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Table of Contents

 

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 10-Q – QUARTERLY REPORT UNDER SECTION 13 OR 15(d)

OF THE SECURITIES EXCHANGE ACT OF 1934

 

 

(Mark One)

         Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 for the quarterly period ended March 31, 2022

 

Or

 

         Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 for the transition period from __________________ to __________________

 

 

Commission File Number:

0-8952

 

SB PARTNERS

(Exact name of registrant as specified in its charter)

   

New York

 

13-6294787

(State or other jurisdiction of

 

(I.R.S. Employer

incorporation or organization)

 

Identification No.)

   
   

1 New Haven Avenue, Suite 102A, Milford, CT.

 

06460

(Address of principal executive offices)

 

(Zip Code)

 

(203) 283-9593

(Registrant's telephone number, including area code)

 
 

(Former name, former address and former fiscal year, if changed since last report.)

 

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class

Trading Symbol(s)

Name of each exchange on which registered

NONE

 

UNITS OF LIMITED PARTNERSHIP INTEREST 

 

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.  ☒ Yes ☐ No

 

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).  ☒ Yes   ☐ No

 

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company.  See definitions of “large accelerated filer”, “accelerated filer”, “non-accelerated filer”, “small reporting company” and “emerging reporting company” in Rule 12b-2 of the Exchange Act. 

☐ large accelerated filer    ☐ accelerated filer    ☒ non-accelerated filer    small reporting company   emerging growth company

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act ☐

 

Indicate by check mark whether the registrant is a shell company (as defined in rule 12b-2 of the Exchange Act). Yes  ☒ No

 

APPLICABLE ONLY TO ISSUERS INVOLVED IN BANKRUPTCY

PROCEEDINGS DURING THE PRECEDING FIVE YEARS:

 

Indicate by check mark whether the registrant has filed all documents and reports required to be filed by Sections 12, 13 or 15(d) of the Securities Exchange Act of 1934 subsequent to the distribution of securities under a plan confirmed by a court.  ☐ Yes ☐ No

Not Applicable

 

APPLICABLE ONLY TO CORPORATE ISSUERS:

 

Indicate the number of shares outstanding of each of the issuer's classes of common stock, as of the latest practicable date.

 

Not Applicable

 

 

 

SB PARTNERS

 

INDEX

 

Part I

Financial Information

 
     

Item 1

Financial Statements

 
     
  Consolidated Balance Sheets (unaudited) as of March 31, 2022 and December 31, 2021

1

     
 

Consolidated Statements of Operations (unaudited) for the three months ended March 31, 2022 and 2021

2

     
 

Consolidated Statements of Changes in Partners' Equity (Deficit) (unaudited) for the three months ended March 31, 2022 and 2021

3

     
 

Consolidated Statements of Cash Flows (unaudited) for the three months ended March 31, 2022 and 2021

4

     
 

Notes to Consolidated Financial Statements (unaudited)

5 – 8

     

Item 2

Management's Discussion and Analysis of Financial Condition and Results of Operations

9 – 10

     

Item 3

Quantitative and Qualitative Disclosures about Market Risk

11

     

Item 4T

Controls and Procedures

11

     
     

Part II

Other Information

11

     
 

Signatures

12

     
 

Exhibit 31

 
     
 

Exhibit 32

 

 

 

 

ITEM 1. FINANCIAL STATEMENTS

 

SB PARTNERS

(A New York Limited Partnership)

 

CONSOLIDATED BALANCE SHEETS (unaudited)

 

  

March 31,

  

December 31,

 
  

2022

  

2021

 
         

Assets:

        

Investments -

        

Real estate, at cost

        

Land

 $470,000  $470,000 

Buildings, furnishings and improvements

  6,152,351   5,671,101 

Less - accumulated depreciation

  (2,765,573)  (2,724,450)
   3,856,778   3,416,651 
         

Investment in Sentinel Omaha, LLC

  3,355,473   30,386,569 
   7,212,251   33,803,220 
         

Other Assets -

        

Cash and cash equivalents

  28,609,248   2,109,596 

Other

  6,824   11,688 
         

Total assets

 $35,828,323  $35,924,504 
         
Liabilities:         

Accounts payable

 $228,833  $149,992 

Tenant security deposit

  -   112,606 

Distribution payable

  25,586,550   - 
         

Total liabilities

  25,815,383   262,598 
         

Partners' Equity (Deficit):

        

Units of partnership interest without par value;

        

Limited partner - 7,753 units

  10,030,084   35,675,742 

General partner - 1 unit

  (17,144)  (13,836)
         

Total partners' equity

  10,012,940   35,661,906 
         

Total liabilities and partners' equity

 $35,828,323  $35,924,504 

 

See notes to consolidated financial statements

 

 

 

 

SB PARTNERS

(A New York Limited Partnership)

 

CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited)

 

  

For the Three Months Ended March 31,

 
  

2022

  

2021

 

Revenues:

        

Rental income

 $274,891  $302,623 

Interest income

  641   2,005 
         

Total revenues

  275,532   304,628 
         

Expenses:

        

Real estate operating expenses

  83,785   78,070 

Depreciation

  41,123   41,123 

Real estate taxes

  39,680   39,927 

Management fees

  110,364   248,122 

Other

  31,900   32,820 
         

Total expenses

  306,852   440,062 
         

Loss from operations

  (31,320)  (135,434)
         

Equity in net income (loss) of investment

  (31,096)  3,318,451 
         

Decrease in reserve for value of investment

  -   1,496,294 
         

Net income (loss)

  (62,416)  4,679,311 
         

Income (loss) allocated to general partner

  (8)  604 
         

Income (loss) allocated to limited partners

 $(62,408) $4,678,707 
         

Income (loss) per unit of limited partnership interest (basic and diluted)

        
         

Net income (loss)

 $(8.05) $603.55 
         

Weighted Average Number of Units of Limited Partnership Interest Outstanding

  7,753   7,753 

 

See notes to consolidated financial statements

 

 

 

SB PARTNERS

(A New York Limited Partnership)

 

CONSOLIDATED STATEMENTS OF CHANGES IN PARTNERS' EQUITY (DEFICIT) (Unaudited)

 

For the Three Months  Ended March 31, 2022 and 2021

 

Limited Partners:

 

  

Units of Partnership Interest

             
  

Number

  

Amount

  

Cumulative Cash

Distributions

  

Accumulated

Income

  

Total

 
                     

Balance, January 1, 2022

  7,753  $119,968,973  $(161,337,586) $77,044,355  $35,675,742 

Net (loss) for the three months ended March 31, 2022

  -   -   -   (62,408)  (62,408)

Distribution

  -   -   (25,583,250)  -   (25,583,250)

Balance, March 31, 2022

  7,753  $119,968,973  $(186,920,836) $76,981,947  $10,030,084 
                     

Balance, January 1, 2021

  7,753  $119,968,973  $(114,822,586) $46,434,595  $51,580,982 

Net income for the three months ended March 31, 2021

  -   -   -   4,678,707   4,678,707 

Distribution

  -   -   (10,078,250)  -   (10,078,250)

Balance, March 31, 2021

  7,753  $119,968,973  $(124,900,836) $51,113,302  $46,181,439 

 

General Partner:

 

  

Units of Partnership Interest

             
  

Number

  

Amount

  

Cumulative Cash

Distributions

  

Accumulated

Income

  

Total

 
                     

Balance, January 1, 2022

  1  $10,000  $(32,764) $8,928  $(13,836)

Net (loss) for the three months ended March 31, 2022

  -   -   -   (8)  (8)

Distribution

  -   -   (3,300)  -   (3,300)

Balance, March 31, 2022

  1  $10,000  $(36,064) $8,920  $(17,144)
                     

Balance, January 1, 2021

  1  $10,000  $(26,764) $4,979  $(11,785)

Net income for the three months ended March 31, 2021

  -   -   -   604   604 

Distribution

  -   -   (1,300)  -   (1,300)

Balance, March 31, 2021

  1  $10,000  $(28,064) $5,583  $(12,481)

 

See notes to consolidated financial statements.

 

 

 

SB PARTNERS

(A New York Limited Partnership)

 

CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)

 

 

  

For the Three Months Ended March 31,

 
  

2022

  

2021

 
         

Cash Flows From Operating Activities:

        

Net income (loss)

 $(62,416) $4,679,311 

Adjustments to reconcile net income (loss) to net cash provided by operating activities:

        

Equity in net loss (income) of investment

  31,096   (3,318,451)

(Decrease) in reserve for value of investment

  -   (1,496,294)

Depreciation

  41,123   41,123 

Net decrease in other assets

  4,864   4,164 

Net increase (decrease) in accounts payable

  78,841   62,793 

Net (decrease) in tenant security deposit

  (112,606)  - 

Distributions from investment in Sentinel Omaha, LLC

  -   10,800,000 
         

Net cash provided by (used in ) operating activities

  (19,098)  10,772,646 
         

Cash Flows From Investing Activities:

        

Return of investment in Sentinel Omaha

  27,000,000    

Capital additions to real estate owned

  (481,250)  - 
         

Net cash provided by investing activities

  26,518,750   - 
         

Cash Flows From Financing Activities:

        

Distribution paid to partners

  -   (10,079,550)
         

Net cash used in financing activities

  -   (10,079,550)
         

Net change in cash and cash equivalents

  26,499,652   693,096 
         

Cash and cash equivalents at beginning of period

  2,109,596   549,195 
         

Cash and cash equivalents at end of period

 $28,609,248  $1,242,291 

 

See notes to consolidated financial statements

 

 

SB PARTNERS

Notes to Consolidated Financial Statements (Unaudited)

 

 

(1) ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES

 

SB Partners, a New York limited partnership, and its subsidiaries (collectively, the "Partnership" or the “Registrant”), have been engaged since April 1971 in acquiring, operating, and holding for investment a varying portfolio of real estate interests. SB Partners Real Estate Corporation (the "General Partner") serves as the general partner of the Partnership.

 

The consolidated financial statements included herein are unaudited; however, the information reflects all adjustments (consisting of normal recurring adjustments) that are, in the opinion of management, necessary to a fair presentation of the financial position, results of operations and cash flows for the interim periods. Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America have been condensed or omitted pursuant to such rules and regulations, although management believes that the disclosures are adequate to make the information presented not misleading. It is suggested that these consolidated financial statements be read in conjunction with the consolidated financial statements and the notes thereto included in the Partnership’s latest annual report on Form 10-K.

 

The results of operations for the three month period ended March 31, 2022 are not necessarily indicative of the results to be expected for a full year.

 

For a discussion of the significant accounting and financial reporting policies of the Partnership, refer to the Annual Report on Form 10–K for the year ended December 31, 2021.

 

 

(2)

COVID-19

 

The continuation of the COVID-19 pandemic may affect market conditions in which the Registrant and Omaha operates creating a challenging and uncertain economic environment. Financial and real estate companies may be affected by liquidity, disparity of real estate values and financing issues. There is no assurance that such conditions will not result in decreased cash flows which could result in the sale of investments at amounts less than the reported values at March 31, 2022.

 

 

(3)

COMMON AREA MAINTENANCE REIMBURSEMENTS

 

In connection with the adoption of ASC Topic 842, the Partnership elected the practical expedient concerning the treatment of CAM costs. CAM is a non-lease component of the lease contract under ASC 842, and therefore would be accounted for under ASC Topic 606, Revenue from Contracts with Customers, and presented separate from rental income based on an allocation of the overall contract price, which is not necessarily the amount that would be billable to the tenant for CAM reimbursements per the term of the lease contract. As the timing and pattern of providing the CAM service to the tenant is the same as the timing and pattern of the tenant’s use of the underlying lease asset, the Partnership elected, under the practical expedient, to combine CAM and other Recoverable Costs with the remaining lease components, and recognize them together as rental income in the accompanying Consolidated Statements of Operations.

 

The following table provides a disaggregation of rental income recognized by the Partnership for the three months ended March 31, 2022 and 2021:

 

  

2022

  

2021

 

Operating lease income:

        

Fixed lease income (Base Rent)

 $213,667  $207,443 

Variable lease income (Recoverable Costs)

  61,224   95,180 
         

Total Rental Income

 $274,891  $302,623 

 

5

 
 

(4)

INVESTMENTS IN REAL ESTATE

 

As of March 31, 2022, the Partnership owns an industrial flex property in Maple Grove, Minnesota. The following is the cost basis and accumulated depreciation of the real estate investment owned by the Partnership as of March 31, 2022 and December 31, 2021.

 

  

No. of

  

Year of

   

Real Estate at Cost

 

Type

 

Prop.

  

Acquisition

 

Description

 

3/31/2022

  

12/31/2021

 
                  

Industrial flex property

  1   2002 

60,345 sf

 $6,622,351  $6,141,101 
                  

Less: Accumulated depreciation

           (2,765,573)  (2,724,450)
                  

Investment in real estate

          $3,856,778  $3,416,651 

 

 

The Partnership’s wholly owned property located in Maple Grove, Minnesota is 100% leased to a single tenant to October 31, 2031. The tenant pays fixed base rent which increases approximately 3% each year. The tenant pays directly or reimburses the Partnership for all utilities, real estate taxes, insurance and most of the property operating expenses and property management fees.

 

On February 28, 2022, the tenant and the Partnership executed the Sixth Amendment (“Amendment”) to the lease. The Amendment extends the term of the lease from October 31, 2024 to October 31, 2031. The Amendment reduces the fixed monthly base rent stipulated in the fifth amendment from November 1, 2021 to October 31, 2024 as follows:

From November 1, 2021 to October 31, 2022, $71,222 per month to $62,859 per month.

From November 1, 2022 to October 31, 2023, $73,359 per month to $64,745 per month.

From November 1, 2023 to October 31, 2024, $75,560 per month to $66,688 per month.

 

Monthly base rent for the extended term increases approximately 3% per annum. The Partnership has agreed to provide a tenant improvement allowance of $175,000 for HVAC replacements. Tenant has a one time right to extend the lease an additional five years. The Partnership has agreed to pay for a leasing commission to the tenant’s broker. In addition, an affiliate of the Partnership will earn a landlord leasing commission in accordance with the property management agreement. All the other relevant terms of the lease remain the same.

 

 

(5) ASSETS MEASURED AT FAIR VALUE

 

The accounting guidance for Fair Value Measurements establishes a framework for measuring fair value that includes a hierarchy used to classify the inputs used in determining fair value. The hierarchy prioritizes the inputs to valuation techniques used to measure fair value into three levels. The level in the fair value hierarchy within which the fair value measurement falls is determined based on the lowest level of input that is significant to the fair value measurement.

 

Fair value is defined as the price that would be received upon sale of an asset or paid upon transfer of a liability in an orderly transaction between market participants at the measurement date and in the principal or most advantageous market for that asset or liability. The fair value is calculated based on the assumptions that market participants would use in pricing the asset or liability, not on assumptions specific to the entity.

 

The three levels of fair value hierarchy are described below:

 

 

Level 1 - Unadjusted quoted prices in active markets that are accessible at the measurement date for identical unrestricted assets or liabilities;

 

 

Level 2 - Quoted prices in active markets for similar assets and liabilities or quoted prices in less active dealer or broker markets;

 

 

Level 3 - Prices or valuations that require inputs that are both significant to the fair value measurement and are unobservable.

 

6

 

The following major categories of assets were measured at fair value as of March 31, 2022 and December 31, 2021:

 

  

Level 2:

  

March 31,

 
  

Significant

  

2022

 
  

Unobservable

  

(Unaudited)

 
  

Inputs

  

Total

 
         

Assets

        

Investment in Sentinel Omaha, LLC ("Omaha")

 $3,355,473  $3,355,473 
         

Total assets

 $3,355,473  $3,355,473 

 

  

Level 2:

  

December 31,

 
  

Significant

  

2021

 
  

Unobservable

  

(Audited)

 
  

Inputs

  

Total

 
         

Assets

        

Investment in Sentinel Omaha, LLC

 $30,386,569  $30,386,569 
         

Total assets

 $30,386,569  $30,386,569 

 

The following is a reconciliation of the beginning and ending balances for assets measured at fair value using significant unobservable inputs (Level 2) during the periods ended March 31, 2022 and December 31, 2021:

 

  

Investment in

  

Reserve for

     
  

Sentinel

  

fair value

     
  

Omaha, LLC

  

of investment

  

Total

 
             

Balance at January 1, 2021

 $59,615,139  $(11,923,033) $47,692,106 

Equity in net income of investment

  19,251,430   -   19,251,430 

Distribution from investment

  (48,480,000)  -   (48,480,000)

Decrease in reserve

  -   11,923,033   11,923,033 

Balance at December 31, 2021

  30,386,569   -   30,386,569 

Equity in net (loss) of investment

  (31,096)  -   (31,096)

Distribution from investment

  (27,000,000)  -   (27,000,000)

Balance at March 31, 2022

 $3,355,473  $-  $3,355,473 

 

 

 

(6) INVESTMENT IN SENTINEL OMAHA, LLC

 

In 2007, the Partnership made an investment in the amount of $37,200,000 in Sentinel Omaha, LLC (“Omaha”). Omaha is a real estate investment company. During the quarter ended March 31, 2022 Omaha sold its last real estate property. Omaha is an affiliate of the Partnership’s general partner. The investment represents a 30% ownership interest in Omaha.

 

During the quarter ended March 31, 2022, Omaha paid a distribution of $90,000,000 to its investors. The Partnership’s 30% share of the distribution was $27,000,000

 

7

 

The following are the condensed financial statements (000’s omitted) of Omaha as of March 31, 2022 and December 31, 2021 and the three months ended March 31, 2022 and 2021.

 

  

(Unaudited)

  

(Audited)

 

Balance Sheet

 

March 31, 2022

  

December 31, 2021

 
         

Investment in real estate, net

 $-  $56,777 

Cash and cash equivalents

  8,962   37,268 

Other assets

  2,320   7,865 

Other liabilities

  (99)  (617)

Members equity

 $11,183  $101,293 

 

  

(Unaudited)

  

(Unaudited)

 

Statement of Operations

 

March 31, 2022

  

March 31, 2021

 
         

Rent and other income

 $139  $4,890 

Real estate operating expenses

  (235)  (2,417)

Other expenses

  (17)  (160)

Net realized income

  34,412   - 

Net unrealized income (losses)

  (34,409)  8,749 
         

Net increase (decrease) in net assets

 $(110) $11,062 

 

During April 2021, Omaha sold its garden apartment property located in Charleston, South Carolina for a sale price of $47,250,000. Net sales proceeds were used to first pay selling expenses. The remaining net sales proceeds have been reserved to retire Omaha’s secured mortgage loan encumbering a garden apartment property located in Nashville, Tennessee and to retire Omaha’s secured mortgage loan encumbering a garden apartment property located in Aurora, Illinois to payoff Omaha’s long term debt.

 

During August 2021, Omaha sold one of its garden apartment properties located in Nashville, Tennessee for a sale price of $77,235,000. Net sales proceeds were used to first pay selling expenses. The remaining portion of the sales proceeds were used to pay a distribution of $73,000,000 to its investors. The Partnership’s 30% allocation of the distribution was $21,900,000.

 

During November 2021, Omaha sold its garden apartment property located in Aurora, Illinois for a sale price of $34,500,000. Net sales proceeds were used to first pay selling expenses. The remaining portion of the sales proceeds were used along with cash reserves to pay a distribution of $52,600,000 to its investors. The Partnership’s 30% allocation of the distribution was $18,410,000.

 

During January 2022 sold its last real estate property which was located in Nashville, Tennessee for a price of $57,350,000. Net sales proceeds were used to first pay selling expenses. The remaining portion of the sales proceeds were used along with cash reserves to pay a distribution of $90,000,000 to its investors. The Partnership’s 30% allocation of the distribution was $27,000,000.

 

 

(7) DISTRIBUTION PAYABLE

 

On March 22, 2022 the General Partner declared a distribution of $3,300 for a full unit for all partners holding units or participations on March 22, 2022. The distribution will be paid during June 2022.

 

 

 

(8) SUBSEQUENT EVENTS

 

In April 2022 the General Partner engaged a brokerage firm to commenced marketing its industrial flex property located in Maple Grove, Minnesota for a sale.

 

 

 

ITEM 2. 

MANAGEMENT'S DISCUSSION AND ANALYSIS

OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

FOR THE THREE MONTHS ENDED MARCH 31, 2022 AND 2021

 

General

 

The consolidated financial statements for the three months ended March 31, 2022 and 2021 reflect the operation of one wholly owned industrial flex property located in Maple Grove, Minnesota and a 30% interest in Omaha.

 

Registrant’s wholly owned property located in Maple Grove, Minnesota is 100% leased to a single tenant to October 31, 2031. The tenant pays fixed base rent which increases approximately 3% each year. The tenant pays directly or reimburses Registrant for all utilities, real estate taxes, insurance and most of the property operating expenses and property management fees.

 

On February 28, 2022, the tenant and the Partnership executed the Sixth Amendment (“Amendment”) to the lease. The Amendment extends the term of the lease from October 31, 2024 to October 31, 2031. The Amendment reduces the fixed monthly base rent stipulated in the fifth amendment from November 1, 2021 to October 31, 2024 as follows:

From November 1, 2021 to October 31, 2022, $71,222 per month to $62,859 per month.

