Other Assets (Tables)

3 Months Ended

Mar. 31, 2025

Other Assets [Abstract]

Schedule of Other Assets

The following table summarizes the Partnership’s other assets as of March 31, 2025 and December 31, 2024:

	March 31, 2025			December 31, 2024
Deferred financing costs, net	$	565,005		$	653,510
Derivative instruments at fair value (Note 15)		3,831,729			6,980,820
Taxable mortgage revenue bonds, at fair value		34,416,164			26,671,085
Taxable governmental issuer loans:
Taxable governmental issuer loans		23,157,672			14,157,672
Allowance for credit losses (Note 10)		(141,000	)		(76,000	)
Taxable governmental issuer loans, net		23,016,672			14,081,672
Bond purchase commitment, at fair value (Note 16)		-			-
Other assets		2,091,163			1,462,333
Total other assets	$	63,920,733		$	49,849,420

Summary of Taxable MRB and GIL Acquired

Activity in the First Three Months of 2025

In February 2025, the borrower for the Poppy Grove I, Poppy Grove II, and Poppy Grove III taxable GILs re-allocated $5.2 million, $1.8 million, and $5.7 million, respectively, from a taxable GIL to a GIL (Note 5). There were no additional material changes to terms associated with the Poppy Grove I, Poppy Grove II, and Poppy Grove III GILs and taxable GILs. The following table summarizes terms of the principal repaid:

Property Name	Month Repaid	Property Location	Units	Original Maturity Date	Interest Rate	Principal Repaid
Poppy Grove I	February 2025	Elk Grove, CA	147	4/1/2025	6.78%	$	5,200,000
Poppy Grove II	February 2025	Elk Grove, CA	82	4/1/2025	6.78%		1,800,000
Poppy Grove III	February 2025	Elk Grove, CA	158	4/1/2025	6.78%		5,700,000
Total						$	12,700,000

Activity in the First Three Months of 2024

The following taxable MRB and taxable GIL principal payments were received during the three months ended March 31, 2024:

Property Name	Redemption Date	Location	Units	Original Maturity Date	Interest Rate		Principal Outstanding at Date of Redemption
Taxable MRBs
Residency at the Mayer Series A-T (1)	March 2024	Hollywood, CA	79	10/1/2024	SOFR + 3.70%	(2)	$	11,500,000
Taxable GILs
Hope on Avalon	January 2024	Los Angeles, CA	88	2/1/2024	SOFR + 3.55%		$	10,573,000
Total							$	22,073,000

(1)The borrower re-allocated $11.5 million of previously provided funding from a taxable MRB to a new MRB during the acquisition and rehabilitation phase of the property.

(2)The interest rate is subject to an all-in floor of 3.95%.