v3.26.1
Governmental Issuer Loans - Summary of Partnership's GIL Investments (Details)
 6 Months Ended 12 Months Ended
Jun. 30, 2026
USD ($)
Unit
Jun. 30, 2025
Dec. 31, 2025
USD ($)
Unit
Governmental Issuer Loans [Line Items]      
Amortized Cost $ 36,500,000   $ 138,148,835
Governmental Issuer Loans [Member] | TOB Trust [Member]      
Governmental Issuer Loans [Line Items]      
Units | Unit 673   910
Amortized Cost $ 36,500,000   $ 138,757,835
Governmental Issuer Loans [Member] | Poppy Grove I [Member] | TOB Trust [Member] | Elk Grove, CA [Member]      
Governmental Issuer Loans [Line Items]      
Month Acquired [1],[2]     September 2022
Units | Unit [1],[2]     147
Maturity Date [1],[2]     Apr. 01, 2026
Variable Interest Rate [1],[2]     6.78%
Current Interest Rate [1],[2]     6.78%
Amortized Cost [1],[2]     $ 40,888,328
Governmental Issuer Loans [Member] | Poppy Grove II [Member]      
Governmental Issuer Loans [Line Items]      
Maturity Date Apr. 15, 2026 Apr. 01, 2025  
Governmental Issuer Loans [Member] | Poppy Grove II [Member] | TOB Trust [Member] | Elk Grove, CA [Member]      
Governmental Issuer Loans [Line Items]      
Month Acquired [1],[2]     September 2022
Units | Unit [1],[2]     82
Maturity Date [1],[2]     Apr. 01, 2026
Variable Interest Rate [1],[2]     6.78%
Current Interest Rate [1],[2]     6.78%
Amortized Cost [1],[2]     $ 24,050,000
Governmental Issuer Loans [Member] | Poppy Grove III [Member]      
Governmental Issuer Loans [Line Items]      
Maturity Date Jun. 01, 2026 Apr. 01, 2025  
Governmental Issuer Loans [Member] | Poppy Grove III [Member] | TOB Trust [Member] | Elk Grove, CA [Member]      
Governmental Issuer Loans [Line Items]      
Month Acquired [1],[2]     September 2022
Units | Unit [1],[2]     158
Maturity Date [1],[2]     May 01, 2026
Variable Interest Rate [1],[2]     6.78%
Current Interest Rate [1],[2]     6.78%
Amortized Cost [1],[2]     $ 44,819,507
Governmental Issuer Loans [Member] | Residency at Sky Village Hollywood [Member]      
Governmental Issuer Loans [Line Items]      
Variable Interest Rate 6.95%    
Investment, Variable Interest Rate, Type [Extensible Enumeration] Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member]    
Governmental Issuer Loans [Member] | Residency at Sky Village Hollywood [Member] | TOB Trust [Member] | Hollywood, CA [Member]      
Governmental Issuer Loans [Line Items]      
Month Acquired December 2025 [3]   December 2025 [4]
Units | Unit 523 [3]   523 [4]
Maturity Date Dec. 31, 2030 [3]   Dec. 31, 2030 [1],[4]
Variable Interest Rate 3.20% [3]   3.20% [2],[4],[5]
Investment, Variable Interest Rate, Type [Extensible Enumeration] Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member]   Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member]
Current Interest Rate 6.95% [3],[6]   7.04% [4],[5]
Amortized Cost $ 30,000,000 [3]   $ 29,000,000 [4]
Governmental Issuer Loans [Member] | Everett Pointe Apartments [Member] | TOB Trust [Member] | Knoxville TN      
Governmental Issuer Loans [Line Items]      
Month Acquired [7] June 2026    
Units | Unit [7] 150    
Maturity Date [7] Jul. 01, 2029    
Variable Interest Rate [7] 7.30%    
Current Interest Rate [7] 7.30%    
Amortized Cost [7] $ 6,500,000    
[1] Freddie Mac, through a servicer, has forward committed to purchase the GIL at maturity at par if the property has reached stabilization and other conditions are met. The Freddie Mac servicer that has forward committed to purchase the GIL at maturity is an affiliate of the Partnership (Note 19).
[2] The Partnership has agreed to provide a subordinate GIL after the execution of Freddie Mac’s forward purchase commitment if needed by the property. The potential subordinate GIL amounts are up to $3.8 million, $2.2 million, and $4.2 million for Poppy Grove I, Poppy Grove II, and Poppy Grove III, respectively
[3] The GIL is considered to be available-for-sale sale and reported at fair value, which approximated amortized cost as of June 30, 2026. The Partnership expects to sell the GIL into the Construction Lending JV in the future.
[4] The Residency at Sky Village Hollywood GIL is considered to be available-for-sale sale and reported at fair value, which approximated amortized cost as of December 31, 2025. The Partnership expects to sell the GIL into the Construction Lending JV in the future.
[5] The variable index interest rate component is subject to an all-in floor of 6.95%. The borrower has the option to convert to fixed rate within 210 days of closing equal to the greater of: (a) the 5-year SOFR Swap Rate + 3.40% or (b) 6.95%
[6] The variable index interest rate component is subject to an all-in floor of 6.95%. The borrower has the option to convert to fixed rate within 210 days of closing equal to the greater of: (a) the 5-year SOFR Swap Rate + 3.40% or (b) 6.95%.
[7] Freddie Mac, through a servicer, has forward committed to purchase the GIL at maturity at par if the property has reached stabilization and other conditions are met. The Freddie Mac servicer that has forward committed to purchase the GIL at maturity is an affiliate of the Partnership (Note 19).