v3.26.1
Mortgage Revenue Bonds (Tables)
 6 Months Ended
Jun. 30, 2026
Investments In Mortgage Revenue Bonds [Abstract]  
Schedule of Investments in MRBs The Partnership had the following investments in MRBs as of June 30, 2026 and December 31, 2025:

 

 

June 30, 2026

 

Description of Mortgage Revenue Bonds

 

State

 

Cost Adjusted for
Paydowns and Allowances

 

 

Cumulative
Unrealized Gain

 

 

Cumulative
Unrealized Loss

 

 

Estimated Fair Value

 

The Safford (4)

 

AZ

 

$

43,014,400

 

 

$

321,160

 

 

$

-

 

 

$

43,335,560

 

40rty on Colony - Series P (4)

 

CA

 

 

5,959,296

 

 

 

438,473

 

 

 

-

 

 

 

6,397,769

 

CCBA Senior Garden Apartments (1)

 

CA

 

 

3,661,404

 

 

 

1,049

 

 

 

-

 

 

 

3,662,453

 

Courtyard - Series A (3)

 

CA

 

 

9,499,792

 

 

 

490,659

 

 

 

-

 

 

 

9,990,451

 

Glenview Apartments - Series A (2)

 

CA

 

 

4,145,114

 

 

 

138,509

 

 

 

-

 

 

 

4,283,623

 

Harmony Court Bakersfield - Series A (3)

 

CA

 

 

3,463,756

 

 

 

164,826

 

 

 

-

 

 

 

3,628,582

 

Harmony Terrace - Series A (3)

 

CA

 

 

6,414,030

 

 

 

320,299

 

 

 

-

 

 

 

6,734,329

 

Harden Ranch - Series A (1)

 

CA

 

 

6,095,873

 

 

 

106,823

 

 

 

-

 

 

 

6,202,696

 

Las Palmas II - Series A (3)

 

CA

 

 

1,570,776

 

 

 

74,109

 

 

 

-

 

 

 

1,644,885

 

Montclair Apartments - Series A (2)

 

CA

 

 

2,245,640

 

 

 

71,912

 

 

 

-

 

 

 

2,317,552

 

Montecito at Williams Ranch Apartments - Series A (1), (6)

 

CA

 

 

7,264,331

 

 

 

-

 

 

 

(32,822

)

 

 

7,231,509

 

Montevista - Series A (1)

 

CA

 

 

6,474,525

 

 

 

616,363

 

 

 

-

 

 

 

7,090,888

 

Ocotillo Springs - Series A (1), (7)

 

CA

 

 

3,402,082

 

 

 

-

 

 

 

(148,252

)

 

 

3,253,830

 

Ocotillo Springs - Series A-1 (1)

 

CA

 

 

491,850

 

 

 

68,408

 

 

 

-

 

 

 

560,258

 

Residency at Empire - Series BB-1 (4)

 

CA

 

 

14,091,741

 

 

 

553,269

 

 

 

-

 

 

 

14,645,010

 

Residency at Empire - Series BB-2 (4)

 

CA

 

 

4,000,000

 

 

 

184,288

 

 

 

-

 

 

 

4,184,288

 

Residency at Empire - Series BB-3 (4)

 

CA

 

 

14,000,000

 

 

 

512,793

 

 

 

-

 

 

 

14,512,793

 

Residency at Empire - Series BB-4 (4)

 

CA

 

 

47,000,000

 

 

 

391,240

 

 

 

-

 

 

 

47,391,240

 

Residency at the Entrepreneur - Series J-1 (4), (7)

 

CA

 

 

9,071,911

 

 

 

-

 

 

 

(140,396

)

 

 

8,931,515

 

Residency at the Entrepreneur - Series J-2 (4), (6)

 

CA

 

 

7,500,000

 

 

 

-

 

 

 

(57,071

)

 

 

7,442,929

 

Residency at the Entrepreneur - Series J-3 (4)

 

CA

 

 

26,080,000

 

 

 

187,655

 

 

 

-

 

 

 

26,267,655

 

Residency at the Entrepreneur - Series J-4 (4)

 

CA

 

 

16,420,000

 

 

 

-

 

 

 

-

 

 

 

16,420,000

 

Residency at the Entrepreneur - Series J-5 (4)

 

CA

 

 

5,000,000

 

