| Schedule of Total Debt Financing |
The following tables summarize the Partnership’s debt financings, net of deferred financing costs, as of June 30, 2026 and December 31, 2025:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Outstanding Debt Financings
as of June 30, 2026, net |
|
|
Restricted
Cash |
|
|
Stated
Maturities |
|
Interest Rate Type |
|
Tax-Exempt Interest on Senior Securities (1) |
|
Remarketing Senior
Securities Rate (2) |
|
Facility Fees |
|
Period End
Rates |
|
TEBS Financings |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
M33 TEBS |
|
$ |
26,991,902 |
|
|
$ |
140,537 |
|
|
2030 |
|
Fixed |
|
Yes |
|
N/A |
|
N/A |
|
3.24% |
|
M45 TEBS |
|
|
195,081,627 |
|
|
|
47,991 |
|
|
2034 |
|
Fixed |
|
Yes |
|
N/A |
|
N/A |
|
4.39% |
|
Subtotal/Weighed Average Period End Rate |
|
|
222,073,529 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4.25% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2024 PFA Securitization Transaction |
|
$ |
53,018,863 |
|
|
$ |
190,169 |
|
|
2039 |
|
Fixed |
|
Yes |
|
N/A |
|
N/A |
|
4.90% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TEBS Residual Financing |
|
$ |
45,958,870 |
|
|
$ |
43,042 |
|
|
2034 |
|
Fixed |
|
Yes |
|
N/A |
|
N/A |
|
7.16% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOB Trust Securitizations |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Mizuho Capital Markets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SoLa Impact Opportunity Zone Fund |
|
$ |
27,170,000 |
|
|
(3) |
|
|
2026 |
|
Variable |
|
No |
|
3.89% |
|
1.78% |
|
5.67% |
|
Residency at the Mayer - Series KK |
|
|
9,490,000 |
|
|
(3) |
|
|
2026 |
|
Variable |
|
Yes |
|
2.95% |
|
1.19% |
|
4.14% |
|
The Safford |
|
|
34,367,434 |
|
|
(3) |
|
|
2026 |
|
Variable |
|
Yes |
|
2.95% |
|
1.44% |
|
4.39% |
|
Aventine Apartments |
|
|
7,584,897 |
|
|
(3) |
|
|
2027 |
|
Variable |
|
Yes |
|
2.95% |
|
1.44% |
|
4.39% |
|
Avistar at Copperfield - Series A |
|
|
11,009,555 |
|
|
(3) |
|
|
2027 |
|
Variable |
|
Yes |
|
2.95% |
|
1.68% |
|
4.63% |
|
Avistar at the Crest - Series A |
|
|
7,093,408 |
|
|
(3) |
|
|
2027 |
|
Variable |
|
Yes |
|
2.95% |
|
1.44% |
|
4.39% |
|
Avistar at the Oaks - Series A |
|
|
5,746,605 |
|
|
(3) |
|
|
2027 |
|
Variable |
|
Yes |
|
2.95% |
|
1.44% |
|
4.39% |
|
Avistar at Wilcrest - Series A |
|
|
4,166,554 |
|
|
(3) |
|
|
2027 |
|
Variable |
|
Yes |
|
2.95% |
|
1.68% |
|
4.63% |
|
Avistar at Wood Hollow - Series A |
|
|
31,555,100 |
|
|
(3) |
|
|
2027 |
|
Variable |
|
Yes |
|
2.95% |
|
1.44% |
|
4.39% |
|
Avistar in 09 - Series A |
|
|
4,961,624 |
|
|
(3) |
|
|
2027 |
|
Variable |
|
Yes |
|
2.95% |
|
1.44% |
|
4.39% |
|
Avistar on the Blvd - Series A |
|
|
11,806,194 |
|
|
(3) |
|
|
2027 |
|
Variable |
|
Yes |
|
2.95% |
|
1.44% |
|
4.39% |
|
Avistar on the Hills - Series A |
|
|
3,926,578 |
|
|
(3) |
|
|
2027 |
|
Variable |
|
Yes |
|
2.95% |
|
1.44% |
|
4.39% |
|
The Centurion Foundation |
|
|
5,065,623 |
|
|
(3) |
|
|
2027 |
|
Variable |
|
No |
|
3.89% |
|
1.79% |
|
5.68% |
|
Live 929 |
|
|
53,092,000 |
|
|
(3) |
|
|
2027 |
|
Variable |
|
Yes |
|
2.95% |
|
1.18% |
|
4.13% |
|
