Quarterly report pursuant to Section 13 or 15(d)

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

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CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($)
 3 Months Ended
Mar. 31, 2023
Mar. 31, 2022
Revenue:    
Interest income from loans $ 10,983,326 $ 8,511,375
Investment gain, net 274,796 117,337
Income from partnership investments 549,723 272,488
Origination and modification fees, net 1,475,920 1,843,841
Fee and other income 707,605 608,564
Unrealized gain (loss) on investment securities 716,389 (1,052,230)
Total revenue 14,707,759 10,301,375
Operating costs and expenses:    
Interest and amortization of deferred financing costs 6,872,967 3,898,389
Compensation, fees and taxes 1,779,318 993,962
General and administrative expenses 898,115 631,948
Other expenses 83,722 99,272
(Gain) Loss on sale of real estate (148,100) 65,838
Allowance for credit losses 101,515 105,000
Impairment loss 0 155,500
Total operating costs and expenses 9,587,537 5,949,909
Net income 5,120,222 4,351,466
Series A Preferred Stock dividend (924,762) (921,766)
Net income attributable to common shareholders 4,195,460 3,429,700
Other comprehensive loss    
Unrealized gain on investment securities 91,637 242,808
Comprehensive income $ 4,287,097 $ 3,672,508
Basic and diluted net income per common share outstanding:    
Basic (in dollars per share) $ 0.10 $ 0.10
Diluted (in dollars per share) $ 0.10 $ 0.10
Weighted average number of common shares outstanding:    
Basic (in shares) 42,792,509 34,892,883
Diluted (in shares) 42,792,509 34,898,666