Mortgage Revenue Bonds

6 Months Ended

Jun. 30, 2025

Investments In Mortgage Revenue Bonds [Abstract]

Mortgage Revenue Bonds

4. Mortgage Revenue Bonds

The Partnership’s MRBs provide construction and/or permanent financing for income-producing multifamily rental, seniors housing and skilled nursing properties. MRBs are either held directly by the Partnership or are held in trusts created in connection with debt financing transactions (Note 13). The MRBs predominantly bear interest at fixed interest rates and require regular principal and interest payments on either a monthly or semi-annual basis. The Partnership had the following investments in MRBs as of June 30, 2025 and December 31, 2024:

	June 30, 2025
Description of Mortgage Revenue Bonds	State	Cost Adjusted for Paydowns and Allowances		Cumulative Unrealized Gain		Cumulative Unrealized Loss			Estimated Fair Value
The Safford (4)	AZ	$	43,063,501	$	1,282,268	$	-		$	44,345,769
40rty on Colony - Series P (4)	CA		5,961,283		484,654		-			6,445,937
CCBA Senior Garden Apartments (1), (8)	CA		3,701,046		-		(141,648	)		3,559,398
Courtyard - Series A (3)	CA		9,613,640		503,183		-			10,116,823
Glenview Apartments - Series A (2)	CA		4,214,763		185,843		-			4,400,606
Harmony Court Bakersfield - Series A (3)	CA		3,505,266		158,054		-			3,663,320
Harmony Terrace - Series A (3)	CA		6,490,501		325,040		-			6,815,541
Harden Ranch - Series A (1)	CA		6,204,240		231,786		-			6,436,026
Las Palmas II - Series A (3)	CA		1,589,797		75,247		-			1,665,044
Montclair Apartments - Series A (2)	CA		2,283,373		87,511		-			2,370,884
Montecito at Williams Ranch Apartments - Series A (1)	CA		7,338,517		504,232		-			7,842,749
Montevista - Series A (1)	CA		6,530,210		606,936		-			7,137,146
Ocotillo Springs - Series A (1), (6)	CA		3,438,025		-		(298,029	)		3,139,996
Ocotillo Springs - Series A-1 (1)	CA		494,899		48,045		-			542,944
Residency at Empire - Series BB-1 (4)	CA		14,101,672		598,763		-			14,700,435
Residency at Empire - Series BB-2 (4)	CA		4,000,000		200,124		-			4,200,124
Residency at Empire - Series BB-3 (4)	CA		14,000,000		557,843		-			14,557,843
Residency at Empire - Series BB-4 (4)	CA		38,050,000		277,599		-			38,327,599
Residency at the Entrepreneur - Series J-1 (4), (8)	CA		9,075,521		-		(563,510	)		8,512,011
Residency at the Entrepreneur - Series J-2 (4), (8)	CA		7,500,000		-		(406,658	)		7,093,342
Residency at the Entrepreneur - Series J-3 (4), (8)	CA		26,080,000		-		(864,653	)		25,215,347
Residency at the Entrepreneur - Series J-4 (4)	CA		16,420,000		-		-			16,420,000
Residency at the Entrepreneur - Series J-5 (4)	CA		5,000,000		-		-			5,000,000
Residency at the Mayer - Series A (4)	CA		29,555,010		-		-			29,555,010
Residency at the Mayer - Series M (4)	CA		11,500,000		-		-			11,500,000
San Vicente - Series A (3)	CA		3,278,077		155,155		-			3,433,232
Santa Fe Apartments - Series A (2)	CA		2,766,220		118,773		-			2,884,993
Seasons at Simi Valley - Series A (3)	CA		3,995,972		288,534		-			4,284,506
Seasons Lakewood - Series A (3)	CA		6,913,794		346,238		-			7,260,032
Seasons San Juan Capistrano - Series A (3)	CA		11,640,572		582,951		-			12,223,523
Solano Vista - Series A (1)	CA		2,580,950		239,876		-			2,820,826
Summerhill - Series A (3)	CA		6,036,012		72,380		-			6,108,392
Sycamore Walk - Series A (3)	CA		3,303,881		147,797		-			3,451,678
The Village at Madera - Series A (3)	CA		2,899,128		130,723		-			3,029,851
Tyler Park Townhomes - Series A (1)	CA		5,399,954		-		-			5,399,954
Village at Hanford Square - Series H (4)	CA		10,400,000		679,006		-			11,079,006
Vineyard Gardens - Series A (1)	CA		3,821,712		284,395		-			4,106,107
