Subsequent Events

12 Months Ended

Dec. 31, 2022

Subsequent Events [Abstract]

Subsequent Events

27. Subsequent Events

In January 2024, the Partnership entered into an additional interest rate swap agreement to mitigate interest rate risk associated with its variable rate TOB trust financings. The following table summarizes the terms of the interest rate swap agreement:

Trade Date	Notional Amount		Effective Date	Termination Date	Fixed Rate Paid	Variable Rate Index Received	Variable Debt Financing Hedged	Counterparty
January 2024	$	38,660,000	2/1/2024	2/1/2027	3.906%	Compounded SOFR	TOB Trusts	Mizuho Capital Markets

In January 2024, the Partnership entered into a new TOB trust financing arrangement with Mizuho. A portion of the proceeds were used to repay the outstanding balance on the Partnership’s Acquisition LOC. The following table summarizes the initial terms of the TOB trust financing:

TOB Trusts Securitization	TOB Trust Financing		Stated Maturity	Interest Rate Type	Tax-Exempt Interest on Senior Securities	Remarketing Senior Securities Rate	Facility Fees	Interest Rate
Southpark MRB	$	9,840,000	June 2024	Variable	Yes	2.27%	1.44%	3.71%

In January 2024, the Partnership deposited the Osprey Village Supplemental property loan into the existing Trust 2021-XF2939 TOB trust financing and received additional debt financing proceeds of approximately $3.8 million, which were used to repay principal on the Acquisition LOC.

In January 2024, the Partnership issued 1,750,000 Series B Preferred Units to a financial institution in exchange for 1,750,000 outstanding Series A Preferred Units held by that institution. There were no net proceeds to the Partnership as a result of the exchange transaction. These Series B Preferred Units were issued in a registered offering pursuant to a registration statement on Form S-4, which was declared effective by the Commission on November 8, 2023.

In January 2024 and through the date of this report in February 2024, the Partnership advanced funds beyond its original commitments to four Vantage JV Equity Investments totaling $2.7 million to cover additional construction and interest costs.

In January 2024, the Hope on Avalon GIL was purchased by Freddie Mac through an unaffiliated servicer. The Partnership received proceeds of approximately $23.5 million representing 100% of the outstanding principal and accrued interest from the sale of the GIL to Freddie Mac. Proceeds of approximately $20.0 million from the sale of the Hope on Avalon GIL were used to redeem and pay all accrued interest and principal of the Hope on Avalon TOB trust financing.

In January 2024, the Hope on Avalon taxable GIL was redeemed concurrently with the Hope on Avalon GIL. The Partnership received proceeds of approximately $10.7 million representing 100% of the outstanding principal and accrued interest of the taxable GIL, of which approximately $9.6 million was used to paydown principal on the related TOB trust financing.

In February 2024, the borrower of the Legacy Commons at Signal Hills GIL and Legacy Commons at Signal Hills property loan extended the maturity dates from February 1, 2024 to August 1, 2024. Freddie Mac extended its forward purchase commitment maturity to August 1, 2024 as well. There were no additional changes to terms associated with the extensions.

In February 2024, the Partnership issued 500,000 Series B Preferred Units to a financial institution, resulting in $5,000,000 in aggregate proceeds to the Partnership. These Series B Preferred Units were issued in a registered offering pursuant to a registration statement on Form S-3, which was declared effective by the Commission on September 9, 2021, and subsequently amended pursuant to Post-Effective Amendments to the Form S-3, which were declared effective by the Commission on April 13, 2022 and June 15, 2023, respectively.

In February 2024, The Partnership sold four property loans to an affiliate of the borrower for each loan at par plus accrued interest. The table below summarizes key terms of the property loans redeemed. Proceeds of approximately $60.2 million were used to paydown principal on associated TOB financings.

Loan	Month Redeemed	Property Location	Units	Stated Maturity Date	Interest Rate	Principal Outstanding at Date of Redemption
Osprey Village	February 2024	Kissimmee, FL	383	8/1/2024	SOFR + 3.07%	$	14,998,296
Osprey Village Supplemental	February 2024	Kissimmee, FL	383	8/1/2024	SOFR + 3.22%		4,600,000
Willow Place Apartments	February 2024	McDonough, GA	182	10/1/2024	SOFR + 3.30%		18,875,606
Willow Place Apartments Supplemental	February 2024	McDonough, GA	182	10/1/2024	SOFR + 3.45%		1,115,320
Legacy Commons at Signal Hills	February 2024	St. Paul, MN	247	2/1/2024	SOFR + 3.07%		32,233,972
						$	71,823,194

In February 2024, the Partnership entered into a new TOB trust financing arrangement with Mizuho. The following table summarizes the initial terms of the TOB trust financing:

TOB Trusts Securitization		Initial TOB Trust Financing		Stated Maturity	Interest Rate Type	Tax-Exempt Interest on Senior Securities	Remarketing Senior Securities Rate	Facility Fees	Interest Rate
Trust 2024-XF3219	(1)	$	21,795,000	February 2027	Variable	No	5.59%	1.79%	7.38%

(1)The TOB trust is securitized by eight taxable MRBs, six MRBs, and one property loan.