 

 

-

 

 

 

-

 

 

 

5,000,000

 

Residency at the Mayer - Series A (4)

 

CA

 

 

16,751,760

 

 

 

2,162,266

 

 

 

-

 

 

 

18,914,026

 

Residency at the Mayer - Series KK (4)

 

CA

 

 

11,500,000

 

 

 

31,148

 

 

 

-

 

 

 

11,531,148

 

San Vicente - Series A (3)

 

CA

 

 

3,238,857

 

 

 

152,809

 

 

 

-

 

 

 

3,391,666

 

Santa Fe Apartments - Series A (2)

 

CA

 

 

2,720,508

 

 

 

85,227

 

 

 

-

 

 

 

2,805,735

 

Seasons at Simi Valley - Series A (3)

 

CA

 

 

3,933,456

 

 

 

249,244

 

 

 

-

 

 

 

4,182,700

 

Seasons Lakewood - Series A (3)

 

CA

 

 

6,832,337

 

 

 

341,188

 

 

 

-

 

 

 

7,173,525

 

Seasons San Juan Capistrano - Series A (3)

 

CA

 

 

11,503,424

 

 

 

574,449

 

 

 

-

 

 

 

12,077,873

 

Solano Vista - Series A (1)

 

CA

 

 

2,558,720

 

 

 

9,334

 

 

 

-

 

 

 

2,568,054

 

Summerhill - Series A (3)

 

CA

 

 

5,964,532

 

 

 

235,664

 

 

 

-

 

 

 

6,200,196

 

Sycamore Walk - Series A (3)

 

CA

 

 

3,249,068

 

 

 

157,358

 

 

 

-

 

 

 

3,406,426

 

The Village at Madera - Series A (3)

 

CA

 

 

2,864,795

 

 

 

136,324

 

 

 

-

 

 

 

3,001,119

 

Tyler Park Townhomes - Series A (1)

 

CA

 

 

5,304,458

 

 

 

11,286

 

 

 

-

 

 

 

5,315,744

 

Village at Hanford Square - Series H (4)

 

CA

 

 

10,400,000

 

 

 

-

 

 

 

-

 

 

 

10,400,000

 

Vineyard Gardens - Series A (1)

 

CA

 

 

3,783,697

 

 

 

285,365

 

 

 

-

 

 

 

4,069,062

 

Wellspring Apartments (1)

 

CA

 

 

3,697,423

 

 

 

235,836

 

 

 

-

 

 

 

3,933,259

 

Westside Village Market - Series A (1)

 

CA

 

 

3,466,454

 

 

 

120,570

 

 

 

-

 

 

 

3,587,024

 

Handsel Morgan Village Apartments (4)

 

GA

 

 

2,149,122

 

 

 

388,761

 

 

 

-

 

 

 

2,537,883

 

MaryAlice Circle Apartments (4)

 

GA

 

 

5,897,589

 

 

 

1,066,832

 

 

 

-

 

 

 

6,964,421

 

Renaissance - Series A (2)

 

LA

 

 

9,996,038

 

 

 

677,535

 

 

 

-

 

 

 

10,673,573

 

Live 929 Apartments - Series 2022A (4)

 

MD

 

 

58,529,904

 

 

 

5,608,552

 

 

 

-

 

 

 

64,138,456

 

Woodington Gardens Apartments - Series A-1 (4)

 

MD

 

 

31,150,000

 

 

 

2,625,280

 

 

 

-

 

 

 

33,775,280

 

Meadow Valley (4), (8)

 

MI

 

 

43,320,356

 

 

 

-

 

 

 

(435,854

)

 

 

42,884,502

 

Jackson Manor Apartments (1)

 

MS

 

 

4,712,428

 

 

 

103,684

 

 

 

-

 

 

 

4,816,112

 

Village Point (5), (6)

 

NJ

 

 

22,880,000

 

 

 

-

 

 

 

(794,763

)

 

 

22,085,237

 

Silver Moon - Series A (2)

 

NM

 

 

7,266,928

 

 

 

918,804

 

 

 

-

 

 

 

8,185,732

 

Village at Avalon (1)

 

NM

 

 

15,436,173

 

 

 

1,280,638

 

 

 

-

 

 

 

16,716,811

 

Columbia Gardens (3)

 

SC

 

 

11,829,411

 

