v3.25.3
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Cash flows from operating activities:    
Net income $ (1,776,547) $ 11,190,810
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation expense 7,523 17,900
Amortization of deferred financing costs 1,114,080 1,187,700
Gain on sale of investments in unconsolidated entities (200,736) (56,986)
(Earnings) losses from investments in unconsolidated entities 3,078,320 825,652
Gain on sale of real estate assets   (63,739)
Gain on sale of mortgage revenue bonds   (1,012,581)
Contingent interest realized on investing activities (208,059)  
Provision for credit losses 9,414,818 (1,012,308)
Adjustment of prior credit loss 51,164 (51,844)
Losses on derivative instruments, net of cash paid 6,885,134 5,011,428
Restricted unit compensation expense 1,486,882 1,455,581
Bond premium, discount and acquisition fee amortization 205,728 (1,225,040)
Debt premium amortization (30,234) (30,354)
Deferred income tax benefit & income tax payable/receivable (22,875) (3,952)
Change in preferred return receivable from unconsolidated entities, net 7,659,482 (3,842,444)
Changes in operating assets and liabilities    
Decrease in interest receivable 183,082 1,162,254
(Increase) decrease in other assets (1,094,147) 633,993
Increase (decrease) in accounts payable, accrued expenses and other liabilities 2,147,393 (837,543)
Net cash provided by operating activities 28,901,008 13,348,527
Cash flows from investing activities:    
Advances on mortgage revenue bonds (51,372,100) (141,175,652)
Advances on taxable mortgage revenue bonds (14,223,250) (10,077,000)
Advances on governmental issuer loans (18,978,207) (31,842,328)
Advances on taxable governmental issuer loans (43,421,793) (157,672)
Advances on property loans (7,219,818) (14,026,733)
Contributions to unconsolidated entities (11,457,741) (29,073,216)
Proceeds from sale of land held for development 1,354,127  
Proceeds from sale of the Suites on Paseo MF Property   63,739
Proceeds from sale of mortgage revenue bonds   8,221,234
Proceeds from sale of investments in unconsolidated entities 24,191,287 56,986
Return of investments in unconsolidated entities 2,403,420  
Principal payments received on mortgage revenue bonds and contingent interest 72,113,340 27,383,960
Principal payments received on governmental issuer loans 116,822,594 48,087,406
Proceeds from sale of governmental issuer loan to Construction Lending JV 6,500,000  
Principal payments received on taxable mortgage revenue bonds 575,269 12,509,389
Principal payments received on taxable governmental issuer loans 12,700,000 10,573,000
Proceeds from sale of taxable governmental issuer loan to Construction Lending JV 1,000,000  
Principal payments received on property loans 8,386,000 80,895,334
Net cash provided by (used in) investing activities 99,373,128 (38,561,553)
Cash flows from financing activities:    
Distributions paid (27,491,813) (28,081,289)
Proceeds from the sale of BUCs   1,532,484
Payment of offering costs related to the sale of BUCs   (30,662)
Proceeds from debt financing 99,920,000 186,595,000
Principal payments on debt financing (172,995,388) (139,519,604)
Principal payments on mortgages payable (1,354,127)  
Principal borrowing on secured lines of credit 10,000,000 102,150,000
Principal payments on secured lines of credit (37,402,000) (91,150,000)
Proceeds upon issuance of redeemable Preferred Units 20,000,000 5,000,000
Payment upon redemption of redeemable Preferred Units   (10,000,000)
Debt financing and other deferred costs paid (639,225) (1,196,735)
Net cash provided by (used in) financing activities (109,962,553) 25,299,194
Net increase (decrease) in cash, cash equivalents and restricted cash 18,311,583 86,168
Cash, cash equivalents and restricted cash at beginning of period 31,305,671 47,734,146
Cash, cash equivalents and restricted cash at end of period 49,617,254 47,820,314
Supplemental disclosure of cash flow information:    
Cash paid during the period for interest 38,890,746 38,080,063
Cash paid during the period for income taxes 46,745  
Supplemental disclosure of noncash investing and financing activities:    
Distributions declared but not paid for BUCs and General Partner 7,146,198 8,704,438
Distributions declared but not paid for Preferred Units 1,023,438 735,938
Exchange of redeemable Preferred Units   17,500,000
Deferred financing costs financed through accounts payable $ 43,717 $ 448,079

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