EARNINGS PER SHARE (Tables)

6 Months Ended

Jun. 30, 2025

Schedule of Computation of Basic and Diluted Earnings Per Share

EARNINGS PER SHARE

In accordance with ASC 260, outstanding instruments that contain rights to non-forfeitable dividends are considered participating securities. The Company is required to apply the two-class method or the treasury stock method of computing basic and diluted earnings per share when there are participating securities outstanding. The Company has determined that outstanding unvested restricted shares issued under the Manager Equity Plan are participating securities, and they are therefore included in the computation of basic and diluted earnings per share. The following tables provide additional disclosure regarding the computation for the three and six months ended June 30, 2025 and June 30, 2024:


	Three Months Ended June 30, 2025				Three Months Ended June 30, 2024
Net (loss) income			$	3,690,773			$	4,598,446

Less dividends:
Common stock	$	3,140,463			$	4,182,019
Preferred stock	1,185,042				1,185,001
			4,325,505				5,367,020
Undistributed (deficit) earnings			$	(634,732)			$	(768,574)


	Unvested Share-Based Payment Awards		Common Stock		Unvested Share-Based Payment Awards		Common Stock
Distributed earnings	$	0.00	$	0.06	$	0.00	$	0.08
Undistributed (deficit) earnings	0.00		(0.01)		0.00		(0.01)
Total	$	0.00	$	0.05	$	0.00	$	0.07


	Six Months Ended June 30, 2025				Six Months Ended June 30, 2024
Net income (loss)			3,168,205				$	11,578,628

Less dividends paid:
Common stock	$	7,326,421			$	7,840,030
Preferred stock	2,370,000				2,370,000
Redemption of preferred stock offering costs	—				—
			9,696,421				10,210,030
Undistributed earnings (deficit)			$	(6,528,216)			$	1,368,598


	Unvested Share-Based Payment Awards		Common Stock		Unvested Share-Based Payment Awards		Common Stock
Distributed earnings	$	—	$	0.14	$	—	$	0.15
Undistributed (deficit) earnings	$	—	$	(0.12)	$	—	$	0.03
Total	$	—	$	0.02	$	—	$	0.18

Schedule of Weighted Average Number of Shares


	For the three months ended June 30,
	2025	2024
Basic weighted average shares of common stock	52,332,304	52,266,174

Diluted weighted average shares of common stock outstanding	52,332,304	52,266,174


	For the six months ended June 30,
	2025	2024
Basic weighted average shares of common stock	52,321,157	52,257,737

Diluted weighted average shares of common stock outstanding	52,321,157	52,257,737