For the Three Months Ended June 30, 2026

Affordable Multifamily Investments

Seniors and Skilled Nursing Investments

Market-Rate Joint Venture Investments

MF Properties

Partnership Total

Revenues:

Investment income

$

13,237,064

$

1,064,553

$

409,417

$

-

$

14,711,034

Other interest income

3,026,834

190,312

-

-

3,217,146

Property revenues

-

-

-

2,078,727

2,078,727

Other income

1,069,183

110,000

-

90

1,179,273

Total revenues

17,333,081

1,364,865

409,417

2,078,817

21,186,180

Expenses:

Real estate operating

1,342,991

1,342,991

Provision for credit losses

(369,582

)

(3,000

)

-

-

(372,582

)

Depreciation and amortization

-

-

-

3,272,248

3,272,248

Interest expense

10,474,131

665,988

735,652

1,511,353

13,387,124

Net result from derivative transactions

(1,257,110

)

(379,239

)

-

(445,014

)

(2,081,363

)

General and administrative

4,041,429

-

-

-

4,041,429

Total expenses

12,888,868

283,749

735,652

5,681,578

19,589,847

Other Income:

Gain on sale of investments in unconsolidated entities

-

-

16,624

-

16,624

Gain on deed in lieu of foreclosures

22,790

22,790

Earnings (losses) from investments in unconsolidated entities

19,456

-

(3,180,718

)

-

(3,161,262

)

Income before income taxes

4,486,459

1,081,116

(3,490,329

)

(3,602,761

)

(1,525,515

)

Income tax benefit

-

-

-

(2,786

)

(2,786

)

Segment net income (loss)

$

4,486,459

$

1,081,116

$

(3,490,329

)

$

(3,599,975

)

$

(1,522,729

)

For the Six Months Ended June 30, 2026

Affordable Multifamily Investments

Seniors and Skilled Nursing Investments

Market-Rate Joint Venture Investments

MF Properties

Partnership Total

Revenues:

Investment income

$

28,254,205

$

2,129,666

$

766,319

$

-

$

31,150,190

Other interest income

5,959,082

380,625

-

-

6,339,707

Property revenues

-

-

-

3,527,852

3,527,852

Other income

1,841,208

110,000

-

2,426

1,953,634

Total revenues

36,054,495

2,620,291

766,319

3,530,278

42,971,383

Expenses:

Real estate operating

-

-

-

2,170,626

2,170,626

Provision for credit losses

(2,445,459

)

(5,000

)

-

-

(2,450,459

)

Depreciation and amortization

-

-

-

6,018,640

6,018,640

Interest expense

21,118,436

1,242,253

1,673,143

2,521,438

26,555,270

Net result from derivative transactions

(2,193,326

)

(633,948

)

-

(818,728

)

(3,646,002

)

General and administrative

8,692,191

-

-

-

8,692,191

Total expenses

25,171,842

603,305

1,673,143

9,891,976

37,340,266

Other Income:

Gain on deed in lieu of foreclosures

2,241,813

-

-

-

2,241,813

Gain on sale of investments in unconsolidated entities

-

-

16,624

-

16,624

Earnings (losses) from investments in unconsolidated entities

37,708

-

(8,129,070

)

-

(8,091,362

)

Income (loss) before income taxes

13,162,174

2,016,986

(9,019,270

)

(6,361,698

)

(201,808

)

Income tax benefit

-

-

-

(5,459

)

(5,459

)

Segment net income (loss)

$

13,162,174

$

2,016,986

$

(9,019,270

)

$

(6,356,239

)

$

(196,349

)

For the Three Months Ended June 30, 2025

Affordable Multifamily Investments

Seniors and Skilled Nursing Investments

Market-Rate Joint Venture Investments

MF Properties

Partnership Total

Revenues:

Investment income

$

16,949,363

$

1,051,619

$

2,037,065

$

-

$

20,038,047

Other interest income

2,367,952

190,312

-

-

2,558,264

Contingent interest income

208,059

-

-

-

208,059

Other income

-

-

-

-

-

Total revenues

19,525,374

1,241,931

2,037,065

-

22,804,370

Expenses:

Provision for credit losses

9,053,734

(1,000

)

-

-

9,052,734

Depreciation and amortization

2,646

-

-

-

2,646

Interest expense

12,641,406

713,845

545,940

-

13,901,191

Net result from derivative transactions

1,108,996

270,220

-

-

1,379,216

General and administrative

4,674,865

-

-

-

4,674,865

Total expenses

27,481,647

983,065

545,940

-

29,010,652

Other Income:

Gain on sale of investments in unconsolidated entities

-

-

195,516

-

195,516

Earnings (losses) from investments in unconsolidated entities

(29,757

)

-

(2,217,319

)

-

(2,247,076

)

Income before income taxes

(7,986,030

)

258,866

(530,678

)

-

(8,257,842

)

Income tax benefit

-

-

-

(2,762

)

(2,762

)

Segment net income (loss)

$

(7,986,030

)

$

258,866

$

(530,678

)

$

2,762

$

(8,255,080

)

For the Six Months Ended June 30, 2025

Affordable Multifamily Investments

Seniors and Skilled Nursing Investments

Market-Rate Joint Venture Investments

MF Properties

Partnership Total

Revenues:

Investment income

$

34,586,159

$

2,093,805

$

4,433,656

$

-

$

41,113,620

Other interest income

4,465,804

380,625

-

-

4,846,429

Contingent interest income

208,059

208,059

Other income

958,825

-

-

-

958,825

Total revenues

40,218,847

2,474,430

4,433,656

-

47,126,933

Expenses:

Provision for credit losses

8,874,734

6,000

-

-

8,880,734

Depreciation

6,188

-

-

-

6,188

Interest expense

25,090,049

1,366,139

942,297

-

27,398,485

Net result from derivative transactions

3,612,964

802,389

-

-

4,415,353

General and administrative

9,245,126

-

-

-

9,245,126

Total expenses

46,829,061

2,174,528

942,297

-

49,945,886

Other Income:

Gain on sale of investments in unconsolidated entities

-

-

200,736

-

200,736

Earnings (losses) from investments in unconsolidated entities

(29,757

)

-

(3,209,578

)

-

(3,239,335

)

Income before income taxes

(6,639,971

)

299,902

482,517

-

(5,857,552

)

Income tax benefit

-

-

-

(5,495

)

(5,495

)

Segment net income (loss)

$

(6,639,971

)

$

299,902

$

482,517

$

5,495

$

(5,852,057

)

June 30, 2026

December 31, 2025

Total assets

Affordable Multifamily Investments

$

1,130,603,203

$

1,354,654,552

Seniors and Skilled Nursing Investments

72,880,253

72,334,224

Market-Rate Joint Venture Investments

158,394,403

148,919,228

MF Properties

115,021,267

4,332,730

Consolidation/eliminations

(90,262,501

)

(77,353,456

)

Total assets

$

1,386,636,625

$

1,502,887,278