Fair Value of Financial Instruments (Tables)

3 Months Ended

Mar. 31, 2025

Fair Value Measurements [Abstract]

Summary of Range of Effective Yields and Weighted Average Effective Yields of Partnership's Investments

The range of effective yields and weighted average effective yields of the Partnership’s investments in MRBs, taxable MRBs and bond purchase commitments as of March 31, 2025 and December 31, 2024 are as follows:

	Range of Effective Yields		Weighted Average Effective Yields (1)
Security Type	March 31, 2025	December 31, 2024	March 31, 2025			December 31, 2024
Mortgage revenue bonds	3.4% - 8.4%	3.7% - 8.4%		5.5	%		5.5	%
Taxable mortgage revenue bonds	6.6% - 11.5%	7.1% - 11.9%		8.3	%		8.7	%
Bond purchase commitments	6.9%	n/a		6.9	%	n/a

(1)Weighted by the total principal outstanding of all the respective securities as of the reporting date.

Summary of Assets and Liabilities Measured at Fair Value on Recurring Basis

Assets and liabilities measured at fair value on a recurring basis as of March 31, 2025 are summarized as follows:

	Fair Value Measurements as of March 31, 2025
Description	Assets and Liabilities at Fair Value			Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)
Assets and Liabilities
Mortgage revenue bonds	$	1,022,563,964		$	-	$	-		$	1,022,563,964
Taxable mortgage revenue bonds (reported within other assets)		34,416,164			-		-			34,416,164
Derivative instruments (reported within other assets)		3,831,729			-		3,831,729			-
Derivative swap liability (reported within other liabilities)		(1,400,096	)		-		(1,400,096	)		-
Bond purchase commitments (reported within other liabilities)		-			-		-			-
Total Assets and Liabilities at Fair Value, net	$	1,059,411,761		$	-	$	2,431,633		$	1,056,980,128

Assets and liabilities measured at fair value on a recurring basis as of December 31, 2024 are summarized as follows:

	Fair Value Measurements as of December 31, 2024
Description	Assets and Liabilities at Fair Value			Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)
Assets and Liabilities
Mortgage revenue bonds	$	1,026,483,796		$	-	$	-		$	1,026,483,796
Taxable mortgage revenue bonds (reported within other assets)		26,671,085			-		-			26,671,085
Derivative instruments (reported within other assets)		6,980,820			-		6,980,820			-
Derivative swap liability (reported within other liabilities)		(609,766	)		-		(609,766	)		-
Total Assets and Liabilities at Fair Value, net	$	1,059,525,935		$	-	$	6,371,054		$	1,053,154,881

Summary of Activity Related to Level 3 Assets and Liabilities

The following table summarizes the activity related to Level 3 assets for the three months ended March 31, 2025:

	For the Three Months Ended March 31, 2025
	Fair Value Measurements Using Significant
	Unobservable Inputs (Level 3)
	Mortgage Revenue Bonds			Bond Purchase Commitments		Taxable Mortgage Revenue Bonds			Total
Beginning Balance January 1, 2025	$	1,026,483,796		$	-	$	26,671,085		$	1,053,154,881
Total gains (losses) (realized/unrealized)
Included in earnings (interest income and    interest expense)		22,059			-		(3,312	)		18,747
Included in other comprehensive income		(6,121,797	)		-		486,738			(5,635,059	)
Purchases and advances		14,101,043			-		7,400,000			21,501,043
Settlements and redemptions		(11,921,137	)		-		(138,347	)		(12,059,484	)
Ending Balance March 31, 2025	$	1,022,563,964		$	-	$	34,416,164		$	1,056,980,128
Total amount of gains for the    period included in earnings attributable    to the change in unrealized losses relating to assets or    liabilities held on March 31, 2025	$	16,967		$	-	$	-		$	16,967

The following table summarizes the activity related to Level 3 assets and liabilities for the three months ended March 31, 2024:

	For the Three Months Ended March 31, 2024
	Fair Value Measurements Using Significant
	Unobservable Inputs (Level 3)
	Mortgage Revenue Bonds			Bond Purchase Commitments			Taxable Mortgage Revenue Bonds			Derivative Instruments			Total
Beginning Balance January 1, 2024	$	930,675,295		$	197,788		$	21,460,288		$	265		$	952,333,636
Total gains (losses) (realized/unrealized)
Included in earnings (interest income and    interest expense)		71,383			-			(6,050	)		(231	)		65,102
Included in other comprehensive income		(12,038,314	)		(62,959	)		29,577			-			(12,071,696	)
Purchases and advances		26,297,798			-			1,000,000			-			27,297,798
Settlements and redemptions		(2,260,565	)		-			(11,503,059	)		-			(13,763,624	)
Ending Balance March 31, 2024	$	942,745,597		$	134,829		$	10,980,756		$	34		$	953,861,216
Total amount of gains (losses) for the    period included in earnings attributable    to the change in unrealized gains (losses) relating    to assets or liabilities held on March 31, 2024	$	17,155		$	-		$	-		$	(231	)	$	16,924

Summary of Fair Value of Partnership's Financial Liabilities

The table below summarizes the fair value of the Partnership’s financial liabilities as of March 31, 2025 and December 31, 2024:

	March 31, 2025				December 31, 2024
	Carrying Amount		Fair Value		Carrying Amount		Fair Value
Financial Liabilities:
Debt financing	$	1,056,519,816	$	1,056,963,173	$	1,093,273,157	$	1,093,729,911
Secured lines of credit		58,500,000		58,500,000		68,852,000		68,852,000
Mortgages payable		310,219		310,219		1,664,347		1,664,347