Quarterly report pursuant to Section 13 or 15(d)

STATEMENTS OF COMPREHENSIVE INCOME

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STATEMENTS OF COMPREHENSIVE INCOME - USD ($)
3 Months Ended 9 Months Ended
Sep. 30, 2022
Sep. 30, 2021
Sep. 30, 2022
Sep. 30, 2021
Revenue:        
Interest income from loans $ 11,545,748 $ 6,094,165 $ 30,490,694 $ 15,307,692
Investment gains, net 238,225 532,163 586,166 911,005
Income from partnership investments 523,067 35,983 1,112,560 90,225
Origination and modification fees, net 1,669,034 1,268,624 5,759,650 2,788,498
Fee and other income 641,749 591,441 2,048,921 1,851,031
Unrealized losses on investment securities (1,076,836)   (3,607,498)  
Total revenue 13,540,987 8,522,376 36,390,493 20,948,451
Operating costs and expenses:        
Interest and amortization of deferred financing costs 5,974,975 2,589,847 15,083,228 7,541,536
Compensation, fees and taxes 1,509,518 771,373 3,691,421 2,175,603
Other expenses 90,899 137,607 320,231 248,581
General and administrative expenses 715,994 478,484 1,993,812 1,369,328
Loss (Gain) on sale of real estate 962 94,450 (121,381) 111,545
Impairment loss 195,000 150,000 790,500 469,000
Total operating costs and expenses 8,487,348 4,221,761 21,757,811 11,915,593
Net income 5,053,639 4,300,615 14,632,682 9,032,858
Preferred stock dividend (921,766) (913,791) (2,765,297) (932,089)
Net income attributable to common shareholders 4,131,873 3,386,824 11,867,385 8,100,769
Other comprehensive loss        
Unrealized gain (loss) on investment securities (131,569) (500,188) (81,525) (611,998)
Comprehensive income $ 4,000,304 $ 2,886,636 $ 11,785,860 $ 7,488,771
Basic and diluted net income per common share outstanding:        
Basic $ 0.11 $ 0.12 $ 0.32 $ 0.32
Diluted $ 0.11 $ 0.12 $ 0.32 $ 0.32
Weighted average number of common shares outstanding:        
Basic 38,829,610 27,973,249 36,723,305 24,968,885
Diluted 38,829,852 27,977,095 36,729,184 24,972,837