 

 

371,481

 

 

 

-

 

 

 

12,200,892

 

Village at River's Edge (3)

 

SC

 

 

9,333,990

 

 

 

971,877

 

 

 

-

 

 

 

10,305,867

 

Willow Run (3)

 

SC

 

 

11,665,340

 

 

 

366,025

 

 

 

-

 

 

 

12,031,365

 

Agape Helotes - Series A-1 (4)

 

TX

 

 

5,555,159

 

 

 

1,008,585

 

 

 

-

 

 

 

6,563,744

 

Agape Helotes - Series B (4)

 

TX

 

 

7,928,782

 

 

 

757,666

 

 

 

-

 

 

 

8,686,448

 

Avistar at Copperfield - Series A (4)

 

TX

 

 

12,951,733

 

 

 

488,476

 

 

 

-

 

 

 

13,440,209

 

Avistar at the Crest - Series A (4)

 

TX

 

 

8,391,790

 

 

 

479,591

 

 

 

-

 

 

 

8,871,381

 

Avistar at the Crest - Series B

 

TX

 

 

699,536

 

 

 

29,098

 

 

 

-

 

 

 

728,634

 

Avistar at the Oaks - Series A (4), (6)

 

TX

 

 

6,800,919

 

 

 

-

 

 

 

(9,965

)

 

 

6,790,954

 

Avistar at the Oaks - Series B (8), (6)

 

TX

 

 

513,102

 

 

 

-

 

 

 

(9,389

)

 

 

503,713

 

Avistar at the Parkway - Series A (2)

 

TX

 

 

11,828,390

 

 

 

94,854

 

 

 

-

 

 

 

11,923,244

 

Avistar at the Parkway - Series B

 

TX

 

 

121,232

 

 

 

5,797

 

 

 

-

 

 

 

127,029

 

Avistar at Wilcrest - Series A (4)

 

TX

 

 

4,908,445

 

 

 

10,158

 

 

 

-

 

 

 

4,918,603

 

Avistar at Wood Hollow - Series A (4)

 

TX

 

 

37,269,707

 

 

 

1,020,855

 

 

 

-

 

 

 

38,290,562

 

Avistar in 09 - Series A (4), (6)

 

TX

 

 

5,872,325

 

 

 

-

 

 

 

(8,604

)

 

 

5,863,721

 

Avistar in 09 - Series B (6)

 

TX

 

 

423,263

 

 

 

-

 

 

 

(7,745

)

 

 

415,518

 

Avistar on the Boulevard - Series A (4)

 

TX

 

 

14,296,328

 

 

 

625,523

 

 

 

-

 

 

 

14,921,851

 

Avistar on the Boulevard - Series B

 

TX

 

 

415,667

 

 

 

10,066

 

 

 

-

 

 

 

425,733

 

Avistar on the Hills - Series A (4), (6)

 

TX

 

 

4,656,059

 

 

 

-

 

 

 

(6,822

)

 

 

4,649,237

 

Bruton Apartments (3)

 

TX

 

 

16,774,650

 

 

 

-

 

 

 

-

 

 

 

16,774,650

 

Concord at Gulfgate - Series A (3)

 

TX

 

 

17,595,565

 

 

 

910,111

 

 

 

-

 

 

 

18,505,676

 

Concord at Little York - Series A (3)

 

TX

 

 

12,326,525

 

 

 

77,613

 

 

 

-

 

 

 

12,404,138

 

Concord at Williamcrest - Series A (3)

 

TX

 

 

19,095,108

 

 

 

953,513

 

 

 

-

 

 

 

20,048,621

 

Crossing at 1415 - Series A (3)

 

TX

 

 

6,838,054

 

 

 

51,206

 

 

 

-

 

 

 

6,889,260

 

Decatur Angle (3)

 

TX

 

 

21,035,507

 

 

 

-

 

 

 

-

 

 

 

21,035,507

 

Esperanza at Palo Alto (3)

 

TX

 

 

18,295,030

 

 

 

910,997

 

 

 

-

 

 

 

19,206,027

 

Heights at 515 - Series A (3)

 

TX

 

 

6,260,356

 

 

 

56,172

 

 

 

-

 

 

 

6,316,528

 

Heritage Square - Series A (2)

 

TX

 

 

9,800,812

 

 

 

71,173

 

