v3.26.1
Segments
 6 Months Ended
Jun. 30, 2026
Segment Reporting [Abstract]  
Segments

24. Segments

As of June 30, 2026, the Partnership had four reportable segments: (1) Affordable Multifamily Investments, (2) Seniors and Skilled Nursing Investments, (3) Market-Rate Joint Venture Investments, and (4) MF Properties. The Partnership separately reports its consolidation and elimination information because it does not allocate certain items to the segments. The Partnership’s chief operating decision maker (the “CODM”) is the Chief Executive Officer, who uses net income (loss) to monitor segment performance against budgeted results and to allocate resources. In this regard, the CODM uses net income (loss) to evaluate income generated from each segment’s assets and investments in deciding whether to reinvest income and available capital into such segment or into other investment classes of the Partnership. The CODM has considered recent underperformance in the Market-Rate Joint Venture Investments in conjunction with future market expectations in his decision to reduce the capital allocation to the Market-Rate Joint Venture Investments in the future.

Affordable Multifamily Investments Segment

The Affordable Multifamily Investments segment consists of the Partnership’s portfolio of MRBs, GILs and related taxable MRBs, taxable GILs, and property loans that have been issued to provide construction and/or permanent financing for multifamily residential and commercial properties in their market areas. Such MRBs and GILs are held as investments and the taxable MRBs, taxable GILs, and property loans, net of loan loss allowances, are reported as such on the Partnership's condensed consolidated balance sheets. As of June 30, 2026, the Partnership reported 78 MRBs and two GILs in this segment. As of June 30, 2026, the multifamily residential properties securing the MRBs and GILs contain a total of 9,872 and 673 multifamily rental units, respectively. The Affordable Multifamily Investments segment also includes the Construction Lending JV. All “General and administrative expenses” on the Partnership's condensed consolidated statements of operations are reported within this segment.

Seniors and Skilled Nursing Investments Segment

The Seniors and Skilled Nursing Investments segment consists of two MRBs that have been issued to provide acquisition, construction and/or permanent financing for seniors housing and skilled nursing properties and a property loan associated with a lease of essential healthcare support buildings. Seniors housing consists of a combination of independent living, assisted living and memory care units. As of June 30, 2026, the two properties securing the MRBs contain a total of 284 beds.

Market-Rate Joint Venture Investments Segment

The Market-Rate Joint Venture Investments segment consists of the operations of ATAX Vantage Holdings, LLC, ATAX Freestone Holdings, LLC, ATAX Senior Housing Holdings I, LLC, and ATAX Great Hill Holdings LLC, which make noncontrolling investments in unconsolidated entities for the construction, stabilization, and ultimate sale of market-rate multifamily and seniors housing properties (Note 7). The Market-Rate Joint Venture Investments segment also includes the consolidated VIE of Vantage at San Marcos (Note 3).

MF Properties Segment

The MF Properties segment consists primarily of multifamily and student housing residential properties either currently held or previously held by the Partnership (Note 8). During the time the Partnership holds an interest in an MF Property, any excess cash flow will be available for distribution to the Partnership. During the first quarter of 2026, the Partnership acquired the four SC MF Properties containing a total of 863 rental units via deed in lieu of foreclosure. As of December 31, 2025, the Partnership did not own any MF Properties. The Partnership previously sold The 50/50 MF Property to an unrelated non-profit organization in December 2022 in exchange for a seller financing property loan which is included in the MF Properties Segment. Income tax expense for the Greens Hold Co is reported within this segment.

The following tables detail certain financial information for the Partnership’s reportable segments for the periods indicated:

 

 

For the Three Months Ended June 30, 2026

 

 

 

Affordable Multifamily Investments

 

 

Seniors and Skilled Nursing Investments

 

 

Market-Rate Joint Venture Investments

 

 

MF Properties

 

 

Partnership Total

 

Revenues:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Investment income

 

$

13,237,064

 

 

$

1,064,553

 

 

$

409,417

 

 

$

-

 

 

$

14,711,034

 

Other interest income

 

 

3,026,834

 

 

 

190,312

 

 

 

-

 

 

 

-

 

 

 

3,217,146

 

Property revenues

 

 

-

 

 

 

-

 

 

 

-

 

 

 

2,078,727

 

 

 

2,078,727

 

Other income

 

 

1,069,183

 

 

 

110,000

 

 

 

-

 

 

 

90

 

 

 

1,179,273

 

Total revenues

 

 

17,333,081

 

 

 

1,364,865

 

 

 

409,417

 

 

 

2,078,817

 

 

 

21,186,180

 

Expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Real estate operating

 

 

 

 

 

 

 

 

 

 

 

1,342,991

 

 

 

1,342,991

 

Provision for credit losses

 

 

(369,582

)

 

 

(3,000

)

 

 

-

 

 

 

-

 

 

 

(372,582

)

Depreciation and amortization

 

 

-

 

 

 

-

 

 

 

-

 

 

 