Woodington Gardens - Series A-1 |
|
|
24,893,883 |
|
|
(3) |
|
|
2027 |
|
Variable |
|
Yes |
|
2.90% |
|
1.44% |
|
4.34% |
|
40rty on Colony |
|
|
4,459,009 |
|
|
(3) |
|
|
2028 |
|
Variable |
|
Yes |
|
2.95% |
|
1.44% |
|
4.39% |
|
Agape Helotes - Series A-1 |
|
|
4,416,027 |
|
|
(3) |
|
|
2028 |
|
Variable |
|
Yes |
|
2.95% |
|
1.44% |
|
4.39% |
|
Agape Helotes - Series B |
|
|
4,558,337 |
|
|
(3) |
|
|
2028 |
|
Variable |
|
Yes |
|
2.95% |
|
2.04% |
|
4.99% |
|
MaryAlice Circle Apartments |
|
|
4,711,814 |
|
|
(3) |
|
|
2028 |
|
Variable |
|
Yes |
|
2.95% |
|
1.44% |
|
4.39% |
|
Meadow Valley |
|
|
32,387,522 |
|
|
(3) |
|
|
2028 |
|
Variable |
|
Yes |
|
2.95% |
|
1.44% |
|
4.39% |
|
Residency at the Entrepreneur MRBs |
|
|
34,060,000 |
|
|
(3) |
|
|
2028 |
|
Variable |
|
Yes |
|
2.95% |
|
1.45% |
|
4.40% |
|
Residency at Empire MRBs |
|
|
63,147,511 |
|
|
(3) |
|
|
2028 |
|
Variable |
|
Yes |
|
2.95% |
|
1.42% |
|
4.37% |
|
Residency at the Mayer - Series A |
|
|
13,768,917 |
|
|
(3) |
|
|
2028 |
|
Variable |
|
Yes |
|
2.95% |
|
1.19% |
|
4.14% |
|
Village at Hanford Square |
|
|
7,791,333 |
|
|
(3) |
|
|
2028 |
|
Variable |
|
Yes |
|
2.95% |
|
1.44% |
|
4.39% |
|
Trust 2024-XF3219 |
(4) |
|
71,856,403 |
|
|
(3) |
|
|
2029 |
|
Variable |
|
No |
|
3.89% |
|
1.79% |
|
5.68% |
|
Barclays Capital Inc.: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Village Point |
|
|
18,318,883 |
|
|
|
- |
|
|
2027 |
|
Variable |
|
Yes |
|
3.25% |
|
1.61% |
|
4.86% |
|
Subtotal/Weighed Average Period End Rate |
|
|
501,405,211 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4.64% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total |
|
$ |
822,456,473 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1)The tax treatment of interest paid to the trust senior trust securities is dependent on the structure of the debt financing. Debt financings designated as “tax-exempt” in the table above are such that the Partnership expects and believes the interest on the senior securities is exempt from federal income taxes, which typically requires a lower remarketing rate to place the senior securities at each weekly reset. (2)The remarketing senior securities rate is the market interest rate determined by the remarketing agent to ensure all senior securities tendered by holder for weekly remarketing are purchased at par. (3)The Partnership has restricted cash totaling approximately $9.9 million related to its ISDA master agreement with Mizuho based on Mizuho’s valuations of the underlying assets and the Partnership’s derivative financial instruments. (4)The TOB trust is securitized by three MRBs and seven taxable MRBs.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Outstanding Debt Financings
as of December 31, 2025, net |
|
|
Restricted
Cash |
|
|
Stated
Maturities |
|
Interest Rate Type |
|
Tax-Exempt Interest on Senior Securities (1) |
|
Remarketing Senior
Securities Rate (2) |
|
Facility Fees |
|
Period End
Rates |
|
TEBS Financings |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
M33 TEBS |
|
$ |
27,390,271 |
|
|
$ |
65,483 |
|
|
2030 |
|
Fixed |
|
Yes |
