| Schedule of Investments in MRBs |
The Partnership had the following investments in MRBs as of March 31, 2026 and December 31, 2025:
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March 31, 2026 |
|
Description of Mortgage Revenue Bonds |
|
State |
|
Cost Adjusted for
Paydowns and Allowances |
|
|
Cumulative
Unrealized Gain |
|
|
Cumulative
Unrealized Loss |
|
|
Estimated Fair Value |
|
The Safford (4) |
|
AZ |
|
$ |
43,026,991 |
|
|
$ |
587,812 |
|
|
$ |
- |
|
|
$ |
43,614,803 |
|
40rty on Colony - Series P (4) |
|
CA |
|
|
5,959,805 |
|
|
|
437,932 |
|
|
|
- |
|
|
|
6,397,737 |
|
CCBA Senior Garden Apartments (1), (6) |
|
CA |
|
|
3,671,482 |
|
|
|
- |
|
|
|
(60,381 |
) |
|
|
3,611,101 |
|
Courtyard - Series A (3) |
|
CA |
|
|
9,528,788 |
|
|
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464,029 |
|
|
|
- |
|
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|
9,992,817 |
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Glenview Apartments - Series A (2) |
|
CA |
|
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4,162,903 |
|
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154,519 |
|
|
|
- |
|
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|
4,317,422 |
|
Harmony Court Bakersfield - Series A (3) |
|
CA |
|
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3,474,329 |
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154,449 |
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- |
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3,628,778 |
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Harmony Terrace - Series A (3) |
|
CA |
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6,433,507 |
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|
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300,810 |
|
|
|
- |
|
|
|
6,734,317 |
|
Harden Ranch - Series A (1) |
|
CA |
|
|
6,123,551 |
|
|
|
141,258 |
|
|
|
- |
|
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|
6,264,809 |
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Las Palmas II - Series A (3) |
|
CA |
|
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1,575,621 |
|
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69,737 |
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- |
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1,645,358 |
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Montclair Apartments - Series A (2) |
|
CA |
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2,255,277 |
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80,043 |
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- |
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2,335,320 |
|
Montecito at Williams Ranch Apartments - Series A (1) |
|
CA |
|
|
7,283,261 |
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|
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246,474 |
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- |
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|
7,529,735 |
|
Montevista - Series A (1) |
|
CA |
|
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6,488,747 |
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562,376 |
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- |
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7,051,123 |
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Ocotillo Springs - Series A (1), (7) |
|
CA |
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3,411,214 |
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- |
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(210,024 |
) |
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3,201,190 |
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Ocotillo Springs - Series A-1 (1) |
|
CA |
|
|
492,631 |
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59,423 |
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- |
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552,054 |
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Residency at Empire - Series BB-1 (4) |
|
CA |
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14,092,740 |
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551,459 |
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- |
