|9 Months Ended|
Sep. 30, 2022
18. Partnership Investments
As of September 30, 2022, the Company had invested an aggregate of approximately $22.5 million in four limited liability companies managed by a commercial real estate finance company that provides debt capital solutions to local and regional commercial real estate owners in the Northeastern United States. The Company’s ownership interest in the four limited liability companies ranges up to 49%. The Company accounts for these investments at cost because the Company does not control or have significant influence over the investments. The Company’s withdrawal from each limited liability company may only be granted by the manager of such entity. Each limited liability company has elected to be treated as a partnership for income tax purposes.
For the three and nine months ended September 30, 2022, the partnerships generated $523,067 and $1,112,560 of income for the Company.
At September 30, 2022, the Company had unfunded partnership commitments totaling approximately $3.6 million.