The following tables summarize information regarding the Partnership’s real estate assets, net of depreciation, as of June 30, 2026 and December 31, 2025:


Real Estate Assets as of June 30, 2026
Property Name	Location	Number of Units	Land and Land Improvements		Buildings and Improvements		Carrying Value
The Park at Sondrio	Greenville, SC	271	$	6,706,487	$	25,700,888	$	32,407,375
The Park at Vietti	Spartanburg, SC	204		3,298,540		19,847,261		23,145,801
Windsor Shores Apartments	Columbia, SC	176		2,360,633		19,966,971		22,327,604
Century Plaza Apartments	Greenville, SC	212		5,826,323		25,580,519		31,406,842
Vantage at San Marcos	San Marcos, TX	(1)		2,513,092		-		2,513,092
Land held for development	Richland County, SC			1,109,482		-		1,109,482
							$	112,910,196
Less accumulated depreciation								(1,934,648	)
Real estate assets, net							$	110,975,548

(1)

The assets are owned by a consolidated VIE for future development of a market-rate multifamily property. See Note 3 for further information.


Real Estate Assets as of December 31, 2025
Property Name	Location	Number of Units	Land and Land Improvements		Buildings and Improvements		Carrying Value
Vantage at San Marcos	San Marcos, TX	(1)	$	2,513,092	$	-	$	2,513,092
Land held for development	Richland County, SC			1,109,482		-		1,109,482
							$	3,622,574

(1) The assets are owned by a consolidated VIE for future development of a market-rate multifamily property. See Note 3 for further information.

During the first quarter of 2026, the Partnership acquired four multifamily properties previously owned by the non-profit borrowers of The Park at Sondrio MRB and taxable MRB, The Park at Vietti MRB and taxable MRB, The Ivy Apartments MRB (a/k/a Century Plaza Apartments), and Windsor Shores Apartments MRB and taxable MRB via deed in lieu of foreclosure. All four MF Properties are located in South Carolina. Prior to the acquisition of each property, the Partnership's total aggregate outstanding principal balance and the estimated aggregate fair value of the MRBs and taxable MRBs was approximately $119.9 million and $110.3 million, respectively. The difference between the aggregate outstanding principal and the estimated fair value of both the MRBs and taxable MRBs was due to approximately $8.7 million of allowance for credit loss (Note 10) and approximately $987,000 of unrealized losses. The Partnership recorded the SC MF Properties at fair value upon acquisition and recognized a recovery of provision for credit loss and gain upon the deed in lieu of foreclosure transactions of approximately $2.0 million and $2.2 million, respectively. The SC MF Properties are currently being managed by an unaffiliated third-party property management firm to maximize operating cash flows and property values. The Partnership may look to sell the SC MF Properties once operations are maximized.

In February 2025, Vantage at San Marcos received proceeds of approximately $1.4 million, net of selling costs, upon sale of a parcel of land. Proceeds from the sale were used to pay down outstanding principal on the associated mortgage payable (Note 14).