v3.23.2
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
 6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
Cash flows from operating activities:    
Net income $ 38,078,394 $ 43,870,699
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization expense 810,389 1,368,024
Amortization of deferred financing costs 1,398,749 944,192
Gain on sale of investments in unconsolidated entities (22,693,013) (29,083,251)
Provision for credit losses (1,319,000)  
Recovery of prior credit loss (34,312) (22,623)
Gain on derivative financial instruments, net of cash paid (2,568,882) (3,640,299)
Restricted unit compensation expense 937,136 339,407
Bond premium, discount and origination fee amortization (108,918) (185,587)
Debt premium amortization (20,286) (20,296)
Deferred income tax expense & income tax payable/receivable 6,209 29,068
Change in preferred return receivable from unconsolidated entities, net (2,375,014) (272,582)
Accrued interest added to property loan principal   (462,428)
Changes in operating assets and liabilities    
Decrease in interest receivable 398,447 1,326,082
Decrease in other assets 808,666 304,381
Decrease in accounts payable, accrued expenses and other liabilities (293,182) (178,053)
Net cash provided by (used in) operating activities 13,025,383 14,316,734
Cash flows from investing activities:    
Capital expenditures (460,303) (223,443)
Proceeds from sale of land held for development 441,714  
Advances on mortgage revenue bonds (111,787,688) (89,944,250)
Advances on taxable mortgage revenue bonds (6,319,875) (8,375,750)
Advances on governmental issuer loans (37,779,468) (56,687,899)
Advances on taxable governmental issuer loans (5,573,000)  
Advances on property loans (17,839,242) (61,938,490)
Contributions to unconsolidated entities (8,449,792) (20,600,522)
Proceeds from sale of investments in unconsolidated entities 44,010,188 48,664,660
Return of investments in unconsolidated entities   1,162,258
Principal payments received on mortgage revenue bonds and contingent interest 14,821,610 88,232,881
Principal payments received on governmental issuer loans 34,000,000  
Principal payments received on taxable mortgage revenue bonds 5,658 5,172
Principal payments received on property loans 48,305,691 3,250,980
Net cash used in investing activities (46,624,507) (96,454,403)
Cash flows from financing activities:    
Distributions paid (23,186,928) (23,896,388)
Proceeds from debt financing 194,772,000 172,250,000
Principal payments on debt financing (99,847,240) (60,137,809)
Principal payments on mortgages payable   (463,525)
Principal borrowing on secured lines of credit 89,600,000 37,107,000
Principal payments on secured lines of credit (132,600,000) (43,367,000)
Decrease in security deposit liability related to restricted cash (28,050) (28,357)
Proceeds upon issuance of Redeemable Preferred Units 18,000,000  
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 (737,004) (1,640,463)
Net cash provided by financing activities 45,972,778 79,823,458
Net increase (decrease) in cash, cash equivalents and restricted cash 12,373,654 (2,314,211)
Cash, cash equivalents and restricted cash at beginning of period 92,637,256 151,932,470
Cash, cash equivalents and restricted cash at end of period 105,010,910 149,618,259
Supplemental disclosure of cash flow information:    
Cash paid during the period for interest 27,027,005 12,931,712
Cash paid during the period for income taxes   6,893
Supplemental disclosure of noncash investing and financing activities:    
Distributions declared but not paid for BUCs and General Partner 9,322,108 12,999,077
Distributions declared but not paid for Preferred Units 792,083 708,750
Exchange of Redeemable Preferred Units 7,000,000  
Non-cash contribution to unconsolidated entity 997,062  
Capital expenditures financed through accounts payable 1,026 546
Deferred financing costs financed through accounts payable $ 255,217 $ 29,500

Source

PDF HTML
ZIP