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14,644,199 |
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Residency at Empire - Series BB-2 (4) |
|
CA |
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4,000,000 |
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|
184,057 |
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- |
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4,184,057 |
|
Residency at Empire - Series BB-3 (4) |
|
CA |
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|
14,000,000 |
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|
504,352 |
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- |
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14,504,352 |
|
Residency at Empire - Series BB-4 (4) |
|
CA |
|
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47,000,000 |
|
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|
145,187 |
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- |
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47,145,187 |
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Residency at the Entrepreneur - Series J-1 (4), (7) |
|
CA |
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9,072,827 |
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- |
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(312,670 |
) |
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8,760,157 |
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Residency at the Entrepreneur - Series J-2 (4), (6) |
|
CA |
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7,500,000 |
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- |
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(199,869 |
) |
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7,300,131 |
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Residency at the Entrepreneur - Series J-3 (4), (6) |
|
CA |
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26,080,000 |
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- |
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(247,686 |
) |
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25,832,314 |
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Residency at the Entrepreneur - Series J-4 (4) |
|
CA |
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16,420,000 |
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- |
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- |
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|
16,420,000 |
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Residency at the Entrepreneur - Series J-5 (4) |
|
CA |
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5,000,000 |
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- |
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- |
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5,000,000 |
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Residency at the Mayer - Series A (4) |
|
CA |
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16,752,582 |
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1,843,933 |
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- |
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18,596,515 |
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Residency at the Mayer - Series KK (4) |
|
CA |
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11,500,000 |
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- |
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- |
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11,500,000 |
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San Vicente - Series A (3) |
|
CA |
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3,248,846 |
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143,793 |
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|
|
- |
|
|
|
3,392,639 |
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Santa Fe Apartments - Series A (2) |
|
CA |
|
|
2,732,183 |
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|
92,532 |
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|
|
- |
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|
2,824,715 |