From November 1, 2022 to October 31, 2023, $73,359 per month to $64,745 per month.

From November 1, 2023 to October 31, 2024, $75,560 per month to $66,688 per month.

 

Monthly base rent for the extended term increases approximately 3% per annum. The Partnership has agreed to provide a tenant improvement allowance of $175,000 for HVAC replacements. Tenant has a onetime right to extend the lease an additional five years. The Partnership has agreed to pay for a leasing commission to the tenant’s broker. In addition, an affiliate of the Partnership will earn a landlord leasing commission in accordance with the property management agreement. All the other relevant terms of the lease remain the same.

 

During January 2022 Omaha sold its last real estate property which was located in Nashville, Tennessee for a price of $57,350,000. Net sales proceeds were used to first pay selling expenses and the remaining portion of the net sales proceeds were used along with cash reserves to pay a distribution of $90,000,000 to its investors. The Partnership’s 30% share of the distribution was $27,000,000. As of March 31, 2022 Omaha’s net assets consists of operating cash and other assets and operating liabilities.

 

COVID-19

 

Due to the COVID-19 outbreak, the Registrant and Omaha may be operating in a challenging and uncertain economic environment.

Financial and real estate companies may be affected by liquidity, disparity of real estate values and financing issues. Should market conditions deteriorate, there is no assurance that such conditions will not result in decreased cash flows which could result in the sale of investments at amounts less than the reported value at March 31, 2022.

 

Results of Operations

 

Total revenues from continuing operations for the three months ended March 31, 2022 decreased $29,000 to approximately $276,000 as compared to approximately $305,000 for the three months ended March 31, 2021. Total revenues decreased due to a decrease in other income and interest income partially offset by an increase in base rental income. Other income decreased due to an adjustment made for operating expenses charged to the tenant in a prior year partially offset by an increase for real estate taxes charged back to the tenant in a prior year. Interest income decreased slightly due to lower cash balances invested during 2022. Base rental income increased $6,000 to approximately $214,000 for the three months ended March 31, 2022 as compared to the same period in 2021 due to a scheduled increase in base rent at Registrant’s property located in Maple Grove, MN.

 

The Registrant reported a net loss from operations of approximately $31,000 for the three months ended March 31, 2022, a decrease of loss of $104,000 as compared to a net loss from operations of approximately $135,000 for the same period in 2021. Net loss from operations consists of net income from the Maple Grove property offset by partnership income and expenses. The decrease of loss from operations was primarily due to lower total expense partially offset by lower total income. Total expenses from operations for 2022 decreased $133,000 to approximately $307,000 from approximately $440,000 in 2021, due primarily to a decrease in investment management fees of $138,000.

 

The Registrant has a 30% non-controlling interest in Omaha that is accounted for on a fair value basis.

 

During January 2022 Omaha sold its last real estate property which was located in Nashville, Tennessee for a price of $57,350,000. Net sales proceeds were used to first pay selling expenses and the remaining portion of the net sales proceeds were used along with cash reserves to pay a distribution of $90,000,000 to its investors. The Partnership’s 30% share of the distribution was $27,000,000. As of March 31, 2022 Omaha’s net assets consists of operating cash and other assets and operating liabilities.

 

 

For additional analysis, please refer to the discussions of the individual properties below.

 

This report on Form 10-Q includes statements that constitute "forward looking statements" within the meaning of Section 27(A) of the Securities Act of 1933 and Section 21(E) of the Securities Exchange Act of 1934 and that are intended to come within the safe harbor protection provided by those sections. By their nature, all forward looking statements involve risks and uncertainties as further described in the Registrant’s latest annual report on Form 10-K. Actual results may differ materially from those contemplated by the forward looking statements.

 

CRITICAL ACCOUNTING POLICIES

 

The Registrant’s critical accounting policies are described in its Annual Report on Form 10-K for the year ended December 31, 2021. There were no significant changes to such policies in 2022. There are no accounting pronouncements or interpretations that have been issued, but not yet adopted, that Registrant believes will have a material impact on its consolidated financial statements.

 

Liquidity and Capital Resources

 

As of March 31, 2022, the Registrant had cash and cash equivalents of approximately $28,609,000. These balances are approximately $26,499,000 higher than cash and cash equivalents held on December 31, 2021. Cash and cash equivalents increased during the three months ended March 31, 2022 due to a distribution from Omaha added to cash reserves.

 

Currently, Registrant’s only consistent source of cash is rental income received from the tenant that leases 100% of the leasable space at Registrant’s wholly owned property in Maple Grove. The tenant reimburses Registrant for real estate taxes, insurance and most of the property’s operating expenses leaving a significant portion of the base rent received available to fund partnership administrative expenses.

 

Registrant anticipates cash flow generated from the property located in Maple Grove and current cash reserves will be sufficient to pay ongoing operating and capital improvement costs, other working capital requirements of the Registrant and current fees due to the General Partner and its affiliates. The Registrant has no debt except normal trade accounts payable and a security deposit held for the tenant at Registrant’s wholly owned property.

 

In March 2022 the General Partner declared a distribution of $3,300 for a full unit for all partners holding units or participations on March 22, 2022. The distribution will be paid during June 2022.

 

During the quarter, inflation and changing prices did not significantly affect the markets in which the Registrant conducts its business, or the Registrant's business overall.

 

Eagle Lake Business Center IV (Maple Grove, Minnesota)

 

Total revenues for the three months ended March 31, 2022 decreased $28,000 to approximately $275,000 as compared to approximately $303,000 for the three months ended March 31, 2021. Total revenues decreased due to a decrease in other income partially offset by an increase in base rental income. Other income decreased due to an adjustment made for operating expenses charged to the tenant in a prior year partially offset by an increase for real estate taxes charged back to the tenant in a prior year. Base rental income increased $6,000 to approximately $214,000 for the three months ended March 31, 2022 as compared to the same period in 2021 due to a scheduled increase in base rent. Net operating income, which includes deductions for depreciation, decreased $37,000 for the three months ended March 31, 2022 as compared to the same period in 2021. Net operating income decreased due to lower total revenue combined with higher operating expenses. Operating expenses were higher due to higher repairs and maintenance and administrative expense.

 

Investment in Sentinel Omaha, LLC

 

Comparison of three months ended March 31, 2022 to March 31, 2021:

 

During January 2022 Omaha sold its last real estate property which was located in Nashville, Tennessee for a price of $57,350,000. Omaha’s total revenues for the three months ended March 31, 2022 were approximately $139,000. The loss before net unrealized losses and realized gains was approximately $112,000. Major expenses included approximately $88,000 for payroll, and $31,000 for utilities. Omaha reported net change in unrealized losses of approximately $34,409,000 and a realized gain of approximately $34,412,000 resulting in a net decrease in net assets of approximately $110,000. For the three months ended March 31, 2022, the Registrant’s 30% equity interest in the loss of Omaha was approximately $31,000.

 

 

ITEM 3.

 

None

 

ITEM 4.

CONTROLS AND PROCEDURES

 

 

(a)

The Chief Executive Officer and the Principal Accounting & Financial Officer of the general partner of SB Partners have evaluated the disclosure controls and procedures relating to the Registrant’s Quarterly Report on Form 10-Q for the period ended March 31, 2022 as filed with the Securities and Exchange Commission and have judged such controls and procedures to be effective.

 

 

(b)

The Chief Executive Officer and the Principal Accounting and Financial Officer of the general partner of SB Partners have evaluated the internal control over financial reporting relating to the Registrant’s Quarterly Report on form 10-Q for the period ended March 31, 2022 and have identified no changes in the Registrant’s internal controls that have materially affected or are reasonably likely to materially affect the Registrant’s internal controls over financial reporting.

 

 

PART II – OTHER INFORMATION

 

ITEM 6.

EXHIBITS

 

Exhibit No.                  Description

 

31.1                           Certification Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002

 

31.2                           Certification Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002

 

32.1                           Certification Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002

 

32.2                           Certification Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002

 

101.INS**                 Inline XBRL Instance

 

101.SCH**                Inline XBRL Taxonomy Extension Schema

 

101.CAL**               Inline XBRL Taxonomy Extension Calculation

 

101.DEF**               Inline XBRL Taxonomy Extension Definition

 

101.LAB**               Inline XBRL Taxonomy Extension Labels

 

101.PRE**               Inline XBRL Taxonomy Extension Presentation

 

104                           Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101).

 

** XBRL information is furnished and not filed or a part of a registration statement or prospectus for purposes of sections 11 or 12 of the Securities Act of 1933, as amended, is deemed not filed for purposes of section 18 of the Securities Exchange Act of 1934, as amended, and otherwise is not subject to liability under these sections.

 

 

SIGNATURES

 

Pursuant to the requirements of the Securities and Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

 

 

   

SB PARTNERS

   

(Registrant)

     
 

By:

SB PARTNERS REAL ESTATE CORPORATION

   

General Partner

     
     
     

Dated: May 13, 2022

By:

George N Tietjen III

 

   

/s/ George N. Tietjen III

   

Chief Executive Officer

     
     
     
    Principal Financial & Accounting Officer
     

Dated: May 13, 2022

By:

John H. Zoeller

   

 

/s/ John H. Zoeller

   

Chief Financial Officer

 

12
EX-31.1 2 ex_371943.htm EXHIBIT 31.1 ex_371943.htm

Exhibit 31.1

 

CERTIFICATION PURSUANT TO

SECTION 302 OF THE SARBANES-OXLEY ACT 0F 2002

 

I, George N. Tietjen III, certify that:

 

(1)     I have reviewed this quarterly report on Form 10-Q of SB Partners;

 

(2)     Based on my knowledge, this quarterly report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this quarterly report;

 

(3)     Based on my knowledge, the financial statements, and other financial information included in this quarterly report, fairly present in all material respects the financial condition, results of operations and cash flows of the Registrant as of, and for, the periods presented in this quarterly report;

 

(4)     The Registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the Registrant and have:

 

(a)      designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the Registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this quarterly report is being prepared;

 

(b)      designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

 

(c)      evaluated the effectiveness of the Registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

 

(d)      disclosed in this quarterly report any change in the Registrant’s internal control over financial reporting that occurred during the Registrant’s most recent fiscal quarter (the Registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the Registrant’s internal control over financial reporting; and

 

 (5)     The Registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the Registrant’s auditors and the audit committee of the Registrant’s board of directors (or persons performing the equivalent functions):

 

(a)      all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the Registrant’s ability to record, process, summarize and report financial information; and

 

(b)      any fraud, whether or not material, that involves management or other employees who have a significant role in the Registrant’s internal control over financial reporting.

 

 

Dated: May 13, 2022

By:

/s/ George N. Tietjen III

 
   

/s/ George N. Tietjen III

 
   

Chief Executive Officer

 

 

 
EX-31.2 3 ex_371944.htm EXHIBIT 31.2 ex_371944.htm

Exhibit 31.2

 

CERTIFICATION PURSUANT TO

SECTION 302 OF THE SARBANES-OXLEY ACT 0F 2002

 

I, John H. Zoeller, certify that:

 

(1)     I have reviewed this quarterly report on Form 10-Q of SB Partners;

 

(2)     Based on my knowledge, this quarterly report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this quarterly report;

 

(3)     Based on my knowledge, the financial statements, and other financial information included in this quarterly report, fairly present in all material respects the financial condition, results of operations and cash flows of the Registrant as of, and for, the periods presented in this quarterly report.

 

(4)     The Registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the Registrant and have:

 

(a)      designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the Registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this quarterly report is being prepared;

 

(b)      designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

 

(c)      evaluated the effectiveness of the Registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

 

(d)      disclosed in this quarterly report any change in the Registrant’s internal control over financial reporting that occurred during the Registrant’s most recent fiscal quarter (the Registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the Registrant’s internal control over financial reporting;

 

(5)     The Registrant’s other certifying officer and I have disclosed, based on our most recent evaluation over internal control over financial reporting, to the Registrant’s auditors and the audit committee of the Registrant’s board of directors (or persons performing the equivalent function):

 

(a)      all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the Registrant’s ability to record, process, summarize and report financial information; and

 

(b)      any fraud, whether or not material, that involves management or other employees who have a significant role in the Registrant’s internal control over financial reporting.

 

 

 

 

Principal Financing & Accounting Officer

 

 
Dated: May 13, 2022

By:

/s/ John H. Zoeller

 
   

 

/s/ John H. Zoeller

 
   

Chief Financial Officer

 

 

 
EX-32.1 4 ex_371945.htm EXHIBIT 32.1 ex_371945.htm

Exhibit 32.1

 

 

CERTIFICATION PURSUANT TO

18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

 

 

Pursuant to U.S.C Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, I, George N. Tietjen III, hereby certify that to the best of my knowledge, the Quarterly Report of SB Partners (the “Partnership”) on Form 10-Q for the period ended March 31, 2022 the “Report” fully complies with the requirements of either Section 13(a) or 15(d) of the Securities Exchange Act of 1934, and that the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Partnership.

 

 

Dated: May 13, 2022

By:

/s/ George N. Tietjen III

 
   

/s/ George N. Tietjen III

 
   

Chief Executive Officer

 

 

 
EX-32.2 5 ex_371946.htm EXHIBIT 32.2 ex_371946.htm

Exhibit 32.2

 

 

CERTIFICATION PURSUANT TO

18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

 

 

Pursuant to U.S.C Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, I, John H. Zoeller, hereby certify that to the best of my knowledge, the Quarterly Report of SB Partners (the “Partnership”) on Form 10-Q for the period ended March 31, 2022 the “Report” fully complies with the requirements of either Section 13(a) or 15(d) of the Securities Exchange Act of 1934, and that the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Partnership.

 

 

   

Principal Financing & Accounting Officer

 

 
Dated: May 13, 2022

By:

/s/ John H. Zoeller

 
   

/s/ John H. Zoeller

 
   

Chief Financial Officer

 

 

 
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Entity Central Index Key Depreciation Entity Registrant Name Liabilities: Entity [Domain] Legal Entity [Axis] Statement [Table] Entity Address, Address Line One Statement of Financial Position [Abstract] Fixed lease income (Base Rent) us-gaap_Assets Total assets Entity Address, City or Town Interest income Entity Address, Postal Zip Code Net income (loss) (in dollars per share) us-gaap_EarningsPerShareBasic Entity Address, State or Province Cash Flows From Operating Activities: Statement of Cash Flows [Abstract] Statement [Line Items] Lease Contractual Term [Domain] Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block] Rental income Statement of Stockholders' Equity [Abstract] Lease Contractual Term [Axis] Income Statement [Abstract] Variable lease income (Recoverable Costs) Revenues: Cumulative Cash Distributions [Member] Cumulative distribution of cash made by the entity based on contractual agreements with partnership. Units of Partnership [Member] Ownership interest in partnership. Partner Type of Partners' Capital Account, Name [Domain] General Partner [Member] Limited Partner [Member] Real Estate Investment Financial Statements, Disclosure [Table Text Block] Other assets Other Partner Type [Axis] Local Phone Number Organization, Consolidation and Presentation of Financial Statements Disclosure and Significant Accounting Policies [Text Block] Net (loss) for the three months ended March 31, 2022 Net income (loss) Net income (loss) Net increase (decrease) in net assets us-gaap_TableTextBlock Notes Tables us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations Cash and cash equivalents at beginning of period Cash and cash equivalents at end of period Assets: us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect Net change in cash and cash equivalents Other Assets - us-gaap_Liabilities Total liabilities us-gaap_NetCashProvidedByUsedInFinancingActivities Net cash used in financing activities Fair Value, Assets Measured on Recurring and Nonrecurring Basis [Table Text Block] us-gaap_NetCashProvidedByUsedInOperatingActivities Net cash provided by (used in ) operating activities us-gaap_NetCashProvidedByUsedInInvestingActivities Net cash provided by investing activities us-gaap_OtherLiabilities Other liabilities Real estate operating expenses Real estate operating expenses Tenant security deposit Cash Flows From Financing Activities: Distribution payable us-gaap_LiabilitiesAndStockholdersEquity Total liabilities and partners' equity Accounts payable Land us-gaap_PaymentsOfDistributionsToAffiliates Payments of Distributions to Affiliates Distribution paid to partners us-gaap_PartnersCapitalAccountUnits Balance (in shares) Balance (in shares) Return of investment in Sentinel Omaha Represents the return of investment in Sentinel Omaha, LLC. Equity Method Investments and Joint Ventures Disclosure [Text Block] us-gaap_EquityMethodInvestmentOwnershipPercentage Equity Method Investment, Ownership Percentage Distribution of Assets, Liabilities and Stockholders' Equity [Text Block] Members equity us-gaap_PartnersCapital Total partners' equity Balance Balance sbp_CapitalAdditionsToRealEstateOwned Capital additions to real estate owned Expenditures which increase the value or the useful life of the real estate assets owned. us-gaap_DisclosureTextBlockAbstract Notes to Financial Statements us-gaap_Investments Investments, Total Industrial Flex Property [Member] Information pertaining to industrial flex real estate property investment. us-gaap_CostsAndExpenses Total expenses Class of Stock [Axis] sbp_YearOfAcquisition Year of Acquisition Year the property was acquired, in CCYY format. Sixth Amendment Lease [Member] Represents sixth amendment lease. Fifth Amendment Lease [Member] Represents fifth amendment lease. sbp_TenantImprovementAllowance Tenant Improvement Allowance Represents tenant improvement allowance. Limited partner - units (in shares) sbp_OperatingLeaseOptionToExtendTerm Operating Lease Option to Extend Term (Year) Represents operating lease option to extend. Expenses: Cash Flows From Investing Activities: Scenario [Domain] General partner - 1 unit Forecast [Member] Subsequent Events [Text Block] General partner - units (in shares) sbp_LesseeOperatingLeaseMonthlyPayment Lessee, Operating lease, Monthly payment Represents lessee, operating lease, monthly payment. Distributions from investment in Sentinel Omaha, LLC Proceeds from Equity Method Investment, Distribution Distribution from investment Retained Earnings [Member] Investment in Sentinel Omaha, LLC Total assets Balance Balance Net unrealized income (losses) Scenario [Axis] EX-101.PRE 10 sbp-20220331_pre.xml XBRL TAXONOMY EXTENSION PRESENTATION LINKBASE XML 11 R1.htm IDEA: XBRL DOCUMENT v3.22.1
Document And Entity Information
3 Months Ended
Mar. 31, 2022
Document Information [Line Items]  
Entity Central Index Key 0000087047
Entity Registrant Name SB PARTNERS
Amendment Flag false
Current Fiscal Year End Date --12-31
Document Fiscal Period Focus Q1
Document Fiscal Year Focus 2022
Document Type 10-Q
Document Quarterly Report true
Document Period End Date Mar. 31, 2022
Document Transition Report false
Entity File Number 0-8952
Entity Incorporation, State or Country Code NY
Entity Tax Identification Number 13-6294787
Entity Address, Address Line One 1 New Haven Avenue, Suite 102A
Entity Address, City or Town Milford
Entity Address, State or Province CT
Entity Address, Postal Zip Code 06460
City Area Code 203
Local Phone Number 283-9593
Entity Current Reporting Status Yes
Entity Interactive Data Current Yes
Entity Filer Category Non-accelerated Filer
Entity Small Business false
Entity Emerging Growth Company false
Entity Shell Company false
XML 12 R2.htm IDEA: XBRL DOCUMENT v3.22.1
Consolidated Balance Sheets (Current Period Unaudited) - USD ($)
Mar. 31, 2022
Dec. 31, 2021
Assets:    
Land $ 470,000 $ 470,000
Buildings, furnishings and improvements 6,152,351 5,671,101
Less - accumulated depreciation (2,765,573) (2,724,450)
Real Estate Investment Property, Net, Total 3,856,778 3,416,651
Investment in Sentinel Omaha, LLC 3,355,473 30,386,569
Investments, Total 7,212,251 33,803,220
Other Assets -    
Cash and cash equivalents 28,609,248 2,109,596
Other 6,824 11,688
Total assets 35,828,323 35,924,504
Liabilities:    
Accounts payable 228,833 149,992
Tenant security deposit 0 112,606
Distribution payable 25,586,550 0
Total liabilities 25,815,383 262,598
Partners' Equity (Deficit):    
Limited partner - 7,753 units 10,030,084 35,675,742
General partner - 1 unit (17,144) (13,836)
Total partners' equity 10,012,940 35,661,906
Total liabilities and partners' equity $ 35,828,323 $ 35,924,504
XML 13 R3.htm IDEA: XBRL DOCUMENT v3.22.1
Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - shares
Mar. 31, 2022
Dec. 31, 2021
Limited partner - units (in shares) 7,753 7,753
General partner - units (in shares) 1 1
XML 14 R4.htm IDEA: XBRL DOCUMENT v3.22.1
Consolidated Statements of Operations (Unaudited) - USD ($)
3 Months Ended
Mar. 31, 2022
Mar. 31, 2021
Revenues:    
Rental income $ 274,891 $ 302,623
Interest income 641 2,005
Total revenues 275,532 304,628
Expenses:    
Real estate operating expenses 83,785 78,070
Depreciation 41,123 41,123
Real estate taxes 39,680 39,927
Management fees 110,364 248,122
Other 31,900 32,820
Total expenses 306,852 440,062
Loss from operations (31,320) (135,434)
Equity in net income (loss) of investment (31,096) 3,318,451
Decrease in reserve for value of investment 0 1,496,294
Net income (loss) (62,416) 4,679,311
Income (loss) allocated to general partner (8) 604
Income (loss) allocated to limited partners $ (62,408) $ 4,678,707
Income (loss) per unit of limited partnership interest (basic and diluted)    
Net income (loss) (in dollars per share) $ (8.05) $ 603.55
Weighted Average Number of Units of Limited Partnership Interest Outstanding (in shares) 7,753 7,753
XML 15 R5.htm IDEA: XBRL DOCUMENT v3.22.1
Consolidated Statements of Changes in Partners' Equity (Deficit) (Unaudited) - USD ($)
Limited Partner [Member]
Units of Partnership [Member]
Limited Partner [Member]
Cumulative Cash Distributions [Member]
Limited Partner [Member]
Retained Earnings [Member]
Limited Partner [Member]
General Partner [Member]
Units of Partnership [Member]
General Partner [Member]
Cumulative Cash Distributions [Member]
General Partner [Member]
Retained Earnings [Member]
General Partner [Member]
Total
Balance (in shares) at Dec. 31, 2020 7,753       1        
Balance at Dec. 31, 2020 $ 119,968,973 $ (114,822,586) $ 46,434,595 $ 51,580,982 $ 10,000 $ (26,764) $ 4,979 $ (11,785)  
Net (loss) for the three months ended March 31, 2022 0 0 4,678,707 4,678,707 0 0 604 604 $ 4,679,311
Distribution 0 (10,078,250) 0 (10,078,250) 0 1,300 0 1,300  
Distribution $ (0) 10,078,250 (0) 10,078,250 $ 0 (1,300) 0 (1,300)  
Balance (in shares) at Mar. 31, 2021 7,753       1        
Balance at Mar. 31, 2021 $ 119,968,973 (124,900,836) 51,113,302 46,181,439 $ 10,000 (28,064) 5,583 (12,481)  
Balance (in shares) at Dec. 31, 2021 7,753       1        
Balance at Dec. 31, 2021 $ 119,968,973 (161,337,586) 77,044,355 35,675,742 $ 10,000 (32,764) 8,928 (13,836) 35,661,906
Net (loss) for the three months ended March 31, 2022 0 0 (62,408) (62,408) 0 0 (8) (8) (62,416)
Distribution 0 (25,583,250) 0 (25,583,250) 0 3,300 0 3,300  
Distribution $ (0) 25,583,250 (0) 25,583,250 $ 0 (3,300) 0 (3,300)  
Balance (in shares) at Mar. 31, 2022 7,753       1        
Balance at Mar. 31, 2022 $ 119,968,973 $ (186,920,836) $ 76,981,947 $ 10,030,084 $ 10,000 $ (36,064) $ 8,920 $ (17,144) $ 10,012,940
XML 16 R6.htm IDEA: XBRL DOCUMENT v3.22.1
Consolidated Statements of Cash Flows (Unaudited) - USD ($)
3 Months Ended 12 Months Ended
Mar. 31, 2022
Mar. 31, 2021
Dec. 31, 2021
Cash Flows From Operating Activities:      
Net income (loss) $ (62,416) $ 4,679,311  
Adjustments to reconcile net income (loss) to net cash provided by operating activities:      
Equity in net loss (income) of investment 31,096 (3,318,451)  
(Decrease) in reserve for value of investment (0) (1,496,294)  
Depreciation 41,123 41,123  
Net decrease in other assets 4,864 4,164  
Net increase (decrease) in accounts payable 78,841 62,793  
Net (decrease) in tenant security deposit (112,606) 0  
Distributions from investment in Sentinel Omaha, LLC 0 10,800,000  
Net cash provided by (used in ) operating activities (19,098) 10,772,646  
Cash Flows From Investing Activities:      
Return of investment in Sentinel Omaha 27,000,000  
Capital additions to real estate owned (481,250) 0  
Net cash provided by investing activities 26,518,750 0  
Cash Flows From Financing Activities:      
Distribution paid to partners 0 (10,079,550)  
Net cash used in financing activities 0 (10,079,550)  
Net change in cash and cash equivalents 26,499,652 693,096  
Cash and cash equivalents at beginning of period 2,109,596 549,195 $ 549,195
Cash and cash equivalents at end of period $ 28,609,248 $ 1,242,291 $ 2,109,596
XML 17 R7.htm IDEA: XBRL DOCUMENT v3.22.1
Note 1 - Organization and Significant Accounting Policies
3 Months Ended
Mar. 31, 2022
Notes to Financial Statements  
Organization, Consolidation and Presentation of Financial Statements Disclosure and Significant Accounting Policies [Text Block]

