UNITED STATES SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

(Mark One)

☒   QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE

ACT OF 1934.

For the quarterly period ended December 31, 2024

or

☐   TRANSITION REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from _______ to _______

Commission file number        0-26200

BF GARDEN TAX CREDIT FUND IV L.P.

(Exact name of registrant as specified in its charter)

Delaware	04-3208648
(State or other jurisdiction of incorporation or organization)	(I.R.S. Employer Identification No.)

225 Franklin Street, 28^th Floor Boston, Massachusetts 02110

(Address of principal executive offices)    (Zip Code)

(888) 773-1487

(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:

Title of each class	Trading Symbol(s)	Name of each exchange on which registered
None	None	None

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).

Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer ☐	Accelerated Filer ☐
Non-accelerated filer ☒	Smaller Reporting Company ☒
	Emerging Growth Company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

Yes ☐ No ☒

BF GARDEN TAX CREDIT FUND IV L.P.

QUARTERLY REPORT ON FORM 10-Q

FOR THE QUARTER ENDED DECEMBER 31, 2024

TABLE OF CONTENTS

		Pages
PART I FINANCIAL INFORMATION
	Item 1. Condensed Financial Statements
	Condensed Balance Sheets	3-30
	Condensed Statements of Operations	31-86
	Condensed Statements of Changes in Partners’ Capital (Deficit)	87-114
	Condensed Statements of Cash Flows	115-142
	Notes to Condensed Financial Statements	143-176
	Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations	177-186
	Item 3. Quantitative and Qualitative Disclosures About Market Risk	186
	Item 4. Controls and Procedures	186
PART II OTHER INFORMATION
	Item 1. Legal Proceedings	187
	Item 1A. Risk Factors	187
	Item 2. Unregistered Sales of Equity Securities and Use of Proceeds	187
	Item 3. Defaults Upon Senior Securities	187
	Item 4. Mine Safety Disclosures	187
	Item 5. Other Information	187
	Item 6. Exhibits	187
	Signatures	188

2

BF Garden Tax Credit Fund IV L.P.

CONDENSED BALANCE SHEETS

(Unaudited)

	December 31,		March 31,
	2024		2024
INVESTMENTS IN OPERATING PARTNERSHIPS	$	—	$	—
OTHER ASSETS
Cash and cash equivalents		544,159		69,012
Other assets		3,000		3,000
	$	547,159	$	72,012
LIABILITIES
Accounts payable and accrued expenses	$	1	$	1
Accounts payable affiliates (Note C)		3,298,015		3,129,031
		3,298,016		3,129,032
PARTNERS’ CAPITAL (DEFICIT)
Assignees
Units of limited partnership interest, $10 stated value per BAC; 101,500,000 authorized BACs; 83,651,080 issued and 82,874,653 outstanding as of December 31, 2024 and March 31, 2024.		(6,393,171)		(6,696,272)
General Partner		3,642,314		3,639,252
		(2,750,857)		(3,057,020)
	$	547,159	$	72,012

The accompanying notes are an integral part of this condensed statement

3

BF Garden Tax Credit Fund IV L.P.

CONDENSED BALANCE SHEETS

(Unaudited)

Series 20

	December 31,		March 31,
	2024		2024
INVESTMENTS IN OPERATING PARTNERSHIPS	$	—	$	—
OTHER ASSETS
Cash and cash equivalents		—		—
Other assets		—		—
	$	—	$	—
LIABILITIES
Accounts payable and accrued expenses	$	—	$	—
Accounts payable affiliates (Note C)		—		—
		—		—
PARTNERS’ CAPITAL (DEFICIT)
Assignees
Units of limited partnership interest, $10 stated value per BAC; 101,500,000 authorized BACs; 3,866,700 issued and 3,828,200 outstanding as of December 31, 2024 and March 31, 2024.		(754,767)		(754,767)
General Partner		754,767		754,767
		—		—
	$	—	$	—

The accompanying notes are an integral part of this condensed statement

4

BF Garden Tax Credit Fund IV L.P.

CONDENSED BALANCE SHEETS

(Unaudited)

Series 21

	December 31,		March 31,
	2024		2024
INVESTMENTS IN OPERATING PARTNERSHIPS	$	—	$	—
OTHER ASSETS
Cash and cash equivalents		—		—
Other assets		—		—
	$	—	$	—
LIABILITIES
Accounts payable and accrued expenses	$	—	$	—
Accounts payable affiliates (Note C)		—		—
		—		—
PARTNERS’ CAPITAL (DEFICIT)
Assignees
Units of limited partnership interest, $10 stated value per BAC; 101,500,000 authorized BACs; 1,892,700 issued and 1,879,500 outstanding as of December 31, 2024 and March 31, 2024.		(898,231)		(898,231)
General Partner		898,231		898,231
		—		—
	$	—	$	—

The accompanying notes are an integral part of this condensed statement

5

BF Garden Tax Credit Fund IV L.P.

CONDENSED BALANCE SHEETS

(Unaudited)

Series 22

	December 31,		March 31,
	2024		2024
INVESTMENTS IN OPERATING PARTNERSHIPS	$	—	$	—
OTHER ASSETS
Cash and cash equivalents		—		—
Other assets		—		—
	$	—	$	—
LIABILITIES
Accounts payable and accrued expenses	$	—	$	—
Accounts payable affiliates (Note C)		—		—
		—		—
PARTNERS’ CAPITAL (DEFICIT)
Assignees
Units of limited partnership interest, $10 stated value per BAC; 101,500,000 authorized BACs; 2,564,400 issued and 2,550,145 outstanding as of December 31, 2024 and March 31, 2024.		(2,448,362)		(2,448,362)
General Partner		2,448,362		2,448,362
		—		—
	$	—	$	—

The accompanying notes are an integral part of this condensed statement

6

BF Garden Tax Credit Fund IV L.P.

CONDENSED BALANCE SHEETS

(Unaudited)

Series 23

	December 31,		March 31,
	2024		2024
INVESTMENTS IN OPERATING PARTNERSHIPS	$	—	$	—
OTHER ASSETS
Cash and cash equivalents		—		—
Other assets		—		—
	$	—	$	—
LIABILITIES
Accounts payable and accrued expenses	$	—	$	—
Accounts payable affiliates (Note C)		—		—
		—		—
PARTNERS’ CAPITAL (DEFICIT)
Assignees
Units of limited partnership interest, $10 stated value per BAC; 101,500,000 authorized BACs; 3,336,727 issued and 3,303,327 outstanding as of December 31, 2024 and March 31, 2024.		(224,264)		(224,264)
General Partner		224,264		224,264
		—		—
	$	—	$	—

The accompanying notes are an integral part of this condensed statement

7

BF Garden Tax Credit Fund IV L.P.

CONDENSED BALANCE SHEETS

(Unaudited)

Series 24

	December 31,		March 31,
	2024		2024
INVESTMENTS IN OPERATING PARTNERSHIPS	$	—	$	—
OTHER ASSETS
Cash and cash equivalents		—		—
Other assets		—		—
	$	—	$	—
LIABILITIES
Accounts payable and accrued expenses	$	—	$	—
Accounts payable affiliates (Note C)		—		—
		—		—
PARTNERS’ CAPITAL (DEFICIT)
Assignees
Units of limited partnership interest, $10 stated value per BAC; 101,500,000 authorized BACs; 2,169,878 issued and 2,150,053 outstanding as of December 31, 2024 and March 31, 2024.		173,404		173,404
General Partner		(173,404)		(173,404)
		—		—
	$	—	$	—

The accompanying notes are an integral part of this condensed statement

8

BF Garden Tax Credit Fund IV L.P.

CONDENSED BALANCE SHEETS

(Unaudited)

Series 25

	December 31,		March 31,
	2024		2024
INVESTMENTS IN OPERATING PARTNERSHIPS	$	—	$	—
OTHER ASSETS
Cash and cash equivalents		—		—
Other assets		—		—
	$	—	$	—
LIABILITIES
Accounts payable and accrued expenses	$	—	$	—
Accounts payable affiliates (Note C)		—		—
		—		—
PARTNERS’ CAPITAL (DEFICIT)
Assignees
Units of limited partnership interest, $10 stated value per BAC; 101,500,000 authorized BACs; 3,026,109 issued and 3,016,809 outstanding as of December 31, 2024 and March 31, 2024.		219,815		219,815
General Partner		(219,815)		(219,815)
		—		—
	$	—	$	—

The accompanying notes are an integral part of this condensed statement

9

BF Garden Tax Credit Fund IV L.P.

CONDENSED BALANCE SHEETS

(Unaudited)

Series 26

	December 31,		March 31,
	2024		2024
INVESTMENTS IN OPERATING PARTNERSHIPS	$	—	$	—
OTHER ASSETS
Cash and cash equivalents		—		—
Other assets		—		—
	$	—	$	—
LIABILITIES
Accounts payable and accrued expenses	$	—	$	—
Accounts payable affiliates (Note C)		—		—
		—		—
PARTNERS’ CAPITAL (DEFICIT)
Assignees
Units of limited partnership interest, $10 stated value per BAC; 101,500,000 authorized BACs; 3,995,900 issued and 3,926,374 outstanding as of December 31, 2024 and March 31, 2024.		313,969		313,969
General Partner		(313,969)		(313,969)
		—		—
	$	—	$	—

The accompanying notes are an integral part of this condensed statement

10

BF Garden Tax Credit Fund IV L.P.

CONDENSED BALANCE SHEETS

(Unaudited)

Series 27

	December 31,		March 31,
	2024		2024
INVESTMENTS IN OPERATING PARTNERSHIPS	$	—	$	—
OTHER ASSETS
Cash and cash equivalents		—		—
Other assets		—		—
	$	—	$	—
LIABILITIES
Accounts payable and accrued expenses	$	—	$	—
Accounts payable affiliates (Note C)		—		—
		—		—
PARTNERS’ CAPITAL (DEFICIT)
Assignees
Units of limited partnership interest, $10 stated value per BAC; 101,500,000 authorized BACs; 2,460,700 issued and 2,431,350 outstanding as of December 31, 2024 and March 31, 2024.		133,264		133,264
General Partner		(133,264)		(133,264)
		—		—
	$	—	$	—

The accompanying notes are an integral part of this condensed statement

11

BF Garden Tax Credit Fund IV L.P.

CONDENSED BALANCE SHEETS

(Unaudited)

Series 28

	December 31,		March 31,
	2024		2024
INVESTMENTS IN OPERATING PARTNERSHIPS	$	—	$	—
OTHER ASSETS
Cash and cash equivalents		—		—
Other assets		—		—
	$	—	$	—
LIABILITIES
Accounts payable and accrued expenses	$	—	$	—
Accounts payable affiliates (Note C)		—		—
		—		—
PARTNERS’ CAPITAL (DEFICIT)
Assignees
Units of limited partnership interest, $10 stated value per BAC; 101,500,000 authorized BACs; 4,000,738 issued and 3,979,139 outstanding as of December 31, 2024 and March 31, 2024.		275,140		275,140
General Partner		(275,140)		(275,140)
		—		—
	$	—	$	—

The accompanying notes are an integral part of this condensed statement

12

BF Garden Tax Credit Fund IV L.P.

CONDENSED BALANCE SHEETS

(Unaudited)

Series 29

	December 31,		March 31,
	2024		2024
INVESTMENTS IN OPERATING PARTNERSHIPS	$	—	$	—
OTHER ASSETS
Cash and cash equivalents		—		—
Other assets		—		—
	$	—	$	—
LIABILITIES
Accounts payable and accrued expenses	$	—	$	—
Accounts payable affiliates (Note C)		—		—
		—		—
PARTNERS’ CAPITAL (DEFICIT)
Assignees
Units of limited partnership interest, $10 stated value per BAC; 101,500,000 authorized BACs; 3,991,800 issued and 3,911,725 outstanding as of December 31, 2024 and March 31, 2024.		(2,341,163)		(2,341,163)
General Partner		2,341,163		2,341,163
		—		—
	$	—	$	—

The accompanying notes are an integral part of this condensed statement

13

BF Garden Tax Credit Fund IV L.P.

CONDENSED BALANCE SHEETS

(Unaudited)

Series 30

	December 31,		March 31,
	2024		2024
INVESTMENTS IN OPERATING PARTNERSHIPS	$	—	$	—
OTHER ASSETS
Cash and cash equivalents		—		—
Other assets		—		—
	$	—	$	—
LIABILITIES
Accounts payable and accrued expenses	$	—	$	—
Accounts payable affiliates (Note C)		—		—
		—		—
PARTNERS’ CAPITAL (DEFICIT)
Assignees
Units of limited partnership interest, $10 stated value per BAC; 101,500,000 authorized BACs; 2,651,000 issued and 2,621,200 outstanding as of December 31, 2024 and March 31, 2024.		(883,119)		(883,119)
General Partner		883,119		883,119
		—		—
	$	—	$	—

The accompanying notes are an integral part of this condensed statement

14

BF Garden Tax Credit Fund IV L.P.

CONDENSED BALANCE SHEETS

(Unaudited)

Series 31

	December 31,		March 31,
	2024		2024
INVESTMENTS IN OPERATING PARTNERSHIPS	$	—	$	—
OTHER ASSETS
Cash and cash equivalents		—		—
Other assets		—		—
	$	—	$	—
LIABILITIES
Accounts payable and accrued expenses	$	—	$	—
Accounts payable affiliates (Note C)		—		—
		—		—
PARTNERS’ CAPITAL (DEFICIT)
Assignees
Units of limited partnership interest, $10 stated value per BAC; 101,500,000 authorized BACs; 4,417,857 issued and 4,375,757 outstanding as of December 31, 2024 and March 31, 2024.		353,529		353,529
General Partner		(353,529)		(353,529)
		—		—
	$	—	$	—

The accompanying notes are an integral part of this condensed statement

15

BF Garden Tax Credit Fund IV L.P.

CONDENSED BALANCE SHEETS

(Unaudited)

Series 32

	December 31,		March 31,
	2024		2024
INVESTMENTS IN OPERATING PARTNERSHIPS	$	—	$	—
OTHER ASSETS
Cash and cash equivalents		—		—
Other assets		—		—
	$	—	$	—
LIABILITIES
Accounts payable and accrued expenses	$	—	$	—
Accounts payable affiliates (Note C)		—		—
		—		—
PARTNERS’ CAPITAL (DEFICIT)
Assignees
Units of limited partnership interest, $10 stated value per BAC; 101,500,000 authorized BACs; 4,754,198 issued and 4,706,298 outstanding as of December 31, 2024 and March 31, 2024.		380,821		380,821
General Partner		(380,821)		(380,821)
		—		—
	$	—	$	—

The accompanying notes are an integral part of this condensed statement

16

BF Garden Tax Credit Fund IV L.P.

CONDENSED BALANCE SHEETS

(Unaudited)

Series 33

	December 31,		March 31,
	2024		2024
INVESTMENTS IN OPERATING PARTNERSHIPS	$	—	$	—
OTHER ASSETS
Cash and cash equivalents		—		—
Other assets		—		—
	$	—	$	—
LIABILITIES
Accounts payable and accrued expenses	$	—	$	—
Accounts payable affiliates (Note C)		—		—
		—		—
PARTNERS’ CAPITAL (DEFICIT)
Assignees
Units of limited partnership interest, $10 stated value per BAC; 101,500,000 authorized BACs; 2,636,533 issued and 2,605,833 outstanding as of December 31, 2024 and March 31, 2024.		196,294		196,294
General Partner		(196,294)		(196,294)
		—		—
	$	—	$	—

The accompanying notes are an integral part of this condensed statement

17

BF Garden Tax Credit Fund IV L.P.

CONDENSED BALANCE SHEETS

(Unaudited)

Series 34

	December 31,		March 31,
	2024		2024
INVESTMENTS IN OPERATING PARTNERSHIPS	$	—	$	—
OTHER ASSETS
Cash and cash equivalents		537,212		5,372
Other assets		—		—
	$	537,212	$	5,372
LIABILITIES
Accounts payable and accrued expenses	$	—	$	—
Accounts payable affiliates (Note C)		2,689,121		2,589,252
		2,689,121		2,589,252
PARTNERS’ CAPITAL (DEFICIT)
Assignees
Units of limited partnership interest, $10 stated value per BAC; 101,500,000 authorized BACs; 3,529,319 issued and 3,474,319 outstanding as of December 31, 2024 and March 31, 2024.		(1,830,001)		(2,257,652)
General Partner		(321,908)		(326,228)
		(2,151,909)		(2,583,880)
	$	537,212	$	5,372

The accompanying notes are an integral part of this condensed statement

18

BF Garden Tax Credit Fund IV L.P.

CONDENSED BALANCE SHEETS

(Unaudited)

Series 35

	December 31,		March 31,
	2024		2024
INVESTMENTS IN OPERATING PARTNERSHIPS	$	—	$	—
OTHER ASSETS
Cash and cash equivalents		—		—
Other assets		—		—
	$	—	$	—
LIABILITIES
Accounts payable and accrued expenses	$	—	$	—
Accounts payable affiliates (Note C)		—		—
		—		—
PARTNERS’ CAPITAL (DEFICIT)
Assignees
Units of limited partnership interest, $10 stated value per BAC; 101,500,000 authorized BACs; 3,300,463 issued and 3,277,913 outstanding as of December 31, 2024 and March 31, 2024.		223,088		223,088
General Partner		(223,088)		(223,088)
		—		—
	$	—	$	—

The accompanying notes are an integral part of this condensed statement

19

BF Garden Tax Credit Fund IV L.P.

CONDENSED BALANCE SHEETS

(Unaudited)

Series 36

	December 31,		March 31,
	2024		2024
INVESTMENTS IN OPERATING PARTNERSHIPS	$	—	$	—
OTHER ASSETS
Cash and cash equivalents		—		—
Other assets		—		—
	$	—	$	—
LIABILITIES
Accounts payable and accrued expenses	$	—	$	—
Accounts payable affiliates (Note C)		—		—
		—		—
PARTNERS’ CAPITAL (DEFICIT)
Assignees
Units of limited partnership interest, $10 stated value per BAC; 101,500,000 authorized BACs; 2,106,838 issued and 2,083,704 outstanding as of December 31, 2024 and March 31, 2024.		148,221		148,221
General Partner		(148,221)		(148,221)
		—		—
	$	—	$	—

The accompanying notes are an integral part of this condensed statement

20

BF Garden Tax Credit Fund IV L.P.

CONDENSED BALANCE SHEETS

(Unaudited)

Series 37

	December 31,		March 31,
	2024		2024
INVESTMENTS IN OPERATING PARTNERSHIPS	$	—	$	—
OTHER ASSETS
Cash and cash equivalents		—		—
Other assets		—		—
	$	—	$	—
LIABILITIES
Accounts payable and accrued expenses	$	—	$	—
Accounts payable affiliates (Note C)		—		—
		—		—
PARTNERS’ CAPITAL (DEFICIT)
Assignees
Units of limited partnership interest, $10 stated value per BAC; 101,500,000 authorized BACs; 2,512,500 issued and 2,489,100 outstanding as of December 31, 2024 and March 31, 2024.		205,359		205,359
General Partner		(205,359)		(205,359)
		—		—
	$	—	$	—

The accompanying notes are an integral part of this condensed statement

21

BF Garden Tax Credit Fund IV L.P.

CONDENSED BALANCE SHEETS

(Unaudited)

Series 38

	December 31,		March 31,
	2024		2024
INVESTMENTS IN OPERATING PARTNERSHIPS	$	—	$	—
OTHER ASSETS
Cash and cash equivalents		—		—
Other assets		—		—
	$	—	$	—
LIABILITIES
Accounts payable and accrued expenses	$	—	$	—
Accounts payable affiliates (Note C)		—		—
		—		—
PARTNERS’ CAPITAL (DEFICIT)
Assignees
Units of limited partnership interest, $10 stated value per BAC; 101,500,000 authorized BACs; 2,543,100 issued and 2,536,200 outstanding as of December 31, 2024 and March 31, 2024.		188,889		188,889
General Partner		(188,889)		(188,889)
		—		—
	$	—	$	—

The accompanying notes are an integral part of this condensed statement

22

BF Garden Tax Credit Fund IV L.P.

CONDENSED BALANCE SHEETS

(Unaudited)

Series 39

	December 31,		March 31,
	2024		2024
INVESTMENTS IN OPERATING PARTNERSHIPS	$	—	$	—
OTHER ASSETS
Cash and cash equivalents		—		—
Other assets		—		—
	$	—	$	—
LIABILITIES
Accounts payable and accrued expenses	$	—	$	—
Accounts payable affiliates (Note C)		—		—
		—		—
PARTNERS’ CAPITAL (DEFICIT)
Assignees
Units of limited partnership interest, $10 stated value per BAC; 101,500,000 authorized BACs; 2,292,151 issued and 2,288,351 outstanding as of December 31, 2024 and March 31, 2024.		196,043		196,043
General Partner		(196,043)		(196,043)
		—		—
	$	—	$	—

The accompanying notes are an integral part of this condensed statement

23

BF Garden Tax Credit Fund IV L.P.

CONDENSED BALANCE SHEETS

(Unaudited)

Series 40

	December 31,		March 31,
	2024		2024
INVESTMENTS IN OPERATING PARTNERSHIPS	$	—	$	—
OTHER ASSETS
Cash and cash equivalents		—		—
Other assets		—		—
	$	—	$	—
LIABILITIES
Accounts payable and accrued expenses	$	—	$	—
Accounts payable affiliates (Note C)		—		—
		—		—
PARTNERS’ CAPITAL (DEFICIT)
Assignees
Units of limited partnership interest, $10 stated value per BAC; 101,500,000 authorized BACs; 2,630,256 issued and 2,611,356 outstanding as of December 31, 2024 and March 31, 2024.		216,900		216,900
General Partner		(216,900)		(216,900)
		—		—
	$	—	$	—

The accompanying notes are an integral part of this condensed statement

24

BF Garden Tax Credit Fund IV L.P.

CONDENSED BALANCE SHEETS

(Unaudited)

Series 41

	December 31,		March 31,
	2024		2024
INVESTMENTS IN OPERATING PARTNERSHIPS	$	—	$	—
OTHER ASSETS
Cash and cash equivalents		—		—
Other assets		—		—
	$	—	$	—
LIABILITIES
Accounts payable and accrued expenses	$	—	$	—
Accounts payable affiliates (Note C)		—		—
		—		—
PARTNERS’ CAPITAL (DEFICIT)
Assignees
Units of limited partnership interest, $10 stated value per BAC; 101,500,000 authorized BACs; 2,891,626 issued and 2,865,176 outstanding as of December 31, 2024 and March 31, 2024.		(987,713)		(987,713)
General Partner		987,713		987,713
		—		—
	$	—	$	—

The accompanying notes are an integral part of this condensed statement

25

BF Garden Tax Credit Fund IV L.P.

CONDENSED BALANCE SHEETS

(Unaudited)

Series 42

	December 31,		March 31,
	2024		2024
INVESTMENTS IN OPERATING PARTNERSHIPS	$	—	$	—
OTHER ASSETS
Cash and cash equivalents		—		—
Other assets		—		—
	$	—	$	—
LIABILITIES
Accounts payable and accrued expenses	$	—	$	—
Accounts payable affiliates (Note C)		—		—
		—		—
PARTNERS’ CAPITAL (DEFICIT)
Assignees
Units of limited partnership interest, $10 stated value per BAC; 101,500,000 authorized BACs; 2,744,262 issued and 2,706,362 outstanding as of December 31, 2024 and March 31, 2024.		216,680		216,680
General Partner		(216,680)		(216,680)
		—		—
	$	—	$	—

The accompanying notes are an integral part of this condensed statement

26

BF Garden Tax Credit Fund IV L.P.

CONDENSED BALANCE SHEETS

(Unaudited)

Series 43

	December 31,		March 31,
	2024		2024
INVESTMENTS IN OPERATING PARTNERSHIPS	$	—	$	—
OTHER ASSETS
Cash and cash equivalents		—		—
Other assets		—		—
	$	—	$	—
LIABILITIES
Accounts payable and accrued expenses	$	—	$	—
Accounts payable affiliates (Note C)		—		—
		—		—
PARTNERS’ CAPITAL (DEFICIT)
Assignees
Units of limited partnership interest, $10 stated value per BAC; 101,500,000 authorized BACs; 3,637,987 issued and 3,617,987 outstanding as of December 31, 2024 and March 31, 2024.		306,854		306,854
General Partner		(306,854)		(306,854)
		—		—
	$	—	$	—

The accompanying notes are an integral part of this condensed statement

27

BF Garden Tax Credit Fund IV L.P.

