v3.26.1
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Cash flows from operating activities:    
Net loss $ (196,349) $ (5,852,057)
Adjustments to reconcile net loss to net cash provided by operating activities:    
Depreciation and amortization 6,018,640 6,188
Amortization of deferred financing costs 919,945 768,696
Gain on sale of investments in unconsolidated entities (16,624) (200,736)
(Earnings) losses from investments in unconsolidated entities 8,091,362 3,239,335
Gain on deed in lieu of foreclosures (2,241,813)  
Contingent interest realized on investing activities   (208,059)
Provision for credit losses (2,450,459) 8,880,734
Adjustment of prior credit loss (22,643) 62,224
(Gains) losses on derivative instruments, net of cash paid (3,343,799) 6,173,941
Restricted unit compensation expense 791,915 739,322
Bond premium, discount and acquisition fee amortization 67,013 192,848
Debt premium amortization (20,055) (20,168)
Deferred income tax benefit & income tax payable/receivable 1,058 (12,884)
Change in preferred return receivable from unconsolidated entities, net (765,488) 10,028,269
Accrued interest added to property loan principal (333,799) 0
Changes in operating assets and liabilities    
Decrease in interest receivable 775,305 400,555
(Increase) decrease in other assets 705,029 (565,196)
Decrease in accounts payable, accrued expenses and other liabilities (6,900,451) (2,142,588)
Net cash provided by (used in) operating activities 1,078,787 21,490,424
Cash flows from investing activities:    
Advances on mortgage revenue bonds 0 (36,772,100)
Advances on taxable mortgage revenue bonds (40,612,500) (8,200,000)
Advances on governmental issuer loans (7,500,000) (18,978,207)
Advances on taxable governmental issuer loans 0 (37,141,300)
Advances on property loans (2,792,981) (6,623,733)
Contributions to unconsolidated entities (17,166,493) (11,074,707)
Capitalized interest related to unconsolidated entities (206,540) (962,018)
Net cash acquired upon deed in lieu of foreclosure of SC MF Properties 604,472  
Proceeds from sale of land held for development   1,354,127
Capital expenditures (217,779)  
Proceeds from sale of investments in unconsolidated entities 16,624 24,191,287
Return of investments in unconsolidated entities   2,400,696
Principal payments received on mortgage revenue bonds and contingent interest 6,070,823 41,575,145
Principal payments received on governmental issuer loans 109,757,835 116,822,594
Proceeds from sale of governmental issuer loan to Construction Lending JV   6,500,000
Principal payments received on taxable mortgage revenue bonds 447,404 356,769
Principal payments received on taxable governmental issuer loans 43,879,465 12,700,000
Proceeds from sale of taxable governmental issuer loan to Construction Lending JV   1,000,000
Principal payments received on property loans   8,386,000
Net cash provided by (used in) investing activities 92,280,330 95,534,553
Cash flows from financing activities:    
Distributions paid (11,463,654) (19,232,462)
Proceeds from debt financing 29,070,000 82,930,000
Principal payments on debt financing (222,212,398) (146,601,820)
Principal borrowing on mortgages payable 84,000,000  
Principal payments on mortgages payable   (1,354,127)
Principal borrowing on secured lines of credit 87,080,000 5,000,000
Principal payments on secured lines of credit (72,130,000) (29,852,000)
Proceeds upon issuance of redeemable Preferred Units 0 20,000,000
Decrease in security deposit liability related to restricted cash (29,815)  
Debt financing and other deferred costs paid (1,050,903) (651,449)
Net cash provided by (used in) financing activities (106,736,770) (89,761,858)
Net increase (decrease) in cash, cash equivalents and restricted cash (13,377,653) 27,263,119
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 41,508,316 58,568,790
Supplemental disclosure of cash flow information:    
Cash paid during the period for interest 26,436,608 25,854,451
Cash paid during the period for income taxes 0 38,804
Supplemental disclosure of noncash investing and financing activities:    
Distributions declared but not paid for BUCs and General Partner 3,336,102 7,235,912
Distributions declared but not paid for Preferred Units 1,095,313 1,023,438
Acquisition of real estate assets upon deed in lieu of foreclosure of MRB investments (Note 8) 109,049,928  
Acquisition of in-place lease assets upon deed in lieu of foreclosure of MRB investments (Note 9) 5,000,072  
Contingent liability recorded upon deed in lieu of foreclosure of MRB investments (Note 11) 2,053,981  
Deferred financing costs financed through accounts payable 30,853 $ 89,554
Capital expenditures financed through accounts payable $ 19,860