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Seasons at Simi Valley - Series A (3) |
|
CA |
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3,949,423 |
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254,198 |
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- |
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4,203,621 |
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Seasons Lakewood - Series A (3) |
|
CA |
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6,853,084 |
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|
320,429 |
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|
- |
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|
7,173,513 |
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Seasons San Juan Capistrano - Series A (3) |
|
CA |
|
|
11,538,355 |
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|
539,497 |
|
|
|
- |
|
|
|
12,077,852 |
|
Solano Vista - Series A (1), (6) |
|
CA |
|
|
2,564,400 |
|
|
|
- |
|
|
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(11,628 |
) |
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|
2,552,772 |
|
Summerhill - Series A (3) |
|
CA |
|
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5,982,738 |
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|
|
178,006 |
|
|
|
- |
|
|
|
6,160,744 |
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Sycamore Walk - Series A (3) |
|
CA |
|
|
3,263,042 |
|
|
|
152,050 |
|
|
|
- |
|
|
|
3,415,092 |
|
The Village at Madera - Series A (3) |
|
CA |
|
|
2,873,540 |
|
|
|
127,742 |
|
|
|
- |
|
|
|
3,001,282 |
|
Tyler Park Townhomes - Series A (1) |
|
CA |
|
|
5,328,848 |
|
|
|
- |
|
|
|
- |
|
|
|
5,328,848 |
|
Village at Hanford Square - Series H (4) |
|
CA |
|
|
10,400,000 |
|
|
|
617,514 |
|
|
|
- |
|
|
|
11,017,514 |
|
Vineyard Gardens - Series A (1) |
|
CA |
|
|
3,793,397 |
|
|
|
271,889 |
|
|
|
- |
|
|
|
4,065,286 |
|
Wellspring Apartments (1) |
|
CA |
|
|
3,728,854 |
|
|
|
200,064 |
|
|
|
- |
|
|
|
3,928,918 |
|
Westside Village Market - Series A (1) |
|
CA |
|
|
3,482,393 |
|
|
|
134,786 |
|
|
|
- |
|
|
|
3,617,179 |
|
Handsel Morgan Village Apartments (4) |
|
GA |
|
|
2,150,000 |
|
|
|
344,638 |
|
|
|
- |
|
|
|
2,494,638 |
|
MaryAlice Circle Apartments (4) |
|
GA |
|
|
5,900,000 |
|
|
|
491,942 |
|
|
|
- |
|
|
|
6,391,942 |
|
Renaissance - Series A (2) |
|
LA |
|
|
10,042,349 |
|
|
|
128,524 |
|
|
|
- |
|
|
|
10,170,873 |
|
Live 929 Apartments - Series 2022A (4) |
|
MD |
|
|
58,490,642 |
|
|
|
5,199,845 |
|
|
|
- |
|
|
|
63,690,487 |
|
Woodington Gardens Apartments - Series A-1 (4) |
|
MD |
|
|
31,150,000 |
|
|
|
2,699,090 |
|
|
|
- |
|
|
|
33,849,090 |
|
Meadow Valley (4), (8) |
|
MI |
|
|
43,325,007 |
|
|
|
- |
|
|
|
(471,873 |
) |
|
|
42,853,134 |
|
Jackson Manor Apartments (1) |
|
MS |
|
|
4,724,199 |
|
|
|
19,908 |
|
|
|
- |
|
|
|
4,744,107 |
|
Village Point (5), (7) |
|
NJ |
|
|
22,910,000 |
|
|
|
- |
|
|
|
(842,782 |
) |
|
|
22,067,218 |
|
Silver Moon - Series A (2) |
|
NM |
|
|
7,289,747 |
|
|
|
943,076 |
|
|
|
- |
|
|
|
8,232,823 |
|
Village at Avalon (1) |
|
NM |
|
|
15,475,842 |
|
|
|
1,228,203 |
|
|
|
- |
|
|
|
16,704,045 |
|
Columbia Gardens (3) |
|
SC |
|
|
11,884,712 |
|
|
|
403,622 |
|
|
|
- |
|
|
|
12,288,334 |
|
Village at River's Edge (3) |
|
SC |
|
|
9,358,796 |
|
|
|
653,977 |
|
|
|
- |
|
|
|
10,012,773 |
|
Willow Run (3) |
|
SC |
|
|
11,719,629 |
|
|
|
397,661 |
|
|
|
- |
|
|
|
12,117,290 |
|
Agape Helotes - Series A-1 (4) |
|
TX |
|
|
5,553,135 |
|
|
|
942,184 |
|
|
|
- |
|
|
|
6,495,319 |
|
Agape Helotes - Series B (4), (6) |
|
TX |
|
|
7,775,069 |
|
|
|
- |
|
|
|
(37,066 |
) |
|
|
7,738,003 |
|
Avistar at Copperfield - Series A (4) |
|
TX |
|
|
12,997,204 |
|
|
|
526,449 |
|
|
|
- |
|
|
|
13,523,653 |
|
Avistar at the Crest - Series A (4) |
|
TX |
|
|
8,431,441 |
|
|
|
463,281 |
|
|
|
- |
|
|
|
8,894,722 |
|
Avistar at the Crest - Series B |
|
TX |
|
|
701,611 |
|
|
|
27,380 |
|
|
|
- |
|
|
|
728,991 |
|
Avistar at the Oaks - Series A (4), (6) |
|
TX |
|
|
6,832,018 |
|
|
|
- |
|
|
|
(43,395 |
) |
|
|
6,788,623 |
|
Avistar at the Oaks - Series B (8), (6) |
|
TX |
|
|
514,561 |
|
|
|
- |
|
|
|
(11,981 |
) |
|
|
502,580 |
|
