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Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
6 Months Ended
Jun. 30, 2022
Jun. 30, 2021
Cash flows from operating activities:    
Net income $ 43,870,699 $ 17,257,534
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization expense 1,368,024 1,368,344
Amortization of deferred financing costs 944,192 454,433
Gain on sale of investments in unconsolidated entities (29,083,251) (8,272,590)
Provision for credit loss 0 900,080
Provision for loan loss 0 330,116
Recovery of prior credit loss (22,623)  
(Gain) loss on derivatives, net of cash paid (3,640,299) 131
Restricted unit compensation expense 339,407 269,084
Bond premium, discount and origination fee amortization (185,587) (68,961)
Debt premium amortization (20,296) (20,276)
Deferred income tax expense (benefit) & income tax payable/receivable 29,068 (27,960)
Change in preferred return receivable from unconsolidated entities, net (272,582) 3,877,357
Accrued interest added to property loan principal (462,428)  
Changes in operating assets and liabilities    
(Increase) decrease in interest receivable 1,326,082 (1,561,891)
Decrease in other assets 304,381 408,450
Increase (decrease) in accounts payable and accrued expenses (178,053) 649,332
Net cash provided by operating activities 14,316,734 15,563,183
Cash flows from investing activities:    
Capital expenditures (223,443) (2,522,704)
Acquisition of and advances on mortgage revenue bonds (89,944,250) (8,951,500)
Acquisition of and advances on taxable mortgage revenue bonds (8,375,750)  
Advances on governmental issuer loans (56,687,899) (65,541,133)
Advances on taxable governmental issuer loans   (1,000,000)
Advances on property loans (61,938,490) (4,858,662)
Contributions to unconsolidated entities (20,600,522) (13,066,359)
Proceeds from sale of investments in unconsolidated entities 48,664,660 29,433,391
Return of investments in unconsolidated entities 1,162,258  
Principal payments received on mortgage revenue bonds 88,232,881 10,239,992
Principal payments received on taxable mortgage revenue bonds 5,172 4,729
Principal payments received on property loans 3,250,980  
Net cash used in investing activities (96,454,403) (56,262,246)
Cash flows from financing activities:    
Distributions paid (23,896,388) (11,314,203)
Repurchase of BUCs   (1,363,736)
Proceeds from debt financing 172,250,000 70,577,000
Principal payments on debt financing (60,137,809) (2,697,767)
Principal borrowing on mortgages payable   1,440,000
Principal payments on mortgages payable (463,525) (439,618)
Principal borrowing on unsecured lines of credit   15,172,445
Principal payments on unsecured lines of credit   (22,647,445)
Principal borrowing on secured lines of credit 37,107,000 6,500,000
Principal payments on secured lines of credit (43,367,000)  
Increase (decrease) in security deposit liability related to restricted cash (28,357) 51,624
Proceeds upon exchange of Redeemable Preferred Units 20,000,000  
Payment upon exchange of Redeemable Preferred Units (20,000,000)  
Debt financing and other deferred costs paid (1,640,463) (1,700,469)
Net cash provided by financing activities 79,823,458 53,577,831
Net increase (decrease) in cash, cash equivalents and restricted cash (2,314,211) 12,878,768
Cash, cash equivalents and restricted cash at beginning of period 151,932,470 122,990,586
Cash, cash equivalents and restricted cash at end of period 149,618,259 135,869,354
Supplemental disclosure of cash flow information:    
Cash paid during the period for interest 12,931,712 9,769,631
Cash paid during the period for income taxes 6,893 135,904
Supplemental disclosure of noncash investing and financing activities:    
Distributions declared but not paid for BUCs and General Partner 12,999,077 8,087,541
Distributions declared but not paid for Preferred Units 708,750 708,750
Investment in previously unconsolidated entity consolidated as land   3,115,891
Capital expenditures financed through accounts payable 546 7,504
Deferred financing costs financed through accounts payable $ 29,500 $ 1,400