CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (unaudited) - USD ($) |
3 Months Ended | 9 Months Ended | ||
|---|---|---|---|---|
Sep. 30, 2023 |
Sep. 30, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
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| Revenue: | ||||
| Interest income from loans | $ 14,273,858 | $ 11,545,748 | $ 37,155,668 | $ 30,490,694 |
| Investment gain, net | 284,841 | 238,225 | 893,510 | 586,166 |
| Income from partnership investments | 781,530 | 523,067 | 2,337,731 | 1,112,560 |
| Origination and modification fees, net | 1,194,645 | 1,669,034 | 4,434,828 | 5,759,650 |
| Fee and other income | 1,239,552 | 641,749 | 3,518,132 | 2,048,921 |
| Unrealized gain (loss) on investment securities | (239,989) | (1,076,836) | 360,610 | (3,607,498) |
| Total revenue | 17,534,437 | 13,540,987 | 48,700,479 | 36,390,493 |
| Operating costs and expenses: | ||||
| Interest and amortization of deferred financing costs | 7,683,059 | 5,974,975 | 21,694,966 | 15,083,228 |
| Compensation, fees and taxes | 1,735,430 | 1,509,518 | 5,077,213 | 3,691,421 |
| General and administrative expenses | 1,321,807 | 715,994 | 3,537,266 | 1,993,812 |
| Other expenses | 336,480 | 90,899 | 633,025 | 320,231 |
| (Gain) Loss on sale of real estate | 198,849 | 962 | 71,988 | (121,381) |
| (Recovery of) provision for loan losses | (131,382) | 65,065 | 105,000 | |
| Impairment loss | 200,000 | 195,000 | 612,500 | 685,500 |
| Total operating costs and expenses | 11,344,243 | 8,487,348 | 31,692,023 | 21,757,811 |
| Net income | 6,190,194 | 5,053,639 | 17,008,456 | 14,632,682 |
| Dividends paid on Series A Preferred Stock | (966,754) | (921,766) | (2,816,279) | (2,765,297) |
| Net income attributable to common shareholders | 5,223,440 | 4,131,873 | 14,192,177 | 11,867,385 |
| Other comprehensive loss | ||||
| Unrealized gain (loss) on investment securities | (83,606) | (131,569) | 101,806 | (81,525) |
| Comprehensive income | $ 5,139,834 | $ 4,000,304 | $ 14,293,983 | $ 11,785,860 |
| Basic and diluted net income per common share outstanding: | ||||
| Basic | $ 0.12 | $ 0.11 | $ 0.32 | $ 0.32 |
| Diluted | $ 0.12 | $ 0.11 | $ 0.32 | $ 0.32 |
| Weighted average number of common shares outstanding: | ||||
| Basic | 44,754,921 | 38,829,610 | 43,805,310 | 36,723,305 |
| Diluted | 44,754,921 | 38,829,852 | 43,805,310 | 36,729,184 |
| X | ||||||||||
- Definition Amount of Compensation fees taxes incurred during the period. No definition available.
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| X | ||||||||||
- Definition The amount of gain (loss) on sale of properties during the reporting period. No definition available.
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| X | ||||||||||
- Definition Amount of the required periodic payment applied to interest and amortization of deferred financing costs. No definition available.
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- Definition Amount, after tax and before adjustment, of unrealized holding gain (loss) on investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale). Excludes unrealized gain (loss) on investment in debt security measured at amortized cost (held-to-maturity) from transfer to available-for-sale. No definition available.
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| X | ||||||||||
- Definition Origination and modification incomes associated with the issuance of loans that have been taken into income in conformity with GAAP. No definition available.
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| X | ||||||||||
- Definition Amount of write-down of assets recognized in the income statement. Includes, but is not limited to, losses from tangible assets, intangible assets and goodwill. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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| X | ||||||||||
- Definition Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income and other comprehensive income, attributable to parent entity. Excludes changes in equity resulting from investments by owners and distributions to owners. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition Total costs of sales and operating expenses for the period. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition Amount of unrealized gain (loss) on investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale). Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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| X | ||||||||||
- Definition Amount of paid and unpaid preferred stock dividends declared with the form of settlement in cash, stock and payment-in-kind (PIK). Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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| X | ||||||||||
- References No definition available.
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| X | ||||||||||
- Definition The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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| X | ||||||||||
- Definition The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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| X | ||||||||||
- Definition Amount of unrealized and realized gain (loss) on investment in equity security measured at fair value with change in fair value recognized in net income (FV-NI). Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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| X | ||||||||||
- Definition The net realized gain (loss) on investments sold during the period, not including gains (losses) on securities separately or otherwise categorized as trading, available-for-sale, or held-to-maturity, which, for cash flow reporting, is a component of proceeds from investing activities. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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| X | ||||||||||
- Definition The aggregate total of expenses of managing and administering the affairs of an entity, including affiliates of the reporting entity, which are not directly or indirectly associated with the manufacture, sale or creation of a product or product line. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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| X | ||||||||||
- Definition Amount of interest and fee income from loans classified as other. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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| X | ||||||||||
- Definition Amount of interest income, amortization of premium and accretion of discount, on investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale), investment in debt security measured at amortized cost (held-to-maturity) and investment in debt security measured at fair value with change in fair value recognized in net income (trading); classified as operating. No definition available.
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| X | ||||||||||
- Definition The portion of profit or loss for the period, net of income taxes, which is attributable to the parent. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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| X | ||||||||||
- Definition Amount, after deduction of tax, noncontrolling interests, dividends on preferred stock and participating securities; of income (loss) available to common shareholders. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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| X | ||||||||||
- References No definition available.
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| X | ||||||||||
- References No definition available.
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| X | ||||||||||
- Definition Amount of expense classified as other. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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| X | ||||||||||
- Definition Amount of expense (reversal of expense) for expected credit loss on accounts receivable. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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| X | ||||||||||
- Definition Amount of revenue recognized from goods sold, services rendered, insurance premiums, or other activities that constitute an earning process. Includes, but is not limited to, investment and interest income before deduction of interest expense when recognized as a component of revenue, and sales and trading gain (loss). Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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| X | ||||||||||
- References No definition available.
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| X | ||||||||||
- Definition The average number of shares or units issued and outstanding that are used in calculating diluted EPS or earnings per unit (EPU), determined based on the timing of issuance of shares or units in the period. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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| X | ||||||||||
- Definition Number of [basic] shares or units, after adjustment for contingently issuable shares or units and other shares or units not deemed outstanding, determined by relating the portion of time within a reporting period that common shares or units have been outstanding to the total time in that period. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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| X | ||||||||||
- References No definition available.
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