Avistar at the Parkway - Series A (2) |
|
TX |
|
|
11,875,653 |
|
|
|
93,694 |
|
|
|
- |
|
|
|
11,969,347 |
|
Avistar at the Parkway - Series B |
|
TX |
|
|
121,399 |
|
|
|
6,420 |
|
|
|
- |
|
|
|
127,819 |
|
Avistar at Wilcrest - Series A (4), (6) |
|
TX |
|
|
4,925,677 |
|
|
|
- |
|
|
|
(3,678 |
) |
|
|
4,921,999 |
|
Avistar at Wood Hollow - Series A (4) |
|
TX |
|
|
37,400,553 |
|
|
|
992,980 |
|
|
|
- |
|
|
|
38,393,533 |
|
Avistar in 09 - Series A (4), (6) |
|
TX |
|
|
5,899,178 |
|
|
|
- |
|
|
|
(26,766 |
) |
|
|
5,872,412 |
|
Avistar in 09 - Series B (6) |
|
TX |
|
|
424,466 |
|
|
|
- |
|
|
|
(9,163 |
) |
|
|
415,303 |
|
Avistar on the Boulevard - Series A (4) |
|
TX |
|
|
14,363,877 |
|
|
|
687,423 |
|
|
|
- |
|
|
|
15,051,300 |
|
Avistar on the Boulevard - Series B |
|
TX |
|
|
416,899 |
|
|
|
12,787 |
|
|
|
- |
|
|
|
429,686 |
|
Avistar on the Hills - Series A (4) |
|
TX |
|
|
4,677,351 |
|
|
|
125,782 |
|
|
|
- |
|
|
|
4,803,133 |
|
Bruton Apartments (3) |
|
TX |
|
|
16,822,395 |
|
|
|
- |
|
|
|
- |
|
|
|
16,822,395 |
|
Concord at Gulfgate - Series A (3) |
|
TX |
|
|
17,659,167 |
|
|
|
873,782 |
|
|
|
- |
|
|
|
18,532,949 |
|
Concord at Little York - Series A (3) |
|
TX |
|
|
12,371,082 |
|
|
|
44,512 |
|
|
|
- |
|
|
|
12,415,594 |
|
Concord at Williamcrest - Series A (3) |
|
TX |
|
|
19,164,131 |
|
|
|
912,222 |
|
|
|
- |
|
|
|
20,076,353 |
|
Crossing at 1415 - Series A (3) |
|
TX |
|
|
6,864,198 |
|
|
|
223,852 |
|
|
|
- |
|
|
|
7,088,050 |
|
Decatur Angle (3) |
|
TX |
|
|
21,100,669 |
|
|
|
- |
|
|
|
- |
|
|
|
21,100,669 |
|
Esperanza at Palo Alto (3) |
|
TX |
|
|
18,343,682 |
|
|
|
1,178,955 |
|
|
|
- |
|
|
|
19,522,637 |
|
Heights at 515 - Series A (3) |
|
TX |
|
|
6,284,292 |
|
|
|
215,133 |
|
|
|
- |
|
|
|
6,499,425 |
|
Heritage Square - Series A (2) |
|
TX |
|
|
9,842,019 |
|
|
|
71,731 |
|
|
|
- |
|
|
|
9,913,750 |
|
Oaks at Georgetown - Series A (3), (6) |
|
TX |
|
|
11,496,398 |
|
|
|
- |
|
|
|
(169,537 |
) |
|
|
11,326,861 |
|
15 West Apartments (3) |
|
WA |
|
|
9,166,233 |
|
|
|
947,666 |
|
|
|
- |
|
|
|
10,113,899 |
|
Aventine Apartments (4) |
|
WA |
|
|
9,500,000 |
|
|
|
983,692 |
|
|
|
- |
|
|
|
10,483,692 |
|
Mortgage revenue bonds |
|
|
|
$ |
860,990,640 |
|
|
$ |
31,360,761 |
|
|
$ |
(2,658,499 |
) |
|
$ |
889,692,902 |
|
(1)2024 PFA Securitization Bond associated with the 2024 PFA Securitization Transaction, Note 13. (2)MRB owned by ATAX TEBS III, LLC (M33 TEBS Financing), Note 13. The TEBS financing has contractual limitations on the Partnership’s ability to sell the MRB. (3)MRB owned by ATAX TEBS IV, LLC (M45 TEBS Financing), Note 13. The TEBS financing has contractual limitations on the Partnership’s ability to sell the MRB. (4)MRB held by Mizuho in a debt financing transaction, Note 13. (5)MRB held by Barclays in a debt financing transaction, Note 13. (6)As of the date presented, the Partnership determined that the unrealized loss on the MRB is a result of increasing market interest rates from the date of acquisition and is not considered a credit loss. As of March 31, 2026, the MRB has been in an unrealized loss position for less than 12 months. (7)As of the date presented, the Partnership determined that the unrealized loss on the MRB is a result of increasing market interest rates from the date of acquisition and is not considered a credit loss. As of March 31, 2026, the MRB has been in an unrealized loss position for at least 12 months. (8)The Partnership has a remaining MRB funding commitment of approximately $750,000 as of March 31, 2026. The MRB and the unfunded MRB commitment are accounted for as available-for-sale securities and reported at fair value. The reported unrealized loss includes the unrealized loss on the current MRB carrying value (based on current fair value) as well as the unrealized loss on the Partnership’s remaining funding commitment outstanding as of March 31, 2026 (also based on current fair value). The Partnership determined the unrealized loss is a result of increasing market interest rates and that the cumulative unrealized loss is not considered a credit loss. As of March 31, 2026, the MRB has been in an unrealized loss position for more than 12 months.
