v3.25.2
CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY (unaudited) - USD ($)
Total
Preferred Stock
Common Stock
Additional Paid-In Capital
Accumulated Earnings (Deficit)
Beginning balance at Dec. 31, 2023 $ 320,052,225 $ 1 $ 204,577 $ 349,805,890 $ (29,958,243)
Beginning balance (in shares) at Dec. 31, 2023     20,457,697    
Ending balance at Mar. 31, 2024 310,621,126 1 $ 206,671 350,347,018 (39,932,564)
Ending balance (in shares) at Mar. 31, 2024     20,667,094    
Beginning balance at Dec. 31, 2023 320,052,225 1 $ 204,577 349,805,890 (29,958,243)
Beginning balance (in shares) at Dec. 31, 2023     20,457,697    
Increase (Decrease) in Stockholders' Equity [Roll Forward]          
Stock-based compensation (in shares)     (209,397)    
Stock-based compensation, net of forfeitures 912,565   $ 2,094 910,471  
Dividends declared on common shares (22,940,474)       (22,940,474)
Dividends declared on preferred shares (7,500)       (7,500)
Redemption of preferred shares (125,000) (1)   (124,999)  
Net (loss) income 16,392,005       16,392,005
Ending balance at Jun. 30, 2024 314,283,821 0 $ 206,671 350,591,362 (36,514,212)
Ending balance (in shares) at Jun. 30, 2024     20,667,094    
Beginning balance at Mar. 31, 2024 310,621,126 1 $ 206,671 350,347,018 (39,932,564)
Beginning balance (in shares) at Mar. 31, 2024     20,667,094    
Increase (Decrease) in Stockholders' Equity [Roll Forward]          
Stock-based compensation, net of forfeitures 369,343     369,343  
Dividends declared on common shares (13,020,269)       (13,020,269)
Dividends declared on preferred shares (7,500)       (7,500)
Redemption of preferred shares (125,000) (1)   (124,999)  
Net (loss) income 16,446,121       16,446,121
Ending balance at Jun. 30, 2024 314,283,821 0 $ 206,671 350,591,362 (36,514,212)
Ending balance (in shares) at Jun. 30, 2024     20,667,094    
Beginning balance at Dec. 31, 2024 $ 201,376,138 0 $ 223,329 251,865,763 (50,712,954)
Beginning balance (in shares) at Dec. 31, 2024 22,332,927   22,332,927    
Ending balance at Mar. 31, 2025 $ 200,800,490 0 $ 225,960 252,416,881 (51,842,351)
Ending balance (in shares) at Mar. 31, 2025     22,596,007    
Beginning balance at Dec. 31, 2024 $ 201,376,138 0 $ 223,329 251,865,763 (50,712,954)
Beginning balance (in shares) at Dec. 31, 2024 22,332,927   22,332,927    
Increase (Decrease) in Stockholders' Equity [Roll Forward]          
Stock-based compensation (in shares)     (262,184)    
Stock-based compensation, net of forfeitures $ 1,038,251   $ 2,622 1,035,629  
Dividends declared on common shares (8,586,349)       (8,586,349)
Net (loss) income (9,096,966)       (9,096,966)
Ending balance at Jun. 30, 2025 $ 184,731,074 0 $ 225,951 252,901,392 (68,396,269)
Ending balance (in shares) at Jun. 30, 2025 22,595,111   22,595,111    
Beginning balance at Mar. 31, 2025 $ 200,800,490 0 $ 225,960 252,416,881 (51,842,351)
Beginning balance (in shares) at Mar. 31, 2025     22,596,007    
Increase (Decrease) in Stockholders' Equity [Roll Forward]          
Stock-based compensation (in shares)     (896)    
Stock-based compensation, net of forfeitures 484,502   $ (9) 484,511  
Dividends declared on common shares (3,389,267)       (3,389,267)
Net (loss) income (13,164,651)       (13,164,651)
Ending balance at Jun. 30, 2025 $ 184,731,074 $ 0 $ 225,951 $ 252,901,392 $ (68,396,269)
Ending balance (in shares) at Jun. 30, 2025 22,595,111   22,595,111