Fair Value of Financial Instruments (Tables)

6 Months Ended

Jun. 30, 2025

Fair Value Measurements [Abstract]

Summary of Range of Effective Yields and Weighted Average Effective Yields of Partnership's Investments

The range of effective yields and weighted average effective yields of the Partnership’s investments in MRBs, taxable MRBs and bond purchase commitments as of June 30, 2025 and December 31, 2024 are as follows:

	Range of Effective Yields		Weighted Average Effective Yields (1)
Security Type	June 30, 2025	December 31, 2024	June 30, 2025			December 31, 2024
Mortgage revenue bonds	3.4% -11.1%	3.7% - 8.4%		5.9	%		5.5	%
Taxable mortgage revenue bonds	6.5% - 14.3%	7.1% - 11.9%		8.6	%		8.7	%
Bond purchase commitments	6.0%	n/a		6.0	%	n/a

(1)Weighted by the total principal outstanding of all the respective securities as of the reporting date.

Summary of Assets and Liabilities Measured at Fair Value on Recurring Basis

Assets and liabilities measured at fair value on a recurring basis as of June 30, 2025 are summarized as follows:

	Fair Value Measurements as of June 30, 2025
Description	Assets and Liabilities at Fair Value			Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)
Assets and Liabilities
Mortgage revenue bonds	$	1,004,463,460		$	-	$	-		$	1,004,463,460
Bond purchase commitments (reported within other assets)		1,833,078			-		-			1,833,078
Taxable mortgage revenue bonds (reported within other assets)		34,742,457			-		-			34,742,457
Derivative instruments (reported within other assets)		2,103,718			-		2,103,718			-
Derivative swap liability (reported within other liabilities)		(1,906,605	)		-		(1,906,605	)		-
Total Assets and Liabilities at Fair Value, net	$	1,041,236,108		$	-	$	197,113		$	1,041,038,995

Assets and liabilities measured at fair value on a recurring basis as of December 31, 2024 are summarized as follows:

	Fair Value Measurements as of December 31, 2024
Description	Assets and Liabilities at Fair Value			Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)
Assets and Liabilities
Mortgage revenue bonds	$	1,026,483,796		$	-	$	-		$	1,026,483,796
Taxable mortgage revenue bonds (reported within other assets)		26,671,085			-		-			26,671,085
Derivative instruments (reported within other assets)		6,980,820			-		6,980,820			-
Derivative swap liability (reported within other liabilities)		(609,766	)		-		(609,766	)		-
Total Assets and Liabilities at Fair Value, net	$	1,059,525,935		$	-	$	6,371,054		$	1,053,154,881

Summary of Activity Related to Level 3 Assets and Liabilities

The following table summarizes the activity related to Level 3 assets for the three and six months ended June 30, 2025:

	For the Three Months Ended June 30, 2025
	Fair Value Measurements Using Significant
	Unobservable Inputs (Level 3)
	Mortgage Revenue Bonds			Bond Purchase Commitments		Taxable Mortgage Revenue Bonds			Total
Beginning Balance April 1, 2025	$	1,022,563,964		$	-	$	34,416,164		$	1,056,980,128
Total gains (losses) (realized/unrealized)
Included in earnings (interest income and    interest expense)		(272,081	)		-		(1,738	)		(273,819	)
Included in earnings (provision for credit losses)		(8,439,900	)		-		(267,100	)		(8,707,000	)
Included in other comprehensive income		(2,654,338	)		1,833,078		13,553			(807,707	)
Purchases and advances		22,711,764			-		800,000			23,511,764
Settlements and redemptions		(29,445,949	)		-		(218,422	)		(29,664,371	)
Ending Balance June 30, 2025	$	1,004,463,460		$	1,833,078	$	34,742,457		$	1,041,038,995
Total amount of losses for the    period included in earnings attributable    to the change in unrealized losses relating to assets or    liabilities held on June 30, 2025	$	(8,519,091	)	$	-	$	(267,100	)	$	(8,786,191	)

