v3.24.3
Condensed Consolidated Statements of Operations (Unaudited) - USD ($)
3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Revenues:        
Investment income $ 21,820,973 $ 20,537,399 $ 60,920,706 $ 62,255,855
Other interest income 2,235,339 4,621,098 7,309,664 13,677,110
Property revenues   1,198,892   3,532,868
Other income 289,238 116,747 455,005 250,214
Total revenues 24,345,550 26,474,136 68,685,375 79,716,047
Expenses:        
Real estate operating (exclusive of items shown below) 0 873,668 0 2,090,613
Provision for credit losses (Note 10) (226,000) (562,000) (1,012,308) (1,881,000)
Depreciation and amortization 5,967 413,433 17,900 1,223,822
Interest expense 15,489,187 17,926,786 44,191,387 52,217,378
Net result from derivative transactions (Note 15) 7,897,016 (7,209,385) (255,582) (14,539,996)
General and administrative 5,112,958 5,328,469 14,864,773 15,510,475
Total expenses 28,279,128 16,770,971 57,806,170 54,621,292
Other Income:        
Gain on sale of real estate assets     63,739  
Gain on sale of mortgage revenue bond     1,012,581  
Gain on sale of investments in unconsolidated entities   32,385 56,986 22,725,398
Earnings (losses) from investments in unconsolidated entities (704,096)   (825,652)  
Income (loss) before income taxes (4,637,674) 9,735,550 11,186,859 47,820,153
Income tax expense (benefit) (1,967) 6,172 (3,951) 12,381
Net income (loss) (4,635,707) 9,729,378 11,190,810 47,807,772
Redeemable Preferred Unit distributions and accretion (741,476) (700,156) (2,250,194) (2,245,988)
Net income available to Partners (5,377,183) 9,029,222 8,940,616 45,561,784
Net income (loss) available to Partners allocated to:        
General Partner (53,772) 25,049 88,836 3,514,195
Net income available to Partners and noncontrolling interest $ (5,377,183) $ 9,029,222 $ 8,940,616 $ 45,561,784
BUC holders' interest in net income (loss) per BUC, basic $ (0.23) $ 0.39 $ 0.38 $ 1.82
BUC holders' interest in net income (loss) per BUC, diluted $ (0.23) $ 0.39 $ 0.38 $ 1.82
Weighted average number of BUCs outstanding, basic 23,085,261 22,923,956 23,056,467 22,924,023
Weighted average number of BUCs outstanding, diluted 23,085,261 22,923,956 23,056,467 22,924,023
Beneficial Unit Certificate Holders [Member]        
Net income (loss) available to Partners allocated to:        
Limited Partners $ (5,399,340) $ 8,922,236 $ 8,649,222 $ 41,737,030
Restricted Unitholders [Member]        
Net income (loss) available to Partners allocated to:        
Limited Partners $ 75,929 $ 81,937 $ 202,558 $ 310,559

Source