Wellspring Apartments (1)	CA		3,820,907		59,531		-			3,880,438
Westside Village Market - Series A (1)	CA		3,528,860		159,448		-			3,688,308
Handsel Morgan Village Apartments (4)	GA		2,150,000		296,084		-			2,446,084
MaryAlice Circle Apartments (4)	GA		5,900,000		369,455		-			6,269,455
Copper Gate Apartments (1)	IN		4,715,000		-		-			4,715,000
Renaissance - Series A (2), (8)	LA		10,177,196		-		(1,041,985	)		9,135,211
Live 929 Apartments - Series 2022A (4)	MD		58,377,018		4,169,341		-			62,546,359
Woodington Gardens Apartments - Series A-1 (4)	MD		31,150,000		3,147,615		-			34,297,615
Meadow Valley (4), (7)	MI		42,588,565		-		(1,238,735	)		41,349,830
Jackson Manor Apartments (1), (8)	MS		4,758,739		-		(254,327	)		4,504,412
Village Point (5), (6)	NJ		22,991,000		-		(191,837	)		22,799,163
Silver Moon - Series A (2)	NM		7,356,190		614,713		-			7,970,903
Village at Avalon (1)	NM		15,591,463		1,241,455		-			16,832,918
Columbia Gardens (3)	SC		12,045,725		502,074		-			12,547,799
The Ivy Apartments (4), (8)	SC		30,553,487		-		(727,048	)		29,826,439
The Park at Sondrio - Series 2022A (4), (9)	SC		32,847,700		-		(783,058	)		32,064,642
The Park at Vietti - Series 2022A (4), (9)	SC		26,244,500		-		(3,032,175	)		23,212,325
Village at River's Edge (3)	SC		9,431,025		148,546		-			9,579,571
Willow Run (3)	SC		11,878,606		480,849		-			12,359,455
Windsor Shores Apartments - Series A (4), (9)	SC		19,097,900		-		(1,093,134	)		18,004,766
Agape Helotes - Series A-1 (4)	TX		5,547,270		887,957		-			6,435,227
Agape Helotes - Series B (4)(8)	TX		7,330,652		-		(176,433	)		7,154,219
Avistar at Copperfield - Series A (4)	TX		13,129,768		596,271		-			13,726,039
Avistar at the Crest - Series A (4)	TX		8,546,896		518,508		-			9,065,404
Avistar at the Crest - Series B	TX		707,563		28,358		-			735,921
Avistar at the Oaks - Series A (4)	TX		6,922,572		296,008		-			7,218,580
Avistar at the Oaks - Series B	TX		518,746		-		-			518,746
Avistar at the Parkway - Series A (2)	TX		12,013,272		457,614		-			12,470,886
Avistar at the Parkway - Series B	TX		121,873		12,411		-			134,284
Avistar at Wilcrest - Series A (4)	TX		4,975,916		16,459		-			4,992,375
Avistar at Wood Hollow - Series A (4)	TX		37,782,019		1,650,782		-			39,432,801
Avistar in 09 - Series A (4)	TX		5,977,367		308,167		-			6,285,534
Avistar in 09 - Series B	TX		427,919		14,674		-			442,593
Avistar on the Boulevard - Series A (4)	TX		14,560,568		643,471		-			15,204,039
Avistar on the Boulevard - Series B	TX		420,436		13,610		-			434,046
Avistar on the Hills - Series A (4)	TX		4,739,346		244,340		-			4,983,686
Bruton Apartments (3)	TX		16,961,350		-		-			16,961,350
Concord at Gulfgate - Series A (3)	TX		17,844,362		1,036,045		-			18,880,407
Concord at Little York - Series A (3)	TX		12,500,819		780,574		-			13,281,393
Concord at Williamcrest - Series A (3)	TX		19,365,109		1,166,716		-			20,531,825
Crossing at 1415 - Series A (3)	TX		6,940,324		237,019		-			7,177,343
Decatur Angle (3)	TX		21,290,546		-		-			21,290,546
Esperanza at Palo Alto (3)	TX		18,485,484		1,267,732		-			19,753,216
Heights at 515 - Series A (3)	TX		6,353,986		302,708		-			6,656,694
Heritage Square - Series A (2)	TX		9,962,004		251,362		-			10,213,366
Oaks at Georgetown - Series A (3)	TX		11,598,243		385,731		-			11,983,974
15 West Apartments (3)	WA		9,237,985		1,012,049		-			10,250,034
Aventine Apartments (4)	WA		9,500,000		1,072,245		-			10,572,245
Mortgage revenue bonds		$	981,713,812	$	33,562,878	$	(10,813,230	)	$	1,004,463,460

(1)2024 PFA Securitization Bond associated with the 2024 PFA Securitization Transaction, Note 13.

