v3.25.2
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Cash flows from operating activities:    
Net income $ (3,744,702) $ 15,826,517
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization expense 6,188 11,933
Amortization of deferred financing costs 768,696 827,351
Gain on sale of investments in unconsolidated entities (200,736) (56,986)
(Earnings) losses from investments in unconsolidated entities 1,759,327 121,556
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 8,880,734 (786,308)
Recovery of prior credit loss 62,224 (34,500)
(Gains) losses on derivative instruments, net of cash paid 6,173,941 (4,712,203)
Restricted unit compensation expense 739,322 890,882
Bond premium, discount and acquisition fee amortization 192,848 (84,396)
Debt premium amortization (20,168) (20,243)
Deferred income tax benefit & income tax payable/receivable (12,884) (1,986)
Change in preferred return receivable from unconsolidated entities, net 8,438,904 (2,779,191)
Changes in operating assets and liabilities    
Decrease in interest receivable 400,555 1,072,557
(Increase) decrease in other assets (565,196) 547,582
Decrease in accounts payable, accrued expenses and other liabilities (2,142,588) (1,314,943)
Net cash provided by operating activities 20,528,406 8,431,302
Cash flows from investing activities:    
Advances on mortgage revenue bonds (36,772,100) (104,672,860)
Advances on taxable mortgage revenue bonds (8,200,000) (6,077,000)
Advances on governmental issuer loans (18,978,207) (15,000,000)
Advances on taxable governmental issuer loans (37,141,300)  
Advances on property loans (6,623,733) (13,526,733)
Contributions to unconsolidated entities (11,074,707) (18,629,783)
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 2,400,696  
Principal payments received on mortgage revenue bonds and contingent interest 41,575,145 3,863,744
Principal payments received on governmental issuer loans 116,822,594 23,390,000
Proceeds from sale of governmental issuer loan to Construction Lending JV 6,500,000  
Principal payments received on taxable mortgage revenue bonds 356,769 11,506,189
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 72,776,788
Net cash provided by (used in) investing activities 96,496,571 (27,454,696)
Cash flows from financing activities:    
Distributions paid (19,232,462) (18,640,914)
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 82,930,000 138,610,000
Principal payments on debt financing (146,601,820) (101,151,225)
Principal payments on mortgages payable (1,354,127)  
Principal borrowing on secured lines of credit 5,000,000 84,250,000
Principal payments on secured lines of credit (29,852,000) (76,400,000)
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 (651,449) (983,291)
Net cash provided by (used in) financing activities (89,761,858) 22,186,392
Net increase (decrease) in cash, cash equivalents and restricted cash 27,263,119 3,162,998
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 58,568,790 50,897,144
Supplemental disclosure of cash flow information:    
Cash paid during the period for interest 26,816,470 24,668,956
Cash paid during the period for income taxes 38,804  
Supplemental disclosure of noncash investing and financing activities:    
Distributions declared but not paid for BUCs and General Partner 7,235,912 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 $ 89,554 $ 89,670

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