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|
|
December 31, 2025 |
|
Description of Mortgage Revenue Bonds |
|
State |
|
Cost Adjusted for
Paydowns and Allowances |
|
|
Cumulative
Unrealized Gain |
|
|
Cumulative
Unrealized Loss |
|
|
Estimated Fair Value |
|
The Safford (4) |
|
AZ |
|
$ |
43,039,213 |
|
|
$ |
825,255 |
|
|
$ |
- |
|
|
$ |
43,864,468 |
|
40rty on Colony - Series P (4) |
|
CA |
|
|
5,960,299 |
|
|
|
508,166 |
|
|
|
- |
|
|
|
6,468,465 |
|
CCBA Senior Garden Apartments (1) |
|
CA |
|
|
3,681,447 |
|
|
|
36,906 |
|
|
|
- |
|
|
|
3,718,353 |
|
Courtyard - Series A (3) |
|
CA |
|
|
9,557,426 |
|
|
|
582,658 |
|
|
|
- |
|
|
|
10,140,084 |
|
Glenview Apartments - Series A (2) |
|
CA |
|
|
4,180,438 |
|
|
|
172,492 |
|
|
|
- |
|
|
|
4,352,930 |
|
Harmony Court Bakersfield - Series A (3) |
|
CA |
|
|
3,484,770 |
|
|
|
196,775 |
|
|
|
- |
|
|
|
3,681,545 |
|
Harmony Terrace - Series A (3) |
|
CA |
|
|
6,452,743 |
|
|
|
382,696 |
|
|
|
- |
|
|
|
6,835,439 |
|
Harden Ranch - Series A (1) |
|
CA |
|
|
6,150,834 |
|
|
|
174,042 |
|
|
|
- |
|
|
|
6,324,876 |
|
Las Palmas II - Series A (3) |
|
CA |
|
|
1,580,405 |
|
|
|
88,460 |
|
|
|
- |
|
|
|
1,668,865 |
|
Montclair Apartments - Series A (2) |
|
CA |
|
|
2,264,777 |
|
|
|
87,128 |
|
|
|
- |
|
|
|
2,351,905 |
|
Montecito at Williams Ranch Apartments - Series A (1) |
|
CA |
|
|
7,301,933 |
|
|
|
502,273 |
|
|
|
- |
|
|
|
7,804,206 |
|
Montevista - Series A (1) |
|
CA |
|
|
6,502,767 |
|
|
|
701,929 |
|
|
|
- |
|
|
|
7,204,696 |
|
Ocotillo Springs - Series A (1), (6) |
|
CA |
|
|
3,420,248 |
|
|
|
- |
|
|
|
(122,272 |
) |
|
|
3,297,976 |
|
Ocotillo Springs - Series A-1 (1) |
|
CA |
|
|
493,399 |
|
|
|
75,177 |
|
|
|
- |
|
|
|
568,576 |
|
Residency at Empire - Series BB-1 (4) |
|
CA |
|
|
14,093,724 |
|
|
|
649,973 |
|
|
|
- |
|
|
|
14,743,697 |
|
Residency at Empire - Series BB-2 (4) |
|
CA |
|
|
4,000,000 |
|
|
|
212,485 |
|
|
|
- |
|
|
|
4,212,485 |
|
Residency at Empire - Series BB-3 (4) |
|
CA |
|
|
14,000,000 |
|
|
|
565,690 |
|
|
|
- |
|
|
|
14,565,690 |
|
Residency at Empire - Series BB-4 (4) |
|
CA |
|
|
47,000,000 |
|
|
|
356,007 |
|
|
|
- |
|
|
|
47,356,007 |
|
Residency at the Entrepreneur - Series J-1 (4), (6) |
|
CA |
|
|
9,073,723 |
|
|
|
- |
|
|
|
(65,074 |
) |
|
|
9,008,649 |
|
Residency at the Entrepreneur - Series J-2 (4) |
|
CA |
|
|
7,500,000 |
|
|
|
7,207 |
|
|
|
- |
|
|
|
7,507,207 |
|
Residency at the Entrepreneur - Series J-3 (4) |
|
CA |
|
|
26,080,000 |
|
|
|
411,110 |
|
|
|
- |
|
|
|
26,491,110 |
|
Residency at the Entrepreneur - Series J-4 (4) |
|
CA |
|
|
16,420,000 |
|
|
|
- |
|
|
|
- |
|
|
|
16,420,000 |
|
Residency at the Entrepreneur - Series J-5 (4) |
|
CA |
|
|
5,000,000 |
|
|
|
- |
|
|
|
- |
|
|
|
5,000,000 |
|
Residency at the Mayer - Series A (4) |
|
CA |
|
|
16,753,398 |
|
|
|
2,357,236 |
|
|
|
- |
|