 

 

-

 

 

 

9,871,985

 

Oaks at Georgetown - Series A (3), (6)

 

TX

 

 

11,461,594

 

 

 

-

 

 

 

(258,383

)

 

 

11,203,211

 

15 West Apartments (3)

 

WA

 

 

9,141,560

 

 

 

969,998

 

 

 

-

 

 

 

10,111,558

 

Aventine Apartments (4)

 

WA

 

 

9,500,000

 

 

 

989,309

 

 

 

-

 

 

 

10,489,309

 

Mortgage revenue bonds

 

 

 

$

859,560,487

 

 

$

33,330,133

 

 

$

(1,910,066

)

 

$

890,980,554

 

 

(1)
2024 PFA Securitization Bond associated with the 2024 PFA Securitization Transaction, Note 13.
(2)
MRB owned by ATAX TEBS III, LLC (M33 TEBS Financing), Note 13. The TEBS financing has contractual limitations on the Partnership’s ability to sell the MRB.
(3)
MRB owned by ATAX TEBS IV, LLC (M45 TEBS Financing), Note 13. The TEBS financing has contractual limitations on the Partnership’s ability to sell the MRB.
(4)
MRB held by Mizuho in a debt financing transaction, Note 13.
(5)
MRB held by Barclays in a debt financing transaction, Note 13.
(6)
As of the date presented, the Partnership determined that the unrealized loss on the MRB is a result of increasing market interest rates from the date of acquisition and is not considered a credit loss. As of June 30, 2026, the MRB has been in an unrealized loss position for less than 12 months.
(7)
As of the date presented, the Partnership determined that the unrealized loss on the MRB is a result of increasing market interest rates from the date of acquisition and is not considered a credit loss. As of June 30, 2026, the MRB has been in an unrealized loss position for at least 12 months.
(8)
The Partnership has a remaining MRB funding commitment of approximately $750,000 as of June 30, 2026. The MRB and the unfunded MRB commitment are accounted for as available-for-sale securities and reported at fair value. The reported unrealized loss includes the unrealized loss on the current MRB carrying value (based on current fair value) as well as the unrealized loss on the Partnership’s remaining funding commitment outstanding as of June 30, 2026 (also based on current fair value). The Partnership determined the unrealized loss is a result of increasing market interest rates and that the cumulative unrealized loss is not considered a credit loss. As of June 30, 2026, the MRB has been in an unrealized loss position for more than 12 months.

 

 

December 31, 2025

 

Description of Mortgage Revenue Bonds

 

State

 

Cost Adjusted for
Paydowns and Allowances

 

 

Cumulative
Unrealized Gain

 

 

Cumulative
Unrealized Loss

 

 

Estimated Fair Value

 

The Safford (4)

 

AZ

 

$

43,039,213

 

 

$

825,255

 

 

$

-

 

 

$

43,864,468

 

40rty on Colony - Series P (4)

 

CA

 

 

5,960,299

 

 

 

508,166

 

 

 

-

 

 

 

6,468,465

 

CCBA Senior Garden Apartments (1)

 

CA

 

 

3,681,447

 

 

 

36,906

 

 

 

-

 

 

 

3,718,353

 

Courtyard - Series A (3)

 

CA

 

 

9,557,426

 

 

 

582,658

 

 

 

-

 

 

 

10,140,084

 

Glenview Apartments - Series A (2)

 

CA

 

 

4,180,438

 

 

 

172,492

 

 

 

-

 

 

 

4,352,930

 

Harmony Court Bakersfield - Series A (3)

 

CA

 

 

3,484,770

 

 

 

196,775

 

 

 

-

 

 

 

3,681,545

 

Harmony Terrace - Series A (3)

 

CA

 

 

6,452,743

 

 

 

382,696

 

 

 

-

 

 

 

6,835,439

 

Harden Ranch - Series A (1)

 

CA

 

 

6,150,834

 

 

 

174,042

 

 

 

-

 

 

 

6,324,876

 

Las Palmas II - Series A (3)

 

CA

 

 

1,580,405

 

 

 

88,460

 

 

 

-

 

 

 

1,668,865

 

Montclair Apartments - Series A (2)

 

CA

 

 

2,264,777

 

 

 

87,128

 

 

 

-

 

 

 

2,351,905

 

