For the Three Months Ended September 30,

For the Nine Months Ended September 30,

2023

2022

2023

2022

Total revenues

Affordable Multifamily MRB Investments

$

22,635,813

$

18,423,127

$

67,026,288

$

45,443,505

Seniors and Skilled Nursing MRB Investments

604,040

194,296

1,037,082

664,579

Market-Rate Joint Venture Investments

2,035,391

2,072,781

8,119,809

7,149,916

MF Properties

1,198,892

1,914,200

3,532,868

5,785,742

Total revenues

$

26,474,136

$

22,604,404

$

79,716,047

$

59,043,742

Interest expense

Affordable Multifamily MRB Investments

$

10,822,127

$

7,530,723

$

37,376,094

$

17,309,510

Seniors and Skilled Nursing MRB Investments

(546,877

)

5,750

(701,261

)

5,750

Market-Rate Joint Venture Investments

345,104

226,247

905,502

619,928

MF Properties

97,047

273,262

97,047

814,891

Total interest expense

$

10,717,401

$

8,035,982

$

37,677,382

$

18,750,079

Depreciation expense

Affordable Multifamily MRB Investments

$

5,967

$

5,962

$

17,880

$

17,885

Seniors and Skilled Nursing MRB Investments

-

-

-

-

Market-Rate Joint Venture Investments

-

-

-

-

MF Properties

407,466

682,526

1,205,942

2,038,627

Total depreciation expense

$

413,433

$

688,488

$

1,223,822

$

2,056,512

Net income (loss)

Affordable Multifamily MRB Investments

$

7,044,063

$

6,375,471

$

16,022,889

$

16,099,041

Seniors and Skilled Nursing MRB Investments

1,150,917

187,921

1,727,343

656,954

Market-Rate Joint Venture Investments

1,719,861

12,423,255

29,930,657

46,185,380

MF Properties

(185,463

)

(470,054

)

126,883

(554,083

)

Net income

$

9,729,378

$

18,516,593

$

47,807,772

$

62,387,292