(1) ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES

 

SB Partners, a New York limited partnership, and its subsidiaries (collectively, the "Partnership" or the “Registrant”), have been engaged since April 1971 in acquiring, operating, and holding for investment a varying portfolio of real estate interests. SB Partners Real Estate Corporation (the "General Partner") serves as the general partner of the Partnership.

 

The consolidated financial statements included herein are unaudited; however, the information reflects all adjustments (consisting of normal recurring adjustments) that are, in the opinion of management, necessary to a fair presentation of the financial position, results of operations and cash flows for the interim periods. Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America have been condensed or omitted pursuant to such rules and regulations, although management believes that the disclosures are adequate to make the information presented not misleading. It is suggested that these consolidated financial statements be read in conjunction with the consolidated financial statements and the notes thereto included in the Partnership’s latest annual report on Form 10-K.

 

The results of operations for the three month period ended March 31, 2022 are not necessarily indicative of the results to be expected for a full year.

 

For a discussion of the significant accounting and financial reporting policies of the Partnership, refer to the Annual Report on Form 10–K for the year ended December 31, 2021.

XML 18 R8.htm IDEA: XBRL DOCUMENT v3.22.1
Note 2 - COVID-19
3 Months Ended
Mar. 31, 2022
Notes to Financial Statements  
Unusual or Infrequent Items, or Both, Disclosure [Text Block]

(2)

COVID-19

 

The continuation of the COVID-19 pandemic may affect market conditions in which the Registrant and Omaha operates creating a challenging and uncertain economic environment. Financial and real estate companies may be affected by liquidity, disparity of real estate values and financing issues. There is no assurance that such conditions will not result in decreased cash flows which could result in the sale of investments at amounts less than the reported values at March 31, 2022.

XML 19 R9.htm IDEA: XBRL DOCUMENT v3.22.1
Note 3 - Common Area Maintenance Reimbursements
3 Months Ended
Mar. 31, 2022
Notes to Financial Statements  
Revenue from Contract with Customer [Text Block]

(3)

COMMON AREA MAINTENANCE REIMBURSEMENTS

 

In connection with the adoption of ASC Topic 842, the Partnership elected the practical expedient concerning the treatment of CAM costs. CAM is a non-lease component of the lease contract under ASC 842, and therefore would be accounted for under ASC Topic 606, Revenue from Contracts with Customers, and presented separate from rental income based on an allocation of the overall contract price, which is not necessarily the amount that would be billable to the tenant for CAM reimbursements per the term of the lease contract. As the timing and pattern of providing the CAM service to the tenant is the same as the timing and pattern of the tenant’s use of the underlying lease asset, the Partnership elected, under the practical expedient, to combine CAM and other Recoverable Costs with the remaining lease components, and recognize them together as rental income in the accompanying Consolidated Statements of Operations.

 

The following table provides a disaggregation of rental income recognized by the Partnership for the three months ended March 31, 2022 and 2021:

 

  

2022

  

2021

 

Operating lease income:

        

Fixed lease income (Base Rent)

 $213,667  $207,443 

Variable lease income (Recoverable Costs)

  61,224   95,180 
         

Total Rental Income

 $274,891  $302,623 

 

XML 20 R10.htm IDEA: XBRL DOCUMENT v3.22.1
Note 4 - Investments in Real Estate
3 Months Ended
Mar. 31, 2022
Notes to Financial Statements  
Real Estate Disclosure [Text Block]

(4)

INVESTMENTS IN REAL ESTATE

 

As of March 31, 2022, the Partnership owns an industrial flex property in Maple Grove, Minnesota. The following is the cost basis and accumulated depreciation of the real estate investment owned by the Partnership as of March 31, 2022 and December 31, 2021.

 

  

No. of

  

Year of

   

Real Estate at Cost

 

Type

 

Prop.

  

Acquisition

 

Description

 

3/31/2022

  

12/31/2021

 
                  

Industrial flex property

  1   2002 

60,345 sf

 $6,622,351  $6,141,101 
                  

Less: Accumulated depreciation

           (2,765,573)  (2,724,450)
                  

Investment in real estate

          $3,856,778  $3,416,651 

 

 

The Partnership’s wholly owned property located in Maple Grove, Minnesota is 100% leased to a single tenant to October 31, 2031. The tenant pays fixed base rent which increases approximately 3% each year. The tenant pays directly or reimburses the Partnership for all utilities, real estate taxes, insurance and most of the property operating expenses and property management fees.

 

On February 28, 2022, the tenant and the Partnership executed the Sixth Amendment (“Amendment”) to the lease. The Amendment extends the term of the lease from October 31, 2024 to October 31, 2031. The Amendment reduces the fixed monthly base rent stipulated in the fifth amendment from November 1, 2021 to October 31, 2024 as follows:

From November 1, 2021 to October 31, 2022, $71,222 per month to $62,859 per month.

From November 1, 2022 to October 31, 2023, $73,359 per month to $64,745 per month.

From November 1, 2023 to October 31, 2024, $75,560 per month to $66,688 per month.

 

Monthly base rent for the extended term increases approximately 3% per annum. The Partnership has agreed to provide a tenant improvement allowance of $175,000 for HVAC replacements. Tenant has a one time right to extend the lease an additional five years. The Partnership has agreed to pay for a leasing commission to the tenant’s broker. In addition, an affiliate of the Partnership will earn a landlord leasing commission in accordance with the property management agreement. All the other relevant terms of the lease remain the same.

XML 21 R11.htm IDEA: XBRL DOCUMENT v3.22.1
Note 5 - Assets Measured at Fair Value
3 Months Ended
Mar. 31, 2022
Notes to Financial Statements  
Fair Value Measurement and Measurement Inputs, Recurring and Nonrecurring [Text Block]

(5) ASSETS MEASURED AT FAIR VALUE

 

The accounting guidance for Fair Value Measurements establishes a framework for measuring fair value that includes a hierarchy used to classify the inputs used in determining fair value. The hierarchy prioritizes the inputs to valuation techniques used to measure fair value into three levels. The level in the fair value hierarchy within which the fair value measurement falls is determined based on the lowest level of input that is significant to the fair value measurement.

 

Fair value is defined as the price that would be received upon sale of an asset or paid upon transfer of a liability in an orderly transaction between market participants at the measurement date and in the principal or most advantageous market for that asset or liability. The fair value is calculated based on the assumptions that market participants would use in pricing the asset or liability, not on assumptions specific to the entity.

 

The three levels of fair value hierarchy are described below:

 

 

Level 1 - Unadjusted quoted prices in active markets that are accessible at the measurement date for identical unrestricted assets or liabilities;

 

 

Level 2 - Quoted prices in active markets for similar assets and liabilities or quoted prices in less active dealer or broker markets;

 

 

Level 3 - Prices or valuations that require inputs that are both significant to the fair value measurement and are unobservable.

 

The following major categories of assets were measured at fair value as of March 31, 2022 and December 31, 2021:

 

  

Level 2:

  

March 31,

 
  

Significant

  

2022

 
  

Unobservable

  

(Unaudited)

 
  

Inputs

  

Total

 
         

Assets

        

Investment in Sentinel Omaha, LLC ("Omaha")

 $3,355,473  $3,355,473 
         

Total assets

 $3,355,473  $3,355,473 

 

  

Level 2:

  

December 31,

 
  

Significant

  

2021

 
  

Unobservable

  

(Audited)

 
  

Inputs

  

Total

 
         

Assets

        

Investment in Sentinel Omaha, LLC

 $30,386,569  $30,386,569 
         

Total assets

 $30,386,569  $30,386,569 

 

The following is a reconciliation of the beginning and ending balances for assets measured at fair value using significant unobservable inputs (Level 2) during the periods ended March 31, 2022 and December 31, 2021:

 

  

Investment in

  

Reserve for

     
  

Sentinel

  

fair value

     
  

Omaha, LLC

  

of investment

  

Total

 
             

Balance at January 1, 2021

 $59,615,139  $(11,923,033) $47,692,106 

Equity in net income of investment

  19,251,430   -   19,251,430 

Distribution from investment

  (48,480,000)  -   (48,480,000)

Decrease in reserve

  -   11,923,033   11,923,033 

Balance at December 31, 2021

  30,386,569   -   30,386,569 

Equity in net (loss) of investment

  (31,096)  -   (31,096)

Distribution from investment

  (27,000,000)  -   (27,000,000)

Balance at March 31, 2022

 $3,355,473  $-  $3,355,473 

 

 

XML 22 R12.htm IDEA: XBRL DOCUMENT v3.22.1
Note 6 - Investment in Sentinel Omaha, LLC
3 Months Ended
Mar. 31, 2022
Notes to Financial Statements  
Equity Method Investments and Joint Ventures Disclosure [Text Block]

(6) INVESTMENT IN SENTINEL OMAHA, LLC

 

In 2007, the Partnership made an investment in the amount of $37,200,000 in Sentinel Omaha, LLC (“Omaha”). Omaha is a real estate investment company. During the quarter ended March 31, 2022 Omaha sold its last real estate property. Omaha is an affiliate of the Partnership’s general partner. The investment represents a 30% ownership interest in Omaha.

 

During the quarter ended March 31, 2022, Omaha paid a distribution of $90,000,000 to its investors. The Partnership’s 30% share of the distribution was $27,000,000

 

The following are the condensed financial statements (000’s omitted) of Omaha as of March 31, 2022 and December 31, 2021 and the three months ended March 31, 2022 and 2021.

 

  

(Unaudited)

  

(Audited)

 

Balance Sheet

 

March 31, 2022

  

December 31, 2021

 
         

Investment in real estate, net

 $-  $56,777 

Cash and cash equivalents

  8,962   37,268 

Other assets

  2,320   7,865 

Other liabilities

  (99)  (617)

Members equity

 $11,183  $101,293 

 

  

(Unaudited)

  

(Unaudited)

 

Statement of Operations

 

March 31, 2022

  

March 31, 2021

 
         

Rent and other income

 $139  $4,890 

Real estate operating expenses

  (235)  (2,417)

Other expenses

  (17)  (160)

Net realized income

  34,412   - 

Net unrealized income (losses)

  (34,409)  8,749 
         

Net increase (decrease) in net assets

 $(110) $11,062 

 

During April 2021, Omaha sold its garden apartment property located in Charleston, South Carolina for a sale price of $47,250,000. Net sales proceeds were used to first pay selling expenses. The remaining net sales proceeds have been reserved to retire Omaha’s secured mortgage loan encumbering a garden apartment property located in Nashville, Tennessee and to retire Omaha’s secured mortgage loan encumbering a garden apartment property located in Aurora, Illinois to payoff Omaha’s long term debt.

 

During August 2021, Omaha sold one of its garden apartment properties located in Nashville, Tennessee for a sale price of $77,235,000. Net sales proceeds were used to first pay selling expenses. The remaining portion of the sales proceeds were used to pay a distribution of $73,000,000 to its investors. The Partnership’s 30% allocation of the distribution was $21,900,000.

 

During November 2021, Omaha sold its garden apartment property located in Aurora, Illinois for a sale price of $34,500,000. Net sales proceeds were used to first pay selling expenses. The remaining portion of the sales proceeds were used along with cash reserves to pay a distribution of $52,600,000 to its investors. The Partnership’s 30% allocation of the distribution was $18,410,000.

 

During January 2022 sold its last real estate property which was located in Nashville, Tennessee for a price of $57,350,000. Net sales proceeds were used to first pay selling expenses. The remaining portion of the sales proceeds were used along with cash reserves to pay a distribution of $90,000,000 to its investors. The Partnership’s 30% allocation of the distribution was $27,000,000.

XML 23 R13.htm IDEA: XBRL DOCUMENT v3.22.1
Note 7 - Distribution Payable
3 Months Ended
Mar. 31, 2022
Notes to Financial Statements  
Distribution of Assets, Liabilities and Stockholders' Equity [Text Block]

(7) DISTRIBUTION PAYABLE

 

On March 22, 2022 the General Partner declared a distribution of $3,300 for a full unit for all partners holding units or participations on March 22, 2022. The distribution will be paid during June 2022.

 

XML 24 R14.htm IDEA: XBRL DOCUMENT v3.22.1
Note 8 - Subsequent Events
3 Months Ended
Mar. 31, 2022
Notes to Financial Statements  
Subsequent Events [Text Block]

(8) SUBSEQUENT EVENTS

 

In April 2022 the General Partner engaged a brokerage firm to commenced marketing its industrial flex property located in Maple Grove, Minnesota for a sale.

XML 25 R15.htm IDEA: XBRL DOCUMENT v3.22.1
Note 3 - Common Area Maintenance Reimbursements (Tables)
3 Months Ended
Mar. 31, 2022
Notes Tables  
Disaggregation of Revenue [Table Text Block]
  

2022

  

2021

 

Operating lease income:

        

Fixed lease income (Base Rent)

 $213,667  $207,443 

Variable lease income (Recoverable Costs)

  61,224   95,180 
         

Total Rental Income

 $274,891  $302,623 
XML 26 R16.htm IDEA: XBRL DOCUMENT v3.22.1
Note 4 - Investments in Real Estate (Tables)
3 Months Ended
Mar. 31, 2022
Notes Tables  
Schedule of Real Estate Properties [Table Text Block]
  

No. of

  

Year of

   

Real Estate at Cost

 

Type

 

Prop.

