As of December 31, 2022, the Partnership had four reportable segments: (1) Affordable Multifamily MRB Investments, (2) Seniors and Skilled Nursing MRB Investments, (3) MF Properties, and (4) Market-Rate Joint Venture Investments. The Partnership separately reports its consolidation and elimination information because it does not allocate certain items to the segments.

The Affordable Multifamily MRB Investments segment consists of the Partnership’s portfolio of MRBs, GILs and related property loans that have been issued to provide construction and/or permanent financing for multifamily residential and commercial properties in their market areas. Such MRBs and GILs are held as investments and the related property loans, net of loan loss allowances, are reported as such on the Partnership’s consolidated balance sheets. As of December 31, 2022, the Partnership reported 76 MRBs and 13 GILs in this segment. As of December 31, 2022, the multifamily residential properties securing the MRBs and GILs contain a total of 10,822 and 2,419 multifamily rental units, respectively. In addition, one MRB (Provision Center 2014-1) was collateralized by commercial real estate prior to a sale of the underlying real estate in July 2022 (Note 6). All “General and administrative expenses” on the Partnership’s consolidated statements of operations are reported within this segment.

The Seniors and Skilled Nursing MRB Investments segment consists of an MRB and a property loan that have been issued to provide acquisition, construction and/or permanent financing for seniors housing and skilled nursing properties. The property loan was redeemed in September 2022. Seniors housing consists of a combination of the independent living, assisted living and memory care units. As of December 31, 2022, the property securing the MRB contains a total of 154 seniors housing units.

The Market-Rate Joint Venture Investments segment consists of the operations of ATAX Vantage Holdings, LLC and ATAX Freestone Holdings, LLC, which make noncontrolling investments in unconsolidated entities for the construction, stabilization, and

ultimate sale of market-rate multifamily properties (Note 9). The Market-Rate Joint Venture Investments segment also includes the consolidated VIE of Vantage at San Marcos (Note 5).

The MF Properties segment consists primarily of a student housing residential property held by the Partnership (Note 8). During the time the Partnership holds an interest in an MF Property, any excess cash flow will be available for distribution to the Partnership. As of December 31, 2022, the Partnership owned one MF Property containing a total of 384 rental units. Income tax expense for the Greens Hold Co is reported within this segment.

The following table details certain financial information for the Partnership’s reportable segments for the year ended December 31, 2022 and 2021:


	For the Years Ended December 31,
	2022			2021
Total revenues
Affordable Multifamily MRB Investments	$	63,374,549		$	46,198,552
Seniors and Skilled Nursing MRB Investments		713,036			77,979
Market-Rate Joint Venture Investments		9,130,486			14,967,102
MF Properties		7,855,506			7,208,661
Total revenues	$	81,073,577		$	68,452,294

Interest expense
Affordable Multifamily MRB Investments	$	28,544,715		$	20,382,143
Seniors and Skilled Nursing MRB Investments		5,750			-
Market-Rate Joint Venture Investments		870,497			428,018
MF Properties		1,043,489			1,133,724
Total interest expense	$	30,464,451		$	21,943,885

Depreciation expense
Affordable Multifamily MRB Investments	$	23,846		$	23,495
Seniors and Skilled Nursing MRB Investments		-			-
Market-Rate Joint Venture Investments		-			-
MF Properties		2,693,569			2,709,427
Total depreciation expense	$	2,717,415		$	2,732,922

Net income (loss)
Affordable Multifamily MRB Investments	$	17,330,756		$	8,619,813
Seniors and Skilled Nursing MRB Investments		704,994			72,020
Market-Rate Joint Venture Investments		48,054,241			30,055,826
MF Properties		(527,825	)		(648,171	)
Net income	$	65,562,166		$	38,099,488

The following table details total assets for the Partnership’s reportable segments as of December 31, 2022 and 2021:


	December 31, 2022			December 31, 2021
Total assets
Affordable Multifamily MRB Investments	$	1,520,609,550		$	1,304,626,248
Seniors and Skilled Nursing MRB Investments		3,551,307			13,533,020
Market-Rate Joint Venture Investments		120,089,351			112,052,513
MF Properties		41,699,828			66,501,994
Consolidation/eliminations		(118,820,471	)		(110,804,292	)
Total assets	$	1,567,129,565		$	1,385,909,483