v3.26.1
Debt Financing - Schedule of Total Debt Financing (Details) - USD ($)
 6 Months Ended 12 Months Ended
Jun. 30, 2026
Dec. 31, 2025
Debt Instrument [Line Items]    
Debt financing, net $ 822,456,473 $ 1,015,095,423
Barclays Capital Inc [Member]    
Debt Instrument [Line Items]    
Debt financing, net 0 0
TEBS Financings [Member]    
Debt Instrument [Line Items]    
Debt financing, net $ 222,073,529 $ 223,673,169
Period End Rates 4.25% 4.25%
TEBS Financings [Member] | Fixed - M33 [Member]    
Debt Instrument [Line Items]    
Debt financing, net $ 26,991,902 $ 27,390,271
Restricted Cash $ 140,537 $ 65,483
Stated Maturities 2030 2030
Tax-Exempt Interest on Senior Securities Yes [1] Yes [2]
Period End Rates 3.24% 3.24%
TEBS Financings [Member] | Fixed - M45 [Member]    
Debt Instrument [Line Items]    
Debt financing, net $ 195,081,627 $ 196,282,898
Restricted Cash $ 47,991 $ 5,000
Stated Maturities 2034 2034
Tax-Exempt Interest on Senior Securities Yes [1] Yes [2]
Period End Rates 4.39% 4.39%
2024 PFA Securitization Transaction [Member] | Fixed - Notes [Member]    
Debt Instrument [Line Items]    
Debt financing, net $ 53,018,863 $ 53,349,105
Restricted Cash $ 190,169 $ 382,761
Stated Maturities 2039 2039
Tax-Exempt Interest on Senior Securities Yes [1] Yes [2]
Period End Rates 4.90% 4.90%
TEBS Residual Financing [Member] | Fixed - Notes [Member]    
Debt Instrument [Line Items]    
Debt financing, net $ 45,958,870 $ 46,103,206
Restricted Cash $ 43,042 $ 31,485
Stated Maturities 2034 2034
Tax-Exempt Interest on Senior Securities Yes [1] Yes [2]
Period End Rates 7.16% 7.16%
TOB Trusts Securitization [Member]    
Debt Instrument [Line Items]    
Debt financing, net $ 501,405,211 $ 691,969,943
Period End Rates 4.64% 4.94%
TOB Trusts Securitization [Member] | Variable - Notes [Member] | Mizuho Capital Markets [Member] | SoLa Impact Opportunity Zone Fund [Member]    
Debt Instrument [Line Items]    
Debt financing, net $ 27,170,000 [3] $ 27,169,597 [4]
Stated Maturities 2026 [3] 2026 [4]
Tax-Exempt Interest on Senior Securities No [1],[3] No [2],[4]
Remarketing Senior Securities Rate 3.89% [3],[5] 3.91% [4],[6]
Facility Fees 1.78% [3] 1.78% [4]
Period End Rates 5.67% [3] 5.69% [4]
TOB Trusts Securitization [Member] | Variable - Notes [Member] | Mizuho Capital Markets [Member] | The Park at Sondrio - Series 2022A [Member]    
Debt Instrument [Line Items]    
Debt financing, net [4]   $ 30,454,705
Stated Maturities [4]   2028
Tax-Exempt Interest on Senior Securities [2],[4]   Yes
Remarketing Senior Securities Rate [4],[6]   3.60%
Facility Fees [4]   1.43%
Period End Rates [4]   5.03%
TOB Trusts Securitization [Member] | Variable - Notes [Member] | Mizuho Capital Markets [Member] | The Park at Vietti - Series 2022A [Member]    
Debt Instrument [Line Items]    
Debt financing, net [4]   $ 21,568,120
Stated Maturities [4]   2028
Tax-Exempt Interest on Senior Securities [2],[4]   Yes
Remarketing Senior Securities Rate [4],[6]   3.60%
Facility Fees [4]   1.43%
Period End Rates [4]   5.03%
TOB Trusts Securitization [Member] | Variable - Notes [Member] | Mizuho Capital Markets [Member] | Residency at the Entrepreneur MRBs [ Member ]    
