20. Subsequent Events

The Company evaluated subsequent events from January 1, 2024 until the financial statements were issued.

On January 10, 2024, the Company paid a dividend of $0.11 per share, or $5,342,160 in the aggregate, to common shareholders of record as of December 29, 2023.

Between January 2, 2024 and January 24, 2024, through its at-the-market offering facility, the Company sold an aggregate of 568,711 Common Shares, realizing gross proceeds of approximately $2.1 million and 79,034 shares of its Series A Preferred Stock having an aggregate liquidation preference of $1,975,850, realizing gross proceeds of $1,587,954 (representing a discount of approximately 20% from the liquidation preference.) There were no sales of capital stock pursuant to the Company’s at -the- market offering facility subsequent to January 24, 2024.

On January 12, 2024, the Company’s tenant in the Westport Asset exercised their option to upsize the lease from approximately 33% to approximately 50% occupancy of the leasable square footage, pursuant to the terms outlined in the original lease agreement.

In January 2024, the Company submitted a proposal to the town of Westport for 8 market rate residential units and 2 affordable rate units. Those units were approved in March of 2024, subject to a 30 day appeal period, which extends into April 2024.

On March 19, 2024, the Company’s Board of Directors authorized a one time bonus of a restricted grant of 111,857 shares to John L. Villano. The fair market value on the date of the grant was approximately $500,000.