v3.26.1
Segments
 3 Months Ended
Mar. 31, 2026
Segment Reporting [Abstract]  
Segments

24. Segments

As of March 31, 2026, the Partnership had four reportable segments: (1) Affordable Multifamily Investments, (2) Seniors and Skilled Nursing Investments, (3) Market-Rate Joint Venture Investments, and (4) MF Properties. The Partnership separately reports its consolidation and elimination information because it does not allocate certain items to the segments. The Partnership’s chief operating decision maker (the “CODM”) is the Chief Executive Officer, who uses net income (loss) to monitor segment performance against budgeted results and to allocate resources. In this regard, the CODM uses net income (loss) to evaluate income generated from each segment’s assets and investments in deciding whether to reinvest income and available capital into such segment or into other investment classes of the Partnership. The CODM has considered recent underperformance in the Market-Rate Joint Venture Investments in conjunction with future market expectations in his decision to reduce the capital allocation to the Market-Rate Joint Venture Investments in the future.

Affordable Multifamily Investments Segment

The Affordable Multifamily Investments segment consists of the Partnership’s portfolio of MRBs, GILs and related taxable MRBs, taxable GILs, and property loans that have been issued to provide construction and/or permanent financing for multifamily residential and commercial properties in their market areas. Such MRBs and GILs are held as investments and the taxable MRBs, taxable GILs, and property loans, net of loan loss allowances, are reported as such on the Partnership's condensed consolidated balance sheets. As of March 31, 2026, the Partnership reported 78 MRBs and four GILs in this segment. As of March 31, 2026, the multifamily residential properties securing the MRBs and GILs contain a total of 9,718 and 910 multifamily rental units, respectively. The Affordable Multifamily Investments segment also includes the Construction Lending JV. All “General and administrative expenses” on the Partnership's condensed consolidated statements of operations are reported within this segment.

Seniors and Skilled Nursing Investments Segment

The Seniors and Skilled Nursing Investments segment consists of two MRBs that have been issued to provide acquisition, construction and/or permanent financing for seniors housing and skilled nursing properties and a property loan associated with a lease of essential healthcare support buildings. Seniors housing consists of a combination of independent living, assisted living and memory care units. As of March 31, 2026, the two properties securing the MRBs contain a total of 284 beds.

Market-Rate Joint Venture Investments Segment

The Market-Rate Joint Venture Investments segment consists of the operations of ATAX Vantage Holdings, LLC, ATAX Freestone Holdings, LLC, ATAX Senior Housing Holdings I, LLC, and ATAX Great Hill Holdings LLC, which make noncontrolling investments in unconsolidated entities for the construction, stabilization, and ultimate sale of market-rate multifamily and seniors housing properties (Note 7). The Market-Rate Joint Venture Investments segment also includes the consolidated VIE of Vantage at San Marcos (Note 3).

MF Properties Segment

The MF Properties segment consists primarily of multifamily and student housing residential properties either currently held or previously held by the Partnership (Note 8). During the time the Partnership holds an interest in an MF Property, any excess cash flow will be available for distribution to the Partnership. During the first quarter of 2026, the Partnership acquired the four SC MF Properties containing a total of 863 rental units via deed in lieu of foreclosure. As of December 31, 2025, the Partnership did not own any MF Properties. The Partnership previously sold The 50/50 MF Property to an unrelated non-profit organization in December 2022 in exchange for a seller financing property loan which is included in the MF Properties Segment. Income tax expense for the Greens Hold Co is reported within this segment.

The following tables detail certain financial information for the Partnership’s reportable segments for the periods indicated:

 

 

For the Three Months Ended March 31, 2026

 

 

 

Affordable Multifamily Investments

 

 

Seniors and Skilled Nursing Investments

 

 

Market-Rate Joint Venture Investments

 

 

MF Properties

 

 

Partnership Total

 

Revenues:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Investment income

 

$

15,017,141

 

 

$

1,065,113

 

 

$

356,902

 

 

$

-

 

 

$

16,439,156

 

Other interest income

 

 

2,932,248

 

 

 

190,313

 

 

 

-

 

 

 

-

 

 

 

3,122,561

 

Property revenues

 

 

-

 

 

 

-

 

 

 

-

 

 

 

1,449,125

 

 

 

1,449,125

 

Other income

 

 

772,025

 

 

 

-

 

 

 

-

 

 

 

2,336

 

 

 

774,361

 

Total revenues

 

 

18,721,414

 

 

 

1,255,426

 

 

 

356,902

 

 

 

1,451,461

 

 

 

21,785,203

 

Expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Real estate operating

 

 

-

 

 

 

-

 

 

 

-

 