Montecito at Williams Ranch Apartments - Series A (1)

 

CA

 

 

7,301,933

 

 

 

502,273

 

 

 

-

 

 

 

7,804,206

 

Montevista - Series A (1)

 

CA

 

 

6,502,767

 

 

 

701,929

 

 

 

-

 

 

 

7,204,696

 

Ocotillo Springs - Series A (1), (6)

 

CA

 

 

3,420,248

 

 

 

-

 

 

 

(122,272

)

 

 

3,297,976

 

Ocotillo Springs - Series A-1 (1)

 

CA

 

 

493,399

 

 

 

75,177

 

 

 

-

 

 

 

568,576

 

Residency at Empire - Series BB-1 (4)

 

CA

 

 

14,093,724

 

 

 

649,973

 

 

 

-

 

 

 

14,743,697

 

Residency at Empire - Series BB-2 (4)

 

CA

 

 

4,000,000

 

 

 

212,485

 

 

 

-

 

 

 

4,212,485

 

Residency at Empire - Series BB-3 (4)

 

CA

 

 

14,000,000

 

 

 

565,690

 

 

 

-

 

 

 

14,565,690

 

Residency at Empire - Series BB-4 (4)

 

CA

 

 

47,000,000

 

 

 

356,007

 

 

 

-

 

 

 

47,356,007

 

Residency at the Entrepreneur - Series J-1 (4), (6)

 

CA

 

 

9,073,723

 

 

 

-

 

 

 

(65,074

)

 

 

9,008,649

 

Residency at the Entrepreneur - Series J-2 (4)

 

CA

 

 

7,500,000

 

 

 

7,207

 

 

 

-

 

 

 

7,507,207

 

Residency at the Entrepreneur - Series J-3 (4)

 

CA

 

 

26,080,000

 

 

 

411,110

 

 

 

-

 

 

 

26,491,110

 

Residency at the Entrepreneur - Series J-4 (4)

 

CA

 

 

16,420,000

 

 

 

-

 

 

 

-

 

 

 

16,420,000

 

Residency at the Entrepreneur - Series J-5 (4)

 

CA

 

 

5,000,000

 

 

 

-

 

 

 

-

 

 

 

5,000,000

 

Residency at the Mayer - Series A (4)

 

CA

 

 

16,753,398

 

 

 

2,357,236

 

 

 

-

 

 

 

19,110,634

 

Residency at the Mayer - Series KK (4)

 

CA

 

 

11,500,000

 

 

 

-

 

 

 

-

 

 

 

11,500,000

 

San Vicente - Series A (3)

 

CA

 

 

3,258,711

 

 

 

182,399

 

 

 

-

 

 

 

3,441,110

 

Santa Fe Apartments - Series A (2)

 

CA

 

 

2,743,692

 

 

 

105,552

 

 

 

-

 

 

 

2,849,244

 

Seasons at Simi Valley - Series A (3)

 

CA

 

 

3,965,162

 

 

 

286,086

 

 

 

-

 

 

 

4,251,248

 

Seasons Lakewood - Series A (3)

 

CA

 

 

6,873,574

 

 

 

407,654

 

 

 

-

 

 

 

7,281,228

 

Seasons San Juan Capistrano - Series A (3)

 

CA

 

 

11,572,853

 

 

 

686,356

 

 

 

-

 

 

 

12,259,209

 

Solano Vista - Series A (1)

 

CA

 

 

2,569,997

 

 

 

254,394

 

 

 

-

 

 

 

2,824,391

 

Summerhill - Series A (3)

 

CA

 

 

6,000,718

 

 

 

245,404

 

 

 

-

 

 

 

6,246,122

 

Sycamore Walk - Series A (3)

 

CA

 

 

3,276,834

 

 

 

186,786

 

 

 

-

 

 

 

3,463,620

 

The Village at Madera - Series A (3)

 

CA

 

 

2,882,176

 

 

 

162,749

 

 

 

-

 

 

 

3,044,925

 

Tyler Park Townhomes - Series A (1)

 

CA

 

 

5,352,891

 

 

 

-

 

 

 

-

 

 

 

5,352,891

 

Village at Hanford Square - Series H (4)

 

CA

 

 

10,400,000

 

 

 

729,339

 

 

 

-

 

 

 

11,129,339

 

Vineyard Gardens - Series A (1)