  

Acquisition

 

Description

 

3/31/2022

  

12/31/2021

 
                  

Industrial flex property

  1   2002 

60,345 sf

 $6,622,351  $6,141,101 
                  

Less: Accumulated depreciation

           (2,765,573)  (2,724,450)
                  

Investment in real estate

          $3,856,778  $3,416,651 
XML 27 R17.htm IDEA: XBRL DOCUMENT v3.22.1
Note 5 - Assets Measured at Fair Value (Tables)
3 Months Ended
Mar. 31, 2022
Notes Tables  
Fair Value, Assets Measured on Recurring and Nonrecurring Basis [Table Text Block]
  

Level 2:

  

March 31,

 
  

Significant

  

2022

 
  

Unobservable

  

(Unaudited)

 
  

Inputs

  

Total

 
         

Assets

        

Investment in Sentinel Omaha, LLC ("Omaha")

 $3,355,473  $3,355,473 
         

Total assets

 $3,355,473  $3,355,473 
  

Level 2:

  

December 31,

 
  

Significant

  

2021

 
  

Unobservable

  

(Audited)

 
  

Inputs

  

Total

 
         

Assets

        

Investment in Sentinel Omaha, LLC

 $30,386,569  $30,386,569 
         

Total assets

 $30,386,569  $30,386,569 
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block]
  

Investment in

  

Reserve for

     
  

Sentinel

  

fair value

     
  

Omaha, LLC

  

of investment

  

Total

 
             

Balance at January 1, 2021

 $59,615,139  $(11,923,033) $47,692,106 

Equity in net income of investment

  19,251,430   -   19,251,430 

Distribution from investment

  (48,480,000)  -   (48,480,000)

Decrease in reserve

  -   11,923,033   11,923,033 

Balance at December 31, 2021

  30,386,569   -   30,386,569 

Equity in net (loss) of investment

  (31,096)  -   (31,096)

Distribution from investment

  (27,000,000)  -   (27,000,000)

Balance at March 31, 2022

 $3,355,473  $-  $3,355,473 
XML 28 R18.htm IDEA: XBRL DOCUMENT v3.22.1
Note 6 - Investment in Sentinel Omaha, LLC (Tables)
3 Months Ended
Mar. 31, 2022
Statement of Operations [Member]  
Notes Tables  
Real Estate Investment Financial Statements, Disclosure [Table Text Block]
  

(Unaudited)

  

(Unaudited)

 

Statement of Operations

 

March 31, 2022

  

March 31, 2021

 
         

Rent and other income

 $139  $4,890 

Real estate operating expenses

  (235)  (2,417)

Other expenses

  (17)  (160)

Net realized income

  34,412   - 

Net unrealized income (losses)

  (34,409)  8,749 
         

Net increase (decrease) in net assets

 $(110) $11,062 
Balance Sheet [Member]  
Notes Tables  
Real Estate Investment Financial Statements, Disclosure [Table Text Block]
  

(Unaudited)

  

(Audited)

 

Balance Sheet

 

March 31, 2022

  

December 31, 2021

 
         

Investment in real estate, net

 $-  $56,777 

Cash and cash equivalents

  8,962   37,268 

Other assets

  2,320   7,865 

Other liabilities

  (99)  (617)

