Other Assets (Tables)
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6 Months Ended |
Jun. 30, 2026 |
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| Other Assets [Abstract] |
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| Schedule of Other Assets |
The following table summarizes the Partnership’s other assets as of June 30, 2026 and December 31, 2025:
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June 30, 2026 |
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December 31, 2025 |
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Deferred financing costs, net |
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$ |
429,134 |
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|
$ |
659,420 |
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Derivative instruments at fair value (Note 15) |
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3,284,738 |
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1,338,175 |
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Taxable mortgage revenue bonds, at fair value |
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80,450,736 |
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43,162,714 |
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Taxable governmental issuer loans: |
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Taxable governmental issuer loans |
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1,000,000 |
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44,879,465 |
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Allowance for credit losses (Note 10) |
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- |
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(244,000 |
) |
Taxable governmental issuer loans, net |
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1,000,000 |
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|
|
44,635,465 |
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Bond purchase commitment, at fair value (Note 16) |
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3,843,321 |
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3,323,510 |
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In-place lease assets, net |
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916,080 |
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- |
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Other assets |
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1,405,865 |
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1,507,512 |
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Total other assets |
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$ |
91,329,874 |
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|
$ |
94,626,796 |
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| Summary of Taxable MRBs Acquired |
The following table includes details of the taxable MRB acquired during the six months ended June 30, 2026:
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Property Name |
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Month
Acquired |
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Property Location |
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Units |
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Maturity Date |
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Interest Rate |
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Initial Principal Funding |
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SoLa Affordable Portfolio (1) |
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April 2026 |
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Los Angeles, CA |
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154 |
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5/1/2029 |
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7.50% |
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$ |
29,000,000 |
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(1)The taxable MRB is providing financing for the acquisition and development of two multifamily rental housing facilities known as 4252 Whittier and 11001 S Vermont. The following table includes details of the taxable MRB acquired during the six months ended June 30, 2025:
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Property Name |
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Date Committed |
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Maturity Date |
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Initial Principal Funding |
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Total Commitment |
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Gateway and Yarbrough Predevelopment Project |
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June 2025 |
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7/1/2026 |
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$ |
800,000 |
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|
$ |
2,000,000 |
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| Summary of Taxable MRBs Redeemed |
The following table provides details of the MRBs that were redeemed:
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Property Name |
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Redemption Date |
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Property Location |
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Units |
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Original
Maturity Date |
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Interest Rate |
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Principal Outstanding at Date of Redemption |
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Park at Sondrio - Series 2022B |
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January 2026 |
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Greenville, SC |
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271 |
|
1/1/2030 |
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6.50% |
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$ |
1,100,000 |
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Park at Vietti - Series 2022B |
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January 2026 |
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Spartanburg, SC |
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204 |
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1/1/2030 |
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6.50% |
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|
880,000 |
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Windsor Shores Apartments - Series B |
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February 2026 |
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Columbia, SC |
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176 |
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2/1/2030 |
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6.50% |
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|
805,000 |
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Total |
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$ |
2,785,000 |
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| Summary of GIL Principal Payments |
The following taxable GIL principal payments were received during the six months ended June 30, 2026:
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Property Name |
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Redemption Date |
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Property Location |
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Units |
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Maturity Date |
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Interest Rate |
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Principal Outstanding at Date of Redemption |
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Poppy Grove I |
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April 2026 |
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Elk Grove, CA |
|
147 |
|
4/15/2026 |
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6.78% |
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|
15,957,672 |
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Poppy Grove II |
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April 2026 |
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Elk Grove, CA |
|
82 |
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4/15/2026 |
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6.78% |
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|
9,141,300 |
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Poppy Grove III |
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May 2026 |
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Elk Grove, CA |
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158 |
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6/1/2026 |
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6.78% |
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|
18,780,493 |
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Total |
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$ |
43,879,465 |
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| Schedule of Amended Taxable MRBs |
The following table summarizes terms of the amended taxable MRBs:
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Property Name |
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Month
Amended |
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Property Location |
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Maturity Date |
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Interest Rate |
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Additional Commitment |
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Total Commitment |
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Residency at the Entrepreneur - Series J-T |
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January 2026 |
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Hollywood, CA |
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12/1/2026 |
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SOFR + 3.65% |
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$ |
4,000,000 |
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|
$ |
12,000,000 |
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Triangle Square Predevelopment Project |
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April 2026 |
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Raleigh, NC |
|
10/3/2026 |
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9.00% |
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|
5,000,000 |
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|
|
14,300,000 |
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Total |
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$ |
26,300,000 |
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| Summary Of Taxable Governmental Issuer Loan Acquired |
The following table summarizes terms of the principal repaid:
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Property Name |
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Month Repaid |
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Location |
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Units |
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Original
Maturity Date |
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Interest Rate |
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Principal
Repaid |
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Poppy Grove I |
|
February 2025 |
|
Elk Grove, CA |
|
147 |
|
4/1/2025 |
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6.78% |
|
$ |
5,200,000 |
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Poppy Grove II |
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February 2025 |
|
Elk Grove, CA |
|
82 |
|
4/1/2025 |
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6.78% |
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|
1,800,000 |
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Poppy Grove III |
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February 2025 |
|
Elk Grove, CA |
|
158 |
|
4/1/2025 |
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6.78% |
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|
5,700,000 |
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Total |
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$ |
12,700,000 |
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In April 2025, the Partnership sold the Natchitoches taxable GIL to the Construction Lending JV at par plus accrued interest for gross proceeds of approximately $1.0 million. The Partnership also novated an interest rate swap associated with the expected TOB financing associated with the investment asset.
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