Annual report pursuant to Section 13 and 15(d)

Financial Transactions

v3.22.1
Financial Transactions
12 Months Ended
Dec. 31, 2021
Financing Transactions  
Financial Transactions

8. Financing Transactions

During the year ended December 31, 2021, the Company generated approximately $156.8 million of gross proceeds from the sale of its securities as follows:

(i) $51,750,000 from the sale of its 6.0% unsecured, unsubordinated notes due December 30, 2026;
(ii) $47,575,000 from the sale of its 7.75% cumulative Series A Preferred Stock; and
(iii) $57,510,243 from the sale of 10,490,188 common shares in “at-the-market” offerings.

The net proceeds from the sale of these securities were used primarily to fund new mortgage loans, for working capital and general corporate purposes.

During the year ended December 31, 2020, the Company generated approximately $56.1 million (after taking into account the original issue discount) of gross proceeds from the sale of its securities as follows:

(iv) $28,363,750 from the sale of its 7.75% unsecured, unsubordinated notes due September 30, 2025 in September and October 2020; and
(v) $27,720,000 from the sale of additional September 2025 Notes in December 2020.

The net proceeds from the sale of these securities were used primarily to fund new mortgage loans, for working capital and general corporate purposes.