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Segments (Tables) | 3 Months Ended
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Mar. 31, 2025
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 Three Months Ended March 31, 2025 |
|  | Affordable Multifamily Investments |  |  | Seniors and Skilled Nursing Investments |  |  | Market-Rate Joint Venture Investments |  |  | MF Properties |  |  | Partnership Total |
Revenues: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Investment income |  | $ | 17,636,796 |  |  | $ | 1,042,186 |  |  | $ | 3,199,185 |  |  | $ | - |  |  | $ | 21,878,167 |
Other interest income |  |  | 2,097,852 |  |  |  | 190,313 |  |  |  | - |  |  |  | - |  |  |  | 2,288,165 |
Other income |  |  | 958,825 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 958,825 |
Total revenues |  |  | 20,693,473 |  |  |  | 1,232,499 |  |  |  | 3,199,185 |  |  |  | - |  |  |  | 25,125,157 |
Expenses: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Provision for credit losses |  |  | (179,000 | ) |  |  | 7,000 |  |  |  | - |  |  |  | - |  |  |  | (172,000 | )
Depreciation and amortization |  |  | 3,542 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 3,542 |
Interest expense |  |  | 12,448,643 |  |  |  | 652,294 |  |  |  | 1,033,879 |  |  |  | - |  |  |  | 14,134,816 |
Net result from derivative transactions |  |  | 2,503,968 |  |  |  | 532,169 |  |  |  | - |  |  |  | - |  |  |  | 3,036,137 |
General and administrative |  |  | 4,570,261 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 4,570,261 |
Total expenses |  |  | 19,347,414 |  |  |  | 1,191,463 |  |  |  | 1,033,879 |  |  |  | - |  |  |  | 21,572,756 |
Other Income: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Gain on sale of investments in unconsolidated entities |  |  | - |  |  |  | - |  |  |  | 5,220 |  |  |  | - |  |  |  | 5,220 |
Earnings (losses) from investments in unconsolidated entities |  |  | - |  |  |  | - |  |  |  | (233,334 | ) |  |  | - |  |  |  | (233,334 | )
Income before income taxes |  |  | 1,346,059 |  |  |  | 41,036 |  |  |  | 1,937,192 |  |  |  | - |  |  |  | 3,324,287 |
Income tax benefit |  |  | - |  |  |  | - |  |  |  | - |  |  |  | (2,733 | ) |  |  | (2,733 | )
Segment net income (loss) |  | $ | 1,346,059 |  |  | $ | 41,036 |  |  | $ | 1,937,192 |  |  | $ | 2,733 |  |  | $ | 3,327,020 |
|  | For the Three Months Ended March 31, 2024 |
|  | Affordable Multifamily Investments |  |  | Seniors and Skilled Nursing Investments |  |  | Market-Rate Joint Venture Investments |  |  | MF Properties |  |  | Partnership Total |
Revenues: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Investment income |  | $ | 16,900,668 |  |  | $ | 747,508 |  |  | $ | 1,624,169 |  |  | $ | - |  |  | $ | 19,272,345 |
Other interest income |  |  | 3,003,838 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 3,003,838 |
Other income |  |  | 94,471 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 94,471 |
Total revenues |  |  | 19,998,977 |  |  |  | 747,508 |  |  |  | 1,624,169 |  |  |  | - |  |  |  | 22,370,654 |
Expenses: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Provision for credit losses |  |  | (806,000 | ) |  |  | - |  |  |  | - |  |  |  | - |  |  |  | (806,000 | )
Depreciation and amortization |  |  | 5,967 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 5,967 |
Interest expense |  |  | 12,769,139 |  |  |  | 497,170 |  |  |  | 537,626 |  |  |  | - |  |  |  | 13,803,935 |
Net result from derivative transactions |  |  | (5,435,562 | ) |  |  | (832,102 | ) |  |  | - |  |  |  | - |  |  |  | (6,267,664 | )
General and administrative |  |  | 4,930,388 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 4,930,388 |
Total expenses |  |  | 11,463,932 |  |  |  | (334,932 | ) |  |  | 537,626 |  |  |  | - |  |  |  | 11,666,626 |
Other Income: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Gain on sale of investments in unconsolidated entities |  |  | - |  |  |  | - |  |  |  | 50,000 |  |  |  | - |  |  |  | 50,000 |
Earnings (losses) from investments in unconsolidated entities |  |  | - |  |  |  | - |  |  |  | (106,845 | ) |  |  | - |  |  |  | (106,845 | )
Income before income taxes |  |  | 8,535,045 |  |  |  | 1,082,440 |  |  |  | 1,029,698 |  |  |  | - |  |  |  | 10,647,183 |
Income tax benefit |  |  | - |  |  |  | - |  |  |  | - |  |  |  | (1,198 | ) |  |  | (1,198 | )
Segment net income (loss) |  | $ | 8,535,045 |  |  | $ | 1,082,440 |  |  | $ | 1,029,698 |  |  | $ | 1,198 |  |  | $ | 10,648,381 |
The following table details total assets for the Partnership’s reportable segments as of March 31, 2025 and December 31, 2024:
|  | March 31, 2025 |  |  | December 31, 2024 |  |
Total assets |  |  |  |  |  |  |
Affordable Multifamily Investments |  | $ | 1,376,114,808 |  |  | $ | 1,428,627,104 |  |
Seniors and Skilled Nursing Investments |  |  | 70,788,707 |  |  |  | 70,163,422 |  |
Market-Rate Joint Venture Investments |  |  | 170,742,061 |  |  |  | 183,508,429 |  |
MF Properties |  |  | 7,785,639 |  |  |  | 7,782,906 |  |
Consolidation/eliminations |  |  | (87,948,490 | ) |  |  | (110,381,701 | ) |
Total assets |  | $ | 1,537,482,725 |  |  | $ | 1,579,700,160 |  |

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- Definition Tabular disclosure of the profit or loss and total assets for each reportable segment. An entity discloses certain information on each reportable segment if the amounts (a) are included in the measure of segment profit or loss reviewed by the chief operating decision maker or (b) are otherwise regularly provided to the chief operating decision maker, even if not included in that measure of segment profit or loss. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 25 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-25 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 22 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-22 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 30 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-30 + Details
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