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Segments (Tables)
 9 Months Ended
Sep. 30, 2024
Segment Reporting [Abstract]  
Summary of Partnership Reportable Segment Information

The following table details certain financial information for the Partnership’s reportable segments for the three and nine months ended September 30, 2024 and 2023:

 

 

For the Three Months Ended September 30,

 

 

For the Nine Months Ended September 30,

 

 

2024

 

 

2023

 

 

2024

 

 

2023

 

Total revenues

 

 

 

 

 

 

 

 

 

 

 

 

Affordable Multifamily MRB Investments

 

$

22,201,479

 

 

$

22,635,813

 

 

$

62,194,258

 

 

$

67,026,288

 

Seniors and Skilled Nursing MRB Investments

 

 

1,080,818

 

 

 

604,040

 

 

 

2,648,673

 

 

 

1,037,082

 

Market-Rate Joint Venture Investments

 

 

1,063,253

 

 

 

2,035,391

 

 

 

3,842,444

 

 

 

8,119,809

 

MF Properties

 

 

-

 

 

 

1,198,892

 

 

 

-

 

 

 

3,532,868

 

Total revenues

 

$

24,345,550

 

 

$

26,474,136

 

 

$

68,685,375

 

 

$

79,716,047

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense

 

 

 

 

 

 

 

 

 

 

 

 

Affordable Multifamily MRB Investments

 

$

13,931,091

 

 

$

17,072,302

 

 

$

40,553,471

 

 

$

50,714,905

 

Seniors and Skilled Nursing MRB Investments

 

 

665,656

 

 

 

427,182

 

 

 

1,729,922

 

 

 

514,773

 

Market-Rate Joint Venture Investments

 

 

892,440

 

 

 

345,104

 

 

 

1,907,994

 

 

 

905,502

 

MF Properties

 

 

-

 

 

 

82,198

 

 

 

-

 

 

 

82,198

 

Total interest expense

 

$

15,489,187

 

 

$

17,926,786

 

 

$

44,191,387

 

 

$

52,217,378

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net result from derivative transactions

 

 

 

 

 

 

 

 

 

 

 

 

Affordable Multifamily MRB Investments

 

$

6,671,863

 

 

$

(6,250,175

)

 

$

(379,097

)

 

$

(13,338,811

)

Seniors and Skilled Nursing MRB Investments

 

 

1,225,153

 

 

 

(974,059

)

 

 

123,515

 

 

 

(1,216,034

)

Market-Rate Joint Venture Investments

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

MF Properties

 

 

-

 

 

 

14,849

 

 

 

-

 

 

 

14,849

 

Total net result from derivative transactions

 

$

7,897,016

 

 

$

(7,209,385

)

 

$

(255,582

)

 

$

(14,539,996

)

 

 

 

 

 

 

 

 

 

 

 

 

 

Depreciation expense

 

 

 

 

 

 

 

 

 

 

 

 

Affordable Multifamily MRB Investments

 

$

5,967

 

 

$

5,967

 

 

$

17,900

 

 

$

17,880

 

Seniors and Skilled Nursing MRB Investments

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

Market-Rate Joint Venture Investments

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

MF Properties

 

 

-

 

 

 

407,466

 

 

 

-

 

 

 

1,205,942

 

Total depreciation expense

 

$

5,967

 

 

$

413,433

 

 

$

17,900

 

 

$

1,223,822

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income (loss)

 

 

 

 

 

 

 

 

 

 

 

 

Affordable Multifamily MRB Investments

 

$

(3,290,431

)

 

$

7,044,063

 

 

$

9,383,052

 

 

$

16,022,889

 

Seniors and Skilled Nursing MRB Investments

 

 

(811,992

)

 

 

1,150,917

 

 

 

578,235

 

 

 

1,727,343

 

Market-Rate Joint Venture Investments

 

 

(533,284

)

 

 

1,719,861

 

 

 

1,165,784

 

 

 

29,930,657

 

MF Properties

 

 

-

 

 

 

(185,463

)

 

 

63,739

 

 

 

126,883

 

Net income (loss)

 

$

(4,635,707

)

 

$

9,729,378

 

 

$

11,190,810

 

 

$

47,807,772

 

The following table details total assets for the Partnership’s reportable segments as of September 30, 2024 and December 31, 2023:

 

 

September 30, 2024

 

 

December 31, 2023

 

 

Total assets

 

 

 

 

 

 

 

Affordable Multifamily MRB Investments

 

$

1,409,719,916

 

 

$

1,413,596,701

 

 

Seniors and Skilled Nursing MRB Investments

 

 

66,322,302

 

 

 

43,532,926

 

 

Market-Rate Joint Venture Investments

 

 

172,679,043

 

 

 

140,791,041

 

 

MF Properties

 

 

7,897,578

 

 

 

7,034,690

 

 

Consolidation/eliminations

 

 

(107,369,654

)

 

 

(91,554,656

)

 

Total assets

 

$

1,549,249,185

 

 

$

1,513,400,702