CONDENSED BALANCE SHEETS

(Unaudited)

Series 44

	December 31,		March 31,
	2024		2024
INVESTMENTS IN OPERATING PARTNERSHIPS	$	—	$	—
OTHER ASSETS
Cash and cash equivalents		—		—
Other assets		—		—
	$	—	$	—
LIABILITIES
Accounts payable and accrued expenses	$	—	$	—
Accounts payable affiliates (Note C)		—		—
		—		—
PARTNERS’ CAPITAL (DEFICIT)
Assignees
Units of limited partnership interest, $10 stated value per BAC; 101,500,000 authorized BACs; 2,701,973 issued and 2,682,873 outstanding as of December 31, 2024 and March 31, 2024.		207,874		207,874
General Partner		(207,874)		(207,874)
		—		—
	$	—	$	—

The accompanying notes are an integral part of this condensed statement

28

BF Garden Tax Credit Fund IV L.P.

CONDENSED BALANCE SHEETS

(Unaudited)

Series 45

	December 31,		March 31,
	2024		2024
INVESTMENTS IN OPERATING PARTNERSHIPS	$	—	$	—
OTHER ASSETS
Cash and cash equivalents		—		—
Other assets		—		—
	$	—	$	—
LIABILITIES
Accounts payable and accrued expenses	$	—	$	—
Accounts payable affiliates (Note C)		—		—
		—		—
PARTNERS’ CAPITAL (DEFICIT)
Assignees
Units of limited partnership interest, $10 stated value per BAC; 101,500,000 authorized BACs; 4,014,367 issued and 3,989,967 outstanding as of December 31, 2024 and March 31, 2024.		348,522		348,522
General Partner		(348,522)		(348,522)
		—		—
	$	—	$	—

The accompanying notes are an integral part of this condensed statement

29

BF Garden Tax Credit Fund IV L.P.

CONDENSED BALANCE SHEETS

(Unaudited)

Series 46

	December 31,		March 31,
	2024		2024
INVESTMENTS IN OPERATING PARTNERSHIPS	$	—	$	—
OTHER ASSETS
Cash and cash equivalents		6,947		63,640
Other assets		3,000		3,000
	$	9,947	$	66,640
LIABILITIES
Accounts payable and accrued expenses	$	1	$	1
Accounts payable affiliates (Note C)		608,894		539,779
		608,895		539,780
PARTNERS’ CAPITAL (DEFICIT)
Assignees
Units of limited partnership interest, $10 stated value per BAC; 101,500,000 authorized BACs; 2,980,998 issued and 2,965,635 outstanding as of December 31, 2024 and March 31, 2024.		(330,217)		(205,667)
General Partner		(268,731)		(267,473)
		(598,948)		(473,140)
	$	9,947	$	66,640

The accompanying notes are an integral part of this condensed statement

30

BF Garden Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF OPERATIONS

Three Months Ended December 31,

(Unaudited)

	2024		2023
Income
Interest income	$	800	$	3,306
Other income		5,404		—
		6,204		3,306
Gain on disposition of Operating Partnerships		550,000		—
Expenses
Professional fees		18,800		19,646
Fund management fee, net (Note C)		7,451		13,986
General and administrative expenses		32,118		25,625
		58,369		59,257
NET INCOME (LOSS)	$	497,835	$	(55,951)
Net income (loss) allocated to assignees	$	492,857	$	(55,392)
Net income (loss) allocated to general partner	$	4,978	$	(559)
Net income (loss) per BAC	$	.01	$	(.00)

The accompanying notes are an integral part of this condensed statement

31

BF Garden Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF OPERATIONS

Three Months Ended December 31,

(Unaudited)

Series 20

	2024		2023
Income
Interest income	$	—	$	—
Other income		—		—
		—		—
Gain on disposition of Operating Partnerships		—		—
Expenses
Professional fees		—		—
Fund management fee, net (Note C)		—		—
General and administrative expenses		—		—
		—		—
NET INCOME (LOSS)	$	—	$	—
Net income (loss) allocated to assignees	$	—	$	—
Net income (loss) allocated to general partner	$	—	$	—
Net income (loss) per BAC	$	—	$	—

The accompanying notes are an integral part of this condensed statement

32

BF Garden Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF OPERATIONS

Three Months Ended December 31,

(Unaudited)

Series 21

	2024		2023
Income
Interest income	$	—	$	—
Other income		—		—
		—		—
Gain on disposition of Operating Partnerships		—		—
Expenses
Professional fees		—		—
Fund management fee, net (Note C)		—		—
General and administrative expenses		—		—
		—		—
NET INCOME (LOSS)	$	—	$	—
Net income (loss) allocated to assignees	$	—	$	—
Net income (loss) allocated to general partner	$	—	$	—
Net income (loss) per BAC	$	—	$	—

The accompanying notes are an integral part of this condensed statement

33

BF Garden Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF OPERATIONS

Three Months Ended December 31,

(Unaudited)

Series 22

	2024		2023
Income
Interest income	$	—	$	—
Other income		—		—
		—		—
Gain on disposition of Operating Partnerships		—		—
Expenses
Professional fees		—		—
Fund management fee, net (Note C)		—		—
General and administrative expenses		—		—
		—		—
NET INCOME (LOSS)	$	—	$	—
Net income (loss) allocated to assignees	$	—	$	—
Net income (loss) allocated to general partner	$	—	$	—
Net income (loss) per BAC	$	—	$	—

The accompanying notes are an integral part of this condensed statement

34

BF Garden Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF OPERATIONS

Three Months Ended December 31,

(Unaudited)

Series 23

	2024		2023
Income
Interest income	$	—	$	—
Other income		—		—
		—		—
Gain on disposition of Operating Partnerships		—		—
Expenses
Professional fees		—		—
Fund management fee, net (Note C)		—		—
General and administrative expenses		—		—
		—		—
NET INCOME (LOSS)	$	—	$	—
Net income (loss) allocated to assignees	$	—	$	—
Net income (loss) allocated to general partner	$	—	$	—
Net income (loss) per BAC	$	—	$	—

The accompanying notes are an integral part of this condensed statement

35

BF Garden Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF OPERATIONS

Three Months Ended December 31,

(Unaudited)

Series 24

	2024		2023
Income
Interest income	$	—	$	—
Other income		—		—
		—		—
Gain on disposition of Operating Partnerships		—		—
Expenses
Professional fees		—		—
Fund management fee, net (Note C)		—		—
General and administrative expenses		—		—
		—		—
NET INCOME (LOSS)	$	—	$	—
Net income (loss) allocated to assignees	$	—	$	—
Net income (loss) allocated to general partner	$	—	$	—
Net income (loss) per BAC	$	—	$	—

The accompanying notes are an integral part of this condensed statement

36

BF Garden Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF OPERATIONS

Three Months Ended December 31,

(Unaudited)

Series 25

	2024		2023
Income
Interest income	$	—	$	—
Other income		—		—
		—		—
Gain on disposition of Operating Partnerships		—		—
Expenses
Professional fees		—		—
Fund management fee, net (Note C)		—		—
General and administrative expenses		—		—
		—		—
NET INCOME (LOSS)	$	—	$	—
Net income (loss) allocated to assignees	$	—	$	—
Net income (loss) allocated to general partner	$	—	$	—
Net income (loss) per BAC	$	—	$	—

The accompanying notes are an integral part of this condensed statement

37

BF Garden Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF OPERATIONS

Three Months Ended December 31,

(Unaudited)

Series 26

	2024		2023
Income
Interest income	$	—	$	—
Other income		—		—
		—		—
Gain on disposition of Operating Partnerships		—		—
Expenses
Professional fees		—		—
Fund management fee, net (Note C)		—		—
General and administrative expenses		—		—
		—		—
NET INCOME (LOSS)	$	—	$	—
Net income (loss) allocated to assignees	$	—	$	—
Net income (loss) allocated to general partner	$	—	$	—
Net income (loss) per BAC	$	—	$	—

The accompanying notes are an integral part of this condensed statement

38

BF Garden Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF OPERATIONS

Three Months Ended December 31,

(Unaudited)

Series 27

	2024		2023
Income
Interest income	$	—	$	—
Other income		—		—
		—		—
Gain on disposition of Operating Partnerships		—		—
Expenses
Professional fees		—		—
Fund management fee, net (Note C)		—		—
General and administrative expenses		—		—
		—		—
NET INCOME (LOSS)	$	—	$	—
Net income (loss) allocated to assignees	$	—	$	—
Net income (loss) allocated to general partner	$	—	$	—
Net income (loss) per BAC	$	—	$	—

The accompanying notes are an integral part of this condensed statement

39

BF Garden Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF OPERATIONS

Three Months Ended December 31,

(Unaudited)

Series 28

	2024		2023
Income
Interest income	$	—	$	—
Other income		—		—
		—		—
Gain on disposition of Operating Partnerships		—		—
Expenses
Professional fees		—		—
Fund management fee, net (Note C)		—		—
General and administrative expenses		—		—
		—		—
NET INCOME (LOSS)	$	—	$	—
Net income (loss) allocated to assignees	$	—	$	—
Net income (loss) allocated to general partner	$	—	$	—
Net income (loss) per BAC	$	—	$	—

The accompanying notes are an integral part of this condensed statement

40

BF Garden Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF OPERATIONS

Three Months Ended December 31,

(Unaudited)

Series 29

	2024		2023
Income
Interest income	$	—	$	—
Other income		—		—
		—		—
Gain on disposition of Operating Partnerships		—		—
Expenses
Professional fees		—		—
Fund management fee, net (Note C)		—		—
General and administrative expenses		—		—
		—		—
NET INCOME (LOSS)	$	—	$	—
Net income (loss) allocated to assignees	$	—	$	—
Net income (loss) allocated to general partner	$	—	$	—
Net income (loss) per BAC	$	—	$	—

The accompanying notes are an integral part of this condensed statement

41

BF Garden Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF OPERATIONS

Three Months Ended December 31,

(Unaudited)

Series 30

	2024		2023
Income
Interest income	$	—	$	—
Other income		—		—
		—		—
Gain on disposition of Operating Partnerships		—		—
Expenses
Professional fees		—		—
Fund management fee, net (Note C)		—		—
General and administrative expenses		—		—
		—		—
NET INCOME (LOSS)	$	—	$	—
Net income (loss) allocated to assignees	$	—	$	—
Net income (loss) allocated to general partner	$	—	$	—
Net income (loss) per BAC	$	—	$	—

The accompanying notes are an integral part of this condensed statement

42

BF Garden Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF OPERATIONS

Three Months Ended December 31,

(Unaudited)

Series 31

	2024		2023
Income
Interest income	$	—	$	—
Other income		—		—
		—		—
Gain on disposition of Operating Partnerships		—		—
Expenses
Professional fees		—		—
Fund management fee, net (Note C)		—		—
General and administrative expenses		—		—
		—		—
NET INCOME (LOSS)	$	—	$	—
Net income (loss) allocated to assignees	$	—	$	—
Net income (loss) allocated to general partner	$	—	$	—
Net income (loss) per BAC	$	—	$	—

The accompanying notes are an integral part of this condensed statement

43

BF Garden Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF OPERATIONS

Three Months Ended December 31,

(Unaudited)

Series 32

	2024		2023
Income
Interest income	$	—	$	—
Other income		—		—
		—		—
Gain on disposition of Operating Partnerships		—		—
Expenses
Professional fees		—		—
Fund management fee, net (Note C)		—		—
General and administrative expenses		—		—
		—		—
NET INCOME (LOSS)	$	—	$	—
Net income (loss) allocated to assignees	$	—	$	—
Net income (loss) allocated to general partner	$	—	$	—
Net income (loss) per BAC	$	—	$	—

The accompanying notes are an integral part of this condensed statement

44

BF Garden Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF OPERATIONS

Three Months Ended December 31,

(Unaudited)

Series 33

	2024		2023
Income
Interest income	$	—	$	—
Other income		—		—
		—		—
Gain on disposition of Operating Partnerships		—		—
Expenses
Professional fees		—		—
Fund management fee, net (Note C)		—		—
General and administrative expenses		—		—
		—		—
NET INCOME (LOSS)	$	—	$	—
Net income (loss) allocated to assignees	$	—	$	—
Net income (loss) allocated to general partner	$	—	$	—
Net income (loss) per BAC	$	—	$	—

The accompanying notes are an integral part of this condensed statement

45

BF Garden Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF OPERATIONS

Three Months Ended December 31,

(Unaudited)

Series 34

	2024		2023
Income
Interest income	$	790	$	1
Other income		—		—
		790		1
Gain on disposition of Operating Partnerships		550,000		—
Expenses
Professional fees		9,400		9,823
Fund management fee, net (Note C)		4,623		4,623
General and administrative expenses		16,872		13,283
		30,895		27,729
NET INCOME (LOSS)	$	519,895	$	(27,728)
Net income (loss) allocated to assignees	$	514,696	$	(27,451)
Net income (loss) allocated to general partner	$	5,199	$	(277)
Net income (loss) per BAC	$	.15	$	(.01)

The accompanying notes are an integral part of this condensed statement

46

BF Garden Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF OPERATIONS

Three Months Ended December 31,

(Unaudited)

Series 35

	2024		2023
Income
Interest income	$	—	$	—
Other income		—		—
		—		—
Gain on disposition of Operating Partnerships		—		—
Expenses
Professional fees		—		—
Fund management fee, net (Note C)		—		—
General and administrative expenses		—		—
		—		—
NET INCOME (LOSS)	$	—	$	—
Net income (loss) allocated to assignees	$	—	$	—
Net income (loss) allocated to general partner	$	—	$	—
Net income (loss) per BAC	$	—	$	—

The accompanying notes are an integral part of this condensed statement

47

BF Garden Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF OPERATIONS

Three Months Ended December 31,

(Unaudited)

Series 36

	2024		2023
Income
Interest income	$	—	$	—
Other income		—		—
		—		—
Gain on disposition of Operating Partnerships		—		—
Expenses
Professional fees		—		—
Fund management fee, net (Note C)		—		—
General and administrative expenses		—		—
		—		—
NET INCOME (LOSS)	$	—	$	—
Net income (loss) allocated to assignees	$	—	$	—
Net income (loss) allocated to general partner	$	—	$	—
Net income (loss) per BAC	$	—	$	—

The accompanying notes are an integral part of this condensed statement

48

BF Garden Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF OPERATIONS

Three Months Ended December 31,

(Unaudited)

Series 37

	2024		2023
Income
Interest income	$	—	$	—
Other income		—		—
		—		—
Gain on disposition of Operating Partnerships		—		—
Expenses
Professional fees		—		—
Fund management fee, net (Note C)		—		—
General and administrative expenses		—		—
		—		—
NET INCOME (LOSS)	$	—	$	—
Net income (loss) allocated to assignees	$	—	$	—
Net income (loss) allocated to general partner	$	—	$	—
Net income (loss) per BAC	$	—	$	—

The accompanying notes are an integral part of this condensed statement

49

BF Garden Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF OPERATIONS

Three Months Ended December 31,

(Unaudited)

Series 38

	2024		2023
Income
Interest income	$	—	$	—
Other income		—		—
		—		—
Gain on disposition of Operating Partnerships		—		—
Expenses
Professional fees		—		—
Fund management fee, net (Note C)		—		—
General and administrative expenses		—		—
		—		—
NET INCOME (LOSS)	$	—	$	—
Net income (loss) allocated to assignees	$	—	$	—
Net income (loss) allocated to general partner	$	—	$	—
Net income (loss) per BAC	$	—	$	—

The accompanying notes are an integral part of this condensed statement

50

BF Garden Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF OPERATIONS

Three Months Ended December 31,

(Unaudited)

Series 39

	2024		2023
Income
Interest income	$	—	$	—
Other income		—		—
		—		—
Gain on disposition of Operating Partnerships		—		—
Expenses
Professional fees		—		—
Fund management fee, net (Note C)		—		—
General and administrative expenses		—		—
		—		—
NET INCOME (LOSS)	$	—	$	—
Net income (loss) allocated to assignees	$	—	$	—
Net income (loss) allocated to general partner	$	—	$	—
Net income (loss) per BAC	$	—	$	—

The accompanying notes are an integral part of this condensed statement

51

BF Garden Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF OPERATIONS

Three Months Ended December 31,

(Unaudited)

Series 40

	2024		2023
Income
Interest income	$	—	$	—
Other income		—		—
		—		—
Gain on disposition of Operating Partnerships		—		—
Expenses
Professional fees		—		—
Fund management fee, net (Note C)		—		—
General and administrative expenses		—		—
		—		—
NET INCOME (LOSS)	$	—	$	—
Net income (loss) allocated to assignees	$	—	$	—
Net income (loss) allocated to general partner	$	—	$	—
Net income (loss) per BAC	$	—	$	—

The accompanying notes are an integral part of this condensed statement

52

BF Garden Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF OPERATIONS

Three Months Ended December 31,

(Unaudited)

Series 41

	2024		2023
Income
Interest income	$	—	$	—
Other income		—		—
		—		—
Gain on disposition of Operating Partnerships		—		—
Expenses
Professional fees		—		—
Fund management fee, net (Note C)		—		—
General and administrative expenses		—		—
		—		—
NET INCOME (LOSS)	$	—	$	—
Net income (loss) allocated to assignees	$	—	$	—
Net income (loss) allocated to general partner	$	—	$	—
Net income (loss) per BAC	$	—	$	—

The accompanying notes are an integral part of this condensed statement

53

BF Garden Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF OPERATIONS

Three Months Ended December 31,

(Unaudited)

Series 42

	2024		2023
Income
Interest income	$	—	$	—
Other income		—		—
		—		—
Gain on disposition of Operating Partnerships		—		—
Expenses
Professional fees		—		—
Fund management fee, net (Note C)		—		—
General and administrative expenses		—		—
		—		—
NET INCOME (LOSS)	$	—	$	—
Net income (loss) allocated to assignees	$	—	$	—
Net income (loss) allocated to general partner	$	—	$	—
Net income (loss) per BAC	$	—	$	—

The accompanying notes are an integral part of this condensed statement

54

BF Garden Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF OPERATIONS

Three Months Ended December 31,

(Unaudited)

Series 43

	2024		2023
Income
Interest income	$	—	$	—
Other income		—		—
		—		—
Gain on disposition of Operating Partnerships		—		—
Expenses
Professional fees		—		—
Fund management fee, net (Note C)		—		—
General and administrative expenses		—		—
		—		—
NET INCOME (LOSS)	$	—	$	—
Net income (loss) allocated to assignees	$	—	$	—
Net income (loss) allocated to general partner	$	—	$	—
Net income (loss) per BAC	$	—	$	—

The accompanying notes are an integral part of this condensed statement

55

BF Garden Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF OPERATIONS

Three Months Ended December 31,

(Unaudited)

Series 44

	2024		2023
Income
Interest income	$	—	$	—
Other income		—		—
		—		—
Gain on disposition of Operating Partnerships		—		—
Expenses
Professional fees		—		—
Fund management fee, net (Note C)		—		—
General and administrative expenses		—		—
		—		—
NET INCOME (LOSS)	$	—	$	—
Net income (loss) allocated to assignees	$	—	$	—
Net income (loss) allocated to general partner	$	—	$	—
Net income (loss) per BAC	$	—	$	—

The accompanying notes are an integral part of this condensed statement

56

BF Garden Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF OPERATIONS

Three Months Ended December 31,

(Unaudited)

Series 45

	2024		2023
Income
Interest income	$	—	$	—
Other income		—		—
		—		—
Gain on disposition of Operating Partnerships		—		—
Expenses
Professional fees		—		—
Fund management fee, net (Note C)		—		—
General and administrative expenses		—		—
		—		—
NET INCOME (LOSS)	$	—	$	—
Net income (loss) allocated to assignees	$	—	$	—
Net income (loss) allocated to general partner	$	—	$	—
Net income (loss) per BAC	$	—	$	—

The accompanying notes are an integral part of this condensed statement

57

BF Garden Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF OPERATIONS

Three Months Ended December 31,

(Unaudited)

Series 46

	2024		2023
Income
Interest income	$	10	$	3,305
Other income		5,404		—
		5,414		3,305
Gain on disposition of Operating Partnerships		—		—
Expenses
Professional fees		9,400		9,823
Fund management fee, net (Note C)		2,828		9,363
General and administrative expenses		15,246		12,342
		27,474		31,528
NET INCOME (LOSS)	$	(22,060)	$	(28,223)
Net income (loss) allocated to assignees	$	(21,839)	$	(27,941)
Net income (loss) allocated to general partner	$	(221)	$	(282)
Net income (loss) per BAC	$	(.01)	$	(.01)

The accompanying notes are an integral part of this condensed statement

58

BF Garden Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF OPERATIONS

Nine Months Ended December 31,

(Unaudited)

	2024		2023
Income
Interest income	$	1,423	$	8,697
Other income		20,505		33,106
		21,928		41,803
Gain on disposition of Operating Partnerships		550,000		1,017,868
Expenses
Professional fees		77,216		52,609
Fund management fee, net (Note C)		27,107		12,841
General and administrative expenses		161,442		195,365
		265,765		260,815
NET INCOME (LOSS)	$	306,163	$	798,856
Net income (loss) allocated to assignees	$	303,101	$	790,867
Net income (loss) allocated to general partner	$	3,062	$	7,989
Net income (loss) per BAC	$	.00	$	.01

The accompanying notes are an integral part of this condensed statement

59

BF Garden Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF OPERATIONS

Nine Months Ended December 31,

(Unaudited)

Series 20

	2024		2023
Income
Interest income	$	—	$	—
Other income		—		—
		—		—
Gain on disposition of Operating Partnerships		—		—
Expenses
Professional fees		—		—
Fund management fee, net (Note C)		—		—
General and administrative expenses		—		—
		—		—
NET INCOME (LOSS)	$	—	$	—
Net income (loss) allocated to assignees	$	—	$	—
Net income (loss) allocated to general partner	$	—	$	—
Net income (loss) per BAC	$	—	$	—

The accompanying notes are an integral part of this condensed statement

60

BF Garden Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF OPERATIONS

Nine Months Ended December 31,

(Unaudited)

Series 21

	2024		2023
Income
Interest income	$	—	$	—
Other income		—		—
		—		—
Gain on disposition of Operating Partnerships		—		—
Expenses
Professional fees		—		—
Fund management fee, net (Note C)		—		—
General and administrative expenses		—		—
		—		—
NET INCOME (LOSS)	$	—	$	—
Net income (loss) allocated to assignees	$	—	$	—
Net income (loss) allocated to general partner	$	—	$	—
Net income (loss) per BAC	$	—	$	—

The accompanying notes are an integral part of this condensed statement

61

BF Garden Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF OPERATIONS

Nine Months Ended December 31,

(Unaudited)

Series 22

	2024		2023
Income
Interest income	$	—	$	—
Other income		—		—
		—		—
Gain on disposition of Operating Partnerships		—		—
Expenses
Professional fees		—		—
Fund management fee, net (Note C)		—		—
General and administrative expenses		—		—
		—		—
NET INCOME (LOSS)	$	—	$	—
Net income (loss) allocated to assignees	$	—	$	—
Net income (loss) allocated to general partner	$	—	$	—
Net income (loss) per BAC	$	—	$	—

The accompanying notes are an integral part of this condensed statement

62

BF Garden Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF OPERATIONS

Nine Months Ended December 31,

(Unaudited)

Series 23

	2024		2023
Income
Interest income	$	—	$	—
Other income		—		—
		—		—
Gain on disposition of Operating Partnerships		—		—
Expenses
Professional fees		—		—
Fund management fee, net (Note C)		—		—
General and administrative expenses		—		—
		—		—
NET INCOME (LOSS)	$	—	$	—
Net income (loss) allocated to assignees	$	—	$	—
Net income (loss) allocated to general partner	$	—	$	—
Net income (loss) per BAC	$	—	$	—

The accompanying notes are an integral part of this condensed statement

63

BF Garden Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF OPERATIONS

Nine Months Ended December 31,

(Unaudited)

Series 24

	2024		2023
Income
Interest income	$	—	$	—
Other income		—		—
		—		—
Gain on disposition of Operating Partnerships		—		—
Expenses
Professional fees		—		—
Fund management fee, net (Note C)		—		—
General and administrative expenses		—		—
		—		—
NET INCOME (LOSS)	$	—	$	—
Net income (loss) allocated to assignees	$	—	$	—
Net income (loss) allocated to general partner	$	—	$	—
Net income (loss) per BAC	$	—	$	—

The accompanying notes are an integral part of this condensed statement

64

BF Garden Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF OPERATIONS

Nine Months Ended December 31,

(Unaudited)

Series 25

	2024		2023
Income
Interest income	$	—	$	—
Other income		—		—
		—		—
Gain on disposition of Operating Partnerships		—		—
Expenses
Professional fees		—		—
Fund management fee, net (Note C)		—		—
General and administrative expenses		—		—
		—		—
NET INCOME (LOSS)	$	—	$	—
Net income (loss) allocated to assignees	$	—	$	—
Net income (loss) allocated to general partner	$	—	$	—
Net income (loss) per BAC	$	—	$	—

The accompanying notes are an integral part of this condensed statement

65

BF Garden Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF OPERATIONS

Nine Months Ended December 31,

(Unaudited)