(2)MRB owned by ATAX TEBS III, LLC (M33 TEBS), Note 13. The TEBS financing has contractual limitations on the Partnership’s ability to sell the MRB.

(3)MRB owned by ATAX TEBS IV, LLC (M45 TEBS), Note 13. The TEBS financing has contractual limitations on the Partnership’s ability to sell the MRB.

(4)MRB held by Mizuho in a debt financing transaction, Note 13.

(5)MRB held by Barclays in a debt financing transaction, Note 13.

(6)As of the date presented, the Partnership determined that the unrealized loss on the MRB is a result of increasing market interest rates and is not considered a credit loss. As of June 30, 2025, the MRB has been in an unrealized loss position for at least 12 months.

(7)The Partnership has a remaining MRB funding commitment of approximately $1.5 million as of June 30, 2025. The MRB and the unfunded MRB commitment are accounted for as available-for-sale securities and reported at fair value. The reported unrealized loss includes the unrealized loss on the current MRB carrying value (based on current fair value) as well as the unrealized loss on the Partnership’s remaining funding commitment outstanding as of June 30, 2025 (also based on current fair value). The Partnership determined the unrealized loss is a result of increasing market interest rates and that the cumulative unrealized loss is not considered a credit loss. As of June 30, 2025, the MRB has been in an unrealized loss position for more than 12 months.

(8)As of the date presented, the Partnership determined that the unrealized loss on the MRB is a result of increasing market interest rates and is not considered a credit loss. As of June 30, 2025, the MRB has been in an unrealized loss position for less than 12 months.

(9)As of the date presented, the Partnership determined that the unrealized loss on the MRB is not a result of expected shortfalls in discounted cash flows. See Notes 2 and 10 for discussion of the provision for credit loss associated with the MRB. As of June 30, 2025, the MRB has been in an unrealized loss position for less than 12 months.

