Subsequent Events

6 Months Ended

Jun. 30, 2025

Subsequent Events [Abstract]

Subsequent Events

25. Subsequent Events

In July 2025, the Partnership received an additional capital commitment of approximately $59.8 million to the Construction Lending JV from a new third-party investor. The Partnership has committed to provide 10% of the total capital for the Construction Lending JV. The Partnership and each investor will contribute their respective proportionate capital contributions upon the funding of future investments. With this additional capital commitment, the Partnership’s maximum capital contribution to the Construction Lending JV is approximately $15.0 million.

In August 2025, the Partnership extended the maturity dates of the TOB financings for Village at Hanford Square, MaryAlice Circle Apartments, Meadow Valley, and 40rty on Colony to June 1, 2028. There were no additional changes to terms associated with the extensions.

In July 2025, the Partnership acquired a taxable MRB. The following table summarizes the terms of the Partnership’s investment:

Property Name	Month Acquired	Property Location	Maturity Date	Interest Rate	Initial Principal Funding		Total Commitment
Triangle Square Predevelopment Project	July 2025	Raleigh, NC	July 2026	9.00%	$	6,000,000	$	9,300,000

In August 2025, the Copper Gate Apartments MRB with outstanding principal of $4.7 million was redeemed in full and the principal proceeds of approximately $4.0 million and approximately $717,000 were used to paydown the 2024 PFA Securitization Transaction and TEBS Residual Financing, respectively.