v3.26.1
Accounts Payable, Accrued Expenses and Other Liabilities - Summary of Accounts Payable, Accrued Expenses and Other Liabilities (Details) - USD ($)
Jun. 30, 2026
Dec. 31, 2025
Payables and Accruals [Abstract]    
Accounts payable $ 1,411,117 $ 1,371,459
Accrued expenses 3,860,507 5,183,094
Accrued interest expense 5,507,605 6,404,551
Contingent liability upon deed in lieu of foreclosure transactions [1] 2,053,981  
Derivative instruments at fair value (Note 15) 446,228 1,843,464
Deposit liability [2] 0 4,299,053
Other liabilities 2,149,956 2,032,534
Total accounts payable, accrued expenses and other liabilities $ 15,429,394 $ 21,134,155
[1] The Partnership has entered into reimbursement agreements with GAHI, an affiliate, in connection with The Park at Sondrio, The Park at Vietti, the Windsor Shores Apartments, and Century Plaza Apartments MF Properties that require the Partnership to distribute certain excess proceeds from future sales of the properties to GAHI. These are nonrecourse liabilities of the Partnership and no payments are required unless excess proceeds are generated upon future property sales. The Partnership has recorded a liability of approximately $1.7 million for these reimbursement agreements. See Note 16 for further details.

The Partnership has entered into a reimbursement agreement with the prior owner of the Century Plaza Apartments MF Property that requires the Partnership to distribute certain excess proceeds from a future sale of the property to the prior owner. This is a nonrecourse liability of the Partnership and no payments are required unless excess proceeds are generated upon a future property sale. The Partnership has recorded a liability of approximately $383,000 for this reimbursement agreement. See Note 16 for further details.
[2] The deposit liability relates to restricted cash held by the Partnership on behalf of one of its borrowers which was returned in 2026. The deposit liability and the related restricted cash balance are equal.