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Governmental Issuer Loans (Tables)

6 Months Ended

Jun. 30, 2025

Governmental Issuer Loans [Abstract]

Summary of Partnership's GIL Investments

The Partnership had the following GIL investments as of June 30, 2025 and December 31, 2024:


							As of June 30, 2025
Property Name	Month Acquired	Property Location	Units		Maturity Date (1)	Interest Rate	Current Interest Rate	Amortized Cost
Poppy Grove I (2), (3)	September 2022	Elk Grove, CA	147		10/1/2025	6.78%	6.78%		40,888,328
Poppy Grove II (2), (3)	September 2022	Elk Grove, CA	82		10/1/2025	6.78%	6.78%		24,050,000
Poppy Grove III (2), (3)	September 2022	Elk Grove, CA	158		10/1/2025	6.78%	6.78%		44,819,507
Sandy Creek Apartments (2)	August 2023	Bryan, TX	140		9/1/2026	SOFR + 2.80%	7.12%		12,100,000
				527				$	121,857,835

(1)

The borrowers may elect to extend the maturity dates by six months upon meeting certain conditions, which may include payment of a non-refundable extension fee.

(2)

The Freddie Mac servicer that has forward committed to purchase the GIL at maturity is an affiliate of the Partnership (Note 19).

(3)

The Partnership has agreed to provide a subordinate GIL after the execution of Freddie Mac’s forward purchase commitment if needed by the property. The potential subordinate GIL amounts are up to $3.8 million, $2.2 million, and $4.2 million for Poppy Grove I, Poppy Grove II, and Poppy Grove III, respectively.


							As of December 31, 2024
Property Name	Month Acquired	Property Location	Units		Maturity Date (1)	Interest Rate (2)	Current Interest Rate	Amortized Cost
Legacy Commons at Signal Hills (3)	January 2021	St. Paul, MN	247		2/1/2025	SOFR + 3.07%	7.60%	$	34,620,000
Osprey Village (3)	July 2021	Kissimmee, FL	383		2/1/2025	SOFR + 3.07%	7.64%		60,000,000
Willow Place Apartments (3)	September 2021	McDonough, GA	182		2/1/2025	SOFR + 3.30%	7.87%		20,702,594
Willow Place Apartments Supplemental	November 2023	McDonough, GA	n/a		2/1/2025	SOFR + 3.45%	8.02%		1,500,000
Poppy Grove I (3), (4)	September 2022	Elk Grove, CA	147		4/1/2025	6.78%	6.78%		35,688,328
Poppy Grove II (3), (4)	September 2022	Elk Grove, CA	82		4/1/2025	6.78%	6.78%		21,541,300
Poppy Grove III (3), (4)	September 2022	Elk Grove, CA	158		4/1/2025	6.78%	6.78%		33,550,000
Sandy Creek Apartments (3)	August 2023	Bryan, TX	140		9/1/2026	7.83% (5)	7.83%		12,100,000
Natchitoches Thomas Apartments (3), (6)	December 2024	Natchitoches, LA	120		7/1/2027	7.92%	7.92%		6,500,000
				1,459				$	226,202,222

(1)

The borrowers may elect to extend the maturity dates by six months upon meeting certain conditions, which may include payment of a non-refundable extension fee.

(2)

The variable index interest rate components are typically subject to floors that range from 0.25% to 0.50%.

(3)

The Freddie Mac servicer that has forward committed to purchase the GIL at maturity is an affiliate of the Partnership (Note 19).

(4)

(5)

The interest rate will convert to a variable rate of Term SOFR + 2.80% on February 1, 2025.

(6)

The Natchitoches Thomas Apartments GIL was considered to be available-for-sale sale and reported at fair value, which approximated amortized cost as of December 31, 2024. The Partnership expects to sell the GIL into the Construction Lending JV in the future.

Schedule of Principal and Accrued Interest Paid

During the six months ended June 30, 2025, the following GILs were purchased by Freddie Mac through a servicer and all principal and accrued interest amounts due were paid in full:


Property Name	Month Redeemed	Principal Proceeds
Osprey Village	January 2025	$	60,000,000
Willow Place Apartments	January 2025		20,702,594
Willow Place Apartments Supplemental	January 2025		1,500,000
Legacy Commons at Signal Hills	May 2025		34,620,000
		$	116,822,594

During the six months ended June 30, 2024, the following GIL was purchased by Freddie Mac through a servicer and all principal and accrued interest amounts due were paid in full:


Property Name	Month Redeemed	Principal Proceeds
Hope on Avalon	January 2024	$	23,390,000