The following table shows the calculation of CAD (and a reconciliation of the Partnership's net income, as determined in accordance with GAAP, to CAD) for the three and nine months ended September 30, 2024 and 2023 (all per BUC amounts are presented giving effect to the BUCs Distributions on a retroactive basis for all periods presented):

 
                   For the Three Months      For the Nine Months Ended 
                    Ended September 30,            September 30, 
                 -------------------------   ------------------------- 
                    2024          2023          2024          2023 
                 -----------   -----------   -----------   ----------- 
Net income 
 (loss)          $(4,635,707)  $ 9,729,378   $11,190,810   $47,807,772 
Unrealized 
 (gains) losses 
 on 
 derivatives, 
 net               9,695,459    (4,236,597)    4,880,661    (6,820,894) 
Depreciation 
 and 
 amortization 
 expense               5,967       413,433        17,900     1,223,822 
Provision for 
 credit losses 
 (1)                (226,000)     (562,000)     (843,000)   (1,881,000) 
Amortization of 
 deferred 
 financing 
 costs               360,349       352,692     1,187,700     1,751,442 
Restricted unit 
 compensation 
 expense             564,699       603,473     1,455,581     1,540,609 
Deferred income 
 taxes                  (951)       (1,103)        1,271        (3,158) 
Redeemable 
 Preferred Unit 
 distributions 
 and accretion      (741,476)     (700,156)   (2,250,194)   (2,245,988) 
Tier 2 Income 
 allocable to 
 the General 
 Partner (2)               -        64,919             -    (3,228,709) 
Recovery of 
 prior credit 
 loss (3)            (17,344)      (17,344)      (51,844)      (51,656) 
Bond premium, 
 discount and 
 acquisition 
 fee 
 amortization, 
 net of cash 
 received            498,983       (45,157)    1,337,376      (139,384) 
(Earnings) 
 losses from 
 investments in 
 unconsolidated 
 entities            704,096             -       825,652             - 
                  ----------    ----------    ----------    ---------- 
Total CAD        $ 6,208,075   $ 5,601,538   $17,751,913   $37,952,856 
                  ==========    ==========    ==========    ========== 
 
Weighted 
 average number 
 of BUCs 
 outstanding, 
 basic            23,085,261    22,923,956    23,056,467    22,924,023 
Net income 
 (loss) per 
 BUC, basic      $     (0.23)  $      0.39   $      0.38   $      1.82 
                  ==========    ==========    ==========    ========== 
Total CAD per 
 BUC, basic      $      0.27   $      0.24   $      0.77   $      1.66 
                  ==========    ==========    ==========    ========== 
Cash 
 Distributions 
 declared, per 
 BUC             $      0.37   $     0.365   $     1.108   $     1.093 
                  ==========    ==========    ==========    ========== 
BUCs 
 Distributions 
 declared, per 
 BUC (4)         $         -   $      0.07   $      0.07   $      0.14 
                  ==========    ==========    ==========    ========== 
 
 
(1)  The adjustments reflect the change in allowances for 
      credit losses under the CECL standard which requires 
      the Partnership to update estimates of expected credit 
      losses for its investment portfolio at each reporting 
      date. In connection with the final settlement of the 
      bankruptcy estate of the Provision Center 2014-1 MRB 
      in July 2024, the Partnership recovered approximately 
      $169,000 of its previously recognized allowance credit 
      loss which is not included as an adjustment to net 
      income in the calculation of CAD. 
(2)  As described in Note 22 to the Partnership's condensed 
      consolidated financial statements, Net Interest Income 
      representing contingent interest and Net Residual 
      Proceeds representing contingent interest (Tier 2 
      income) will be distributed 75% to the limited partners 
      and BUC holders, as a class, and 25% to the General 
      Partner. This adjustment represents 25% of Tier 2 
      income due to the General Partner. 
      For the three and nine months ended September 30, 
      2023, Tier 2 income allocable to the General Partner 
      consisted of approximately $3.8 million related to 
      the gains on sale of Vantage at Stone Creek and Vantage 
      at Coventry in January 2023 and approximately $813,000 
      related to the gain on sale of Vantage at Conroe in 
      June 2023, offset by a $1.4 million Tier 2 loss allocable 
      to the General Partner related to the Provision Center 
      2014-1 MRB realized in January 2023 upon receipt of 
      the majority of expected bankruptcy liquidation proceeds. 
(3)  The Partnership determined there was a recovery of 
      previously recognized impairment recorded for the 
      Live 929 Apartments Series 2022A MRB prior to the 
      adoption of the CECL standard effective January 1, 
      2023. The Partnership is accreting the recovery of 
      prior credit loss for this MRB into investment income 
      over the term of the MRB consistent with applicable 
      guidance. The accretion of recovery of value is presented 
      as a reduction to current CAD as the original provision 
      for credit loss was an addback for CAD calculation 
      purposes in the period recognized. 
(4)  The Partnership declared the First Quarter 2024 BUCs 
      Distribution payable in the form of additional BUCs 
      equal to $0.07 per BUC for outstanding BUCs as of 
      the record date of March 28, 2024. During 2023, the 
      Partnership declared distributions payable in the 
      form of additional BUCs equal to $0.07 per BUC for 
      outstanding BUCs as of the record dates of June 30, 
      2023 and September 29, 2023. 
 

MEDIA CONTACT:

Karen Marotta

Greystone

212-896-9149

Karen.Marotta@greyco.com

INVESTOR CONTACT:

Andy Grier

Investors Relations

402-952-1235

(END) Dow Jones Newswires

November 06, 2024 08:15 ET (13:15 GMT)