v3.26.1
Consolidated Statement of Changes in Equity - USD ($)
Total
Total Stockholders' Equity
Preferred Stock
Common Stock
Additional Paid-in Capital
Cumulative Distributions to Stockholders
Accumulated Earnings
Noncontrolling interests
Preferred stock, beginning balance (in shares) at Dec. 31, 2024     2,400,000          
Balance at Dec. 31, 2024 $ 237,899,032 $ 237,799,532 $ 57,254,935 $ 523,093 $ 314,700,120 $ (204,701,714) $ 70,023,098 $ 99,500
Common stock, beginning balance (in shares) at Dec. 31, 2024       52,309,209        
Increase (Decrease) in Stockholders' Equity [Roll Forward]                
Issuance of common stock (in shares)       15,263        
Issuance of common stock 42,492 42,492   $ 153 42,339      
Net income (loss) (522,568) (522,568)         (522,568)  
Common stock dividends (4,185,958) (4,185,958)       (4,185,958)    
Preferred stock dividends (1,184,958) (1,184,958)       (1,184,958)    
Preferred stock, ending balance (in shares) at Mar. 31, 2025     2,400,000          
Balance at Mar. 31, 2025 232,048,040 231,948,540 $ 57,254,935 $ 523,246 314,742,459 (210,072,630) 69,500,530 99,500
Common stock, ending balance (in shares) at Mar. 31, 2025       52,324,472        
Preferred stock, beginning balance (in shares) at Dec. 31, 2024     2,400,000          
Balance at Dec. 31, 2024 237,899,032 237,799,532 $ 57,254,935 $ 523,093 314,700,120 (204,701,714) 70,023,098 99,500
Common stock, beginning balance (in shares) at Dec. 31, 2024       52,309,209        
Increase (Decrease) in Stockholders' Equity [Roll Forward]                
Net income (loss) 3,168,205              
Preferred stock dividends (2,370,000)              
Preferred stock, ending balance (in shares) at Jun. 30, 2025     2,400,000          
Balance at Jun. 30, 2025 231,455,804 231,356,304 $ 57,254,935 $ 523,412 314,784,789 (214,398,135) 73,191,303 99,500
Common stock, ending balance (in shares) at Jun. 30, 2025       52,341,046        
Preferred stock, beginning balance (in shares) at Mar. 31, 2025     2,400,000          
Balance at Mar. 31, 2025 232,048,040 231,948,540 $ 57,254,935 $ 523,246 314,742,459 (210,072,630) 69,500,530 99,500
Common stock, beginning balance (in shares) at Mar. 31, 2025       52,324,472        
Increase (Decrease) in Stockholders' Equity [Roll Forward]                
Issuance of common stock (in shares)       16,574        
Issuance of common stock 42,496 42,496   $ 166 42,330      
Net income (loss) 3,690,773 3,690,773         3,690,773  
Common stock dividends (3,140,463) (3,140,463)       (3,140,463)    
Preferred stock dividends (1,185,042) (1,185,042)       (1,185,042)    
Preferred stock, ending balance (in shares) at Jun. 30, 2025     2,400,000          
Balance at Jun. 30, 2025 $ 231,455,804 231,356,304 $ 57,254,935 $ 523,412 314,784,789 (214,398,135) 73,191,303 99,500
Common stock, ending balance (in shares) at Jun. 30, 2025       52,341,046        
Preferred stock, beginning balance (in shares) at Dec. 31, 2025 2,400,000   2,400,000          
Balance at Dec. 31, 2025 $ 219,086,718 [1] 218,987,218 $ 57,254,935 $ 523,995 314,889,201 (220,958,702) 67,277,789 99,500
Common stock, beginning balance (in shares) at Dec. 31, 2025 52,399,265     52,399,265        
Increase (Decrease) in Stockholders' Equity [Roll Forward]                
Issuance of common stock (in shares)       40,198        
Issuance of common stock $ 52,499 52,499   $ 402 52,097      
Net income (loss) 206,583 206,583         206,583  
Common stock dividends (2,097,579) (2,097,579)       (2,097,579)    
Preferred stock dividends (1,184,958) (1,184,958)       (1,184,958)    
Preferred stock, ending balance (in shares) at Mar. 31, 2026     2,400,000          
Balance at Mar. 31, 2026 $ 216,063,263 215,963,763 $ 57,254,935 $ 524,397 314,941,298 (224,241,239) 67,484,372 99,500
Common stock, ending balance (in shares) at Mar. 31, 2026       52,439,463        
Preferred stock, beginning balance (in shares) at Dec. 31, 2025 2,400,000   2,400,000          
Balance at Dec. 31, 2025 $ 219,086,718 [1] 218,987,218 $ 57,254,935 $ 523,995 314,889,201 (220,958,702) 67,277,789 99,500
Common stock, beginning balance (in shares) at Dec. 31, 2025 52,399,265     52,399,265        
Increase (Decrease) in Stockholders' Equity [Roll Forward]                
Net income (loss) $ (7,806,322)              
Common stock dividends (4,197,024)              
Preferred stock dividends $ (2,370,001)              
Preferred stock, ending balance (in shares) at Jun. 30, 2026 2,400,000   2,400,000          
Balance at Jun. 30, 2026 $ 204,818,369 [1] 204,718,869 $ 57,254,935 $ 524,864 314,993,330 (227,525,727) 59,471,467 99,500
Common stock, ending balance (in shares) at Jun. 30, 2026 52,486,129     52,486,129        
Preferred stock, beginning balance (in shares) at Mar. 31, 2026     2,400,000          
Balance at Mar. 31, 2026 $ 216,063,263 215,963,763 $ 57,254,935 $ 524,397 314,941,298 (224,241,239) 67,484,372 99,500
Common stock, beginning balance (in shares) at Mar. 31, 2026       52,439,463        
Increase (Decrease) in Stockholders' Equity [Roll Forward]                
Issuance of common stock (in shares)       46,666        
Issuance of common stock 52,499 52,499   $ 467 52,032      
Net income (loss) (8,012,905) (8,012,905)         (8,012,905)  
Common stock dividends (2,099,445) (2,099,445)       (2,099,445)    
Preferred stock dividends $ (1,185,043) (1,185,043)       (1,185,043)    
Preferred stock, ending balance (in shares) at Jun. 30, 2026 2,400,000   2,400,000          
Balance at Jun. 30, 2026 $ 204,818,369 [1] $ 204,718,869 $ 57,254,935 $ 524,864 $ 314,993,330 $ (227,525,727) $ 59,471,467 $ 99,500
Common stock, ending balance (in shares) at Jun. 30, 2026 52,486,129     52,486,129        
[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, 2026 and December 31, 2025, assets of consolidated VIEs totaled $662,520,376 and $889,507,091, respectively, and the liabilities of consolidated VIEs totaled $581,587,437 and $750,274,556, respectively. See Note 4 for further discussion.