 

CA

 

 

3,802,965

 

 

 

338,419

 

 

 

-

 

 

 

4,141,384

 

Wellspring Apartments (1)

 

CA

 

 

3,759,908

 

 

 

291,715

 

 

 

-

 

 

 

4,051,623

 

Westside Village Market - Series A (1)

 

CA

 

 

3,498,104

 

 

 

153,938

 

 

 

-

 

 

 

3,652,042

 

Handsel Morgan Village Apartments (4)

 

GA

 

 

2,150,000

 

 

 

374,482

 

 

 

-

 

 

 

2,524,482

 

MaryAlice Circle Apartments (4)

 

GA

 

 

5,900,000

 

 

 

654,257

 

 

 

-

 

 

 

6,554,257

 

Renaissance - Series A (2)

 

LA

 

 

10,087,972

 

 

 

360,474

 

 

 

-

 

 

 

10,448,446

 

Live 929 Apartments - Series 2022A (4)

 

MD

 

 

58,452,715

 

 

 

5,193,310

 

 

 

-

 

 

 

63,646,025

 

Woodington Gardens Apartments - Series A-1 (4)

 

MD

 

 

31,150,000

 

 

 

2,971,637

 

 

 

-

 

 

 

34,121,637

 

Meadow Valley (4), (7)

 

MI

 

 

43,329,595

 

 

 

-

 

 

 

(493,593

)

 

 

42,836,002

 

Jackson Manor Apartments (1)

 

MS

 

 

4,735,841

 

 

 

6,789

 

 

 

-

 

 

 

4,742,630

 

Village Point (5), (8)

 

NJ

 

 

22,937,000

 

 

 

-

 

 

 

(885,455

)

 

 

22,051,545

 

Silver Moon - Series A (2)

 

NM

 

 

7,312,227

 

 

 

1,073,556

 

 

 

-

 

 

 

8,385,783

 

Village at Avalon (1)

 

NM

 

 

15,514,941

 

 

 

1,521,472

 

 

 

-

 

 

 

17,036,413

 

Columbia Gardens (3)

 

SC

 

 

11,939,032

 

 

 

460,705

 

 

 

-

 

 

 

12,399,737

 

The Ivy Apartments (a/k/a Century Plaza Apartments) (4), (8)

 

SC

 

 

30,548,389

 

 

 

-

 

 

 

(769,606

)

 

 

29,778,783

 

The Park at Sondrio - Series 2022A (4)

 

SC

 

 

33,621,006

 

 

 

-

 

 

 

-

 

 

 

33,621,006

 

The Park at Vietti - Series 2022A (4)

 

SC

 

 

23,927,167

 

 

 

-

 

 

 

-

 

 

 

23,927,167

 

Village at River's Edge (3)

 

SC

 

 

9,383,233

 

 

 

818,618

 

 

 

-

 

 

 

10,201,851

 

Willow Run (3)

 

SC

 

 

11,772,937

 

 

 

453,899

 

 

 

-

 

 

 

12,226,836

 

Windsor Shores Apartments - Series A (4)

 

SC

 

 

20,641,927

 

 

 

-

 

 

 

-

 

 

 

20,641,927

 

Agape Helotes - Series A-1 (4)

 

TX

 

 

5,551,146

 

 

 

1,094,713

 

 

 

-

 

 

 

6,645,859

 

Agape Helotes - Series B (4)

 

TX

 

 

7,623,744

 

 

 

647,350

 

 

 

-

 

 

 

8,271,094

 

Avistar at Copperfield - Series A (4)

 

TX

 

 

13,042,027

 

 

 

596,361

 

 

 

-

 

 

 

13,638,388

 

Avistar at the Crest - Series A (4)

 

TX

 

 

8,470,504

 

 

 

517,602

 

 

 

-

 

 

 

8,988,106

 

Avistar at the Crest - Series B

 

TX

 

 

703,640

 

 

 

27,212

 

 

 

-

 

 

 

730,852

 

Avistar at the Oaks - Series A (4)

 

TX

 

 

6,862,655

 

 

 

8,054

 

 

 

-

 

 

 

6,870,709

 

Avistar at the Oaks - Series B (8)

 

TX

 

 

515,988

 

 

 

-

 

 

 

(8,786

)

 

 

507,202

 

Avistar at the Parkway - Series A (2)