|
|
19,110,634 |
|
Residency at the Mayer - Series KK (4) |
|
CA |
|
|
11,500,000 |
|
|
|
- |
|
|
|
- |
|
|
|
11,500,000 |
|
San Vicente - Series A (3) |
|
CA |
|
|
3,258,711 |
|
|
|
182,399 |
|
|
|
- |
|
|
|
3,441,110 |
|
Santa Fe Apartments - Series A (2) |
|
CA |
|
|
2,743,692 |
|
|
|
105,552 |
|
|
|
- |
|
|
|
2,849,244 |
|
Seasons at Simi Valley - Series A (3) |
|
CA |
|
|
3,965,162 |
|
|
|
286,086 |
|
|
|
- |
|
|
|
4,251,248 |
|
Seasons Lakewood - Series A (3) |
|
CA |
|
|
6,873,574 |
|
|
|
407,654 |
|
|
|
- |
|
|
|
7,281,228 |
|
Seasons San Juan Capistrano - Series A (3) |
|
CA |
|
|
11,572,853 |
|
|
|
686,356 |
|
|
|
- |
|
|
|
12,259,209 |
|
Solano Vista - Series A (1) |
|
CA |
|
|
2,569,997 |
|
|
|
254,394 |
|
|
|
- |
|
|
|
2,824,391 |
|
Summerhill - Series A (3) |
|
CA |
|
|
6,000,718 |
|
|
|
245,404 |
|
|
|
- |
|
|
|
6,246,122 |
|
Sycamore Walk - Series A (3) |
|
CA |
|
|
3,276,834 |
|
|
|
186,786 |
|
|
|
- |
|
|
|
3,463,620 |
|
The Village at Madera - Series A (3) |
|
CA |
|
|
2,882,176 |
|
|
|
162,749 |
|
|
|
- |
|
|
|
3,044,925 |
|
Tyler Park Townhomes - Series A (1) |
|
CA |
|
|
5,352,891 |
|
|
|
- |
|
|
|
- |
|
|
|
5,352,891 |
|
Village at Hanford Square - Series H (4) |
|
CA |
|
|
10,400,000 |
|
|
|
729,339 |
|
|
|
- |
|
|
|
11,129,339 |
|
Vineyard Gardens - Series A (1) |
|
CA |
|
|
3,802,965 |
|
|
|
338,419 |
|
|
|
- |
|
|
|
4,141,384 |
|
Wellspring Apartments (1) |
|
CA |
|
|
3,759,908 |
|
|
|
291,715 |
|
|
|
- |
|
|
|
4,051,623 |
|
Westside Village Market - Series A (1) |
|
CA |
|
|
3,498,104 |
|
|
|
153,938 |
|
|
|
- |
|
|
|
3,652,042 |
|
Handsel Morgan Village Apartments (4) |
|
GA |
|
|
2,150,000 |
|
|
|
374,482 |
|
|
|
- |
|
|
|
2,524,482 |
|
MaryAlice Circle Apartments (4) |
|
GA |
|
|
5,900,000 |
|
|
|
654,257 |
|
|
|
- |
|
|
|
6,554,257 |
|
Renaissance - Series A (2) |
|
LA |
|
|
10,087,972 |
|
|
|
360,474 |
|
|
|
- |
|
|
|
10,448,446 |
|
Live 929 Apartments - Series 2022A (4) |
|
MD |
|
|
58,452,715 |
|
|
|
5,193,310 |
|
|
|
- |
|
|
|
63,646,025 |
|
Woodington Gardens Apartments - Series A-1 (4) |
|
MD |
|
|
31,150,000 |
|
|
|
2,971,637 |
|
|
|
- |
|
|
|
34,121,637 |
|
Meadow Valley (4), (7) |
|
MI |
|
|
43,329,595 |
|
|
|
- |
|
|
|
(493,593 |
) |
|
|
42,836,002 |
|
Jackson Manor Apartments (1) |
|
MS |
|
|
4,735,841 |
|
|
|
6,789 |
|
|
|
- |
|
|
|
4,742,630 |
|
Village Point (5), (8) |
|
NJ |
|
|
22,937,000 |
|
|
|
- |
|
|
|
(885,455 |
) |
|
|
22,051,545 |
|
Silver Moon - Series A (2) |
|
NM |
|
|
7,312,227 |
|
|
|
1,073,556 |
|
|
|
- |
|
|
|
8,385,783 |
|
Village at Avalon (1) |
|
NM |
|
|
15,514,941 |
|
|
|
1,521,472 |
|
|
|
- |
|
|
|
17,036,413 |
|
Columbia Gardens (3) |
|
SC |
|
|
11,939,032 |
|
|
|
460,705 |
|
|
|
- |
|
|
|
12,399,737 |
|
The Ivy Apartments (a/k/a Century Plaza Apartments) (4), (8) |
|
SC |
|
|
30,548,389 |
|
|
|
- |
|
|
|
(769,606 |
) |
|
|
29,778,783 |
