Segments

3 Months Ended

Mar. 31, 2025

Segment Reporting [Abstract]

Segments

24. Segments

As of March 31, 2025, the Partnership had four reportable segments: (1) Affordable Multifamily Investments, (2) Seniors and Skilled Nursing 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 Partnership’s chief operating decision maker is the Chief Executive Officer, who uses net income (loss) to monitor segment performance against budgeted results and to allocate resources. The chief operating decision maker uses this analysis to prioritize investments and guide strategic decisions by segment to ensure alignment with the Partnership’s overall objectives.

Affordable Multifamily Investments Segment

The Affordable Multifamily Investments segment consists of the Partnership’s portfolio of MRBs, GILs and related taxable MRBs, taxable GILs, and 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 taxable MRBs, taxable GILs, and property loans, net of loan loss allowances, are reported as such on the Partnership's condensed consolidated balance sheets. As of March 31, 2025, the Partnership reported 83 MRBs and six GILs in this segment. As of March 31, 2025, the multifamily residential properties securing the MRBs and GILs contain a total of 10,842 and 894 multifamily rental units, respectively. All “General and administrative expenses” on the Partnership's condensed consolidated statements of operations are reported within this segment.

Seniors and Skilled Nursing Investments Segment

The Seniors and Skilled Nursing Investments segment consists of two MRBs that have been issued to provide acquisition, construction and/or permanent financing for seniors housing and skilled nursing properties and a property loan associated with a lease of essential healthcare support buildings. Seniors housing consists of a combination of independent living, assisted living and memory care units. As of March 31, 2025, the two properties securing the MRBs contain a total of 294 beds.

Market-Rate Joint Venture Investments Segment

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 7). The Market-Rate Joint Venture Investments segment also includes the consolidated VIE of Vantage at San Marcos (Note 3).

MF Properties Segment

The MF Properties segment consists primarily of student housing residential properties that were previously owned by the Partnership. As of March 31, 2025, the Partnership did not own any MF Properties. The Partnership previously sold The 50/50 MF Property to an unrelated non-profit organization in December 2022 in exchange for a seller financing property loan which is included in the MF Properties Segment. Income tax expense for the Greens Hold Co is reported within this segment.

The following tables detail certain financial information for the Partnership’s reportable segments for the periods indicated:

	For the Three Months Ended March 31, 2025
	Affordable Multifamily Investments			Seniors and Skilled Nursing Investments		Market-Rate Joint Venture Investments			MF Properties			Partnership Total
Revenues:
Investment income	$	17,636,796		$	1,042,186	$	3,199,185		$	-		$	21,878,167
Other interest income		2,097,852			190,313		-			-			2,288,165
Other income		958,825			-		-			-			958,825
Total revenues		20,693,473			1,232,499		3,199,185			-			25,125,157
Expenses:
Provision for credit losses		(179,000	)		7,000		-			-			(172,000	)
Depreciation and amortization		3,542			-		-			-			3,542
Interest expense		12,448,643			652,294		1,033,879			-			14,134,816
Net result from derivative transactions		2,503,968			532,169		-			-			3,036,137
General and administrative		4,570,261			-		-			-			4,570,261
Total expenses		19,347,414			1,191,463		1,033,879			-			21,572,756
Other Income:
Gain on sale of investments in unconsolidated entities		-			-		5,220			-			5,220
Earnings (losses) from investments in unconsolidated entities		-			-		(233,334	)		-			(233,334	)
Income before income taxes		1,346,059			41,036		1,937,192			-			3,324,287
Income tax benefit		-			-		-			(2,733	)		(2,733	)
Segment net income (loss)	$	1,346,059		$	41,036	$	1,937,192		$	2,733		$	3,327,020

	For the Three Months Ended March 31, 2024
	Affordable Multifamily Investments			Seniors and Skilled Nursing Investments			Market-Rate Joint Venture Investments			MF Properties			Partnership Total
Revenues:
Investment income	$	16,900,668		$	747,508		$	1,624,169		$	-		$	19,272,345
Other interest income		3,003,838			-			-			-			3,003,838
Other income		94,471			-			-			-			94,471
Total revenues		19,998,977			747,508			1,624,169			-			22,370,654
Expenses:
Provision for credit losses		(806,000	)		-			-			-			(806,000	)
Depreciation and amortization		5,967			-			-			-			5,967
Interest expense		12,769,139			497,170			537,626			-			13,803,935
Net result from derivative transactions		(5,435,562	)		(832,102	)		-			-			(6,267,664	)
General and administrative		4,930,388			-			-			-			4,930,388
Total expenses		11,463,932			(334,932	)		537,626			-			11,666,626
Other Income:
Gain on sale of investments in unconsolidated entities		-			-			50,000			-			50,000
Earnings (losses) from investments in unconsolidated entities		-			-			(106,845	)		-			(106,845	)
Income before income taxes		8,535,045			1,082,440			1,029,698			-			10,647,183
Income tax benefit		-			-			-			(1,198	)		(1,198	)
Segment net income (loss)	$	8,535,045		$	1,082,440		$	1,029,698		$	1,198		$	10,648,381

The following table details total assets for the Partnership’s reportable segments as of March 31, 2025 and December 31, 2024:

	March 31, 2025			December 31, 2024
Total assets
Affordable Multifamily Investments	$	1,376,114,808		$	1,428,627,104
Seniors and Skilled Nursing Investments		70,788,707			70,163,422
Market-Rate Joint Venture Investments		170,742,061			183,508,429
MF Properties		7,785,639			7,782,906
Consolidation/eliminations		(87,948,490	)		(110,381,701	)
Total assets	$	1,537,482,725		$	1,579,700,160