 

TX

 

 

11,922,214

 

 

 

330,959

 

 

 

-

 

 

 

12,253,173

 

Avistar at the Parkway - Series B

 

TX

 

 

121,562

 

 

 

10,103

 

 

 

-

 

 

 

131,665

 

Avistar at Wilcrest - Series A (4)

 

TX

 

 

4,942,664

 

 

 

6,128

 

 

 

-

 

 

 

4,948,792

 

Avistar at Wood Hollow - Series A (4)

 

TX

 

 

37,529,536

 

 

 

1,488,820

 

 

 

-

 

 

 

39,018,356

 

Avistar in 09 - Series A (4)

 

TX

 

 

5,925,632

 

 

 

298,778

 

 

 

-

 

 

 

6,224,410

 

Avistar in 09 - Series B

 

TX

 

 

425,643

 

 

 

2,774

 

 

 

-

 

 

 

428,417

 

Avistar on the Boulevard - Series A (4)

 

TX

 

 

14,430,424

 

 

 

827,399

 

 

 

-

 

 

 

15,257,823

 

Avistar on the Boulevard - Series B

 

TX

 

 

418,105

 

 

 

17,648

 

 

 

-

 

 

 

435,753

 

Avistar on the Hills - Series A (4)

 

TX

 

 

4,698,326

 

 

 

236,896

 

 

 

-

 

 

 

4,935,222

 

Bruton Apartments (3)

 

TX

 

 

16,869,420

 

 

 

-

 

 

 

-

 

 

 

16,869,420

 

Concord at Gulfgate - Series A (3)

 

TX

 

 

17,721,824

 

 

 

1,061,872

 

 

 

-

 

 

 

18,783,696

 

Concord at Little York - Series A (3)

 

TX

 

 

12,414,976

 

 

 

281,448

 

 

 

-

 

 

 

12,696,424

 

Concord at Williamcrest - Series A (3)

 

TX

 

 

19,232,128

 

 

 

1,190,877

 

 

 

-

 

 

 

20,423,005

 

Crossing at 1415 - Series A (3)

 

TX

 

 

6,889,954

 

 

 

59,727

 

 

 

-

 

 

 

6,949,681

 

Decatur Angle (3)

 

TX

 

 

21,164,887

 

 

 

-

 

 

 

-

 

 

 

21,164,887

 

Esperanza at Palo Alto (3)

 

TX

 

 

18,391,634

 

 

 

1,199,900

 

 

 

-

 

 

 

19,591,534

 

Heights at 515 - Series A (3)

 

TX

 

 

6,307,872

 

 

 

129,093

 

 

 

-

 

 

 

6,436,965

 

 

 

December 31, 2025

 

Description of Mortgage Revenue Bonds

 

State

 

Cost Adjusted for
Paydowns and Allowances

 

 

Cumulative
Unrealized Gain

 

 

Cumulative
Unrealized Loss

 

 

Estimated Fair Value

 

Heritage Square - Series A (2)

 

TX

 

 

9,882,614

 

 

 

78,097

 

 

 

-

 

 

 

9,960,711

 

Oaks at Georgetown - Series A (3), (8)

 

TX

 

 

11,530,770

 

 

 

-

 

 

 

(73,157

)

 

 

11,457,613

 

15 West Apartments (3)

 

WA

 

 

9,190,524

 

 

 

1,121,776

 

 

 

-

 

 

 

10,312,300

 

Aventine Apartments (4)

 

WA

 

 

9,500,000

 

 

 

1,141,563

 

 

 

-

 

 

 

10,641,563

 

Mortgage revenue bonds

 

 

 

$

971,133,524

 

 

$

39,188,805

 

 

$

(2,417,943

)

 

$

1,007,904,386

 

 

