Quarterly report pursuant to Section 13 or 15(d)

CONSOLIDATED BALANCE SHEETS (unaudited)

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CONSOLIDATED BALANCE SHEETS (unaudited) - USD ($)
Sep. 30, 2023
Dec. 31, 2022
Assets    
Cash and cash equivalents $ 25,811,964 $ 23,713,097
Investment securities 37,044,657 24,576,462
Mortgages receivable, net 495,917,840 460,633,268
Investments in partnerships 39,959,110 30,831,180
Interest and fees receivable 7,922,415 6,309,845
Due from borrowers 7,415,413 5,276,967
Real estate owned 3,481,177 5,216,149
Investments in rental real estate, net 10,434,591  
Property and equipment, net 3,433,613 4,121,721
Other assets 6,427,159 4,983,173
Total assets 637,847,939 565,661,862
Liabilities:    
Unsecured notes payable (net of deferred financing costs of $6,641,817 and $8,352,597) 281,759,933 280,049,153
Repurchase facility 47,929,713 42,533,466
Mortgage payable 1,100,635 750,000
Line of credit 51,339,905 3,587,894
Accrued dividends payable   5,342,160
Accounts payable and accrued liabilities 2,060,788 1,439,219
Advances from borrowers 12,505,033 9,892,164
Below-market lease intangible 664,737  
Deferred revenue 4,959,079 4,360,452
Total liabilities 402,319,823 347,954,508
Commitments and Contingencies
Shareholders' equity:    
Preferred shares - $.001 par value; 5,000,000 shares authorized; 2,903,000 shares designated as Series A Preferred Stock; 1,996,000 and 1,903,000 shares of Series A Preferred Stock issued and outstanding at September 30, 2023 and December 31, 2022, respectively 1,996 1,903
Common shares - $.001 par value; 200,000,000 shares authorized; 45,364,429 and 41,093,536 issued and outstanding at September 30, 2023 and December 31, 2022, respectively 45,364 41,094
Paid-in capital 243,834,113 226,220,990
Accumulated other comprehensive loss (459,684) (561,490)
Accumulated deficit (7,893,673) (7,995,143)
Total shareholders' equity 235,528,116 217,707,354
Total liabilities and shareholders' equity $ 637,847,939 $ 565,661,862