Series 26

	2024		2023
Income
Interest income	$	—	$	—
Other income		—		—
		—		—
Gain on disposition of Operating Partnerships		—		—
Expenses
Professional fees		—		—
Fund management fee, net (Note C)		—		—
General and administrative expenses		—		—
		—		—
NET INCOME (LOSS)	$	—	$	—
Net income (loss) allocated to assignees	$	—	$	—
Net income (loss) allocated to general partner	$	—	$	—
Net income (loss) per BAC	$	—	$	—

The accompanying notes are an integral part of this condensed statement

66

BF Garden Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF OPERATIONS

Nine Months Ended December 31,

(Unaudited)

Series 27

	2024		2023
Income
Interest income	$	—	$	—
Other income		—		—
		—		—
Gain on disposition of Operating Partnerships		—		—
Expenses
Professional fees		—		—
Fund management fee, net (Note C)		—		—
General and administrative expenses		—		—
		—		—
NET INCOME (LOSS)	$	—	$	—
Net income (loss) allocated to assignees	$	—	$	—
Net income (loss) allocated to general partner	$	—	$	—
Net income (loss) per BAC	$	—	$	—

The accompanying notes are an integral part of this condensed statement

67

BF Garden Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF OPERATIONS

Nine Months Ended December 31,

(Unaudited)

Series 28

	2024		2023
Income
Interest income	$	—	$	—
Other income		—		—
		—		—
Gain on disposition of Operating Partnerships		—		—
Expenses
Professional fees		—		—
Fund management fee, net (Note C)		—		—
General and administrative expenses		—		—
		—		—
NET INCOME (LOSS)	$	—	$	—
Net income (loss) allocated to assignees	$	—	$	—
Net income (loss) allocated to general partner	$	—	$	—
Net income (loss) per BAC	$	—	$	—

The accompanying notes are an integral part of this condensed statement

68

BF Garden Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF OPERATIONS

Nine Months Ended December 31,

(Unaudited)

Series 29

	2024		2023
Income
Interest income	$	—	$	459
Other income		—		16,876
		—		17,335
Gain on disposition of Operating Partnerships		—		430,628
Expenses
Professional fees		—		310
Fund management fee, net (Note C)		—		—
General and administrative expenses		—		90,173
		—		90,483
NET INCOME (LOSS)	$	—	$	357,480
Net income (loss) allocated to assignees	$	—	$	353,905
Net income (loss) allocated to general partner	$	—	$	3,575
Net income (loss) per BAC	$	—	$	.09

The accompanying notes are an integral part of this condensed statement

69

BF Garden Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF OPERATIONS

Nine Months Ended December 31,

(Unaudited)

Series 30

	2024		2023
Income
Interest income	$	—	$	—
Other income		—		—
		—		—
Gain on disposition of Operating Partnerships		—		—
Expenses
Professional fees		—		—
Fund management fee, net (Note C)		—		—
General and administrative expenses		—		—
		—		—
NET INCOME (LOSS)	$	—	$	—
Net income (loss) allocated to assignees	$	—	$	—
Net income (loss) allocated to general partner	$	—	$	—
Net income (loss) per BAC	$	—	$	—

The accompanying notes are an integral part of this condensed statement

70

BF Garden Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF OPERATIONS

Nine Months Ended December 31,

(Unaudited)

Series 31

	2024		2023
Income
Interest income	$	—	$	—
Other income		—		—
		—		—
Gain on disposition of Operating Partnerships		—		—
Expenses
Professional fees		—		—
Fund management fee, net (Note C)		—		—
General and administrative expenses		—		—
		—		—
NET INCOME (LOSS)	$	—	$	—
Net income (loss) allocated to assignees	$	—	$	—
Net income (loss) allocated to general partner	$	—	$	—
Net income (loss) per BAC	$	—	$	—

The accompanying notes are an integral part of this condensed statement

71

BF Garden Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF OPERATIONS

Nine Months Ended December 31,

(Unaudited)

Series 32

	2024		2023
Income
Interest income	$	—	$	—
Other income		—		—
		—		—
Gain on disposition of Operating Partnerships		—		—
Expenses
Professional fees		—		—
Fund management fee, net (Note C)		—		—
General and administrative expenses		—		—
		—		—
NET INCOME (LOSS)	$	—	$	—
Net income (loss) allocated to assignees	$	—	$	—
Net income (loss) allocated to general partner	$	—	$	—
Net income (loss) per BAC	$	—	$	—

The accompanying notes are an integral part of this condensed statement

72

BF Garden Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF OPERATIONS

Nine Months Ended December 31,

(Unaudited)

Series 33

	2024		2023
Income
Interest income	$	—	$	—
Other income		—		—
		—		—
Gain on disposition of Operating Partnerships		—		—
Expenses
Professional fees		—		—
Fund management fee, net (Note C)		—		—
General and administrative expenses		—		—
		—		—
NET INCOME (LOSS)	$	—	$	—
Net income (loss) allocated to assignees	$	—	$	—
Net income (loss) allocated to general partner	$	—	$	—
Net income (loss) per BAC	$	—	$	—

The accompanying notes are an integral part of this condensed statement

73

BF Garden Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF OPERATIONS

Nine Months Ended December 31,

(Unaudited)

Series 34

	2024		2023
Income
Interest income	$	791	$	233
Other income		15,101		—
		15,892		233
Gain on disposition of Operating Partnerships		550,000		—
Expenses
Professional fees		36,958		23,248
Fund management fee, net (Note C)		10,869		10,869
General and administrative expenses		86,094		53,326
		133,921		87,443
NET INCOME (LOSS)	$	431,971	$	(87,210)
Net income (loss) allocated to assignees	$	427,651	$	(86,338)
Net income (loss) allocated to general partner	$	4,320	$	(872)
Net income (loss) per BAC	$	.12	$	(.02)

The accompanying notes are an integral part of this condensed statement

74

BF Garden Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF OPERATIONS

Nine Months Ended December 31,

(Unaudited)

Series 35

	2024		2023
Income
Interest income	$	—	$	—
Other income		—		—
		—		—
Gain on disposition of Operating Partnerships		—		—
Expenses
Professional fees		—		—
Fund management fee, net (Note C)		—		—
General and administrative expenses		—		—
		—		—
NET INCOME (LOSS)	$	—	$	—
Net income (loss) allocated to assignees	$	—	$	—
Net income (loss) allocated to general partner	$	—	$	—
Net income (loss) per BAC	$	—	$	—

The accompanying notes are an integral part of this condensed statement

75

BF Garden Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF OPERATIONS

Nine Months Ended December 31,

(Unaudited)

Series 36

	2024		2023
Income
Interest income	$	—	$	—
Other income		—		—
		—		—
Gain on disposition of Operating Partnerships		—		—
Expenses
Professional fees		—		—
Fund management fee, net (Note C)		—		—
General and administrative expenses		—		—
		—		—
NET INCOME (LOSS)	$	—	$	—
Net income (loss) allocated to assignees	$	—	$	—
Net income (loss) allocated to general partner	$	—	$	—
Net income (loss) per BAC	$	—	$	—

The accompanying notes are an integral part of this condensed statement

76

BF Garden Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF OPERATIONS

Nine Months Ended December 31,

(Unaudited)

Series 37

	2024		2023
Income
Interest income	$	—	$	—
Other income		—		—
		—		—
Gain on disposition of Operating Partnerships		—		—
Expenses
Professional fees		—		—
Fund management fee, net (Note C)		—		—
General and administrative expenses		—		—
		—		—
NET INCOME (LOSS)	$	—	$	—
Net income (loss) allocated to assignees	$	—	$	—
Net income (loss) allocated to general partner	$	—	$	—
Net income (loss) per BAC	$	—	$	—

The accompanying notes are an integral part of this condensed statement

77

BF Garden Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF OPERATIONS

Nine Months Ended December 31,

(Unaudited)

Series 38

	2024		2023
Income
Interest income	$	—	$	—
Other income		—		—
		—		—
Gain on disposition of Operating Partnerships		—		—
Expenses
Professional fees		—		—
Fund management fee, net (Note C)		—		—
General and administrative expenses		—		—
		—		—
NET INCOME (LOSS)	$	—	$	—
Net income (loss) allocated to assignees	$	—	$	—
Net income (loss) allocated to general partner	$	—	$	—
Net income (loss) per BAC	$	—	$	—

The accompanying notes are an integral part of this condensed statement

78

BF Garden Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF OPERATIONS

Nine Months Ended December 31,

(Unaudited)

Series 39

	2024		2023
Income
Interest income	$	—	$	—
Other income		—		—
		—		—
Gain on disposition of Operating Partnerships		—		—
Expenses
Professional fees		—		—
Fund management fee, net (Note C)		—		—
General and administrative expenses		—		—
		—		—
NET INCOME (LOSS)	$	—	$	—
Net income (loss) allocated to assignees	$	—	$	—
Net income (loss) allocated to general partner	$	—	$	—
Net income (loss) per BAC	$	—	$	—

The accompanying notes are an integral part of this condensed statement

79

BF Garden Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF OPERATIONS

Nine Months Ended December 31,

(Unaudited)

Series 40

	2024		2023
Income
Interest income	$	—	$	—
Other income		—		—
		—		—
Gain on disposition of Operating Partnerships		—		—
Expenses
Professional fees		—		—
Fund management fee, net (Note C)		—		—
General and administrative expenses		—		—
		—		—
NET INCOME (LOSS)	$	—	$	—
Net income (loss) allocated to assignees	$	—	$	—
Net income (loss) allocated to general partner	$	—	$	—
Net income (loss) per BAC	$	—	$	—

The accompanying notes are an integral part of this condensed statement

80

BF Garden Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF OPERATIONS

Nine Months Ended December 31,

(Unaudited)

Series 41

	2024		2023
Income
Interest income	$	—	$	—
Other income		—		—
		—		—
Gain on disposition of Operating Partnerships		—		—
Expenses
Professional fees		—		—
Fund management fee, net (Note C)		—		—
General and administrative expenses		—		—
		—		—
NET INCOME (LOSS)	$	—	$	—
Net income (loss) allocated to assignees	$	—	$	—
Net income (loss) allocated to general partner	$	—	$	—
Net income (loss) per BAC	$	—	$	—

The accompanying notes are an integral part of this condensed statement

81

BF Garden Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF OPERATIONS

Nine Months Ended December 31,

(Unaudited)

Series 42

	2024		2023
Income
Interest income	$	—	$	—
Other income		—		—
		—		—
Gain on disposition of Operating Partnerships		—		—
Expenses
Professional fees		—		—
Fund management fee, net (Note C)		—		—
General and administrative expenses		—		—
		—		—
NET INCOME (LOSS)	$	—	$	—
Net income (loss) allocated to assignees	$	—	$	—
Net income (loss) allocated to general partner	$	—	$	—
Net income (loss) per BAC	$	—	$	—

The accompanying notes are an integral part of this condensed statement

82

BF Garden Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF OPERATIONS

Nine Months Ended December 31,

(Unaudited)

Series 43

	2024		2023
Income
Interest income	$	—	$	—
Other income		—		—
		—		—
Gain on disposition of Operating Partnerships		—		—
Expenses
Professional fees		—		—
Fund management fee, net (Note C)		—		—
General and administrative expenses		—		—
		—		—
NET INCOME (LOSS)	$	—	$	—
Net income (loss) allocated to assignees	$	—	$	—
Net income (loss) allocated to general partner	$	—	$	—
Net income (loss) per BAC	$	—	$	—

The accompanying notes are an integral part of this condensed statement

83

BF Garden Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF OPERATIONS

Nine Months Ended December 31,

(Unaudited)

Series 44

	2024		2023
Income
Interest income	$	—	$	—
Other income		—		—
		—		—
Gain on disposition of Operating Partnerships		—		—
Expenses
Professional fees		—		—
Fund management fee, net (Note C)		—		—
General and administrative expenses		—		—
		—		—
NET INCOME (LOSS)	$	—	$	—
Net income (loss) allocated to assignees	$	—	$	—
Net income (loss) allocated to general partner	$	—	$	—
Net income (loss) per BAC	$	—	$	—

The accompanying notes are an integral part of this condensed statement

84

BF Garden Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF OPERATIONS

Nine Months Ended December 31,

(Unaudited)

Series 45

	2024		2023
Income
Interest income	$	—	$	–
Other income		—		—
		—		—
Gain on disposition of Operating Partnerships		—		—
Expenses
Professional fees		—		—
Fund management fee, net (Note C)		—		—
General and administrative expenses		—		—
		—		—
NET INCOME (LOSS)	$	—	$	—
Net income (loss) allocated to assignees	$	—	$	—
Net income (loss) allocated to general partner	$	—	$	—
Net income (loss) per BAC	$	—	$	—

The accompanying notes are an integral part of this condensed statement

85

BF Garden Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF OPERATIONS

Nine Months Ended December 31,

(Unaudited)

Series 46

	2024		2023
Income
Interest income	$	632	$	8,005
Other income		5,404		16,230
		6,036		24,235
Gain on disposition of Operating Partnerships		—		587,240
Expenses
Professional fees		40,258		29,051
Fund management fee, net (Note C)		16,238		1,972
General and administrative expenses		75,348		51,866
		131,844		82,889
NET INCOME (LOSS)	$	(125,808)	$	528,586
Net income (loss) allocated to assignees	$	(124,550)	$	523,300
Net income (loss) allocated to general partner	$	(1,258)	$	5,286
Net income (loss) per BAC	$	(.04)	$	.18

The accompanying notes are an integral part of this condensed statement

86

BF Garden Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF CHANGES IN PARTNERS’ CAPITAL (DEFICIT)

Nine Months Ended December 31, 2024 and 2023

(Unaudited)

			General
	Assignees		Partner		Total
Partners’ capital (deficit) April 1, 2024	$	(6,696,272)	$	3,639,252	$	(3,057,020)
Net income (loss)		(61,063)		(617)		(61,680)
Partners’ capital (deficit), June 30, 2024		(6,757,335)		3,638,635		(3,118,700)
Net income (loss)		(128,693)		(1,299)		(129,992)
Partners’ capital (deficit), September 30, 2024		(6,886,028)		3,637,336		(3,248,692)
Net income (loss)		492,857		4,978		497,835
Partners’ capital (deficit), December 31, 2024	$	(6,393,171)	$	3,642,314	$	(2,750,857)

			General
	Assignees		Partner		Total
Partners’ capital (deficit) April 1, 2023	$	(7,446,921)	$	924,791	$	(6,522,130)
Contribution		—		2,706,879		2,706,879
Net income (loss)		950,383		9,600		959,983
Partners’ capital (deficit), June 30, 2023		(6,496,538)		3,641,270		(2,855,268)
Net income (loss)		(104,124)		(1,052)		(105,176)
Partners’ capital (deficit), September 30, 2023		(6,600,662)		3,640,218		(2,960,444)
Net income (loss)		(55,392)		(559)		(55,951)
Partners’ capital (deficit), December 31, 2023	$	(6,656,054)	$	3,639,659	$	(3,016,395)

The accompanying notes are an integral part of this condensed statement

87

BF Garden Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF CHANGES IN PARTNERS’ CAPITAL (DEFICIT)

Nine Months Ended December 31, 2024 and 2023

(Unaudited)

Series 20

			General
	Assignees		Partner		Total
Partners’ capital (deficit) April 1, 2024	$	(754,767)	$	754,767	$	—
Net income (loss)		—		—		—
Partners’ capital (deficit), June 30, 2024		(754,767)		754,767		—
Net income (loss)		—		—		—
Partners’ capital (deficit), September 30, 2024		(754,767)		754,767		—
Net income (loss)		—		—		—
Partners’ capital (deficit), December 31, 2024	$	(754,767)	$	754,767	$	—

			General
	Assignees		Partner		Total
Partners’ capital (deficit) April 1, 2023	$	(754,767)	$	754,767	$	—
Contribution		—		—		—
Net income (loss)		—		—		—
Partners’ capital (deficit), June 30, 2023		(754,767)		754,767		—
Net income (loss)		—		—		—
Partners’ capital (deficit), September 30, 2023		(754,767)		754,767		—
Net income (loss)		—		—		—
Partners’ capital (deficit), December 31, 2023	$	(754,767)	$	754,767	$	—

The accompanying notes are an integral part of this condensed statement

88

BF Garden Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF CHANGES IN PARTNERS’ CAPITAL (DEFICIT)

Nine Months Ended December 31, 2024 and 2023

(Unaudited)

Series 21

			General
	Assignees		Partner		Total
Partners’ capital (deficit) April 1, 2024	$	(898,231)	$	898,231	$	—
Net income (loss)		—		—		—
Partners’ capital (deficit), June 30, 2024		(898,231)		898,231		—
Net income (loss)		—		—		—
Partners’ capital (deficit), September 30, 2024		(898,231)		898,231		—
Net income (loss)		—		—		—
Partners’ capital (deficit), December 31, 2024	$	(898,231)	$	898,231	$	—

			General
	Assignees		Partner		Total
Partners’ capital (deficit) April 1, 2023	$	(898,231)	$	898,231	$	—
Contribution		—		—		—
Net income (loss)		—		—		—
Partners’ capital (deficit), June 30, 2023		(898,231)		898,231		—
Net income (loss)		—		—		—
Partners’ capital (deficit), September 30,2023		(898,231)		898,231		—
Net income (loss)		—		—		—
Partners’ capital (deficit), December 31, 2023	$	(898,231)	$	898,231	$	—

The accompanying notes are an integral part of this condensed statement

89

BF Garden Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF CHANGES IN PARTNERS’ CAPITAL (DEFICIT)

Nine Months Ended December 31, 2024 and 2023

(Unaudited)

Series 22

			General
	Assignees		Partner		Total
Partners’ capital (deficit) April 1, 2024	$	(2,448,362)	$	2,448,362	$	—
Net income (loss)		—		—		—
Partners’ capital (deficit), June 30, 2024		(2,448,362)		2,448,362		—
Net income (loss)		—		—		—
Partners’ capital (deficit), September 30, 2024		(2,448,362)		2,448,362		—
Net income (loss)		—		—		—
Partners’ capital (deficit), December 31, 2024	$	(2,448,362)	$	2,448,362	$	—

			General
	Assignees		Partner		Total
Partners’ capital (deficit) April 1, 2023	$	(2,448,362)	$	2,448,362	$	—
Contribution		—		—		—
Net income (loss)		—		—		—
Partners’ capital (deficit), June 30, 2023		(2,448,362)		2,448,362		—
Net income (loss)		—		—		—
Partners’ capital (deficit), September 30, 2023		(2,448,362)		2,448,362		—
Net income (loss)		—		—		—
Partners’ capital (deficit), December 31, 2023	$	(2,448,362)	$	2,448,362	$	—

The accompanying notes are an integral part of this condensed statement

90

BF Garden Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF CHANGES IN PARTNERS’ CAPITAL (DEFICIT)

Nine Months Ended December 31, 2024 and 2023

(Unaudited)

Series 23

			General
	Assignees		Partner		Total
Partners’ capital (deficit) April 1, 2024	$	(224,264)	$	224,264	$	—
Net income (loss)		—		—		—
Partners’ capital (deficit), June 30, 2024		(224,264)		224,264		—
Net income (loss)		—		—		—
Partners’ capital (deficit), September 30, 2024		(224,264)		224,264		—
Net income (loss)		—		—		—
Partners’ capital (deficit), December 31, 2024	$	(224,264)	$	224,264	$	—

			General
	Assignees		Partner		Total
Partners’ capital (deficit) April 1, 2023	$	(224,264)	$	224,264	$	—
Contribution		—		—		—
Net income (loss)		—		—		—
Partners’ capital (deficit), June 30, 2023		(224,264)		224,264		—
Net income (loss)		—		—		—
Partners’ capital (deficit), September 30, 2023		(224,264)		224,264		—
Net income (loss)		—		—		—
Partners’ capital (deficit), December 31, 2023	$	(224,264)	$	224,264	$	—

The accompanying notes are an integral part of this condensed statement

91

BF Garden Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF CHANGES IN PARTNERS’ CAPITAL (DEFICIT)

Nine Months Ended December 31, 2024 and 2023

(Unaudited)

Series 24

			General
	Assignees		Partner		Total
Partners’ capital (deficit) April 1, 2024	$	173,404	$	(173,404)	$	—
Net income (loss)		—		—		—
Partners’ capital (deficit), June 30, 2024		173,404		(173,404)		—
Net income (loss)		—		—		—
Partners’ capital (deficit), September 30, 2024		173,404		(173,404)		—
Net income (loss)		—		—		—
Partners’ capital (deficit), December 31, 2024	$	173,404	$	(173,404)	$	—

			General
	Assignees		Partner		Total
Partners’ capital (deficit) April 1, 2023	$	173,404	$	(173,404)	$	—
Contribution		—		—		—
Net income (loss)		—		—		—
Partners’ capital (deficit), June 30, 2023		173,404		(173,404)		—
Net income (loss)		—		—		—
Partners’ capital (deficit), September 30, 2023		173,404		(173,404)		—
Net income (loss)		—		—		—
Partners’ capital (deficit), December 31, 2023	$	173,404	$	(173,404)	$	—

The accompanying notes are an integral part of this condensed statement

92

BF Garden Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF CHANGES IN PARTNERS’ CAPITAL (DEFICIT)

Nine Months Ended December 31, 2024 and 2023

(Unaudited)

Series 25

			General
	Assignees		Partner		Total
Partners’ capital (deficit) April 1, 2024	$	219,815	$	(219,815)	$	—
Net income (loss)		—		—		—
Partners’ capital (deficit), June 30, 2024		219,815		(219,815)		—
Net income (loss)		—		—		—
Partners’ capital (deficit), September 30, 2024		219,815		(219,815)		—
Net income (loss)		—		—		—
Partners’ capital (deficit), December 31, 2024	$	219,815	$	(219,815)	$	—

			General
	Assignees		Partner		Total
Partners’ capital (deficit) April 1, 2023	$	219,815	$	(219,815)	$	—
Contribution		—		—		—
Net income (loss)		—		—		—
Partners’ capital (deficit), June 30, 2023		219,815		(219,815)		—
Net income (loss)		—		—		—
Partners’ capital (deficit), September 30, 2023		219,815		(219,815)		—
Net income (loss)		—		—		—
Partners’ capital (deficit), December 31, 2023	$	219,815	$	(219,815)	$	—

The accompanying notes are an integral part of this condensed statement

93

BF Garden Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF CHANGES IN PARTNERS’ CAPITAL (DEFICIT)

Nine Months Ended December 31, 2024 and 2023

(Unaudited)

Series 26

			General
	Assignees		Partner		Total
Partners’ capital (deficit) April 1, 2024	$	313,969	$	(313,969)	$	—
Net income (loss)		—		—		—
Partners’ capital (deficit), June 30, 2024		313,969		(313,969)		—
Net income (loss)		—		—		—
Partners’ capital (deficit), September 30, 2024		313,969		(313,969)		—
Net income (loss)		—		—		—
Partners’ capital (deficit), December 31, 2024	$	313,969	$	(313,969)	$	—

			General
	Assignees		Partner		Total
Partners’ capital (deficit) April 1, 2023	$	313,969	$	(313,969)	$	—
Contribution		—		—		—
Net income (loss)		—		—		—
Partners’ capital (deficit), June 30, 2023		313,969		(313,969)		—
Net income (loss)		—		—		—
Partners’ capital (deficit), September 30, 2023		313,969		(313,969)		—
Net income (loss)		—		—		—
Partners’ capital (deficit), December 31, 2023	$	313,969	$	(313,969)	$	—

The accompanying notes are an integral part of this condensed statement

94

BF Garden Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF CHANGES IN PARTNERS’ CAPITAL (DEFICIT)

Nine Months Ended December 31, 2024 and 2023

(Unaudited)

Series 27

			General
	Assignees		Partner		Total
Partners’ capital (deficit) April 1, 2024	$	133,264	$	(133,264)	$	—
Net income (loss)		—		—		—
Partners’ capital (deficit), June 30, 2024		133,264		(133,264)		—
Net income (loss)		—		—		—
Partners’ capital (deficit), September 30, 2024		133,264		(133,264)		—
Net income (loss)		—		—		—
Partners’ capital (deficit), December 31, 2024	$	133,264	$	(133,264)	$	—

			General
	Assignees		Partner		Total
Partners’ capital (deficit) April 1, 2023	$	133,264	$	(133,264)	$	—
Contribution		—		—		—
Net income (loss)		—		—		—
Partners’ capital (deficit), June 30, 2023		133,264		(133,264)		—
Net income (loss)		—		—		—
Partners’ capital (deficit), September 30, 2023		133,264		(133,264)		—
Net income (loss)		—		—		—
Partners’ capital (deficit), December 31, 2023	$	133,264	$	(133,264)	$	—

The accompanying notes are an integral part of this condensed statement

95

BF Garden Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF CHANGES IN PARTNERS’ CAPITAL (DEFICIT)

Nine Months Ended December 31, 2024 and 2023

(Unaudited)

