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Consolidated Statement of Changes in Equity - USD ($)
Total
Cumulative Effect, Period of Adoption, Adjustment
Total Stockholders' Equity
Total Stockholders' Equity
Cumulative Effect, Period of Adoption, Adjustment
Preferred Stock
Common Stock
Additional Paid-in Capital
Cumulative Distributions to Stockholders
Accumulated Earnings
Accumulated Earnings
Cumulative Effect, Period of Adoption, Adjustment
Noncontrolling interests
Beginning balance (in shares) at Dec. 31, 2022         2,400,000            
Balance at Dec. 31, 2022 $ 243,001,497 $ (3,591,440) $ 242,901,997 $ (3,591,440) $ 57,254,935 $ 522,252 $ 314,598,384 $ (160,724,426) $ 31,250,852 $ (3,591,440) $ 99,500
Beginning balance (in shares) at Dec. 31, 2022           52,231,152          
Increase (Decrease) in Stockholders' Equity [Roll Forward]                      
Cost of issuing common stock (14,040)   (14,040)       (14,040)        
Restricted stock compensation expense 3,358   3,358       3,358        
Net income 5,766,691   5,766,691           5,766,691    
Common stock dividends (3,133,869)   (3,133,869)         (3,133,869)      
Preferred stock dividends (1,184,958)   (1,184,958)         (1,184,958)      
Ending balance (in shares) at Mar. 31, 2023         2,400,000            
Balance at Mar. 31, 2023 240,847,239   240,747,739   $ 57,254,935 $ 522,252 314,587,702 (165,043,253) 33,426,103   99,500
Ending balance (in shares) at Mar. 31, 2023           52,231,152          
Beginning balance (in shares) at Dec. 31, 2022         2,400,000            
Balance at Dec. 31, 2022 243,001,497 $ (3,591,440) 242,901,997 $ (3,591,440) $ 57,254,935 $ 522,252 314,598,384 (160,724,426) 31,250,852 $ (3,591,440) 99,500
Beginning balance (in shares) at Dec. 31, 2022           52,231,152          
Increase (Decrease) in Stockholders' Equity [Roll Forward]                      
Net income 8,340,918                    
Common stock dividends (6,267,738)                    
Preferred stock dividends (2,370,000)                    
Ending balance (in shares) at Jun. 30, 2023         2,400,000            
Balance at Jun. 30, 2023 239,091,195   238,991,695   $ 57,254,935 $ 522,312 314,576,282 (169,362,164) 36,000,330   99,500
Ending balance (in shares) at Jun. 30, 2023           52,231,152          
Beginning balance (in shares) at Mar. 31, 2023         2,400,000            
Balance at Mar. 31, 2023 240,847,239   240,747,739   $ 57,254,935 $ 522,252 314,587,702 (165,043,253) 33,426,103   99,500
Beginning balance (in shares) at Mar. 31, 2023           52,231,152          
Increase (Decrease) in Stockholders' Equity [Roll Forward]                      
Issuance of common stock 13,620   13,620     $ 60 13,560        
Cost of issuing common stock (14,196)   (14,196)       (14,196)        
Restricted stock compensation expense (10,784)   (10,784)       (10,784)        
Net income 2,574,227   2,574,227           2,574,227    
Common stock dividends (3,133,869)   (3,133,869)         (3,133,869)      
Preferred stock dividends (1,185,042)   (1,185,042)         (1,185,042)      
Ending balance (in shares) at Jun. 30, 2023         2,400,000            
Balance at Jun. 30, 2023 $ 239,091,195   238,991,695   $ 57,254,935 $ 522,312 314,576,282 (169,362,164) 36,000,330   99,500
Ending balance (in shares) at Jun. 30, 2023           52,231,152          
Beginning balance (in shares) at Dec. 31, 2023 2,400,000       2,400,000            
Balance at Dec. 31, 2023 $ 240,792,380 [1]   240,692,880   $ 57,254,935 $ 522,487 314,587,299 (179,045,749) 47,373,908   99,500
Beginning balance (in shares) at Dec. 31, 2023 52,248,631         52,248,631          
Increase (Decrease) in Stockholders' Equity [Roll Forward]                      
Issuance of common stock (in shares)           8,684          
Issuance of common stock $ 19,947   19,947     $ 87 19,860        
Cost of issuing common stock (14,196)   (14,196)       (14,196)        
Net income 6,980,182   6,980,182           6,980,182    
Common stock dividends (3,658,012)   (3,658,012)         (3,658,012)      
Preferred stock dividends (1,184,999)   (1,184,999)         (1,184,999)      
Ending balance (in shares) at Mar. 31, 2024         2,400,000            
Balance at Mar. 31, 2024 $ 242,935,302   242,835,802   $ 57,254,935 $ 522,574 314,592,963 (183,888,760) 54,354,090   99,500
Ending balance (in shares) at Mar. 31, 2024           52,257,315          
Beginning balance (in shares) at Dec. 31, 2023 2,400,000       2,400,000            
Balance at Dec. 31, 2023 $ 240,792,380 [1]   240,692,880   $ 57,254,935 $ 522,487 314,587,299 (179,045,749) 47,373,908   99,500
Beginning balance (in shares) at Dec. 31, 2023 52,248,631         52,248,631          
Increase (Decrease) in Stockholders' Equity [Roll Forward]                      
Net income $ 11,578,628                    
Common stock dividends (7,840,030)                    
Preferred stock dividends $ (2,370,000)                    
Ending balance (in shares) at Jun. 30, 2024 2,400,000       2,400,000            
Balance at Jun. 30, 2024 $ 242,195,026 [1]   242,095,526   $ 57,254,935 $ 522,753 314,621,082 (189,255,780) 58,952,536   99,500
Ending balance (in shares) at Jun. 30, 2024 52,275,230         52,275,230          
Beginning balance (in shares) at Mar. 31, 2024         2,400,000            
Balance at Mar. 31, 2024 $ 242,935,302   242,835,802   $ 57,254,935 $ 522,574 314,592,963 (183,888,760) 54,354,090   99,500
Beginning balance (in shares) at Mar. 31, 2024           52,257,315          
Increase (Decrease) in Stockholders' Equity [Roll Forward]                      
Issuance of common stock (in shares)           17,915          
Issuance of common stock 42,494   42,494     $ 179 42,315        
Cost of issuing common stock (14,196)   (14,196)       (14,196)        
Net income 4,598,446   4,598,446           4,598,446    
Common stock dividends (4,182,019)   (4,182,019)         (4,182,019)      
Preferred stock dividends $ (1,185,001)   (1,185,001)         (1,185,001)      
Ending balance (in shares) at Jun. 30, 2024 2,400,000       2,400,000            
Balance at Jun. 30, 2024 $ 242,195,026 [1]   $ 242,095,526   $ 57,254,935 $ 522,753 $ 314,621,082 $ (189,255,780) $ 58,952,536   $ 99,500
Ending balance (in shares) at Jun. 30, 2024 52,275,230         52,275,230          
[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 June 30, 2024 and December 31, 2023, assets of consolidated VIEs totaled $1,229,092,297 and $1,384,136,334, respectively and the liabilities of consolidated VIEs totaled $999,192,658 and $1,150,207,290 respectively. See Note 4 for further discussion.