Members equity

 $11,183  $101,293 
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Note 3 - Common Area Maintenance Reimbursements - Disaggregation of Rental Income (Details) - USD ($)
3 Months Ended
Mar. 31, 2022
Mar. 31, 2021
Rental income $ 274,891 $ 302,623
Fixed Lease Income Base Rent [Member]    
Fixed lease income (Base Rent) 213,667 207,443
Variable Lease Income [Member]    
Variable lease income (Recoverable Costs) $ 61,224 $ 95,180
XML 30 R20.htm IDEA: XBRL DOCUMENT v3.22.1
Note 4 - Investments in Real Estate (Details Textual) - USD ($)
Feb. 28, 2022
Oct. 31, 2024
Nov. 01, 2023
Oct. 31, 2023
Nov. 01, 2022
Oct. 31, 2022
Mar. 31, 2022
Nov. 01, 2021
Rent Increase, Yearly, Percentage 3.00%           3.00%  
Tenant Improvement Allowance $ 175,000              
Operating Lease Option to Extend Term (Year) 5 years              
Sixth Amendment Lease [Member]                
Lessee, Operating lease, Monthly payment               $ 71,222
Sixth Amendment Lease [Member] | Forecast [Member]                
Lessee, Operating lease, Monthly payment     $ 75,560   $ 73,359      
Fifth Amendment Lease [Member] | Forecast [Member]                
Lessee, Operating lease, Monthly payment   $ 66,688   $ 64,745   $ 62,859    
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Note 4 - Investments in Real Estate - Summary of Investments in Real Estate (Details)
3 Months Ended
Mar. 31, 2022
USD ($)
ft²
Dec. 31, 2021
USD ($)
Less: Accumulated depreciation $ (2,765,573) $ (2,724,450)
Investment in real estate $ 3,856,778 3,416,651
Industrial Flex Property [Member]    
No. of Prop. 1  
Year of Acquisition 2002  
Description (Square Foot) | ft² 60,345  
Investment in real estate, at cost $ 6,622,351 6,141,101
Less: Accumulated depreciation (2,765,573) (2,724,450)
Investment in real estate $ 3,856,778 $ 3,416,651
XML 32 R22.htm IDEA: XBRL DOCUMENT v3.22.1
Note 5 - Assets Measured at Fair Value - Fair Value Measurement of Assets (Details) - USD ($)
Mar. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Total assets $ 3,355,473 $ 30,386,569  
Sentinel Omaha LLC [Member]      
Investment in Sentinel Omaha, LLC ("Omaha") 3,355,473 30,386,569  
Total assets 3,355,473 30,386,569  
Fair Value, Inputs, Level 3 [Member] | Sentinel Omaha LLC [Member]      
Investment in Sentinel Omaha, LLC ("Omaha") 3,355,473 30,386,569 $ 59,615,139
Total assets $ 3,355,473 $ 30,386,569 $ 47,692,106
XML 33 R23.htm IDEA: XBRL DOCUMENT v3.22.1
Note 5 - Assets Measured at Fair Value - Reconciliation of Assets Measured at Fair Value (Details) - USD ($)
1 Months Ended 3 Months Ended 12 Months Ended
Jan. 31, 2022
Nov. 30, 2021
Aug. 31, 2021
Mar. 31, 2022
Mar. 31, 2021
Dec. 31, 2021
Balance $ 30,386,569     $ 30,386,569    
Equity in net income of investment       (31,096) $ 3,318,451  
Distribution from investment       0 (10,800,000)  
Decrease in reserve for value of investment       0 1,496,294  
Balance       3,355,473   $ 30,386,569
Sentinel Omaha LLC [Member]            
Balance, Investment in Sentinel Omaha, LLC 30,386,569     30,386,569    
Balance 30,386,569     30,386,569    
Distribution from investment (27,000,000) $ (18,410,000) $ (21,900,000) (27,000,000)    
Balance, Investment in Sentinel Omaha, LLC       3,355,473   30,386,569
Balance       3,355,473   30,386,569
Fair Value, Inputs, Level 3 [Member] | Sentinel Omaha LLC [Member]            
Balance, Investment in Sentinel Omaha, LLC 30,386,569     30,386,569 59,615,139 59,615,139
Balance, Reserve for fair value of investment 0     0 (11,923,033) (11,923,033)
Balance $ 30,386,569     30,386,569 $ 47,692,106 47,692,106
Equity in net income of investment       (31,096)   19,251,430
Distribution from investment       (27,000,000)   (48,480,000)
Decrease in reserve for value of investment           0
(Increase) decrease in reserve for fair value investment           11,923,033
Balance, Investment in Sentinel Omaha, LLC       3,355,473   30,386,569
Balance       $ 3,355,473   $ 30,386,569
XML 34 R24.htm IDEA: XBRL DOCUMENT v3.22.1
Note 6 - Investment in Sentinel Omaha, LLC (Details Textual) - USD ($)
1 Months Ended 3 Months Ended
Jan. 31, 2022
Nov. 30, 2021
Aug. 31, 2021
Apr. 30, 2021
Mar. 31, 2022
Mar. 31, 2021
Dec. 31, 2007
Payments of Distributions to Affiliates         $ (0) $ 10,079,550  
Proceeds from Equity Method Investment, Distribution         $ 0 $ 10,800,000  
Sentinel Omaha LLC [Member]              
Investment Owned, at Cost             $ 37,200,000
Equity Method Investment, Ownership Percentage 30.00% 30.00% 30.00%   30.00%    
Payments of Distributions to Affiliates $ 90,000,000 $ 52,600,000 $ 73,000,000   $ 90,000,000    
Proceeds from Equity Method Investment, Distribution 27,000,000 18,410,000 21,900,000   $ 27,000,000    
Proceeds from Sale of Buildings $ 57,350,000 $ 34,500,000 $ 77,235,000 $ 47,250,000      
XML 35 R25.htm IDEA: XBRL DOCUMENT v3.22.1
Note 6 - Investment in Sentinel Omaha, LLC - Balance Sheet (Details) - USD ($)
Mar. 31, 2022
Dec. 31, 2021
Cash and cash equivalents $ 28,609,248 $ 2,109,596
Other assets 6,824 11,688
Sentinel Omaha LLC [Member]    
Investment in real estate, net 0 56,777,000
Cash and cash equivalents 8,962,000 37,268,000
Other assets 2,320,000 7,865,000
Other liabilities (99,000) (617,000)
Members equity $ 11,183,000 $ 101,293,000
XML 36 R26.htm IDEA: XBRL DOCUMENT v3.22.1
Note 6 - Investment in Sentinel Omaha, LLC - Statement of Operations (Details) - USD ($)
3 Months Ended
Mar. 31, 2022
Mar. 31, 2021
Rent and other income $ 275,532 $ 304,628
Real estate operating expenses (83,785) (78,070)
Other expenses (31,900) (32,820)
Net increase (decrease) in net assets (62,416) 4,679,311
Sentinel Omaha LLC [Member]    
Rent and other income 139,000 4,890,000
Real estate operating expenses (235,000) (2,417,000)
Other expenses (17,000) (160,000)
Net realized income 34,412,000 0
Net unrealized income (losses) (34,409,000) 8,749,000
Net increase (decrease) in net assets $ (110,000) $ 11,062,000
XML 37 R27.htm IDEA: XBRL DOCUMENT v3.22.1
Note 7 - Distribution Payable (Details Textual)
Mar. 22, 2022
$ / shares
Distribution Made to Limited Partner, Distributions Declared, Per Unit (in dollars per share) $ 3,300
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4678707 -8.05 603.55 7753 7753 7753 119968973 -161337586 77044355 35675742 0 0 -62408 -62408 -0 25583250 -0 25583250 7753 119968973 -186920836 76981947 10030084 7753 119968973 -114822586 46434595 51580982 0 0 4678707 4678707 -0 10078250 -0 10078250 7753 119968973 -124900836 51113302 46181439 1 10000 -32764 8928 -13836 0 0 -8 -8 0 -3300 0 -3300 1 10000 -36064 8920 -17144 1 10000 -26764 4979 -11785 0 0 604 604 0 -1300 0 -1300 1 10000 -28064 5583 -12481 -62416 4679311 -31096 3318451 0 -1496294 41123 41123 -4864 -4164 78841 62793 -112606 0 0 10800000 -19098 10772646 27000000 481250 -0 26518750 0 -0 10079550 0 -10079550 26499652 693096 2109596 549195 28609248 1242291 <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">(<em style="font: inherit;">1</em>) ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES</p> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;text-indent:9pt;"> </p> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;text-indent:36pt;">SB Partners, a New York limited partnership, and its subsidiaries (collectively, the "Partnership" or the “Registrant”), have been engaged since <em style="font: inherit;"> April 1971 </em>in acquiring, operating, and holding for investment a varying portfolio of real estate interests. SB Partners Real Estate Corporation (the "General Partner") serves as the general partner of the Partnership.</p> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </p> <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; margin: 0pt; text-indent: 36pt;">The consolidated financial statements included herein are unaudited; however, the information reflects all adjustments (consisting of normal recurring adjustments) that are, in the opinion of management, necessary to a fair presentation of the financial position, results of operations and cash flows for the interim periods. Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America have been condensed or omitted pursuant to such rules and regulations, although management believes that the disclosures are adequate to make the information presented <em style="font: inherit;">not</em> misleading. It is suggested that these consolidated financial statements be read in conjunction with the consolidated financial statements and the notes thereto included in the Partnership’s latest annual report on Form <em style="font: inherit;">10</em>-K.</p> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </p> <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; margin: 0pt; text-indent: 36pt;">The results of operations for the <em style="font: inherit;">three</em> month period ended <em style="font: inherit;"> March 31, 2022 </em>are <em style="font: inherit;">not</em> necessarily indicative of the results to be expected for a full year.</p> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </p> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;text-indent:36pt;">For a discussion of the significant accounting and financial reporting policies of the Partnership, refer to the Annual Report on Form <em style="font: inherit;">10–K</em> for the year ended <em style="font: inherit;"> December 31, 2021.</em></p> <table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px; font-family: Times New Roman; font-size: 10pt;"><tbody><tr style="vertical-align: top; font-family: Times New Roman; font-size: 10pt;"><td style="width: 18pt; font-family: Times New Roman; font-size: 10pt;"> <p style="font-family: Times New Roman;font-size: 10pt;font-variant:normal;margin:0pt;">(<em style="font: inherit;">2</em>)</p> </td><td style="width: auto; font-family: Times New Roman; font-size: 10pt;"> <p style="font-family: Times New Roman;font-size: 10pt;font-variant:normal;margin:0pt;">COVID-<em style="font: inherit;">19</em></p> </td></tr> </tbody></table> <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; margin: 0pt;"> </p> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;text-indent:41pt;">The continuation of the COVID-<em style="font: inherit;">19</em> pandemic <em style="font: inherit;"> may </em>affect market conditions in which the Registrant and Omaha operates creating a challenging and uncertain economic environment. Financial and real estate companies <em style="font: inherit;"> may </em>be affected by liquidity, disparity of real estate values and financing issues. There is <em style="font: inherit;">no</em> assurance that such conditions will <em style="font: inherit;">not</em> result in decreased cash flows which could result in the sale of investments at amounts less than the reported values at <em style="font: inherit;"> March 31, 2022.</em></p> <table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px; font-family: Times New Roman; font-size: 10pt;"><tbody><tr style="vertical-align: top; font-family: Times New Roman; font-size: 10pt;"><td style="width: 18pt; font-family: Times New Roman; font-size: 10pt;"> <p style="font-family: Times New Roman;font-size: 10pt;font-variant:normal;margin:0pt;">(<em style="font: inherit;">3</em>)</p> </td><td style="width: auto; font-family: Times New Roman; font-size: 10pt;"> <p style="font-family: Times New Roman;font-size: 10pt;font-variant:normal;margin:0pt;">COMMON AREA MAINTENANCE REIMBURSEMENTS</p> </td></tr> </tbody></table> <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; margin: 0pt;"> </p> <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; margin: 0pt; text-indent: 36pt;">In connection with the adoption of ASC Topic <em style="font: inherit;">842,</em> the Partnership elected the practical expedient concerning the treatment of CAM costs. CAM is a non-lease component of the lease contract under ASC <em style="font: inherit;">842,</em> and therefore would be accounted for under ASC Topic <em style="font: inherit;">606,</em> <i>Revenue from Contracts with Customers</i>, and presented separate from rental income based on an allocation of the overall contract price, which is <em style="font: inherit;">not</em> necessarily the amount that would be billable to the tenant for CAM reimbursements per the term of the lease contract. As the timing and pattern of providing the CAM service to the tenant is the same as the timing and pattern of the tenant’s use of the underlying lease asset, the Partnership elected, under the practical expedient, to combine CAM and other Recoverable Costs with the remaining lease components, and recognize them together as rental income in the accompanying Consolidated Statements of Operations.</p> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </p> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;text-indent:36pt;">The following table provides a disaggregation of rental income recognized by the Partnership for the <em style="font: inherit;">three</em> months ended <em style="font: inherit;"> March 31, 2022 </em>and <em style="font: inherit;">2021:</em></p> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </p> <table border="0" cellpadding="0" cellspacing="0" class="finTable" style="margin-right: 10%; width: 90%; font-size: 10pt; font-family: Times New Roman; text-indent: 0px;"><tbody><tr style="vertical-align: bottom;"><td style="font-family: Times New Roman; font-size: 10pt;"> </td><td style="font-family: Times New Roman; font-size: 10pt;"> </td><td colspan="2" style="text-align: center; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;">2022</p> </td><td style="font-family: Times New Roman; font-size: 10pt; padding-bottom: 1px;"> </td><td style="font-family: Times New Roman; font-size: 10pt;"> </td><td colspan="2" style="text-align: center; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;">2021</p> </td><td style="font-family: Times New Roman; font-size: 10pt; padding-bottom: 1px;"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"><td style="font-family: Times New Roman; font-size: 10pt; width: 66%;"> <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; margin-top: 0pt; margin-bottom: 0pt;">Operating lease income:</p> </td><td style="font-family: Times New Roman; font-size: 10pt;"> </td><td style="font-family: Times New Roman; font-size: 10pt;"> </td><td style="font-family: Times New Roman; font-size: 10pt;"> </td><td style="font-family: Times New Roman; font-size: 10pt;"> </td><td style="font-family: Times New Roman; font-size: 10pt;"> </td><td style="font-family: Times New Roman; font-size: 10pt;"> </td><td style="font-family: Times New Roman; font-size: 10pt;"> </td><td style="font-family: Times New Roman; font-size: 10pt;"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"><td style="font-family: Times New Roman; font-size: 10pt;"> <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; margin-top: 0pt; margin-bottom: 0pt; margin-left: 27pt;">Fixed lease income (Base Rent)</p> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;">$</td><td style="width: 14%; text-align: right; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;">213,667</td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;">$</td><td style="width: 14%; text-align: right; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;">207,443</td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"><td style="font-family: Times New Roman; font-size: 10pt;"> <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; margin-top: 0pt; margin-bottom: 0pt; margin-left: 27pt;">Variable lease income (Recoverable Costs)</p> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td><td style="width: 14%; text-align: right; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">61,224</td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td><td style="width: 14%; text-align: right; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">95,180</td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt;"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"><td style="font-family: Times New Roman; font-size: 10pt;"> <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; margin-top: 0pt; margin-bottom: 0pt;">Total Rental Income</p> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td><td style="width: 14%; text-align: right; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">274,891</td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td><td style="width: 14%; text-align: right; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">302,623</td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt;"> </td></tr> </tbody></table> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </p> <table border="0" cellpadding="0" cellspacing="0" class="finTable" style="margin-right: 10%; width: 90%; font-size: 10pt; font-family: Times New Roman; text-indent: 0px;"><tbody><tr style="vertical-align: bottom;"><td style="font-family: Times New Roman; font-size: 10pt;"> </td><td style="font-family: Times New Roman; font-size: 10pt;"> </td><td colspan="2" style="text-align: center; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;">2022</p> </td><td style="font-family: Times New Roman; font-size: 10pt; padding-bottom: 1px;"> </td><td style="font-family: Times New Roman; font-size: 10pt;"> </td><td colspan="2" style="text-align: center; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;">2021</p> </td><td style="font-family: Times New Roman; font-size: 10pt; padding-bottom: 1px;"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"><td style="font-family: Times New Roman; font-size: 10pt; width: 66%;"> <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; margin-top: 0pt; margin-bottom: 0pt;">Operating lease income:</p> </td><td style="font-family: Times New Roman; font-size: 10pt;"> </td><td style="font-family: Times New Roman; font-size: 10pt;"> </td><td style="font-family: Times New Roman; font-size: 10pt;"> </td><td style="font-family: Times New Roman; font-size: 10pt;"> </td><td style="font-family: Times New Roman; font-size: 10pt;"> </td><td style="font-family: Times New Roman; font-size: 10pt;"> </td><td style="font-family: Times New Roman; font-size: 10pt;"> </td><td style="font-family: Times New Roman; font-size: 10pt;"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"><td style="font-family: Times New Roman; font-size: 10pt;"> <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; margin-top: 0pt; margin-bottom: 0pt; margin-left: 27pt;">Fixed lease income (Base Rent)</p> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;">$</td><td style="width: 14%; text-align: right; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;">213,667</td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;">$</td><td style="width: 14%; text-align: right; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;">207,443</td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"><td style="font-family: Times New Roman; font-size: 10pt;"> <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; margin-top: 0pt; margin-bottom: 0pt; margin-left: 27pt;">Variable lease income (Recoverable Costs)</p> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td><td style="width: 14%; text-align: right; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">61,224</td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td><td style="width: 14%; text-align: right; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">95,180</td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt;"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"><td style="font-family: Times New Roman; font-size: 10pt;"> <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; margin-top: 0pt; margin-bottom: 0pt;">Total Rental Income</p> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td><td style="width: 14%; text-align: right; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">274,891</td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td><td style="width: 14%; text-align: right; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">302,623</td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt;"> </td></tr> </tbody></table> 213667 207443 61224 95180 274891 302623 <table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px; font-family: Times New Roman; font-size: 10pt;"><tbody><tr style="vertical-align: top; font-family: Times New Roman; font-size: 10pt;"><td style="width: 18pt; font-family: Times New Roman; font-size: 10pt;"> <p style="font-family: Times New Roman;font-size: 10pt;font-variant:normal;margin:0pt;">(<em style="font: inherit;">4</em>)</p> </td><td style="width: auto; font-family: Times New Roman; font-size: 10pt;"> <p style="font-family: Times New Roman;font-size: 10pt;font-variant:normal;margin:0pt;">INVESTMENTS IN REAL ESTATE</p> </td></tr> </tbody></table> <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; margin: 0pt; text-indent: 9pt;"> </p> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt 0pt 0pt 36pt;">As of <em style="font: inherit;"> March 31, 2022, </em>the Partnership owns an industrial flex property in Maple Grove, Minnesota. The following is the cost basis and accumulated depreciation of the real estate investment owned by the Partnership as of <em style="font: inherit;"> March 31, 2022 </em>and <em style="font: inherit;"> December 31, 2021.</em></p> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </p> <table border="0" cellpadding="0" cellspacing="0" class="finTable" style="margin-right: 10%; width: 90%; font-size: 10pt; font-family: Times New Roman; text-indent: 0px;"><tbody><tr style="vertical-align: bottom;"><td style="font-family: Times New Roman; font-size: 10pt;"> </td><td style="font-family: Times New Roman; font-size: 10pt;"> </td><td colspan="2" style="text-align: center; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;">No. of</p> </td><td style="font-family: Times New Roman; font-size: 10pt; padding-bottom: 1px;"> </td><td style="font-family: Times New Roman; font-size: 10pt;"> </td><td colspan="2" style="text-align: center; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;">Year of</p> </td><td style="font-family: Times New Roman; font-size: 10pt; padding-bottom: 1px;"> </td><td style="font-family: Times New Roman; font-size: 10pt;"> </td><td style="font-family: Times New Roman; font-size: 10pt;"> </td><td colspan="6" style="text-align: center; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;">Real Estate at Cost</p> </td><td style="font-family: Times New Roman; font-size: 10pt; padding-bottom: 1px;"> </td></tr> <tr style="vertical-align: bottom;"><td style="font-family: Times New Roman; font-size: 10pt; width: 33.8%;"> <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; margin-top: 0pt; margin-bottom: 0pt;">Type</p> </td><td style="font-family: Times New Roman; font-size: 10pt;"> </td><td colspan="2" style="text-align: center; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;">Prop.</p> </td><td style="font-family: Times New Roman; font-size: 10pt; padding-bottom: 1px;"> </td><td style="font-family: Times New Roman; font-size: 10pt;"> </td><td colspan="2" style="text-align: center; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;">Acquisition</p> </td><td style="font-family: Times New Roman; font-size: 10pt; padding-bottom: 1px;"> </td><td style="text-align: center; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt; width: 10.2%; border-bottom: 1px solid rgb(0, 0, 0);"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;">Description</p> </td><td style="font-family: Times New Roman; font-size: 10pt;"> </td><td colspan="2" style="text-align: center; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;">3/31/2022</p> </td><td style="font-family: Times New Roman; font-size: 10pt; padding-bottom: 1px;"> </td><td style="font-family: Times New Roman; font-size: 10pt;"> </td><td colspan="2" style="text-align: center; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;">12/31/2021</p> </td><td style="font-family: Times New Roman; font-size: 10pt; padding-bottom: 1px;"> </td></tr> <tr style="vertical-align: bottom;"><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"><td style="font-family: Times New Roman; font-size: 10pt;"> <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; margin-top: 0pt; margin-bottom: 0pt;">Industrial flex property</p> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td><td style="width: 11%; text-align: right; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;">1</td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td><td style="width: 11%; text-align: right; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;">2002</td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;"> </td><td style="text-align: right; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:right;margin:0pt;"><span style="-sec-ix-hidden:c84418402">60,345 sf</span></p> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;">$</td><td style="width: 11%; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt; text-align: right;">6,622,351</td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;">$</td><td style="width: 11%; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt; text-align: right;">6,141,101</td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"><td style="font-family: Times New Roman; font-size: 10pt;"> <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; margin-top: 0pt; margin-bottom: 0pt;">Less: Accumulated depreciation</p> </td><td style="font-family: Times New Roman; font-size: 10pt;"> </td><td style="font-family: Times New Roman; font-size: 10pt;"> </td><td style="font-family: Times New Roman; font-size: 10pt;"><em style="font: inherit;"> </em></td><td style="font-family: Times New Roman; font-size: 10pt; padding-bottom: 1px;"> </td><td style="font-family: Times New Roman; font-size: 10pt;"> </td><td style="font-family: Times New Roman; font-size: 10pt;"> </td><td style="font-family: Times New Roman; font-size: 10pt;"><em style="font: inherit;"> </em></td><td style="font-family: Times New Roman; font-size: 10pt; padding-bottom: 1px;"> </td><td style="font-family: Times New Roman; font-size: 10pt;"><em style="font: inherit;"> </em></td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td><td style="width: 11%; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0); text-align: right;">(2,765,573</td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt; padding-bottom: 1px; border-bottom: 1px solid rgb(0, 0, 0);">)</td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td><td style="width: 11%; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0); text-align: right;">(2,724,450</td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt; padding-bottom: 1px;">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"><td style="font-family: Times New Roman; font-size: 10pt;"> <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; margin-top: 0pt; margin-bottom: 0pt;">Investment in real estate</p> </td><td style="font-family: Times New Roman; font-size: 10pt;"> </td><td style="font-family: Times New Roman; font-size: 10pt;"> </td><td style="font-family: Times New Roman; font-size: 10pt;"><em style="font: inherit;"> </em></td><td style="font-family: Times New Roman; font-size: 10pt; padding-bottom: 3px;"> </td><td style="font-family: Times New Roman; font-size: 10pt;"> </td><td style="font-family: Times New Roman; font-size: 10pt;"> </td><td style="font-family: Times New Roman; font-size: 10pt;"><em style="font: inherit;"> </em></td><td style="font-family: Times New Roman; font-size: 10pt; padding-bottom: 3px;"> </td><td style="font-family: Times New Roman; font-size: 10pt;"><em style="font: inherit;"> </em></td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td><td style="width: 11%; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0); text-align: right;">3,856,778</td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td><td style="width: 11%; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0); text-align: right;">3,416,651</td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt;"> </td></tr> </tbody></table> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </p> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </p> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;text-indent:36pt;">The Partnership’s wholly owned property located in Maple Grove, Minnesota is <em style="font: inherit;">100%</em> leased to a single tenant to <em style="font: inherit;"> October 31, 2031. </em>The tenant pays fixed base rent which increases approximately 3% each year. The tenant pays directly or reimburses the Partnership for all utilities, real estate taxes, insurance and most of the property operating expenses and property management fees.