v3.26.1
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Cash flows from operating activities:    
Net income $ 1,326,380 $ 2,403,022
Adjustments to reconcile net income (loss) to net cash provided by operating activities:    
Depreciation and amortization 2,746,392 3,542
Amortization of deferred financing costs 489,025 381,334
Gain on sale of investments in unconsolidated entities 0 (5,220)
(Earnings) losses from investments in unconsolidated entities 4,930,100 992,259
Gain on deed in lieu of foreclosures (2,219,023)  
Provision for credit losses (2,077,877) (172,000)
Adjustment of prior credit loss (11,120) (16,967)
(Gains) losses on derivative instruments, net of cash paid (1,505,593) 3,939,421
Restricted unit compensation expense 393,770 234,047
Bond premium, discount and acquisition fee amortization 54,765 (1,780)
Debt premium amortization (10,037) (10,090)
Deferred income tax benefit & income tax payable/receivable 2,806 (2,733)
Change in preferred return receivable from unconsolidated entities, net (356,901) 6,211,613
Accrued interest added to property loan principal (333,799) 0
Changes in operating assets and liabilities    
Decrease in interest receivable 434,724 319,714
(Increase) decrease in other assets 797,271 (613,140)
Decrease in accounts payable, accrued expenses and other liabilities (4,768,102) (2,682,424)
Net cash provided by (used in) operating activities (107,219) 10,980,598
Cash flows from investing activities:    
Advances on mortgage revenue bonds 0 (14,101,043)
Advances on taxable mortgage revenue bonds (8,300,000) (7,400,000)
Advances on governmental issuer loans 0 (17,408,700)
Advances on taxable governmental issuer loans 0 (21,700,000)
Advances on property loans (92,981) 0
Contributions to unconsolidated entities (12,620,146) (7,708,816)
Capitalized interest related to unconsolidated entities 0 (637,521)
Net cash acquired upon deed in lieu of foreclosure of SC MF Properties 621,155  
Proceeds from sale of land held for development   1,354,127
Capital expenditures (63,303)  
Proceeds from sale of investments in unconsolidated entities 0 11,405,090
Return of investments in unconsolidated entities   2,087,843
Principal payments received on mortgage revenue bonds and contingent interest 4,474,915 11,921,137
Principal payments received on governmental issuer loans 0 82,202,594
Principal payments received on taxable mortgage revenue bonds 223,660 138,347
Principal payments received on taxable governmental issuer loans 0 12,700,000
Principal payments received on property loans 0 7,797,754
Net cash provided by (used in) investing activities (15,756,700) 60,650,812
Cash flows from financing activities:    
Distributions paid (7,036,269) (9,732,916)
Proceeds from debt financing 5,870,000 48,435,000
Principal payments on debt financing (97,600,987) (85,426,031)
Principal borrowing on mortgages payable 84,000,000  
Principal payments on mortgages payable   (1,354,128)
Principal borrowing on secured lines of credit 51,580,000 0
Principal payments on secured lines of credit (42,480,000) (10,352,000)
Proceeds upon issuance of redeemable Preferred Units 0 20,000,000
Decrease in security deposit liability related to restricted cash (20,944)  
Debt financing and other deferred costs paid (925,299) (52,512)
Net cash provided by (used in) financing activities (6,613,499) (38,482,587)
Net increase (decrease) in cash, cash equivalents and restricted cash (22,477,418) 33,148,823
Cash, cash equivalents and restricted cash at beginning of period 54,885,969 31,305,671
Cash, cash equivalents and restricted cash at end of period 32,408,551 64,454,494
Supplemental disclosure of cash flow information:    
Cash paid during the period for interest 13,094,986 13,265,470
Cash paid during the period for income taxes 0 31,415
Supplemental disclosure of noncash investing and financing activities:    
Distributions declared but not paid for BUCs and General Partner 3,332,072 8,744,444
Distributions declared but not paid for Preferred Units 1,095,313 755,104
Acquisition of real estate assets upon deed in lieu of foreclosure of MRB investments (Note 8) 109,050,807  
Acquisition of in-place lease assets upon deed in lieu of foreclosure of MRB investments (Note 9) 4,999,193  
Contingent liability recorded upon deed in lieu of foreclosure of MRB investments (Note 11) 2,064,231  
Deferred financing costs financed through accounts payable $ 37,817 $ 21,765