Debt Instrument [Line Items]    
Debt financing, net $ 34,060,000 [3] $ 34,060,000 [4]
Stated Maturities 2028 [3] 2028 [4]
Tax-Exempt Interest on Senior Securities Yes [1],[3] Yes [2],[4]
Remarketing Senior Securities Rate 2.95% [3],[5] 3.60% [4],[6]
Facility Fees 1.45% [3] 1.45% [4]
Period End Rates 4.40% [3] 5.05% [4]
TOB Trusts Securitization [Member] | Variable - Notes [Member] | Mizuho Capital Markets [Member] | Residency at Empire MRBs [Member]    
Debt Instrument [Line Items]    
Debt financing, net $ 63,147,511 [3] $ 63,132,514 [4]
Stated Maturities 2028 [3] 2028 [4]
Tax-Exempt Interest on Senior Securities Yes [1],[3] Yes [2],[4]
Remarketing Senior Securities Rate 2.95% [3],[5] 3.60% [4],[6]
Facility Fees 1.42% [3] 1.42% [4]
Period End Rates 4.37% [3] 5.02% [4]
TOB Trusts Securitization [Member] | Variable - Notes [Member] | Mizuho Capital Markets [Member] | The Ivy Apartments (a/k/a Century Plaza Apartments) [Member]    
Debt Instrument [Line Items]    
Debt financing, net [4]   $ 24,376,976
Stated Maturities [4]   2028
Tax-Exempt Interest on Senior Securities [2],[4]   Yes
Remarketing Senior Securities Rate [4],[6]   3.60%
Facility Fees [4]   1.44%
Period End Rates [4]   5.04%
TOB Trusts Securitization [Member] | Variable - Notes [Member] | Mizuho Capital Markets [Member] | Windsor Shores Apartments [Member]    
Debt Instrument [Line Items]    
Debt financing, net [4]   $ 17,219,444
Stated Maturities [4]   2028
Tax-Exempt Interest on Senior Securities [2],[4]   Yes
Remarketing Senior Securities Rate [4],[6]   3.60%
Facility Fees [4]   1.44%
Period End Rates [4]   5.04%
TOB Trusts Securitization [Member] | Variable - Notes [Member] | Mizuho Capital Markets [Member] | Village at Hanford Square [Member]    
Debt Instrument [Line Items]    
Debt financing, net $ 7,791,333 [3] $ 7,789,072 [4]
Stated Maturities 2028 [3] 2028 [4]
Tax-Exempt Interest on Senior Securities Yes [1],[3] Yes [2],[4]
Remarketing Senior Securities Rate 2.95% [3],[5] 3.60% [4],[6]
Facility Fees 1.44% [3] 1.44% [4]
Period End Rates 4.39% [3] 5.04% [4]
TOB Trusts Securitization [Member] | Variable - Notes [Member] | Mizuho Capital Markets [Member] | MaryAlice Circle Apartments [Member]    
Debt Instrument [Line Items]    
Debt financing, net $ 4,711,814 [3] $ 4,709,678 [4]
Stated Maturities 2028 [3] 2028 [4]
Tax-Exempt Interest on Senior Securities Yes [1],[3] Yes [2],[4]
Remarketing Senior Securities Rate 2.95% [3],[5] 3.60% [4],[6]
Facility Fees 1.44% [3] 1.44% [4]
Period End Rates 4.39% [3] 5.04% [4]
TOB Trusts Securitization [Member] | Variable - Notes [Member] | Mizuho Capital Markets [Member] | Meadow Valley [Member]    
Debt Instrument [Line Items]    
Debt financing, net $ 32,387,522 [3] $ 32,380,093 [4]
Stated Maturities 2028 [3] 2028 [4]
Tax-Exempt Interest on Senior Securities Yes [1],[3] Yes [2],[4]
Remarketing Senior Securities Rate 2.95% [3],[5] 3.60% [4],[6]
Facility Fees 1.44% [3] 1.44% [4]
Period End Rates 4.39% [3] 5.04% [4]
TOB Trusts Securitization [Member] | Variable - Notes [Member] | Mizuho Capital Markets [Member] | 40rty on Colony [Member]    