</p> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </p> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;text-indent:36pt;">On <em style="font: inherit;"> February 28, 2022, </em>the tenant and the Partnership executed the Sixth Amendment (“Amendment”) to the lease. The Amendment extends the term of the lease from <em style="font: inherit;"> October 31, 2024 </em>to <em style="font: inherit;"> October 31, 2031. </em>The Amendment reduces the fixed monthly base rent stipulated in the <em style="font: inherit;">fifth</em> amendment from <em style="font: inherit;"> November 1, 2021 </em>to <em style="font: inherit;"> October 31, 2024 </em>as follows:</p> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;text-indent:36pt;">From <em style="font: inherit;"> November 1, 2021 </em>to <em style="font: inherit;"> October 31, 2022, </em>$71,222 per month to $62,859 per month.</p> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;text-indent:36pt;">From <em style="font: inherit;"> November 1, 2022 </em>to <em style="font: inherit;"> October 31, 2023, </em>$73,359 per month to $64,745 per month.</p> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;text-indent:36pt;">From <em style="font: inherit;"> November 1, 2023 </em>to <em style="font: inherit;"> October 31, 2024, </em>$75,560 per month to $66,688 per month.</p> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </p> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;text-indent:36pt;">Monthly base rent for the extended term increases approximately 3% per annum. The Partnership has agreed to provide a tenant improvement allowance of $175,000 for HVAC replacements. Tenant has a <em style="font: inherit;">one</em> time right to extend the lease an additional <span style="-sec-ix-hidden:c84418399">five</span> years. The Partnership has agreed to pay for a leasing commission to the tenant’s broker. In addition, an affiliate of the Partnership will earn a landlord leasing commission in accordance with the property management agreement. All the other relevant terms of the lease remain the same.</p> <table border="0" cellpadding="0" cellspacing="0" class="finTable" style="margin-right: 10%; width: 90%; font-size: 10pt; font-family: Times New Roman; text-indent: 0px;"><tbody><tr style="vertical-align: bottom;"><td style="font-family: Times New Roman; font-size: 10pt;"> </td><td style="font-family: Times New Roman; font-size: 10pt;"> </td><td colspan="2" style="text-align: center; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;">No. of</p> </td><td style="font-family: Times New Roman; font-size: 10pt; padding-bottom: 1px;"> </td><td style="font-family: Times New Roman; font-size: 10pt;"> </td><td colspan="2" style="text-align: center; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;">Year of</p> </td><td style="font-family: Times New Roman; font-size: 10pt; padding-bottom: 1px;"> </td><td style="font-family: Times New Roman; font-size: 10pt;"> </td><td style="font-family: Times New Roman; font-size: 10pt;"> </td><td colspan="6" style="text-align: center; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;">Real Estate at Cost</p> </td><td style="font-family: Times New Roman; font-size: 10pt; padding-bottom: 1px;"> </td></tr> <tr style="vertical-align: bottom;"><td style="font-family: Times New Roman; font-size: 10pt; width: 33.8%;"> <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; margin-top: 0pt; margin-bottom: 0pt;">Type</p> </td><td style="font-family: Times New Roman; font-size: 10pt;"> </td><td colspan="2" style="text-align: center; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;">Prop.</p> </td><td style="font-family: Times New Roman; font-size: 10pt; padding-bottom: 1px;"> </td><td style="font-family: Times New Roman; font-size: 10pt;"> </td><td colspan="2" style="text-align: center; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;">Acquisition</p> </td><td style="font-family: Times New Roman; font-size: 10pt; padding-bottom: 1px;"> </td><td style="text-align: center; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt; width: 10.2%; border-bottom: 1px solid rgb(0, 0, 0);"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;">Description</p> </td><td style="font-family: Times New Roman; font-size: 10pt;"> </td><td colspan="2" style="text-align: center; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;">3/31/2022</p> </td><td style="font-family: Times New Roman; font-size: 10pt; padding-bottom: 1px;"> </td><td style="font-family: Times New Roman; font-size: 10pt;"> </td><td colspan="2" style="text-align: center; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;">12/31/2021</p> </td><td style="font-family: Times New Roman; font-size: 10pt; padding-bottom: 1px;"> </td></tr> <tr style="vertical-align: bottom;"><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"><td style="font-family: Times New Roman; font-size: 10pt;"> <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; margin-top: 0pt; margin-bottom: 0pt;">Industrial flex property</p> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td><td style="width: 11%; text-align: right; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;">1</td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td><td style="width: 11%; text-align: right; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;">2002</td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;"> </td><td style="text-align: right; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:right;margin:0pt;"><span style="-sec-ix-hidden:c84418402">60,345 sf</span></p> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;">$</td><td style="width: 11%; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt; text-align: right;">6,622,351</td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;">$</td><td style="width: 11%; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt; text-align: right;">6,141,101</td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"><td style="font-family: Times New Roman; font-size: 10pt;"> <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; margin-top: 0pt; margin-bottom: 0pt;">Less: Accumulated depreciation</p> </td><td style="font-family: Times New Roman; font-size: 10pt;"> </td><td style="font-family: Times New Roman; font-size: 10pt;"> </td><td style="font-family: Times New Roman; font-size: 10pt;"><em style="font: inherit;"> </em></td><td style="font-family: Times New Roman; font-size: 10pt; padding-bottom: 1px;"> </td><td style="font-family: Times New Roman; font-size: 10pt;"> </td><td style="font-family: Times New Roman; font-size: 10pt;"> </td><td style="font-family: Times New Roman; font-size: 10pt;"><em style="font: inherit;"> </em></td><td style="font-family: Times New Roman; font-size: 10pt; padding-bottom: 1px;"> </td><td style="font-family: Times New Roman; font-size: 10pt;"><em style="font: inherit;"> </em></td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td><td style="width: 11%; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0); text-align: right;">(2,765,573</td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt; padding-bottom: 1px; border-bottom: 1px solid rgb(0, 0, 0);">)</td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td><td style="width: 11%; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0); text-align: right;">(2,724,450</td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt; padding-bottom: 1px;">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"><td style="font-family: Times New Roman; font-size: 10pt;"> <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; margin-top: 0pt; margin-bottom: 0pt;">Investment in real estate</p> </td><td style="font-family: Times New Roman; font-size: 10pt;"> </td><td style="font-family: Times New Roman; font-size: 10pt;"> </td><td style="font-family: Times New Roman; font-size: 10pt;"><em style="font: inherit;"> </em></td><td style="font-family: Times New Roman; font-size: 10pt; padding-bottom: 3px;"> </td><td style="font-family: Times New Roman; font-size: 10pt;"> </td><td style="font-family: Times New Roman; font-size: 10pt;"> </td><td style="font-family: Times New Roman; font-size: 10pt;"><em style="font: inherit;"> </em></td><td style="font-family: Times New Roman; font-size: 10pt; padding-bottom: 3px;"> </td><td style="font-family: Times New Roman; font-size: 10pt;"><em style="font: inherit;"> </em></td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td><td style="width: 11%; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0); text-align: right;">3,856,778</td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td><td style="width: 11%; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0); text-align: right;">3,416,651</td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt;"> </td></tr> </tbody></table> 1 2002 6622351 6141101 2765573 2724450 3856778 3416651 0.03 71222 62859 73359 64745 75560 66688 0.03 175000 <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt 0pt 0pt 36pt;text-indent:-36pt;">(<em style="font: inherit;">5</em>) ASSETS MEASURED AT FAIR VALUE</p> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </p> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;text-indent:36pt;">The accounting guidance for Fair Value Measurements establishes a framework for measuring fair value that includes a hierarchy used to classify the inputs used in determining fair value. The hierarchy prioritizes the inputs to valuation techniques used to measure fair value into <em style="font: inherit;">three</em> levels. The level in the fair value hierarchy within which the fair value measurement falls is determined based on the lowest level of input that is significant to the fair value measurement.</p> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </p> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;text-indent:36pt;">Fair value is defined as the price that would be received upon sale of an asset or paid upon transfer of a liability in an orderly transaction between market participants at the measurement date and in the principal or most advantageous market for that asset or liability. The fair value is calculated based on the assumptions that market participants would use in pricing the asset or liability, <em style="font: inherit;">not</em> on assumptions specific to the entity.</p> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </p> <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; margin: 0pt; text-indent: 36pt;">The <em style="font: inherit;">three</em> levels of fair value hierarchy are described below:</p> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </p> <table border="0" cellpadding="0" cellspacing="0" style="width:100%;font-family:Times New Roman;font-size:10pt;"><tbody><tr><td style="width:54pt;"> </td><td style="vertical-align:top;width:18pt;"> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">●</p> </td><td style="vertical-align:top;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Level <em style="font: inherit;">1</em> - Unadjusted quoted prices in active markets that are accessible at the measurement date for identical unrestricted assets or liabilities;</p> </td></tr> </tbody></table> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </p> <table border="0" cellpadding="0" cellspacing="0" style="width:100%;font-family:Times New Roman;font-size:10pt;"><tbody><tr><td style="width:54pt;"> </td><td style="vertical-align:top;width:18pt;"> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">●</p> </td><td style="vertical-align:top;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Level <em style="font: inherit;">2</em> - Quoted prices in active markets for similar assets and liabilities or quoted prices in less active dealer or broker markets;</p> </td></tr> </tbody></table> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </p> <table border="0" cellpadding="0" cellspacing="0" style="width:100%;font-family:Times New Roman;font-size:10pt;"><tbody><tr><td style="width:54pt;"> </td><td style="vertical-align:top;width:18pt;"> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">●</p> </td><td style="vertical-align:top;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Level <em style="font: inherit;">3</em> - Prices or valuations that require inputs that are both significant to the fair value measurement and are unobservable.</p> </td></tr> </tbody></table> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </p> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;text-indent:36pt;">The following major categories of assets were measured at fair value as of <em style="font: inherit;"> March 31, 2022 </em>and <em style="font: inherit;"> December 31, 2021:</em></p> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </p> <table border="0" cellpadding="0" cellspacing="0" class="finTable" style="font-size: 10pt; margin-right: 20%; width: 80%; text-indent: 0px;"><tbody><tr style="vertical-align: bottom;"><td style="font-size: 10pt;"> </td><td style="font-size: 10pt;"> </td><td colspan="2" style="text-align: center; font-size: 10pt; margin-left: 0pt;"> <p style="font-size: 10pt; font-variant-numeric: normal; font-variant-east-asian: normal; margin: 0pt;">Level 2:</p> </td><td style="font-size: 10pt;"> </td><td style="font-size: 10pt;"> </td><td colspan="2" style="text-align: center; font-size: 10pt; margin-left: 0pt;"> <p style="font-size: 10pt; font-variant-numeric: normal; font-variant-east-asian: normal; margin: 0pt;">March 31,</p> </td><td style="font-size: 10pt;"> </td></tr> <tr style="vertical-align: bottom;"><td style="font-size: 10pt;"> </td><td style="font-size: 10pt;"> </td><td colspan="2" style="text-align: center; font-size: 10pt; margin-left: 0pt;"> <p style="font-size: 10pt; font-variant-numeric: normal; font-variant-east-asian: normal; margin: 0pt;">Significant</p> </td><td style="font-size: 10pt;"> </td><td style="font-size: 10pt;"> </td><td colspan="2" style="text-align: center; font-size: 10pt; margin-left: 0pt;"> <p style="font-size: 10pt; font-variant-numeric: normal; font-variant-east-asian: normal; margin: 0pt;">2022</p> </td><td style="font-size: 10pt;"> </td></tr> <tr style="vertical-align: bottom;"><td style="font-size: 10pt;"> </td><td style="font-size: 10pt;"> </td><td colspan="2" style="text-align: center; font-size: 10pt; margin-left: 0pt;"> <p style="font-size: 10pt; font-variant-numeric: normal; font-variant-east-asian: normal; margin: 0pt;">Unobservable</p> </td><td style="font-size: 10pt;"> </td><td style="font-size: 10pt;"> </td><td colspan="2" style="text-align: center; font-size: 10pt; margin-left: 0pt;"> <p style="font-size: 10pt; font-variant-numeric: normal; font-variant-east-asian: normal; margin: 0pt;">(Unaudited)</p> </td><td style="font-size: 10pt;"> </td></tr> <tr style="vertical-align: bottom;"><td style="font-size: 10pt;"> </td><td style="font-size: 10pt;"> </td><td colspan="2" style="text-align: center; font-size: 10pt; margin-left: 0pt; border-bottom-style: solid; border-bottom-color: rgb(0, 0, 0);"> <p style="font-size: 10pt; font-variant-numeric: normal; font-variant-east-asian: normal; margin: 0pt;">Inputs</p> </td><td style="font-size: 10pt; border-bottom-style: solid; border-bottom-color: rgb(0, 0, 0);"> </td><td style="font-size: 10pt; border-bottom-style: solid; border-bottom-color: rgb(0, 0, 0);"> </td><td colspan="2" style="text-align: center; font-size: 10pt; margin-left: 0pt; border-bottom-style: solid; border-bottom-color: rgb(0, 0, 0);"> <p style="font-size: 10pt; font-variant-numeric: normal; font-variant-east-asian: normal; margin: 0pt;">Total</p> </td><td style="font-size: 10pt; padding-bottom: 1px;"> </td></tr> <tr style="vertical-align: bottom;"><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"><td style="font-size: 10pt; width: 62%;"> <p style="font-size: 10pt; font-variant-numeric: normal; font-variant-east-asian: normal; margin-top: 0pt; margin-bottom: 0pt;">Assets</p> </td><td style="font-size: 10pt;"> </td><td style="font-size: 10pt;"> </td><td style="font-size: 10pt;"> </td><td style="font-size: 10pt;"> </td><td style="font-size: 10pt;"> </td><td style="font-size: 10pt;"> </td><td style="font-size: 10pt;"> </td><td style="font-size: 10pt;"> </td></tr> <tr style="vertical-align: bottom;"><td style="font-size: 10pt;"> <p style="font-size: 10pt; font-variant-numeric: normal; font-variant-east-asian: normal; margin-top: 0pt; margin-bottom: 0pt; margin-left: 27pt;">Investment in Sentinel Omaha, LLC ("Omaha")</p> </td><td style="width: 1%; font-size: 10pt;"> </td><td style="width: 1%; font-size: 10pt; margin-left: 0pt; border-bottom-style: solid; border-bottom-color: rgb(0, 0, 0);">$</td><td style="width: 16%; text-align: right; font-size: 10pt; margin-left: 0pt; border-bottom-style: solid; border-bottom-color: rgb(0, 0, 0);">3,355,473</td><td style="width: 1%; font-size: 10pt; border-bottom-style: solid; border-bottom-color: rgb(0, 0, 0); margin-left: 0pt;"> </td><td style="width: 1%; font-size: 10pt; border-bottom-style: solid; border-bottom-color: rgb(0, 0, 0);"> </td><td style="width: 1%; font-size: 10pt; margin-left: 0pt; border-bottom-style: solid; border-bottom-color: rgb(0, 0, 0);">$</td><td style="width: 16%; text-align: right; font-size: 10pt; margin-left: 0pt; border-bottom-style: solid; border-bottom-color: rgb(0, 0, 0);">3,355,473</td><td style="width: 1%; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt;"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr> <tr style="vertical-align: bottom;"><td style="font-size: 10pt;"> <p style="font-size: 10pt; font-variant-numeric: normal; font-variant-east-asian: normal; margin-top: 0pt; margin-bottom: 0pt;">Total assets</p> </td><td style="width: 1%; font-size: 10pt;"> </td><td style="width: 1%; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td><td style="width: 16%; text-align: right; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">3,355,473</td><td style="width: 1%; font-size: 10pt; border-bottom: 3px double rgb(0, 0, 0); margin-left: 0pt;"> </td><td style="width: 1%; font-size: 10pt; border-bottom: 3px double rgb(0, 0, 0);"> </td><td style="width: 1%; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td><td style="width: 16%; text-align: right; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">3,355,473</td><td style="width: 1%; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt;"> </td></tr> </tbody></table> <p style="margin: 0pt;"> </p> <table border="0" cellpadding="0" cellspacing="0" class="finTable" style="font-size: 10pt; margin-right: 20%; width: 80%; text-indent: 0px;"><tbody><tr style="vertical-align: bottom;"><td style="font-size: 10pt;"> </td><td style="font-size: 10pt;"> </td><td colspan="2" style="text-align: center; font-size: 10pt; margin-left: 0pt;"> <p style="font-size: 10pt; font-variant-numeric: normal; font-variant-east-asian: normal; margin: 0pt;">Level 2:</p> </td><td style="font-size: 10pt;"> </td><td style="font-size: 10pt;"> </td><td colspan="2" style="text-align: center; font-size: 10pt; margin-left: 0pt;"> <p style="font-size: 10pt; font-variant-numeric: normal; font-variant-east-asian: normal; margin: 0pt;">December 31,</p> </td><td style="font-size: 10pt;"> </td></tr> <tr style="vertical-align: bottom;"><td style="font-size: 10pt;"> </td><td style="font-size: 10pt;"> </td><td colspan="2" style="text-align: center; font-size: 10pt; margin-left: 0pt;"> <p style="font-size: 10pt; font-variant-numeric: normal; font-variant-east-asian: normal; margin: 0pt;">Significant</p> </td><td style="font-size: 10pt;"> </td><td style="font-size: 10pt;"> </td><td colspan="2" style="text-align: center; font-size: 10pt; margin-left: 0pt;"> <p style="font-size: 10pt; font-variant-numeric: normal; font-variant-east-asian: normal; margin: 0pt;">2021</p> </td><td style="font-size: 10pt;"> </td></tr> <tr style="vertical-align: bottom;"><td style="font-size: 10pt;"> </td><td style="font-size: 10pt;"> </td><td colspan="2" style="text-align: center; font-size: 10pt; margin-left: 0pt;"> <p style="font-size: 10pt; font-variant-numeric: normal; font-variant-east-asian: normal; margin: 0pt;">Unobservable</p> </td><td style="font-size: 10pt;"> </td><td style="font-size: 10pt;"> </td><td colspan="2" style="text-align: center; font-size: 10pt; margin-left: 0pt;"> <p style="font-size: 10pt; font-variant-numeric: normal; font-variant-east-asian: normal; margin: 0pt;">(Audited)</p> </td><td style="font-size: 10pt;"> </td></tr> <tr style="vertical-align: bottom;"><td style="font-size: 10pt;"> </td><td style="font-size: 10pt;"> </td><td colspan="2" style="text-align: center; font-size: 10pt; margin-left: 0pt; border-bottom-style: solid; border-bottom-color: rgb(0, 0, 0);"> <p style="font-size: 10pt; font-variant-numeric: normal; font-variant-east-asian: normal; margin: 0pt;">Inputs</p> </td><td style="font-size: 10pt; border-bottom-style: solid; border-bottom-color: rgb(0, 0, 0);"> </td><td style="font-size: 10pt; border-bottom-style: solid; border-bottom-color: rgb(0, 0, 0);"> </td><td colspan="2" style="text-align: center; font-size: 10pt; margin-left: 0pt; border-bottom-style: solid; border-bottom-color: rgb(0, 0, 0);"> <p style="font-size: 10pt; font-variant-numeric: normal; font-variant-east-asian: normal; margin: 0pt;">Total</p> </td><td style="font-size: 10pt; padding-bottom: 1px;"> </td></tr> <tr style="vertical-align: bottom;"><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"><td colspan="1" style="font-size: 10pt; margin-left: 0pt;"> <p style="font-size: 10pt; font-variant-numeric: normal; font-variant-east-asian: normal; margin: 0pt;">Assets</p> </td><td style="font-size: 10pt;"> </td><td style="font-size: 10pt;"> </td><td style="font-size: 10pt;"> </td><td style="font-size: 10pt;"> </td><td style="font-size: 10pt;"> </td><td style="font-size: 10pt;"> </td><td style="font-size: 10pt;"> </td><td style="font-size: 10pt;"> </td></tr> <tr style="vertical-align: bottom;"><td style="font-size: 10pt; width: 55.3%;"> <p style="font-size: 10pt; font-variant-numeric: normal; font-variant-east-asian: normal; margin-top: 0pt; margin-bottom: 0pt; margin-left: 27pt;">Investment in Sentinel Omaha, LLC</p> </td><td style="width: 1%; font-size: 10pt;"> </td><td style="width: 1%; font-size: 10pt; margin-left: 0pt; border-bottom-style: solid; border-bottom-color: rgb(0, 0, 0);">$</td><td style="width: 16%; font-size: 10pt; margin-left: 0pt; border-bottom-style: solid; border-bottom-color: rgb(0, 0, 0); text-align: right;">30,386,569</td><td style="width: 1%; font-size: 10pt; border-bottom-style: solid; border-bottom-color: rgb(0, 0, 0); margin-left: 0pt;"> </td><td style="width: 1%; font-size: 10pt; border-bottom-style: solid; border-bottom-color: rgb(0, 0, 0);"> </td><td style="width: 1%; font-size: 10pt; margin-left: 0pt; border-bottom-style: solid; border-bottom-color: rgb(0, 0, 0);">$</td><td style="width: 16%; text-align: right; font-size: 10pt; margin-left: 0pt; border-bottom-style: solid; border-bottom-color: rgb(0, 0, 0);">30,386,569</td><td style="width: 1%; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt;"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr> <tr style="vertical-align: bottom;"><td colspan="1" style="font-size: 10pt; margin-left: 0pt;"> <p style="font-size: 10pt; font-variant-numeric: normal; font-variant-east-asian: normal; margin: 0pt;">Total assets</p> </td><td style="width: 1%; font-size: 10pt;"> </td><td style="width: 1%; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td><td style="width: 16%; text-align: right; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">30,386,569</td><td style="width: 1%; font-size: 10pt; border-bottom: 3px double rgb(0, 0, 0); margin-left: 0pt;"> </td><td style="width: 1%; font-size: 10pt; border-bottom: 3px double rgb(0, 0, 0);"> </td><td style="width: 1%; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td><td style="width: 16%; text-align: right; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">30,386,569</td><td style="width: 1%; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt;"> </td></tr> </tbody></table> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </p> <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; margin: 0pt; text-indent: 36pt;">The following is a reconciliation of the beginning and ending balances for assets measured at fair value using significant unobservable inputs (Level <em style="font: inherit;">2</em>) during the periods ended <em style="font: inherit;"> March 31, 2022 </em>and <em style="font: inherit;"> December 31, 2021:</em></p> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </p> <table border="0" cellpadding="0" cellspacing="0" class="finTable" style="font-size: 10pt; margin-right: 15%; width: 85%; text-indent: 0px;"><tbody><tr style="vertical-align: bottom;"><td style="font-size: 10pt;"> </td><td style="font-size: 10pt;"> </td><td colspan="2" style="text-align: center; font-size: 10pt; margin-left: 0pt;"> <p style="font-size: 10pt; font-variant-numeric: normal; font-variant-east-asian: normal; margin: 0pt;">Investment in</p> </td><td style="font-size: 10pt;"> </td><td style="font-size: 10pt;"> </td><td colspan="2" style="text-align: center; font-size: 10pt; margin-left: 0pt;"> <p style="font-size: 10pt; font-variant-numeric: normal; font-variant-east-asian: normal; margin: 0pt;">Reserve for</p> </td><td style="font-size: 10pt;"> </td><td style="font-size: 10pt;"> </td><td style="font-size: 10pt;"> </td><td style="text-align: center; font-size: 10pt;"> </td><td style="font-size: 10pt;"> </td></tr> <tr style="vertical-align: bottom;"><td style="font-size: 10pt;"> </td><td style="font-size: 10pt;"> </td><td colspan="2" style="text-align: center; font-size: 10pt; margin-left: 0pt;"> <p style="font-size: 10pt; font-variant-numeric: normal; font-variant-east-asian: normal; margin: 0pt;">Sentinel</p> </td><td style="font-size: 10pt;"> </td><td style="font-size: 10pt;"> </td><td colspan="2" style="text-align: center; font-size: 10pt; margin-left: 0pt;"> <p style="font-size: 10pt; font-variant-numeric: normal; font-variant-east-asian: normal; margin: 0pt;">fair value</p> </td><td style="font-size: 10pt;"> </td><td style="font-size: 10pt;"> </td><td style="font-size: 10pt;"> </td><td style="text-align: center; font-size: 10pt;"> </td><td style="font-size: 10pt;"> </td></tr> <tr style="vertical-align: bottom;"><td style="font-size: 10pt;"> </td><td style="font-size: 10pt;"> </td><td colspan="2" style="text-align: center; font-size: 10pt; margin-left: 0pt; border-bottom-style: solid; border-bottom-color: rgb(0, 0, 0);"> <p style="font-size: 10pt; font-variant-numeric: normal; font-variant-east-asian: normal; margin: 0pt;">Omaha, LLC</p> </td><td style="font-size: 10pt; border-bottom-style: solid; border-bottom-color: rgb(0, 0, 0);"> </td><td style="font-size: 10pt; border-bottom-style: solid; border-bottom-color: rgb(0, 0, 0);"> </td><td colspan="2" style="text-align: center; font-size: 10pt; margin-left: 0pt; border-bottom-style: solid; border-bottom-color: rgb(0, 0, 0);"> <p style="font-size: 10pt; font-variant-numeric: normal; font-variant-east-asian: normal; margin: 0pt;">of investment</p> </td><td style="font-size: 10pt; border-bottom-style: solid; border-bottom-color: rgb(0, 0, 0);"> </td><td style="font-size: 10pt; border-bottom-style: solid; border-bottom-color: rgb(0, 0, 0);"> </td><td colspan="2" style="text-align: center; font-size: 10pt; margin-left: 0pt; border-bottom-style: solid; border-bottom-color: rgb(0, 0, 0);"> <p style="font-size: 10pt; font-variant-numeric: normal; font-variant-east-asian: normal; margin: 0pt;">Total</p> </td><td style="font-size: 10pt; padding-bottom: 1px;"> </td></tr> <tr style="vertical-align: bottom;"><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"><td style="font-size: 10pt; width: 46%;"> <p style="font-size: 10pt; font-variant-numeric: normal; font-variant-east-asian: normal; margin-top: 0pt; margin-bottom: 0pt;">Balance at January 1, 2021</p> </td><td style="width: 1%; font-size: 10pt;"> </td><td style="width: 1%; font-size: 10pt; margin-left: 0pt;">$</td><td style="width: 15%; text-align: right; font-size: 10pt; margin-left: 0pt;">59,615,139</td><td style="width: 1%; font-size: 10pt; margin-left: 0pt;"> </td><td style="width: 1%; font-size: 10pt;"> </td><td style="width: 1%; font-size: 10pt; margin-left: 0pt;">$</td><td style="width: 15%; text-align: right; font-size: 10pt; margin-left: 0pt;">(11,923,033</td><td style="width: 1%; font-size: 10pt; margin-left: 0pt;">)</td><td style="width: 1%; font-size: 10pt;"> </td><td style="width: 1%; font-size: 10pt; margin-left: 0pt;">$</td><td style="width: 15%; text-align: right; font-size: 10pt; margin-left: 0pt;">47,692,106</td><td style="width: 1%; font-size: 10pt; margin-left: 0pt;"> </td></tr> <tr style="vertical-align: bottom;"><td style="font-size: 10pt;"> <p style="font-size: 10pt; font-variant-numeric: normal; font-variant-east-asian: normal; margin-top: 0pt; margin-bottom: 0pt;">Equity in net income of investment</p> </td><td style="width: 1%; font-size: 10pt;"> </td><td style="width: 1%; font-size: 10pt;"> </td><td style="width: 15%; text-align: right; font-size: 10pt; margin-left: 0pt;">19,251,430</td><td style="width: 1%; font-size: 10pt; margin-left: 0pt;"> </td><td style="width: 1%; font-size: 10pt;"> </td><td style="width: 1%; font-size: 