v3.22.2.2
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
9 Months Ended
Sep. 30, 2022
Sep. 30, 2021
Cash flows from operating activities:    
Net income $ 62,387,292 $ 30,245,918
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization expense 2,056,512 2,049,269
Amortization of deferred financing costs 1,926,580 823,212
Gain on sale of investments in unconsolidated entities (39,664,032) (15,227,239)
Contingent interest realized on investing activities   (1,848,825)
Provision for credit loss 900,080
Provision for loan loss 330,116
Recovery of prior credit loss (39,968)  
(Gain) loss on derivatives, net of cash paid (6,511,803) 9,702
Restricted unit compensation expense 919,563 839,551
Bond premium, discount and origination fee amortization (1,822,874) (103,292)
Debt premium amortization (30,444) (30,419)
Deferred income tax (benefit) & income tax payable/receivable (83,875) (154,553)
Change in preferred return receivable from unconsolidated entities, net (534,375) 4,589,760
Accrued interest added to property loan principal (635,226)  
Changes in operating assets and liabilities    
Increase in interest receivable (90,263) (1,506,442)
(Increase) decrease in other assets (399,014) 134,595
Increase in accounts payable and accrued expenses 2,243,446 2,247,730
Net cash provided by operating activities 19,721,519 23,299,163
Cash flows from investing activities:    
Capital expenditures (424,672) (106,415)
Acquisition of and advances on mortgage revenue bonds (91,567,687) (12,946,500)
Acquisition of and advances on taxable mortgage revenue bonds (10,675,750) (1,000,000)
Advances on governmental issuer loans (96,507,805) (101,122,781)
Advances on taxable governmental issuer loans (3,000,000) (1,000,000)
Advances on property loans (84,680,165) (19,279,087)
Contributions to unconsolidated entities (23,124,223) (20,232,531)
Proceeds from sale of investments in unconsolidated entities 66,645,440 44,988,040
Return of investments in unconsolidated entities 1,367,465  
Principal payments received on mortgage revenue bonds and contingent interest 101,258,367 45,908,244
Principal payments received on taxable mortgage revenue bonds 7,848 7,174
Principal payments received on property loans 30,332,123 191,264
Net cash used in investing activities (110,369,059) (64,592,592)
Cash flows from financing activities:    
Distributions paid (37,604,215) (20,110,495)
Repurchase of BUCs   (1,363,736)
Proceeds from the sale of BUCs   33,321,250
Payment of offering costs related to the sale of BUCs   (2,077,755)
Proceeds from debt financing 303,630,000 116,800,000
Principal payments on debt financing (161,043,610) (29,749,667)
Principal payments on mortgages payable (593,946) (555,680)
Principal borrowing on unsecured lines of credit   15,172,445
Principal payments on unsecured lines of credit   (22,647,446)
Principal borrowing on secured lines of credit 57,742,000 6,500,000
Principal payments on secured lines of credit (72,514,000)  
Increase (decrease) in security deposit liability related to restricted cash (44,728) 66,694
Proceeds upon exchange of Redeemable Preferred Units 20,000,000  
Payment upon exchange of Redeemable Preferred Units (20,000,000)  
Debt financing and other deferred costs paid (1,802,803) (2,252,632)
Net cash provided by financing activities 87,768,698 93,102,978
Net increase (decrease) in cash, cash equivalents and restricted cash (2,878,842) 51,809,549
Cash, cash equivalents and restricted cash at beginning of period 151,932,470 122,990,586
Cash, cash equivalents and restricted cash at end of period 149,053,628 174,800,135
Supplemental disclosure of cash flow information:    
Cash paid during the period for interest 21,731,753 14,884,920
Cash paid during the period for income taxes 38,313 181,356
Supplemental disclosure of noncash investing and financing activities:    
Distributions declared but not paid for BUCs and General Partner 8,312,836 7,831,176
Distributions declared but not paid for Preferred Units 708,750 708,750
Investment in previously unconsolidated entity consolidated as land   3,115,891
Capital expenditures financed through accounts payable 505,347 1,970
Deferred financing costs financed through accounts payable $ 34,934 $ (2,540)

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