v3.23.2
Condensed Consolidated Statements of Operations (Unaudited) - USD ($)
3 Months Ended 6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
Jun. 30, 2023
Jun. 30, 2022
Revenues:        
Investment income $ 22,415,771 $ 13,825,300 $ 41,718,456 $ 28,228,703
Property revenues 1,108,356 1,944,541 2,333,976 3,871,542
Other interest income 4,646,347 1,463,126 9,056,012 4,339,093
Other income 133,467   133,467  
Total revenues 28,303,941 17,232,967 53,241,911 36,439,338
Expenses:        
Real estate operating (exclusive of items shown below) 614,692 978,521 1,216,945 2,043,083
Provision for credit losses (774,000)   (1,319,000)  
Depreciation and amortization 405,408 684,362 810,389 1,368,024
Interest expense 8,988,483 6,776,966 26,959,981 10,714,097
General and administrative 5,109,419 3,808,887 10,182,006 7,490,725
Total expenses 14,344,002 12,248,736 37,850,321 21,615,929
Other Income:        
Gain on sale of investments in unconsolidated entities 7,326,084 12,643,501 22,693,013 29,083,251
Income before income taxes 21,286,023 17,627,732 38,084,603 43,906,660
Income tax expense (benefit) (1,149) 21,051 6,209 35,961
Net income 21,287,172 17,606,681 38,078,394 43,870,699
Redeemable Preferred Unit distributions and accretion (799,182) (716,500) (1,545,832) (1,434,244)
Net income available to Partners 20,487,990 16,890,181 36,532,562 42,436,455
Net income available to Partners allocated to:        
General Partner 1,010,088 232,036 3,489,146 2,969,080
Net income available to Partners and noncontrolling interest $ 20,487,990 $ 16,890,181 $ 36,532,562 $ 42,436,455
BUC holders' interest in net income per BUC, basic $ 0.85 $ 0.74 $ 1.45 $ 1.74
BUC holders' interest in net income per BUC, diluted $ 0.85 $ 0.74 $ 1.45 $ 1.74
Weighted average number of BUCs outstanding, basic 22,639,852 22,582,055 22,639,877 22,581,421
Weighted average number of BUCs outstanding, diluted 22,639,852 22,582,055 22,639,877 22,581,421
Beneficial Unit Certificate Holders [Member]        
Net income available to Partners allocated to:        
Limited Partners $ 19,323,960 $ 16,600,246 $ 32,814,794 $ 39,329,444
Restricted Unitholders [Member]        
Net income available to Partners allocated to:        
Limited Partners $ 153,942 $ 57,899 $ 228,622 $ 137,931

Source