(1)
2024 PFA Securitization Bond associated with the 2024 PFA Securitization Transaction, Note 13.
(2)
MRB owned by ATAX TEBS III, LLC (M33 TEBS Financing), Note 13. The TEBS financing has contractual limitations on the Partnership’s ability to sell the MRB.
(3)
MRB owned by ATAX TEBS IV, LLC (M45 TEBS Financing), Note 13. The TEBS financing has contractual limitations on the Partnership’s ability to sell the MRB.
(4)
MRB held by Mizuho in a debt financing transaction, Note 13.
(5)
MRB held by Barclays in a debt financing transaction, Note 13.
(6)
As of the date presented, the Partnership determined that the unrealized loss on the MRB is a result of increasing market interest rates from the date of acquisition and is not considered a credit loss. As of December 31, 2025, the MRB has been in an unrealized loss position for at least 12 months.
(7)
The Partnership has a remaining MRB funding commitment of approximately $750,000 as of December 31, 2025. The MRB and the unfunded MRB commitment are accounted for as available-for-sale securities and reported at fair value. The reported unrealized loss includes the unrealized loss on the current MRB carrying value (based on current fair value) as well as the unrealized loss on the Partnership’s remaining funding commitment outstanding as of December 31, 2025 (also based on current fair value). The Partnership determined the unrealized loss is a result of increasing market interest rates and that the cumulative unrealized loss is not considered a credit loss. As of December 31, 2025, the MRB has been in an unrealized loss position for more than 12 months.
(8)
As of the date presented, the Partnership determined that the unrealized loss on the MRB is a result of increasing market interest rates from the date of acquisition and is not considered a credit loss. As of December 31, 2025, the MRB has been in an unrealized loss position for less than 12 months.
Schedule of MRBs Redeemed The following table provides details of the MRBs that were redeemed:

Property Name

 

Month
Redeemed

 

Property Location

 

Units

 

 

Original
Maturity Date

 

Interest Rate

 

 

Principal
Outstanding at Date
of Redemption

 

The Park at Sondrio - Series 2022A

 

January 2026

 

Greenville, SC

 

 

271

 

 

1/1/2030

 

 

6.50

%

 

$

38,100,000

 

The Park at Vietti - Series 2022A

 

January 2026

 

Spartanburg, SC

 

 

204

 

 

1/1/2030

 

 

6.50

%

 

 

26,985,000

 

Windsor Shores Apartments

 

February 2026

 

Columbia, SC

 

 

176

 

 

2/1/2030

 

 

6.50

%

 

 

21,545,000

 

The Ivy Apartments (a/k/a Century Plaza Apartments)

 

February 2026

 

Greenville, SC

 

 

212

 

 

2/1/2030

 

 

6.50

%

 

 

30,500,000

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$

117,130,000

 

 

The following MRBs were redeemed during the six months ended June 30, 2025:

Property Name

 

Month
Redeemed

 

Property Location

 

Units

 

 

Original
Maturity Date

 

Interest Rate

 

 

Principal
Outstanding at Date
of Redemption

 

Lutheran Gardens

 

March 2025

 

Compton, CA

 

 

76

 

 

2/1/2025

 

 

4.90

%

 

$

10,352,000

 

Companion at Thornhill Apartments

 

June 2025

 

Lexington, SC

 

 

180

 

 

1/1/2052

 

 

5.80

%

 

 

10,402,953

 

The Palms at Premier Park Apartments

 

June 2025

 

Columbia, SC

 

 

240

 

 

1/1/2050

 

 

6.25

%

 

 

17,443,513

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$

38,198,466

 

The Companion at Thornhill Apartments MRB was redeemed at 102% of par value plus accrued interest. The redemption premium of approximately $208,000 is reported as “Contingent interest income” on the Partnership’s condensed consolidated statements of operations. All other MRBs were redeemed at a price that approximated the Partnership’s carrying value plus accrued interest.
Schedule of MRB Acquisitions

The following MRBs were acquired during the six months ended June 30, 2025:

Property Name

 

Month
Acquired

 

Property Location

 

Units

 

 

Maturity Date

 

Interest Rate

 

 

Initial Principal Funded

 

Agape Helotes - Series A-1 (1)

 

May 2025

 

Helotes, TX

 

 

288

 

 

1/1/2065

 

 

6.25

%

 

$

6,060,000

 

Agape Helotes - Series B (2)

 

May 2025

 

Helotes, TX

 

 

288

 

 

1/1/2065

 

 

8.00

%

 

 

7,289,945

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$

13,349,945

 
(1)
The Agape Helotes - Series A-1 MRB was acquired at a discount of approximately $514,000 or 8.5% of par.
(2)
The Agape Helotes - Series B MRB is a capital appreciation bond, is subordinate to the Series A-1 and Series A-2 (held by third-party investors), and is payable from excess revenues of the underlying property.