Subsequent Events

3 Months Ended

Mar. 31, 2025

Subsequent Events [Abstract]

Subsequent Events

25. Subsequent Events

In April 2025, the Partnership sold the Natchitoches GIL and taxable GIL to the Construction Lending JV at par plus accrued interest. The Partnership also novated an interest rate swap associated with the expected TOB financing associated with these investment assets.

In April 2025, the Partnership removed the Sandy Creek Apartments property loan from the TOB Trust 2024-XF3219 and paid down principal and accrued interest of approximately $456,000 using available cash on hand. Subsequently, the borrower for the Sandy Creek Apartments property loan paid down all outstanding principal of approximately $588,000.

In May 2025, Vantage at Helotes, at the direction of its managing member, sold substantially all its assets to a non-profit entity that financed the purchase by issuing tax-exempt and taxable bonds. The Partnership received gross proceeds of approximately $17.1 million, inclusive of the return of capital contributions and accrued preferred return. The Partnership expects to recognize investment income of approximately $1.8 million and a gain on sale of approximately $163,000 in the second quarter of 2025, before settlement of final proceeds and expenses. In connection with the sale, the Partnership acquired the following MRBs:

Mortgage Revenue Bond Name	Month Acquired	Property Location	Units	Maturity Date	Fixed Interest Rate	Principal Acquired
Agape Helotes - Series A-1 MRB (1)	May 2025	Helotes, TX	288	1/1/2065	6.25%	$	6,060,000
Agape Helotes - Series B MRB (2)	May 2025	Helotes, TX	288	1/1/2065	8.00%		7,289,945
						$	13,349,945

(1)The Agape Helotes - Series A-1 MRB was acquired at a discount of approximately $514,000 or 8.5% of par.

(2)The Agape Helotes - Series B MRB is a capital appreciation bond, is subordinate to the Series A-1 and Series A-2 (held by third-party investors), and is payable from excess revenues of the underlying property.