v3.26.1
Consolidated Statements of Changes in Equity - USD ($)
Total
Cumulative-effect adjustment upon adoption of ASU 2016-13 (Note 2)
Total Stockholders' Equity
Total Stockholders' Equity
Cumulative-effect adjustment upon adoption of ASU 2016-13 (Note 2)
Preferred Stock
Common Stock
Additional Paid in Capital
Cumulative Distributions to Stockholders
Accumulated Earnings
Accumulated Earnings
Cumulative-effect adjustment upon adoption of ASU 2016-13 (Note 2)
Noncontrolling interests
Preferred stock, beginning balance (in shares) at Dec. 31, 2023         2,400,000            
Balance at Dec. 31, 2023 $ 240,792,380 $ 0 $ 240,692,880 $ 0 $ 57,254,935 $ 522,487 $ 314,587,299 $ (179,045,749) $ 47,373,908 $ 0 $ 99,500
Common stock, beginning balance (in shares) at Dec. 31, 2023           52,248,631          
Increase (Decrease) in Stockholders' Equity [Roll Forward]                      
Issuance of common stock (in shares)           60,578          
Issuance of common stock 147,435   147,435     $ 606 146,829        
Cost of issuing common stock (34,008)   (34,008)       (34,008)        
Restricted stock compensation expense 0   0       0        
Net income (loss) 22,649,190   22,649,190           22,649,190    
Common dividends declared (20,915,965)   (20,915,965)         (20,915,965)      
Preferred dividends declared $ (4,740,000)   (4,740,000)         (4,740,000)      
Preferred stock, ending balance (in shares) at Dec. 31, 2024 2,400,000       2,400,000            
Balance at Dec. 31, 2024 $ 237,899,032 [1]   237,799,532   $ 57,254,935 $ 523,093 314,700,120 (204,701,714) 70,023,098   99,500
Common stock, ending balance (in shares) at Dec. 31, 2024 52,309,209         52,309,209          
Increase (Decrease) in Stockholders' Equity [Roll Forward]                      
Issuance of common stock (in shares)           90,056          
Issuance of common stock $ 189,983   189,983     $ 902 189,081        
Net income (loss) (2,745,309)   (2,745,309)           (2,745,309)    
Common dividends declared (11,516,988)   (11,516,988)         (11,516,988)      
Preferred dividends declared $ (4,740,000)   (4,740,000)         (4,740,000)      
Preferred stock, ending balance (in shares) at Dec. 31, 2025 2,400,000       2,400,000            
Balance at Dec. 31, 2025 $ 219,086,718 [1]   $ 218,987,218   $ 57,254,935 $ 523,995 $ 314,889,201 $ (220,958,702) $ 67,277,789   $ 99,500
Common stock, ending balance (in shares) at Dec. 31, 2025 52,399,265         52,399,265          
[1] Our consolidated balance sheets include assets and liabilities of consolidated variable interest entities ("VIEs") as the Company was the primary beneficiary of these VIEs. As of December 31, 2025 and December 31, 2024, assets of the consolidated VIEs totaled $889,507,091 and $1,058,138,406, respectively, and the liabilities of consolidated VIEs totaled $750,274,556 and $831,001,605, respectively. See Note 4 for further discussion.