Segments (Tables)

3 Months Ended

Mar. 31, 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 March 31, 2025
	Affordable Multifamily Investments			Seniors and Skilled Nursing Investments		Market-Rate Joint Venture Investments			MF Properties			Partnership Total
Revenues:
Investment income	$	17,636,796		$	1,042,186	$	3,199,185		$	-		$	21,878,167
Other interest income		2,097,852			190,313		-			-			2,288,165
Other income		958,825			-		-			-			958,825
Total revenues		20,693,473			1,232,499		3,199,185			-			25,125,157
Expenses:
Provision for credit losses		(179,000	)		7,000		-			-			(172,000	)
Depreciation and amortization		3,542			-		-			-			3,542
Interest expense		12,448,643			652,294		1,033,879			-			14,134,816
Net result from derivative transactions		2,503,968			532,169		-			-			3,036,137
General and administrative		4,570,261			-		-			-			4,570,261
Total expenses		19,347,414			1,191,463		1,033,879			-			21,572,756
Other Income:
Gain on sale of investments in unconsolidated entities		-			-		5,220			-			5,220
Earnings (losses) from investments in unconsolidated entities		-			-		(233,334	)		-			(233,334	)
Income before income taxes		1,346,059			41,036		1,937,192			-			3,324,287
Income tax benefit		-			-		-			(2,733	)		(2,733	)
Segment net income (loss)	$	1,346,059		$	41,036	$	1,937,192		$	2,733		$	3,327,020

	For the Three Months Ended March 31, 2024
	Affordable Multifamily Investments			Seniors and Skilled Nursing Investments			Market-Rate Joint Venture Investments			MF Properties			Partnership Total
Revenues:
Investment income	$	16,900,668		$	747,508		$	1,624,169		$	-		$	19,272,345
Other interest income		3,003,838			-			-			-			3,003,838
Other income		94,471			-			-			-			94,471
Total revenues		19,998,977			747,508			1,624,169			-			22,370,654
Expenses:
Provision for credit losses		(806,000	)		-			-			-			(806,000	)
Depreciation and amortization		5,967			-			-			-			5,967
Interest expense		12,769,139			497,170			537,626			-			13,803,935
Net result from derivative transactions		(5,435,562	)		(832,102	)		-			-			(6,267,664	)
General and administrative		4,930,388			-			-			-			4,930,388
Total expenses		11,463,932			(334,932	)		537,626			-			11,666,626
Other Income:
Gain on sale of investments in unconsolidated entities		-			-			50,000			-			50,000
Earnings (losses) from investments in unconsolidated entities		-			-			(106,845	)		-			(106,845	)
Income before income taxes		8,535,045			1,082,440			1,029,698			-			10,647,183
Income tax benefit		-			-			-			(1,198	)		(1,198	)
Segment net income (loss)	$	8,535,045		$	1,082,440		$	1,029,698		$	1,198		$	10,648,381

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

	March 31, 2025			December 31, 2024
Total assets
Affordable Multifamily Investments	$	1,376,114,808		$	1,428,627,104
Seniors and Skilled Nursing Investments		70,788,707			70,163,422
Market-Rate Joint Venture Investments		170,742,061			183,508,429
MF Properties		7,785,639			7,782,906
Consolidation/eliminations		(87,948,490	)		(110,381,701	)
Total assets	$	1,537,482,725		$	1,579,700,160