The following is a summary of the Partnership's mortgages payable, net of deferred financing costs, as of March 31, 2026 and December 31, 2025:


Property Mortgage Payables	Outstanding Mortgage Payable as of March 31, 2026, net		Outstanding Mortgage Payable as of December 31, 2025, net		Year Acquired	Stated Maturity	Variable / Fixed	Period End Rate
Vantage at San Marcos (1)	$	231,679	$	231,679	2020	May 2026	Variable		7.75	%
SC MF Properties	$	83,052,365	$	-	2026	December 2027 (2)	Variable		6.42	%	(3)
Total Mortgage Payable\Weighted Average Period End Rate	$	83,284,044	$	231,679					6.42	%

(1)

The mortgage payable relates to a consolidated VIE for future development of a market-rate multifamily property (Note 3).

(2)

The mortgage payable has a one-year extension option subject to certain conditions and payment of a 0.25% extension fee.

(3)

The mortgage payable has a stated rate of Term SOFR + 2.75%. The Partnership has entered into two interest rate swap transactions with a notional amount totaling the outstanding principal on the mortgage payable. The interest rate swaps effectively fix the interest rate on the mortgage payable to 6.11%.

During the three months ended March 31, 2026, the Partnership obtained a mortgage loan secured by the SC MF Properties to facilitate its acquisition of the properties via deed in lieu of foreclosure. Proceeds from the mortgage loan were used to repay the TOB trust financings associated with The Park at Sondrio MRB and taxable MRB, The Park at Vietti MRB and taxable MRB, The Ivy Apartments MRB (a/k/a Century Plaza Apartments), and Windsor Shores Apartments MRB and taxable MRB (Note 13). The terms of the mortgage payable require the SC MF Properties to demonstrate certain aggregate debt service coverage ratios in February 2027 and June 2027, which if not met will require certain debt principal paydowns or posting of collateral. The SC MF Properties mortgage payable is a recourse obligation of the Partnership. The Partnership is subject to various financial covenants to maintain a minimum liquidity of not less than $6.3 million; and maintain a minimum consolidated tangible net worth of $200.0 million. The Partnership was in compliance with all covenants as of March 31, 2026. In addition, an affiliate of the Partnership, Greystone Select, has provided a partial guaranty of the Partnership’s obligations under the mortgage payable.

In February 2025, Vantage at San Marcos paid down approximately $1.4 million outstanding principal of the associated mortgage payable with proceeds from sale of a parcel of land.