For the Three Months Ended June 30,

For the Six Months Ended June 30,

2022

2021

2022

2021

Total revenues

Affordable Multifamily MRB Investments

$

12,886,972

$

11,034,482

$

27,020,378

$

21,829,270

Seniors and Skilled Nursing MRB Investments

240,905

-

470,283

-

Market-Rate Joint Venture Investments

2,160,549

3,583,841

5,077,135

5,482,017

MF Properties

1,944,541

1,788,173

3,871,542

3,482,697

Total revenues

$

17,232,967

$

16,406,496

$

36,439,338

$

30,793,984

Interest expense

Affordable Multifamily MRB Investments

$

6,306,743

$

5,035,615

$

9,778,787

$

9,979,892

Seniors and Skilled Nursing MRB Investments

-

-

-

-

Market-Rate Joint Venture Investments

201,357

40,498

393,681

40,498

MF Properties

268,866

281,983

541,629

564,181

Total interest expense

$

6,776,966

$

5,358,096

$

10,714,097

$

10,584,571

Depreciation expense

Affordable Multifamily MRB Investments

$

5,961

$

5,811

$

11,923

$

11,622

Seniors and Skilled Nursing MRB Investments

-

-

-

-

Market-Rate Joint Venture Investments

-

-

-

-

MF Properties

678,401

679,073

1,356,101

1,356,722

Total depreciation expense

$

684,362

$

684,884

$

1,368,024

$

1,368,344

Net income (loss)

Affordable Multifamily MRB Investments

$

2,758,015

$

1,290,784

$

9,723,570

$

3,840,236

Seniors and Skilled Nursing MRB Investments

240,280

-

469,033

-

Market-Rate Joint Venture Investments

14,600,082

9,004,390

33,762,125

13,710,611

MF Properties

8,304

(30,494

)

(84,029

)

(293,313

)

Net income

$

17,606,681

$

10,264,680

$

43,870,699

$

17,257,534