v3.23.1
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
 3 Months Ended
Mar. 31, 2023
Mar. 31, 2022
Cash flows from operating activities:    
Net income $ 16,791,222 $ 26,264,018
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization expense 404,981 683,662
Amortization of deferred financing costs 1,005,767 451,472
Gain on sale of investments in unconsolidated entities (15,366,929) (16,439,750)
Provision for credit losses (545,000)  
Recovery of prior credit loss (16,967) (5,279)
(Gain) loss on derivative financial instruments, net of cash paid 3,476,097 (2,394,986)
Restricted unit compensation expense 349,959 173,898
Bond premium, discount and origination fee amortization (54,476) (109,021)
Debt premium amortization (10,145) (10,148)
Deferred income tax expense & income tax payable/receivable 7,358 14,909
Change in preferred return receivable from unconsolidated entities, net (1,934,065) (191,505)
Changes in operating assets and liabilities    
(Increase) decrease in interest receivable (2,986,762) 2,231,487
Increase in other assets (237,767) (233,754)
Decrease in accounts payable, accrued expenses and other liabilities (683,869) (1,127,714)
Net cash provided by (used in) operating activities 199,404 9,307,289
Cash flows from investing activities:    
Capital expenditures (171,670) (64,453)
Proceeds from sale of land held for development 441,714  
Advances on mortgage revenue bonds (60,622,813) (69,365,000)
Advances on taxable mortgage revenue bonds (1,805,000) (6,325,000)
Advances on governmental issuer loans (17,377,303) (16,882,138)
Advances on taxable governmental issuer loans (3,000,000)  
Advances on property loans (7,942,324) (38,638,389)
Contributions to unconsolidated entities (4,705,639) (12,776,841)
Proceeds from sale of investments in unconsolidated entities 27,659,480 28,679,750
Return of investments in unconsolidated entities   842,855
Principal payments received on mortgage revenue bonds and contingent interest 13,303,739 79,635,980
Principal payments received on taxable mortgage revenue bonds 2,797 2,558
Principal payments received on property loans 18,315,580 3,250,980
Net cash used in investing activities (35,901,439) (31,639,698)
Cash flows from financing activities:    
Distributions paid (11,612,492) (13,466,209)
Proceeds from debt financing 126,381,000 109,330,000
Principal payments on debt financing (41,786,351) (46,527,429)
Principal payments on mortgages payable   (141,268)
Principal borrowing on secured lines of credit 45,000,000  
Principal payments on secured lines of credit (94,000,000) (15,515,000)
Decrease in security deposit liability related to restricted cash (5,887) (6,259)
Proceeds upon exchange of Redeemable Preferred Units 8,000,000  
Debt financing and other deferred costs paid (593,368) (818,133)
Net cash provided by financing activities 31,382,902 32,855,702
Net increase (decrease) in cash, cash equivalents and restricted cash (4,319,133) 10,523,293
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 88,318,123 162,455,763
Supplemental disclosure of cash flow information:    
Cash paid during the period for interest 12,869,770 5,470,198
Supplemental disclosure of noncash investing and financing activities:    
Distributions declared but not paid for BUCs and General Partner 10,835,021 9,721,430
Distributions declared but not paid for Preferred Units 739,417 708,750
Exchange of Redeemable Preferred Units 7,000,000  
Non-cash contribution to unconsolidated entity 997,062  
Deferred financing costs financed through accounts payable $ 58,000 $ 7,040

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