v3.26.1
Condensed Consolidated Statements of Operations (Unaudited) - USD ($)
3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Revenues:    
Investment income $ 16,439,156 $ 21,075,573
Other interest income 3,122,561 2,288,165
Property revenues 1,449,125  
Other income 774,361 958,825
Total revenues 21,785,203 24,322,563
Expenses:    
Real estate operating 827,635  
Provision for credit losses (Note 10) (2,077,877) (172,000)
Depreciation and amortization 2,746,392 3,542
Interest expense 13,168,146 13,497,295
Net result from derivative transactions (Note 15) (1,564,639) 3,036,137
General and administrative 4,650,762 4,570,261
Total expenses 17,750,419 20,935,235
Other Income:    
Gain on deed in lieu of foreclosures 2,219,023  
Gain on sale of investments in unconsolidated entities 0 5,220
Earnings (losses) from investments in unconsolidated entities (4,930,100) (992,259)
Income (loss) before income taxes 1,323,707 2,400,289
Income tax benefit (2,673) (2,733)
Net income 1,326,380 2,403,022
Redeemable Preferred Unit distributions and accretion (1,101,684) (760,679)
Net income available to Partners 224,696 1,642,343
Net income available to Partners allocated to:    
General Partner 2,247 16,371
Net income (loss) available to Partners and noncontrolling interest $ 224,696 $ 1,642,343
BUC holders' interest in net income per BUC, basic $ 0.01 $ 0.07
BUC holders' interest in net income per BUC, diluted $ 0.01 $ 0.07
Weighted average number of BUCs outstanding, basic 23,266,619 23,171,226
Weighted average number of BUCs outstanding, diluted 23,266,619 23,171,226
Beneficial Unit Certificate Holders [Member]    
Net income available to Partners allocated to:    
Limited Partners $ 181,024 $ 1,568,927
Restricted Unitholders [Member]    
Net income available to Partners allocated to:    
Limited Partners $ 41,425 $ 57,045