	For the Six Months ended June 30, 2025
	Fair Value Measurements Using Significant
	Unobservable Inputs (Level 3)
	Mortgage Revenue Bonds			Bond Purchase Commitments		Taxable Mortgage Revenue Bonds			Total
Beginning Balance January 1, 2025	$	1,026,483,796		$	-	$	26,671,085		$	1,053,154,881
Total gains (losses) (realized/unrealized)
Included in earnings (interest income and    interest expense)		(250,022	)		-		(5,050	)		(255,072	)
Included in earnings (provision for credit losses)		(8,439,900	)		-		(267,100	)		(8,707,000	)
Included in other comprehensive income		(8,776,135	)		1,833,078		500,291			(6,442,766	)
Purchases and advances		36,812,807			-		8,200,000			45,012,807
Settlements and redemptions		(41,367,086	)		-		(356,769	)		(41,723,855	)
Ending Balance June 30, 2025	$	1,004,463,460		$	1,833,078	$	34,742,457		$	1,041,038,995
Total amount of losses for the    period included in earnings attributable    to the change in unrealized losses relating to assets or    liabilities held on June 30, 2025	$	(8,502,124	)	$	-	$	(267,100	)	$	(8,769,224	)

The following table summarizes the activity related to Level 3 assets and liabilities for the three and six months ended June 30, 2024:

	For the Three Months ended June 30, 2024
	Fair Value Measurements Using Significant
	Unobservable Inputs (Level 3)
	Mortgage Revenue Bonds			Bond Purchase Commitments			Taxable Mortgage Revenue Bonds			Derivative Instruments			Total
Beginning Balance April 1, 2024	$	942,745,597		$	134,829		$	10,980,756		$	34		$	953,861,216
Total gains (losses) (realized/unrealized)
Included in earnings (interest income and    interest expense)		56,457			-			(2,894	)		(34	)		53,529
Included in earnings (provision for credit losses)		169,308			-			-			-			169,308
Included in earnings (gain on sale of    mortgage revenue bond)		1,012,581			-			-			-			1,012,581
Included in other comprehensive income		(10,482,567	)		(88,591	)		(125,411	)		-			(10,696,569	)
Purchases and advances		78,375,062			-			5,077,000			-			83,452,062
Sales		(8,221,234	)		-			-			-			(8,221,234	)
Settlements and redemptions		(1,603,179	)		-			(3,130	)		-			(1,606,309	)
Bond purchase commitments (reported within other assets)	$	1,002,052,025		$	46,238		$	15,926,321		$	-		$	1,018,024,584
Total amount of gains (losses) for the    period included in earnings attributable    to the change in unrealized losses relating to assets or    liabilities held on June 30, 2024	$	186,653		$	-		$	-		$	(34	)	$	186,619

	For the Six Months Ended June 30, 2024
	Fair Value Measurements Using Significant
	Unobservable Inputs (Level 3)
	Mortgage Revenue Bonds			Bond Purchase Commitments			Taxable Mortgage Revenue Bonds			Derivative Instruments			Total
Beginning Balance January 1, 2024	$	930,675,295		$	197,788		$	21,460,288		$	265		$	952,333,636
Total gains (losses) (realized/unrealized)
Included in earnings (interest income and    interest expense)		127,840			-			(8,944	)		(265	)		118,631
Included in earnings (provision for credit losses)		169,308			-			-			-			169,308
Included in earnings (gain on sale of    mortgage revenue bond)		1,012,581			-			-			-			1,012,581
Included in other comprehensive income		(22,520,881	)		(151,550	)		(95,834	)		-			(22,768,265	)
Purchases and advances		104,672,860			-			6,077,000			-			110,749,860
Sales		(8,221,234	)		-			-			-			(8,221,234	)
Settlements and redemptions		(3,863,744	)		-			(11,506,189	)		-			(15,369,933	)
Purchases and advances	$	1,002,052,025		$	46,238		$	15,926,321		$	-		$	1,018,024,584
Total amount of gains (losses) for the    period included in earnings attributable    to the change in unrealized losses relating to assets or    liabilities held on June 30, 2024	$	203,808		$	-		$	-		$	(265	)	$	203,543

Summary of Fair Value of Partnership's Financial Liabilities

The table below summarizes the fair value of the Partnership’s financial liabilities as of June 30, 2025 and December 31, 2024:

	June 30, 2025				December 31, 2024
	Carrying Amount		Fair Value		Carrying Amount		Fair Value
Financial Liabilities:
Debt financing	$	1,030,041,140	$	1,032,969,303	$	1,093,273,157	$	1,093,729,911
Secured lines of credit		44,000,000		44,000,000		68,852,000		68,852,000
Mortgages payable		310,220		310,220		1,664,347		1,664,347