Annual report pursuant to Section 13 and 15(d)

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

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CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($)
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Revenue:    
Interest income from loans $ 49,265,040 $ 42,618,817
Investment gain, net 1,233,537 521,662
Income from partnership investments 3,521,721 1,809,564
Origination and modification fees, net 5,940,393 7,320,625
Fee and other income 4,812,629 2,969,117
Unrealized gain (loss) on investment securities 835,818 (2,963,760)
Total revenue 65,609,138 52,276,025
Operating costs and expenses:    
Interest and amortization of deferred financing costs 29,189,901 21,549,859
Compensation, fees and taxes 6,931,757 5,315,455
General and administrative expenses 5,293,057 3,097,219
Other expenses 1,032,520 544,684
(Gain) Loss on sale of real estate and property and equipment, net 88,115 (44,752)
Provision for credit losses related to loans 5,571,612 105,000
Provision for credit losses related to available-for-sale debt securities 808,561 0
Impairment loss 794,462 799,909
Total operating costs and expenses 49,709,985 31,367,374
Net income 15,899,153 20,908,651
Preferred stock dividend (3,795,389) (3,687,062)
Net income attributable to common shareholders 12,103,764 17,221,589
Other comprehensive income    
Unrealized gain (loss) on investment securities, net 877,104 (85,474)
Total Comprehensive income $ 12,980,868 $ 17,136,115
Basic and diluted net income per common share outstanding:    
Basic $ 0.27 $ 0.46
Diluted $ 0.27 $ 0.46
Weighted average number of common shares outstanding:    
Basic 44,244,988 37,741,657
Diluted 44,244,988 37,749,169