Earnings Per Share. The limited partners’ outstanding limited partnership units in the Operating Partnership (which may be redeemed for common stock upon notice from the limited partner and following our election to redeem the units for stock rather than cash) have been excluded from the diluted earnings per share calculation as there would be no effect on the amounts since the limited partners’ share of income or loss would also be added back to net income or loss. The shares of the Series B Preferred Stock, Series C Preferred Stock and Series D Preferred Stock are not convertible into or exchangeable for any other property or securities of the Company, except upon the occurrence of a change of control, and have been excluded from the diluted earnings per share calculation as there would be no impact on the current controlling stockholders. The non-committed, unearned ESOP shares are treated as reducing the number of issued and outstanding common shares and similarly reducing the weighted average number of common shares outstanding. The unallocated ESOP shares have been excluded in the weighted average for the basic and diluted earnings per share computation, due to the following: since the participating outstanding unvested restricted stock awards of 207,764, in the denominator are anti-dilutive, due to the decrease in the average market price of the shares as of the three and six months ended June 30, 2025, therefore the shares are not included in a dilutive calculation. The computation of basic and diluted net income (loss) per share attributable to common stockholders for earnings per share computation, for the Company, is presented below:


	Three Months Ended			Three Months Ended			Six Months Ended			Six Months Ended
	June 30, 2025			June 30, 2024			June 30, 2025			June 30, 2024
	(unaudited)			(unaudited)			(unaudited)			(unaudited)
Numerator
Net income	$	1,556,424		$	4,664,232		$	6,289,950		$	5,987,053
Less: Net income allocated to participating share awards		(9,456	)		(52,283	)		(38,219	)		(76,480	)
Net income attributable to non-controlling interest		21,561			(48,151	)		(27,124	)		(36,033	)
Undeclared distributions to preferred stockholders		(1,994,313	)		(1,994,313	)		(3,988,625	)		(3,988,625	)
Net income (loss) attributable to common stockholders for EPS computation	$	(425,784	)	$	2,569,485		$	2,235,982		$	1,885,915


Denominator
Weighted average number common shares outstanding for basic EPS computation		20,268,717			19,431,455			20,069,216			19,395,528

Basic and diluted net income (loss) per common share:
Undistributed income (loss)	$	(0.02	)	$	0.13		$	0.11		$	0.10
Total basic and diluted	$	(0.02	)	$	0.13		$	0.11		$	0.10

The accounting for unvested share-based payment awards (share-based awards that contain nonforfeitable rights to dividends or dividend equivalents, whether paid or unpaid), are participating securities and included in the computation of basic earnings per share. Our grants of restricted stock awards to our employees and directors are considered participating securities, and we have prepared our earnings per share calculations to include outstanding unvested restricted stock awards in the numerator for basic weighted average shares outstanding calculation. The unallocated ESOP shares have been excluded in the weighted average for the basic and diluted earnings per share computation, due to the following: since the participating outstanding unvested restricted stock awards of 207,764, in the denominator are anti-dilutive, due to the decrease in the average market price of the shares as of the three and six months ended June 30, 2025, therefore the shares are not included in a dilutive calculation.

Earnings Per Unit – The computation of basic and diluted net income (loss) per unit, for the Operating Partnership, is presented below:


	Three Months Ended			Three Months Ended			Six Months Ended			Six Months Ended
	June 30, 2025			June 30, 2024			June 30, 2025			June 30, 2024
	(unaudited)			(unaudited)			(unaudited)			(unaudited)
Numerator
Net income	$	1,556,424		$	4,664,232		$	6,289,950		$	5,987,053
Less: Net income allocated to participating unit awards		(9,456	)		(52,283	)		(38,219	)		(76,480	)
Undeclared distributions to preferred unitholders		(1,994,313	)		(1,994,313	)		(3,988,625	)		(3,988,625	)
Net income (loss) attributable to unitholders for EPU computation	$	(447,345	)	$	2,617,636		$	2,263,106		$	1,921,948


Denominator
Weighted average number of units outstanding for basic EPU computation		20,367,601			20,004,351			20,366,069			19,990,120
Effect of dilutive participating securities:
Basic and diluted net income (loss) per unit:
Undistributed (loss) income	$	(0.02	)	$	0.13		$	0.11		$	0.10
Total basic and diluted	$	(0.02	)	$	0.13		$	0.11		$	0.10

The unvested unit-based payment awards (unit-based awards that contain nonforfeitable rights to dividends or dividend equivalents, whether paid or unpaid) are participating securities and included in the computation of basic earnings per unit. Our grants of restricted unit awards to our employees and directors are considered participating securities, and we have prepared our earnings per unit calculations to include outstanding unvested restricted unit awards in the numerator for basic weighted average shares outstanding calculation. The unallocated ESOP units have been excluded in the weighted average for the basic and diluted earnings per share computation, due to the following: since the participating outstanding unvested restricted unit stock awards of 207,764 in the denominator are anti-dilutive, due to the decrease in the average market price of the units as of the three and six months ended June 30, 2025, therefore the shares are not included in a dilutive calculation.