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Segments (Tables)

6 Months Ended

Jun. 30, 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 June 30, 2025
		Affordable Multifamily Investments				Seniors and Skilled Nursing Investments				Market-Rate Joint Venture Investments				MF Properties				Partnership Total
Revenues:
Investment income		$	16,949,363			$	1,051,619			$	2,823,837			$	-			$	20,824,819
Other interest income			2,367,952				190,312				-				-				2,558,264
Contingent interest income			208,059				-				-				-				208,059
Total revenues			19,525,374				1,241,931				2,823,837				-				23,591,142
Expenses:
Provision for credit losses			9,053,734				(1,000	)			-				-				9,052,734
Depreciation and amortization			2,646				-				-				-				2,646
Interest expense			12,641,406				713,845				870,437				-				14,225,688
Net result from derivative transactions			1,108,996				270,220				-				-				1,379,216
General and administrative			4,674,865				-				-				-				4,674,865
Total expenses			27,481,647				983,065				870,437				-				29,335,149
Other Income:
Gain on sale of investments in unconsolidated entities			-				-				195,516				-				195,516
Earnings (losses) from investments in unconsolidated entities			(29,757	)			-				(1,496,236	)			-				(1,525,993	)
Income before income taxes			(7,986,030	)			258,866				652,680				-				(7,074,484	)
Income tax benefit			-				-				-				(2,762	)			(2,762	)
Segment net income (loss)		$	(7,986,030	)		$	258,866			$	652,680			$	2,762			$	(7,071,722	)

		For the Six Months Ended June 30, 2025
		Affordable Multifamily Investments				Seniors and Skilled Nursing Investments				Market-Rate Joint Venture Investments				MF Properties				Partnership Total
Revenues:
Investment income		$	34,586,159			$	2,093,805			$	6,023,022			$	-			$	42,702,986
Other interest income			4,465,804				380,625				-				-				4,846,429
Contingent interest income			208,059																208,059
Other income			958,825				-				-				-				958,825
Total revenues			40,218,847				2,474,430				6,023,022				-				48,716,299
Expenses:
Provision for credit losses			8,874,734				6,000				-				-				8,880,734
Depreciation and amortization			6,188				-				-				-				6,188
Interest expense			25,090,049				1,366,139				1,904,316				-				28,360,504
Net result from derivative transactions			3,612,964				802,389				-				-				4,415,353
General and administrative			9,245,126				-				-				-				9,245,126
Total expenses			46,829,061				2,174,528				1,904,316				-				50,907,905
Other Income:
Gain on sale of investments in unconsolidated entities			-				-				200,736				-				200,736
Earnings (losses) from investments in unconsolidated entities			(29,757	)			-				(1,729,570	)			-				(1,759,327	)
Income before income taxes			(6,639,971	)			299,902				2,589,872				-				(3,750,197	)
Income tax benefit			-				-				-				(5,495	)			(5,495	)
Segment net income (loss)		$	(6,639,971	)		$	299,902			$	2,589,872			$	5,495			$	(3,744,702	)

		For the Three Months Ended June 30, 2024
		Affordable Multifamily Investments				Seniors and Skilled Nursing Investments				Market-Rate Joint Venture Investments				MF Properties				Partnership Total
Revenues:
Investment income		$	17,864,707			$	807,659			$	1,155,022			$	-			$	19,827,388
Other interest income			2,057,799				12,688				-				-				2,070,487
Other income			71,296				-				-				-				71,296
Total revenues			19,993,802				820,347				1,155,022				-				21,969,171
Expenses:
Provision for credit losses			(195,308	)			215,000				-				-				19,692
Depreciation and amortization			5,966				-				-				-				5,966
Interest expense			13,853,241				567,096				477,928				-				14,898,265
Net result from derivative transactions			(1,615,398	)			(269,536	)			-				-				(1,884,934	)
General and administrative			4,821,427				-				-				-				4,821,427
Total expenses			16,869,928				512,560				477,928				-				17,860,416
Other Income:
Gain on sale of real estate assets			-				-				-				63,739				63,739
Gain on sale of mortgage revenue bond			1,012,581				-				-				-				1,012,581
Gain on sale of investments in unconsolidated entities			-				-				6,986				-				6,986
Earnings (losses) from investments in unconsolidated entities			-				-				(14,711	)			-				(14,711	)
Income before income taxes			4,136,455				307,787				669,369				63,739				5,177,350
Income tax benefit			-				-				-				(786	)			(786	)
Segment net income (loss)		$	4,136,455			$	307,787			$	669,369			$	64,525			$	5,178,136

		For the Six months Ended June 30, 2024
		Affordable Multifamily Investments				Seniors and Skilled Nursing Investments				Market-Rate Joint Venture Investments				MF Properties				Partnership Total
Revenues:
Investment income		$	34,765,375			$	1,555,167			$	2,779,191			$	-			$	39,099,733
Other interest income			5,061,637				12,688				-				-				5,074,325
Other income			165,767				-				-				-				165,767
Total revenues			39,992,779				1,567,855				2,779,191				-				44,339,825
Expenses:
Provision for credit losses (Note 10)			(1,001,308	)			215,000				-				-				(786,308	)
Depreciation and amortization			11,933				-				-				-				11,933
Interest expense			26,622,380				1,064,266				1,015,554				-				28,702,200
Net result from derivative transactions (Note 15)			(7,050,960	)			(1,101,638	)			-				-				(8,152,598	)
General and administrative			9,751,815				-				-				-				9,751,815
Total expenses			28,333,860				177,628				1,015,554				-				29,527,042
Other Income:
Gain on sale of real estate assets			-				-				-				63,739				63,739
Gain on sale of mortgage revenue bond			1,012,581				-				-				-				1,012,581
Gain on sale of investments in unconsolidated entities			-				-				56,986				-				56,986
Earnings (losses) from investments in unconsolidated entities			-				-				(121,556	)			-				(121,556	)
Income before income taxes			12,671,500				1,390,227				1,699,067				63,739				15,824,533
Income tax benefit			-				-				-				(1,984	)			(1,984	)
Segment net income (loss)		$	12,671,500			$	1,390,227			$	1,699,067			$	65,723			$	15,826,517

The following table details total assets for the Partnership’s reportable segments as of June 30, 2025 and December 31, 2024:

		June 30, 2025				December 31, 2024
Total assets
Affordable Multifamily Investments		$	1,318,734,107			$	1,428,627,104
Seniors and Skilled Nursing Investments			71,618,221				70,163,422
Market-Rate Joint Venture Investments			156,634,794				183,508,429
MF Properties			7,795,791				7,782,906
Consolidation/eliminations			(74,147,120	)			(110,381,701	)
Total assets		$	1,480,635,793			$	1,579,700,160

X

- 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

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- References

No definition available.

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