The following tables summarize the Partnership’s property loans, net of asset-specific allowances for credit losses, as of March 31, 2026 and December 31, 2025:


	March 31, 2026
	Outstanding Balance		Asset-Specific Allowance for Credit Losses			Property Loan Principal, net of allowance			Maturity Date	Interest Rate
Mezzanine Financing (1)
SoLa Impact Opportunity Zone Fund	$	38,824,000	$	-		$	38,824,000		6/30/2026	9.00%
The Centurion Foundation		7,250,000		-			7,250,000		6/15/2039	10.50%
Subtotal		46,074,000		-			46,074,000

Other
The 50/50 (a former MF Property) (2)	$	4,315,093	$	-		$	4,315,093		3/11/2048	9.00%
Live 929 Apartments		495,000		(495,000	)		-		7/31/2049	8.00%
Sandoval Flats (3)		1,000,000		-			1,000,000		12/1/2027	7.48%
Opportunity South Carolina		1,808,115		(1,808,115	)		-		2/1/2030	10.00%
Subtotal		7,618,208		(2,303,115	)		5,315,093

Total	$	53,692,208	$	(2,303,115	)	$	51,389,093	(4)

(1)

The property loans are held in trust in connection with a TOB trust financing (Note 13).

(2)

The property loan is unsecured, will be repaid from net cash flows of the property, and is subordinate to the mortgage debt of the property.

(3)

The Sandoval Flats property loan was considered to be held-for-sale and reported at fair value, which approximated amortized cost as of March 31, 2026. The Partnership expects to sell the property loan to the Construction Lending JV in the future.

(4)

The Partnership has also recorded a CECL allowance for credit losses utilizing a pooled approach per ASC 326 associated with its property loans of approximately $1.2 million.


	December 31, 2025
	Outstanding Balance		Asset-Specific Allowance for Credit Losses			Property Loan Principal, net of allowance			Maturity Date	Interest Rate
Mezzanine Financing (1)
SoLa Impact Opportunity Zone Fund	$	38,824,000	$	-		$	38,824,000		3/31/2026	9.00%
The Centurion Foundation		7,250,000		-			7,250,000		6/15/2039	10.50%
Subtotal		46,074,000		-			46,074,000

Other
The 50/50 (a former MF Property) (2)	$	4,315,094	$	-		$	4,315,094		3/11/2048	9.00%
Live 929 Apartments		495,000		(495,000	)		-		7/31/2049	8.00%
Sandoval Flats (3)		1,000,000		-			1,000,000		12/1/2027	7.48%
Opportunity South Carolina		1,715,133		(1,715,133	)		-		2/1/2030	10.00%
Subtotal		7,525,227		(2,210,133	)		5,315,094

Total	$	53,599,227	$	(2,210,133	)	$	51,389,094	(4)

(1)

The property loans are held in trust in connection with a TOB trust financing (Note 13).

(2)

The property loan is unsecured, will be repaid from net cash flows of the property, and is subordinate to the mortgage debt of the property.

(3)

The Sandoval Flats property loan was considered to be held-for-sale and reported at fair value, which approximated amortized cost as of December 31, 2025. The Partnership expects to sell the property loan to the Construction Lending JV in the future.

(4)

The Partnership has also recorded a CECL allowance for credit losses utilizing a pooled approach per ASC 326 associated with its property loans of approximately $1.3 million.

The Partnership has accrued interest receivable related to its property loans of approximately $371,000 as of March 31, 2026 and December 31, 2025, respectively, that is reported within "Interest receivable, net" in the Partnership’s condensed consolidated balance sheets.

Two entities that are affiliates of the Sandoval Flats property loan have provided limited-to-full payment guaranties as of March 31, 2026. The same affiliates also provide guaranties for The Safford MRB.

The Partnership has remaining commitments to provide additional funding of certain property loans during construction of the secured properties as of March 31, 2026. See Note 16 for further information regarding the Partnership’s remaining property loan funding commitments.

See Note 10 for information regarding the Partnership’s allowance for credit losses related to its property loans.

During the three months ended March 31, 2026, the Partnership advanced funds of approximately $93,000 to Opportunity South Carolina to finance the funding of reserves, operating deficits and other operating expenses. Opportunity South Carolina was the borrower associated with The Park at Sondrio MRBs, The Park at Vietti MRBs, and the Windsor Shores Apartments MRBs prior to the deed in lieu of foreclosure transactions in the first quarter of 2026 (See Note 8). The property loan is in non-accrual status as of March 31, 2026 because interest payments under the loan are not required until maturity

In March 2026, the Partnership recognized a fee of approximately $101,000 in other income in connection with an extension of the maturity date of the SoLa Impact Opportunity Zone Fund property loan to June 2026.