Earnings (Loss) Per Share. The limited partners’ outstanding limited partnership units in the Operating Partnership (which may be redeemed for common stock upon notice from the limited partner and following our election to redeem the units for stock rather than cash) have been excluded from the diluted earnings per share calculation as there would be no effect on the amounts since the limited partners’ share of income would also be added back to net loss. The shares of the Series B Preferred Stock, Series C Preferred Stock, and Series D Preferred Stock are not convertible into or exchangeable for any other property or securities of the Company, except upon the occurrence of a change of control and have been excluded from the diluted earnings per share calculation as there would be no impact on the current controlling stockholders. For the years ended December 31, 2025, 2024, and 2023, the amount of 0, 120,701 and 247,043 non-committed, unearned ESOP shares are treated as reducing the number of issued and outstanding common shares and similarly reducing the weighted average number of common shares outstanding, respectively. The effect of allocated and committed to be released shares during the years ended December 31, 2025, 2024, and 2023, have not been included in the weighted

average diluted earnings per share calculation, since there would be an anti-dilutive effect from the dilution by these shares, although the amount of compensation for allocated shares is reflected in net loss available to common stockholders for basic computation.

The computation of the Company’s basic net earnings (loss) per share is presented below:


	Twelve Months Ended			Twelve Months Ended			Twelve Months Ended
	December 31, 2025			December 31, 2024			December 31, 2023

Numerator
Net (loss) income	$	(7,779,133	)	$	1,179,854		$	3,809,711
Less: Net loss (income) allocated to participating share awards		35,531			(13,194	)		(49,118	)
Net loss attributable to non-controlling interest		92,124			122,515			131,710
Undeclared distributions to preferred stockholders		(7,977,251	)		(7,977,250	)		(7,977,250	)
Net loss attributable to common stockholders for EPS computation	$	(15,628,729	)	$	(6,688,075	)	$	(4,084,947	)


Denominator
Weighted average number common shares outstanding for basic EPS computation		20,247,077			19,417,448			18,843,032

Basic and diluted net loss per common share:
Undistributed loss	$	(0.77	)	$	(0.34	)	$	(0.22	)
Total basic and diluted	$	(0.77	)	$	(0.34	)	$	(0.22	)

The accounting for unvested share-based payment awards (share-based awards that contain nonforfeitable rights to dividends or dividend equivalents, whether paid or unpaid), are participating securities and included in the computation of basic earnings per share. Our grants of restricted stock awards to our employees and directors are considered participating securities, and we have prepared our earnings per share calculations to include outstanding unvested restricted stock awards in the numerator for basic weighted average shares outstanding calculation. However, since the participating outstanding unvested restricted stock awards of 26,940 and 25,936 as of December 31, 2024 and 2023, respectively, in the denominator are anti-dilutive, due to net losses, they are not included in a dilutive calculation.

Earnings (Loss) Per Unit. The Series B Preferred Units, Series C Preferred Units, and Series D Preferred Units are not convertible into or exchangeable for any other property or securities of the Operating Partnership, except upon the occurrence of a change of control and have been excluded from the diluted earnings per unit calculation as there would be no impact on the current unitholders. The number of non-committed, unearned shares in the Company’s ESOP have no impact on the calculation of the loss per unit in the Operating Partnership.

The computation of basic earnings (loss) per general and limited partnership unit in the Operating Partnership is presented below:


	Twelve Months Ended			Twelve Months Ended			Twelve Months Ended
	December 31, 2025			December 31, 2024			December 31, 2023

Numerator
Net (loss) income	$	(7,779,133	)	$	1,179,854		$	3,809,711
Less: Net loss (income) allocated to participating unit awards		35,531			(13,194	)		(49,118	)
Undeclared distributions to preferred unitholders		(7,977,251	)		(7,977,250	)		(7,977,250	)
Net loss attributable to unitholders for EPU computation	$	(15,720,853	)	$	(6,810,590	)	$	(4,216,657	)


Denominator
Weighted average number of units outstanding for basic EPU computation		20,384,444			19,997,274			19,808,602
Effect of dilutive participating securities:
Basic and diluted net income (loss) per unit:
Undistributed loss	$	(0.77	)	$	(0.34	)	$	(0.21	)
Total basic and diluted	$	(0.77	)	$	(0.34	)	$	(0.21	)

The accounting for unvested unit-based payment awards (unit-based awards that contain nonforfeitable rights to dividends or dividend equivalents, whether paid or unpaid), are participating securities and included in the computation of basic earnings per unit. Our grants of restricted unit awards to our employees and directors are considered participating securities, and we have prepared our earnings per unit calculations to include outstanding unvested restricted unit awards in the numerator for basic weighted average shares outstanding calculation. However, since the participating outstanding unvested restricted unit awards 26,940 and 25,936 as of December 31, 2024 and 2023, respectively, in the denominator are anti-dilutive, due to net losses, they are not included in a dilutive calculation.