v3.26.1
Variable Interest Entities - Schedule of Assets and Liabilities of the Partnership Consolidated VIE (Details) - USD ($)
Mar. 31, 2026
Dec. 31, 2025
Mar. 31, 2025
Assets:      
Restricted cash $ 11,780,713 $ 15,383,782 $ 13,065,776
Interest receivable, net 7,024,532 7,276,781  
Mortgage revenue bonds, at fair value 48,756,731 43,162,714  
Governmental issuer loans      
Governmental issuer loans held in trust 138,757,835 138,757,835  
Allowance for credit losses (564,000) (609,000)  
Governmental issuer loans, net 138,193,835 138,148,835  
Property loans      
Property loans 53,692,208 53,599,227  
Allowance for credit losses (3,550,115) (3,477,134)  
Property loans, net 50,142,093 50,122,093  
Real estate assets 111,574,101 3,622,574  
Other assets 103,600,302 94,626,796  
Total Assets 1,486,983,107 [1] 1,502,887,278 [1] $ 1,502,887,278
Liabilities:      
Accounts payable, accrued expenses and other liabilities 18,185,350 21,134,155  
Debt financing, net 923,704,375 1,015,095,423  
Mortgages payable 83,284,044 231,679  
Total Liabilities [1] 1,118,455,841 1,123,257,804  
Variable Interest Entities      
Assets:      
Restricted cash 333,905 484,729  
Interest receivable, net 5,996,384 6,776,949  
Mortgage revenue bonds, at fair value 887,488,523 1,005,670,497  
Governmental issuer loans      
Governmental issuer loans held in trust 109,757,835 109,757,835  
Allowance for credit losses (564,000) (609,000)  
Governmental issuer loans, net 109,193,835 109,148,835  
Property loans      
Property loans 46,074,000 46,074,000  
Allowance for credit losses (451,000) (453,000)  
Property loans, net 45,623,000 45,621,000  
Real estate assets 2,513,092 2,513,092  
Other assets 81,072,606 76,584,131  
Total Assets 1,132,221,345 1,246,799,233  
Liabilities:      
Accounts payable, accrued expenses and other liabilities [2] 6,630,541 7,440,856  
Debt financing, net [3] 927,572,708 1,019,313,731  
Mortgages payable [4] 231,679 231,679  
Total Liabilities $ 934,434,928 $ 1,026,986,266  
[1] The condensed consolidated balance sheets include assets of consolidated VIEs that can only be used to settle obligations of these VIEs that totaled $1,132,221,345 and $1,246,799,233 as of March 31, 2026 and December 31, 2025, respectively. The condensed consolidated balance sheets include liabilities of the consolidated VIEs for which creditors do not have recourse to the general credit of the Partnership that totaled $330,010,647 and $331,318,784 as of March 31, 2026 and December 31, 2025, respectively. See Note 3 - Variable Interest Entities for further detail.
[2] Of the amounts reported, $4,411,259 and $4,552,373 are associated with VIEs where the creditor does not have recourse to the general credit of the Partnership as of March 31, 2026 and December 31, 2025, respectively.
[3] Of the amounts reported, $325,367,709 and $326,534,732 are associated with VIEs where the creditor does not have recourse to the general credit of the Partnership as of March 31, 2026 and December 31, 2025, respectively.
[4] The entire mortgages payable balance is associated with a VIE where the creditor does not have recourse to the general credit of the Partnership as of March 31, 2026 and December 31, 2025, respectively.