For the Years Ended December 31,

2023

2022

Total revenues

Affordable Multifamily MRB Investments

$

88,460,194

$

63,374,549

Seniors and Skilled Nursing MRB Investments

1,710,657

713,036

Market-Rate Joint Venture Investments

10,162,307

9,130,486

MF Properties

4,567,506

7,855,506

Total revenues

$

104,900,664

$

81,073,577

Interest expense

Affordable Multifamily MRB Investments

$

66,112,891

$

41,640,137

Seniors and Skilled Nursing MRB Investments

998,618

5,750

Market-Rate Joint Venture Investments

1,337,402

870,497

MF Properties

617,852

1,043,489

Total interest expense

$

69,066,763

$

43,559,873

Net result from derivative transactions

Affordable Multifamily MRB Investments

$

(7,305,867

)

$

(13,095,422

)

Seniors and Skilled Nursing MRB Investments

(89,844

)

-

Market-Rate Joint Venture Investments

-

MF Properties

24,127

-

Total net result from derivative transactions

$

(7,371,584

)

$

(13,095,422

)

Depreciation expense

Affordable Multifamily MRB Investments

$

23,846

$

23,846

Seniors and Skilled Nursing MRB Investments

-

-

Market-Rate Joint Venture Investments

-

-

MF Properties

1,513,602

2,693,569

Total depreciation expense

$

1,537,448

$

2,717,415

Net income (loss)

Affordable Multifamily MRB Investments

$

11,577,120

$

17,330,756

Seniors and Skilled Nursing MRB Investments

801,883

704,994

Market-Rate Joint Venture Investments

31,532,139

48,054,241

MF Properties

10,100,554

(527,825

)

Net income

$

54,011,696

$

65,562,166