Series 28

			General
	Assignees		Partner		Total
Partners’ capital (deficit) April 1, 2024	$	275,140	$	(275,140)	$	—
Net income (loss)		—		—		—
Partners’ capital (deficit), June 30, 2024		275,140		(275,140)		—
Net income (loss)		—		—		—
Partners’ capital (deficit), September 30, 2024		275,140		(275,140)		—
Net income (loss)		—		—		—
Partners’ capital (deficit), December 31, 2024	$	275,140	$	(275,140)	$	—

			General
	Assignees		Partner		Total
Partners’ capital (deficit) April 1, 2023	$	275,140	$	(275,140)	$	—
Contribution		—		—		—
Net income (loss)		—		—		—
Partners’ capital (deficit), June 30, 2023		275,140		(275,140)		—
Net income (loss)		—		—		—
Partners’ capital (deficit), September 30, 2023		275,140		(275,140)		—
Net income (loss)		—		—		—
Partners’ capital (deficit), December 31, 2023	$	275,140	$	(275,140)	$	—

The accompanying notes are an integral part of this condensed statement

96

BF Garden Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF CHANGES IN PARTNERS’ CAPITAL (DEFICIT)

Nine Months Ended December 31, 2024 and 2023

(Unaudited)

Series 29

			General
	Assignees		Partner		Total
Partners’ capital (deficit) April 1, 2024	$	(2,341,163)	$	2,341,163	$	—
Net income (loss)		—		—		—
Partners’ capital (deficit), June 30, 2024		(2,341,163)		2,341,163		—
Net income (loss)		—		—		—
Partners’ capital (deficit), September 30, 2024		(2,341,163)		2,341,163		—
Net income (loss)		—		—		—
Partners’ capital (deficit), December 31, 2024	$	(2,341,163)	$	2,341,163	$	—

			General
	Assignees		Partner		Total
Partners’ capital (deficit) April 1, 2023	$	(2,695,068)	$	(369,291)	$	(3,064,359)
Contribution		—		2,706,879		2,706,879
Net income (loss)		353,905		3,575		357,480
Partners’ capital (deficit), June 30, 2023		(2,341,163)		2,341,163		—
Net income (loss)		—		—		—
Partners’ capital (deficit), September 30, 2023		(2,341,163)		2,341,163		—
Net income (loss)		—		—		—
Partners’ capital (deficit), December 31, 2023	$	(2,341,163)	$	2,341,163	$	—

The accompanying notes are an integral part of this condensed statement

97

BF Garden Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF CHANGES IN PARTNERS’ CAPITAL (DEFICIT)

Nine Months Ended December 31, 2024 and 2023

(Unaudited)

Series 30

			General
	Assignees		Partner		Total
Partners’ capital (deficit) April 1, 2024	$	(883,119)	$	883,119	$	—
Net income (loss)		—		—		—
Partners’ capital (deficit), June 30, 2024		(883,119)		883,119		—
Net income (loss)		—		—		—
Partners’ capital (deficit), September 30, 2024		(883,119)		883,119		—
Net income (loss)		—		—		—
Partners’ capital (deficit), December 31, 2024	$	(883,119)	$	883,119	$	—

			General
	Assignees		Partner		Total
Partners’ capital (deficit) April 1, 2023	$	(883,119)	$	883,119	$	—
Contribution		—		—		—
Net income (loss)		—		—		—
Partners’ capital (deficit), June 30, 2023		(883,119)		883,119		—
Net income (loss)		—		—		—
Partners’ capital (deficit), September 30, 2023		(883,119)		883,119		—
Net income (loss)		—		—		—
Partners’ capital (deficit), December 31, 2023	$	(883,119)	$	883,119	$	—

The accompanying notes are an integral part of this condensed statement

98

BF Garden Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF CHANGES IN PARTNERS’ CAPITAL (DEFICIT)

Nine Months Ended December 31, 2024 and 2023

(Unaudited)

Series 31

			General
	Assignees		Partner		Total
Partners’ capital (deficit) April 1, 2024	$	353,529	$	(353,529)	$	—
Net income (loss)		—		—		—
Partners’ capital (deficit), June 30, 2024		353,529		(353,529)		—
Net income (loss)		—		—		—
Partners’ capital (deficit), September 30, 2024		353,529		(353,529)		—
Net income (loss)		—		—		—
Partners’ capital (deficit), December 31, 2024	$	353,529	$	(353,529)	$	—

			General
	Assignees		Partner		Total
Partners’ capital (deficit) April 1, 2023	$	353,529	$	(353,529)	$	—
Contribution		—		—		—
Net income (loss)		—		—		—
Partners’ capital (deficit), June 30, 2023		353,529		(353,529)		—
Net income (loss)		—		—		—
Partners’ capital (deficit), September 30, 2023		353,529		(353,529)		—
Net income (loss)		—		—		—
Partners’ capital (deficit), December 31, 2023	$	353,529	$	(353,529)	$	—

The accompanying notes are an integral part of this condensed statement

99

BF Garden Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF CHANGES IN PARTNERS’ CAPITAL (DEFICIT)

Nine Months Ended December 31, 2024 and 2023

(Unaudited)

Series 32

			General
	Assignees		Partner		Total
Partners’ capital (deficit) April 1, 2024	$	380,821	$	(380,821)	$	—
Net income (loss)		—		—		—
Partners’ capital (deficit), June 30, 2024		380,821		(380,821)		—
Net income (loss)		—		—		—
Partners’ capital (deficit), September 30, 2024		380,821		(380,821)		—
Net income (loss)		—		—		—
Partners’ capital (deficit), December 31, 2024	$	380,821	$	(380,821)	$	—

			General
	Assignees		Partner		Total
Partners’ capital (deficit) April 1, 2023	$	380,821	$	(380,821)	$	—
Contribution		—		—		—
Net income (loss)		—		—		—
Partners’ capital (deficit), June 30, 2023		380,821		(380,821)		—
Net income (loss)		—		—		—
Partners’ capital (deficit), September 30, 2023		380,821		(380,821)		—
Net income (loss)		—		—		—
Partners’ capital (deficit), December 31, 2023	$	380,821	$	(380,821)	$	—

The accompanying notes are an integral part of this condensed statement

100

BF Garden Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF CHANGES IN PARTNERS’ CAPITAL (DEFICIT)

Nine Months Ended December 31, 2024 and 2023

(Unaudited)

Series 33

			General
	Assignees		Partner		Total
Partners’ capital (deficit) April 1, 2024	$	196,294	$	(196,294)	$	—
Net income (loss)		—		—		—
Partners’ capital (deficit), June 30, 2024		196,294		(196,294)		—
Net income (loss)		—		—		—
Partners’ capital (deficit), September 30, 2024		196,294		(196,294)		—
Net income (loss)		—		—		—
Partners’ capital (deficit), December 31, 2024	$	196,294	$	(196,294)	$	—

			General
	Assignees		Partner		Total
Partners’ capital (deficit) April 1, 2023	$	196,294	$	(196,294)	$	—
Contribution		—		—		—
Net income (loss)		—		—		—
Partners’ capital (deficit), June 30, 2023		196,294		(196,294)		—
Net income (loss)		—		—		—
Partners’ capital (deficit), September 30, 2023		196,294		(196,294)		—
Net income (loss)		—		—		—
Partners’ capital (deficit), December 31, 2023	$	196,294	$	(196,294)	$	—

The accompanying notes are an integral part of this condensed statement

101

BF Garden Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF CHANGES IN PARTNERS’ CAPITAL (DEFICIT)

Nine Months Ended December 31, 2024 and 2023

(Unaudited)

Series 34

			General
	Assignees		Partner		Total
Partners’ capital (deficit) April 1, 2024	$	(2,257,652)	$	(326,228)	$	(2,583,880)
Net income (loss)		(30,998)		(313)		(31,311)
Partners’ capital (deficit), June 30, 2024		(2,288,650)		(326,541)		(2,615,191)
Net income (loss)		(56,047)		(566)		(56,613)
Partners’ capital (deficit), September 30, 2024		(2,344,697)		(327,107)		(2,671,804)
Net income (loss)		514,696		5,199		519,895
Partners’ capital (deficit), December 31, 2024	$	(1,830,001)	$	(321,908)	$	(2,151,909)

			General
	Assignees		Partner		Total
Partners’ capital (deficit) April 1, 2023	$	(2,149,650)	$	(325,137)	$	(2,474,787)
Contribution		—		—		—
Net income (loss)		(11,282)		(114)		(11,396)
Partners’ capital (deficit), June 30, 2023		(2,160,932)		(325,251)		(2,486,183)
Net income (loss)		(47,605)		(481)		(48,086)
Partners’ capital (deficit), September 30, 2023		(2,208,537)		(325,732)		(2,534,269)
Net income (loss)		(27,451)		(277)		(27,728)
Partners’ capital (deficit), December 31, 2023	$	(2,235,988)	$	(326,009)	$	(2,561,997)

The accompanying notes are an integral part of this condensed statement

102

BF Garden Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF CHANGES IN PARTNERS’ CAPITAL (DEFICIT)

Nine Months Ended December 31, 2024 and 2023

(Unaudited)

Series 35

			General
	Assignees		Partner		Total
Partners’ capital (deficit) April 1, 2024	$	223,088	$	(223,088)	$	—
Net income (loss)		—		—		—
Partners’ capital (deficit), June 30, 2024		223,088		(223,088)		—
Net income (loss)		—		—		—
Partners’ capital (deficit), September 30, 2024		223,088		(223,088)		—
Net income (loss)		—		—		—
Partners’ capital (deficit), December 31, 2024	$	223,088	$	(223,088)	$	—

			General
	Assignees		Partner		Total
Partners’ capital (deficit) April 1, 2023	$	223,088	$	(223,088)	$	—
Contribution		—		—		—
Net income (loss)		—		—		—
Partners’ capital (deficit), June 30, 2023		223,088		(223,088)		—
Net income (loss)		—		—		—
Partners’ capital (deficit), September 30, 2023		223,088		(223,088)		—
Net income (loss)		—		—		—
Partners’ capital (deficit), December 31, 2023	$	223,088	$	(223,088)	$	–

The accompanying notes are an integral part of this condensed statement

103

BF Garden Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF CHANGES IN PARTNERS’ CAPITAL (DEFICIT)

Nine Months Ended December 31, 2024 and 2023

(Unaudited)

Series 36

			General
	Assignees		Partner		Total
Partners’ capital (deficit) April 1, 2024	$	148,221	$	(148,221)	$	—
Net income (loss)		—		—		—
Partners’ capital (deficit), June 30, 2024		148,221		(148,221)		—
Net income (loss)		—		—		—
Partners’ capital (deficit), September 30, 2024		148,221		(148,221)		—
Net income (loss)		—		—		—
Partners’ capital (deficit), December 31, 2024	$	148,221	$	(148,221)	$	—

			General
	Assignees		Partner		Total
Partners’ capital (deficit) April 1, 2023	$	148,221	$	(148,221)	$	—
Contribution		—		—		—
Net income (loss)		—		—		—
Partners’ capital (deficit), June 30, 2023		148,221		(148,221)		—
Net income (loss)		—		—		—
Partners’ capital (deficit), September 30, 2023		148,221		(148,221)		—
Net income (loss)		—		—		—
Partners’ capital (deficit), December 31, 2023	$	148,221	$	(148,221)	$	—

The accompanying notes are an integral part of this condensed statement

104

BF Garden Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF CHANGES IN PARTNERS’ CAPITAL (DEFICIT)

Nine Months Ended December 31, 2024 and 2023

(Unaudited)

Series 37

			General
	Assignees		Partner		Total
Partners’ capital (deficit) April 1, 2024	$	205,359	$	(205,359)	$	—
Net income (loss)		—		—		—
Partners’ capital (deficit), June 30, 2024		205,359		(205,359)		—
Net income (loss)		—		—		—
Partners’ capital (deficit), September 30, 2024		205,359		(205,359)		—
Net income (loss)		—		—		—
Partners’ capital (deficit), December 31, 2024	$	205,359	$	(205,359)	$	—

			General
	Assignees		Partner		Total
Partners’ capital (deficit) April 1, 2023	$	205,359	$	(205,359)	$	—
Contribution		—		—		—
Net income (loss)		—		—		—
Partners’ capital (deficit), June 30, 2023		205,359		(205,359)		—
Net income (loss)		—		—		—
Partners’ capital (deficit), September 30, 2023		205,359		(205,359)		—
Net income (loss)		—		—		—
Partners’ capital (deficit), December 31, 2023	$	205,359	$	(205,359)	$	—

The accompanying notes are an integral part of this condensed statement

105

BF Garden Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF CHANGES IN PARTNERS’ CAPITAL (DEFICIT)

Nine Months Ended December 31, 2024 and 2023

(Unaudited)

Series 38

			General
	Assignees		Partner		Total
Partners’ capital (deficit) April 1, 2024	$	188,889	$	(188,889)	$	—
Net income (loss)		—		—		—
Partners’ capital (deficit), June 30, 2024		188,889		(188,889)		—
Net income (loss)		—		—		—
Partners’ capital (deficit), September 30, 2024		188,889		(188,889)		—
Net income (loss)		—		—		—
Partners’ capital (deficit), December 31, 2024	$	188,889	$	(188,889)	$	—

			General
	Assignees		Partner		Total
Partners’ capital (deficit) April 1, 2023	$	188,889	$	(188,889)	$	—
Contribution		—		—		—
Net income (loss)		—		—		—
Partners’ capital (deficit), June 30, 2023		188,889		(188,889)		—
Net income (loss)		—		—		—
Partners’ capital (deficit), September 30, 2023		188,889		(188,889)		—
Net income (loss)		—		—		—
Partners’ capital (deficit), December 31, 2023	$	188,889	$	(188,889)	$	—

The accompanying notes are an integral part of this condensed statement

106

BF Garden Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF CHANGES IN PARTNERS’ CAPITAL (DEFICIT)

Nine Months Ended December 31, 2024 and 2023

(Unaudited)

Series 39

			General
	Assignees		Partner		Total
Partners’ capital (deficit) April 1, 2024	$	196,043	$	(196,043)	$	—
Net income (loss)		—		—		—
Partners’ capital (deficit), June 30, 2024		196,043		(196,043)		—
Net income (loss)		—		—		—
Partners’ capital (deficit), September 30, 2024		196,043		(196,043)		—
Net income (loss)		—		—		—
Partners’ capital (deficit), December 31, 2024	$	196,043	$	(196,043)	$	—

			General
	Assignees		Partner		Total
Partners’ capital (deficit) April 1, 2023	$	196,043	$	(196,043)	$	—
Contribution		—		—		—
Net income (loss)		—		—		—
Partners’ capital (deficit), June 30, 2023		196,043		(196,043)		—
Net income (loss)		—		—		—
Partners’ capital (deficit), September 30, 2023		196,043		(196,043)		—
Net income (loss)		—		—		—
Partners’ capital (deficit), December 31, 2023	$	196,043	$	(196,043)	$	—

The accompanying notes are an integral part of this condensed statement

107

BF Garden Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF CHANGES IN PARTNERS’ CAPITAL (DEFICIT)

Nine Months Ended December 31, 2024 and 2023

(Unaudited)

Series 40

			General
	Assignees		Partner		Total
Partners’ capital (deficit) April 1, 2024	$	216,900	$	(216,900)	$	—
Net income (loss)		—		—		—
Partners’ capital (deficit), June 30, 2024		216,900		(216,900)		—
Net income (loss)		—		—		—
Partners’ capital (deficit), September 30, 2024		216,900		(216,900)		—
Net income (loss)		—		—		—
Partners’ capital (deficit), December 31, 2024	$	216,900	$	(216,900)	$	—

			General
	Assignees		Partner		Total
Partners’ capital (deficit) April 1, 2023	$	216,900	$	(216,900)	$	—
Contribution		—		—		—
Net income (loss)		—		—		—
Partners’ capital (deficit), June 30, 2023		216,900		(216,900)		—
Net income (loss)		—		—		—
Partners’ capital (deficit), September 30, 2023		216,900		(216,900)		—
Net income (loss)		—		—		—
Partners’ capital (deficit), December 31, 2023	$	216,900	$	(216,900)	$	—

The accompanying notes are an integral part of this condensed statement

108

BF Garden Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF CHANGES IN PARTNERS’ CAPITAL (DEFICIT)

Nine Months Ended December 31, 2024 and 2023

(Unaudited)

Series 41

			General
	Assignees		Partner		Total
Partners’ capital (deficit) April 1, 2024	$	(987,713)	$	987,713	$	—
Net income (loss)		—		—		—
Partners’ capital (deficit), June 30, 2024		(987,713)		987,713		—
Net income (loss)		—		—		—
Partners’ capital (deficit), September 30, 2024		(987,713)		987,713		—
Net income (loss)		—		—		—
Partners’ capital (deficit), December 31, 2024	$	(987,713)	$	987,713	$	—

			General
	Assignees		Partner		Total
Partners’ capital (deficit) April 1, 2023	$	(987,713)	$	987,713	$	—
Contribution		—		—		—
Net income (loss)		—		—		—
Partners’ capital (deficit), June 30, 2023		(987,713)		987,713		—
Net income (loss)		—		—		—
Partners’ capital (deficit), September 30, 2023		(987,713)		987,713		—
Net income (loss)		—		—		—
Partners’ capital (deficit), December 31, 2023	$	(987,713)	$	987,713	$	—

The accompanying notes are an integral part of this condensed statement

109

BF Garden Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF CHANGES IN PARTNERS’ CAPITAL (DEFICIT)

Nine Months Ended December 31, 2024 and 2023

(Unaudited)

Series 42

			General
	Assignees		Partner		Total
Partners’ capital (deficit) April 1, 2024	$	216,680	$	(216,680)	$	—
Net income (loss)		—		—		—
Partners’ capital (deficit), June 30, 2024		216,680		(216,680)		—
Net income (loss)		—		—		—
Partners’ capital (deficit), September 30, 2024		216,680		(216,680)		—
Net income (loss)		—		—		—
Partners’ capital (deficit), December 31, 2024	$	216,680	$	(216,680)	$	—

			General
	Assignees		Partner		Total
Partners’ capital (deficit) April 1, 2023	$	216,680	$	(216,680)	$	—
Contribution		—		—		—
Net income (loss)		—		—		—
Partners’ capital (deficit), June 30, 2023		216,680		(216,680)		—
Net income (loss)		—		—		—
Partners’ capital (deficit), September 30, 2023		216,680		(216,680)		—
Net income (loss)		—		—		—
Partners’ capital (deficit), December 31, 2023	$	216,680	$	(216,680)	$	—

The accompanying notes are an integral part of this condensed statement

110

BF Garden Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF CHANGES IN PARTNERS’ CAPITAL (DEFICIT)

Nine Months Ended December 31, 2024 and 2023

(Unaudited)

Series 43

			General
	Assignees		Partner		Total
Partners’ capital (deficit) April 1, 2024	$	306,854	$	(306,854)	$	—
Net income (loss)		—		—		—
Partners’ capital (deficit), June 30, 2024		306,854		(306,854)		—
Net income (loss)		—		—		—
Partners’ capital (deficit), September 30, 2024		306,854		(306,854)		—
Net income (loss)		—		—		—
Partners’ capital (deficit), December 31, 2024	$	306,854	$	(306,854)	$	—

			General
	Assignees		Partner		Total
Partners’ capital (deficit) April 1, 2023	$	306,854	$	(306,854)	$	—
Contribution		—		—		—
Net income (loss)		—		—		—
Partners’ capital (deficit), June 30, 2023		306,854		(306,854)		—
Net income (loss)		—		—		—
Partners’ capital (deficit), September 30, 2023		306,854		(306,854)		—
Net income (loss)		—		—		—
Partners’ capital (deficit), December 31, 2023	$	306,854	$	(306,854)	$	—

The accompanying notes are an integral part of this condensed statement

111

BF Garden Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF CHANGES IN PARTNERS’ CAPITAL (DEFICIT)

Nine Months Ended December 31, 2024 and 2023

(Unaudited)

Series 44

			General
	Assignees		Partner		Total
Partners’ capital (deficit) April 1, 2024	$	207,874	$	(207,874)	$	—
Net income (loss)		—		—		—
Partners’ capital (deficit), June 30, 2024		207,874		(207,874)		—
Net income (loss)		—		—		—
Partners’ capital (deficit), September 30, 2024		207,874		(207,874)		—
Net income (loss)		—		—		—
Partners’ capital (deficit), December 31, 2024	$	207,874	$	(207,874)	$	—

			General
	Assignees		Partner		Total
Partners’ capital (deficit) April 1, 2023	$	207,874	$	(207,874)	$	—
Contribution		—		—		—
Net income (loss)		—		—		—
Partners’ capital (deficit), June 30, 2023		207,874		(207,874)		—
Net income (loss)		—		—		—
Partners’ capital (deficit), September 30, 2023		207,874		(207,874)		—
Net income (loss)		—		—		—
Partners’ capital (deficit), December 31, 2023	$	207,874	$	(207,874)	$	—

The accompanying notes are an integral part of this condensed statement

112

BF Garden Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF CHANGES IN PARTNERS’ CAPITAL (DEFICIT)

Nine Months Ended December 31, 2024 and 2023

(Unaudited)

Series 45

			General
	Assignees		Partner		Total
Partners’ capital (deficit) April 1, 2024	$	348,522	$	(348,522)	$	—
Net income (loss)		—		—		—
Partners’ capital (deficit), June 30, 2024		348,522		(348,522)		—
Net income (loss)		—		—		—
Partners’ capital (deficit), September 30, 2024		348,522		(348,522)		—
Net income (loss)		—		—		—
Partners’ capital (deficit), December 31, 2024	$	348,522	$	(348,522)	$	—

			General
	Assignees		Partner		Total
Partners’ capital (deficit) April 1, 2023	$	348,522	$	(348,522)	$	—
Contribution		—		—		—
Net income (loss)		—		—		—
Partners’ capital (deficit), June 30, 2023		348,522		(348,522)		—
Net income (loss)		—		—		—
Partners’ capital (deficit), September 30, 2023		348,522		(348,522)		—
Net income (loss)		—		—		—
Partners’ capital (deficit), December 31, 2023	$	348,522	$	(348,522)	$	—

The accompanying notes are an integral part of this condensed statement

113

BF Garden Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF CHANGES IN PARTNERS’ CAPITAL (DEFICIT)

Nine Months Ended December 31, 2024 and 2023

(Unaudited)

Series 46

			General
	Assignees		Partner		Total
Partners’ capital (deficit) April 1, 2024	$	(205,667)	$	(267,473)	$	(473,140)
Net income (loss)		(30,065)		(304)		(30,369)
Partners’ capital (deficit), June 30, 2024		(235,732)		(267,777)		(503,509)
Net income (loss)		(72,646)		(733)		(73,379)
Partners’ capital (deficit), September 30, 2024		(308,378)		(268,510)		(576,888)
Net income (loss)		(21,839)		(221)		(22,060)
Partners’ capital (deficit), December 31, 2024	$	(330,217)	$	(268,731)	$	(598,948)

			General
	Assignees		Partner		Total
Partners’ capital (deficit) April 1, 2023	$	(710,413)	$	(272,571)	$	(982,984)
Contribution		—		—		—
Net income (loss)		607,760		6,139		613,899
Partners’ capital (deficit), June 30, 2023		(102,653)		(266,432)		(369,085)
Net income (loss)		(56,519)		(571)		(57,090)
Partners’ capital (deficit), September 30, 2023		(159,172)		(267,003)		(426,175)
Net income (loss)		(27,941)		(282)		(28,223)
Partners’ capital (deficit), December 31, 2023	$	(187,113)	$	(267,285)	$	(454,398)

The accompanying notes are an integral part of this condensed statement

114

BF Garden Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF CASH FLOWS

Nine Months Ended December 31,

(Unaudited)

	2024		2023
Cash flows from operating activities:
Net income (loss)	$	306,163	$	798,856
Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities
Gain on disposition of Operating Partnerships		(550,000)		(1,017,868)
Changes in assets and liabilities
(Increase) Decrease in other assets		—		2,511
(Decrease) Increase in accounts payable affiliates		168,984		(930,290)
Net cash (used in) provided by operating activities		(74,853)		(1,146,791)
Cash flows from investing activities:
Proceeds from the disposition of Operating Partnerships		550,000		1,017,083
Net cash provided by investing activities		550,000		1,017,083
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		475,147		(129,708)
Cash and cash equivalents, beginning		69,012		508,245
Cash and cash equivalents, ending	$	544,159	$	378,537
Supplemental schedule of noncash investing and financing activities
The general partner’s equity balance was increased and accounts payable affiliates was reduced as a result of forgiveness of debt with an affiliate of the general partner.	$	—	$	2,706,879

The accompanying notes are an integral part of this condensed statement

115

BF Garden Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF CASH FLOWS

Nine Months Ended December 31,

(Unaudited)

Series 20

	2024		2023
Cash flows from operating activities:
Net income (loss)	$	—	$	—
Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities
Gain on disposition of Operating Partnerships		—		—
Changes in assets and liabilities
(Increase) Decrease in other assets		—		—
(Decrease) Increase in accounts payable affiliates		—		—
Net cash (used in) provided by operating activities		—		—
Cash flows from investing activities:
Proceeds from the disposition of Operating Partnerships		—		—
Net cash provided by investing activities		—		—
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		—		—
Cash and cash equivalents, beginning		—		—
Cash and cash equivalents, ending	$	—	$	—
Supplemental schedule of noncash investing and financing activities
The general partner’s equity balance was increased and accounts payable affiliates was reduced as a result of forgiveness of debt with an affiliate of the general partner.	$	—	$	—

The accompanying notes are an integral part of this condensed statement

116

BF Garden Tax Credit Fund IV L.P.