|
N/A |
|
N/A |
|
3.24% |
|
M45 TEBS |
|
|
196,282,898 |
|
|
|
5,000 |
|
|
2034 |
|
Fixed |
|
Yes |
|
N/A |
|
N/A |
|
4.39% |
|
Subtotal/Weighed Average Period End Rate |
|
|
223,673,169 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4.25% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2024 PFA Securitization Transaction |
|
$ |
53,349,105 |
|
|
$ |
382,761 |
|
|
2039 |
|
Fixed |
|
Yes |
|
N/A |
|
N/A |
|
4.90% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TEBS Residual Financing |
|
$ |
46,103,206 |
|
|
$ |
31,485 |
|
|
2034 |
|
Fixed |
|
Yes |
|
N/A |
|
N/A |
|
7.16% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOB Trust Securitizations |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Mizuho Capital Markets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SoLa Impact Opportunity Zone Fund |
|
$ |
27,169,597 |
|
|
(3) |
|
|
2026 |
|
Variable |
|
No |
|
3.91% |
|
1.78% |
|
5.69% |
|
Residency at the Mayer - Series KK |
|
|
9,490,000 |
|
|
(3) |
|
|
2026 |
|
Variable |
|
Yes |
|
3.60% |
|
1.19% |
|
4.79% |
|
The Safford |
|
|
34,342,303 |
|
|
(3) |
|
|
2026 |
|
Variable |
|
Yes |
|
3.60% |
|
1.44% |
|
5.04% |
|
Aventine Apartments |
|
|
7,576,659 |
|
|
(3) |
|
|
2027 |
|
Variable |
|
Yes |
|
3.60% |
|
1.44% |
|
5.04% |
|
Avistar at Copperfield - Series A |
|
|
11,087,313 |
|
|
(3) |
|
|
2027 |
|
Variable |
|
Yes |
|
3.60% |
|
1.68% |
|
5.28% |
|
Avistar at the Crest - Series A |
|
|
7,143,571 |
|
|
(3) |
|
|
2027 |
|
Variable |
|
Yes |
|
3.60% |
|
1.44% |
|
5.04% |
|
Avistar at the Oaks - Series A |
|
|
5,786,847 |
|
|
(3) |
|
|
2027 |
|
Variable |
|
Yes |
|
3.60% |
|
1.44% |
|
5.04% |
|
Avistar at Wilcrest - Series A |
|
|
4,196,312 |
|
|
(3) |
|
|
2027 |
|
Variable |
|
Yes |
|
3.60% |
|
1.68% |
|
5.28% |
|
Avistar at Wood Hollow - Series A |
|
|
31,794,740 |
|
|
(3) |
|
|
2027 |
|
Variable |
|
Yes |
|
3.60% |
|
1.44% |
|
5.04% |
|
Avistar in 09 - Series A |
|
|
4,995,073 |
|
|
(3) |
|
|
2027 |
|
Variable |
|
Yes |
|
3.60% |
|
1.44% |
|
5.04% |
|
Avistar on the Blvd - Series A |
|
|
11,894,672 |
|
|
(3) |
|
|
2027 |
|
Variable |
|
Yes |
|
3.60% |
|
1.44% |
|
5.04% |
|
Avistar on the Hills - Series A |
|
|
3,951,609 |
|
|
(3) |
|
|
2027 |
|
Variable |
|
Yes |
|
3.60% |
|
1.44% |
|
5.04% |
|
The Centurion Foundation |
|
|
5,060,934 |
|
|
(3) |
|
|
2027 |
|
Variable |
|
No |
|
3.91% |
|
1.79% |
|
5.70% |
|
Live 929 |
|
|
53,092,000 |
|
|
(3) |
|
|
2027 |
|
Variable |
|
Yes |
|
3.60% |
|
1.18% |
|
4.78% |
|
Trust 2024-XF3219 |
(4) |
|
45,596,471 |
|
|
(3) |
|
|
2027 |
|
Variable |
|
No |
|
3.91% |
|
1.79% |
|
5.70% |
|
Woodington Gardens - Series A-1 |
|
|
24,876,472 |
|
|
(3) |
|
|
2027 |
|
Variable |
|
Yes |
|
3.55% |
|
1.44% |
|
4.99% |
|
40rty on Colony |
|
|
4,457,446 |
|
|
(3) |
|
|
2028 |
|
Variable |
|
Yes |
|
3.60% |
|
1.44% |
|
5.04% |
|
Agape Helotes - Series A-1 |
|
|
4,411,077 |
|
|
(3) |
|
|
2028 |
|
Variable |
|
Yes |
|
3.60% |
|
1.44% |
|
5.04% |
|
Agape Helotes - Series B |
|
|
4,357,469 |
|
|
(3) |
|
|
2028 |
|
Variable |
|
Yes |
|
3.60% |
|
2.04% |
|
5.64% |
|
The Ivy Apartments (a/k/a Century Plaza Apartments) |
|