10pt;"> </td><td style="width: 15%; text-align: right; font-size: 10pt; margin-left: 0pt;"><em style="font: inherit;">-</em></td><td style="width: 1%; font-size: 10pt; margin-left: 0pt;"> </td><td style="width: 1%; font-size: 10pt;"> </td><td style="width: 1%; font-size: 10pt;"> </td><td style="width: 15%; text-align: right; font-size: 10pt; margin-left: 0pt;">19,251,430</td><td style="width: 1%; font-size: 10pt; margin-left: 0pt;"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"><td style="font-size: 10pt;"> <p style="font-size: 10pt; font-variant-numeric: normal; font-variant-east-asian: normal; margin-top: 0pt; margin-bottom: 0pt;">Distribution from investment</p> </td><td style="width: 1%; font-size: 10pt;"> </td><td style="width: 1%; font-size: 10pt;"> </td><td style="width: 15%; text-align: right; font-size: 10pt; margin-left: 0pt;">(48,480,000</td><td style="width: 1%; font-size: 10pt; margin-left: 0pt;">)</td><td style="font-size: 10pt;"> </td><td style="font-size: 10pt;"> </td><td style="text-align: right; font-size: 10pt;"><em style="font: inherit;">-</em></td><td style="font-size: 10pt;"> </td><td style="width: 1%; font-size: 10pt;"> </td><td style="width: 1%; font-size: 10pt;"> </td><td style="width: 15%; text-align: right; font-size: 10pt; margin-left: 0pt;"><em style="font: inherit;">(48,480,000</em></td><td style="width: 1%; font-size: 10pt; margin-left: 0pt;">)</td></tr> <tr style="vertical-align: bottom;"><td style="font-size: 10pt;"> <p style="font-size: 10pt; font-variant-numeric: normal; font-variant-east-asian: normal; margin-top: 0pt; margin-bottom: 0pt;">Decrease in reserve</p> </td><td style="width: 1%; font-size: 10pt;"> </td><td style="width: 1%; font-size: 10pt; border-bottom-style: solid; border-bottom-color: rgb(0, 0, 0);"> </td><td style="width: 15%; text-align: right; font-size: 10pt; margin-left: 0pt; border-bottom-style: solid; border-bottom-color: rgb(0, 0, 0);">-</td><td style="width: 1%; font-size: 10pt; border-bottom-style: solid; border-bottom-color: rgb(0, 0, 0); margin-left: 0pt;"> </td><td style="width: 1%; font-size: 10pt; border-bottom-style: solid; border-bottom-color: rgb(0, 0, 0);"> </td><td style="width: 1%; font-size: 10pt; border-bottom-style: solid; border-bottom-color: rgb(0, 0, 0);"> </td><td style="width: 15%; text-align: right; font-size: 10pt; margin-left: 0pt; border-bottom-style: solid; border-bottom-color: rgb(0, 0, 0);">11,923,033</td><td style="width: 1%; font-size: 10pt; border-bottom-style: solid; border-bottom-color: rgb(0, 0, 0); margin-left: 0pt;"> </td><td style="width: 1%; font-size: 10pt; border-bottom-style: solid; border-bottom-color: rgb(0, 0, 0);"> </td><td style="width: 1%; font-size: 10pt; border-bottom-style: solid; border-bottom-color: rgb(0, 0, 0);"> </td><td style="width: 15%; text-align: right; font-size: 10pt; margin-left: 0pt; border-bottom-style: solid; border-bottom-color: rgb(0, 0, 0);">11,923,033</td><td style="width: 1%; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt;"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"><td style="font-size: 10pt;"> <p style="font-size: 10pt; font-variant-numeric: normal; font-variant-east-asian: normal; margin-top: 0pt; margin-bottom: 0pt;">Balance at December 31, 2021</p> </td><td style="width: 1%; font-size: 10pt;"> </td><td style="width: 1%; font-size: 10pt;"> </td><td style="width: 15%; text-align: right; font-size: 10pt; margin-left: 0pt;">30,386,569</td><td style="width: 1%; font-size: 10pt; margin-left: 0pt;"> </td><td style="width: 1%; font-size: 10pt;"> </td><td style="width: 1%; font-size: 10pt;"> </td><td style="width: 15%; text-align: right; font-size: 10pt; margin-left: 0pt;">-</td><td style="width: 1%; font-size: 10pt; margin-left: 0pt;"> </td><td style="width: 1%; font-size: 10pt;"> </td><td style="width: 1%; font-size: 10pt;"> </td><td style="width: 15%; text-align: right; font-size: 10pt; margin-left: 0pt;">30,386,569</td><td style="width: 1%; font-size: 10pt; margin-left: 0pt;"> </td></tr> <tr style="vertical-align: bottom;"><td style="font-size: 10pt;"> <p style="font-size: 10pt; font-variant-numeric: normal; font-variant-east-asian: normal; margin-top: 0pt; margin-bottom: 0pt;">Equity in net (loss) of investment</p> </td><td style="width: 1%; font-size: 10pt;"> </td><td style="width: 1%; font-size: 10pt;"> </td><td style="width: 15%; text-align: right; font-size: 10pt; margin-left: 0pt;">(31,096</td><td style="width: 1%; font-size: 10pt; margin-left: 0pt;">)</td><td style="width: 1%; font-size: 10pt;"> </td><td style="width: 1%; font-size: 10pt;"> </td><td style="width: 15%; text-align: right; font-size: 10pt; margin-left: 0pt;"><em style="font: inherit;">-</em></td><td style="width: 1%; font-size: 10pt; margin-left: 0pt;"> </td><td style="width: 1%; font-size: 10pt;"> </td><td style="width: 1%; font-size: 10pt;"> </td><td style="width: 15%; text-align: right; font-size: 10pt; margin-left: 0pt;">(31,096</td><td style="width: 1%; font-size: 10pt; margin-left: 0pt;">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"><td style="font-size: 10pt;"> <p style="font-size: 10pt; font-variant-numeric: normal; font-variant-east-asian: normal; margin-top: 0pt; margin-bottom: 0pt;">Distribution from investment</p> </td><td style="width: 1%; font-size: 10pt; padding-bottom: 1px;"> </td><td style="width: 1%; font-size: 10pt; border-bottom-style: solid; border-bottom-color: rgb(0, 0, 0);"> </td><td style="width: 15%; text-align: right; font-size: 10pt; margin-left: 0pt; border-bottom-style: solid; border-bottom-color: rgb(0, 0, 0);">(27,000,000</td><td style="width: 1%; font-size: 10pt; margin-left: 0pt; border-bottom-style: solid; border-bottom-color: rgb(0, 0, 0);">)</td><td style="font-size: 10pt; border-bottom-style: solid; border-bottom-color: rgb(0, 0, 0);"> </td><td style="font-size: 10pt; border-bottom-style: solid; border-bottom-color: rgb(0, 0, 0);"> </td><td style="text-align: right; font-size: 10pt; border-bottom-style: solid; border-bottom-color: rgb(0, 0, 0);"><em style="font: inherit;">-</em></td><td style="font-size: 10pt; border-bottom-style: solid; border-bottom-color: rgb(0, 0, 0);"> </td><td style="width: 1%; font-size: 10pt; border-bottom-style: solid; border-bottom-color: rgb(0, 0, 0);"> </td><td style="width: 1%; font-size: 10pt; border-bottom-style: solid; border-bottom-color: rgb(0, 0, 0);"> </td><td style="width: 15%; text-align: right; font-size: 10pt; margin-left: 0pt; border-bottom-style: solid; border-bottom-color: rgb(0, 0, 0);">(27,000,000</td><td style="width: 1%; font-size: 10pt; margin-left: 0pt; padding-bottom: 1px;">)</td></tr> <tr style="vertical-align: bottom;"><td style="font-size: 10pt;"> <p style="font-size: 10pt; font-variant-numeric: normal; font-variant-east-asian: normal; margin-top: 0pt; margin-bottom: 0pt;">Balance at March 31, 2022</p> </td><td style="width: 1%; font-size: 10pt;"> </td><td style="width: 1%; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td><td style="width: 15%; text-align: right; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">3,355,473</td><td style="width: 1%; font-size: 10pt; border-bottom: 3px double rgb(0, 0, 0); margin-left: 0pt;"> </td><td style="width: 1%; font-size: 10pt; border-bottom: 3px double rgb(0, 0, 0);"> </td><td style="width: 1%; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td><td style="width: 15%; text-align: right; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);"><em style="font: inherit;">-</em></td><td style="width: 1%; font-size: 10pt; border-bottom: 3px double rgb(0, 0, 0); margin-left: 0pt;"> </td><td style="width: 1%; font-size: 10pt; border-bottom: 3px double rgb(0, 0, 0);"> </td><td style="width: 1%; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td><td style="width: 15%; text-align: right; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">3,355,473</td><td style="width: 1%; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt;"> </td></tr> </tbody></table> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </p> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </p> <table border="0" cellpadding="0" cellspacing="0" class="finTable" style="font-size: 10pt; margin-right: 20%; width: 80%; text-indent: 0px;"><tbody><tr style="vertical-align: bottom;"><td style="font-size: 10pt;"> </td><td style="font-size: 10pt;"> </td><td colspan="2" style="text-align: center; font-size: 10pt; margin-left: 0pt;"> <p style="font-size: 10pt; font-variant-numeric: normal; font-variant-east-asian: normal; margin: 0pt;">Level 2:</p> </td><td style="font-size: 10pt;"> </td><td style="font-size: 10pt;"> </td><td colspan="2" style="text-align: center; font-size: 10pt; margin-left: 0pt;"> <p style="font-size: 10pt; font-variant-numeric: normal; font-variant-east-asian: normal; margin: 0pt;">March 31,</p> </td><td style="font-size: 10pt;"> </td></tr> <tr style="vertical-align: bottom;"><td style="font-size: 10pt;"> </td><td style="font-size: 10pt;"> </td><td colspan="2" style="text-align: center; font-size: 10pt; margin-left: 0pt;"> <p style="font-size: 10pt; font-variant-numeric: normal; font-variant-east-asian: normal; margin: 0pt;">Significant</p> </td><td style="font-size: 10pt;"> </td><td style="font-size: 10pt;"> </td><td colspan="2" style="text-align: center; font-size: 10pt; margin-left: 0pt;"> <p style="font-size: 10pt; font-variant-numeric: normal; font-variant-east-asian: normal; margin: 0pt;">2022</p> </td><td style="font-size: 10pt;"> </td></tr> <tr style="vertical-align: bottom;"><td style="font-size: 10pt;"> </td><td style="font-size: 10pt;"> </td><td colspan="2" style="text-align: center; font-size: 10pt; margin-left: 0pt;"> <p style="font-size: 10pt; font-variant-numeric: normal; font-variant-east-asian: normal; margin: 0pt;">Unobservable</p> </td><td style="font-size: 10pt;"> </td><td style="font-size: 10pt;"> </td><td colspan="2" style="text-align: center; font-size: 10pt; margin-left: 0pt;"> <p style="font-size: 10pt; font-variant-numeric: normal; font-variant-east-asian: normal; margin: 0pt;">(Unaudited)</p> </td><td style="font-size: 10pt;"> </td></tr> <tr style="vertical-align: bottom;"><td style="font-size: 10pt;"> </td><td style="font-size: 10pt;"> </td><td colspan="2" style="text-align: center; font-size: 10pt; margin-left: 0pt; border-bottom-style: solid; border-bottom-color: rgb(0, 0, 0);"> <p style="font-size: 10pt; font-variant-numeric: normal; font-variant-east-asian: normal; margin: 0pt;">Inputs</p> </td><td style="font-size: 10pt; border-bottom-style: solid; border-bottom-color: rgb(0, 0, 0);"> </td><td style="font-size: 10pt; border-bottom-style: solid; border-bottom-color: rgb(0, 0, 0);"> </td><td colspan="2" style="text-align: center; font-size: 10pt; margin-left: 0pt; border-bottom-style: solid; border-bottom-color: rgb(0, 0, 0);"> <p style="font-size: 10pt; font-variant-numeric: normal; font-variant-east-asian: normal; margin: 0pt;">Total</p> </td><td style="font-size: 10pt; padding-bottom: 1px;"> </td></tr> <tr style="vertical-align: bottom;"><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"><td style="font-size: 10pt; width: 62%;"> <p style="font-size: 10pt; font-variant-numeric: normal; font-variant-east-asian: normal; margin-top: 0pt; margin-bottom: 0pt;">Assets</p> </td><td style="font-size: 10pt;"> </td><td style="font-size: 10pt;"> </td><td style="font-size: 10pt;"> </td><td style="font-size: 10pt;"> </td><td style="font-size: 10pt;"> </td><td style="font-size: 10pt;"> </td><td style="font-size: 10pt;"> </td><td style="font-size: 10pt;"> </td></tr> <tr style="vertical-align: bottom;"><td style="font-size: 10pt;"> <p style="font-size: 10pt; font-variant-numeric: normal; font-variant-east-asian: normal; margin-top: 0pt; margin-bottom: 0pt; margin-left: 27pt;">Investment in Sentinel Omaha, LLC ("Omaha")</p> </td><td style="width: 1%; font-size: 10pt;"> </td><td style="width: 1%; font-size: 10pt; margin-left: 0pt; border-bottom-style: solid; border-bottom-color: rgb(0, 0, 0);">$</td><td style="width: 16%; text-align: right; font-size: 10pt; margin-left: 0pt; border-bottom-style: solid; border-bottom-color: rgb(0, 0, 0);">3,355,473</td><td style="width: 1%; font-size: 10pt; border-bottom-style: solid; border-bottom-color: rgb(0, 0, 0); margin-left: 0pt;"> </td><td style="width: 1%; font-size: 10pt; border-bottom-style: solid; border-bottom-color: rgb(0, 0, 0);"> </td><td style="width: 1%; font-size: 10pt; margin-left: 0pt; border-bottom-style: solid; border-bottom-color: rgb(0, 0, 0);">$</td><td style="width: 16%; text-align: right; font-size: 10pt; margin-left: 0pt; border-bottom-style: solid; border-bottom-color: rgb(0, 0, 0);">3,355,473</td><td style="width: 1%; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt;"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr> <tr style="vertical-align: bottom;"><td style="font-size: 10pt;"> <p style="font-size: 10pt; font-variant-numeric: normal; font-variant-east-asian: normal; margin-top: 0pt; margin-bottom: 0pt;">Total assets</p> </td><td style="width: 1%; font-size: 10pt;"> </td><td style="width: 1%; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td><td style="width: 16%; text-align: right; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">3,355,473</td><td style="width: 1%; font-size: 10pt; border-bottom: 3px double rgb(0, 0, 0); margin-left: 0pt;"> </td><td style="width: 1%; font-size: 10pt; border-bottom: 3px double rgb(0, 0, 0);"> </td><td style="width: 1%; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td><td style="width: 16%; text-align: right; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">3,355,473</td><td style="width: 1%; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt;"> </td></tr> </tbody></table> <table border="0" cellpadding="0" cellspacing="0" class="finTable" style="font-size: 10pt; margin-right: 20%; width: 80%; text-indent: 0px;"><tbody><tr style="vertical-align: bottom;"><td style="font-size: 10pt;"> </td><td style="font-size: 10pt;"> </td><td colspan="2" style="text-align: center; font-size: 10pt; margin-left: 0pt;"> <p style="font-size: 10pt; font-variant-numeric: normal; font-variant-east-asian: normal; margin: 0pt;">Level 2:</p> </td><td style="font-size: 10pt;"> </td><td style="font-size: 10pt;"> </td><td colspan="2" style="text-align: center; font-size: 10pt; margin-left: 0pt;"> <p style="font-size: 10pt; font-variant-numeric: normal; font-variant-east-asian: normal; margin: 0pt;">December 31,</p> </td><td style="font-size: 10pt;"> </td></tr> <tr style="vertical-align: bottom;"><td style="font-size: 10pt;"> </td><td style="font-size: 10pt;"> </td><td colspan="2" style="text-align: center; font-size: 10pt; margin-left: 0pt;"> <p style="font-size: 10pt; font-variant-numeric: normal; font-variant-east-asian: normal; margin: 0pt;">Significant</p> </td><td style="font-size: 10pt;"> </td><td style="font-size: 10pt;"> </td><td colspan="2" style="text-align: center; font-size: 10pt; margin-left: 0pt;"> <p style="font-size: 10pt; font-variant-numeric: normal; font-variant-east-asian: normal; margin: 0pt;">2021</p> </td><td style="font-size: 10pt;"> </td></tr> <tr style="vertical-align: bottom;"><td style="font-size: 10pt;"> </td><td style="font-size: 10pt;"> </td><td colspan="2" style="text-align: center; font-size: 10pt; margin-left: 0pt;"> <p style="font-size: 10pt; font-variant-numeric: normal; font-variant-east-asian: normal; margin: 0pt;">Unobservable</p> </td><td style="font-size: 10pt;"> </td><td style="font-size: 10pt;"> </td><td colspan="2" style="text-align: center; font-size: 10pt; margin-left: 0pt;"> <p style="font-size: 10pt; font-variant-numeric: normal; font-variant-east-asian: normal; margin: 0pt;">(Audited)</p> </td><td style="font-size: 10pt;"> </td></tr> <tr style="vertical-align: bottom;"><td style="font-size: 10pt;"> </td><td style="font-size: 10pt;"> </td><td colspan="2" style="text-align: center; font-size: 10pt; margin-left: 0pt; border-bottom-style: solid; border-bottom-color: rgb(0, 0, 0);"> <p style="font-size: 10pt; font-variant-numeric: normal; font-variant-east-asian: normal; margin: 0pt;">Inputs</p> </td><td style="font-size: 10pt; border-bottom-style: solid; border-bottom-color: rgb(0, 0, 0);"> </td><td style="font-size: 10pt; border-bottom-style: solid; border-bottom-color: rgb(0, 0, 0);"> </td><td colspan="2" style="text-align: center; font-size: 10pt; margin-left: 0pt; border-bottom-style: solid; border-bottom-color: rgb(0, 0, 0);"> <p style="font-size: 10pt; font-variant-numeric: normal; font-variant-east-asian: normal; margin: 0pt;">Total</p> </td><td style="font-size: 10pt; padding-bottom: 1px;"> </td></tr> <tr style="vertical-align: bottom;"><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"><td colspan="1" style="font-size: 10pt; margin-left: 0pt;"> <p style="font-size: 10pt; font-variant-numeric: normal; font-variant-east-asian: normal; margin: 0pt;">Assets</p> </td><td style="font-size: 10pt;"> </td><td style="font-size: 10pt;"> </td><td style="font-size: 10pt;"> </td><td style="font-size: 10pt;"> </td><td style="font-size: 10pt;"> </td><td style="font-size: 10pt;"> </td><td style="font-size: 10pt;"> </td><td style="font-size: 10pt;"> </td></tr> <tr style="vertical-align: bottom;"><td style="font-size: 10pt; width: 55.3%;"> <p style="font-size: 10pt; font-variant-numeric: normal; font-variant-east-asian: normal; margin-top: 0pt; margin-bottom: 0pt; margin-left: 27pt;">Investment in Sentinel Omaha, LLC</p> </td><td style="width: 1%; font-size: 10pt;"> </td><td style="width: 1%; font-size: 10pt; margin-left: 0pt; border-bottom-style: solid; border-bottom-color: rgb(0, 0, 0);">$</td><td style="width: 16%; font-size: 10pt; margin-left: 0pt; border-bottom-style: solid; border-bottom-color: rgb(0, 0, 0); text-align: right;">30,386,569</td><td style="width: 1%; font-size: 10pt; border-bottom-style: solid; border-bottom-color: rgb(0, 0, 0); margin-left: 0pt;"> </td><td style="width: 1%; font-size: 10pt; border-bottom-style: solid; border-bottom-color: rgb(0, 0, 0);"> </td><td style="width: 1%; font-size: 10pt; margin-left: 0pt; border-bottom-style: solid; border-bottom-color: rgb(0, 0, 0);">$</td><td style="width: 16%; text-align: right; font-size: 10pt; margin-left: 0pt; border-bottom-style: solid; border-bottom-color: rgb(0, 0, 0);">30,386,569</td><td style="width: 1%; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt;"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr> <tr style="vertical-align: bottom;"><td colspan="1" style="font-size: 10pt; margin-left: 0pt;"> <p style="font-size: 10pt; font-variant-numeric: normal; font-variant-east-asian: normal; margin: 0pt;">Total assets</p> </td><td style="width: 1%; font-size: 10pt;"> </td><td style="width: 1%; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td><td style="width: 16%; text-align: right; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">30,386,569</td><td style="width: 1%; font-size: 10pt; border-bottom: 3px double rgb(0, 0, 0); margin-left: 0pt;"> </td><td style="width: 1%; font-size: 10pt; border-bottom: 3px double rgb(0, 0, 0);"> </td><td style="width: 1%; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td><td style="width: 16%; text-align: right; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">30,386,569</td><td style="width: 1%; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt;"> </td></tr> </tbody></table> 3355473 3355473 3355473 3355473 30386569 30386569 30386569 30386569 <table border="0" cellpadding="0" cellspacing="0" class="finTable" style="font-size: 10pt; margin-right: 15%; width: 85%; text-indent: 0px;"><tbody><tr style="vertical-align: bottom;"><td style="font-size: 10pt;"> </td><td style="font-size: 10pt;"> </td><td colspan="2" style="text-align: center; font-size: 10pt; margin-left: 0pt;"> <p style="font-size: 10pt; font-variant-numeric: normal; font-variant-east-asian: normal; margin: 0pt;">Investment in</p> </td><td style="font-size: 10pt;"> </td><td style="font-size: 10pt;"> </td><td colspan="2" style="text-align: center; font-size: 10pt; margin-left: 0pt;"> <p style="font-size: 10pt; font-variant-numeric: normal; font-variant-east-asian: normal; margin: 0pt;">Reserve for</p> </td><td style="font-size: 10pt;"> </td><td style="font-size: 10pt;"> </td><td style="font-size: 10pt;"> </td><td style="text-align: center; font-size: 10pt;"> </td><td style="font-size: 10pt;"> </td></tr> <tr style="vertical-align: bottom;"><td style="font-size: 10pt;"> </td><td style="font-size: 10pt;"> </td><td colspan="2" style="text-align: center; font-size: 10pt; margin-left: 0pt;"> <p style="font-size: 10pt; font-variant-numeric: normal; font-variant-east-asian: normal; margin: 0pt;">Sentinel</p> </td><td style="font-size: 10pt;"> </td><td style="font-size: 10pt;"> </td><td colspan="2" style="text-align: center; font-size: 10pt; margin-left: 0pt;"> <p style="font-size: 10pt; font-variant-numeric: normal; font-variant-east-asian: normal; margin: 0pt;">fair value</p> </td><td style="font-size: 10pt;"> </td><td style="font-size: 10pt;"> </td><td style="font-size: 10pt;"> </td><td style="text-align: center; font-size: 10pt;"> </td><td style="font-size: 10pt;"> </td></tr> <tr style="vertical-align: bottom;"><td style="font-size: 10pt;"> </td><td style="font-size: 10pt;"> </td><td colspan="2" style="text-align: center; font-size: 10pt; margin-left: 0pt; border-bottom-style: solid; border-bottom-color: rgb(0, 0, 0);"> <p style="font-size: 10pt; font-variant-numeric: normal; font-variant-east-asian: normal; margin: 0pt;">Omaha, LLC</p> </td><td style="font-size: 10pt; border-bottom-style: solid; border-bottom-color: rgb(0, 0, 0);"> </td><td style="font-size: 10pt; border-bottom-style: solid; border-bottom-color: rgb(0, 0, 0);"> </td><td colspan="2" style="text-align: center; font-size: 10pt; margin-left: 0pt; border-bottom-style: solid; border-bottom-color: rgb(0, 0, 0);"> <p style="font-size: 10pt; font-variant-numeric: normal; font-variant-east-asian: normal; margin: 0pt;">of investment</p> </td><td style="font-size: 10pt; border-bottom-style: solid; border-bottom-color: rgb(0, 0, 0);"> </td><td style="font-size: 10pt; border-bottom-style: solid; border-bottom-color: rgb(0, 0, 0);"> </td><td colspan="2" style="text-align: center; font-size: 10pt; margin-left: 0pt; border-bottom-style: solid; border-bottom-color: rgb(0, 0, 0);"> <p style="font-size: 10pt; font-variant-numeric: normal; font-variant-east-asian: normal; margin: 0pt;">Total</p> </td><td style="font-size: 10pt; padding-bottom: 1px;"> </td></tr> <tr style="vertical-align: bottom;"><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"><td style="font-size: 10pt; width: 46%;"> <p style="font-size: 10pt; font-variant-numeric: normal; font-variant-east-asian: normal; margin-top: 0pt; margin-bottom: 0pt;">Balance at January 1, 2021</p> </td><td style="width: 1%; font-size: 10pt;"> </td><td style="width: 1%; font-size: 10pt; margin-left: 0pt;">$</td><td style="width: 15%; text-align: right; font-size: 10pt; margin-left: 0pt;">59,615,139</td><td style="width: 1%; font-size: 10pt; margin-left: 0pt;"> </td><td style="width: 1%; font-size: 10pt;"> </td><td style="width: 1%; font-size: 10pt; margin-left: 0pt;">$</td><td style="width: 15%; text-align: right; font-size: 10pt; margin-left: 0pt;">(11,923,033</td><td style="width: 1%; font-size: 10pt; margin-left: 0pt;">)</td><td style="width: 1%; font-size: 10pt;"> </td><td style="width: 1%; font-size: 10pt; margin-left: 0pt;">$</td><td style="width: 15%; text-align: right; font-size: 10pt; margin-left: 0pt;">47,692,106</td><td style="width: 1%; font-size: 10pt; margin-left: 0pt;"> </td></tr> <tr style="vertical-align: bottom;"><td style="font-size: 10pt;"> <p style="font-size: 10pt; font-variant-numeric: normal; font-variant-east-asian: normal; margin-top: 0pt; margin-bottom: 0pt;">Equity in net income of investment</p> </td><td style="width: 1%; font-size: 10pt;"> </td><td style="width: 1%; font-size: 10pt;"> </td><td style="width: 15%; text-align: right; font-size: 10pt; margin-left: 0pt;">19,251,430</td><td style="width: 1%; font-size: 10pt; margin-left: 0pt;"> </td><td style="width: 1%; font-size: 10pt;"> </td><td style="width: 1%; font-size: 10pt;"> </td><td style="width: 15%; text-align: right; font-size: 10pt; margin-left: 0pt;"><em style="font: inherit;">-</em></td><td style="width: 1%; font-size: 10pt; margin-left: 0pt;"> </td><td style="width: 1%; font-size: 10pt;"> </td><td style="width: 1%; font-size: 10pt;"> </td><td style="width: 15%; text-align: right; font-size: 10pt; margin-left: 0pt;">19,251,430</td><td style="width: 1%; font-size: 10pt; margin-left: 0pt;"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"><td style="font-size: 10pt;"> <p style="font-size: 10pt; font-variant-numeric: normal; font-variant-east-asian: normal; margin-top: 0pt; margin-bottom: 0pt;">Distribution from investment</p> </td><td style="width: 1%; font-size: 10pt;"> </td><td style="width: 1%; font-size: 10pt;"> </td><td style="width: 15%; text-align: right; font-size: 10pt; margin-left: 0pt;">(48,480,000</td><td style="width: 1%; font-size: 10pt; margin-left: 0pt;">)</td><td style="font-size: 10pt;"> </td><td style="font-size: 10pt;"> </td><td style="text-align: right; font-size: 10pt;"><em style="font: inherit;">-</em></td><td style="font-size: 10pt;"> </td><td style="width: 1%; font-size: 10pt;"> </td><td style="width: 1%; font-size: 10pt;"> </td><td style="width: 15%; text-align: right; font-size: 10pt; margin-left: 0pt;"><em style="font: inherit;">(48,480,000</em></td><td style="width: 1%; font-size: 10pt; margin-left: 0pt;">)</td></tr> <tr style="vertical-align: bottom;"><td style="font-size: 10pt;"> <p style="font-size: 10pt; font-variant-numeric: normal; font-variant-east-asian: normal; margin-top: 0pt; margin-bottom: 0pt;">Decrease in reserve</p> </td><td style="width: 1%; font-size: 10pt;"> </td><td style="width: 1%; font-size: 10pt; border-bottom-style: solid; border-bottom-color: rgb(0, 0, 0);"> </td><td style="width: 15%; text-align: right; font-size: 10pt; margin-left: 0pt; border-bottom-style: solid; border-bottom-color: rgb(0, 0, 0);">-</td><td style="width: 1%; font-size: 10pt; border-bottom-style: solid; border-bottom-color: rgb(0, 0, 0); margin-left: 0pt;"> </td><td style="width: 1%; font-size: 10pt; border-bottom-style: solid; border-bottom-color: rgb(0, 0, 0);"> </td><td style="width: 1%; font-size: 10pt; border-bottom-style: solid; border-bottom-color: rgb(0, 0, 0);"> </td><td style="width: 15%; text-align: right; font-size: 10pt; margin-left: 0pt; border-bottom-style: solid; border-bottom-color: rgb(0, 0, 0);">11,923,033</td><td style="width: 1%; font-size: 10pt; border-bottom-style: solid; border-bottom-color: rgb(0, 0, 0); margin-left: 0pt;"> </td><td style="width: 1%; font-size: 10pt; border-bottom-style: solid; border-bottom-color: rgb(0, 0, 0);"> </td><td style="width: 1%; font-size: 10pt; border-bottom-style: solid; border-bottom-color: rgb(0, 0, 0);"> </td><td style="width: 15%; text-align: right; font-size: 10pt; margin-left: 0pt; border-bottom-style: solid; border-bottom-color: rgb(0, 0, 0);">11,923,033</td><td style="width: 1%; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt;"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"><td style="font-size: 10pt;"> <p style="font-size: 10pt; font-variant-numeric: normal; font-variant-east-asian: normal; margin-top: 0pt; margin-bottom: 0pt;">Balance at December 31, 2021</p> </td><td style="width: 1%; font-size: 10pt;"> </td><td style="width: 1%; font-size: 10pt;"> </td><td style="width: 15%; text-align: right; font-size: 10pt; margin-left: 0pt;">30,386,569</td><td style="width: 1%; font-size: 10pt; margin-left: 0pt;"> </td><td style="width: 1%; font-size: 10pt;"> </td><td style="width: 1%; font-size: 10pt;"> </td><td style="width: 15%; text-align: right; font-size: 10pt; margin-left: 0pt;">-</td><td style="width: 1%; font-size: 10pt; margin-left: 0pt;"> </td><td style="width: 1%; font-size: 10pt;"> </td><td style="width: 1%; font-size: 10pt;"> </td><td style="width: 15%; text-align: right; font-size: 10pt; margin-left: 0pt;">30,386,569</td><td style="width: 1%; font-size: 10pt; margin-left: 0pt;"> </td></tr> <tr style="vertical-align: bottom;"><td style="font-size: 10pt;"> <p style="font-size: 10pt; font-variant-numeric: normal; font-variant-east-asian: normal; margin-top: 0pt; margin-bottom: 0pt;">Equity in net (loss) of investment</p> </td><td style="width: 1%; font-size: 10pt;"> </td><td style="width: 1%; font-size: 10pt;"> </td><td style="width: 15%; text-align: right; font-size: 10pt; margin-left: 0pt;">(31,096</td><td style="width: 1%; font-size: 10pt; margin-left: 0pt;">)</td><td style="width: 1%; font-size: 10pt;"> </td><td style="width: 1%; font-size: 10pt;"> </td><td style="width: 15%; text-align: right; font-size: 10pt; margin-left: 0pt;"><em style="font: inherit;">-</em></td><td style="width: 1%; font-size: 10pt; margin-left: 0pt;"> </td><td style="width: 1%; font-size: 10pt;"> </td><td style="width: 1%; font-size: 10pt;"> </td><td style="width: 15%; text-align: right; font-size: 10pt; margin-left: 0pt;">(31,096</td><td style="width: 1%; font-size: 10pt; margin-left: 0pt;">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"><td style="font-size: 10pt;"> <p style="font-size: 10pt; font-variant-numeric: normal; font-variant-east-asian: normal; margin-top: 0pt; margin-bottom: 0pt;">Distribution from investment</p> </td><td style="width: 1%; font-size: 10pt; padding-bottom: 1px;"> </td><td style="width: 1%; font-size: 10pt; border-bottom-style: solid; border-bottom-color: rgb(0, 0, 0);"> </td><td style="width: 15%; text-align: right; font-size: 10pt; margin-left: 0pt; border-bottom-style: solid; border-bottom-color: rgb(0, 0, 0);">(27,000,000</td><td style="width: 1%; font-size: 10pt; margin-left: 0pt; border-bottom-style: solid; border-bottom-color: rgb(0, 0, 0);">)</td><td style="font-size: 10pt; border-bottom-style: solid; border-bottom-color: rgb(0, 0, 0);"> </td><td style="font-size: 10pt; border-bottom-style: solid; border-bottom-color: rgb(0, 0, 0);"> </td><td style="text-align: right; font-size: 10pt; border-bottom-style: solid; border-bottom-color: rgb(0, 0, 0);"><em style="font: inherit;">-</em></td><td style="font-size: 10pt; border-bottom-style: solid; border-bottom-color: rgb(0, 0, 0);"> </td><td style="width: 1%; font-size: 10pt; border-bottom-style: solid; border-bottom-color: rgb(0, 0, 0);"> </td><td style="width: 1%; font-size: 10pt; border-bottom-style: solid; border-bottom-color: rgb(0, 0, 0);"> </td><td style="width: 15%; text-align: right; font-size: 10pt; margin-left: 0pt; border-bottom-style: solid; border-bottom-color: rgb(0, 0, 0);">(27,000,000</td><td style="width: 1%; font-size: 10pt; margin-left: 0pt; padding-bottom: 1px;">)</td></tr> <tr style="vertical-align: bottom;"><td style="font-size: 10pt;"> <p style="font-size: 10pt; font-variant-numeric: normal; font-variant-east-asian: normal; margin-top: 0pt; margin-bottom: 0pt;">Balance at March 31, 2022</p> </td><td style="width: 1%; font-size: 10pt;"> </td><td style="width: 1%; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td><td style="width: 15%; text-align: right; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">3,355,473</td><td style="width: 1%; font-size: 10pt; border-bottom: 3px double rgb(0, 0, 0); margin-left: 0pt;"> </td><td style="width: 1%; font-size: 10pt; border-bottom: 3px double rgb(0, 0, 0);"> </td><td style="width: 1%; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td><td style="width: 15%; text-align: right; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);"><em style="font: inherit;">-</em></td><td style="width: 1%; font-size: 10pt; border-bottom: 3px double rgb(0, 0, 0); margin-left: 0pt;"> </td><td style="width: 1%; font-size: 10pt; border-bottom: 3px double rgb(0, 0, 0);"> </td><td style="width: 1%; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td><td style="width: 15%; text-align: right; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">3,355,473</td><td style="width: 1%; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt;"> </td></tr> </tbody></table> 59615139 11923033 47692106 19251430 19251430 48480000 -0 -11923033 -11923033 30386569 -0 30386569 -31096 -31096 27000000 27000000 3355473 3355473 <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">(<em style="font: inherit;">6</em>) INVESTMENT IN SENTINEL OMAHA, LLC</p> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;text-indent:9pt;"> </p> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;text-indent:36pt;">In <em style="font: inherit;">2007,</em> the Partnership made an investment in the amount of $37,200,000 in Sentinel Omaha, LLC (“Omaha”). Omaha is a real estate investment company. During the quarter ended <em style="font: inherit;"> March 31, 2022 </em>Omaha sold its last real estate property. Omaha is an affiliate of the Partnership’s general partner. The investment represents a 30% ownership interest in Omaha.