EARNINGS PER SHARE (Tables)

9 Months Ended

Sep. 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 nine months ended September 30, 2025 and September 30, 2024:


	Three Months Ended September 30, 2025				Three Months Ended September 30, 2024
Net (loss) income			$	1,843,639			$	6,280,725

Less dividends:
Common stock	$	2,094,597			$	4,183,368
Preferred stock	1,185,042				1,185,041
			3,279,639				5,368,409
Undistributed (deficit) earnings			$	(1,436,000)			$	912,316


	Unvested Share-Based Payment Awards		Common Stock		Unvested Share-Based Payment Awards		Common Stock
Distributed earnings	$	0.00	$	0.04	$	0.00	$	0.08
Undistributed (deficit) earnings	0.00		(0.03)		0.00		0.02
Total	$	0.00	$	0.01	$	0.00	$	0.10


	Nine Months Ended September 30, 2025				Nine Months Ended September 30, 2024
Net income (loss)			5,011,844				$	17,859,353

Less dividends paid:
Common stock	$	9,421,018			$	12,023,399
Preferred stock	3,555,042				3,555,041
Redemption of preferred stock offering costs	—				—
			12,976,060				15,578,440
Undistributed earnings (deficit)			$	(7,964,216)			$	2,280,913


	Unvested Share-Based Payment Awards		Common Stock		Unvested Share-Based Payment Awards		Common Stock
Distributed earnings	$	—	$	0.18	$	—	$	0.23
Undistributed (deficit) earnings	$	—	$	(0.15)	$	—	$	0.04
Total	$	—	$	0.03	$	—	$	0.27

Schedule of Weighted Average Number of Shares


	For the three months ended September 30,
	2025	2024
Basic weighted average shares of common stock	52,352,469	52,283,669

Diluted weighted average shares of common stock outstanding	52,352,469	52,283,669


	For the nine months ended September 30,
	2025	2024
Basic weighted average shares of common stock	52,331,709	52,266,444

Diluted weighted average shares of common stock outstanding	52,331,709	52,266,444