|
24,376,976 |
|
|
(3) |
|
|
2028 |
|
Variable |
|
Yes |
|
3.60% |
|
1.44% |
|
5.04% |
|
MaryAlice Circle Apartments |
|
|
4,709,678 |
|
|
(3) |
|
|
2028 |
|
Variable |
|
Yes |
|
3.60% |
|
1.44% |
|
5.04% |
|
Meadow Valley |
|
|
32,380,093 |
|
|
(3) |
|
|
2028 |
|
Variable |
|
Yes |
|
3.60% |
|
1.44% |
|
5.04% |
|
The Park at Sondrio - Series 2022A |
|
|
30,454,705 |
|
|
(3) |
|
|
2028 |
|
Variable |
|
Yes |
|
3.60% |
|
1.43% |
|
5.03% |
|
The Park at Vietti - Series 2022A |
|
|
21,568,120 |
|
|
(3) |
|
|
2028 |
|
Variable |
|
Yes |
|
3.60% |
|
1.43% |
|
5.03% |
|
Residency at the Entrepreneur MRBs |
|
|
34,060,000 |
|
|
(3) |
|
|
2028 |
|
Variable |
|
Yes |
|
3.60% |
|
1.45% |
|
5.05% |
|
Residency at Empire MRBs |
|
|
63,132,514 |
|
|
(3) |
|
|
2028 |
|
Variable |
|
Yes |
|
3.60% |
|
1.42% |
|
5.02% |
|
Residency at the Mayer - Series A |
|
|
13,767,457 |
|
|
(3) |
|
|
2028 |
|
Variable |
|
Yes |
|
3.60% |
|
1.19% |
|
4.79% |
|
Village at Hanford Square |
|
|
7,789,072 |
|
|
(3) |
|
|
2028 |
|
Variable |
|
Yes |
|
3.60% |
|
1.44% |
|
5.04% |
|
Windsor Shores Apartments |
|
|
17,219,444 |
|
|
(3) |
|
|
2028 |
|
Variable |
|
Yes |
|
3.60% |
|
1.44% |
|
5.04% |
|
Barclays Capital Inc.: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Trust 2021-XF2953 |
(5) |
|
35,093,888 |
|
|
|
- |
|
|
2026 |
|
Variable |
|
No |
|
3.90% |
|
1.27% |
|
5.17% |
|
Poppy Grove I GIL |
|
|
32,696,851 |
|
|
|
- |
|
|
2026 |
|
Variable |
|
Yes |
|
2.70% |
|
1.25% |
|
3.95% |
|
Poppy Grove II GIL |
|
|
19,232,683 |
|
|
|
- |
|
|
2026 |
|
Variable |
|
Yes |
|
2.70% |
|
1.25% |
|
3.95% |
|
Poppy Grove III GIL |
|
|
35,844,851 |
|
|
|
- |
|
|
2026 |
|
Variable |
|
Yes |
|
2.70% |
|
1.25% |
|
3.95% |
|
Village Point |
|
|
18,363,046 |
|
|
|
- |
|
|
2026 |
|
Variable |
|
Yes |
|
2.70% |
|
1.61% |
|
4.31% |
|
Subtotal/Weighed Average Period End Rate |
|
|
691,969,943 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4.94% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total |
|
$ |
1,015,095,423 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1)The tax treatment of interest paid to the trust senior trust securities is dependent on the structure of the debt financing. Debt financings designated as “tax-exempt” in the table above are such that the Partnership expects and believes the interest on the senior securities is exempt from federal income taxes, which typically requires a lower remarketing rate to place the senior securities at each weekly reset. (2)The remarketing senior securities rate is the market interest rate determined by the remarketing agent to ensure all senior securities tendered by holder for weekly remarketing are purchased at par. (3)The Partnership has restricted cash totaling approximately $10.6 million related to its ISDA master agreement with Mizuho based on Mizuho’s valuations of the underlying assets and the Partnership’s derivative financial instruments. (4)The TOB trust is securitized by three MRBs and nine taxable MRBs. (5)The TOB trust is securitized by the Poppy Grove I taxable GIL, Poppy Grove II taxable GIL and Poppy Grove III taxable GILs.
