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Variable Interest Entities (Tables)

6 Months Ended

Jun. 30, 2025

Variable Interest Entities [Abstract]

Variable Interest Entities Property Asset Carrying Value by Asset and Maximum Exposure

The following table summarizes the Partnership’s carrying value by asset and maximum exposure to loss associated with the variable interests as of June 30, 2025 and December 31, 2024:


	June 30, 2025				December 31, 2024
	Carrying Value		Maximum Exposure to Loss		Carrying Value		Maximum Exposure to Loss
Mortgage revenue bonds	$	219,427,480	$	218,345,704	$	207,170,395	$	203,929,806
Taxable mortgage revenue bonds (reported within other assets)		9,797,082		9,801,982		4,393,869		4,406,024
Governmental issuer loans		109,757,835		109,757,835		203,999,628		203,999,628
Taxable governmental issuer loans (reported within other assets)		37,598,972		37,598,972		14,157,672		14,157,672
Property loans		39,824,000		39,824,000		42,210,000		42,210,000
Investments in unconsolidated entities		153,654,233		153,654,233		179,409,869		179,409,869
	$	570,059,602	$	568,982,726	$	651,341,433	$	648,112,999

Schedule of Assets and Liabilities of the Partnership Consolidated VIE

The following table summarizes the assets and liabilities of the Partnership’s consolidated VIEs as of June 30, 2025 and December 31, 2024:


	June 30, 2025			December 31, 2024
Assets:
Restricted cash	$	269,606		$	771,606
Interest receivable, net		6,561,685			7,089,580
Mortgage revenue bonds, at fair value		1,002,197,870			1,013,847,272
Governmental issuer loans
Governmental issuer loans		121,857,835			219,702,222
Allowance for credit losses		(696,000	)		(1,038,000	)
Governmental issuer loans, net		121,161,835			218,664,222
Property loans
Property loans		46,074,000			48,460,000
Allowance for credit losses		(494,000	)		(547,000	)
Property loans, net		45,580,000			47,913,000
Real estate assets		2,442,654			3,796,782
Other assets		70,138,751			40,038,912
Total Assets	$	1,248,352,401		$	1,332,121,374

Liabilities:
Accounts payable, accrued expenses and other liabilities (1)	$	7,493,397		$	8,285,369
Debt financing (2)		1,034,838,877			1,098,530,865
Mortgages payable (3)		310,220			1,664,347
Total Liabilities	$	1,042,642,494		$	1,108,480,581

(1)

Of the amounts reported, $4,821,967 and $5,112,036 are associated with VIEs where the creditor does not have recourse to the general credit of the Partnership as of June 30, 2025 and December 31, 2024, respectively.

(2)

Of the amounts reported, $333,543,878 and $364,099,866 are associated with VIEs where the creditor does not have recourse to the general credit of the Partnership as of June 30, 2025 and December 31, 2024, respectively.

(3)

The entire mortgages payable balance is associated with a VIE where the creditor does not have recourse to the general credit of the Partnership as of June 30, 2025 and December 31, 2024, respectively.

- Definition

Tabular disclosure of the significant judgments and assumptions made in determining whether a variable interest (as defined) held by the entity requires the variable interest entity (VIE) (as defined) to be consolidated and (or) disclose information about its involvement with the VIE, individually or in aggregate (as applicable); the nature of restrictions, if any, on the consolidated VIE's assets and on the settlement of its liabilities reported by an entity in its statement of financial position, including the carrying amounts of such assets and liabilities; the nature of, and changes in, the risks associated with involvement in the VIE; how involvement with the VIE affects the entity's financial position, financial performance, and cash flows; the lack of recourse if creditors (or beneficial interest holders) of the consolidated VIE have no recourse to the general credit of the primary beneficiary (if applicable); the terms of arrangements, giving consideration to both explicit arrangements and implicit variable interests, if any, that could require the entity to provide financial support to the VIE, including events or circumstances that could expose the entity to a loss; the methodology used by the entity for determining whether or not it is the primary beneficiary of the variable interest entity; the significant factors considered and judgments made in determining that the power to direct the activities of a VIE that most significantly impact the VIE's economic performance are shared (as defined); the carrying amounts and classification of assets and liabilities of the VIE included in the statement of financial position; the entity's maximum exposure to loss, if any, as a result of its involvement with the VIE, including how the maximum exposure is determined and significant sources of the entity's exposure to the VIE; a comparison of the carrying amounts of the assets and liabilities and the entity's maximum exposure to loss; information about any liquidity arrangements, guarantees, and (or) other commitments by third parties that may affect the fair value or risk of the entity's variable interest in the VIE; whether or not the entity has provided financial support or other support (explicitly or implicitly) to the VIE that it was not previously contractually required to provide or whether the entity intends to provide that support, including the type and amount of the support and the primary reasons for providing the support; and supplemental information the entity determines necessary to provide.

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