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Segments (Tables)

12 Months Ended

Dec. 31, 2024

Segment Reporting [Abstract]

Summary of Partnership Reportable Segment Information

The following tables detail certain financial information for the Partnership’s reportable segments for the periods indicated:


		For the Year Ended December 31, 2024
		Affordable Multifamily Investments				Seniors and Skilled Nursing Investments				Market-Rate Joint Venture Investments				MF Properties				Partnership Total
Revenues:
Investment income		$	72,865,558			$	3,442,560			$	4,668,588			$	-			$	80,976,706
Other interest income			8,941,994				393,313				-				174,000				9,509,307
Other income			785,386				-				-				-				785,386
Total revenues			82,592,938				3,835,873				4,668,588				174,000				91,271,399
Expenses:
Provision for credit losses (Note 10)			(1,254,308	)			218,000				-				-				(1,036,308	)
Depreciation and amortization			23,867				-				-				-				23,867
Interest expense			54,566,925				2,464,899				3,000,183				-				60,032,007
Net result from derivative transactions (Note 15)			(7,202,354	)			(1,293,072	)			-				-				(8,495,426	)
General and administrative			19,652,622				-				-				-				19,652,622
Total expenses			65,786,752				1,389,827				3,000,183				-				70,176,762
Other Income:
Gain on sale of real estate assets			-				-				-				63,739				63,739
Gain on sale of mortgage revenue bond			2,220,254				-				-				-				2,220,254
Gain on sale of investments in unconsolidated entities			-				-				117,844				-				117,844
Earnings (losses) from investments in unconsolidated entities			-				-				(2,140,694	)			-				(2,140,694	)
Income before income taxes			19,026,440				2,446,046				(354,445	)			237,739				21,355,780
Income tax expense			-				-				-				32,447				32,447
Segment net income (loss)		$	19,026,440			$	2,446,046			$	(354,445	)		$	205,292			$	21,323,333


		For the Year Ended December 31, 2023
		Affordable Multifamily Investments				Seniors and Skilled Nursing Investments				Market-Rate Joint Venture Investments				MF Properties				Partnership Total
Revenues:
Investment income		$	70,393,234			$	1,710,657			$	10,162,307			$	-			$	82,266,198
Other interest income			17,756,044				-				-				-				17,756,044
Property revenues			-				-				-				4,567,506				4,567,506
Other income			310,916				-				-				-				310,916
Total revenues			88,460,194				1,710,657				10,162,307				4,567,506				104,900,664
Expenses:
Real estate operating (exclusive of items shown below)			-				-				-				2,663,868				2,663,868
Provision for credit losses (Note 10)			(2,347,000	)			-				-				-				(2,347,000	)
Depreciation and amortization			23,846				-				-				1,513,602				1,537,448
Interest expense			66,112,891				998,618				1,337,402				617,852				69,066,763
Net result from derivative transactions (Note 15)			(7,305,867	)			(89,844	)			-				24,127				(7,371,584	)
General and administrative			20,399,489				-				-				-				20,399,489
Total expenses			76,883,359				908,774				1,337,402				4,819,449				83,948,984
Other Income:
Gain on sale of real estate assets			-				-				-				10,363,363				10,363,363
Gain on sale of investments in unconsolidated entities			-				-				22,725,398				-				22,725,398
Earnings (losses) from investments in unconsolidated entities			-				-				(17,879	)			-				(17,879	)
Income before income taxes			11,576,835				801,883				31,532,424				10,111,420				54,022,562
Income tax expense			-				-				-				10,866				10,866
Segment net income		$	11,576,835			$	801,883			$	31,532,424			$	10,100,554			$	54,011,696


		For the Year Ended December 31, 2022
		Affordable Multifamily Investments				Seniors and Skilled Nursing Investments				Market-Rate Joint Venture Investments				MF Properties				Partnership Total
Revenues:
Investment income		$	52,153,336			$	58,711			$	9,130,486			$	-			$	61,342,533
Other interest income			11,221,213				654,325				-				-				11,875,538
Property revenues			-				-				-				7,855,506				7,855,506
Total revenues			63,374,549				713,036				9,130,486				7,855,506				81,073,577
Expenses:
Real estate operating (exclusive of items shown below)			-				-				-				4,738,160				4,738,160
Depreciation and amortization			23,846				-				-				2,693,569				2,717,415
Interest expense			41,640,137				5,750				870,497				1,043,489				43,559,873
Net result from derivative transactions (Note 15)			(13,095,422	)			-				-				-				(13,095,422	)
General and administrative			17,447,864				-				-				-				17,447,864
Total expenses			46,016,425				5,750				870,497				8,475,218				55,367,890
Other Income:
Gain on sale of investments in unconsolidated entities			-				-				39,805,285				-				39,805,285
Income (loss) before income taxes			17,358,124				707,286				48,065,274				(619,712	)			65,510,972
Income tax benefit			-				-				-				(51,194	)			(51,194	)
Segment net income (loss)		$	17,358,124			$	707,286			$	48,065,274			$	(568,518	)		$	65,562,166

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


		December 31, 2024				December 31, 2023
Total assets
Affordable Multifamily Investments		$	1,428,627,104			$	1,413,596,701
Seniors and Skilled Nursing Investments			70,163,422				43,532,926
Market-Rate Joint Venture Investments			183,508,429				140,791,041
MF Properties			7,782,906				7,034,690
Consolidation/eliminations			(110,381,701	)			(91,554,656	)
Total assets		$	1,579,700,160			$	1,513,400,702