Quarterly report pursuant to Section 13 or 15(d)

CONSOLIDATED BALANCE SHEETS

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CONSOLIDATED BALANCE SHEETS - USD ($)
Jun. 30, 2023
Dec. 31, 2022
Assets    
Cash and cash equivalents $ 15,128,984 $ 23,713,097
Investment securities 37,201,120 24,576,462
Mortgages receivable, net 506,653,156 460,633,268
Interest and fees receivable 7,736,475 6,309,845
Due from borrowers 6,765,910 5,276,967
Real estate owned 4,998,934 5,216,149
Investments in partnerships 35,399,190 30,831,180
Property and equipment, net 4,534,711 4,121,721
Other assets 5,612,286 4,983,173
Total assets 624,030,766 565,661,862
Liabilities:    
Unsecured notes payable (net of deferred financing costs of $7,223,456 and $8,352,597) 281,178,294 280,049,153
Secured note payable 6,224,000  
Repurchase facility 50,509,605 42,533,466
Mortgage payable 1,649,167 750,000
Lines of credit 35,900,737 3,587,894
Accrued dividends payable   5,342,160
Accounts payable and accrued liabilities 2,124,028 1,439,219
Advances from borrowers 12,586,438 9,892,164
Deferred revenue 4,815,702 4,360,452
Total liabilities 394,987,971 347,954,508
Commitments and Contingencies
Shareholders' equity:    
Preferred shares - $.001 par value; 5,000,000 shares authorized; 2,903,000 shares designated as Series A Preferred Stock; 1,928,000 and 1,903,000 shares of Series A Preferred Stock issued and outstanding at June 30, 2023 and December 31, 2022, respectively 1,928 1,903
Common stock - $.001 par value; 200,000,000 shares authorized; 43,822,050 and 41,093,536 issued and outstanding at June 30, 2023 and December 31, 2022, respectively 43,822 41,094
Paid-in capital 236,595,201 226,220,990
Accumulated other comprehensive loss (376,078) (561,490)
Accumulated deficit (7,222,078) (7,995,143)
Total shareholders' equity 229,042,795 217,707,354
Total liabilities and shareholders' equity $ 624,030,766 $ 565,661,862