Accounts Payable, Accrued Expenses and Other Liabilities

12 Months Ended

Dec. 31, 2023

Accounts Payable, Accrued Expenses and Other Liabilities

14. Accounts Payable, Accrued Expenses and Other Liabilities

The following table summarizes the Partnership’s accounts payable, accrued expenses and other liabilities as of December 31, 2023 and 2022:


	December 31, 2023		December 31, 2022
Accounts payable	$	1,518,267	$	1,244,918
Accrued expenses		4,104,945		4,888,438
Accrued interest expense		7,935,327		7,186,021
Deferred gain on sale of MF Property		6,596,622		6,596,622
Reserve for credit losses on unfunded commitments (Note 13)		678,000		-
Derivative instruments at fair value (Note 18)		705,694		-
Other liabilities		1,419,233		1,817,507
Total accounts payable, accrued expenses and other liabilities	$	22,958,088	$	21,733,506

On January 1, 2023, the Partnership adopted ASU 2016-13 which replaced the incurred loss methodology with an expected loss model known as the CECL model. See Note 13 for information regarding the Partnership’s allowance for credit losses related to its unfunded commitments.