Debt Instrument [Line Items]    
Debt financing, net $ 4,459,009 [3] $ 4,457,446 [4]
Stated Maturities 2028 [3] 2028 [4]
Tax-Exempt Interest on Senior Securities Yes [1],[3] Yes [2],[4]
Remarketing Senior Securities Rate 2.95% [3],[5] 3.60% [4],[6]
Facility Fees 1.44% [3] 1.44% [4]
Period End Rates 4.39% [3] 5.04% [4]
TOB Trusts Securitization [Member] | Variable - Notes [Member] | Mizuho Capital Markets [Member] | Residency at the Mayer Series KK [Member]    
Debt Instrument [Line Items]    
Debt financing, net $ 9,490,000 [3] $ 9,490,000 [4]
Stated Maturities 2026 [3] 2026 [4]
Tax-Exempt Interest on Senior Securities Yes [1],[3] Yes [2],[4]
Remarketing Senior Securities Rate 2.95% [3],[5] 3.60% [4],[6]
Facility Fees 1.19% [3] 1.19% [4]
Period End Rates 4.14% [3] 4.79% [4]
TOB Trusts Securitization [Member] | Variable - Notes [Member] | Mizuho Capital Markets [Member] | Residency at the Mayer Series A [Member]    
Debt Instrument [Line Items]    
Debt financing, net $ 13,768,917 [3] $ 13,767,457 [4]
Stated Maturities 2028 [3] 2028 [4]
Tax-Exempt Interest on Senior Securities Yes [1],[3] Yes [2],[4]
Remarketing Senior Securities Rate 2.95% [3],[5] 3.60% [4],[6]
Facility Fees 1.19% [3] 1.19% [4]
Period End Rates 4.14% [3] 4.79% [4]
TOB Trusts Securitization [Member] | Variable - Notes [Member] | Mizuho Capital Markets [Member] | The Safford [Member]    
Debt Instrument [Line Items]    
Debt financing, net $ 34,367,434 [3] $ 34,342,303 [4]
Stated Maturities 2026 [3] 2026 [4]
Tax-Exempt Interest on Senior Securities Yes [1],[3] Yes [2],[4]
Remarketing Senior Securities Rate 2.95% [3],[5] 3.60% [4],[6]
Facility Fees 1.44% [3] 1.44% [4]
Period End Rates 4.39% [3] 5.04% [4]
TOB Trusts Securitization [Member] | Variable - Notes [Member] | Mizuho Capital Markets [Member] | Avistar at Wood Hollow - Series A [Member]    
Debt Instrument [Line Items]    
Debt financing, net $ 31,555,100 [3] $ 31,794,740 [4]
Stated Maturities 2027 [3] 2027 [4]
Tax-Exempt Interest on Senior Securities Yes [1],[3] Yes [2],[4]
Remarketing Senior Securities Rate 2.95% [3],[5] 3.60% [4],[6]
Facility Fees 1.44% [3] 1.44% [4]
Period End Rates 4.39% [3] 5.04% [4]
TOB Trusts Securitization [Member] | Variable - Notes [Member] | Mizuho Capital Markets [Member] | Live 929 [Member]    
Debt Instrument [Line Items]    
Debt financing, net $ 53,092,000 [3] $ 53,092,000 [4]
Stated Maturities 2027 [3] 2027 [4]
Tax-Exempt Interest on Senior Securities Yes [1],[3] Yes [2],[4]
Remarketing Senior Securities Rate 2.95% [3],[5] 3.60% [4],[6]
Facility Fees 1.18% [3] 1.18% [4]
Period End Rates 4.13% [3] 4.78% [4]
TOB Trusts Securitization [Member] | Variable - Notes [Member] | Mizuho Capital Markets [Member] | Woodington Gardens - Series A - 1 [Member]    
Debt Instrument [Line Items]    
Debt financing, net $ 24,893,883 [3] $ 24,876,472 [4]
Stated Maturities 2027 [3] 2027 [4]
Tax-Exempt Interest on Senior Securities Yes [1],[3] Yes [2],[4]
Remarketing Senior Securities Rate 2.90% [3],[5] 3.55% [4],[6]
Facility Fees 1.44% [3] 1.44% [4]
Period End Rates 4.34% [3] 4.99% [4]