STATEMENTS OF CASH FLOWS

Nine Months Ended December 31,

(Unaudited)

Series 21

	2024		2023
Cash flows from operating activities:
Net income (loss)	$	—	$	—
Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities
Gain on disposition of Operating Partnerships		—		—
Changes in assets and liabilities
(Increase) Decrease in other assets		—		—
(Decrease) Increase in accounts payable affiliates		—		—
Net cash (used in) provided by operating activities		—		—
Cash flows from investing activities:
Proceeds from the disposition of Operating Partnerships		—		—
Net cash provided by investing activities		—		—
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		—		—
Cash and cash equivalents, beginning		—		—
Cash and cash equivalents, ending	$	—	$	—
Supplemental schedule of noncash investing and financing activities
The general partner’s equity balance was increased and accounts payable affiliates was reduced as a result of forgiveness of debt with an affiliate of the general partner.	$	—	$	—

The accompanying notes are an integral part of this condensed statement

117

BF Garden Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF CASH FLOWS

Nine Months Ended December 31,

(Unaudited)

Series 22

	2024		2023
Cash flows from operating activities:
Net income (loss)	$	—	$	—
Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities
Gain on disposition of Operating Partnerships		—		—
Changes in assets and liabilities
(Increase) Decrease in other assets		—		—
(Decrease) Increase in accounts payable affiliates		—		—
Net cash (used in) provided by operating activities		—		—
Cash flows from investing activities:
Proceeds from the disposition of Operating Partnerships		—		—
Net cash provided by investing activities		—		—
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		—		—
Cash and cash equivalents, beginning		—		—
Cash and cash equivalents, ending	$	—	$	—
Supplemental schedule of noncash investing and financing activities
The general partner’s equity balance was increased and accounts payable affiliates was reduced as a result of forgiveness of debt with an affiliate of the general partner.	$	—	$	—

The accompanying notes are an integral part of this condensed statement

118

BF Garden Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF CASH FLOWS

Nine Months Ended December 31,

(Unaudited)

Series 23

	2024		2023
Cash flows from operating activities:
Net income (loss)	$	—	$	—
Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities
Gain on disposition of Operating Partnerships		—		—
Changes in assets and liabilities
(Increase) Decrease in other assets		—		—
(Decrease) Increase in accounts payable affiliates		—		—
Net cash (used in) provided by operating activities		—		—
Cash flows from investing activities:
Proceeds from the disposition of Operating Partnerships		—		—
Net cash provided by investing activities		—		—
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		—		—
Cash and cash equivalents, beginning		—		—
Cash and cash equivalents, ending	$	—	$	—
Supplemental schedule of noncash investing and financing activities
The general partner’s equity balance was increased and accounts payable affiliates was reduced as a result of forgiveness of debt with an affiliate of the general partner.	$	—	$	—

The accompanying notes are an integral part of this condensed statement

119

BF Garden Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF CASH FLOWS

Nine Months Ended December 31,

(Unaudited)

Series 24

	2024		2023
Cash flows from operating activities:
Net income (loss)	$	—	$	—
Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities
Gain on disposition of Operating Partnerships		—		—
Changes in assets and liabilities
(Increase) Decrease in other assets		—		—
(Decrease) Increase in accounts payable affiliates		—		—
Net cash (used in) provided by operating activities		—		—
Cash flows from investing activities:
Proceeds from the disposition of Operating Partnerships		—		—
Net cash provided by investing activities		—		—
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		—		—
Cash and cash equivalents, beginning		—		—
Cash and cash equivalents, ending	$	—	$	—
Supplemental schedule of noncash investing and financing activities
The general partner’s equity balance was increased and accounts payable affiliates was reduced as a result of forgiveness of debt with an affiliate of the general partner.	$	—	$	—

The accompanying notes are an integral part of this condensed statement

120

BF Garden Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF CASH FLOWS

Nine Months Ended December 31,

(Unaudited)

Series 25

	2024		2023
Cash flows from operating activities:
Net income (loss)	$	—	$	—
Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities
Gain on disposition of Operating Partnerships		—		—
Changes in assets and liabilities
(Increase) Decrease in other assets		—		—
(Decrease) Increase in accounts payable affiliates		—		—
Net cash (used in) provided by operating activities		—		—
Cash flows from investing activities:
Proceeds from the disposition of Operating Partnerships		—		—
Net cash provided by investing activities		—		—
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		—		—
Cash and cash equivalents, beginning		—		—
Cash and cash equivalents, ending	$	—	$	—
Supplemental schedule of noncash investing and financing activities
The general partner’s equity balance was increased and accounts payable affiliates was reduced as a result of forgiveness of debt with an affiliate of the general partner.	$	—	$	—

The accompanying notes are an integral part of this condensed statement

121

BF Garden Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF CASH FLOWS

Nine Months Ended December 31,

(Unaudited)

Series 26

	2024		2023
Cash flows from operating activities:
Net income (loss)	$	—	$	—
Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities
Gain on disposition of Operating Partnerships		—		—
Changes in assets and liabilities
(Increase) Decrease in other assets		—		—
(Decrease) Increase in accounts payable affiliates		—		—
Net cash (used in) provided by operating activities		—		—
Cash flows from investing activities:
Proceeds from the disposition of Operating Partnerships		—		—
Net cash provided by investing activities		—		—
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		—		—
Cash and cash equivalents, beginning		—		—
Cash and cash equivalents, ending	$	—	$	—
Supplemental schedule of noncash investing and financing activities
The general partner’s equity balance was increased and accounts payable affiliates was reduced as a result of forgiveness of debt with an affiliate of the general partner.	$	—	$	—

The accompanying notes are an integral part of this condensed statement

122

BF Garden Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF CASH FLOWS

Nine Months Ended December 31,

(Unaudited)

Series 27

	2024		2023
Cash flows from operating activities:
Net income (loss)	$	—	$	—
Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities
Gain on disposition of Operating Partnerships		—		—
Changes in assets and liabilities
(Increase) Decrease in other assets		—		—
(Decrease) Increase in accounts payable affiliates		—		—
Net cash (used in) provided by operating activities		—		—
Cash flows from investing activities:
Proceeds from the disposition of Operating Partnerships		—		—
Net cash provided by investing activities		—		—
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		—		—
Cash and cash equivalents, beginning		—		—
Cash and cash equivalents, ending	$	—	$	—
Supplemental schedule of noncash investing and financing activities
The general partner’s equity balance was increased and accounts payable affiliates was reduced as a result of forgiveness of debt with an affiliate of the general partner.	$	—	$	—

The accompanying notes are an integral part of this condensed statement

123

BF Garden Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF CASH FLOWS

Nine Months Ended December 31,

(Unaudited)

Series 28

	2024		2023
Cash flows from operating activities:
Net income (loss)	$	—	$	—
Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities
Gain on disposition of Operating Partnerships		—		—
Changes in assets and liabilities
(Increase) Decrease in other assets		—		—
(Decrease) Increase in accounts payable affiliates		—		—
Net cash (used in) provided by operating activities		—		—
Cash flows from investing activities:
Proceeds from the disposition of Operating Partnerships		—		—
Net cash provided by investing activities		—		—
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		—		—
Cash and cash equivalents, beginning		—		—
Cash and cash equivalents, ending	$	—	$	—
Supplemental schedule of noncash investing and financing activities
The general partner’s equity balance was increased and accounts payable affiliates was reduced as a result of forgiveness of debt with an affiliate of the general partner.	$	—	$	—

The accompanying notes are an integral part of this condensed statement

124

BF Garden Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF CASH FLOWS

Nine Months Ended December 31,

(Unaudited)

Series 29

	2024		2023
Cash flows from operating activities:
Net income (loss)	$	—	$	357,480
Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities
Gain on disposition of Operating Partnerships		—		(430,628)
Changes in assets and liabilities
(Increase) Decrease in other assets		—		2,582
(Decrease) Increase in accounts payable affiliates		—		(406,423)
Net cash (used in) provided by operating activities		—		(476,989)
Cash flows from investing activities:
Proceeds from the disposition of Operating Partnerships		—		429,843
Net cash provided by investing activities		—		429,843
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		—		(47,146)
Cash and cash equivalents, beginning		—		47,146
Cash and cash equivalents, ending	$	—	$	—
Supplemental schedule of noncash investing and financing activities
The general partner’s equity balance was increased and accounts payable affiliates was reduced as a result of forgiveness of debt with an affiliate of the general partner.	$	—	$	2,706,879

The accompanying notes are an integral part of this condensed statement

125

BF Garden Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF CASH FLOWS

Nine Months Ended December 31,

(Unaudited)

Series 30

	2024		2023
Cash flows from operating activities:
Net income (loss)	$	—	$	—
Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities
Gain on disposition of Operating Partnerships		—		—
Changes in assets and liabilities
(Increase) Decrease in other assets		—		—
(Decrease) Increase in accounts payable affiliates		—		—
Net cash (used in) provided by operating activities		—		—
Cash flows from investing activities:
Proceeds from the disposition of Operating Partnerships		—		—
Net cash provided by investing activities		—		—
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		—		—
Cash and cash equivalents, beginning		—		—
Cash and cash equivalents, ending	$	—	$	—
Supplemental schedule of noncash investing and financing activities
The general partner’s equity balance was increased and accounts payable affiliates was reduced as a result of forgiveness of debt with an affiliate of the general partner.	$	—	$	—

The accompanying notes are an integral part of this condensed statement

126

BF Garden Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF CASH FLOWS

Nine Months Ended December 31,

(Unaudited)

Series 31

	2024		2023
Cash flows from operating activities:
Net income (loss)	$	—	$	—
Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities
Gain on disposition of Operating Partnerships		—		—
Changes in assets and liabilities
(Increase) Decrease in other assets		—		—
(Decrease) Increase in accounts payable affiliates		—		—
Net cash (used in) provided by operating activities		—		—
Cash flows from investing activities:
Proceeds from the disposition of Operating Partnerships		—		—
Net cash provided by investing activities		—		—
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		—		—
Cash and cash equivalents, beginning		—		—
Cash and cash equivalents, ending	$	—	$	—
Supplemental schedule of noncash investing and financing activities
The general partner’s equity balance was increased and accounts payable affiliates was reduced as a result of forgiveness of debt with an affiliate of the general partner.	$	—	$	—

The accompanying notes are an integral part of this condensed statement

127

BF Garden Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF CASH FLOWS

Nine Months Ended December 31,

(Unaudited)

Series 32

	2024		2023
Cash flows from operating activities:
Net income (loss)	$	—	$	—
Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities
Gain on disposition of Operating Partnerships		—		—
Changes in assets and liabilities
(Increase) Decrease in other assets		—		—
(Decrease) Increase in accounts payable affiliates		—		—
Net cash (used in) provided by operating activities		—		—
Cash flows from investing activities:
Proceeds from the disposition of Operating Partnerships		—		—
Net cash provided by investing activities		—		—
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		—		—
Cash and cash equivalents, beginning		—		—
Cash and cash equivalents, ending	$	—	$	—
Supplemental schedule of noncash investing and financing activities
The general partner’s equity balance was increased and accounts payable affiliates was reduced as a result of forgiveness of debt with an affiliate of the general partner.	$	—	$	—

The accompanying notes are an integral part of this condensed statement

128

BF Garden Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF CASH FLOWS

Nine Months Ended December 31,

(Unaudited)

Series 33

	2024		2023
Cash flows from operating activities:
Net income (loss)	$	—	$	—
Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities
Gain on disposition of Operating Partnerships		—		—
Changes in assets and liabilities
(Increase) Decrease in other assets		—		—
(Decrease) Increase in accounts payable affiliates		—		—
Net cash (used in) provided by operating activities		—		—
Cash flows from investing activities:
Proceeds from the disposition of Operating Partnerships		—		—
Net cash provided by investing activities		—		—
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		—		—
Cash and cash equivalents, beginning		—		—
Cash and cash equivalents, ending	$	—	$	—
Supplemental schedule of noncash investing and financing activities
The general partner’s equity balance was increased and accounts payable affiliates was reduced as a result of forgiveness of debt with an affiliate of the general partner.	$	—	$	—

The accompanying notes are an integral part of this condensed statement

129

BF Garden Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF CASH FLOWS

Nine Months Ended December 31,

(Unaudited)

Series 34

	2024		2023
Cash flows from operating activities:
Net income (loss)	$	431,971	$	(87,210)
Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities
Gain on disposition of Operating Partnerships		(550,000)		—
Changes in assets and liabilities
(Increase) Decrease in other assets		—		82
(Decrease) Increase in accounts payable affiliates		99,869		55,269
Net cash (used in) provided by operating activities		(18,160)		(31,859)
Cash flows from investing activities:
Proceeds from the disposition of Operating Partnerships		550,000		—
Net cash provided by investing activities		550,000		—
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		531,840		(31,859)
Cash and cash equivalents, beginning		5,372		31,891
Cash and cash equivalents, ending	$	537,212	$	32
Supplemental schedule of noncash investing and financing activities
The general partner’s equity balance was increased and accounts payable affiliates was reduced as a result of forgiveness of debt with an affiliate of the general partner.	$	—	$	—

The accompanying notes are an integral part of this condensed statement

130

BF Garden Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF CASH FLOWS

Nine Months Ended December 31,

(Unaudited)

Series 35

	2024		2023
Cash flows from operating activities:
Net income (loss)	$	—	$	—
Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities
Gain on disposition of Operating Partnerships		—		—
Changes in assets and liabilities
(Increase) Decrease in other assets		—		—
(Decrease) Increase in accounts payable affiliates		—		—
Net cash (used in) provided by operating activities		—		—
Cash flows from investing activities:
Proceeds from the disposition of Operating Partnerships		—		—
Net cash provided by investing activities		—		—
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		—		—
Cash and cash equivalents, beginning		—		—
Cash and cash equivalents, ending	$	—	$	—
Supplemental schedule of noncash investing and financing activities
The general partner’s equity balance was increased and accounts payable affiliates was reduced as a result of forgiveness of debt with an affiliate of the general partner.	$	—	$	—

The accompanying notes are an integral part of this condensed statement

131

BF Garden Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF CASH FLOWS

Nine Months Ended December 31,

(Unaudited)

Series 36

	2024		2023
Cash flows from operating activities:
Net income (loss)	$	—	$	—
Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities
Gain on disposition of Operating Partnerships		—		—
Changes in assets and liabilities
(Increase) Decrease in other assets		—		—
(Decrease) Increase in accounts payable affiliates		—		—
Net cash (used in) provided by operating activities		—		—
Cash flows from investing activities:
Proceeds from the disposition of Operating Partnerships		—		—
Net cash provided by investing activities		—		—
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		—		—
Cash and cash equivalents, beginning		—		—
Cash and cash equivalents, ending	$	—	$	—
Supplemental schedule of noncash investing and financing activities
The general partner’s equity balance was increased and accounts payable affiliates was reduced as a result of forgiveness of debt with an affiliate of the general partner.	$	—	$	—

The accompanying notes are an integral part of this condensed statement

132

BF Garden Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF CASH FLOWS

Nine Months Ended December 31,

(Unaudited)

Series 37

	2024		2023
Cash flows from operating activities:
Net income (loss)	$	—	$	—
Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities
Gain on disposition of Operating Partnerships		—		—
Changes in assets and liabilities
(Increase) Decrease in other assets		—		—
(Decrease) Increase in accounts payable affiliates		—		—
Net cash (used in) provided by operating activities		—		—
Cash flows from investing activities:
Proceeds from the disposition of Operating Partnerships		—		—
Net cash provided by investing activities		—		—
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		—		—
Cash and cash equivalents, beginning		—		—
Cash and cash equivalents, ending	$	—	$	—
Supplemental schedule of noncash investing and financing activities
The general partner’s equity balance was increased and accounts payable affiliates was reduced as a result of forgiveness of debt with an affiliate of the general partner.	$	—	$	—

The accompanying notes are an integral part of this condensed statement

133

BF Garden Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF CASH FLOWS

Nine Months Ended December 31,

(Unaudited)

Series 38

	2024		2023
Cash flows from operating activities:
Net income (loss)	$	—	$	—
Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities
Gain on disposition of Operating Partnerships		—		—
Changes in assets and liabilities
(Increase) Decrease in other assets		—		—
(Decrease) Increase in accounts payable affiliates		—		—
Net cash (used in) provided by operating activities		—		—
Cash flows from investing activities:
Proceeds from the disposition of Operating Partnerships		—		—
Net cash provided by investing activities		—		—
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		—		—
Cash and cash equivalents, beginning		—		—
Cash and cash equivalents, ending	$	—	$	—
Supplemental schedule of noncash investing and financing activities
The general partner’s equity balance was increased and accounts payable affiliates was reduced as a result of forgiveness of debt with an affiliate of the general partner.	$	—	$	—

The accompanying notes are an integral part of this condensed statement

134

BF Garden Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF CASH FLOWS

Nine Months Ended December 31,

(Unaudited)

Series 39

	2024		2023
Cash flows from operating activities:
Net income (loss)	$	—	$	—
Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities
Gain on disposition of Operating Partnerships		—		—
Changes in assets and liabilities
(Increase) Decrease in other assets		—		—
(Decrease) Increase in accounts payable affiliates		—		—
Net cash (used in) provided by operating activities		—		—
Cash flows from investing activities:
Proceeds from the disposition of Operating Partnerships		—		—
Net cash provided by investing activities		—		—
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		—		—
Cash and cash equivalents, beginning		—		—
Cash and cash equivalents, ending	$	—	$	—
Supplemental schedule of noncash investing and financing activities
The general partner’s equity balance was increased and accounts payable affiliates was reduced as a result of forgiveness of debt with an affiliate of the general partner.	$	—	$	—

The accompanying notes are an integral part of this condensed statement

135

BF Garden Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF CASH FLOWS

Nine Months Ended December 31,

(Unaudited)

Series 40

	2024		2023
Cash flows from operating activities:
Net income (loss)	$	—	$	—
Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities
Gain on disposition of Operating Partnerships		—		—
Changes in assets and liabilities
(Increase) Decrease in other assets		—		—
(Decrease) Increase in accounts payable affiliates		—		—
Net cash (used in) provided by operating activities		—		—
Cash flows from investing activities:
Proceeds from the disposition of Operating Partnerships		—		—
Net cash provided by investing activities		—		—
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		—		—
Cash and cash equivalents, beginning		—		—
Cash and cash equivalents, ending	$	—	$	—
Supplemental schedule of noncash investing and financing activities
The general partner’s equity balance was increased and accounts payable affiliates was reduced as a result of forgiveness of debt with an affiliate of the general partner.	$	—	$	—

The accompanying notes are an integral part of this condensed statement

136

BF Garden Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF CASH FLOWS

Nine Months Ended December 31,

(Unaudited)

Series 41

	2024		2023
Cash flows from operating activities:
Net income (loss)	$	—	$	—
Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities
Gain on disposition of Operating Partnerships		—		—
Changes in assets and liabilities
(Increase) Decrease in other assets		—		—
(Decrease) Increase in accounts payable affiliates		—		—
Net cash (used in) provided by operating activities		—		—
Cash flows from investing activities:
Proceeds from the disposition of Operating Partnerships		—		—
Net cash provided by investing activities		—		—
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		—		—
Cash and cash equivalents, beginning		—		—
Cash and cash equivalents, ending	$	—	$	—
Supplemental schedule of noncash investing and financing activities
The general partner’s equity balance was increased and accounts payable affiliates was reduced as a result of forgiveness of debt with an affiliate of the general partner.	$	—	$	—

The accompanying notes are an integral part of this condensed statement

137

BF Garden Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF CASH FLOWS

Nine Months Ended December 31,

(Unaudited)

Series 42

	2024		2023
Cash flows from operating activities:
Net income (loss)	$	—	$	—
Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities
Gain on disposition of Operating Partnerships		—		—
Changes in assets and liabilities
(Increase) Decrease in other assets		—		—
(Decrease) Increase in accounts payable affiliates		—		—
Net cash (used in) provided by operating activities		—		—
Cash flows from investing activities:
Proceeds from the disposition of Operating Partnerships		—		—
Net cash provided by investing activities		—		—
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		—		—
Cash and cash equivalents, beginning		—		—
Cash and cash equivalents, ending	$	—	$	—
Supplemental schedule of noncash investing and financing activities
The general partner’s equity balance was increased and accounts payable affiliates was reduced as a result of forgiveness of debt with an affiliate of the general partner.	$	—	$	—

The accompanying notes are an integral part of this condensed statement

138

BF Garden Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF CASH FLOWS

Nine Months Ended December 31,

(Unaudited)

Series 43

	2024		2023
Cash flows from operating activities:
Net income (loss)	$	—	$	—
Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities
Gain on disposition of Operating Partnerships		—		—
Changes in assets and liabilities
(Increase) Decrease in other assets		—		—
(Decrease) Increase in accounts payable affiliates		—		—
Net cash (used in) provided by operating activities		—		—
Cash flows from investing activities:
Proceeds from the disposition of Operating Partnerships		—		—
Net cash provided by investing activities		—		—
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		—		—
Cash and cash equivalents, beginning		—		—
Cash and cash equivalents, ending	$	—	$	—
Supplemental schedule of noncash investing and financing activities
The general partner’s equity balance was increased and accounts payable affiliates was reduced as a result of forgiveness of debt with an affiliate of the general partner.	$	—	$	—

The accompanying notes are an integral part of this condensed statement

139

BF Garden Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF CASH FLOWS

Nine Months Ended December 31,

(Unaudited)

Series 44

	2024		2023
Cash flows from operating activities:
Net income (loss)	$	—	$	—
Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities
Gain on disposition of Operating Partnerships		—		—
Changes in assets and liabilities
(Increase) Decrease in other assets		—		—
(Decrease) Increase in accounts payable affiliates		—		—
Net cash (used in) provided by operating activities		—		—
Cash flows from investing activities:
Proceeds from the disposition of Operating Partnerships		—		—
Net cash provided by investing activities		—		—
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		—		—
Cash and cash equivalents, beginning		—		—
Cash and cash equivalents, ending	$	—	$	—
Supplemental schedule of noncash investing and financing activities
The general partner’s equity balance was increased and accounts payable affiliates was reduced as a result of forgiveness of debt with an affiliate of the general partner.	$	—	$	—

The accompanying notes are an integral part of this condensed statement

140

BF Garden Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF CASH FLOWS

Nine Months Ended December 31,

(Unaudited)

Series 45

	2024		2023
Cash flows from operating activities:
Net income (loss)	$	—	$	—
Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities
Gain on disposition of Operating Partnerships		—		—
Changes in assets and liabilities
(Increase) Decrease in other assets		—		—
(Decrease) Increase in accounts payable affiliates		—		—
Net cash (used in) provided by operating activities		—		—
Cash flows from investing activities:
Proceeds from the disposition of Operating Partnerships		—		—
Net cash provided by investing activities		—		—
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		—		—
Cash and cash equivalents, beginning		—		—
Cash and cash equivalents, ending	$	—	$	—
Supplemental schedule of noncash investing and financing activities
The general partner’s equity balance was increased and accounts payable affiliates was reduced as a result of forgiveness of debt with an affiliate of the general partner.	$	—	$	—

The accompanying notes are an integral part of this condensed statement

141

BF Garden Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF CASH FLOWS

Nine Months Ended December 31,

(Unaudited)

Series 46

	2024		2023
Cash flows from operating activities:
Net income (loss)	$	(125,808)	$	528,586
Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities
Gain on disposition of Operating Partnerships		—		(587,240)
Changes in assets and liabilities
(Increase) Decrease in other assets		—		(153)
(Decrease) Increase in accounts payable affiliates		69,115		(579,136)
Net cash (used in) provided by operating activities		(56,693)		(637,943)
Cash flows from investing activities:
Proceeds from the disposition of Operating Partnerships		—		587,240
Net cash provided by investing activities		—		587,240
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		(56,693)		(50,703)
Cash and cash equivalents, beginning		63,640		429,208
Cash and cash equivalents, ending	$	6,947	$	378,505
Supplemental schedule of noncash investing and financing activities
The general partner’s equity balance was increased and accounts payable affiliates was reduced as a result of forgiveness of debt with an affiliate of the general partner.	$	—	$	—

The accompanying notes are an integral part of this condensed statement

142

BF Garden Tax Credit Fund IV L.P.

