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Variable Interest Entities (Tables)

6 Months Ended

Jun. 30, 2024

Variable Interest Entities [Abstract]

Variable Interest Entities Property Asset Carrying Value by Asset and Maximum Exposure


	June 30, 2024				December 31, 2023
	Carrying Value		Maximum Exposure to Loss		Carrying Value		Maximum Exposure to Loss
Mortgage revenue bonds held in trust	$	157,707,267	$	153,571,233	$	101,785,909	$	95,186,213
Mortgage revenue bonds		-		-		3,450,188		3,150,000
Taxable mortgage revenue bonds (reported within other assets)		2,982,399		3,011,729		13,488,560		13,520,631
Governmental issuer loans held in trust		194,157,300		194,157,300		202,547,300		202,547,300
Taxable governmental issuer loans (reported within other assets)		3,000,000		3,000,000		13,573,000		13,573,000
Property loans		40,332,992		40,332,992		107,511,750		107,511,750
Investments in unconsolidated entities		157,940,664		157,940,664		136,653,246		136,653,246
	$	556,120,622	$	552,013,918	$	579,009,953	$	572,142,140

Schedule of Assets and Liabilities of the Partnership Consolidated VIE

The following table summarizes the assets and liabilities of the Partnership’s consolidated VIEs as of June 30, 2024 and December 31, 2023:


	June 30, 2024			December 31, 2023
Assets:
Restricted cash	$	30,605		$	12,605
Interest receivable, net		6,710,673			6,920,851
Mortgage revenue bonds held in trust, at fair value		990,067,074			883,030,786
Governmental issuer loans
Governmental issuer loans held in trust		214,557,300			222,947,300
Allowance for credit losses		(1,111,000	)		(1,294,000	)
Governmental issuer loans, net		213,446,300			221,653,300
Property loans
Property loans		48,451,538			108,271,420
Allowance for credit losses		(305,000	)		(675,000	)
Property loans, net		48,146,538			107,596,420
Real estate assets		3,606,658			3,606,658
Other assets		19,477,562			24,999,197
Total Assets	$	1,281,485,410		$	1,247,819,817

Liabilities:
Accounts payable, accrued expenses and other liabilities (1)	$	8,362,553		$	8,656,003
Debt financing (2)		1,055,752,907			1,018,314,376
Mortgages payable (3)		1,690,000			1,690,000
Total Liabilities	$	1,065,805,460		$	1,028,660,379

(1)

Of the amounts reported, $5,191,201 and $5,495,426 are associated with VIEs where the creditor does not have recourse to the general credit of the Partnership as of June 30, 2024 and December 31, 2023, respectively.

(2)

Of the amounts reported, $365,346,908 and $367,807,377 are associated with VIEs where the creditor does not have recourse to the general credit of the Partnership as of June 30, 2024 and December 31, 2023, respectively.

(3)

The entire mortgages payable balance is associated with a VIE where the creditor does not have recourse to the general credit of the Partnership as of June 30, 2024 and December 31, 2023, respectively.

- Definition

Tabular disclosure of the significant judgments and assumptions made in determining whether a variable interest (as defined) held by the entity requires the variable interest entity (VIE) (as defined) to be consolidated and (or) disclose information about its involvement with the VIE, individually or in aggregate (as applicable); the nature of restrictions, if any, on the consolidated VIE's assets and on the settlement of its liabilities reported by an entity in its statement of financial position, including the carrying amounts of such assets and liabilities; the nature of, and changes in, the risks associated with involvement in the VIE; how involvement with the VIE affects the entity's financial position, financial performance, and cash flows; the lack of recourse if creditors (or beneficial interest holders) of the consolidated VIE have no recourse to the general credit of the primary beneficiary (if applicable); the terms of arrangements, giving consideration to both explicit arrangements and implicit variable interests, if any, that could require the entity to provide financial support to the VIE, including events or circumstances that could expose the entity to a loss; the methodology used by the entity for determining whether or not it is the primary beneficiary of the variable interest entity; the significant factors considered and judgments made in determining that the power to direct the activities of a VIE that most significantly impact the VIE's economic performance are shared (as defined); the carrying amounts and classification of assets and liabilities of the VIE included in the statement of financial position; the entity's maximum exposure to loss, if any, as a result of its involvement with the VIE, including how the maximum exposure is determined and significant sources of the entity's exposure to the VIE; a comparison of the carrying amounts of the assets and liabilities and the entity's maximum exposure to loss; information about any liquidity arrangements, guarantees, and (or) other commitments by third parties that may affect the fair value or risk of the entity's variable interest in the VIE; whether or not the entity has provided financial support or other support (explicitly or implicitly) to the VIE that it was not previously contractually required to provide or whether the entity intends to provide that support, including the type and amount of the support and the primary reasons for providing the support; and supplemental information the entity determines necessary to provide.

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