v3.25.1
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Cash flows from operating activities:    
Net income $ 3,327,020 $ 10,648,381
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization expense 3,542 5,967
Amortization of deferred financing costs 381,334 367,418
Gain on sale of investments in unconsolidated entities (5,220) (50,000)
(Earnings) losses from investments in unconsolidated entities 233,334 106,845
Provision for credit losses (172,000) (806,000)
Recovery of prior credit loss (16,967) (17,155)
(Gains) losses on derivative instruments, net of cash paid 3,939,421 (4,489,788)
Restricted unit compensation expense 234,047 332,321
Bond premium, discount and acquisition fee amortization (1,780) (48,178)
Debt premium amortization (10,090) (10,126)
Deferred income tax benefit & income tax payable/receivable (2,733) (1,200)
Change in preferred return receivable from unconsolidated entities, net 5,409,019 (1,624,169)
Changes in operating assets and liabilities    
Decrease in interest receivable 319,714 419,044
(Increase) decrease in other assets (613,140) 84,659
Decrease in accounts payable, accrued expenses and other liabilities (2,682,424) (1,545,171)
Net cash provided by operating activities 10,343,077 3,372,848
Cash flows from investing activities:    
Advances on mortgage revenue bonds (14,101,043) (26,297,798)
Advances on taxable mortgage revenue bonds (7,400,000) (1,000,000)
Advances on governmental issuer loans (17,408,700) (6,000,000)
Advances on taxable governmental issuer loans (21,700,000)  
Advances on property loans   (3,073,404)
Contributions to unconsolidated entities (7,708,816) (6,960,337)
Proceeds from sale of land held for development 1,354,127  
Proceeds from sale of investments in unconsolidated entities 11,405,090 50,000
Return of investments in unconsolidated entities 2,087,843  
Principal payments received on mortgage revenue bonds 11,921,137 2,260,565
Principal payments received on governmental issuer loans 82,202,594 23,390,000
Principal payments received on taxable mortgage revenue bonds 138,347 11,503,059
Principal payments received on taxable governmental issuer loans 12,700,000 10,573,000
Principal payments received on property loans 7,797,754 72,323,194
Net cash provided by investing activities 61,288,333 76,768,279
Cash flows from financing activities:    
Distributions paid (9,732,916) (9,204,814)
Proceeds from the sale of BUCs   1,080,957
Payment of offering costs related to the sale of BUCs   (21,628)
Proceeds from debt financing 48,435,000 63,250,000
Principal payments on debt financing (85,426,031) (99,697,766)
Principal payments on mortgages payable (1,354,128)  
Principal borrowing on secured lines of credit   20,000,000
Principal payments on secured lines of credit (10,352,000) (36,900,000)
Proceeds upon issuance of redeemable Preferred Units 20,000,000 5,000,000
Debt financing and other deferred costs paid (52,512) (454,650)
Net cash used in financing activities (38,482,587) (56,947,901)
Net increase (decrease) in cash, cash equivalents and restricted cash 33,148,823 23,193,226
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 64,454,494 70,927,372
Supplemental disclosure of cash flow information:    
Cash paid during the period for interest 13,265,470 12,165,910
Cash paid during the period for income taxes 31,415  
Supplemental disclosure of noncash investing and financing activities:    
Distributions declared but not paid for BUCs and General Partner 8,744,444 8,672,287
Distributions declared but not paid for Preferred Units 755,104 762,118
Exchange of redeemable Preferred Units   17,500,000
Deferred financing costs financed through accounts payable $ 21,765 $ 62,628

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