0% unsecured, unsubordinated notes due March 30, 2027;

(ii)

$30,000,000 from the sale of its 7.125% unsecured, unsubordinated notes due June 30, 2027; and

(iii)

$21,780,906 from the sale of 3,867,157 common shares in an “at-the-market” offering.

The net proceeds from the sale of these securities, approximately $100.0 million, were used primarily to fund new mortgage loans, for working capital and general corporate purposes.

During the six month period ended June 30, 2021, the Company sold 4,513,731 common shares in an at-the-market offering. Net proceeds to the Company from the sale of these shares were $22,878,849.