3,272,248

 

 

 

3,272,248

 

Interest expense

 

 

10,474,131

 

 

 

665,988

 

 

 

735,652

 

 

 

1,511,353

 

 

 

13,387,124

 

Net result from derivative transactions

 

 

(1,257,110

)

 

 

(379,239

)

 

 

-

 

 

 

(445,014

)

 

 

(2,081,363

)

General and administrative

 

 

4,041,429

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

4,041,429

 

Total expenses

 

 

12,888,868

 

 

 

283,749

 

 

 

735,652

 

 

 

5,681,578

 

 

 

19,589,847

 

Other Income:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Gain on sale of investments in unconsolidated entities

 

 

-

 

 

 

-

 

 

 

16,624

 

 

 

-

 

 

 

16,624

 

Gain on deed in lieu of foreclosures

 

 

22,790

 

 

 

 

 

 

 

 

 

 

 

 

22,790

 

Earnings (losses) from investments in unconsolidated entities

 

 

19,456

 

 

 

-

 

 

 

(3,180,718

)

 

 

-

 

 

 

(3,161,262

)

Income before income taxes

 

 

4,486,459

 

 

 

1,081,116

 

 

 

(3,490,329

)

 

 

(3,602,761

)

 

 

(1,525,515

)

Income tax benefit

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(2,786

)

 

 

(2,786

)

Segment net income (loss)

 

$

4,486,459

 

 

$

1,081,116

 

 

$

(3,490,329

)

 

$

(3,599,975

)

 

$

(1,522,729

)

 

 

 

 

For the Six Months Ended June 30, 2026

 

 

 

Affordable Multifamily Investments

 

 

Seniors and Skilled Nursing Investments

 

 

Market-Rate Joint Venture Investments

 

 

MF Properties

 

 

Partnership Total

 

Revenues:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Investment income

 

$

28,254,205

 

 

$

2,129,666

 

 

$

766,319

 

 

$

-

 

 

$

31,150,190

 

Other interest income

 

 

5,959,082

 

 

 

380,625

 

 

 

-

 

 

 

-

 

 

 

6,339,707

 

Property revenues

 

 

-

 

 

 

-

 

 

 

-

 

 

 

3,527,852

 

 

 

3,527,852

 

Other income

 

 

1,841,208

 

 

 

110,000

 

 

 

-

 

 

 

2,426

 

 

 

1,953,634

 

Total revenues

 

 

36,054,495

 

 

 

2,620,291

 

 

 

766,319

 

 

 

3,530,278

 

 

 

42,971,383

 

Expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Real estate operating

 

 

-

 

 

 

-

 

 

 

-

 

 

 

2,170,626

 

 

 

2,170,626

 

Provision for credit losses

 

 

(2,445,459

)

 

 

(5,000

)

 

 

-

 

 

 

-

 

 

 

(2,450,459

)

Depreciation and amortization

 

 

-

 

 

 

-

 

 

 

-

 

 

 

6,018,640

 

 

 

6,018,640

 

Interest expense

 

 

21,118,436

 

 

 

1,242,253

 

 

 

1,673,143

 

 

 

2,521,438

 

 

 

26,555,270

 

Net result from derivative transactions

 

 

(2,193,326

)

 

 

(633,948

)

 

 

-

 

 

 

(818,728

)

 

 

(3,646,002

)

General and administrative

 

 

8,692,191

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

8,692,191

 

Total expenses

 

 

25,171,842

 

 

 

603,305

 

 

 

1,673,143

 

 

 

9,891,976

 

 

 

37,340,266

 

Other Income:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Gain on deed in lieu of foreclosures

 

 

2,241,813

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

2,241,813

 

Gain on sale of investments in unconsolidated entities

 

 

-

 

 

 

-

 

 

 

16,624

 

 

 

-

 

 

 

16,624

 

Earnings (losses) from investments in unconsolidated entities

 

 

37,708

 

 

 

-

 

 

 

(8,129,070

)

 

 

-

 

 

 

(8,091,362

)

Income (loss) before income taxes

 

 

13,162,174

 

 

 

2,016,986

 

 

 

(9,019,270

)

 

 

(6,361,698

)

 

 

(201,808

)

Income tax benefit

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(5,459

)

 

 

(5,459

)

Segment net income (loss)

 

$

13,162,174

 

 

$

2,016,986

 

 

$

(9,019,270

)

 

$

(6,356,239

)

 

$

(196,349

)

 

 

 

For the Three Months Ended June 30, 2025

 

 

 

Affordable Multifamily Investments

 

 

Seniors and Skilled Nursing Investments

 

 

Market-Rate Joint Venture Investments

 

 

MF Properties

 

 

Partnership Total

 

Revenues:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Investment income

 

$

16,949,363

 

 

$

1,051,619

 

 

$

2,037,065

 

 

$

-

 

 

$

20,038,047

 

Other interest income

 

 

2,367,952

 

 

 

190,312

 

 

 

-

 

 

