Governmental Issuer Loans (Tables)

12 Months Ended

Dec. 31, 2023

Governmental Issuer Loans [Abstract]

Summary of Partnership's GIL Investments

The Partnership had the following GIL investments as of December 31, 2023 and 2022:

							As of December 31, 2023
Property Name	Month Acquired	Property Location	Units		Maturity Date (1)	Interest Rate (2)	Current Interest Rate	Amortized Cost
Legacy Commons at Signal Hills (3)	January 2021	St. Paul, MN	247		2/1/2024	SOFR + 3.07%	8.46%		34,620,000
Hope on Avalon	January 2021	Los Angeles, CA	88		2/1/2024	SIFMA + 3.75%	7.62%		23,390,000
Osprey Village (3)	July 2021	Kissimmee, FL	383		8/1/2024	SOFR + 3.07%	8.38%		60,000,000
Willow Place Apartments (3)	September 2021	McDonough, GA	182		10/1/2024	SOFR + 3.30%	8.61%		25,000,000
Willow Place Apartments Supplemental	November 2023	McDonough, GA	n/a		10/1/2024	SOFR + 3.45%	8.76%		1,500,000
Magnolia Heights (3)	June 2022	Covington, GA	200		7/1/2024	SOFR + 3.85%	9.16%		20,400,000
Poppy Grove I (3), (4)	September 2022	Elk Grove, CA	147		4/1/2025	6.78%	6.78%		19,846,000
Poppy Grove II (3), (4)	September 2022	Elk Grove, CA	82		4/1/2025	6.78%	6.78%		9,541,300
Poppy Grove III (3), (4)	September 2022	Elk Grove, CA	158		4/1/2025	6.78%	6.78%		16,550,000
Sandy Creek Apartments (3)	August 2023	Bryan, TX	140		9/1/2026	7.83% (5)	7.83%		12,100,000
				1,627				$	222,947,300

(1)The borrowers may elect to extend the maturity dates by six months upon meeting certain conditions, which may include payment of a non-refundable extension fee.

(2)The variable index interest rate components are typically subject to floors that range from 0% to 0.85%.

(3)The Freddie Mac servicer that has forward committed to purchase the GIL at maturity is an affiliate of the Partnership (Note 23).

(4)The Partnership has agreed to provide a subordinate GIL after the execution of Freddie Mac’s forward purchase commitment if needed by the property. The potential subordinate GIL amounts are up to $3.8 million, $2.2 million, and $4.2 million for Poppy Grove I, Poppy Grove II, and Poppy Grove III, respectively.

(5)The interest rate will convert to a variable rate of Term SOFR + 2.80% on February 1, 2025.

							As of December 31, 2022
Property Name	Month Acquired	Property Location	Units		Maturity Date (1)	Interest Rate (2)	Current Interest Rate	Amortized Cost
Scharbauer Flats Apartments (3)	June 2020	Midland, TX	300		7/1/2023	SIFMA + 3.10%	6.76%	$	40,000,000
Oasis at Twin Lakes (3)	July 2020	Roseville, MN	228		8/1/2023	SIFMA + 2.25%	5.91%		34,000,000
Centennial Crossings (3)	August 2020	Centennial, CO	209		9/1/2023	SIFMA + 2.75%	6.41%		33,080,000
Legacy Commons at Signal Hills (3)	January 2021	St. Paul, MN	247		2/1/2024	SOFR + 3.07%	7.37%		34,620,000
Hilltop at Signal Hills (3)	January 2021	St. Paul, MN	146		8/1/2023	SOFR + 3.07%	7.37%		24,450,000
Hope on Avalon	January 2021	Los Angeles, CA	88		8/1/2023	SIFMA + 3.75%	7.41%		23,390,000
Hope on Broadway	January 2021	Los Angeles, CA	49		8/1/2023	SIFMA + 3.75%	7.41%		12,105,623
Osprey Village (3)	July 2021	Kissimmee, FL	383		8/1/2024	SOFR + 3.07%	6.88%		39,893,040
Willow Place Apartments (3)	September 2021	McDonough, GA	182		10/1/2024	SOFR + 3.30%	7.11%		17,354,472
Magnolia Heights (3)	June 2022	Covington, GA	200		7/1/2024	SOFR + 3.85%	7.66%		20,400,000
Poppy Grove I (3), (4)	September 2022	Elk Grove, CA	147		4/1/2025	6.78%	6.78%		7,846,000
Poppy Grove II (3), (4)	September 2022	Elk Grove, CA	82		4/1/2025	6.78%	6.78%		4,541,300
Poppy Grove III (3), (4)	September 2022	Elk Grove, CA	158		4/1/2025	6.78%	6.78%		8,550,000
				2,419				$	300,230,435

(1)The borrowers may elect to extend the maturity dates by six months upon meeting certain conditions, which may include payment of a non-refundable extension fee.

(2)The variable index interest rate components are typically subject to floors that range from 0% to 0.85%.

(3)The Freddie Mac servicer that has forward committed to purchase the GIL at maturity is an affiliate of the Partnership (Note 23).

(4)The Partnership has agreed to provide a subordinate GIL after the execution of Freddie Mac’s forward purchase commitment if needed by the property. The potential subordinate GIL amounts are up to $3.8 million, $2.2 million, and $4.2 million for Poppy Grove I, Poppy Grove II, and Poppy Grove III, respectively.

Schedule of Principal and Accrued Interest Paid

During 2023, the following GILs were purchased by Freddie Mac through a servicer and all principal and accrued interest amounts due were paid in full:

Property Name	Month Redeemed	Principal Proceeds
Oasis at Twin Lakes	June 2023	$	34,000,000
Hope on Broadway	July 2023		13,105,623
Hilltop at Signal Hills	August 2023		24,450,000
Centennial Crossings	September 2023		33,080,000
Scharbauer Flats Apartments	November 2023		40,000,000
		$	144,635,623