 

 

827,635

 

 

 

827,635

 

Provision for credit losses

 

 

(2,075,877

)

 

 

(2,000

)

 

 

-

 

 

 

-

 

 

 

(2,077,877

)

Depreciation and amortization

 

 

-

 

 

 

-

 

 

 

-

 

 

 

2,746,392

 

 

 

2,746,392

 

Interest expense

 

 

10,644,305

 

 

 

576,265

 

 

 

937,491

 

 

 

1,010,085

 

 

 

13,168,146

 

Net result from derivative transactions

 

 

(936,216

)

 

 

(254,709

)

 

 

-

 

 

 

(373,714

)

 

 

(1,564,639

)

General and administrative

 

 

4,650,762

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

4,650,762

 

Total expenses

 

 

12,282,974

 

 

 

319,556

 

 

 

937,491

 

 

 

4,210,398

 

 

 

17,750,419

 

Other Income:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Gain on deed in lieu of foreclosures

 

 

2,219,023

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

2,219,023

 

Earnings (losses) from investments in unconsolidated entities

 

 

18,252

 

 

 

-

 

 

 

(4,948,352

)

 

 

-

 

 

 

(4,930,100

)

Income (loss) before income taxes

 

 

8,675,715

 

 

 

935,870

 

 

 

(5,528,941

)

 

 

(2,758,937

)

 

 

1,323,707

 

Income tax benefit

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(2,673

)

 

 

(2,673

)

Segment net income (loss)

 

$

8,675,715

 

 

$

935,870

 

 

$

(5,528,941

)

 

$

(2,756,264

)

 

$

1,326,380

 

 

 

 

For the Three Months Ended March 31, 2025

 

 

 

Affordable Multifamily Investments

 

 

Seniors and Skilled Nursing Investments

 

 

Market-Rate Joint Venture Investments

 

 

MF Properties

 

 

Partnership Total

 

Revenues:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Investment income

 

$

17,636,796

 

 

$

1,042,186

 

 

$

2,396,591

 

 

$

-

 

 

$

21,075,573

 

Other interest income

 

 

2,097,852

 

 

 

190,313

 

 

 

-

 

 

 

-

 

 

 

2,288,165

 

Other income

 

 

958,825

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

958,825

 

Total revenues

 

 

20,693,473

 

 

 

1,232,499

 

 

 

2,396,591

 

 

 

-

 

 

 

24,322,563

 

Expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Provision for credit losses

 

 

(179,000

)

 

 

7,000

 

 

 

-

 

 

 

-

 

 

 

(172,000

)

Depreciation

 

 

3,542

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

3,542

 

Interest expense

 

 

12,448,644

 

 

 

652,294

 

 

 

396,357

 

 

 

-

 

 

 

13,497,295

 

Net result from derivative transactions

 

 

2,503,968

 

 

 

532,169

 

 

 

-

 

 

 

-

 

 

 

3,036,137

 

General and administrative

 

 

4,570,261

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

4,570,261

 

Total expenses

 

 

19,347,415

 

 

 

1,191,463

 

 

 

396,357

 

 

 

-

 

 

 

20,935,235

 

Other Income:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Gain on sale of investments in unconsolidated entities

 

 

-

 

 

 

-

 

 

 

5,220

 

 

 

-

 

 

 

5,220

 

Earnings (losses) from investments in unconsolidated entities

 

 

-

 

 

 

-

 

 

 

(992,259

)

 

 

-

 

 

 

(992,259

)

Income before income taxes

 

 

1,346,058

 

 

 

41,036

 

 

 

1,013,195

 

 

 

-

 

 

 

2,400,289

 

Income tax benefit

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(2,733

)

 

 

(2,733

)

Segment net income

 

$

1,346,058

 

 

$

41,036

 

 

$

1,013,195

 

 

$

2,733

 

 

$

2,403,022

 

 

The following table details total assets for the Partnership’s reportable segments as of March 31, 2026 and December 31, 2025:

 

 

March 31, 2026

 

 

December 31, 2025

 

 

Total assets

 

 

 

 

 

 

 

Affordable Multifamily Investments

 

$

1,228,096,014

 

 

$

1,354,654,552

 

 

Seniors and Skilled Nursing Investments

 

 

72,527,242

 

 

 

72,334,224

 

 

Market-Rate Joint Venture Investments

 

 

156,868,480

 

 

 

148,919,228

 

 

MF Properties

 

 

118,116,766

 

 

 

4,332,730

 

 

Consolidation/eliminations

 

 

(88,625,395

)

 

 

(77,353,456

)

 

Total assets

 

$

1,486,983,107

 

 

$

1,502,887,278