Transactions with Related Parties (Tables)

6 Months Ended

Jun. 30, 2025

Summary of Transactions with Related Parties Reflected in the Partnership's Consolidated Financial Statements

The following table summarizes transactions with related parties that are reported in the Partnership's condensed consolidated financial statements for the three and six months ended June 30, 2025 and 2024:


	For the Three Months Ended June 30,				For the Six Months Ended June 30,
	2025		2024		2025		2024
Partnership administrative fees paid to the General Partner (1)	$	1,581,000	$	1,515,000	$	3,179,000	$	3,001,000
Reimbursable franchise margin taxes incurred on behalf of unconsolidated entities (2)		63,000		23,000		127,000		43,000
Referral fees paid to an affiliate (3)		-		-		-		-
Servicing fees paid to an affiliate (4)		11,000		-		22,000		-

(1)

The General Partner is entitled to receive an administrative fee from the Partnership equal to 0.45% per annum of the outstanding principal balance of any of its investment assets for which the owner of the financed property or other third party is not obligated to pay such administrative fee directly to the General Partner. The disclosed amounts represent administrative fees paid or accrued during the periods specified and are reported within “General and administrative expenses” on the Partnership’s condensed consolidated statements of operations.

(2)

The Partnership pays franchise margin taxes on revenues in Texas related to its investments in unconsolidated entities. Such taxes are paid by the Partnership as the unconsolidated entities are required by tax regulations to be included in the Partnership’s group franchise tax return. Since the Partnership is reimbursed for the franchise margin taxes paid on behalf of the unconsolidated entities, these taxes are not reported on the Partnership’s condensed consolidated statements of operations.

(3)

The Partnership has an agreement with an affiliate of Greystone, in which the Greystone affiliate is entitled to receive a referral fee up to 0.25% of the original principal amount of executed tax-exempt loan or tax-exempt bond transactions introduced to the Partnership by the Greystone affiliate. The term of the agreement

ends December 31, 2025, unless the parties mutually agree to extend the term. The Partnership accounts for referral fees as bond acquisition costs that are deferred and amortized as a yield adjustment to the related investment asset.

(4)

Greystone Servicing, an affiliate of the Partnership, is the servicer for the 2024 PFA Securitization Bonds.

Summary of Transactions Between Borrowers of Partnership's MRBs and Affiliates

The following table summarizes transactions between borrowers of the Partnership’s affiliates for the three and six months ended June 30, 2025 and 2024:


	For the Three Months Ended June 30,				For the Six Months Ended June 30,
	2025		2024		2025		2024
Investment/mortgage placement fees earned by the General Partner (1)		86,000		1,544,000	$	250,000	$	1,569,000

(1)

The General Partner received placement fees in connection with the acquisition of certain MRBs, taxable MRBs, GILs, taxable GILs and property loans and investments in unconsolidated entities.