v3.22.2.2
Condensed Consolidated Statements of Operations (Unaudited) - USD ($)
3 Months Ended 9 Months Ended
Sep. 30, 2022
Sep. 30, 2021
Sep. 30, 2022
Sep. 30, 2021
Revenues:        
Investment income $ 16,563,509 $ 13,619,994 $ 44,792,212 $ 40,305,861
Property revenues 1,914,200 1,811,778 5,785,742 5,294,475
Contingent interest income 1,848,825 1,848,825
Other interest income 4,126,695 401,304 8,465,788 1,026,724
Total revenues 22,604,404 17,681,901 59,043,742 48,475,885
Expenses:        
Real estate operating (exclusive of items shown below) 1,520,589 1,239,614 3,563,672 3,007,979
Provision for credit loss     900,080
Provision for loan loss     330,116
Depreciation and amortization 688,488 680,925 2,056,512 2,049,269
Interest expense 8,035,982 5,663,452 18,750,079 16,248,023
General and administrative 4,505,056 4,145,317 11,995,781 10,894,937
Total expenses 14,750,115 11,729,308 36,366,044 33,430,404
Other Income:        
Gain on sale of investments in unconsolidated entities 10,580,781 6,954,649 39,664,032 15,227,239
Income before income taxes 18,435,070 12,907,242 62,341,730 30,272,720
Income tax expense (benefit) (81,523) (81,142) (45,562) 26,802
Net income 18,516,593 12,988,384 62,387,292 30,245,918
Redeemable Preferred Unit distributions and accretion (716,490) (717,762) (2,150,734) (2,153,288)
Net income available to Partners 17,800,103 12,270,622 60,236,558 28,092,630
Net income available to Partners allocated to:        
General Partner 142,394 579,266 3,111,474 2,722,908
Net income available to Partners and noncontrolling interest $ 17,800,103 $ 12,270,622 $ 60,236,558 $ 28,092,630
BUC holders' interest in net income per BUC, basic [1] $ 0.79 $ 0.57 $ 2.56 $ 1.24
BUC holders' interest in net income per BUC, diluted [1] $ 0.79 $ 0.57 $ 2.56 $ 1.24
Weighted average number of BUCs outstanding, basic [1] 22,247,781 20,426,559 22,247,336 20,423,679
Weighted average number of BUCs outstanding, diluted [1] 22,247,781 20,426,559 22,247,336 20,423,679
Beneficial Unit Certificate Holders [Member]        
Net income available to Partners allocated to:        
Limited Partners $ 17,552,792 $ 11,627,197 $ 56,882,236 $ 25,268,441
Restricted Unitholders [Member]        
Net income available to Partners allocated to:        
Limited Partners $ 104,917 $ 64,159 $ 242,848 $ 101,281
[1] On April 1, 2022, the Partnership effected a one-for-three reverse unit split of its outstanding BUCs (the “Reverse Unit Split”). On October 31, 2022, the Partnership completed a distribution in the form of additional BUCs at a ratio of 0.01044 BUCs for each BUC outstanding as of September 30, 2022 (the “BUCs Distribution”). The amounts indicated in the Condensed Consolidated Statements of Operations have been adjusted to reflect both the Reverse Unit Split and the BUCs Distribution on a retroactive basis.

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