For the Three Months Ended September 30,

For the Nine Months Ended September 30,

2022

2021

2022

2021

Total revenues

Affordable Multifamily MRB Investments

$

18,423,127

$

12,795,214

$

45,443,505

$

34,624,484

Seniors and Skilled Nursing MRB Investments

194,296

-

664,579

-

Market-Rate Joint Venture Investments

2,072,781

3,074,909

7,149,916

8,556,926

MF Properties

1,914,200

1,811,778

5,785,742

5,294,475

Total revenues

$

22,604,404

$

17,681,901

$

59,043,742

$

48,475,885

Interest expense

Affordable Multifamily MRB Investments

$

7,530,723

$

5,186,465

$

17,309,510

$

15,166,356

Seniors and Skilled Nursing MRB Investments

5,750

-

5,750

-

Market-Rate Joint Venture Investments

226,247

193,876

619,928

234,375

MF Properties

273,262

283,111

814,891

847,292

Total interest expense

$

8,035,982

$

5,663,452

$

18,750,079

$

16,248,023

Depreciation expense

Affordable Multifamily MRB Investments

$

5,962

$

5,912

$

17,885

$

17,534

Seniors and Skilled Nursing MRB Investments

-

-

-

-

Market-Rate Joint Venture Investments

-

-

-

-

MF Properties

682,526

675,013

2,038,627

2,031,735

Total depreciation expense

$

688,488

$

680,925

$

2,056,512

$

2,049,269

Net income (loss)

Affordable Multifamily MRB Investments

$

6,375,471

$

3,453,537

$

16,099,041

$

7,293,774

Seniors and Skilled Nursing MRB Investments

187,921

-

656,954

-

Market-Rate Joint Venture Investments

12,423,255

9,836,133

46,185,380

23,546,743

MF Properties

(470,054

)

(301,286

)

(554,083

)

(594,599

)

Net income

$

18,516,593

$

12,988,384

$

62,387,292

$

30,245,918