v3.26.1
Consolidated Statements of Cash Flows - USD ($)
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Cash flows from operating activities:      
Net income (loss) $ (7,613,745) $ 21,323,333 $ 54,011,696
Adjustments to reconcile net income (loss) to net cash provided by operating activities:      
Depreciation expense 8,965 23,867 1,537,448
Amortization of deferred financing costs 1,461,472 1,653,805 2,461,713
Gain on sale of investments in unconsolidated entities (185,963) (117,844) (22,725,398)
(Earnings) losses from investments in unconsolidated entities 12,546,923 2,140,694 17,879
Gain on sale of real estate assets (3,017,410) (63,739) (10,363,363)
Gain on sale of mortgage revenue bonds   (2,220,254)  
Contingent interest realized on investing activities (208,059)    
Provision for credit losses 9,807,134 (1,036,308) (2,347,000)
Adjustment of prior credit loss 40,073 (69,000) (68,812)
(Gains) losses on derivative instruments, net of cash paid 6,876,343 (1,822,085) 2,981,469
Restricted unit compensation expense 2,118,179 1,891,633 2,013,736
Bond premium, discount and acquisition fee amortization 218,557 (1,229,054) (212,071)
Debt premium amortization (40,285) (40,456) (40,556)
Deferred income tax expense & income tax payable/receivable 804,277 110,716 10,041
Change in preferred return receivable from unconsolidated entities, net 13,251,195 (4,668,588) (6,452,903)
Changes in operating assets and liabilities      
(Increase) decrease in interest receivable (164,273) 819,594 2,447,913
(Increase) decrease in other assets (263,018) 492,341 777,209
Increase (decrease) in accounts payable, accrued expenses and other liabilities 1,894,198 805,522 887,758
Net cash provided by operating activities 37,534,563 17,994,177 24,936,759
Cash flows from investing activities:      
Advances on mortgage revenue bonds (57,972,100) (259,657,385) (141,135,222)
Advances on taxable mortgage revenue bonds (16,323,250) (17,527,000) (13,319,875)
Advances on governmental issuer loans (47,978,207) (51,342,328) (67,352,488)
Advances on taxable governmental issuer loans (44,421,793) (11,157,672) (5,573,000)
Advances on property loans (7,715,133) (15,568,741) (48,564,543)
Contributions to unconsolidated entities (19,088,921) (40,228,729) (34,747,495)
Capitalized interest related to unconsolidated entities (4,438,571)    
Proceeds from sale of land held for development 1,283,690   441,714
Capital expenditures     (798,141)
Proceeds from sale of the Suites on Paseo MF Property   63,739 40,023,137
Proceeds from sale of mortgage revenue bonds   108,841,836  
Proceeds from sale of investments in unconsolidated entities 24,176,514 117,844 44,042,573
Return of investments in unconsolidated entities 6,848,848    
Principal payments received on mortgage revenue bonds and contingent interest 73,659,715 29,025,145 27,286,523
Principal payments received on governmental issuer loans 128,922,594 48,087,406 144,635,623
Proceeds from sale of governmental issuer loan to Construction Lending JV 6,500,000    
Principal payments received on taxable mortgage revenue bonds 793,849 12,512,661 7,011,575
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 81,060,334 101,613,050
Net cash provided by (used in) investing activities 66,333,235 (105,199,890) 53,563,431
Cash flows from financing activities:      
Distributions paid (35,661,450) (37,521,735) (42,479,453)
Proceeds from the sale of BUCs   1,532,484  
Payment of offering costs related to the sale of BUCs   (30,662)  
Payment of tax withholding related to restricted unit awards (140,798) (234,911) (483,255)
Proceeds from debt financing 105,160,000 344,740,097 331,772,000
Principal payments on debt financing (184,336,851) (264,483,152) (375,218,521)
Principal borrowing on mortgages payable     25,000,000
Principal payments on mortgages payable (1,432,668) (25,653) (25,000,000)
Principal borrowing on secured lines of credit 57,000,000 138,727,000 136,100,000
Principal payments on secured lines of credit (45,002,000) (103,275,000) (158,200,000)
Proceeds upon issuance of redeemable Preferred Units 25,000,000 5,000,000 18,000,000
Decrease in security deposit liability related to restricted cash     (51,393)
Payment upon redemption of redeemable Preferred Units   (10,000,000) (30,000,000)
Debt financing and other deferred costs paid (873,733) (3,651,230) (2,842,678)
Net cash provided by (used in) financing activities (80,287,500) 70,777,238 (123,403,300)
Net increase (decrease) in cash, cash equivalents and restricted cash 23,580,298 (16,428,475) (44,903,110)
Cash, cash equivalents and restricted cash at beginning of period 31,305,671 47,734,146 92,637,256
Cash, cash equivalents and restricted cash at end of period 54,885,969 31,305,671 47,734,146
Supplemental disclosure of cash flow information:      
Cash paid during the period for interest 51,263,149 52,111,065 55,981,857
Cash paid during the period for income taxes 54,686 8,841  
Supplemental disclosure of noncash investing and financing activities:      
Distributions declared but not paid for BUCs and General Partner 5,946,547 8,996,978 8,584,292
Distributions declared but not paid for Preferred Units 1,089,722 735,938 618,750
Non-cash net adjustments related to 50/50 MF Property sale (Note 2) 5,811,927    
Exchange of redeemable Preferred Units   17,500,000 7,000,000
Deferred financing costs financed through accounts payable $ 42,017 51,926 95,149
Capital expenditures financed through accounts payable   $ 190,124  
Non-cash contribution to unconsolidated entity     $ 997,062

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