TOB Trusts Securitization [Member] | Variable - Notes [Member] | Mizuho Capital Markets [Member] | Aventine Apartments [Member]    
Debt Instrument [Line Items]    
Debt financing, net $ 7,584,897 [3] $ 7,576,659 [4]
Stated Maturities 2027 [3] 2027 [4]
Tax-Exempt Interest on Senior Securities Yes [1],[3] Yes [2],[4]
Remarketing Senior Securities Rate 2.95% [3],[5] 3.60% [4],[6]
Facility Fees 1.44% [3] 1.44% [4]
Period End Rates 4.39% [3] 5.04% [4]
TOB Trusts Securitization [Member] | Variable - Notes [Member] | Mizuho Capital Markets [Member] | Avistar at Copperfield - Series A [Member]    
Debt Instrument [Line Items]    
Debt financing, net $ 11,009,555 [3] $ 11,087,313 [4]
Stated Maturities 2027 [3] 2027 [4]
Tax-Exempt Interest on Senior Securities Yes [1],[3] Yes [2],[4]
Remarketing Senior Securities Rate 2.95% [3],[5] 3.60% [4],[6]
Facility Fees 1.68% [3] 1.68% [4]
Period End Rates 4.63% [3] 5.28% [4]
TOB Trusts Securitization [Member] | Variable - Notes [Member] | Mizuho Capital Markets [Member] | Avistar at Wilcrest - Series A [Member]    
Debt Instrument [Line Items]    
Debt financing, net $ 4,166,554 [3] $ 4,196,312 [4]
Stated Maturities 2027 [3] 2027 [4]
Tax-Exempt Interest on Senior Securities Yes [1],[3] Yes [2],[4]
Remarketing Senior Securities Rate 2.95% [3],[5] 3.60% [4],[6]
Facility Fees 1.68% [3] 1.68% [4]
Period End Rates 4.63% [3] 5.28% [4]
TOB Trusts Securitization [Member] | Variable - Notes [Member] | Mizuho Capital Markets [Member] | Agape Helotes - Series A-1 [Member]    
Debt Instrument [Line Items]    
Debt financing, net $ 4,416,027 [3] $ 4,411,077 [4]
Stated Maturities 2028 [3] 2028 [4]
Tax-Exempt Interest on Senior Securities Yes [1],[3] Yes [2],[4]
Remarketing Senior Securities Rate 2.95% [3],[5] 3.60% [4],[6]
Facility Fees 1.44% [3] 1.44% [4]
Period End Rates 4.39% [3] 5.04% [4]
TOB Trusts Securitization [Member] | Variable - Notes [Member] | Mizuho Capital Markets [Member] | Agape Helotes Series B [Member]    
Debt Instrument [Line Items]    
Debt financing, net $ 4,558,337 [3] $ 4,357,469 [4]
Stated Maturities 2028 [3] 2028 [4]
Tax-Exempt Interest on Senior Securities Yes [1],[3] Yes [2],[4]
Remarketing Senior Securities Rate 2.95% [3],[5] 3.60% [4],[6]
Facility Fees 2.04% [3] 2.04% [4]
Period End Rates 4.99% [3] 5.64% [4]
TOB Trusts Securitization [Member] | Variable - Notes [Member] | Mizuho Capital Markets [Member] | Trust 2024-XF3219 [Member]    
Debt Instrument [Line Items]    
Debt financing, net $ 71,856,403 [3],[7] $ 45,596,471 [4],[8]
Stated Maturities 2029 [3],[7] 2027 [4],[8]
Tax-Exempt Interest on Senior Securities No [1],[3],[7] No [2],[4],[8]
Remarketing Senior Securities Rate 3.89% [3],[5],[7] 3.91% [4],[6],[8]
Facility Fees 1.79% [3],[7] 1.79% [4],[8]
Period End Rates 5.68% [3],[7] 5.70% [4],[8]
TOB Trusts Securitization [Member] | Variable - Notes [Member] | Mizuho Capital Markets [Member] | The Centurion Foundation [Member]    
Debt Instrument [Line Items]    
Debt financing, net $ 5,065,623 [3] $ 5,060,934 [4]
Stated Maturities 2027 [3] 2027 [4]
Tax-Exempt Interest on Senior Securities No [1],[3] No [2],[4]
Remarketing Senior Securities Rate 3.89% [3],[5] 3.91% [4],[6]
