In July 2026, the Partnership sold the Everett Pointe Apartments GIL and the Sandoval Flats property loan to the Construction Lending JV at par plus accrued interest. The Partnership also novated two interest rate swaps associated with the expected TOB financing associated with the investment assets.

In July 2026, the Partnership executed a $36.7 million commitment to fund the Chapanoke Village GIL and taxable GIL, of which $6.5 million associated with the GIL was advanced at closing. The partnership subsequently sold the Chapanoke Village GIL to the Construction Lending JV at par plus accrued interest. The Partnership also executed and novated an interest rate swap associated with the expected TOB financing associated with this investment assets.

In July 2026, a partial repayment was made on the SoLa Impact Opportunity Zone Fund property loan. Proceeds of approximately $14.0 million were used to pay down the loan and related TOB trust financing. In connection with the partial repayment, the Partnership acquired the following SoLa Affordable Portfolio - Series B taxable MRB for approximately $1.9 million, net of a discount of approximately $701,000. The taxable MRB is subordinate and will receive residual interest based on available cash flow and matures August 2033. The taxable MRB was deposited in TOB 2024-XF3219 in July 2026 for proceeds of approximately $1.5 million.

In July 2026, the Partnership extended the maturity of seven Mizuho TOB trust financings with total outstanding principal of $123.2 million to July 2029. There were no additional changes to terms or fees associated with the extension of the TOB trust financings.

In July 2026, the managing member of our investment in Vantage at McKinney Falls, Vantage at Hutto, and Vantage at Fair Oaks refinanced the bridge loans associated with the properties into one cross-collateralized facility. The Partnership was released from the limited guaranty agreements (Note 16) associated with the Vantage at McKinney and Vantage at Hutto bridge loans. The Partnership has guaranteed 100% of the outstanding loan balance upon the occurrence of fraud or other willful misconduct by the borrower or if the borrower voluntarily files for bankruptcy.

In August 2026, the Partnership repaid all outstanding principal and accrued interest on the Mizuho TOB financings associated with the Village at Hanford Square MRB and taxable MRB for a total payment of approximately $16.1 million. Funding for the repayment was provided through borrowings under the Acquisition LOC.