$GHI

AMERICA FIRST MULTIFAMILY INVESTORS, L.P.

CIK:0001059142|SEC Filings

Condensed Consolidated Statements of Operations (Unaudited) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Revenues:
Investment income	$ 14,711,034	$ 20,038,047	$ 31,150,190	$ 41,113,620
Other interest income	3,217,146	2,558,264	6,339,707	4,846,429
Property revenues	2,078,727		3,527,852
Contingent interest income		208,059		208,059
Other income	1,179,273	22,804,370	1,953,634	958,825
Total revenues	21,186,180	22,804,370	42,971,383	47,126,933
Expenses:
Real estate operating	1,342,991		2,170,626
Provision for credit losses (Note 10)	(372,582)	9,052,734	(2,450,459)	8,880,734
Depreciation and amortization	3,272,248	2,646	6,018,640	6,188
Interest expense	13,387,124	13,901,191	26,555,270	27,398,485
Net result from derivative transactions (Note 15)	(2,081,363)	1,379,216	(3,646,002)	4,415,353
General and administrative	4,041,429	4,674,865	8,692,191	9,245,126
Total expenses	19,589,847	29,010,652	37,340,266	49,945,886
Other Income:
Gain on deed in lieu of foreclosures	22,790		2,241,813
Gain on sale of investments in unconsolidated entities	16,624	195,516	16,624	200,736
Earnings (losses) from investments in unconsolidated entities	(3,161,262)	(2,247,076)	(8,091,362)	(3,239,335)
Loss before income taxes	(1,525,515)	(8,257,842)	(201,808)	(5,857,552)
Income tax benefit	(2,786)	(2,762)	(5,459)	(5,495)
Net loss	(1,522,729)	(8,255,080)	(196,349)	(5,852,057)
Redeemable Preferred Unit distributions and accretion	(1,101,685)	(1,029,649)	(2,203,369)	(1,790,328)
Net loss available to Partners	(2,624,414)	(9,284,729)	(2,399,718)	(7,642,385)
Net income (loss) available to Partners allocated to:
General Partner	(22,255)	(4,030)	(20,008)	12,341
Net income (loss) available to Partners and noncontrolling interest	$ (2,624,414)	$ (9,284,729)	$ (2,399,718)	$ (7,642,385)
BUC holders' interest in net loss per BUC, basic	$ (0.11)	$ (0.4)	$ (0.11)	$ (0.34)
BUC holders' interest in net loss per BUC, diluted	$ (0.11)	$ (0.4)	$ (0.11)	$ (0.34)
Weighted average number of BUCs outstanding, basic	23,266,619	23,171,226	23,266,619	23,171,226
Weighted average number of BUCs outstanding, diluted	23,266,619	23,171,226	23,266,619	23,171,226
Beneficial Unit Certificate Holders [Member]
Net income (loss) available to Partners allocated to:
Limited Partners	$ (2,643,583)	$ (9,356,596)	$ (2,462,559)	$ (7,787,668)
Restricted Unitholders [Member]
Net income (loss) available to Partners allocated to:
Limited Partners	$ 41,424	$ 75,897	$ 82,849	$ 132,942

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

Condensed Consolidated Balance Sheets (Unaudited) - USD ($)

Jun. 30, 2026

Dec. 31, 2025

Assets:

Cash and cash equivalents

$ 30,913,482

$ 39,502,187

Restricted cash

10,594,834

15,383,782

Interest receivable, net

6,530,237

7,276,781

Mortgage revenue bonds, at fair value (Note 4)

890,980,554

1,007,904,386

Governmental issuer loans

Governmental issuer loans (Note 5)

36,500,000

138,757,835

Allowance for credit losses (Note 10)

(609,000)

Governmental issuer loans, net

36,500,000

138,148,835

Property loans

Property loans

56,392,208

53,599,227

Allowance for credit losses (Note 10)

(3,927,115)

(3,477,134)

Property loans, net

52,465,093

50,122,093

Investments in unconsolidated entities (Note 7)

156,347,003

146,299,844

Real estate assets, net (Note 8)

110,975,548

3,622,574

Other assets (Note 9)

91,329,874

94,626,796

Total Assets

^[1]

1,386,636,625

1,502,887,278

Liabilities:

Accounts payable, accrued expenses and other liabilities (Note 11)

15,429,394

21,134,155

Distribution payable

3,336,102

5,946,547

Secured lines of credit (Note 12)

95,800,000

80,850,000

Debt financing, net (Note 13)

822,456,473

1,015,095,423

Mortgages payable, net (Note 14)

83,419,421

231,679

Total Liabilities

^[1]

1,020,441,390

1,123,257,804

Commitments and Contingencies (Note 16)

Redeemable Preferred Units, $102.5 million redemption value, 10.2 million issued and outstanding, net (Note 17)

102,423,251

102,410,507

Partnersʼ Capital:

General Partner (Note 1)

(134,471)

Beneficial Unit Certificates (Note 1)

263,906,455

277,218,967

Total Partnersʼ Capital

263,771,984

277,218,967

Total Liabilities and Partnersʼ Capital

$ 1,386,636,625

$ 1,502,887,278

[1]

The condensed consolidated balance sheets include assets of consolidated VIEs that can only be used to settle obligations of these VIEs that totaled $1,007,854,513 and $1,246,799,233 as of June 30, 2026 and December 31, 2025, respectively. The condensed consolidated balance sheets include liabilities of the consolidated VIEs for which creditors do not have recourse to the general credit of the Partnership that totaled $328,681,368 and $331,318,784 as of June 30, 2026 and December 31, 2025, respectively. See Note 3 - Variable Interest Entities for further detail.