NOTES TO CONDENSED FINANCIAL STATEMENTS

December 31, 2024

(Unaudited)

NOTE A – ORGANIZATION

BF Garden Tax Credit Fund IV L.P. (formerly known as Boston Capital Tax Credit Fund IV L.P.) (the “Fund”) was organized under the laws of the State of Delaware as of October 5, 1993, for the purpose of acquiring, holding, and disposing of limited partnership interests in operating partnerships which will acquire, develop, rehabilitate, operate and own newly constructed, existing or rehabilitated low-income apartment complexes (“Operating Partnerships”). Effective as of December 15, 2020, Corporate Investment Holdings, Inc., a Massachusetts corporation owned by BF Garden Companion Limited Partnership, a Massachusetts limited partnership formerly known as Boston Capital Companion Limited Partnership (“Companion”), replaced BCA Associates Limited Partnership as the general partner of the Fund’s general partner, BF Garden Associates IV L.P., a Delaware limited partnership formerly known as Boston Capital Associates IV L.P. Additionally, Companion replaced Capital Investment Holdings IV Limited Partnership as the sole limited partner of the Fund’s general partner. Also effective as of December 15, 2020, BFBC Holdings GP, LLC, a Delaware limited liability company and an affiliate of Boston Financial Investment Management, LP, a Delaware limited partnership (“BFIM”), replaced Boston Capital Partners II Corporation as the general partner of Companion; and BFIM replaced Boston Capital Companion Holdings Limited Partnership as the sole limited partner of Companion. The assignor limited partner of the Fund continues to be BCTC IV Assignor Corp., a Delaware corporation which is now wholly owned by Companion.

Pursuant to the Securities Act of 1933, the Fund filed a Form S-11 Registration Statement with the Securities and Exchange Commission, effective December 16, 1993, which covered the offering (the “Public Offering”) of the Fund’s beneficial assignee certificates (“BACs”) representing assignments of units of the beneficial interest of the limited partnership interest of the assignor limited partner. The Fund registered 30,000,000 BACs at $10 per BAC for sale to the public in one or more series. On April 18, 1996, an amendment to Form S-11 which registered an additional 10,000,000 BACs for sale to the public in one or more series became effective. On April 2, 1998, an amendment to Form S-11, which registered an additional 25,000,000 BACs for sale to the public in one or more series, became effective. On August 31, 1999, an amendment to Form S-11, which registered an additional 8,000,000 BACs for sale to the public in one or more series, became effective. On July 26, 2000, an amendment to Form S-11, which registered an additional 7,500,000 BACs for sale to the public in one or more series, became effective. On July 24, 2001, an amendment to Form S-11, which registered an additional 7,000,000 BACs for sale to the public in one or more series, became effective. On July 24, 2002, an amendment to Form S-11, which registered an additional 7,000,000 BACs for sale to the public, became effective. On July 1, 2003, an amendment to Form S-11, which registered an additional 7,000,000 BACs for sale to the public, became effective.

143

BF Garden Tax Credit Fund IV L.P.

NOTES TO CONDENSED FINANCIAL STATEMENTS - CONTINUED

December 31, 2024

(Unaudited)

NOTE A – ORGANIZATION (continued)

Below is a summary of the BACs sold and total equity raised, by series, as of the date of this filing:

Series	Closing Date	BACs Sold	Equity Raised
Series 20	June 24, 1994	3,866,700	$	38,667,000
Series 21	December 31, 1994	1,892,700	$	18,927,000
Series 22	December 28, 1994	2,564,400	$	25,644,000
Series 23	June 23, 1995	3,336,727	$	33,366,000
Series 24	September 22, 1995	2,169,878	$	21,697,000
Series 25	December 29, 1995	3,026,109	$	30,248,000
Series 26	June 25, 1996	3,995,900	$	39,959,000
Series 27	September 17, 1996	2,460,700	$	24,607,000
Series 28	January 29, 1997	4,000,738	$	39,999,000
Series 29	June 10, 1997	3,991,800	$	39,918,000
Series 30	September 10, 1997	2,651,000	$	26,490,750
Series 31	January 18, 1998	4,417,857	$	44,057,750
Series 32	June 23, 1998	4,754,198	$	47,431,000
Series 33	September 21, 1998	2,636,533	$	26,362,000
Series 34	February 11, 1999	3,529,319	$	35,273,000
Series 35	June 28, 1999	3,300,463	$	33,004,630
Series 36	September 28, 1999	2,106,838	$	21,068,375
Series 37	January 28, 2000	2,512,500	$	25,125,000
Series 38	July 31, 2000	2,543,100	$	25,431,000
Series 39	January 31, 2001	2,292,151	$	22,921,000
Series 40	July 31, 2001	2,630,256	$	26,269,256
Series 41	January 31, 2002	2,891,626	$	28,916,260
Series 42	July 31, 2002	2,744,262	$	27,442,620
Series 43	December 31, 2002	3,637,987	$	36,379,870
Series 44	April 30, 2003	2,701,973	$	27,019,730
Series 45	September 16, 2003	4,014,367	$	40,143,670
Series 46	December 19, 2003	2,980,998	$	29,809,980

The Fund concluded its public offering of BACs in the Fund on December 19, 2003.

NOTE B - ACCOUNTING AND FINANCIAL REPORTING POLICIES

The condensed financial statements herein as of December 31, 2024 and for the three and nine months then ended have been prepared by the Fund, without audit, pursuant to the rules and regulations of the Securities and Exchange Commission. The Fund accounts for its investments in Operating Partnerships using the equity method, whereby the Fund adjusts its investment cost for its share of each Operating Partnership’s results of operations and for any distributions received or accrued. Costs incurred by the Fund in acquiring the investments in the Operating Partnerships are capitalized to the investment account.

The Fund’s accounting and financial reporting policies are in conformity with generally accepted accounting principles and include adjustments in interim periods considered necessary for a fair presentation of the results of operations. Such adjustments are of a normal recurring nature. Certain information and footnote disclosures normally included in financial statements prepared in accordance with generally accepted accounting principles have been condensed or omitted pursuant to these rules and regulations. It is suggested that these condensed financial statements be read in conjunction with the financial statements and notes thereto included in the Fund’s Annual Report on Form 10-K for the fiscal year ended March 31, 2024.

144

BF Garden Tax Credit Fund IV L.P.

NOTES TO CONDENSED FINANCIAL STATEMENTS - CONTINUED

December 31, 2024

(Unaudited)

NOTE C - RELATED PARTY TRANSACTIONS

The Fund originally incurred a fund management fee to Boston Capital Asset Management Limited Partnership, an affiliate of the general partner, prior to the sale as disclosed in Note A. As part of the sale disclosed in Note A, the fund management fee is now assigned to BF Garden Companion Limited Partnership, a Massachusetts limited partnership formerly known as Boston Capital Companion Limited Partnership (“Companion”) and an affiliate of the general partner, in an annual fund management fee of .5 percent of the aggregate cost of all apartment complexes owned by the Operating Partnerships. The obligation that had been accrued to Boston Capital Asset Management Limited Partnership was transferred to Companion as disclosed in Note A. Since reporting fees collected by the various series were added to reserves and not paid, the amounts accrued are not net of reporting fees received. The fund management fees accrued for the quarters ended December 31, 2024 and 2023, are as follows:

	2024		2023
Series 34		4,623	$	4,623
Series 46		6,705		9,363
	$	11,328	$	13,986

The fund management fees paid for the nine months ended December 31, 2024 and 2023 are as follows:

	2024		2023
Series 29	$	—	$	406,799
Series 46		—		610,141
	$	—	$	1,016,940

An affiliate of the general partner has forgiven asset management fees payable as a result of the sales of all operating limited partnerships in one of the series. Total forgiveness of debt for the nine months ended December 31, 2024 and 2023 was $- and $2,706,879, respectively. Because the transaction involved an affiliate of the general partner, the transaction is accounted for as an equity transaction instead of income to the Fund.

145

BF Garden Tax Credit Fund IV L.P.

NOTES TO CONDENSED FINANCIAL STATEMENTS - CONTINUED

December 31, 2024

(Unaudited)

NOTE D - INVESTMENTS IN OPERATING PARTNERSHIPS

At December 31, 2024 and 2023, the Fund has limited partnership interests in 1 and 3 Operating Partnerships, respectively, which own or are constructing apartment complexes.

The breakdown of Operating Partnerships within the Fund at December 31, 2024 and 2023 are as follows:

	2024	2023
Series 20	—	—
Series 21	—	—
Series 22	—	—
Series 23	—	—
Series 24	—	—
Series 25	—	—
Series 26	—	—
Series 27	—	—
Series 28	—	—
Series 29	—	—
Series 30	—	—
Series 31	—	—
Series 32	—	—
Series 33	—	—
Series 34	—	1
Series 35	—	—
Series 36	—	—
Series 37	—	—
Series 38	—	—
Series 39	—	—
Series 40	—	—
Series 41	—	—
Series 42	—	—
Series 43	—	—
Series 44	—	—
Series 45	—	—
Series 46	1	2
	1	3

146

BF Garden Tax Credit Fund IV L.P.

NOTES TO CONDENSED FINANCIAL STATEMENTS - CONTINUED

December 31, 2024

(Unaudited)

NOTE D - INVESTMENT IN OPERATING PARTNERSHIPS - (continued)

During the nine months ended December 31, 2024 the Fund disposed of one Operating Partnership. A summary of the disposition by series for December 31, 2024 is as follows:

	Operating	Sale of
	Partnership	Underlying	Fund Proceeds
	Interest	Operating	from			Gain on
	Transferred	Partnership	Disposition			Disposition
Series 34	1	—		550,000		550,000
Total	1	—	$	550,000	$	550,000

In February 2025, the investment general partner transferred its interest in Ocean East of Portland, LLC, with cash proceeds to the investment partnership of $175,000. These proceeds were returned to cash reserves held by Series 46 and recorded as a gain on transfer as of February 6, 2025.

During the nine months ended December 31, 2023 the Fund disposed of two Operating Partnerships. A summary of the dispositions by series for December 31, 2023 is as follows:

	Operating	Sale of
	Partnership	Underlying	Fund Proceeds
	Interest	Operating	from		Gain on
	Transferred	Partnership	Disposition *		Disposition
Series 29	—	1	$	429,843	$	430,628
Series 46	—	1		587,240		587,240
Total	—	2	$	1,017,083	$	1,017,868

*Fund proceeds from disposition does not include $785, which was due to a write-off of capital contribution payable as of December 31, 2023, for Series 29.

The gain described above is for financial statement purposes only. There are significant differences between the equity method of accounting and the tax reporting of income and losses from Operating Partnership investments. The largest difference is the ability, for tax purposes, to deduct losses in excess of the Fund’s investment in the Operating Partnership. As a result, the amount of gain recognized for tax purposes may be significantly higher than the gain recorded in the financial statements.

147

BF Garden Tax Credit Fund IV L.P.

NOTES TO CONDENSED FINANCIAL STATEMENTS - CONTINUED

December 31, 2024

(Unaudited)

NOTE D - INVESTMENT IN OPERATING PARTNERSHIPS - (continued)

The Fund’s fiscal year ends March 31st for each year, while all the Operating Partnerships’ fiscal years are the calendar year. Pursuant to the provisions of each Operating Partnership’s partnership agreement, financial results for each of the Operating Partnerships are provided to the Fund within 45 days after the close of each Operating Partnership’s quarterly period. Accordingly, the current financial results available for the Operating Partnerships are for the nine months ended September 30, 2024.

COMBINED CONDENSED SUMMARIZED STATEMENTS OF OPERATIONS

Nine Months Ended September 30,

(Unaudited)

	2024		2023
Revenues
Rental	$	470,762	$	1,129,757
Interest and other		9,680		23,939
		480,442		1,153,696
Expenses
Interest		38,338		116,741
Depreciation and amortization		124,601		233,004
Operating expenses		353,721		815,855
		516,660		1,165,600
NET INCOME (LOSS)	$	(36,218)	$	(11,904)
Net income (loss) allocated to BF Garden Tax Credit Fund IV L.P.	$	(35,856)	$	(11,785)
Net income (loss) allocated to other Partners	$	(362)	$	(119)

The Fund accounts for its investments using the equity method of accounting. Under the equity method of accounting, the Fund adjusts its investment cost for its share of each Operating Partnership’s results of operations and for any distributions received or accrued. However, the Fund recognizes individual operating losses only to the extent of capital contributions. Excess losses are suspended for use in future years to offset excess income.

148

BF Garden Tax Credit Fund IV L.P.

NOTES TO CONDENSED FINANCIAL STATEMENTS - CONTINUED

December 31, 2024

(Unaudited)

NOTE D - INVESTMENT IN OPERATING PARTNERSHIPS - (continued)

COMBINED CONDENSED SUMMARIZED STATEMENTS OF OPERATIONS

Nine Months Ended September 30,

(Unaudited)

Series 20

	2024		2023
Revenues
Rental	$	—	$	—
Interest and other		—		—
		—		—
Expenses
Interest		—		—
Depreciation and amortization		—		—
Operating expenses		—		—
		—		—
NET INCOME (LOSS)	$	—	$	—
Net income (loss) allocated to BF Garden Tax Credit Fund IV L.P.	$	—	$	—
Net income (loss) allocated to other Partners	$	—	$	—

The Fund accounts for its investments using the equity method of accounting. Under the equity method of accounting, the Fund adjusts its investment cost for its share of each Operating Partnership’s results of operations and for any distributions received or accrued. However, the Fund recognizes individual operating losses only to the extent of capital contributions. Excess losses are suspended for use in future years to offset excess income.

149

BF Garden Tax Credit Fund IV L.P.

NOTES TO CONDENSED FINANCIAL STATEMENTS - CONTINUED

December 31, 2024

(Unaudited)

NOTE D - INVESTMENT IN OPERATING PARTNERSHIPS - (continued)

COMBINED CONDENSED SUMMARIZED STATEMENTS OF OPERATIONS

Nine Months Ended September 30,

(Unaudited)

Series 21

	2024		2023
Revenues
Rental	$	—	$	—
Interest and other		—		—
		—		—
Expenses
Interest		—		—
Depreciation and amortization		—		—
Operating expenses		—		—
		—		—
NET INCOME (LOSS)	$	—	$	—
Net income (loss) allocated to BF Garden Tax Credit Fund IV L.P.	$	—	$	—
Net income (loss) allocated to other Partners	$	—	$	—

The Fund accounts for its investments using the equity method of accounting. Under the equity method of accounting, the Fund adjusts its investment cost for its share of each Operating Partnership’s results of operations and for any distributions received or accrued. However, the Fund recognizes individual operating losses only to the extent of capital contributions. Excess losses are suspended for use in future years to offset excess income.

150

BF Garden Tax Credit Fund IV L.P.

NOTES TO CONDENSED FINANCIAL STATEMENTS - CONTINUED

December 31, 2024

(Unaudited)

NOTE D - INVESTMENT IN OPERATING PARTNERSHIPS - (continued)

COMBINED CONDENSED SUMMARIZED STATEMENTS OF OPERATIONS

Nine Months Ended September 30,

(Unaudited)

Series 22

	2024		2023
Revenues
Rental	$	—	$	—
Interest and other		—		—
		—		—
Expenses
Interest		—		—
Depreciation and amortization		—		—
Operating expenses		—		—
		—		—
NET INCOME (LOSS)	$	—	$	—
Net income (loss) allocated to BF Garden Tax Credit Fund IV L.P.	$	—	$	—
Net income (loss) allocated to other Partners	$	—	$	—

The Fund accounts for its investments using the equity method of accounting. Under the equity method of accounting, the Fund adjusts its investment cost for its share of each Operating Partnership’s results of operations and for any distributions received or accrued. However, the Fund recognizes individual operating losses only to the extent of capital contributions. Excess losses are suspended for use in future years to offset excess income.

151

BF Garden Tax Credit Fund IV L.P.

NOTES TO CONDENSED FINANCIAL STATEMENTS - CONTINUED

December 31, 2024

(Unaudited)

NOTE D - INVESTMENT IN OPERATING PARTNERSHIPS - (continued)

COMBINED CONDENSED SUMMARIZED STATEMENTS OF OPERATIONS

Nine Months Ended September 30,

(Unaudited)

Series 23

	2024		2023
Revenues
Rental	$	—	$	—
Interest and other		—		—
		—		—
Expenses
Interest		—		—
Depreciation and amortization		—		—
Operating expenses		—		—
		—		—
NET INCOME (LOSS)	$	—	$	—
Net income (loss) allocated to BF Garden Tax Credit Fund IV L.P.	$	—	$	—
Net income (loss) allocated to other Partners	$	—	$	—

The Fund accounts for its investments using the equity method of accounting. Under the equity method of accounting, the Fund adjusts its investment cost for its share of each Operating Partnership’s results of operations and for any distributions received or accrued. However, the Fund recognizes individual operating losses only to the extent of capital contributions. Excess losses are suspended for use in future years to offset excess income.

152

BF Garden Tax Credit Fund IV L.P.

NOTES TO CONDENSED FINANCIAL STATEMENTS - CONTINUED

December 31, 2024

(Unaudited)

NOTE D - INVESTMENT IN OPERATING PARTNERSHIPS - (continued)

COMBINED CONDENSED SUMMARIZED STATEMENTS OF OPERATIONS

Nine Months Ended September 30,

(Unaudited)

Series 24

	2024		2023
Revenues
Rental	$	—	$	—
Interest and other		—		—
		—		—
Expenses
Interest		—		—
Depreciation and amortization		—		—
Operating expenses		—		—
		—		—
NET INCOME (LOSS)	$	—	$	—
Net income (loss) allocated to BF Garden Tax Credit Fund IV L.P.	$	—	$	—
Net income (loss) allocated to other Partners	$	—	$	—

The Fund accounts for its investments using the equity method of accounting. Under the equity method of accounting, the Fund adjusts its investment cost for its share of each Operating Partnership’s results of operations and for any distributions received or accrued. However, the Fund recognizes individual operating losses only to the extent of capital contributions. Excess losses are suspended for use in future years to offset excess income.

153

BF Garden Tax Credit Fund IV L.P.

NOTES TO CONDENSED FINANCIAL STATEMENTS - CONTINUED

December 31, 2024

(Unaudited)

NOTE D - INVESTMENT IN OPERATING PARTNERSHIPS - (continued)

COMBINED CONDENSED SUMMARIZED STATEMENTS OF OPERATIONS

Nine Months Ended September 30,

(Unaudited)

Series 25

	2024		2023
Revenues
Rental	$	—	$	—
Interest and other		—		—
		—		—
Expenses
Interest		—		—
Depreciation and amortization		—		—
Operating expenses		—		—
		—		—
NET INCOME (LOSS)	$	—	$	—
Net income (loss) allocated to BF Garden Tax Credit Fund IV L.P.	$	—	$	—
Net income (loss) allocated to other Partners	$	—	$	—

The Fund accounts for its investments using the equity method of accounting. Under the equity method of accounting, the Fund adjusts its investment cost for its share of each Operating Partnership’s results of operations and for any distributions received or accrued. However, the Fund recognizes individual operating losses only to the extent of capital contributions. Excess losses are suspended for use in future years to offset excess income.

154

BF Garden Tax Credit Fund IV L.P.

NOTES TO CONDENSED FINANCIAL STATEMENTS - CONTINUED

December 31, 2024

(Unaudited)

NOTE D - INVESTMENT IN OPERATING PARTNERSHIPS - (continued)

COMBINED CONDENSED SUMMARIZED STATEMENTS OF OPERATIONS

Nine Months Ended September 30,

(Unaudited)

Series 26

	2024		2023
Revenues
Rental	$	—	$	—
Interest and other		—		—
		—		—
Expenses
Interest		—		—
Depreciation and amortization		—		—
Operating expenses		—		—
		—		—
NET INCOME (LOSS)	$	—	$	—
Net income (loss) allocated to BF Garden Tax Credit Fund IV L.P.	$	—	$	—
Net income (loss) allocated to other Partners	$	—	$	—

The Fund accounts for its investments using the equity method of accounting. Under the equity method of accounting, the Fund adjusts its investment cost for its share of each Operating Partnership’s results of operations and for any distributions received or accrued. However, the Fund recognizes individual operating losses only to the extent of capital contributions. Excess losses are suspended for use in future years to offset excess income.

155

BF Garden Tax Credit Fund IV L.P.

NOTES TO CONDENSED FINANCIAL STATEMENTS - CONTINUED

December 31, 2024

(Unaudited)

NOTE D - INVESTMENT IN OPERATING PARTNERSHIPS - (continued)

COMBINED CONDENSED SUMMARIZED STATEMENTS OF OPERATIONS

Nine Months Ended September 30,

(Unaudited)

Series 27

	2024		2023
Revenues
Rental	$	—	$	—
Interest and other		—		—
		—		—
Expenses
Interest		—		—
Depreciation and amortization		—		—
Operating expenses		—		—
		—		—
NET INCOME (LOSS)	$	—	$	—
Net income (loss) allocated to BF Garden Tax Credit Fund IV L.P.	$	—	$	—
Net income (loss) allocated to other Partners	$	—	$	—

The Fund accounts for its investments using the equity method of accounting. Under the equity method of accounting, the Fund adjusts its investment cost for its share of each Operating Partnership’s results of operations and for any distributions received or accrued. However, the Fund recognizes individual operating losses only to the extent of capital contributions. Excess losses are suspended for use in future years to offset excess income.

156

BF Garden Tax Credit Fund IV L.P.

NOTES TO CONDENSED FINANCIAL STATEMENTS - CONTINUED

December 31, 2024

(Unaudited)

NOTE D - INVESTMENT IN OPERATING PARTNERSHIPS - (continued)

COMBINED CONDENSED SUMMARIZED STATEMENTS OF OPERATIONS

Nine Months Ended September 30,

(Unaudited)

Series 28

	2024		2023
Revenues
Rental	$	—	$	—
Interest and other		—		—
		—		—
Expenses
Interest		—		—
Depreciation and amortization		—		—
Operating expenses		—		—
		—		—
NET INCOME (LOSS)	$	—	$	—
Net income (loss) allocated to BF Garden Tax Credit Fund IV L.P.	$	—	$	—
Net income (loss) allocated to other Partners	$	—	$	—

The Fund accounts for its investments using the equity method of accounting. Under the equity method of accounting, the Fund adjusts its investment cost for its share of each Operating Partnership’s results of operations and for any distributions received or accrued. However, the Fund recognizes individual operating losses only to the extent of capital contributions. Excess losses are suspended for use in future years to offset excess income.

157

BF Garden Tax Credit Fund IV L.P.

NOTES TO CONDENSED FINANCIAL STATEMENTS - CONTINUED

December 31, 2024

(Unaudited)

NOTE D - INVESTMENT IN OPERATING PARTNERSHIPS - (continued)

COMBINED CONDENSED SUMMARIZED STATEMENTS OF OPERATIONS

Nine Months Ended September 30,

(Unaudited)

Series 29

	2024		2023
Revenues
Rental	$	—	$	—
Interest and other		—		—
		—		—
Expenses
Interest		—		—
Depreciation and amortization		—		—
Operating expenses		—		—
		—		—
NET INCOME (LOSS)	$	—	$	—
Net income (loss) allocated to BF Garden Tax Credit Fund IV L.P.	$	—	$	—
Net income (loss) allocated to other Partners	$	—	$	—

The Fund accounts for its investments using the equity method of accounting. Under the equity method of accounting, the Fund adjusts its investment cost for its share of each Operating Partnership’s results of operations and for any distributions received or accrued. However, the Fund recognizes individual operating losses only to the extent of capital contributions. Excess losses are suspended for use in future years to offset excess income.

158

BF Garden Tax Credit Fund IV L.P.

NOTES TO CONDENSED FINANCIAL STATEMENTS - CONTINUED

December 31, 2024

(Unaudited)

NOTE D - INVESTMENT IN OPERATING PARTNERSHIPS - (continued)

COMBINED CONDENSED SUMMARIZED STATEMENTS OF OPERATIONS

Nine Months Ended September 30,

(Unaudited)

Series 30

	2024		2023
Revenues
Rental	$	—	$	—
Interest and other		—		—
		—		—
Expenses
Interest		—		—
Depreciation and amortization		—		—
Operating expenses		—		—
		—		—
NET INCOME (LOSS)	$	—	$	—
Net income (loss) allocated to BF Garden Tax Credit Fund IV L.P.	$	—	$	—
Net income (loss) allocated to other Partners	$	—	$	—

The Fund accounts for its investments using the equity method of accounting. Under the equity method of accounting, the Fund adjusts its investment cost for its share of each Operating Partnership’s results of operations and for any distributions received or accrued. However, the Fund recognizes individual operating losses only to the extent of capital contributions. Excess losses are suspended for use in future years to offset excess income.

159

BF Garden Tax Credit Fund IV L.P.

