EARNINGS PER SHARE

3 Months Ended

Mar. 31, 2025

Earnings Per Share [Abstract]

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 months ended March 31, 2025 and March 31, 2024:

	Three Months Ended March 31, 2025				Three Months Ended March 31, 2024
Net (loss) income			$	(522,568)			$	6,980,182
Less dividends:
Common stock	$	4,185,958			$	3,658,012
Preferred stock	1,184,958				1,184,999
			5,370,916				4,843,011
Undistributed (deficit) earnings			$	(5,893,484)			$	2,137,171

	Unvested Share-Based Payment Awards		Common Stock		Unvested Share-Based Payment Awards		Common Stock
Distributed earnings	$	0.00	$	0.08	$	0.00	$	0.07
Undistributed (deficit) earnings	0.00		(0.11)		0.00		0.04
Total	$	0.00	$	(0.03)	$	0.00	$	0.11

	For the three months ended March 31,
	2025	2024
Basic weighted average shares of common stock	52,309,887	52,249,299
Diluted weighted average shares of common stock outstanding	52,309,887	52,249,299