Quarterly report pursuant to Section 13 or 15(d)

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

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CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($)
 3 Months Ended 6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
Jun. 30, 2023
Jun. 30, 2022
Revenue:        
Interest income from loans $ 11,898,484 $ 10,433,572 $ 22,881,810 $ 18,944,947
Investment gain, net 333,873 230,602 608,669 347,940
Income from partnership investments 1,006,477 317,004 1,556,200 589,493
Origination and modification fees, net 1,764,262 2,246,775 3,240,183 4,090,616
Fee and other income 1,570,976 798,609 2,278,581 1,407,172
Unrealized gain (loss) on investment securities (115,789) (1,478,432) 600,600 (2,530,662)
Total revenue 16,458,283 12,548,130 31,166,043 22,849,506
Operating costs and expenses:        
Interest and amortization of deferred financing costs 7,138,940 5,209,865 14,011,907 9,108,253
Compensation, fees and taxes 1,562,465 1,187,940 3,341,783 2,181,903
General and administrative expenses 1,317,348 645,871 2,215,463 1,277,819
Other expenses 212,822 130,060 296,545 229,331
(Gain) Loss on sale of real estate 21,239 (188,182) (126,861) (122,343)
Provision for Credit Losses 94,932 105,000 196,447 105,000
Impairment loss 412,500 230,000 412,500 490,500
Total operating costs and expenses 10,760,246 7,320,554 20,347,784 13,270,463
Net income 5,698,037 5,227,576 10,818,259 9,579,043
Preferred stock dividend (924,762) (921,766) (1,849,525) (1,843,531)
Net income attributable to common shareholders 4,773,275 4,305,810 8,968,734 7,735,512
Other comprehensive loss        
Unrealized gain (loss) on investment securities 93,775 (192,764) 185,412 50,044
Comprehensive income $ 4,867,050 $ 4,113,046 $ 9,154,146 $ 7,785,556
Basic and diluted net income per common share outstanding:        
Basic $ 0.11 $ 0.12 $ 0.21 $ 0.22
Diluted $ 0.11 $ 0.12 $ 0.21 $ 0.22
Weighted average number of common shares outstanding:        
Basic 43,844,285 36,373,570 43,321,303 35,630,455
Diluted 43,844,285 36,373,877 43,321,303 35,636,374