11.  Subsequent Events

On October 22, 2019 the Company paid a dividend of $0.12 per common share, or $2,654,076 in the aggregate.

On October 3, 2019, the Company’s board of directors authorized the grant of 2,500 common shares to each of its independent directors, of which 625 shares vested immediately upon grant and 625 shares will vest on each of October 4, 2020, 2021 and 2022 (each a “Vesting Date”) unless the director resigns or is removed for “cause” prior to the Vesting Date.  The shares, 7,500 in the aggregate, were issued under the Plan.  In addition, each independent director entered into a Restricted Stock Agreement with the Company with respect to the 1,875 restricted shares granted to such director.

From October 1 through November 13, 2019, the Company sold 14,317 common shares through its at-the-market offering facility, realizing gross proceeds of $68,006.

On or about October 7, 2019 the Company filed an amendment to its certificate of incorporation increasing the number of its authorized common shares, par value $0.001 per share, from 50,000,000 to 100,000,000. The amendment was approved by shareholders at the Company’s 2019 Annual Meeting of Shareholders held on October 3, 2019.

On November 7, 2019, the Company consummated the sale of $30.0 million aggregate principal amount of its 6.875% unsecured unsubordinated notes due December 30, 2024 (the “November 2019 Notes”).  Interest on the November 2019 Notes is payable quarterly in arrears on each March 30, June 30, September 30 and December 30 that they are outstanding beginning December 30, 2019.  The Company has the right to prepay the November 2019 Notes, in whole or in part, at any time on or after November 7, 2021. Pending their use, the net proceeds from the offering have been invested in short-term certificates of deposit.