Property Loans (Tables)

3 Months Ended

Mar. 31, 2026

Property Loans Net Of Loan Loss Allowance [Abstract]

Summary of Partnership's Property Loans, Net of Allowances for Credit Losses

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.

Schedule of Property Loans Paid Down or Redeemed

The following property loan principal payments were received during the three months ended March 31, 2025:


Property Name	Month Redeemed	Principal Proceeds
Sandy Creek Apartments	January 2025	$	7,241,754
SoLa Impact Opportunity Zone Fund	March 2025		556,000
		$	7,797,754