The following tables summarize the Partnership’s property loans, net of asset-specific allowances for credit losses, as of June 30, 2026 and December 31, 2025:


	June 30, 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		7/1/2029	14.00% (2)
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) (3)	$	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 (4)		3,700,000		-			3,700,000		12/1/2027	7.48%
Opportunity South Carolina		1,808,115		(1,808,115	)		-		2/1/2030	10.00%
Subtotal		10,318,208		(2,303,115	)		8,015,093

Total	$	56,392,208	$	(2,303,115	)	$	54,089,093	(5)

(1)

The property loans are held in trust in connection with a TOB trust financing (Note 13).

(2)

The interest rate increases to 14.5% on January 1, 2027 and by an additional 0.5% every three months thereafter, up to a maximum rate of 16.0%.

(3)

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.

(4)

The Sandoval Flats property loan was considered to be held-for-sale and reported at fair value, which approximated amortized cost as of June 30, 2026. The Partnership expects to sell the property loan to the Construction Lending JV in the future.

(5)

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 $1.6 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.

The Partnership has accrued interest receivable related to its property loans of approximately $368,000 and $371,000 as of June 30, 2026 and December 31, 2025, respectively, that is reported within "Interest receivable, net" in the Partnership’s condensed consolidated balance sheets.

Two entities that are affiliates of the Sandoval Flats property loan have provided limited-to-full payment guaranties as of June 30, 2026. The same affiliates also provide guaranties for The Safford MRB.

The Partnership has remaining commitments to provide additional funding of certain property loans during construction of the secured properties as of June 30, 2026. See Note 16 for further information regarding the Partnership’s remaining property loan funding commitments.

See Note 10 for information regarding the Partnership’s allowance for credit losses related to its property loans.

During the six months ended June 30, 2026, the Partnership advanced funds of approximately $93,000 to Opportunity South Carolina to finance the funding of reserves, operating deficits and other operating expenses. Opportunity South Carolina was the borrower associated with The Park at Sondrio MRBs, The Park at Vietti MRBs, and the Windsor Shores Apartments MRBs prior to the deed in lieu of foreclosure transactions in the first quarter of 2026 (See Note 8). The property loan is in non-accrual status as of June 30, 2026 because interest payments under the loan are not required until maturity.

In June 2026, the Partnership amended its mezzanine loan agreement with SoLa Impact Opportunity Zone Fund. Pursuant to the amendment, the contractual interest rate was increased to 14.0% effective June 30, 2026 and will increase to 14.5% on January 1, 2027, with additional increases of 0.5% every three months thereafter, up to a maximum rate of 16.0%. The borrower is required to make current cash interest payments at a rate of 9.0% per annum, with any additional interest resulting from the rate escalation feature payable from available property-level cash flows. The amendment also extended the maturity date of the loan to July 1, 2029. Upon execution of the amendment, the Partnership received an extension fee of approximately $230,000 and is entitled to an exit fee equal to 1.0% of the outstanding loan balance upon repayment of the loan. Subsequent to June 30, 2026, the Partnership received partial redemption proceeds associated with its mezzanine loan of approximately $14.0 million. See Note 25 for further information.

During the six months ended June 30, 2025, the Partnership advanced funds of approximately $624,000 to Opportunity South Carolina to finance the funding of reserves, operating deficits and other operating expenses. Opportunity South Carolina was the borrower associated with The Park at Sondrio MRBs, The Park at Vietti MRBs, and the Windsor Shores Apartments MRBs. The property loan was in non-accrual status as of June 30, 2025 because interest payments under the loan are not required until maturity and operations at the related properties were stressed.

In June 2025, the Partnership advanced additional funds of $6.0 million to the SoLa Impact Opportunity Zone Fund and the interest rate was changed to 9.00%. There were no additional changes to terms or fees associated with the additional loan proceeds and interest rate update.