NOTES TO CONDENSED FINANCIAL STATEMENTS - CONTINUED

December 31, 2024

(Unaudited)

NOTE D - INVESTMENT IN OPERATING PARTNERSHIPS - (continued)

COMBINED CONDENSED SUMMARIZED STATEMENTS OF OPERATIONS

Nine Months Ended September 30,

(Unaudited)

Series 31

	2024		2023
Revenues
Rental	$	—	$	—
Interest and other		—		—
		—		—
Expenses
Interest		—		—
Depreciation and amortization		—		—
Operating expenses		—		—
		—		—
NET INCOME (LOSS)	$	—	$	—
Net income (loss) allocated to BF Garden Tax Credit Fund IV L.P.	$	—	$	—
Net income (loss) allocated to other Partners	$	—	$	—

The Fund accounts for its investments using the equity method of accounting. Under the equity method of accounting, the Fund adjusts its investment cost for its share of each Operating Partnership’s results of operations and for any distributions received or accrued. However, the Fund recognizes individual operating losses only to the extent of capital contributions. Excess losses are suspended for use in future years to offset excess income.

160

BF Garden Tax Credit Fund IV L.P.

NOTES TO CONDENSED FINANCIAL STATEMENTS - CONTINUED

December 31, 2024

(Unaudited)

NOTE D - INVESTMENT IN OPERATING PARTNERSHIPS - (continued)

COMBINED CONDENSED SUMMARIZED STATEMENTS OF OPERATIONS

Nine Months Ended September 30,

(Unaudited)

Series 32

	2024		2023
Revenues
Rental	$	—	$	—
Interest and other		—		—
		—		—
Expenses
Interest		—		—
Depreciation and amortization		—		—
Operating expenses		—		—
		—		—
NET INCOME (LOSS)	$	—	$	—
Net income (loss) allocated to BF Garden Tax Credit Fund IV L.P.	$	—	$	—
Net income (loss) allocated to other Partners	$	—	$	—

The Fund accounts for its investments using the equity method of accounting. Under the equity method of accounting, the Fund adjusts its investment cost for its share of each Operating Partnership’s results of operations and for any distributions received or accrued. However, the Fund recognizes individual operating losses only to the extent of capital contributions. Excess losses are suspended for use in future years to offset excess income.

161

BF Garden Tax Credit Fund IV L.P.

NOTES TO CONDENSED FINANCIAL STATEMENTS - CONTINUED

December 31, 2024

(Unaudited)

NOTE D - INVESTMENT IN OPERATING PARTNERSHIPS - (continued)

COMBINED CONDENSED SUMMARIZED STATEMENTS OF OPERATIONS

Nine Months Ended September 30,

(Unaudited)

Series 33

	2024		2023
Revenues
Rental	$	—	$	—
Interest and other		—		—
		—		—
Expenses
Interest		—		—
Depreciation and amortization		—		—
Operating expenses		—		—
		—		—
NET INCOME (LOSS)	$	—	$	—
Net income (loss) allocated to BF Garden Tax Credit Fund IV L.P.	$	—	$	—
Net income (loss) allocated to other Partners	$	—	$	—

The Fund accounts for its investments using the equity method of accounting. Under the equity method of accounting, the Fund adjusts its investment cost for its share of each Operating Partnership’s results of operations and for any distributions received or accrued. However, the Fund recognizes individual operating losses only to the extent of capital contributions. Excess losses are suspended for use in future years to offset excess income.

162

BF Garden Tax Credit Fund IV L.P.

NOTES TO CONDENSED FINANCIAL STATEMENTS - CONTINUED

December 31, 2024

(Unaudited)

NOTE D - INVESTMENT IN OPERATING PARTNERSHIPS - (continued)

COMBINED CONDENSED SUMMARIZED STATEMENTS OF OPERATIONS

Nine Months Ended September 30,

(Unaudited)

Series 34

	2024		2023
Revenues
Rental	$	—	$	470,069
Interest and other		—		17,961
		—		488,030
Expenses
Interest		—		62,897
Depreciation and amortization		—		66,322
Operating expenses		—		338,170
		—		467,389
NET INCOME (LOSS)	$	—	$	20,641
Net income (loss) allocated to BF Garden Tax Credit Fund IV L.P.	$	—	$	20,435
Net income (loss) allocated to other Partners	$	—	$	206

The Fund accounts for its investments using the equity method of accounting. Under the equity method of accounting, the Fund adjusts its investment cost for its share of each Operating Partnership’s results of operations and for any distributions received or accrued. However, the Fund recognizes individual operating losses only to the extent of capital contributions. Excess losses are suspended for use in future years to offset excess income.

163

BF Garden Tax Credit Fund IV L.P.

NOTES TO CONDENSED FINANCIAL STATEMENTS - CONTINUED

December 31, 2024

(Unaudited)

NOTE D - INVESTMENT IN OPERATING PARTNERSHIPS - (continued)

COMBINED CONDENSED SUMMARIZED STATEMENTS OF OPERATIONS

Nine Months Ended September 30,

(Unaudited)

Series 35

	2024		2023
Revenues
Rental	$	—	$	—
Interest and other		—		—
		—		—
Expenses
Interest		—		—
Depreciation and amortization		—		—
Operating expenses		—		—
		—		—
NET INCOME (LOSS)	$	—	$	—
Net income (loss) allocated to BF Garden Tax Credit Fund IV L.P.	$	—	$	—
Net income (loss) allocated to other Partners	$	—	$	—

The Fund accounts for its investments using the equity method of accounting. Under the equity method of accounting, the Fund adjusts its investment cost for its share of each Operating Partnership’s results of operations and for any distributions received or accrued. However, the Fund recognizes individual operating losses only to the extent of capital contributions. Excess losses are suspended for use in future years to offset excess income.

164

BF Garden Tax Credit Fund IV L.P.

NOTES TO CONDENSED FINANCIAL STATEMENTS - CONTINUED

December 31, 2024

(Unaudited)

NOTE D - INVESTMENT IN OPERATING PARTNERSHIPS - (continued)

COMBINED CONDENSED SUMMARIZED STATEMENTS OF OPERATIONS

Nine Months Ended September 30,

(Unaudited)

Series 36

	2024		2023
Revenues
Rental	$	—	$	—
Interest and other		—		—
		—		—
Expenses
Interest		—		—
Depreciation and amortization		—		—
Operating expenses		—		—
		—		—
NET INCOME (LOSS)	$	—	$	—
Net income (loss) allocated to BF Garden Tax Credit Fund IV L.P.	$	—	$	—
Net income (loss) allocated to other Partners	$	—	$	—

The Fund accounts for its investments using the equity method of accounting. Under the equity method of accounting, the Fund adjusts its investment cost for its share of each Operating Partnership’s results of operations and for any distributions received or accrued. However, the Fund recognizes individual operating losses only to the extent of capital contributions. Excess losses are suspended for use in future years to offset excess income.

165

BF Garden Tax Credit Fund IV L.P.

NOTES TO CONDENSED FINANCIAL STATEMENTS - CONTINUED

December 31, 2024

(Unaudited)

NOTE D - INVESTMENT IN OPERATING PARTNERSHIPS - (continued)

COMBINED CONDENSED SUMMARIZED STATEMENTS OF OPERATIONS

Nine Months Ended September 30,

(Unaudited)

Series 37

	2024		2023
Revenues
Rental	$	—	$	—
Interest and other		—		—
		—		—
Expenses
Interest		—		—
Depreciation and amortization		—		—
Operating expenses		—		—
		—		—
NET INCOME (LOSS)	$	—	$	—
Net income (loss) allocated to BF Garden Tax Credit Fund IV L.P.	$	—	$	—
Net income (loss) allocated to other Partners	$	—	$	—

The Fund accounts for its investments using the equity method of accounting. Under the equity method of accounting, the Fund adjusts its investment cost for its share of each Operating Partnership’s results of operations and for any distributions received or accrued. However, the Fund recognizes individual operating losses only to the extent of capital contributions. Excess losses are suspended for use in future years to offset excess income.

166

BF Garden Tax Credit Fund IV L.P.

NOTES TO CONDENSED FINANCIAL STATEMENTS - CONTINUED

December 31, 2024

(Unaudited)

NOTE D - INVESTMENT IN OPERATING PARTNERSHIPS - (continued)

COMBINED CONDENSED SUMMARIZED STATEMENTS OF OPERATIONS

Nine Months Ended September 30,

(Unaudited)

Series 38

	2024		2023
Revenues
Rental	$	—	$	—
Interest and other		—		—
		—		—
Expenses
Interest		—		—
Depreciation and amortization		—		—
Operating expenses		—		—
		—		—
NET INCOME (LOSS)	$	—	$	—
Net income (loss) allocated to BF Garden Tax Credit Fund IV L.P.	$	—	$	—
Net income (loss) allocated to other Partners	$	—	$	—

The Fund accounts for its investments using the equity method of accounting. Under the equity method of accounting, the Fund adjusts its investment cost for its share of each Operating Partnership’s results of operations and for any distributions received or accrued. However, the Fund recognizes individual operating losses only to the extent of capital contributions. Excess losses are suspended for use in future years to offset excess income.

167

BF Garden Tax Credit Fund IV L.P.

NOTES TO CONDENSED FINANCIAL STATEMENTS - CONTINUED

December 31, 2024

(Unaudited)

NOTE D - INVESTMENT IN OPERATING PARTNERSHIPS - (continued)

COMBINED CONDENSED SUMMARIZED STATEMENTS OF OPERATIONS

Nine Months Ended September 30,

(Unaudited)

Series 39

	2024		2023
Revenues
Rental	$	—	$	—
Interest and other		—		—
		—		—
Expenses
Interest		—		—
Depreciation and amortization		—		—
Operating expenses		—		—
		—		—
NET INCOME (LOSS)	$	—	$	—
Net income (loss) allocated to BF Garden Tax Credit Fund IV L.P.	$	—	$	—
Net income (loss) allocated to other Partners	$	—	$	—

The Fund accounts for its investments using the equity method of accounting. Under the equity method of accounting, the Fund adjusts its investment cost for its share of each Operating Partnership’s results of operations and for any distributions received or accrued. However, the Fund recognizes individual operating losses only to the extent of capital contributions. Excess losses are suspended for use in future years to offset excess income.

168

BF Garden Tax Credit Fund IV L.P.

NOTES TO CONDENSED FINANCIAL STATEMENTS - CONTINUED

December 31, 2024

(Unaudited)

NOTE D - INVESTMENT IN OPERATING PARTNERSHIPS - (continued)

COMBINED CONDENSED SUMMARIZED STATEMENTS OF OPERATIONS

Nine Months Ended September 30,

(Unaudited)

Series 40

	2024		2023
Revenues
Rental	$	—	$	—
Interest and other		—		—
		—		—
Expenses
Interest		—		—
Depreciation and amortization		—		—
Operating expenses		—		—
		—		—
NET INCOME (LOSS)	$	—	$	—
Net income (loss) allocated to BF Garden Tax Credit Fund IV L.P.	$	—	$	—
Net income (loss) allocated to other Partners	$	—	$	—

The Fund accounts for its investments using the equity method of accounting. Under the equity method of accounting, the Fund adjusts its investment cost for its share of each Operating Partnership’s results of operations and for any distributions received or accrued. However, the Fund recognizes individual operating losses only to the extent of capital contributions. Excess losses are suspended for use in future years to offset excess income.

169

BF Garden Tax Credit Fund IV L.P.

NOTES TO CONDENSED FINANCIAL STATEMENTS - CONTINUED

December 31, 2024

(Unaudited)

NOTE D - INVESTMENT IN OPERATING PARTNERSHIPS - (continued)

COMBINED CONDENSED SUMMARIZED STATEMENTS OF OPERATIONS

Nine Months Ended September 30,

(Unaudited)

Series 41

	2024		2023
Revenues
Rental	$	—	$	—
Interest and other		—		—
		—		—
Expenses
Interest		—		—
Depreciation and amortization		—		—
Operating expenses		—		—
		—		—
NET INCOME (LOSS)	$	—	$	—
Net income (loss) allocated to BF Garden Tax Credit Fund IV L.P.	$	—	$	—
Net income (loss) allocated to other Partners	$	—	$	—

The Fund accounts for its investments using the equity method of accounting. Under the equity method of accounting, the Fund adjusts its investment cost for its share of each Operating Partnership’s results of operations and for any distributions received or accrued. However, the Fund recognizes individual operating losses only to the extent of capital contributions. Excess losses are suspended for use in future years to offset excess income.

170

BF Garden Tax Credit Fund IV L.P.

NOTES TO CONDENSED FINANCIAL STATEMENTS - CONTINUED

December 31, 2024

(Unaudited)

NOTE D - INVESTMENT IN OPERATING PARTNERSHIPS - (continued)

COMBINED CONDENSED SUMMARIZED STATEMENTS OF OPERATIONS

Nine Months Ended September 30,

(Unaudited)

Series 42

	2024		2023
Revenues
Rental	$	—	$	—
Interest and other		—		—
		—		—
Expenses
Interest		—		—
Depreciation and amortization		—		—
Operating expenses		—		—
		—		—
NET INCOME (LOSS)	$	—	$	—
Net income (loss) allocated to BF Garden Tax Credit Fund IV L.P.	$	—	$	—
Net income (loss) allocated to other Partners	$	—	$	—

The Fund accounts for its investments using the equity method of accounting. Under the equity method of accounting, the Fund adjusts its investment cost for its share of each Operating Partnership’s results of operations and for any distributions received or accrued. However, the Fund recognizes individual operating losses only to the extent of capital contributions. Excess losses are suspended for use in future years to offset excess income.

171

BF Garden Tax Credit Fund IV L.P.

NOTES TO CONDENSED FINANCIAL STATEMENTS - CONTINUED

December 31, 2024

(Unaudited)

NOTE D - INVESTMENT IN OPERATING PARTNERSHIPS - (continued)

COMBINED CONDENSED SUMMARIZED STATEMENTS OF OPERATIONS

Nine Months Ended September 30,

(Unaudited)

Series 43

	2024		2023
Revenues
Rental	$	—	$	—
Interest and other		—		—
		—		—
Expenses
Interest		—		—
Depreciation and amortization		—		—
Operating expenses		—		—
		—		—
NET INCOME (LOSS)	$	—	$	—
Net income (loss) allocated to BF Garden Tax Credit Fund IV L.P.	$	—	$	—
Net income (loss) allocated to other Partners	$	—	$	—

The Fund accounts for its investments using the equity method of accounting. Under the equity method of accounting, the Fund adjusts its investment cost for its share of each Operating Partnership’s results of operations and for any distributions received or accrued. However, the Fund recognizes individual operating losses only to the extent of capital contributions. Excess losses are suspended for use in future years to offset excess income.

172

BF Garden Tax Credit Fund IV L.P.

NOTES TO CONDENSED FINANCIAL STATEMENTS - CONTINUED

December 31, 2024

(Unaudited)

NOTE D - INVESTMENT IN OPERATING PARTNERSHIPS - (continued)

COMBINED CONDENSED SUMMARIZED STATEMENTS OF OPERATIONS

Nine Months Ended September 30,

(Unaudited)

Series 44

	2024		2023
Revenues
Rental	$	—	$	—
Interest and other		—		—
		—		—
Expenses
Interest		—		—
Depreciation and amortization		—		—
Operating expenses		—		—
		—		—
NET INCOME (LOSS)	$	—	$	—
Net income (loss) allocated to BF Garden Tax Credit Fund IV L.P.	$	—	$	—
Net income (loss) allocated to other Partners	$	—	$	—

The Fund accounts for its investments using the equity method of accounting. Under the equity method of accounting, the Fund adjusts its investment cost for its share of each Operating Partnership’s results of operations and for any distributions received or accrued. However, the Fund recognizes individual operating losses only to the extent of capital contributions. Excess losses are suspended for use in future years to offset excess income.

173

BF Garden Tax Credit Fund IV L.P.

NOTES TO CONDENSED FINANCIAL STATEMENTS - CONTINUED

December 31, 2024

(Unaudited)

NOTE D - INVESTMENT IN OPERATING PARTNERSHIPS - (continued)

COMBINED CONDENSED SUMMARIZED STATEMENTS OF OPERATIONS

Nine Months Ended September 30,

(Unaudited)

Series 45

	2024		2023
Revenues
Rental	$	—	$	—
Interest and other		—		—
		—		—
Expenses
Interest		—		—
Depreciation and amortization		—		—
Operating expenses		—		—
		—		—
NET INCOME (LOSS)	$	—	$	—
Net income (loss) allocated to BF Garden Tax Credit Fund IV L.P.	$	—	$	—
Net income (loss) allocated to other Partners	$	—	$	—

The Fund accounts for its investments using the equity method of accounting. Under the equity method of accounting, the Fund adjusts its investment cost for its share of each Operating Partnership’s results of operations and for any distributions received or accrued. However, the Fund recognizes individual operating losses only to the extent of capital contributions. Excess losses are suspended for use in future years to offset excess income.

174

BF Garden Tax Credit Fund IV L.P.

NOTES TO CONDENSED FINANCIAL STATEMENTS - CONTINUED

December 31, 2024

(Unaudited)

NOTE D - INVESTMENT IN OPERATING PARTNERSHIPS - (continued)

COMBINED CONDENSED SUMMARIZED STATEMENTS OF OPERATIONS

Nine Months Ended September 30,

(Unaudited)

Series 46

	2024		2023
Revenues
Rental	$	470,762	$	659,688
Interest and other		9,680		5,978
		480,442		665,666
Expenses
Interest		38,338		53,844
Depreciation and amortization		124,601		166,682
Operating expenses		353,721		477,685
		516,660		698,211
NET INCOME (LOSS)	$	(36,218)	$	(32,545)
Net income (loss) allocated to BF Garden Tax Credit Fund IV L.P.	$	(35,856)	$	(32,220)
Net income (loss) allocated to other Partners	$	(362)	$	(325)

The Fund accounts for its investments using the equity method of accounting. Under the equity method of accounting, the Fund adjusts its investment cost for its share of each Operating Partnership’s results of operations and for any distributions received or accrued. However, the Fund recognizes individual operating losses only to the extent of capital contributions. Excess losses are suspended for use in future years to offset excess income.

175

BF Garden Tax Credit Fund IV L.P.

NOTES TO CONDENSED FINANCIAL STATEMENTS - CONTINUED

December 31, 2024

(Unaudited)

NOTE E - TAXABLE LOSS

The Fund’s taxable loss is expected to differ from its loss for financial reporting purposes. This is primarily due to accounting differences in depreciation incurred by the Operating Partnerships and also differences between the equity method of accounting and the IRS accounting methods.

NOTE F - INCOME TAXES

The Fund has elected to be treated as a pass-through entity for income tax purposes and, as such, is not subject to income taxes. Rather, all items of taxable income, deductions and tax credits are passed through to and are reported by its owners on their respective income tax returns. The Fund’s federal tax status as a pass-through entity is based on its legal status as a partnership. Accordingly, the Fund is not required to take any tax positions in order to qualify as a pass-through entity. The Fund is required to file and does file tax returns with the Internal Revenue Service and other taxing authorities. Accordingly, these financial statements do not reflect a provision for income taxes and the Fund has no other tax positions, which must be considered for disclosure. Income tax returns filed by the Fund are subject to examination by the Internal Revenue Service for a period of three years. While no income tax returns are currently being examined by the Internal Revenue Service, tax years since 2021 remain open.

NOTE G - SUBSEQUENT EVENTS

Events that occur after the balance sheet date but before the financial statements were available to be issued must be evaluated for recognition or disclosure. The effects of subsequent events that provide evidence about conditions that existed at the balance sheet date are recognized in the accompanying financial statements. Subsequent events, which provide evidence about conditions that existed after the balance sheet date, require disclosure in the accompanying notes. Management evaluated the activity of the Fund through the date the financial statements were issued, and concluded that, no subsequent events other than the disposition of the final Operating Partnership described in Note D have occurred that would require recognition in the financial statements or disclosure in the notes to the financial statements.

176

Item 2.Management’s Discussions and Analysis of Financial Condition and Results of Operations

This Management’s Discussion and Analysis of Financial Condition and Results of Operations contains forward-looking statements including our intentions, expectations, strategies and predictions of our future activities, or other future events or conditions. These statements are “forward looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and are intended to be covered by the safe harbors created by these acts. Investors are cautioned that all forward-looking statements involve risks and uncertainty, including, for example, the factors identified in Part I, Item 1A. “Risk Factors” of our Annual Report on Form 10-K for the fiscal year ended March 31, 2024. Although we believe that the assumptions underlying these forward-looking statements are reasonable, any of the assumptions could be inaccurate, and there can be no assurance that the forward-looking statements included in this Report will prove to be accurate. In light of the significant uncertainties inherent in these forward-looking statements, the inclusion of this information should not be regarded as a representation by us or any other person that our objectives and plans will be achieved. All forward-looking statements speak only as of the date of this Form 10-Q. We undertake no obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise.

BF Garden Tax Credit Fund IV L.P., a Delaware limited partnership formerly known as Boston Capital Tax Credit Fund IV L.P. (the “Fund”), was organized as of October 5, 1993 to invest as a limited partner in operating partnerships (the “Operating Partnerships”), each of which owns or leases and operates an apartment complex exclusively or partially for low- and moderate-income tenants. Effective as of December 15, 2020, Corporate Investment Holdings, Inc., a Massachusetts corporation owned by BF Garden Companion Limited Partnership, a Massachusetts limited partnership formerly known as Boston Capital Companion Limited Partnership (“Companion”), replaced BCA Associates Limited Partnership as the general partner of the Fund’s general partner, BF Garden Associates IV L.P., a Delaware limited partnership formerly known as Boston Capital Associates IV L.P. Additionally, Companion replaced Capital Investment Holdings IV Limited Partnership as the sole limited partner of the Fund’s General Partner. Also, effective as of December 15, 2020, BFBC Holdings GP, LLC, a Delaware limited liability company and an affiliate of Boston Financial Investment Management, LP, a Delaware limited partnership (“BFIM”), replaced Boston Capital Partners II Corporation as the general partner of Companion; and BFIM replaced Boston Capital Companion Holdings Limited Partnership as the sole limited partner of Companion. The assignor limited partner of the Fund continues to be BCTC IV Assignor Corp., a Delaware corporation which is now wholly owned by Companion.

Liquidity

The Fund’s former sources of funds were (i) the proceeds of the Offering, (ii) interest earned on capital contributions held pending investment and on working capital, and (iii) cash distributions from operations of the Operating Partnerships in which the Fund invested. The Fund’s current sources of liquidity include (i) interest on working capital and (ii) cash distributions from operations of the Operating Partnerships in which the Fund invested. The Fund does not anticipate significant cash distributions from operations of the Operating Partnerships.

The Fund is currently accruing the fund management fee. Fund management fees accrued during the quarter ended December 31, 2024 were $11,328 and total fund management fees accrued as of December 31, 2024 were $3,099,015. During the quarter ended December 31, 2024, none of the accrued fund management fees were paid. Pursuant to the Fund’s partnership agreement, these liabilities will be deferred until the Fund receives proceeds from sales of the Operating Partnerships that will be used to satisfy these liabilities. The Fund’s working capital and sources of liquidity coupled with affiliated party liability accruals allow sufficient levels of liquidity to meet the third-party obligations of the Fund. The Fund is currently unaware of any trends that would create insufficient liquidity to meet future third party obligations of the Fund.

An affiliate of the General Partner has made advances to the Partnership to temporarily cover operating expenses of the Partnership. During the quarter ended December 31, 2024, an affiliate of the General Partner made advances of $23,000. As of December 31, 2024, advances of $199,000 are outstanding. The advances do not bear interest, are unsecured and are payable on demand.

177

Capital Resources

The Fund offered beneficial assignee certificates (“BACs”) in the Public Offering declared effective by the Securities and Exchange Commission on December 16, 1993. The Fund received $38,667,000, $18,927,000, $25,644,000, $33,366,000, $21,697,000, $30,248,000, $39,959,000, $24,607,000, $39,999,000, $39,918,000, $26,490,750, $44,057,750, $47,431,000, $26,362,000, $35,273,000, $33,004,630, $21,068,375, $25,125,000, $25,431,000, $22,921,000, $26,629,250, $28,916,260, $27,442,620, $27,442,620, $36,379,870, $27,019,730, $40,143,670 and $29,809,980 representing 3,866,700, 1,892,700, 2,564,400, 3,336,727, 2,169,878, 3,026,109, 3,995,900, 2,460,700, 4,000,738, 3,991,800, 2,651,000, 4,417,857, 4,754,198, 2,636,533, 3,529,319, 3,300,463, 2,106,837, 2,512,500, 2,543,100, 2,292,152, 2,630,256, 2,891,626, 2,744,262, 3,637,987, 2,701,973, 4,014,367 and 2,980,998 BACs from investors admitted as BAC holders in Series 20, Series 21, Series 22, Series 23, Series 24, Series 25, Series 26, Series 27, Series 28, Series 29, Series 30, Series 31, Series 32, Series 33, Series 34, Series 35, Series 36, Series 37, Series 38, Series 39, Series 40, Series 41, Series 42, Series 43, Series 44, Series 45 and Series 46, respectively, as of December 31, 2024.