Facility Fees 1.79% [3] 1.79% [4]
Period End Rates 5.68% [3] 5.70% [4]
TOB Trusts Securitization [Member] | Variable - Notes [Member] | Mizuho Capital Markets [Member] | Avistar at the Crest - Series A [Member]    
Debt Instrument [Line Items]    
Debt financing, net $ 7,093,408 [3] $ 7,143,571 [4]
Stated Maturities 2027 [3] 2027 [4]
Tax-Exempt Interest on Senior Securities Yes [1],[3] Yes [2],[4]
Remarketing Senior Securities Rate 2.95% [3],[5] 3.60% [4],[6]
Facility Fees 1.44% [3] 1.44% [4]
Period End Rates 4.39% [3] 5.04% [4]
TOB Trusts Securitization [Member] | Variable - Notes [Member] | Mizuho Capital Markets [Member] | Avistar on the Blvd - Series A [Member]    
Debt Instrument [Line Items]    
Debt financing, net $ 11,806,194 [3] $ 11,894,672 [4]
Stated Maturities 2027 [3] 2027 [4]
Tax-Exempt Interest on Senior Securities Yes [1],[3] Yes [2],[4]
Remarketing Senior Securities Rate 2.95% [3],[5] 3.60% [4],[6]
Facility Fees 1.44% [3] 1.44% [4]
Period End Rates 4.39% [3] 5.04% [4]
TOB Trusts Securitization [Member] | Variable - Notes [Member] | Mizuho Capital Markets [Member] | Avistar on the Hills - Series A [Member]    
Debt Instrument [Line Items]    
Debt financing, net $ 3,926,578 [3] $ 3,951,609 [4]
Stated Maturities 2027 [3] 2027 [4]
Tax-Exempt Interest on Senior Securities Yes [1],[3] Yes [2],[4]
Remarketing Senior Securities Rate 2.95% [3],[5] 3.60% [4],[6]
Facility Fees 1.44% [3] 1.44% [4]
Period End Rates 4.39% [3] 5.04% [4]
TOB Trusts Securitization [Member] | Variable - Notes [Member] | Mizuho Capital Markets [Member] | Avistar at the Oaks - Series A [Member]    
Debt Instrument [Line Items]    
Debt financing, net $ 5,746,605 [3] $ 5,786,847 [4]
Stated Maturities 2027 [3] 2027 [4]
Tax-Exempt Interest on Senior Securities Yes [1],[3] Yes [2],[4]
Remarketing Senior Securities Rate 2.95% [3],[5] 3.60% [4],[6]
Facility Fees 1.44% [3] 1.44% [4]
Period End Rates 4.39% [3] 5.04% [4]
TOB Trusts Securitization [Member] | Variable - Notes [Member] | Mizuho Capital Markets [Member] | Avistar in 09 - Series A [Member]    
Debt Instrument [Line Items]    
Debt financing, net $ 4,961,624 [3] $ 4,995,073 [4]
Stated Maturities 2027 [3] 2027 [4]
Tax-Exempt Interest on Senior Securities Yes [1],[3] Yes [2],[4]
Remarketing Senior Securities Rate 2.95% [3],[5] 3.60% [4],[6]
Facility Fees 1.44% [3] 1.44% [4]
Period End Rates 4.39% [3] 5.04% [4]
TOB Trusts Securitization [Member] | Variable - Notes [Member] | Barclays Capital Inc [Member] | Trust 2021-XF2953 [Member]    
Debt Instrument [Line Items]    
Debt financing, net [9]   $ 35,093,888
Stated Maturities [9]   2026
Tax-Exempt Interest on Senior Securities [2],[9]   No
Remarketing Senior Securities Rate [6],[9]   3.90%
Facility Fees [9]   1.27%
Period End Rates [9]   5.17%
TOB Trusts Securitization [Member] | Variable - Notes [Member] | Barclays Capital Inc [Member] | Poppy Grove I GIL [Member]    
Debt Instrument [Line Items]    
Debt financing, net   $ 32,696,851
Stated Maturities   2026
Tax-Exempt Interest on Senior Securities [2]   Yes
Remarketing Senior Securities Rate [6]   2.70%
Facility Fees   1.25%
