Segments (Tables)

9 Months Ended

Sep. 30, 2025

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


	For the Three Months Ended September 30, 2025
	Affordable Multifamily Investments			Seniors and Skilled Nursing Investments			Market-Rate Joint Venture Investments			MF Properties			Partnership Total
Revenues:
Investment income	$	16,467,330		$	1,054,459		$	779,422		$	-		$	18,301,211
Other interest income		2,915,996			190,313			-			-			3,106,309
Other income		269,890			-			-			-			269,890
Total revenues		19,653,216			1,244,772			779,422			-			21,677,410
Expenses:
Provision for credit losses		536,084			(2,000	)		-			-			534,084
Depreciation and amortization		1,335			-			-			-			1,335
Interest expense		11,674,307			662,304			803,781			-			13,140,392
Net result from derivative transactions		(61,071	)		(39,076	)		-			-			(100,147	)
General and administrative		4,816,648			-			-			-			4,816,648
Total expenses		16,967,303			621,228			803,781			-			18,392,312
Other Income:
Earnings (losses) from investments in unconsolidated entities		1,304			-			(1,320,297	)		-			(1,318,993	)
Income before income taxes		2,687,217			623,544			(1,344,656	)		-			1,966,105
Income tax benefit		-			-			-			(2,050	)		(2,050	)
Segment net income (loss)	$	2,687,217		$	623,544		$	(1,344,656	)	$	2,050		$	1,968,155


	For the Nine Months Ended September 30, 2025
	Affordable Multifamily Investments			Seniors and Skilled Nursing Investments		Market-Rate Joint Venture Investments			MF Properties			Partnership Total
Revenues:
Investment income	$	51,053,489		$	3,148,264	$	6,802,444		$	-		$	61,004,197
Other interest income		7,381,800			570,938		-			-			7,952,738
Contingent interest income		208,059											208,059
Other income		1,228,715			-		-			-			1,228,715
Total revenues		59,872,063			3,719,202		6,802,444			-			70,393,709
Expenses:
Provision for credit losses		9,410,818			4,000		-			-			9,414,818
Depreciation and amortization		7,523			-		-			-			7,523
Interest expense		36,764,356			2,028,443		2,708,097			-			41,500,896
Net result from derivative transactions		3,551,893			763,313		-			-			4,315,206
General and administrative		14,061,774			-		-			-			14,061,774
Total expenses		63,796,364			2,795,756		2,708,097			-			69,300,217
Other Income:
Gain on sale of investments in unconsolidated entities		-			-		200,736			-			200,736
Earnings (losses) from investments in unconsolidated entities		(28,453	)		-		(3,049,867	)		-			(3,078,320	)
Income before income taxes		(3,952,754	)		923,446		1,245,216			-			(1,784,092	)
Income tax benefit		-			-		-			(7,545	)		(7,545	)
Segment net income (loss)	$	(3,952,754	)	$	923,446	$	1,245,216		$	7,545		$	(1,776,547	)


	For the Three Months Ended September 30, 2024
	Affordable Multifamily Investments			Seniors and Skilled Nursing Investments			Market-Rate Joint Venture Investments			MF Properties			Partnership Total
Revenues:
Investment income	$	19,867,214		$	890,506		$	1,063,253		$	-		$	21,820,973
Other interest income		2,045,027			190,312			-			-			2,235,339
Other income		289,238			-			-			-			289,238
Total revenues		22,201,479			1,080,818			1,063,253			-			24,345,550
Expenses:
Provision for credit losses		(228,000	)		2,000			-			-			(226,000	)
Depreciation and amortization		5,967			-			-			-			5,967
Interest expense		13,931,091			665,656			892,440			-			15,489,187
Net result from derivative transactions		6,671,863			1,225,153			-			-			7,897,016
General and administrative		5,112,958			-			-			-			5,112,958
Total expenses		25,493,879			1,892,809			892,440			-			28,279,128
Other Income:
Earnings (losses) from investments in unconsolidated entities		-			-			(704,096	)		-			(704,096	)
Income before income taxes		(3,292,400	)		(811,991	)		(533,283	)		-			(4,637,674	)
Income tax benefit		-			-			-			(1,967	)		(1,967	)
Segment net income (loss)	$	(3,292,400	)	$	(811,991	)	$	(533,283	)	$	1,967		$	(4,635,707	)


	For the Nine months Ended September 30, 2024
	Affordable Multifamily Investments			Seniors and Skilled Nursing Investments		Market-Rate Joint Venture Investments			MF Properties			Partnership Total
Revenues:
Investment income	$	54,632,588		$	2,445,673	$	3,842,444		$	-		$	60,920,706
Other interest income		7,106,664			203,000		-			-			7,309,664
Other income		455,005			-		-			-			455,005
Total revenues		62,194,257			2,648,673		3,842,444			-			68,685,375
Expenses:
Provision for credit losses (Note 10)		(1,229,308	)		217,000		-			-			(1,012,308	)
Depreciation and amortization		17,900			-		-			-			17,900
Interest expense		40,553,471			1,729,922		1,907,994			-			44,191,387
Net result from derivative transactions (Note 15)		(379,097	)		123,515		-			-			(255,582	)
General and administrative		14,864,773			-		-			-			14,864,773
Total expenses		53,827,739			2,070,437		1,907,994			-			57,806,170
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		-			-		(825,652	)		-			(825,652	)
Income before income taxes		9,379,099			578,236		1,165,784			63,739			11,186,859
Income tax benefit		-			-		-			(3,951	)		(3,951	)
Segment net income (loss)	$	9,379,099		$	578,236	$	1,165,784		$	67,690		$	11,190,810

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


	September 30, 2025			December 31, 2024
Total assets
Affordable Multifamily Investments	$	1,325,033,170		$	1,428,627,104
Seniors and Skilled Nursing Investments		72,449,395			70,163,422
Market-Rate Joint Venture Investments		156,411,038			183,508,429
MF Properties		7,805,782			7,782,906
Consolidation/eliminations		(75,733,145	)		(110,381,701	)
Total assets	$	1,485,966,240		$	1,579,700,160