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Financing Transactions | 12 Months Ended
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Dec. 31, 2020
Financing Transactions |
Financing Transactions | 8. Financing Transactions During the year ended December 31, 2020, the Company generated approximately $56.1 million (after taking into account the original issue discount) of gross proceeds from the sale of its securities as follows:
| (i) | $28,363,750 from the sale of its 7.75% unsecured, unsubordinated notes due September 30, 2025 in September and October 2020; and
| (ii) | $27,720,000 from the sale of additional September 2025 Notes in December 2020.
The net proceeds from the sale of these securities were used primarily to fund new mortgage loans and for working capital and general corporate purposes. During the year ended December 31, 2019, the Company generated approximately $90.3 million of gross proceeds from the sale of its securities as follows:
| (i) | $20,533,208 from the sale of 4,354,773 common shares in an “at-the-market” offerings;
| (ii) | $23,663,000 from the sale of its 7.125% unsecured, unsubordinated notes due June 30, 2024;
| (iii) | $82,035 from the exercise of 16,407 warrants;
| (iv) | $11,500,000 from the sale of 2,300,000 common shares from an equity offering; and
| (v) | $34,500,000 from the sale of its 6.875% unsecured, unsubordinated notes due December 30, 2024.
Approximately $31.5 million of the net proceeds from the sale of the foregoing securities were used to pay-off the Webster Credit Facility and the balance was used to fund new mortgage loans and for general corporate purposes. ​

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