The fact that it is a "hybrid" is a meaningless word. Furthermore, even if Asta Funding has multiple owners, Palisades XVI has only one. Palisades XVI is a wholly-owned subsidiary
But this is a distinction without a difference. Whether Palisades is ignored entirely by the IRS, or given partnership taxation treatment makes no difference because there is only one partner, Asta Funding, that owns it. As a result, its taxes, including refunds, most definitely are consolidated with those of Asta Funding. That's pretty much the reason that people use LLC's instead of corporations for their subsidiaries.
You are smoking something. They made it clear on the conference call that the note is only has a claim against the portfolio. Any tax benefit is the asset of the tax filer which is the consolidated parent entity.
The 0.60-0.61 EPS is for the first 9 months (FY ends Sept 30), so to the annualized EPS is closer to 0.80, but the $7.20 per share in cash is still very impressive.
They also seem to be generating enough cash flow to finance the entire $20M buyback over the course of the year. So before accounting for other acquisitions, their cash per share will almost certainly increase, and their book value per share (already closing in on $12) should increase even faster, especially if they can buy shares near these prices.
My biggest worry now is that they pay to much for an acquisition, but even that risk seems low to me given the very conservative tone they presented on the earnings call.