v3.25.0.1
Consolidated Statements of Cash Flows - USD ($)
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Cash flows from operating activities:      
Net income $ 21,323,333 $ 54,011,696 $ 65,562,166
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation and amortization expense 23,867 1,537,448 2,717,415
Amortization of deferred financing costs 1,653,805 2,461,713 2,537,186
Gain on sale of investments in unconsolidated entities (117,844) (22,725,398) (39,805,285)
(Earnings) losses from investments in unconsolidated entities 2,140,694 17,879  
Gain on sale of real estate assets (63,739) (10,363,363)  
Gain on sale of mortgage revenue bonds (2,220,254)    
Provision for credit losses (1,036,308) (2,347,000)  
Recovery of prior credit loss (69,000) (68,812) (57,124)
(Gains) losses on derivative instruments, net of cash paid (1,822,085) 2,981,469 (7,187,020)
Restricted unit compensation expense 1,891,633 2,013,736 1,531,622
Bond premium, discount and acquisition fee amortization (1,229,054) (212,071) (1,880,983)
Debt premium amortization (40,456) (40,556) (40,591)
Deferred income tax expense (benefit) & income tax payable/receivable 110,716 10,041 (120,923)
Change in preferred return receivable from unconsolidated entities, net (4,668,588) (6,452,903) (2,404,641)
Accrued interest added to property loan principal     (635,226)
Changes in operating assets and liabilities      
(Increase) decrease in interest receivable 819,594 2,447,913 (2,316,182)
(Increase) decrease in other assets 492,341 777,209 (356,241)
Increase in accounts payable, accrued expenses and other liabilities 805,522 887,758 3,583,565
Net cash provided by operating activities 17,994,177 24,936,759 21,127,738
Cash flows from investing activities:      
Advances on mortgage revenue bonds (259,657,385) (141,135,222) (182,726,187)
Advances on taxable mortgage revenue bonds (17,527,000) (13,319,875) (13,669,857)
Advances on governmental issuer loans (51,342,328) (67,352,488) (115,462,985)
Advances on taxable governmental issuer loans (11,157,672) (5,573,000) (7,000,000)
Advances on property loans (15,568,741) (48,564,543) (131,118,766)
Contributions to unconsolidated entities (40,228,729) (34,747,495) (34,036,247)
Capital expenditures   (798,141) (1,808,416)
Proceeds from sale of land held for development   441,714  
Proceeds from sale of the Suites on Paseo MF Property 63,739 40,023,137  
Proceeds from sale of mortgage revenue bonds 108,841,836    
Proceeds from sale of investments in unconsolidated entities 117,844 44,042,573 66,786,694
Return of investments in unconsolidated entities     1,462,160
Principal payments received on mortgage revenue bonds 29,025,145 27,286,523 109,034,876
Principal payments received on governmental issuer loans 48,087,406 144,635,623  
Principal payments received on taxable mortgage revenue bonds 12,512,661 7,011,575 10,583
Principal payments received on taxable governmental issuer loans 10,573,000    
Principal payments received on property loans 81,060,334 101,613,050 30,332,123
Costs incurred on sale of The 50/50 MF Property     (403,625)
Net cash provided by (used in) investing activities (105,199,890) 53,563,431 (278,599,647)
Cash flows from financing activities:      
Distributions paid (37,521,735) (42,479,453) (46,628,307)
Proceeds from the sale of BUCs 1,532,484    
Payment of offering costs related to the sale of BUCs (30,662)    
Payment of tax withholding related to restricted unit awards (234,911) (483,255) (456,127)
Proceeds from debt financing 344,740,097 331,772,000 643,402,000
Principal payments on debt financing (264,483,152) (375,218,521) (404,666,949)
Principal borrowing on mortgages payable   25,000,000  
Principal payments on mortgages payable (25,653) (25,000,000) (906,481)
Principal borrowing on secured lines of credit 138,727,000 136,100,000 137,742,000
Principal payments on secured lines of credit (103,275,000) (158,200,000) (127,956,000)
Decrease in security deposit liability related to restricted cash   (51,393) (148,851)
Proceeds upon issuance of Redeemable Preferred Units 5,000,000 18,000,000  
Payment upon redemption of Redeemable Preferred Units (10,000,000) (30,000,000)  
Proceeds upon exchange of Redeemable Preferred Units     20,000,000
Payment upon exchange of Redeemable Preferred Units     (20,000,000)
Debt financing and other deferred costs paid (3,651,230) (2,842,678) (2,204,590)
Net cash provided by (used in) financing activities 70,777,238 (123,403,300) 198,176,695
Net decrease in cash, cash equivalents and restricted cash (16,428,475) (44,903,110) (59,295,214)
Cash, cash equivalents and restricted cash at beginning of period 47,734,146 92,637,256 151,932,470
Cash, cash equivalents and restricted cash at end of period 31,305,671 47,734,146 92,637,256
Supplemental disclosure of cash flow information:      
Cash paid during the period for interest 52,111,065 55,981,857 32,262,815
Cash paid during the period for income taxes 8,841   69,729
Supplemental disclosure of noncash investing and financing activities:      
Distributions declared but not paid for BUCs and General Partner 8,996,978 8,584,292 10,899,677
Distributions declared but not paid for Preferred Units 735,938 618,750 708,750
Exchange of Redeemable Preferred Units 17,500,000 7,000,000 10,000,000
Deferred financing costs financed through accounts payable 51,926 95,149 117,400
Non-cash contribution to unconsolidated entity   $ 997,062  
Net real estate, operating assets and operating liabilities of the 50/50 mf property sold for noncash consideration     22,435,371
Property loan received as consideration for sale of The 50/50 MF Property     4,803,620
Mortgages payable assumed by the buyer of The 50/50 MF Property     24,228,373
Deferred gain liability recorded upon sale of The 50/50 MF Property     6,596,622
Capital expenditures financed through accounts payable $ 190,124   $ 565,614

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