For the Three Months Ended June 30,

For the Six Months Ended June 30,

2023

2022

2023

2022

Total revenues

Affordable Multifamily MRB Investments

$

22,952,542

$

12,886,972

$

44,390,475

$

27,020,378

Seniors and Skilled Nursing MRB Investments

336,487

240,905

433,042

470,283

Market-Rate Joint Venture Investments

3,906,556

2,160,549

6,084,418

5,077,135

MF Properties

1,108,356

1,944,541

2,333,976

3,871,542

Total revenues

$

28,303,941

$

17,232,967

$

53,241,911

$

36,439,338

Interest expense

Affordable Multifamily MRB Investments

$

8,844,276

$

6,306,743

$

26,553,967

$

9,778,787

Seniors and Skilled Nursing MRB Investments

(154,384

)

-

(154,384

)

-

Market-Rate Joint Venture Investments

298,591

201,357

560,398

393,681

MF Properties

-

268,866

-

541,629

Total interest expense

$

8,988,483

$

6,776,966

$

26,959,981

$

10,714,097

Depreciation expense

Affordable Multifamily MRB Investments

$

5,967

$

5,961

$

11,913

$

11,923

Seniors and Skilled Nursing MRB Investments

-

-

-

-

Market-Rate Joint Venture Investments

-

-

-

-

MF Properties

399,441

678,401

798,476

1,356,101

Total depreciation expense

$

405,408

$

684,362

$

810,389

$

1,368,024

Net income (loss)

Affordable Multifamily MRB Investments

$

9,780,399

$

2,758,015

$

8,978,826

$

9,723,570

Seniors and Skilled Nursing MRB Investments

479,871

240,280

576,426

469,033

Market-Rate Joint Venture Investments

10,931,529

14,600,082

28,210,796

33,762,125

MF Properties

95,373

8,304

312,346

(84,029

)

Net income

$

21,287,172

$

17,606,681

$

38,078,394

$

43,870,699