	December 31, 2024
Description of Mortgage Revenue Bonds	State	Cost Adjusted for Paydowns and Allowances		Cumulative Unrealized Gain		Cumulative Unrealized Loss			Estimated Fair Value
The Safford (4)	AZ	$	37,435,466	$	1,523,170	$	-		$	38,958,636
40rty on Colony - Series P (4)	CA		5,962,217		459,328		-			6,421,545
CCBA Senior Garden Apartments (1), (8)	CA		3,720,209		-		(58,814	)		3,661,395
Courtyard - Series A (3)	CA		9,668,469		449,017		-			10,117,486
Glenview Apartments - Series A (2)	CA		4,248,118		170,362		-			4,418,480
Harmony Court Bakersfield - Series A (3)	CA		3,525,258		127,289		-			3,652,547
Harmony Terrace - Series A (3)	CA		6,527,329		288,190		-			6,815,519
Harden Ranch - Series A (1)	CA		6,256,135		260,476		-			6,516,611
Las Palmas II - Series A (3)	CA		1,598,957		61,427		-			1,660,384
Lutheran Gardens	CA		10,352,000		-		-			10,352,000
Montclair Apartments - Series A (2)	CA		2,301,443		98,596		-			2,400,039
Montecito at Williams Ranch Apartments - Series A (1)	CA		7,374,111		424,400		-			7,798,511
Montevista - Series A (1)	CA		6,556,878		602,131		-			7,159,009
Ocotillo Springs - Series A (1), (6)	CA		3,455,419		-		(224,262	)		3,231,157
Ocotillo Springs - Series A-1 (1)	CA		496,351		64,598		-			560,949
Residency at Empire - Series BB-1 (4)	CA		14,109,248		491,616		-			14,600,864
Residency at Empire - Series BB-2 (4)	CA		4,000,000		171,675		-			4,171,675
Residency at Empire - Series BB-3 (4)	CA		14,000,000		510,453		-			14,510,453
Residency at Empire - Series BB-4 (4)	CA		21,200,000		275,702		-			21,475,702
Residency at the Entrepreneur - Series J-1 (4), (8)	CA		9,078,496		-		(194,816	)		8,883,680
Residency at the Entrepreneur - Series J-2 (4), (8)	CA		7,500,000		-		(96,933	)		7,403,067
Residency at the Entrepreneur - Series J-3 (4), (8)	CA		26,080,000		-		(99,928	)		25,980,072
Residency at the Entrepreneur - Series J-4 (4)	CA		16,420,000		-		-			16,420,000
Residency at the Entrepreneur - Series J-5 (4)	CA		5,000,000		-		-			5,000,000
Residency at the Mayer - Series A (4)	CA		29,556,596		-		-			29,556,596
Residency at the Mayer - Series M (4)	CA		11,500,000		-		-			11,500,000
San Vicente - Series A (3)	CA		3,296,965		135,060		-			3,432,025
Santa Fe Apartments - Series A (2)	CA		2,788,112		123,270		-			2,911,382
Seasons at Simi Valley - Series A (3)	CA		4,025,911		272,883		-			4,298,794
Seasons Lakewood - Series A (3)	CA		6,953,024		306,985		-			7,260,009
Seasons San Juan Capistrano - Series A (3)	CA		11,706,622		516,863		-			12,223,485
Solano Vista - Series A (1)	CA		2,591,588		172,312		-			2,763,900
Summerhill - Series A (3)	CA		6,070,437		20,122		-			6,090,559
Sycamore Walk - Series A (3)	CA		3,330,230		44,181		-			3,374,411
The Village at Madera - Series A (3)	CA		2,915,662		112,779		-			3,028,441
Tyler Park Townhomes - Series A (1)	CA		5,445,686		-		-			5,445,686
Village at Hanford Square - Series H (4)	CA		10,400,000		619,721		-			11,019,721
Vineyard Gardens - Series A (1)	CA		3,839,951		281,057		-			4,121,008
Wellspring Apartments (1)	CA		3,880,455		119,584		-			4,000,039
Westside Village Market - Series A (1)	CA		3,558,747		132,773		-			3,691,520
Handsel Morgan Village Apartments (4)	GA		2,150,000		162,887		-			2,312,887
MaryAlice Circle Apartments (4)	GA		5,900,000		496,763		-			6,396,763
Copper Gate Apartments (1)	IN		4,715,000		-		-			4,715,000
Renaissance - Series A (2), (8)	LA		10,263,789		-		(836,645	)		9,427,144
Live 929 Apartments - Series 2022A (4)	MD		58,560,655		3,547,694		-			62,108,349
Woodington Gardens Apartments - Series A-1 (4)	MD		31,150,000		3,112,265		-			34,262,265
Meadow Valley (4), (7)	MI		41,162,263		-		(1,859,135	)		39,303,128
Jackson Manor Apartments (1)	MS		4,781,136		19,919		-			4,801,055
Village Point (5), (8)	NJ		23,000,000		-		(447,248	)		22,552,752
Silver Moon - Series A (2)	NM		7,398,857		571,694		-			7,970,551
Village at Avalon (1)	NM		15,665,803		1,241,389		-			16,907,192
Columbia Gardens (3)	SC		12,150,488		502,113		-			12,652,601
Companion at Thornhill Apartments (3)	SC		10,484,096		338,831		-			10,822,927
The Ivy Apartments (4)	SC		30,558,423		822,638		-			31,381,061
The Palms at Premier Park Apartments (1)	SC		17,590,997		27,389		-			17,618,386
The Park at Sondrio - Series 2022A (4)	SC		38,100,000		1,260,209		-			39,360,209
The Park at Vietti - Series 2022A (4)	SC		26,985,000		952,281		-			27,937,281
Village at River's Edge (3)	SC		9,477,407		832,313		-			10,309,720
Willow Run (3)	SC		11,981,345		494,536		-			12,475,881
Windsor Shores Apartments - Series A (4)	SC		21,545,000		718,755		-			22,263,755
Avistar at Copperfield - Series A (4)	TX		13,215,029		485,574		-			13,700,603
Avistar at the Crest - Series A (4)	TX		8,621,036		471,417		-			9,092,453
Avistar at the Crest - Series B	TX		711,315		24,748		-			736,063
Avistar at the Oaks - Series A (4)	TX		6,980,721		333,795		-			7,314,516
Avistar at the Oaks - Series B	TX		521,384		14,194		-			535,578
Avistar at the Parkway - Series A (2)	TX		12,101,645		422,358		-			12,524,003
Avistar at the Parkway - Series B	TX		122,165		13,232		-			135,397
Avistar at Wilcrest - Series A (4)	TX		5,008,228		155,503		-			5,163,731
Avistar at Wood Hollow - Series A (4)	TX		38,027,363		1,397,281		-			39,424,644
Avistar in 09 - Series A (4)	TX		6,027,577		302,568		-			6,330,145
Avistar in 09 - Series B	TX		430,095		12,653		-			442,748
Avistar on the Boulevard - Series A (4)	TX		14,686,873		671,717		-			15,358,590
Avistar on the Boulevard - Series B	TX		422,666		12,072		-			434,738
Avistar on the Hills - Series A (4)	TX		4,779,156		251,307		-			5,030,463
Bruton Apartments (3)	TX		17,050,526		-		-			17,050,526
Concord at Gulfgate - Series A (3)	TX		17,963,286		938,146		-			18,901,432
Concord at Little York - Series A (3)	TX		12,584,132		716,639		-			13,300,771
Concord at Williamcrest - Series A (3)	TX		19,494,168		1,064,065		-			20,558,233
Crossing at 1415 - Series A (3)	TX		6,989,209		179,154		-			7,168,363
Decatur Angle (3), (8)	TX		21,412,592		-		(149,516	)		21,263,076

