NON-CONTROLLING INTERESTS

3 Months Ended

Mar. 31, 2023

Non Controlling Interest [Abstract]

NON-CONTROLLING INTERESTS [Text Block]

8. NON-CONTROLLING INTERESTS

The non-controlling interests (“NCI”) reflects the Class B non-voting units of Origination that are not held by the Company either directly or indirectly. There are 20,052,658 outstanding Class B non-voting units of Origination held by external holders, reflecting a 36.74% economic interest in Origination as of March 31, 2023.

2023 Activities

During the three months ended March 31, 2023, Development Partnership units in DP5 were exchanged for 499,794 Class B non-voting units of Origination (Note 7), with a value of $2,505,631.

The issuance of these Class B units is reflected as a reduction to Redeemable NCI for the value at which these units were issued, an increase to NCI for the change in the Company's share in Origination's net assets, and an increase to additional paid-in capital for the difference.

During the three months ended March 31, 2023, Origination repurchased and cancelled 278,600 of its Class A units, held by the Company, to match the number of Subordinate Voting Shares cancelled by the Company (Note 9).

The change in these Class A units resulted in a change to the NCI ownership, triggering an adjustment to the carrying value of NCI, with a corresponding offset to additional paid-in capital.

Origination declared and paid dividends to its Class B non-voting units of Origination totaling $1,247,574, for the three months ended March 31, 2023, resulting in a decrease of non-controlling interest.