|
| Summary of Debt Financing Principal Payments made with the Redemption of the Ocotillo Springs taxable MRB |
The following is a summary of the debt financing principal payments made in connection with the repayment of underlying assets during the six months ended June 30, 2026:
|
|
|
|
|
|
|
|
|
Debt Financing |
|
Debt Facility |
|
Month |
|
Principal Paydown Applied |
|
The Park at Sondrio - Series 2022A |
|
TOB Trust |
|
January 2026 |
|
$ |
30,480,000 |
|
The Park at Vietti - Series 2022A |
|
TOB Trust |
|
January 2026 |
|
|
21,588,000 |
|
Windsor Shores Apartments - Series A |
|
TOB Trust |
|
January 2026 |
|
|
17,236,000 |
|
Trust 2024-XF3219 - The Park at Sondrio - Series 2022B |
|
TOB Trust |
|
January 2026 |
|
|
880,000 |
|
Trust 2024-XF3219 - The Park at Vietti - Series 2022B |
|
TOB Trust |
|
January 2026 |
|
|
700,000 |
|
Trust 2024-XF3219 - Windsor Shore Apartments - Series B |
|
TOB Trust |
|
January 2026 |
|
|
640,000 |
|
The Ivy Apartments (a/k/a Century Plaza Apartments) |
|
TOB Trust |
|
January 2026 |
|
|
24,400,000 |
|
Poppy Grove I GIL |
|
TOB Trust |
|
April 2026 |
|
|
32,707,000 |
|
Poppy Grove II GIL |
|
TOB Trust |
|
April 2026 |
|
|
19,238,000 |
|
Trust 2021-XF2953 - Poppy Grove I taxable GIL |
|
TOB Trust |
|
April 2026 |
|
|
12,765,000 |
|
Trust 2021-XF2953 - Poppy Grove II taxable GIL |
|
TOB Trust |
|
April 2026 |
|
|
7,310,000 |
|
Poppy Grove III GIL |
|
TOB Trust |
|
May 2026 |
|
|
35,855,000 |
|
Trust 2021-XF2953 - Poppy Grove III taxable GIL |
|
TOB Trust |
|
May 2026 |
|
|
15,020,000 |
|
|
|
|
|
|
|
$ |
218,819,000 |
|
The following is a summary of the debt financing principal payments made in connection with the repayment of underlying assets during the six months ended June 30, 2025:
|
|
|
|
|
|
|
|
|
Debt Financing |
|
Debt Facility |
|
Month |
|
Principal Paydown Applied |
|
Trust 2024-XF3219 - Sandy Creek Taxable Loan |
|
TOB Trust |
|
January 2025 |
|
$ |
5,795,000 |
|
Osprey Village GIL |
|
TOB Trust |
|
January 2025 |
|
|
49,475,000 |
|
Trust 2021-XF2953 - Willow Place Apartments GIL |
|
TOB Trust |
|
January 2025 |
|
|
16,535,000 |
|
Trust 2021-XF2953 - Willow Place Apartments Supplemental GIL |
|
TOB Trust |
|
January 2025 |
|
|
1,200,000 |
|
Trust 2021-XF2953 - Poppy Grove I taxable GIL |
|
TOB Trust |
|
March 2025 |
|
|
4,160,000 |
|
Trust 2021-XF2953 - Poppy Grove II taxable GIL |
|
TOB Trust |
|
March 2025 |
|
|
1,440,000 |
|
Trust 2021-XF2953 - Poppy Grove III taxable GIL |
|
TOB Trust |
|
March 2025 |
|
|
4,560,000 |
|
SoLa Impact Opportunity Zone Fund property loan |
|
TOB Trust |
|
March 2025 |
|
|
390,000 |
|
Trust 2024-XF3219 - Sandy Creek Taxable Loan |
|
TOB Trust |
|
April 2025 |
|
|
455,000 |
|
Legacy Commons at Signal Hills GIL |
|
TOB Trust |
|
May 2025 |
|
|
31,155,000 |
|
Companion at Thornhill Apartments MRB |
|
M45 TEBS Financing |
|
June 2025 |
|
|
8,842,510 |
|
Companion at Thornhill Apartments MRB |
|
TEBS Residual Financing |
|
June 2025 |
|
|
1,560,443 |
|
The Palms at Premier Park Apartments MRB |
|
2024 PFA Securitization Transaction |
|
June 2025 |
|
|
14,797,642 |
|
The Palms at Premier Park Apartments MRB |
|
TEBS Residual Financing |
|
June 2025 |
|
|
2,645,871 |
|
|
|
|
|
|
|
$ |
143,011,466 |
|
|