	December 31, 2024
Description of Mortgage Revenue Bonds	State	Cost Adjusted for Paydowns and Allowances		Cumulative Unrealized Gain		Cumulative Unrealized Loss			Estimated Fair Value
Esperanza at Palo Alto (3)	TX		18,576,657		1,168,859		-			19,745,516
Heights at 515 - Series A (3)	TX		6,398,741		312,241		-			6,710,982
Heritage Square - Series A (2)	TX		10,039,053		307,888		-			10,346,941
Oaks at Georgetown - Series A (3)	TX		11,664,053		214,123		-			11,878,176
15 West Apartments (3)	WA		9,283,990		1,025,529		-			10,309,519
Aventine Apartments (4)	WA		9,500,000		1,060,325		-			10,560,325
Mortgage revenue bonds		$	994,958,009	$	35,493,084	$	(3,967,297	)	$	1,026,483,796

(1)2024 PFA Securitization Bond associated with the 2024 PFA Securitization Transaction, Note 13.

(2)MRB owned by ATAX TEBS III, LLC (M33 TEBS), Note 13. The TEBS financing has contractual limitations on the Partnership’s ability to sell the MRB.

(3)MRB owned by ATAX TEBS IV, LLC (M45 TEBS), Note 13. The TEBS financing has contractual limitations on the Partnership’s ability to sell the MRB.

(4)MRB held by Mizuho in a TOB trust financing transaction, Note 13.

(5)MRB held by Barclays in a debt financing transaction, Note 13.

(6)As of the date presented, the Partnership determined that the unrealized loss on the MRB is a result of increasing market interest rates and is not considered a credit loss. As of December 31, 2024, the MRB has been in an unrealized loss position for at least 12 months.

(7)The Partnership has a remaining MRB funding commitment of approximately $2.9 million as of December 31, 2024. The MRB and the unfunded MRB commitment are accounted for as available-for-sale securities and reported at fair value. The reported unrealized loss includes the unrealized loss on the current MRB carrying value (based on current fair value) as well as the unrealized loss on the Partnership’s remaining funding commitment outstanding as of December 31, 2024 (also based on current fair value). The Partnership determined the unrealized loss is a result of increasing market interest rates and that the cumulative unrealized loss is not considered a credit loss. As of December 31, 2024, the MRB has been in an unrealized loss position for more than 12 months.

(8)As of the date presented, the Partnership determined that the unrealized loss on the MRB is a result of increasing market interest rates and is not considered a credit loss. As of December 31, 2024, the MRB has been in an unrealized loss position for less than 12 months.

The Partnership has accrued interest receivable related to its MRBs of approximately $5.4 million and approximately $5.3 million as of June 30, 2025 and December 31, 2024, respectively, that is reported as interest receivable, net in the Partnership's condensed consolidated balance sheets.