|
The Park at Sondrio - Series 2022A (4) |
|
SC |
|
|
33,621,006 |
|
|
|
- |
|
|
|
- |
|
|
|
33,621,006 |
|
The Park at Vietti - Series 2022A (4) |
|
SC |
|
|
23,927,167 |
|
|
|
- |
|
|
|
- |
|
|
|
23,927,167 |
|
Village at River's Edge (3) |
|
SC |
|
|
9,383,233 |
|
|
|
818,618 |
|
|
|
- |
|
|
|
10,201,851 |
|
Willow Run (3) |
|
SC |
|
|
11,772,937 |
|
|
|
453,899 |
|
|
|
- |
|
|
|
12,226,836 |
|
Windsor Shores Apartments - Series A (4) |
|
SC |
|
|
20,641,927 |
|
|
|
- |
|
|
|
- |
|
|
|
20,641,927 |
|
Agape Helotes - Series A-1 (4) |
|
TX |
|
|
5,551,146 |
|
|
|
1,094,713 |
|
|
|
- |
|
|
|
6,645,859 |
|
Agape Helotes - Series B (4) |
|
TX |
|
|
7,623,744 |
|
|
|
647,350 |
|
|
|
- |
|
|
|
8,271,094 |
|
Avistar at Copperfield - Series A (4) |
|
TX |
|
|
13,042,027 |
|
|
|
596,361 |
|
|
|
- |
|
|
|
13,638,388 |
|
Avistar at the Crest - Series A (4) |
|
TX |
|
|
8,470,504 |
|
|
|
517,602 |
|
|
|
- |
|
|
|
8,988,106 |
|
Avistar at the Crest - Series B |
|
TX |
|
|
703,640 |
|
|
|
27,212 |
|
|
|
- |
|
|
|
730,852 |
|
Avistar at the Oaks - Series A (4) |
|
TX |
|
|
6,862,655 |
|
|
|
8,054 |
|
|
|
- |
|
|
|
6,870,709 |
|
Avistar at the Oaks - Series B (8) |
|
TX |
|
|
515,988 |
|
|
|
- |
|
|
|
(8,786 |
) |
|
|
507,202 |
|
Avistar at the Parkway - Series A (2) |
|
TX |
|
|
11,922,214 |
|
|
|
330,959 |
|
|
|
- |
|
|
|
12,253,173 |
|
Avistar at the Parkway - Series B |
|
TX |
|
|
121,562 |
|
|
|
10,103 |
|
|
|
- |
|
|
|
131,665 |
|
Avistar at Wilcrest - Series A (4) |
|
TX |
|
|
4,942,664 |
|
|
|
6,128 |
|
|
|
- |
|
|
|
4,948,792 |
|
Avistar at Wood Hollow - Series A (4) |
|
TX |
|
|
37,529,536 |
|
|
|
1,488,820 |
|
|
|
- |
|
|
|
39,018,356 |
|
Avistar in 09 - Series A (4) |
|
TX |
|
|
5,925,632 |
|
|
|
298,778 |
|
|
|
- |
|
|
|
6,224,410 |
|
Avistar in 09 - Series B |
|
TX |
|
|
425,643 |
|
|
|
2,774 |
|
|
|
- |
|
|
|
428,417 |
|
Avistar on the Boulevard - Series A (4) |
|
TX |
|
|
14,430,424 |
|
|
|
827,399 |
|
|
|
- |
|
|
|
15,257,823 |
|
Avistar on the Boulevard - Series B |
|
TX |
|
|
418,105 |
|
|
|
17,648 |
|
|
|
- |
|
|
|
435,753 |
|
Avistar on the Hills - Series A (4) |
|
TX |
|
|
4,698,326 |
|
|
|
236,896 |
|
|
|
- |
|
|
|
4,935,222 |
|
Bruton Apartments (3) |
|
TX |
|
|
16,869,420 |
|
|
|
- |
|
|
|
- |
|
|
|
16,869,420 |
|
Concord at Gulfgate - Series A (3) |
|
TX |
|
|
17,721,824 |
|
|
|
1,061,872 |
|
|
|
- |
|
|
|
18,783,696 |
|
Concord at Little York - Series A (3) |
|
TX |
|
|
12,414,976 |
|
|
|
281,448 |
|
|
|
- |
|
|
|
12,696,424 |
|
Concord at Williamcrest - Series A (3) |
|
TX |
|
|
19,232,128 |
|
|
|
1,190,877 |
|
|
|
- |
|
|
|
20,423,005 |
|
Crossing at 1415 - Series A (3) |
|
TX |
|
|
6,889,954 |
|
|
|
59,727 |
|
|
|
- |
|
|
|
6,949,681 |
|
Decatur Angle (3) |
|
TX |
|
|
21,164,887 |
|
|
|
- |
|
|
|
- |
|
|
|
21,164,887 |
|
Esperanza at Palo Alto (3) |
|
TX |
|
|
18,391,634 |
|
|
