v3.26.3
Condensed Consolidated Statements of Operations (Unaudited) - USD ($) |
3 Months Ended | 9 Months Ended | ||
|---|---|---|---|---|
Sep. 30, 2026 |
Sep. 30, 2025 |
Sep. 30, 2026 |
Sep. 30, 2025 |
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| Revenues: | ||||
| Investment income | $ 16,928,702 | $ 17,732,521 | $ 48,078,892 | $ 58,846,141 |
| Other interest income | 3,061,719 | 3,106,309 | 9,401,426 | 7,952,738 |
| Property revenues | 1,951,179 | 5,479,031 | ||
| Contingent interest income | 208,059 | |||
| Other income | 11,000 | 269,890 | 1,964,634 | 1,228,715 |
| Total revenues | 21,952,600 | 21,108,720 | 64,923,983 | 68,235,653 |
| Expenses: | ||||
| Real estate operating | 1,218,367 | 3,388,993 | ||
| Provision for credit losses (Note 10) | (174,000) | 534,084 | (2,624,459) | 9,414,818 |
| Depreciation and amortization | 2,105,091 | 1,335 | 8,123,731 | 7,523 |
| Interest expense | 12,811,881 | 13,076,836 | 39,367,151 | 40,475,321 |
| Net result from derivative transactions (Note 15) | (4,280,631) | (100,147) | (7,926,633) | 4,315,206 |
| General and administrative | 3,547,433 | 4,816,648 | 12,239,624 | 14,061,774 |
| Total expenses | 15,228,141 | 18,328,756 | 52,568,407 | 68,274,642 |
| Other Income: | ||||
| Gain on deed in lieu of foreclosures | 2,241,813 | |||
| Gain on sale of investments in unconsolidated entities | 16,624 | 200,736 | ||
| Earnings (losses) from investments in unconsolidated entities | (3,542,306) | (1,931,053) | (11,633,668) | (5,170,388) |
| Income (loss) before income taxes | 3,182,153 | 848,911 | 2,980,345 | (5,008,641) |
| Income tax benefit | (2,879) | (2,050) | (8,338) | (7,545) |
| Net income (loss) | 3,185,032 | 850,961 | 2,988,683 | (5,001,096) |
| Redeemable Preferred Unit distributions and accretion | (1,101,684) | (1,029,641) | (3,305,053) | (2,819,969) |
| Net income (loss) available to Partners | 2,083,348 | (178,680) | (316,370) | (7,821,065) |
| Net income (loss) available to Partners allocated to: | ||||
| General Partner | 20,834 | (1,787) | 826 | 10,554 |
| Net income (loss) available to Partners and noncontrolling interest | $ 2,083,348 | $ (178,680) | $ (316,370) | $ (7,821,065) |
| BUC holders' interest in net income (loss) per BUC, basic | $ 0.09 | $ (0.01) | $ (0.02) | $ (0.35) |
| BUC holders' interest in net income (loss) per BUC, diluted | $ 0.09 | $ (0.01) | $ (0.02) | $ (0.35) |
| Weighted average number of BUCs outstanding, basic | 23,266,619 | 23,171,226 | 23,266,619 | 23,171,226 |
| Weighted average number of BUCs outstanding, diluted | 23,266,619 | 23,171,226 | 23,266,619 | 23,171,226 |
| Beneficial Unit Certificate Holders [Member] | ||||
| Net income (loss) available to Partners allocated to: | ||||
| Limited Partners | $ 2,030,815 | $ (305,416) | $ (431,744) | $ (8,093,084) |
| Restricted Unitholders [Member] | ||||
| Net income (loss) available to Partners allocated to: | ||||
| Limited Partners | $ 31,699 | $ 128,523 | $ 114,548 | $ 261,465 |
| X | ||||||||||
- Definition Interest income earned upon redemption of an Available-for-Sale security. No definition available.
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- Definition Gain (loss) from investments in unconsolidated entities. No definition available.
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- Definition Gain on deed in lieu of foreclosures No definition available.
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- Definition Gain or loss on sale of investment in unconsolidated entity. No definition available.
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- Definition Amount of Net Income (Loss) attributable to common stockholders noncontrolling interest. No definition available.
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- Definition Real estate operating expenses normally associated with the operation of multi-family housing exclusive of interest expense, general and administrative expenses, and depreciation, depletion and amortization expenses. No definition available.
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- Definition Total costs of sales and operating expenses for the period. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition The aggregate expense recognized in the current period that allocates the cost of tangible assets, intangible assets, or depleting assets to periods that benefit from use of the assets. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition Aggregate net gain (loss) on all derivative instruments recognized in earnings during the period, before tax effects. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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- Definition The aggregate total of expenses of managing and administering the affairs of an entity, including affiliates of the reporting entity, which are not directly or indirectly associated with the manufacture, sale or creation of a product or product line. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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| X | ||||||||||
- Definition Amount of income (loss) from continuing operations, including income (loss) from equity method investments, before deduction of income tax expense (benefit), and income (loss) attributable to noncontrolling interest. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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- Definition Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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| X | ||||||||||
- Definition Amount of interest income (expense) classified as operating. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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- Definition Amount of operating interest income, including, but not limited to, amortization and accretion of premiums and discounts on securities. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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| X | ||||||||||
- Definition Amount after accretion (amortization) of discount (premium), and investment expense, of interest income and dividend income on nonoperating securities. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition The portion of profit or loss for the period, net of income taxes, which is attributable to the parent. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition Aggregate amount of net income allocated to general partners. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition Aggregate amount of net income allocated to limited partners. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition Amount, after deduction of tax, noncontrolling interests, dividends on preferred stock and participating securities; of income (loss) available to common shareholders. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- References No definition available.
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- Definition Amount of operating lease income from lease payments and variable lease payments paid and payable to lessor. Includes, but is not limited to, variable lease payments not included in measurement of lease receivable. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition Amount of revenue and income classified as other. Reference 1: http://www.xbrl.org/2003/role/exampleRef
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- References No definition available.
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- References No definition available.
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| X | ||||||||||
- Definition Amount of credit loss expense (reversal of expense) for financing receivable. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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| X | ||||||||||
- Definition Amount of revenue recognized from goods sold, services rendered, insurance premiums, or other activities that constitute an earning process. Includes, but is not limited to, investment and interest income before deduction of interest expense when recognized as a component of revenue, and sales and trading gain (loss). Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- References No definition available.
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| X | ||||||||||
- Definition Amount of decrease to net income for accretion of temporary equity to its redemption value to derive net income apportioned to common stockholders. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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| X | ||||||||||
- Definition Weighted average number of limited partnership units outstanding determined by relating the portion of time within a reporting period that limited partnership units have been outstanding to the total time in that period. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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| X | ||||||||||
- Definition Weighted average number of limited partnership units outstanding determined by relating the portion of time within a reporting period that limited partnership units have been outstanding to the total time in that period. Used in the calculation of diluted net income or loss per limited partnership unit. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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