An entity that is an affiliate of the borrowers for the Residency at Empire, Residency at the Entrepreneur, and the Residency at the Mayer MRBs and taxable MRBs (Note 9) has provided full payment guaranties during the construction phase prior to stabilization. The MRBs and taxable MRBs had total outstanding principal of $175.3 million and $9.0 million, respectively, as of June 30, 2025.

The Partnership has committed to provide funding for certain MRBs on a draw-down basis during construction and/or rehabilitation of the secured properties as of June 30, 2025. See Note 16 for additional information regarding the Partnership’s MRB funding commitments.

See Note 20 for a description of the methodology and significant assumptions used in determining the fair value of the MRBs. Unrealized gains or losses on the MRBs are recorded in the Partnership's condensed consolidated statements of comprehensive income to reflect changes in their estimated fair values resulting from market conditions and fluctuations in the present value of the expected cash flows from the MRBs.

See Note 10 for information regarding the Partnership’s allowance for credit losses.

Activity in the First Six Months of 2025

Acquisitions:

The following MRBs were acquired during the six months ended June 30, 2025:

Property Name	Month Acquired	Property Location	Units		Maturity Date	Interest Rate			Initial Principal Funding
Agape Helotes - Series A-1 (1)	May 2025	Helotes, TX		288	1/1/2065		6.25	%	$	6,060,000
Agape Helotes - Series B (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.

Amendments:

In March 2025, the Residency at the Mayer – Series A and Residency at the Mayer – Series M MRBs were amended. Previously, upon stabilization of the property, the Series A MRB would have been paid down to no more than $18.0 million and would have converted to a fixed interest rate of 4.90% and the Series M MRB would have paid down to no more than $5.0 million and converted to a fixed interest rate of SOFR plus 3.50% as of the stabilization date. The amendment to these MRBs has removed the Partnership’s post-stabilization funding commitment such that the Partnership’s MRBs will be either repurchased or redeemed by March 2026, and until such date the MRBs will bear interest at a variable interest rate of SOFR plus 3.60%.

During the six months ended June 30, 2025, the Partnership recognized fees totaling approximately $565,000 in other income in connection with extensions of the maturity dates of the Residency at the Entrepreneur MRBs, the Residency at the Mayer MRBs, and the Residency at the Entrepreneur taxable MRB.

Redemptions:

The following MRBs were redeemed during the six months ended June 30, 2025:

Property Name	Month Redeemed	Property Location	Units		Original Maturity Date	Interest Rate			Principal Outstanding at Date of Redemption
Lutheran Gardens	March 2025	Compton, CA		76	2/1/2025		4.90	%	$	10,352,000
Companion at Thornhill Apartments	June 2025	Lexington, SC		180	1/1/2052		5.80	%		10,402,953
The Palms at Premier Park Apartments	June 2025	Columbia, SC		240	1/1/2050		6.25	%		17,443,513
									$	38,198,466

The Companion at Thornhill Apartments MRB was redeemed at 102% of par value plus accrued interest. The redemption premium of approximately $208,000 is reported as “Contingent interest income” on the Partnership’s condensed consolidated statements of operations. All other MRBs were redeemed at a price that approximated the Partnership’s carrying value plus accrued interest.

Activity in the First Six Months of 2024

Acquisitions:

The following MRBs were acquired at a price that approximated the principal outstanding plus accrued interest during the six months ended June 30, 2024:

Property Name	Month Acquired	Property Location	Units		Maturity Date	Interest Rate				Initial Principal Funded
Residency at the Mayer - Series M (1)	March 2024	Hollywood, CA		79	4/1/2039	SOFR + 3.60%			(2)	$	11,500,000
Woodington Gardens Apartments - Series A-1	April 2024	Baltimore, MD		197	5/1/2029		7.80	%			31,150,000
Aventine Apartments	May 2024	Bellevue, WA		68	6/1/2031		7.68	%			9,500,000
										$	52,150,000

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

(2)The interest rate is subject to an all-in floor of 3.85%.

Sales:

The following MRB was sold at a price that approximated the Partnership’s carrying value plus accrued interest during the six months ended June 30, 2024:

Property Name	Month Sold	Property Location	Units		Original Maturity Date	Interest Rate			Principal Outstanding at Date of Sale
Brookstone	May 2024	Waukegan, IL		168	5/1/2040		5.45	%	$	8,221,234

The Partnership realized a gain on sale of the Brookstone MRB of approximately $1.0 million related to collection of an unamortized discount upon sale.