Commitments and Contingencies (Tables)

3 Months Ended

Mar. 31, 2026

Commitments and Contingencies Disclosure [Abstract]

Summary of Partnership's Bond Purchase Commitments

The following table summarizes the Partnership’s bond purchase commitments as of March 31, 2026 and December 31, 2025:


Bond Purchase Commitments	Commitment Date	Maximum Committed Amounts Remaining		Interest Rate			Estimated Closing Date	Fair Value as of March 31, 2026		Fair Value as of December 31, 2025
Kindred Apartments	March 2025	$	21,921,000		6.875	%	December 2027	$	2,955,173	$	3,323,510

Summary of Partnership's Total and Remaining Commitments

The following table summarizes the Partnership’s total and remaining commitments as of March 31, 2026:


Property Name	Commitment Date	Asset Maturity Date	Interest Rate		Total Commitment		Remaining Commitment as of March 31, 2026
Mortgage Revenue Bonds
Meadow Valley	December 2021	December 2029	6.25%		$	44,000,000	$	750,000

Taxable Mortgage Revenue Bonds
Residency at Empire - Series BB-T	December 2022	June 2026	7.45%		$	9,404,500	$	5,304,500
Gateway and Yarbrough Predevelopment Project	June 2025	July 2026	9.00%			2,000,000		1,200,000
Subtotal						11,404,500		6,504,500

Governmental Issuer Loans
Residency at Sky Village Hollywood	December 2025	December 2030	SOFR + 3.20%	(1)	$	34,000,000	$	5,000,000

Property Loans
Sandoval Flats	November 2024	December 2027 (2)	7.48%		$	29,846,000	$	28,846,000

Equity Investments
Vantage at San Marcos (3), (4)	November 2020	N/A	N/A		$	9,914,529	$	8,943,914
Freestone Greeley (4)	October 2022	N/A	N/A			16,035,710		10,562,345
Valage Senior Living Mt. Rose	December 2025	N/A	N/A			14,541,973		7,024,410
Subtotal						40,492,212		26,530,669

Bond Purchase Commitments
Kindred Apartments	March 2025	December 2027 (2)	6.875%		$	21,921,000	$	21,921,000

Total Commitments					$	181,663,712	$	89,552,169

(1)

The variable index interest rate component is subject to an all-in floor of 6.95%. The borrower has the option to convert to fixed rate within 210 days of closing equal to the greater of (a) the 5-year SOFR Swap Rate + 3.40% or (b) 6.95%.

(2)

The borrowers may elect to extend the maturity date for a period ranging between six and twelve months upon meeting certain conditions, which may include payment of a non-refundable extension fee.

(3)

The property became a consolidated VIE effective during the fourth quarter of 2021 (Note 3).

(4)

A development site has been identified for this property but construction had not commenced as of March 31, 2026. The Partnership’s joint venture partners are evaluating the highest and best use for the development sites as of March 31, 2026, which may include a sale of the land or the commencement of construction. The timing of any funding commitment is uncertain and the Partnership’s remaining funding commitment will be terminated if the land is sold.

Summary of Partnership's Maximum Exposure Under Guaranty Agreements

The following table summarizes the Partnership’s maximum exposure under these guaranty agreements as of March 31, 2026:


Borrower	Guaranty Maturity	Maximum Balance Available on Loan		Loan Balance as of March 31, 2026		Partnership's Maximum Exposure as of March 31, 2026		Guaranty Terms
Vantage at McKinney Falls	2026	$	35,850,000	$	28,680,000	$	17,925,000	(1)
Vantage at Hutto	2026		35,000,000		35,000,000	$	17,500,000	(1)
Vantage at Loveland	2026		47,000,000		47,000,000	$	23,500,000	(1)

(1)

The Partnership has guaranteed up to 100% of the outstanding loan balance upon the occurrence of fraud or other willful misconduct by the borrower or if the borrower voluntarily files for bankruptcy. The guaranty agreement requires the Partnership to maintain a minimum net worth of not less than $100.0 million and maintain liquid assets of not less than $6.3 million at the end of each quarter. The Partnership was in compliance with these requirements as of March 31, 2026. The Partnership has also provided indemnification to the lender for various costs including interest expenses, environmental non-compliance and remediation during the term. The Partnership has also provided indemnification to the lender for Vantage at McKinney Falls and Vantage at Loveland for certain operating costs.

The following table summarizes the Partnership’s maximum exposure under these guaranty agreements as of March 31, 2026:


Limited Partnership(s)	End of Guaranty Period	Partnership's Maximum Exposure as of March 31, 2026
Ohio Properties	2026	$	1,271,176
Greens of Pine Glen, LP	2027		1,278,767