Period End Rates   3.95%
TOB Trusts Securitization [Member] | Variable - Notes [Member] | Barclays Capital Inc [Member] | Poppy Grove II GIL [Member]    
Debt Instrument [Line Items]    
Debt financing, net   $ 19,232,683
Stated Maturities   2026
Tax-Exempt Interest on Senior Securities [2]   Yes
Remarketing Senior Securities Rate [6]   2.70%
Facility Fees   1.25%
Period End Rates   3.95%
TOB Trusts Securitization [Member] | Variable - Notes [Member] | Barclays Capital Inc [Member] | Poppy Grove III GIL [Member]    
Debt Instrument [Line Items]    
Debt financing, net   $ 35,844,851
Stated Maturities   2026
Tax-Exempt Interest on Senior Securities [2]   Yes
Remarketing Senior Securities Rate [6]   2.70%
Facility Fees   1.25%
Period End Rates   3.95%
TOB Trusts Securitization [Member] | Variable - Notes [Member] | Barclays Capital Inc [Member] | Village Point [Member]    
Debt Instrument [Line Items]    
Debt financing, net $ 18,318,883 $ 18,363,046
Stated Maturities 2027 2026
Tax-Exempt Interest on Senior Securities Yes [1] Yes [2]
Remarketing Senior Securities Rate 3.25% [5] 2.70% [6]
Facility Fees 1.61% 1.61%
Period End Rates 4.86% 4.31%
[1] The tax treatment of interest paid to the trust senior trust securities is dependent on the structure of the debt financing. Debt financings designated as “tax-exempt” in the table above are such that the Partnership expects and believes the interest on the senior securities is exempt from federal income taxes, which typically requires a lower remarketing rate to place the senior securities at each weekly reset.
[2] The tax treatment of interest paid to the trust senior trust securities is dependent on the structure of the debt financing. Debt financings designated as “tax-exempt” in the table above are such that the Partnership expects and believes the interest on the senior securities is exempt from federal income taxes, which typically requires a lower remarketing rate to place the senior securities at each weekly reset.
[3] The Partnership has restricted cash totaling approximately $9.9 million related to its ISDA master agreement with Mizuho based on Mizuho’s valuations of the underlying assets and the Partnership’s derivative financial instruments.
[4] The Partnership has restricted cash totaling approximately $10.6 million related to its ISDA master agreement with Mizuho based on Mizuho’s valuations of the underlying assets and the Partnership’s derivative financial instruments.
[5] The remarketing senior securities rate is the market interest rate determined by the remarketing agent to ensure all senior securities tendered by holder for weekly remarketing are purchased at par.
[6] The remarketing senior securities rate is the market interest rate determined by the remarketing agent to ensure all senior securities tendered by holder for weekly remarketing are purchased at par.
[7] The TOB trust is securitized by three MRBs and seven taxable MRBs.
[8] The TOB trust is securitized by three MRBs and nine taxable MRBs.
[9] The TOB trust is securitized by the Poppy Grove I taxable GIL, Poppy Grove II taxable GIL and Poppy Grove III taxable GILs.