|
1,199,900 |
|
|
|
- |
|
|
|
19,591,534 |
|
Heights at 515 - Series A (3) |
|
TX |
|
|
6,307,872 |
|
|
|
129,093 |
|
|
|
- |
|
|
|
6,436,965 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31, 2025 |
|
Description of Mortgage Revenue Bonds |
|
State |
|
Cost Adjusted for
Paydowns and Allowances |
|
|
Cumulative
Unrealized Gain |
|
|
Cumulative
Unrealized Loss |
|
|
Estimated Fair Value |
|
Heritage Square - Series A (2) |
|
TX |
|
|
9,882,614 |
|
|
|
78,097 |
|
|
|
- |
|
|
|
9,960,711 |
|
Oaks at Georgetown - Series A (3), (8) |
|
TX |
|
|
11,530,770 |
|
|
|
- |
|
|
|
(73,157 |
) |
|
|
11,457,613 |
|
15 West Apartments (3) |
|
WA |
|
|
9,190,524 |
|
|
|
1,121,776 |
|
|
|
- |
|
|
|
10,312,300 |
|
Aventine Apartments (4) |
|
WA |
|
|
9,500,000 |
|
|
|
1,141,563 |
|
|
|
- |
|
|
|
10,641,563 |
|
Mortgage revenue bonds |
|
|
|
$ |
971,133,524 |
|
|
$ |
39,188,805 |
|
|
$ |
(2,417,943 |
) |
|
$ |
1,007,904,386 |
|
(1)2024 PFA Securitization Bond associated with the 2024 PFA Securitization Transaction, Note 13. (2)MRB owned by ATAX TEBS III, LLC (M33 TEBS Financing), Note 13. The TEBS financing has contractual limitations on the Partnership’s ability to sell the MRB. (3)MRB owned by ATAX TEBS IV, LLC (M45 TEBS Financing), Note 13. The TEBS financing has contractual limitations on the Partnership’s ability to sell the MRB. (4)MRB held by Mizuho in a debt financing transaction, Note 13. (5)MRB held by Barclays in a debt financing transaction, Note 13. (6)As of the date presented, the Partnership determined that the unrealized loss on the MRB is a result of increasing market interest rates from the date of acquisition and is not considered a credit loss. As of December 31, 2025, the MRB has been in an unrealized loss position for at least 12 months. (7)The Partnership has a remaining MRB funding commitment of approximately $750,000 as of December 31, 2025. The MRB and the unfunded MRB commitment are accounted for as available-for-sale securities and reported at fair value. The reported unrealized loss includes the unrealized loss on the current MRB carrying value (based on current fair value) as well as the unrealized loss on the Partnership’s remaining funding commitment outstanding as of December 31, 2025 (also based on current fair value). The Partnership determined the unrealized loss is a result of increasing market interest rates and that the cumulative unrealized loss is not considered a credit loss. As of December 31, 2025, the MRB has been in an unrealized loss position for more than 12 months. (8)As of the date presented, the Partnership determined that the unrealized loss on the MRB is a result of increasing market interest rates from the date of acquisition and is not considered a credit loss. As of December 31, 2025, the MRB has been in an unrealized loss position for less than 12 months.
|