As of December 31, 2023, 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, 2023, the Partnership reported 83 MRBs and 10 GILs in this segment. As of December 31, 2023, the multifamily residential properties securing the MRBs and GILs contain a total of 11,525 and 1,627 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 two MRBs 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 independent living, assisted living and memory care units. As of December 31, 2023, the two properties securing the MRBs contain a total of 294 beds.

The Market-Rate Joint Venture Investments segment consists of the operations of ATAX Vantage Holdings, LLC, ATAX Freestone Holdings, LLC, ATAX Senior Housing Holdings I, LLC, and ATAX Great Hill Holdings LLC, which make noncontrolling investments in unconsolidated entities for the construction, stabilization, and ultimate sale of market-rate multifamily and seniors housing 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 student housing residential properties that were held by the Partnership (Note 10). In December 2023, the Partnership sold the Suites on Paseo MF Property (Note 10). The Partnership sold The 50/50 MF Property to an unrelated non-profit organization in December 2022 in exchange for a seller financing property loan (Note 10) which is included in the MF Properties Segment. As of December 31, 2023, the Partnership did not own any MF Properties. 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 years ended December 31, 2023 and 2022:


	For the Years Ended December 31,
	2023			2022
Total revenues
Affordable Multifamily MRB Investments	$	88,460,194		$	63,374,549
Seniors and Skilled Nursing MRB Investments		1,710,657			713,036
Market-Rate Joint Venture Investments		10,162,307			9,130,486
MF Properties		4,567,506			7,855,506
Total revenues	$	104,900,664		$	81,073,577

Interest expense
Affordable Multifamily MRB Investments	$	66,112,891		$	41,640,137
Seniors and Skilled Nursing MRB Investments		998,618			5,750
Market-Rate Joint Venture Investments		1,337,402			870,497
MF Properties		617,852			1,043,489
Total interest expense	$	69,066,763		$	43,559,873

Net result from derivative transactions
Affordable Multifamily MRB Investments	$	(7,305,867	)	$	(13,095,422	)
Seniors and Skilled Nursing MRB Investments		(89,844	)		-
Market-Rate Joint Venture Investments		-
MF Properties		24,127			-
Total net result from derivative transactions	$	(7,371,584	)	$	(13,095,422	)

Depreciation expense
Affordable Multifamily MRB Investments	$	23,846		$	23,846
Seniors and Skilled Nursing MRB Investments		-			-
Market-Rate Joint Venture Investments		-			-
MF Properties		1,513,602			2,693,569
Total depreciation expense	$	1,537,448		$	2,717,415

Net income (loss)
Affordable Multifamily MRB Investments	$	11,577,120		$	17,330,756
Seniors and Skilled Nursing MRB Investments		801,883			704,994
Market-Rate Joint Venture Investments		31,532,139			48,054,241
MF Properties		10,100,554			(527,825	)
Net income	$	54,011,696		$	65,562,166

The following table details total assets for the Partnership’s reportable segments as of December 31, 2023 and 2022:


	December 31, 2023			December 31, 2022
Total assets
Affordable Multifamily MRB Investments	$	1,413,596,701		$	1,520,609,550
Seniors and Skilled Nursing MRB Investments		43,532,926			3,551,307
Market-Rate Joint Venture Investments		140,791,041			120,089,351
MF Properties		7,034,690			41,699,828
Consolidation/eliminations		(91,554,656	)		(118,820,471	)
Total assets	$	1,513,400,702		$	1,567,129,565