8. Financing Transactions

During the year ended December 31, 2022, the Company generated approximately $162,419,000 of gross proceeds from the sale of its securities as follows:

The net proceeds from the sale of these securities, approximately $157.6 million, were used primarily to fund new mortgage loans, for working capital and general corporate purposes.

During the year ended December 31, 2021, the Company generated approximately $156.8 million of gross proceeds from the sale of its securities as follows:

(i)$51,750,000 from the sale of its 6.0% unsecured, unsubordinated notes due December 30, 2026;

(ii) $47,575,000 from the sale of its 7.75% cumulative Series A Preferred Stock; and

(iii) $57,510,243 from the sale of 10,490,188 common shares in “at-the-market” offerings.

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

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