Property Loans (Tables)

3 Months Ended

Mar. 31, 2025

Property Loans Net Of Loan Loss Allowance [Abstract]

Summary of Partnership's Property Loans, Net of Allowances for Credit Losses

The following tables summarize the Partnership’s property loans, net of asset-specific allowances for credit losses, as of March 31, 2025 and December 31, 2024:

	March 31, 2025
	Outstanding Balance		Asset-Specific Allowance for Credit Losses			Property Loan Principal, net of allowance		Maturity Date	Interest Rate
Senior Construction Financing (1)
Sandy Creek Apartments	$	588,246	$	-		$	588,246	9/1/2026	SOFR + 3.35%
Subtotal		588,246		-			588,246
Mezzanine Financing (2)
SoLa Impact Opportunity Zone Fund	$	32,824,000	$	-		$	32,824,000	12/30/2025	7.875%
The Centurion Foundation		7,250,000		-			7,250,000	6/15/2039	10.50%
Subtotal		40,074,000		-			40,074,000
Other
The 50/50 (a former MF Property)	$	7,109,611	$	-		$	7,109,611	3/11/2048	9.00%
Live 929 Apartments		495,000		(495,000	)		-	7/31/2049	8.00%
Sandoval Flats (3)		1,000,000		-			1,000,000	12/1/2027	7.48%
Subtotal		8,604,611		(495,000	)		8,109,611
Total	$	49,266,857	$	(495,000	)	$	48,771,857

(1)The property loans are held in trust in connection with TOB trust financings (Note 13). The property loans and associated GILs are on parity and share a first mortgage lien position on all real and personal property associated with the underlying property. Affiliates of the borrowers have guaranteed limited-to-full payment of principal and accrued interest on the property loans. The borrowers may elect to extend the maturity dates for periods ranging between six and twelve months upon meeting certain conditions, which may include payment of a non-refundable extension fee.

(2)The property loans are held in trust in connection with a TOB trust financing (Note 13).

(3)The Sandoval Flats property loan was considered to be held-for-sale and reported at fair value, which approximated amortized cost as of March 31, 2025. The Partnership expects to sell the GIL into the Construction Lending JV in the future.

	December 31, 2024
	Outstanding Balance		Asset-Specific Allowance for Credit Losses			Property Loan Principal, net of allowance		Maturity Date	Interest Rate
Senior Construction Financing (1)
Sandy Creek Apartments		7,830,000		-			7,830,000	9/1/2026	8.63% (2)
Subtotal		7,830,000		-			7,830,000
Mezzanine Financing (3)
SoLa Impact Opportunity Zone Fund	$	33,380,000	$	-		$	33,380,000	12/30/2025	7.875%
The Centurion Foundation	$	7,250,000	$	-		$	7,250,000	6/15/2039	10.50%
Subtotal		40,630,000		-			40,630,000
Other
The 50/50 (a former MF Property)	$	7,109,611	$	-		$	7,109,611	3/11/2048	9.00%
Live 929 Apartments		495,000		(495,000	)		-	7/31/2049	8.00%
Sandoval Flats (4)		1,000,000		-			1,000,000	12/1/2027	7.48%
Subtotal		8,604,611		(495,000	)		8,109,611
Total	$	57,064,611	$	(495,000	)	$	56,569,611

(1)The property loans are held in trust in connection with TOB trust financings (Note 13). The property loans and associated GILs are on parity and share a first mortgage lien position on all real and personal property associated with the underlying property. Affiliates of the borrowers have guaranteed limited-to-full payment of principal and accrued interest on the property loans. 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 interest rate will convert to a variable rate of Term SOFR + 3.35% on February 1, 2025.

(3)The property loan is held in trust in connection with a TOB trust financing (Note 13).

(4)The Sandoval Flats property loan was considered to be held-for-sale and reported at fair value, which approximated amortized cost as of December 31, 2024. The Partnership expects to sell the GIL into the Construction Lending JV in the future.

Schedule of Property Loans Paid Down or Redeemed

The following property loan principal payments were received during the three months ended March 31, 2025:

Property Name	Month Repaid	Principal Proceeds
Sandy Creek Apartments	January 2025	$	7,241,754
SoLa Impact Opportunity Zone Fund	March 2025		556,000
		$	7,797,754

The following property loan principal payments were received during the three months ended March 31, 2024:

Property Name	Month Redeemed	Principal Proceeds
Legacy Commons at Signal Hills	February 2024	$	32,233,972
Osprey Village	February 2024		14,998,296
Osprey Village Supplemental	February 2024		4,600,000
Willow Place Apartments	February 2024		18,875,606
Willow Place Apartments Supplemental	February 2024		1,115,320
SoLa Impact Opportunity Zone Fund	March 2024		500,000
		$	72,323,194