Quarterly report pursuant to Section 13 or 15(d)

CONSOLIDATED STATEMENTS OF CASH FLOW (unaudited)

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CONSOLIDATED STATEMENTS OF CASH FLOW (unaudited) - USD ($)
 3 Months Ended 9 Months Ended 12 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Sep. 30, 2023
Sep. 30, 2022
Dec. 31, 2022
CASH FLOWS FROM OPERATING ACTIVITIES          
Net income     $ 17,008,456 $ 14,632,682  
Adjustments to reconcile net income to net cash provided by operating activities:          
Amortization of deferred financing costs and bond discount     1,832,236 1,664,822  
Depreciation expense     169,368 66,533  
Write-off of other assets - pre-offering costs $ 477,047   477,047    
Stock based compensation     616,679 357,321  
Provision for credit losses (131,382)   65,065 105,000  
Impairment loss     612,500 685,500  
(Gain) Loss on sale of real estate     71,988 (121,381)  
Unrealized (gain) loss on investment securities 239,989 $ 1,076,836 (360,610) 3,607,498  
Gain on sale of investment securities       148,565  
(Increase) decrease in:          
Interest and fees receivable     (1,641,747) (2,154,704)  
Other assets - miscellaneous     (1,235,523) (418,176)  
Due from borrowers     (2,170,729) (1,505,785)  
Other assets - prepaid expenses     192,370 153,842  
(Decrease) increase in:          
Accrued Interest     54,660 431,110  
Accounts payable and accrued liabilities     41,423 53,818  
Deferred revenue     598,627 (171,690)  
Advances from borrowers     2,612,869 (5,129,286)  
Total adjustments     1,936,223 (2,227,013)  
NET CASH PROVIDED BY OPERATING ACTIVITIES     18,944,679 12,405,669  
CASH FLOWS FROM INVESTING ACTIVITIES          
Purchase of investment securities     (21,064,492) (39,715,900)  
Proceeds from the sale of investment securities     9,060,095 62,160,599  
Purchase of interests in investment partnerships, net     (9,120,284) (16,487,103)  
Proceeds from sale of real estate owned     148,842 1,571,467  
Acquisitions of and improvements to real estate owned, net     (214,642) (101,168)  
Proceeds from sale (purchases) of property and equipment, net     518,740 (1,292,160)  
Investment in rental real estate, net     (10,725,237)    
Principal disbursements for mortgages receivable     (159,678,482) (252,370,675)  
Principal collections on mortgages receivable     123,495,534 95,173,969  
Other assets - pre-offering costs       (166,360)  
NET CASH USED FOR INVESTING ACTIVITIES     (67,579,926) (151,227,331)  
CASH FLOWS FROM FINANCING ACTIVITIES          
Net proceeds from (repayment of) line of credit     47,752,011 (29,635,178)  
Net proceeds from repurchase facility     5,396,247 24,012,957  
Proceeds from mortgage     350,635    
Accounts payable and accrued liabilities - principal payments on other notes     (6,014) (20,161)  
Dividends paid on common shares     (16,943,293) (13,507,787)  
Dividends paid on Series A Preferred Stock     (2,816,279) (2,765,297)  
Proceeds from issuance of common shares, net of expenses     15,331,931 36,654,419  
Repurchase of common shares     (226,327)    
Proceeds from issuance of Series A Preferred Stock, net of expenses     1,895,203    
Gross proceeds from issuance of fixed rate notes       122,125,000  
Financings costs incurred in connection with fixed rate notes       (4,516,931)  
NET CASH PROVIDED BY FINANCING ACTIVITIES     50,734,114 132,347,022  
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS     2,098,867 (6,474,640)  
CASH AND CASH EQUIVALENTS - BEGINNING OF YEAR     23,713,097 41,938,897 $ 41,938,897
CASH AND CASH EQUIVALENTS - END OF PERIOD $ 25,811,964 $ 35,464,257 25,811,964 35,464,257 $ 23,713,097
SUPPLEMENTAL DISCLOSURES OF CASH FLOWS INFORMATION          
Interest paid     $ 19,852,023 $ 13,012,805