v3.26.1
Variable Interest Entities - Schedule of Assets and Liabilities of the Partnership Consolidated VIE (Details) - USD ($)
Jun. 30, 2026
Dec. 31, 2025
Jun. 30, 2025
Assets:      
Restricted cash $ 10,594,834 $ 15,383,782 $ 11,099,419
Interest receivable, net 6,530,237 7,276,781  
Mortgage revenue bonds, at fair value 80,450,736 43,162,714  
Governmental issuer loans      
Governmental issuer loans held in trust 36,500,000 138,757,835  
Allowance for credit losses 0 (609,000)  
Governmental issuer loans, net 36,500,000 138,148,835  
Property loans      
Property loans 56,392,208 53,599,227  
Allowance for credit losses (3,927,115) (3,477,134)  
Property loans, net 52,465,093 50,122,093  
Real estate assets 110,975,548 3,622,574  
Other assets 91,329,874 94,626,796  
Total Assets [1] 1,386,636,625 1,502,887,278  
Liabilities:      
Accounts payable, accrued expenses and other liabilities 15,429,394 21,134,155  
Debt financing, net 822,456,473 1,015,095,423  
Mortgages payable 83,419,421 231,679  
Total Liabilities [1] 1,020,441,390 1,123,257,804  
Variable Interest Entities      
Assets:      
Restricted cash 421,739 484,729  
Interest receivable, net 5,108,121 6,776,949  
Mortgage revenue bonds, at fair value 888,779,927 1,005,670,497  
Governmental issuer loans      
Governmental issuer loans held in trust 0 109,757,835  
Allowance for credit losses 0 (609,000)  
Governmental issuer loans, net 0 109,148,835  
Property loans      
Property loans 46,074,000 46,074,000  
Allowance for credit losses (844,000) (453,000)  
Property loans, net 45,230,000 45,621,000  
Real estate assets 2,513,092 2,513,092  
Other assets 65,801,634 76,584,131  
Total Assets 1,007,854,513 1,246,799,233  
Liabilities:      
Accounts payable, accrued expenses and other liabilities [2] 6,211,532 7,440,856  
Debt financing, net [3] 826,151,279 1,019,313,731  
Mortgages payable [4] 231,679 231,679  
Total Liabilities $ 832,594,490 $ 1,026,986,266  
[1] The condensed consolidated balance sheets include assets of consolidated VIEs that can only be used to settle obligations of these VIEs that totaled $1,007,854,513 and $1,246,799,233 as of June 30, 2026 and December 31, 2025, respectively. The condensed consolidated balance sheets include liabilities of the consolidated VIEs for which creditors do not have recourse to the general credit of the Partnership that totaled $328,681,368 and $331,318,784 as of June 30, 2026 and December 31, 2025, respectively. See Note 3 - Variable Interest Entities for further detail.
[2] Of the amounts reported, $4,269,409 and $4,552,373 are associated with VIEs where the creditor does not have recourse to the general credit of the Partnership as of June 30, 2026 and December 31, 2025, respectively.
[3] Of the amounts reported, $324,180,280 and $326,534,732 are associated with VIEs where the creditor does not have recourse to the general credit of the Partnership as of June 30, 2026 and December 31, 2025, respectively.
[4] The entire mortgages payable balance is associated with a VIE where the creditor does not have recourse to the general credit of the Partnership as of June 30, 2026 and December 31, 2025, respectively.