Series 20

The Fund commenced offering BACs in Series 20 on January 21, 1994. Offers and sales of BACs in Series 20 were completed on June 24, 1994. The Fund has committed proceeds to pay initial and additional installments of capital contributions to 24 Operating Partnerships in the amount of $27,693,970. Series 20 has since sold its interest in all 24 of the Operating Partnerships.

Prior to the quarter ended December 31, 2024, Series 20 had released all payments of its capital contributions to the Operating Partnerships.

Series 21

The Fund commenced offering BACs in Series 21 on July 5, 1994. Offers and sales of BACs in Series 21 were completed on September 30, 1994. The Fund has committed proceeds to pay initial and additional installments of capital contributions to 14 Operating Partnerships in the amount of $13,872,728. Series 21 has since sold its interest in all 14 of the Operating Partnerships.

Prior to the quarter ended December 31, 2024, Series 21 had released all payments of its capital contributions to the Operating Partnerships.

Series 22

The Fund commenced offering BACs in Series 22 on October 12, 1994. Offers and sales of BACs in Series 22 were completed on December 28, 1994. The Fund has committed proceeds to pay initial and additional installments of capital contributions to 29 Operating Partnerships in the amount of $18,758,748. Series 22 has since sold its interest in all 29 of the Operating Partnerships.

Prior to the quarter ended December 31, 2024, Series 22 had released all payments of its capital contributions to the Operating Partnerships.

Series 23

The Fund commenced offering BACs in Series 23 on January 10, 1995. Offers and sales of BACs in Series 23 were completed on June 23, 1995. The Fund has committed proceeds to pay initial and additional installments of capital contributions to 22 Operating Partnerships in the amount of $24,352,278. Series 23 has since sold its interest in all 22 of the Operating Partnerships.

Prior to the quarter ended December 31, 2024, Series 23 had released all payments of its capital contributions to the Operating Partnerships.

Series 24

The Fund commenced offering BACs in Series 24 on June 9, 1995. Offers and sales of BACs in Series 24 were completed on September 22, 1995. The Fund has committed proceeds to pay initial and additional installments of capital contributions to 24 Operating Partnerships in the amount of $15,796,309. Series 24 has since sold its interest in all 24 of the Operating Partnerships.

178

Prior to the quarter ended December 31, 2024, Series 24 had released all payments of its capital contributions to the Operating Partnerships.

Series 25

The Fund commenced offering BACs in Series 25 on September 30, 1995. Offers and sales of BACs in Series 25 were completed on December 29, 1995. The Fund has committed proceeds to pay initial and additional installments of capital contributions to 22 Operating Partnerships in the amount of $22,324,539. Series 25 has since sold its interest in all 22 of the Operating Partnerships.

Prior to the quarter ended December 31, 2024, Series 25 had released all payments of its capital contributions to the Operating Partnerships.

Series 26

The Fund commenced offering BACs in Series 26 on January 18, 1996. Offers and sales of BACs in Series 26 were completed on June 14, 1996. The Fund has committed proceeds to pay initial and additional installments of capital contributions to 45 Operating Partnerships in the amount of $29,401,215. Series 26 has since sold its interest in all 45 of the Operating Partnerships.

Prior to the quarter ended December 31, 2024, Series 26 had released all payments of its capital contributions to the Operating Partnerships.

Series 27

The Fund commenced offering BACs in Series 27 on June 17, 1996. Offers and sales of BACs in Series 27 were completed on September 27, 1996. The Fund has committed proceeds to pay initial and additional installments of capital contributions to 16 Operating Partnerships in the amount of $17,881,574. Series 27 has since sold its interest in all 16 of the Operating Partnerships.

Prior to the quarter ended December 31, 2024, Series 27 had released all payments of its capital contributions to the Operating Partnerships.

Series 28

The Fund commenced offering BACs in Series 28 on September 30, 1996. Offers and sales of BACs in Series 28 were completed on January 31, 1997. The Fund has committed proceeds to pay initial and additional installments of capital contributions to 26 Operating Partnership in the amount of $29,281,983. Series 28 has since sold its interest in all 26 of the Operating Partnerships.

Prior to the quarter ended December 31, 2024, Series 28 had released all payments of its capital contributions to the Operating Partnerships.

Series 29

The Fund commenced offering BACs in Series 29 on February 10, 1997. Offers and sales of BACs in Series 29 were completed on June 20, 1997. The Fund has committed proceeds to pay initial and additional installments of capital contributions to 22 Operating Partnerships in the amount of $29,137,877. Series 29 has since sold its interest in all 22 of the Operating Partnerships.

As a result of the sale of all operating limited partnerships an affiliate of the general partner has forgiven asset management fees payable of the series. The total forgiveness of debt for the nine months ended December 31, 2023 was $2,706,879 for Series 29. Because the transaction involved an affiliate of the general partner, the transaction is accounted for as an equity transaction instead of income to the Fund.

Prior to the quarter ended December 31, 2024, Series 29 had released all payments of its capital contributions to the Operating Partnerships.

179

Series 30

The Fund commenced offering BACs in Series 30 on June 23, 1997. Offers and sales of BACs in Series 30 were completed on September 10, 1997. The Fund has committed proceeds to pay initial and additional installments of capital contributions to 20 Operating Partnerships in the amount of $19,497,869. Series 30 has since sold its interest in all 20 of the Operating Partnerships.

Prior to the quarter ended December 31, 2024, Series 30 had released all payments of its capital contributions to the Operating Partnerships.

Series 31

The Fund commenced offering BACs in Series 31 on September 11, 1997. Offers and sales of BACs in Series 31 were completed on January 18, 1998. The Fund has committed proceeds to pay initial and additional installments of capital contributions to 27 Operating Partnerships in the amount of $32,569,100. Series 31 has since sold its interest in all 27 of the Operating Partnerships.

Prior to the quarter ended December 31, 2024, Series 31 had released all payments of its capital contributions to the Operating Partnerships.

Series 32

The Fund commenced offering BACs in Series 32 on January 19, 1998. Offers and sales of BACs in Series 32 were completed on June 23, 1998. The Fund has committed proceeds to pay initial and additional installments of capital contributions to 17 Operating Partnerships in the amount of $34,129,677. Series 32 has since sold its interest in all 17 of the Operating Partnerships and membership interests.

Prior to the quarter ended December 31, 2024, Series 32 had released all payments of its capital contributions to the Operating Partnerships.

Series 33

The Fund commenced offering BACs in Series 33 on June 22, 1998. Offers and sales of BACs in Series 33 were completed on September 21, 1998. The Fund has committed proceeds to pay initial and additional installments of capital contributions to 10 Operating Partnerships in the amount of $19,594,100. Series 33 has since sold its interest in all 10 of the Operating Partnerships.

Prior to the quarter ended December 31, 2024, Series 33 had released all payments of its capital contributions to the Operating Partnerships.

Series 34

The Fund commenced offering BACs in Series 34 on September 22, 1998. Offers and sales of BACs in Series 34 were completed on February 11, 1999. The Fund has committed proceeds to pay initial and additional installments of capital contributions to 14 Operating Partnerships in the amount of $25,738,978. Series 34 has since sold its interest in all 14 of the Operating Partnerships.

Prior to the quarter ended December 31, 2024, Series 34 had released all payments of its capital contributions to the Operating Partnerships.

Series 35

The Fund commenced offering BACs in Series 35 on February 22, 1999. Offers and sales of BACs in Series 35 were completed on June 28, 1999. The Fund has committed proceeds to pay initial and additional installments of capital contributions to 11 Operating Partnerships in the amount of $24,002,391. Series 35 has since sold its interest in all 11 of the Operating Partnerships.

Prior to the quarter ended December 31, 2024, Series 35 had released all payments of its capital contributions to the Operating Partnerships.

180

Series 36

The Fund commenced offering BACs in Series 36 on June 22, 1999. Offers and sales of BACs in Series 36 were completed on September 28, 1999. The Fund has committed proceeds to pay initial and additional installments of capital contributions to 11 Operating Partnerships in the amount of $15,277,041. Series 36 has since sold its interest in all 11 of the Operating Partnerships.

Prior to the quarter ended December 31, 2024, Series 36 had released all payments of its capital contributions to the Operating Partnerships.

Series 37

The Fund commenced offering BACs in Series 37 on October 29, 1999. Offers and sales of BACs in Series 37 were completed on January 28, 2000. The Fund has committed proceeds to pay initial and additional installments of capital contributions to 7 Operating Partnerships in the amount of $18,735,142. Series 37 has since sold its interest in all 7 of the Operating Partnerships.

Prior to the quarter ended December 31, 2024, Series 37 had released all payments of its capital contributions to the Operating Partnerships.

Series 38

The Fund commenced offering BACs in Series 38 on February 1, 2000. Offers and sales of BACs in Series 38 were completed on July 31, 2000. The Fund has committed proceeds to pay initial and additional installments of capital contributions to 10 Operating Partnerships in the amount of $18,612,287. Series 38 has since sold its interest in all 10 of the Operating Partnerships.

Prior to the quarter ended December 31, 2024, Series 38 had released all payments of its capital contributions to the Operating Partnerships, and the general partner interest of the other operating limited partnerships had been disposed.

Series 39

The Fund commenced offering BACs in Series 39 on August 1, 2000. Offers and sales of BACs in Series 39 were completed on January 31, 2001. The Fund has committed proceeds to pay initial and additional installments of capital contributions to 9 Operating Partnerships in the amount of $17,115,492. Series 39 has since sold its interest in all 9 of the Operating Partnerships.

Prior to the quarter ended December 31, 2024, Series 39 had released all payments of its capital contributions to the Operating Partnerships, and the general partner interest of the other operating limited partnerships had been disposed.

Series 40

The Fund commenced offering BACs in Series 40 on February 1, 2001. Offers and sales of BACs in Series 40 were completed on July 31, 2001. The Fund has committed proceeds to pay initial and additional installments of capital contributions to 16 Operating Partnerships in the amount of $19,030,772. Series 40 has since sold its interest in all 16 of the Operating Partnerships.

Prior to the quarter ended December 31, 2024, Series 40 had released all payments of its capital contributions to the Operating Partnerships, and the general partner interest of the other operating limited partnerships had been disposed.

Series 41

The Fund commenced offering BACs in Series 41 on August 1, 2001. Offers and sales of BACs in Series 41 were completed on January 31, 2002. The Fund has committed proceeds to pay initial and additional installments of capital contributions to 23 Operating Partnerships in the amount of $21,278,631. Series 41 has since sold its interest in all 23 of the Operating Partnerships.

Prior to the quarter ended December 31, 2024, Series 41 had released all payments of its capital contributions to the Operating Partnerships.

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Series 42

The Fund commenced offering BACs in Series 42 on February 1, 2002. Offers and sales of BACs in Series 42 were completed on July 31, 2002. The Fund has committed proceeds to pay initial and additional installments of capital contributions to 23 Operating Partnerships in the amount of $20,661,120. Series 42 has since sold its interest in all 23 of the Operating Partnerships.

Prior to the quarter ended December 31, 2024, Series 42 had released all payments of its capital contributions to the Operating Partnerships.

Series 43

The Fund commenced offering BACs in Series 43 on August 1, 2002. Offers and sales of BCAs in Series 43 were completed in September 30, 2002. The Fund has committed proceeds to pay initial and additional installments of capital contributions to 23 Operating Partnerships in the amount of $26,326,543. Series 43 has since sold its interest in all 23 of the Operating Partnerships.

Prior to the quarter ended December 31, 2024, Series 43 had released all payments of its capital contributions to the Operating Partnerships, and the general partner interest of the other operating limited partnerships had been disposed.

Series 44

The Fund commenced offering BACs in Series 44 on January 14, 2003. Offers and sales of BACs in Series 44 were completed in April 30, 2003. The Fund has committed proceeds to pay initial and additional installments of capital contributions to 10 Operating Partnerships in the amount of $20,248,519. Series 44 has since sold its interest in all 10 of the Operating Partnerships.

Prior to the quarter ended December 31, 2024, Series 44 had released all payments of its capital contributions to the Operating Partnerships.

Series 45

The Fund commenced offering BACs in Series 45 on July 1, 2003. Offers and sales of BACs in Series 45 were completed on September 16, 2003. The Fund has committed proceeds to pay initial and additional installments of capital contributions to 31 Operating Partnerships in the amount of $30,232,512. Series 45 has since sold its interest in all 31 of the Operating Partnerships.

Prior to the quarter ended December 31, 2024, Series 45 had released all payments of its capital contributions to the Operating Partnerships.

Series 46

The Fund commenced offering BACs in Series 46 on September 23, 2003. Offers and sales of BACs in Series 46 were completed on December 19, 2003. The Fund has committed proceeds to pay initial and additional installments of capital contributions to 15 Operating Partnerships in the amount of $22,495,082. Series 46 has since sold its interest in 14 of the Operating Partnerships and 1 remains.

Prior to the quarter ended December 31, 2024, Series 46 had released all payments of its capital contributions to the Operating Partnerships.

Results of Operations

As of December 31, 2024 and 2023, the Fund held limited partnership interests in 1 and 3 Operating Partnerships, respectively. In each instance the apartment complex owned by the applicable Operating Partnership is eligible for the federal housing tax credit. Initial occupancy of a unit in each apartment complex which complied with the minimum set-aside test (i.e., initial occupancy by tenants with incomes equal to no more than a certain percentage of area median income) and the rent restriction test (i.e., gross rent charged tenants does not exceed 30% of the applicable income standards) is referred to as “Qualified Occupancy.” Each of the Operating Partnerships and each of the respective apartment complexes are described more fully in the Prospectus or applicable report on Form 8-K. The general partner of the Fund believes that there is adequate casualty insurance on the properties.

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The Fund originally incurred a fund management fee to Boston Capital Asset Management Limited Partnership, formerly an affiliate of the Fund’s general partner. As part of the sale disclosed in Note A, the fund management fee is now with BF Garden Companion Limited Partnership (formerly known as Boston Capital Companion Limited Partnership), an affiliate of the Fund’s general partner, in an annual fund management fee of.5 percent of the aggregate cost of the apartment complexes owned by the Operating Partnerships, less the amount of certain asset management and reporting fees paid by the Operating Partnerships. The fund management fees incurred and the reporting fees paid by the Operating Partnerships for the three and nine months ended December 31, 2024 are as follows:

					Three Months
	Three Months		Three Months		Fund Management Fee Net
	Gross Fund		Asset Management and		of Asset Management and
	Management Fee		Reporting Fee		Reporting Fee
Series 34	$	4,623	$	—	$	4,623
Series 46		6,705		3,877		2,828
	$	11,328	$	3,877	$	7,451

					Nine Months
	Nine Months		Nine Months		Fund Management Fee Net
	Gross Fund		Asset Management and		of Asset Management and
	Management Fee		Reporting Fee		Reporting Fee
Series 34	$	13,869	$	3,000	$	10,869
Series 46		20,115		3,877		16,238
	$	33,984	$	6,877	$	27,107

The Fund’s investment objectives do not include receipt of significant cash distributions from the Operating Partnerships in which it has invested or intends to invest. The Fund’s investments in Operating Partnerships have been and will be made principally with a view towards realization of federal housing tax credits for allocation to its partners and BAC holders.

Series 20

The series did not have any properties as of December 31, 2024 and 2023.

Series 21

The series did not have any properties as of December 31, 2024 and 2023.

Series 22

The series did not have any properties as of December 31, 2024 and 2023.

Series 23

The series did not have any properties as of December 31, 2024 and 2023.

Series 24

The series did not have any properties as of December 31, 2024 and 2023.

Series 25

The series did not have any properties as of December 31, 2024 and 2023.

Series 26

The series did not have any properties as of December 31, 2024 and 2023.

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Series 27

The series did not have any properties as of December 31, 2024 and 2023.

Series 28

The series did not have any properties as of December 31, 2024 and 2023.

Series 29

The series did not have any properties as of December 31, 2024 and 2023.

In April 2023, the investment general partner sold its interest in Lincoln Hotel Partnership, A California Limited Partnership, with cash proceeds to the investment partnership of $429,843. These proceeds were returned to cash reserves held by Series 29 and recorded as a gain on sale as of June 30, 2023. In addition, equity outstanding for the Operating Partnership in the amount of $785 for Series 29 was recorded as gain on the sale of the Operating Partnership as of June 30, 2023.

Series 30

The series did not have any properties as of December 31, 2024 and 2023.

Series 31

The series did not have any properties as of December 31, 2024 and 2023.

Series 32

The series did not have any properties as of December 31, 2024 and 2023.

Series 33

The series did not have any properties as of December 31, 2024 and 2023.

Series 34

The series did not have any properties as of December 31, 2024.

For the nine-month periods ended December 31, 2024 and 2023, Series 34 reflects a net income from the Operating Partnerships of $- and $20,641, respectively, which includes depreciation and amortization of $- and $66,322, respectively. This is an interim period estimate; it is not indicative of the final year-end results.

In December 2024, the investment general partner transferred its interest in RHP 96-I Limited Partnership, with cash proceeds to the investment partnership of $550,000. These proceeds were returned to cash reserves held by Series 34 and recorded as a gain on transfer as of December 31, 2024.

Series 35

The series did not have any properties as of December 31, 2024 and 2023.

Series 36

The series did not have any properties as of December 31, 2024 and 2023.

184

Series 37

The series did not have any properties as of December 31, 2024 and 2023.

Series 38

The series did not have any properties as of December 31, 2024 and 2023.

Series 39

The series did not have any properties as of December 31, 2024 and 2023.

Series 40

The series did not have any properties as of December 31, 2024 and 2023.

Series 41

The series did not have any properties as of December 31, 2024 and 2023.

Series 42

The series did not have any properties as of December 31, 2024 and 2023.

Series 43

The series did not have any properties as of December 31, 2024 and 2023.

Series 44

The series did not have any properties as of December 31, 2024 and 2023.

Series 45

The series did not have any properties as of December 31, 2024 and 2023.

Series 46

The series had a total of 1 property at December 31, 2024.

For the nine-month periods ended December 31, 2024 and 2023, Series 46 reflects a net loss from Operating Partnerships of $(36,218) and $(32,545), respectively, which includes depreciation and amortization of $124,601 and $166,682, respectively. This is an interim period estimate; it is not indicative of the final year-end results.

In February 2025, the investment general partner transferred its interest in Ocean East of Portland, LLC, with cash proceeds to the investment partnership of $175,000. These proceeds were returned to cash reserves held by Series 46 and recorded as a gain on transfer as of February 6, 2025.

In June 2023, the investment general partner sold its interest in Saint Martin Apartments L.P., with cash proceeds to the investment partnership of $587,240. These proceeds were returned to cash reserves held by Series 46 and recorded as a gain on sale as of June 30, 2023.

In February 2024, the investment general partner transferred its interest in Elma Gardens of Grays Harbor L.P., with cash proceeds to the investment partnership of $5,000. These proceeds were returned to cash reserves held by Series 46 and recorded as a gain on transfer as of March 31, 2024.

185

Critical Accounting Estimates

In accordance with the accounting guidance for the consolidation of variable interest entities, the Fund determines when it should include the assets, liabilities, and activities of a variable interest entity (“VIE”) in its financial statements, and when it should disclose information about its relationship with a VIE. The analysis that must be performed to determine which entity should consolidate a VIE focuses on control and economic factors. A VIE is a legal structure used to conduct activities or hold assets, which must be consolidated by a company if it is the primary beneficiary because it has (1) the power to direct the activities of the VIE that most significantly impact the VIE’s economic performance and (2) the obligation to absorb losses or receive benefits that could potentially be significant to the VIE. If multiple unrelated parties share such power, as defined, no party will be required to consolidate the VIE. Further, the guidance requires continual reconsideration of the primary beneficiary of a VIE.

Based on this guidance, management has determined that while the Operating Partnerships in which the Fund invests meet the definition of a VIE, the Operating Partnerships should not be consolidated with the Fund because the Fund does not have the power to direct the activities of the Operating Partnerships which are significant to their performance and is therefore not a primary beneficiary of the Operating Partnerships. The Fund currently records the amount of its investment in these partnerships as an asset on its balance sheets, recognizes its share of partnership income or losses in the statements of operations, and discloses how it accounts for material types of these investments in its financial statements. The Fund’s balance in investment in Operating Partnerships, advances made to Operating Partnerships, plus the risk of recapture of tax credits previously recognized on the investments, represents its maximum exposure to loss. The Fund’s exposure to loss on these partnerships is mitigated by the condition and financial performance of the underlying housing complexes as well as the strength of the general partners and their guarantee against credit recapture to the investors of the Fund.

Item 3Quantitative and Qualitative Disclosures About Market Risk

Not Applicable

Item 4Controls and Procedures

(a)   Evaluation of Disclosure Controls and Procedures 

As of the end of the period covered by this report, the Fund’s general partner, under the supervision and with the participation of the Principal Executive Officer and Principal Accounting and Financial Officer of Corporate Investment Holdings, Inc., carried out an evaluation of the effectiveness of the Fund’s “disclosure controls and procedures” as defined under the Securities Exchange Act of 1934 Rules 13a-15 and 15d-15 with respect to each series individually, as well as the Fund as a whole. Based on that evaluation, the Fund’s Principal Executive Officer and Principal Accounting and Financial Officer have concluded that as of the end of the period covered by this report, the Fund’s disclosure controls and procedures were effective to ensure that information relating to any series or the Fund as a whole required to be disclosed by it in the reports that it files or submits under the Securities Exchange Act of 1934 (i) is recorded, processed, summarized and reported within the time periods specified in the SEC’s rules and forms and (ii) is accumulated and communicated to the Fund’s management, including the Fund’s Principal Executive Officer and Principal Accounting and Financial Officer, as appropriate, to allow timely decisions regarding required disclosure with respect to each series individually, as well as the Fund as a whole.

(b)   Changes in Internal Controls

There were no changes in the Fund’s or any series’ internal control over financial reporting that occurred during the quarter ended December 31, 2024 that materially affected, or are reasonably likely to materially affect, the Fund’s or any series’ internal control over financial reporting.

(c)   Certifications

The Certifications of the Principal Executive Officer and Principal Accounting and Financial Officer of the Fund required by Section 302 and Section 906 of the Sarbanes-Oxley Act of 2002, which are filed or furnished as Exhibits 31 and 32 to this Quarterly Report on Form 10-Q, are applicable to each series individually and the Fund as a whole.

186

PART II - OTHER INFORMATION

Item 1. Legal Proceedings

None

Item 1A.  Risk Factors

There have been no material changes from the risk factors set forth under Part I, Item 1A. “Risk Factors” in our Form 10-K for the fiscal year ended March 31, 2024.

Item 2.Unregistered Sales of Equity Securities and Use of Proceeds

None

Item 3.Defaults Upon Senior Securities

None

Item 4.Mine Safety Disclosures

Not Applicable

Item 5.Other Information

During the three months ended December 31, 2024, the Principal Executive Officer and Principal Financial Officer of the Fund, did not adopt or terminate a “Rule 10b5-1 trading arrangement” or “non-Rule 10b5-1 trading arrangement” as each term is defined in Item 408 of Regulation S-K.

Item 6.Exhibits 

31. Certification pursuant to Section 302 of the Sarbanes-Oxley Act of 2002, of Marie Reynolds, Principal Executive Officer and Principal Accounting and Financial Officer, filed herewith

32. Certification pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, of Marie Reynolds, Principal Executive Officer and Principal Accounting and Financial Officer, filed herewith

101. The following materials from the BF Garden Tax Credit Fund IV L.P. Quarterly Report on Form 10-Q for the quarterly period ended December 31, 2024 formatted in Inline Extensible Business Reporting Language (iXBRL): (i) the Condensed Balance Sheets, (ii) the Condensed Statements of Operations, (iii) the Condensed Statements of Changes in Partners’ Capital (Deficit), (iv) the Condensed Statements of Cash Flows and (v) related notes, filed herewith

104. Cover Page Interactive Data File (formatted in iXBRL and included in Exhibit 101).

187

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

	BF Garden Tax Credit Fund IV L.P.
	By:	BF Garden Associates IV L.P., its
		General Partner
		By:	Corporate Investment Holdings, Inc.,
			its General Partner
Date: February 12, 2025			By:	/s/ Marie Reynolds
				Marie Reynolds
				President (Principal Executive Officer and Principal Accounting and Financial Officer)

Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following persons on behalf of the Fund and in the capacities and on the dates indicated:

DATE:	SIGNATURE:	TITLE:
February 12, 2025	/s/ Marie Reynolds	President (Principal Executive Officer) and Treasurer (Principal Accounting and Financial Officer),
	Marie Reynolds	Corporate Investment Holdings, Inc.

188