 

-

 

 

 

2,558,264

 

Contingent interest income

 

 

208,059

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

208,059

 

Other income

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

Total revenues

 

 

19,525,374

 

 

 

1,241,931

 

 

 

2,037,065

 

 

 

-

 

 

 

22,804,370

 

Expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Provision for credit losses

 

 

9,053,734

 

 

 

(1,000

)

 

 

-

 

 

 

-

 

 

 

9,052,734

 

Depreciation and amortization

 

 

2,646

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

2,646

 

Interest expense

 

 

12,641,406

 

 

 

713,845

 

 

 

545,940

 

 

 

-

 

 

 

13,901,191

 

Net result from derivative transactions

 

 

1,108,996

 

 

 

270,220

 

 

 

-

 

 

 

-

 

 

 

1,379,216

 

General and administrative

 

 

4,674,865

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

4,674,865

 

Total expenses

 

 

27,481,647

 

 

 

983,065

 

 

 

545,940

 

 

 

-

 

 

 

29,010,652

 

Other Income:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Gain on sale of investments in unconsolidated entities

 

 

-

 

 

 

-

 

 

 

195,516

 

 

 

-

 

 

 

195,516

 

Earnings (losses) from investments in unconsolidated entities

 

 

(29,757

)

 

 

-

 

 

 

(2,217,319

)

 

 

-

 

 

 

(2,247,076

)

Income before income taxes

 

 

(7,986,030

)

 

 

258,866

 

 

 

(530,678

)

 

 

-

 

 

 

(8,257,842

)

Income tax benefit

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(2,762

)

 

 

(2,762

)

Segment net income (loss)

 

$

(7,986,030

)

 

$

258,866

 

 

$

(530,678

)

 

$

2,762

 

 

$

(8,255,080

)

 

 

 

 

For the Six Months Ended June 30, 2025

 

 

 

Affordable Multifamily Investments

 

 

Seniors and Skilled Nursing Investments

 

 

Market-Rate Joint Venture Investments

 

 

MF Properties

 

 

Partnership Total

 

Revenues:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Investment income

 

$

34,586,159

 

 

$

2,093,805

 

 

$

4,433,656

 

 

$

-

 

 

$

41,113,620

 

Other interest income

 

 

4,465,804

 

 

 

380,625

 

 

 

-

 

 

 

-

 

 

 

4,846,429

 

Contingent interest income

 

 

208,059

 

 

 

 

 

 

 

 

 

 

 

 

208,059

 

Other income

 

 

958,825

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

958,825

 

Total revenues

 

 

40,218,847

 

 

 

2,474,430

 

 

 

4,433,656

 

 

 

-

 

 

 

47,126,933

 

Expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Provision for credit losses

 

 

8,874,734

 

 

 

6,000

 

 

 

-

 

 

 

-

 

 

 

8,880,734

 

Depreciation

 

 

6,188

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

6,188

 

Interest expense

 

 

25,090,049

 

 

 

1,366,139

 

 

 

942,297

 

 

 

-

 

 

 

27,398,485

 

Net result from derivative transactions

 

 

3,612,964

 

 

 

802,389

 

 

 

-

 

 

 

-

 

 

 

4,415,353

 

General and administrative

 

 

9,245,126

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

9,245,126

 

Total expenses

 

 

46,829,061

 

 

 

2,174,528

 

 

 

942,297

 

 

 

-

 

 

 

49,945,886

 

Other Income:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Gain on sale of investments in unconsolidated entities

 

 

-

 

 

 

-

 

 

 

200,736

 

 

 

-

 

 

 

200,736

 

Earnings (losses) from investments in unconsolidated entities

 

 

(29,757

)

 

 

-

 

 

 

(3,209,578

)

 

 

-

 

 

 

(3,239,335

)

Income before income taxes

 

 

(6,639,971

)

 

 

299,902

 

 

 

482,517

 

 

 

-

 

 

 

(5,857,552

)

Income tax benefit

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(5,495

)

 

 

(5,495

)

Segment net income (loss)

 

$

(6,639,971

)

 

$

299,902

 

 

$

482,517

 

 

$

5,495

 

 

$

(5,852,057

)

The following table details total assets for the Partnership’s reportable segments as of June 30, 2026 and December 31, 2025:

 

 

June 30, 2026

 

 

December 31, 2025

 

 

Total assets

 

 

 

 

 

 

 

Affordable Multifamily Investments

 

$

1,130,603,203

 

 

$

1,354,654,552

 

 

Seniors and Skilled Nursing Investments

 

 

72,880,253

 

 

 

72,334,224

 

 

Market-Rate Joint Venture Investments

 

 

158,394,403

 

 

 

148,919,228

 

 

MF Properties

 

 

115,021,267

 

 

 

4,332,730

 

 

Consolidation/eliminations

 

 

(90,262,501

)

 

 

(77,353,456

)

 

Total assets

 

$

1,386,636,625

 

 

$

1,502,887,278