</p> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </p> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;text-indent:36pt;">During the quarter ended <em style="font: inherit;"> March 31, 2022, </em>Omaha paid a distribution of $90,000,000 to its investors. The Partnership’s 30% share of the distribution was $27,000,000</p> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </p> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt 0pt 0pt 36pt;">The following are the condensed financial statements (<em style="font: inherit;">000’s</em> omitted) of Omaha as of <em style="font: inherit;"> March 31, 2022 </em>and <em style="font: inherit;"> December 31, 2021 </em>and the <em style="font: inherit;">three</em> months ended <em style="font: inherit;"> March 31, 2022 </em>and <em style="font: inherit;">2021.</em></p> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </p> <table border="0" cellpadding="0" cellspacing="0" class="finTable" style="margin-right: 20%; width: 80%; font-size: 10pt; font-family: Times New Roman; text-indent: 0px;"><tbody><tr style="vertical-align: bottom;"><td style="font-family: Times New Roman; font-size: 10pt;"> </td><td style="font-family: Times New Roman; font-size: 10pt;"> </td><td colspan="2" style="text-align: center; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;">(Unaudited)</p> </td><td style="font-family: Times New Roman; font-size: 10pt;"> </td><td style="font-family: Times New Roman; font-size: 10pt;"> </td><td colspan="2" style="text-align: center; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;">(Audited)</p> </td><td style="font-family: Times New Roman; font-size: 10pt;"> </td></tr> <tr style="vertical-align: bottom;"><td style="font-family: Times New Roman; font-size: 10pt; width: 62%;"> <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; margin-top: 0pt; margin-bottom: 0pt;">Balance Sheet</p> </td><td style="font-family: Times New Roman; font-size: 10pt;"> </td><td colspan="2" style="text-align: center; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;">March 31, 2022</p> </td><td style="font-family: Times New Roman; font-size: 10pt; padding-bottom: 1px;"> </td><td style="font-family: Times New Roman; font-size: 10pt;"> </td><td colspan="2" style="text-align: center; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;">December 31, 2021</p> </td><td style="font-family: Times New Roman; font-size: 10pt; padding-bottom: 1px;"> </td></tr> <tr style="vertical-align: bottom;"><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"><td style="font-family: Times New Roman; font-size: 10pt;"> <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; margin-top: 0pt; margin-bottom: 0pt;">Investment in real estate, net</p> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;">$</td><td style="width: 16%; text-align: right; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;">-</td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;">$</td><td style="width: 16%; text-align: right; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;">56,777</td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"><td style="font-family: Times New Roman; font-size: 10pt;"> <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; margin-top: 0pt; margin-bottom: 0pt;">Cash and cash equivalents</p> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;"> </td><td style="width: 16%; text-align: right; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;">8,962</td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;"> </td><td style="width: 16%; text-align: right; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;">37,268</td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"><td style="font-family: Times New Roman; font-size: 10pt;"> <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; margin-top: 0pt; margin-bottom: 0pt;">Other assets</p> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td><td style="width: 16%; text-align: right; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;">2,320</td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td><td style="width: 16%; text-align: right; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;">7,865</td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"><td style="font-family: Times New Roman; font-size: 10pt;"> <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; margin-top: 0pt; margin-bottom: 0pt;">Other liabilities</p> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td><td style="width: 16%; text-align: right; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">(99</td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt; padding-bottom: 1px;">)</td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td><td style="width: 16%; text-align: right; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">(617</td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt; padding-bottom: 1px;">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"><td style="font-family: Times New Roman; font-size: 10pt;"> <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; margin-top: 0pt; margin-bottom: 0pt;">Members equity</p> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td><td style="width: 16%; text-align: right; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">11,183</td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td><td style="width: 16%; text-align: right; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">101,293</td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt;"> </td></tr> </tbody></table> <p style="margin: 0pt;"> </p> <table border="0" cellpadding="0" cellspacing="0" class="finTable" style="margin-right: 20%; width: 80%; font-size: 10pt; font-family: Times New Roman; text-indent: 0px;"><tbody><tr style="vertical-align: bottom;"><td style="font-family: Times New Roman; font-size: 10pt;"> </td><td style="font-family: Times New Roman; font-size: 10pt;"> </td><td colspan="2" style="text-align: center; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;">(Unaudited)</p> </td><td style="font-family: Times New Roman; font-size: 10pt;"> </td><td style="font-family: Times New Roman; font-size: 10pt;"> </td><td colspan="2" style="text-align: center; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;">(Unaudited)</p> </td><td style="font-family: Times New Roman; font-size: 10pt;"> </td></tr> <tr style="vertical-align: bottom;"><td style="font-family: Times New Roman; font-size: 10pt; width: 62%;"> <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; margin-top: 0pt; margin-bottom: 0pt;">Statement of Operations</p> </td><td style="font-family: Times New Roman; font-size: 10pt;"> </td><td colspan="2" style="text-align: center; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;">March 31, 2022</p> </td><td style="font-family: Times New Roman; font-size: 10pt; padding-bottom: 1px;"> </td><td style="font-family: Times New Roman; font-size: 10pt;"> </td><td colspan="2" style="text-align: center; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;">March 31, 2021</p> </td><td style="font-family: Times New Roman; font-size: 10pt; padding-bottom: 1px;"> </td></tr> <tr style="vertical-align: bottom;"><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"><td style="font-family: Times New Roman; font-size: 10pt;"> <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; margin-top: 0pt; margin-bottom: 0pt;">Rent and other income</p> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;">$</td><td style="width: 16%; text-align: right; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;">139</td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;">$</td><td style="width: 16%; text-align: right; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;">4,890</td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"><td style="font-family: Times New Roman; font-size: 10pt;"> <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; margin-top: 0pt; margin-bottom: 0pt;">Real estate operating expenses</p> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td><td style="width: 16%; text-align: right; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;">(235</td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;">)</td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td><td style="width: 16%; text-align: right; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;">(2,417</td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"><td style="font-family: Times New Roman; font-size: 10pt;"> <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; margin-top: 0pt; margin-bottom: 0pt;">Other expenses</p> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td><td style="width: 16%; text-align: right; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;">(17</td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;">)</td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td><td style="width: 16%; text-align: right; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;">(160</td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"><td style="font-family: Times New Roman; font-size: 10pt;"> <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; margin-top: 0pt; margin-bottom: 0pt;">Net realized income</p> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td><td style="width: 16%; text-align: right; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;">34,412</td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td><td style="width: 16%; text-align: right; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;">-</td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"><td style="font-family: Times New Roman; font-size: 10pt;"> <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; margin-top: 0pt; margin-bottom: 0pt;">Net unrealized income (losses)</p> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td><td style="width: 16%; text-align: right; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">(34,409</td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt; padding-bottom: 1px;">)</td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td><td style="width: 16%; text-align: right; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">8,749</td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt;"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"><td style="font-family: Times New Roman; font-size: 10pt;"> <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; margin-top: 0pt; margin-bottom: 0pt;">Net increase (decrease) in net assets</p> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td><td style="width: 16%; text-align: right; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">(110</td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt; padding-bottom: 3px;">)</td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td><td style="width: 16%; text-align: right; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">11,062</td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt;"> </td></tr> </tbody></table> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </p> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;text-indent:36pt;">During <em style="font: inherit;"> April 2021, </em>Omaha sold its garden apartment property located in Charleston, South Carolina for a sale price of $47,250,000. Net sales proceeds were used to <em style="font: inherit;">first</em> pay selling expenses. The remaining net sales proceeds have been reserved to retire Omaha’s secured mortgage loan encumbering a garden apartment property located in Nashville, Tennessee and to retire Omaha’s secured mortgage loan encumbering a garden apartment property located in Aurora, Illinois to payoff Omaha’s long term debt.</p> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </p> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;text-indent:36pt;">During <em style="font: inherit;"> August 2021, </em>Omaha sold <em style="font: inherit;">one</em> of its garden apartment properties located in Nashville, Tennessee for a sale price of $77,235,000. Net sales proceeds were used to <em style="font: inherit;">first</em> pay selling expenses. The remaining portion of the sales proceeds were used to pay a distribution of $73,000,000 to its investors. The Partnership’s 30% allocation of the distribution was $21,900,000.</p> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </p> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;text-indent:36pt;">During <em style="font: inherit;"> November 2021, </em>Omaha sold its garden apartment property located in Aurora, Illinois for a sale price of $34,500,000. Net sales proceeds were used to <em style="font: inherit;">first</em> pay selling expenses. The remaining portion of the sales proceeds were used along with cash reserves to pay a distribution of $52,600,000 to its investors. The Partnership’s 30% allocation of the distribution was $18,410,000.</p> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </p> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;text-indent:36pt;">During <em style="font: inherit;"> January 2022 </em>sold its last real estate property which was located in Nashville, Tennessee for a price of $57,350,000. Net sales proceeds were used to <em style="font: inherit;">first</em> pay selling expenses. The remaining portion of the sales proceeds were used along with cash reserves to pay a distribution of $90,000,000 to its investors. The Partnership’s 30% allocation of the distribution was $27,000,000.</p> 37200000 0.30 90000000 0.30 27000000 <table border="0" cellpadding="0" cellspacing="0" class="finTable" style="margin-right: 20%; width: 80%; font-size: 10pt; font-family: Times New Roman; text-indent: 0px;"><tbody><tr style="vertical-align: bottom;"><td style="font-family: Times New Roman; font-size: 10pt;"> </td><td style="font-family: Times New Roman; font-size: 10pt;"> </td><td colspan="2" style="text-align: center; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;">(Unaudited)</p> </td><td style="font-family: Times New Roman; font-size: 10pt;"> </td><td style="font-family: Times New Roman; font-size: 10pt;"> </td><td colspan="2" style="text-align: center; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;">(Audited)</p> </td><td style="font-family: Times New Roman; font-size: 10pt;"> </td></tr> <tr style="vertical-align: bottom;"><td style="font-family: Times New Roman; font-size: 10pt; width: 62%;"> <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; margin-top: 0pt; margin-bottom: 0pt;">Balance Sheet</p> </td><td style="font-family: Times New Roman; font-size: 10pt;"> </td><td colspan="2" style="text-align: center; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;">March 31, 2022</p> </td><td style="font-family: Times New Roman; font-size: 10pt; padding-bottom: 1px;"> </td><td style="font-family: Times New Roman; font-size: 10pt;"> </td><td colspan="2" style="text-align: center; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;">December 31, 2021</p> </td><td style="font-family: Times New Roman; font-size: 10pt; padding-bottom: 1px;"> </td></tr> <tr style="vertical-align: bottom;"><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"><td style="font-family: Times New Roman; font-size: 10pt;"> <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; margin-top: 0pt; margin-bottom: 0pt;">Investment in real estate, net</p> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;">$</td><td style="width: 16%; text-align: right; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;">-</td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;">$</td><td style="width: 16%; text-align: right; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;">56,777</td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"><td style="font-family: Times New Roman; font-size: 10pt;"> <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; margin-top: 0pt; margin-bottom: 0pt;">Cash and cash equivalents</p> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;"> </td><td style="width: 16%; text-align: right; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;">8,962</td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;"> </td><td style="width: 16%; text-align: right; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;">37,268</td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"><td style="font-family: Times New Roman; font-size: 10pt;"> <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; margin-top: 0pt; margin-bottom: 0pt;">Other assets</p> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td><td style="width: 16%; text-align: right; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;">2,320</td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td><td style="width: 16%; text-align: right; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;">7,865</td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"><td style="font-family: Times New Roman; font-size: 10pt;"> <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; margin-top: 0pt; margin-bottom: 0pt;">Other liabilities</p> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td><td style="width: 16%; text-align: right; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">(99</td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt; padding-bottom: 1px;">)</td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td><td style="width: 16%; text-align: right; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">(617</td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt; padding-bottom: 1px;">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"><td style="font-family: Times New Roman; font-size: 10pt;"> <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; margin-top: 0pt; margin-bottom: 0pt;">Members equity</p> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td><td style="width: 16%; text-align: right; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">11,183</td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td><td style="width: 16%; text-align: right; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">101,293</td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt;"> </td></tr> </tbody></table> 0 56777000 8962000 37268000 2320000 7865000 99000 617000 11183000 101293000 <table border="0" cellpadding="0" cellspacing="0" class="finTable" style="margin-right: 20%; width: 80%; font-size: 10pt; font-family: Times New Roman; text-indent: 0px;"><tbody><tr style="vertical-align: bottom;"><td style="font-family: Times New Roman; font-size: 10pt;"> </td><td style="font-family: Times New Roman; font-size: 10pt;"> </td><td colspan="2" style="text-align: center; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;">(Unaudited)</p> </td><td style="font-family: Times New Roman; font-size: 10pt;"> </td><td style="font-family: Times New Roman; font-size: 10pt;"> </td><td colspan="2" style="text-align: center; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;">(Unaudited)</p> </td><td style="font-family: Times New Roman; font-size: 10pt;"> </td></tr> <tr style="vertical-align: bottom;"><td style="font-family: Times New Roman; font-size: 10pt; width: 62%;"> <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; margin-top: 0pt; margin-bottom: 0pt;">Statement of Operations</p> </td><td style="font-family: Times New Roman; font-size: 10pt;"> </td><td colspan="2" style="text-align: center; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;">March 31, 2022</p> </td><td style="font-family: Times New Roman; font-size: 10pt; padding-bottom: 1px;"> </td><td style="font-family: Times New Roman; font-size: 10pt;"> </td><td colspan="2" style="text-align: center; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;">March 31, 2021</p> </td><td style="font-family: Times New Roman; font-size: 10pt; padding-bottom: 1px;"> </td></tr> <tr style="vertical-align: bottom;"><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"><td style="font-family: Times New Roman; font-size: 10pt;"> <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; margin-top: 0pt; margin-bottom: 0pt;">Rent and other income</p> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;">$</td><td style="width: 16%; text-align: right; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;">139</td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;">$</td><td style="width: 16%; text-align: right; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;">4,890</td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"><td style="font-family: Times New Roman; font-size: 10pt;"> <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; margin-top: 0pt; margin-bottom: 0pt;">Real estate operating expenses</p> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td><td style="width: 16%; text-align: right; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;">(235</td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;">)</td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td><td style="width: 16%; text-align: right; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;">(2,417</td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"><td style="font-family: Times New Roman; font-size: 10pt;"> <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; margin-top: 0pt; margin-bottom: 0pt;">Other expenses</p> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td><td style="width: 16%; text-align: right; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;">(17</td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;">)</td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td><td style="width: 16%; text-align: right; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;">(160</td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"><td style="font-family: Times New Roman; font-size: 10pt;"> <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; margin-top: 0pt; margin-bottom: 0pt;">Net realized income</p> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td><td style="width: 16%; text-align: right; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;">34,412</td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td><td style="width: 16%; text-align: right; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;">-</td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"><td style="font-family: Times New Roman; font-size: 10pt;"> <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; margin-top: 0pt; margin-bottom: 0pt;">Net unrealized income (losses)</p> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td><td style="width: 16%; text-align: right; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">(34,409</td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt; padding-bottom: 1px;">)</td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td><td style="width: 16%; text-align: right; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">8,749</td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt;"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"><td style="font-family: Times New Roman; font-size: 10pt;"> <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; margin-top: 0pt; margin-bottom: 0pt;">Net increase (decrease) in net assets</p> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td><td style="width: 16%; text-align: right; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">(110</td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt; padding-bottom: 3px;">)</td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td><td style="width: 16%; text-align: right; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">11,062</td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt;"> </td></tr> </tbody></table> 139000 4890000 235000 2417000 17000 160000 34412000 0 -34409000 8749000 -110000 11062000 47250000 77235000 73000000 0.30 21900000 34500000 52600000 0.30 18410000 57350000 90000000 0.30 27000000 <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">(<em style="font: inherit;">7</em>) DISTRIBUTION PAYABLE</p> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </p> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;text-indent:36pt;">On <em style="font: inherit;"> March 22, 2022 </em>the General Partner declared a distribution of $3,300 for a full unit for all partners holding units or participations on <em style="font: inherit;"> March 22, 2022. </em>The distribution will be paid during <em style="font: inherit;"> June 2022.</em></p> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </p><p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"/> 3300 <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">(<em style="font: inherit;">8</em>) SUBSEQUENT EVENTS</p> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </p> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;text-indent:41pt;">In <em style="font: inherit;"> April 2022 </em>the General Partner engaged a brokerage firm to commenced marketing its industrial flex property located in Maple Grove, Minnesota for a sale.</p> EXCEL 39 Financial_Report.xlsx IDEA: XBRL DOCUMENT begin 644 Financial_Report.xlsx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