v3.24.3
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Cash flows from operating activities:    
Net income $ 11,190,810 $ 47,807,772
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization expense 17,900 1,223,822
Amortization of deferred financing costs 1,187,700 1,751,442
Gain on sale of investments in unconsolidated entities (56,986) (22,725,398)
(Earnings) losses from investments in unconsolidated entities 825,652  
Gain on sale of real estate assets (63,739)  
Gain on sale of mortgage revenue bond (1,012,581)  
Provision for credit losses (1,012,308) (1,881,000)
Recovery of prior credit loss (51,844) (51,656)
(Gains) losses on derivative instruments, net of cash paid 5,011,428 (6,805,254)
Restricted unit compensation expense 1,455,581 1,540,609
Bond premium, discount and acquisition fee amortization (1,225,040) (161,571)
Debt premium amortization (30,354) (30,424)
Deferred income tax expense (benefit) & income tax payable/receivable (3,952) 11,554
Change in preferred return receivable from unconsolidated entities, net (3,842,444) (4,410,406)
Changes in operating assets and liabilities    
Decrease in interest receivable 1,162,254 2,002,214
Decrease in other assets 633,993 838,613
Increase (decrease) in accounts payable, accrued expenses and other liabilities (837,543) 1,085,935
Net cash provided by operating activities 13,348,527 20,196,252
Cash flows from investing activities:    
Advances on mortgage revenue bonds (141,175,652) (119,452,688)
Advances on taxable mortgage revenue bonds (10,077,000) (10,319,875)
Advances on governmental issuer loans (31,842,328) (60,352,488)
Advances on taxable governmental issuer loans (157,672) (5,573,000)
Advances on property loans (14,026,733) (30,125,762)
Contributions to unconsolidated entities (29,073,216) (18,643,536)
Capital expenditures   (578,461)
Proceeds from sale of land held for development   441,714
Proceeds from sale of the Suites on Paseo MF Property 63,739  
Proceeds from sale of a mortgage revenue bond 8,221,234  
Proceeds from sale of investments in unconsolidated entities 56,986 44,042,573
Principal payments received on mortgage revenue bonds 27,383,960 23,383,265
Principal payments received on governmental issuer loans 48,087,406 104,635,623
Principal payments received on taxable mortgage revenue bonds 12,509,389 7,008,583
Principal payments received on taxable governmental issuer loans 10,573,000  
Principal payments received on property loans 80,895,334 88,226,286
Net cash provided by (used in) investing activities (38,561,553) 22,692,234
Cash flows from financing activities:    
Distributions paid (28,081,289) (33,302,952)
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 186,595,000 236,292,000
Principal payments on debt financing (139,519,604) (214,115,888)
Principal borrowing on mortgages payable   25,000,000
Principal borrowing on secured lines of credit 102,150,000 111,700,000
Principal payments on secured lines of credit (91,150,000) (150,700,000)
Decrease in security deposit liability related to restricted cash   (50,695)
Proceeds upon issuance of Redeemable Preferred Units 5,000,000 18,000,000
Payment upon redemption of Redeemable Preferred Units (10,000,000) (20,000,000)
Debt financing and other deferred costs paid (1,196,735) (1,522,362)
Net cash provided by (used in) financing activities 25,299,194 (28,699,897)
Net increase in cash, cash equivalents and restricted cash 86,168 14,188,589
Cash, cash equivalents and restricted cash at beginning of period 47,734,146 92,637,256
Cash, cash equivalents and restricted cash at end of period 47,820,314 106,825,845
Supplemental disclosure of cash flow information:    
Cash paid during the period for interest 38,080,063 41,644,811
Supplemental disclosure of noncash investing and financing activities:    
Distributions declared but not paid for BUCs and General Partner 8,704,509 8,481,019
Distributions declared but not paid for Preferred Units 735,938 693,750
Exchange of Redeemable Preferred Units 17,500,000 7,000,000
Deferred financing costs financed through accounts payable $ 448,079 149,650
Non-cash contribution to unconsolidated entity   997,062
Capital expenditures financed through accounts payable   $ 5,902

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