Investments in Unconsolidated Entities (Tables)

12 Months Ended

Dec. 31, 2025

Equity Method Investments and Joint Ventures [Abstract]

Summary of Investments in Unconsolidated Entities

The following table provides the details of the investments in unconsolidated entities as of December 31, 2025 and 2024:

Property Name	Location	Units			Construction Commencement Date	Construction Completion Date	Carrying Value as of December 31, 2025		Carrying Value as of December 31, 2024
Market Rate Multifamily Investments
Vantage at Hutto	Hutto, TX		288		December 2021	December 2023	$	14,988,329	$	14,573,715
Vantage at Loveland	Loveland, CO		288		April 2021	October 2024		21,098,735		26,560,347
Vantage at Fair Oaks	Boerne, TX		288		September 2021	May 2023		14,346,224		13,535,176
Vantage at McKinney Falls	McKinney Falls, TX		288		December 2021	July 2024		16,076,440		15,633,593
Freestone Greeley	Greeley, CO		296		N/A	N/A		5,909,710		6,230,785
Freestone Cresta Bella	San Antonio, TX		296		February 2023	November 2024		13,701,640		16,759,593
The Jessam at Hays Farm	Huntsville, AL		318		July 2023	December 2025		16,125,448		17,696,609
Freestone Greenville	Greenville, TX		300		April 2024	September 2025		17,175,697		20,853,691
Freestone Ladera	Ladera, TX		288		August 2024	December 2025		17,085,732		9,804,364
Subtotal								136,507,955		141,647,873
Market Rate Seniors Housing Investments
Valage Senior Living Carson Valley	Minden, NV		102	(1)	February 2023	April 2025		2,531,540		8,471,445
Valage Senior Living Mt. Rose	Reno, NV		122		N/A	N/A		6,913,343		-
Subtotal								9,444,883		8,471,445
Other Investments
Construction Lending JV (2)	N/A	N/A			N/A	N/A		347,006		-
Previously Sold Investments
Vantage at Tomball	Tomball, TX		288		August 2020	April 2022		-		14,199,870
Vantage at Helotes	Helotes, TX		288		May 2021	November 2022		-		15,090,681
Subtotal								-		29,290,551
							$	146,299,844	$	179,409,869

(1)Valage Senior Living Carson Valley is a seniors housing property with 102 beds in 88 units.

(2)The Construction Lending JV invests in loans to finance the construction and/or rehabilitation of affordable multifamily housing properties across the United States, similar to the Partnership’s current GIL, taxable GIL and property loan investments

Summary of Sales Information of Partnership Investment in Unconsolidated Entities

The following table summarizes sales information of the Partnership’s investments in unconsolidated entities during the year ended December 31, 2025:

Property Name	Location	Units		Month Sold	Gross Proceeds to the Partnership		Investment Income		Gain on Sale
Vantage at Tomball	Tomball, TX		288	January 2025	$	14,199,870	$	-	$	-
Vantage at Coventry	Omaha, NE		294	(1)		5,220		-		5,220
Vantage at Helotes (2)	Helotes, TX		288	May 2025		17,083,556		1,829,525		148,577
Vantage at O'Connor	San Antonio, TX		288	(3)		32,166		-		32,166
					$	31,320,812	$	1,829,525	$	185,963

(1)In February 2025, the Partnership received sales proceeds of approximately $5,000 associated with final settlements of the Vantage at Coventry sale in January 2023. The Partnership recognized the amount in “Gain on sale of investments in unconsolidated entities” on the Partnership’s condensed consolidated statement of operations.

(2)Vantage at Helotes, at the direction of its managing member, sold substantially all its assets to a non-profit entity that financed the purchase by issuing tax-exempt and taxable bonds. The Partnership acquired two MRBs issued by the buyer to finance the purchase of the property (see Note 4). In December 2025, the Partnership's gain on sale was reduced by approximately $15,000 associated with final settlement of the Vantage at Helotes sale in May 2025.

(3)In June 2025, the Partnership received sales proceeds of approximately $32,000 associated with final settlements of the Vantage at O'Connor sale in July 2022. The Partnership recognized the amount in “Gain on sale of investments in unconsolidated entities” on the Partnership’s condensed consolidated statement of operations.

The following table summarizes sales information of the Partnership’s investments in unconsolidated entities during the year ended December 31, 2024:

Property Name	Location	Units		Month Sold	Gross Proceeds to the Partnership		Investment Income		Gain (Loss) on Sale
Vantage at Coventry	Omaha, NE		294	(1)	$	50,000	$	-	$	50,000
Vantage at Westover Hills	San Antonio, TX		288	(2)		6,986		-		6,986
Vantage at Murfreesboro	Murfreesboro, TN		288	(3)		60,858		-		60,858
					$	117,844	$	-	$	117,844

(1)In January 2024, the Partnership received sales proceeds of approximately $50,000 associated with final settlements of the Vantage at Coventry sale in January 2023. The Partnership recognized the amount in “Gain on sale of investments in unconsolidated entities” on the Partnership’s consolidated statement of operations.

(2)In May 2024, the Partnership received sales proceeds of approximately $7,000 associated with final settlements of the Vantage at Westover Hills sale in May 2022. The Partnership recognized the amount in “Gain on sale of investments in unconsolidated entities” on the Partnership’s consolidated statement of operations.

(3)In December 2024, the Partnership received tax refund proceeds of approximately $61,000 primarily associated with final settlements of the Vantage at Murfreesboro sale in March 2022. The Partnership recognized the amount in “Gain on sale of investments in unconsolidated entities” on the Partnership’s consolidated statements of operations.

The following table summarizes sales information of the Partnership’s investments in unconsolidated entities during the year ended December 31, 2023:

Property Name	Location	Units		Month Sold	Gross Proceeds to the Partnership			Investment Income		Gain (Loss) on Sale
Vantage at Stone Creek	Omaha, NE		294	January 2023	$	14,689,244		$	108,295	$	9,114,980
Vantage at Coventry	Omaha, NE		294	January 2023		13,220,218			135,501		6,258,133
Vantage at Murfreesboro	Murfreesboro, TN		288	(1)		(6,184	)		-		(6,184	)
Vantage at O'Connor	San Antonio, TX		288	(2)		(11,744	)		-		(11,744	)
Vantage at Conroe	Conroe, TX		288	June 2023		19,828,060			2,065,608		7,337,828
Vantage at Powdersville	Powdersville, SC		288	(3)		32,385			-		32,385
					$	47,751,979		$	2,309,404	$	22,725,398

(1)In February 2023, the Partnership returned sales proceeds of approximately $6,200 associated with final settlements of the Vantage at Murfreesboro sale in March 2022. The Partnership recognized the amount in “Gain on sale of investments in unconsolidated entities” on the Partnership’s consolidated statements of operations.

(2)In May 2023, the Partnership returned sales proceeds of approximately $12,000 associated with final settlements of the Vantage at O’Connor sale in July 2022. The Partnership recognized the amount in "Gain on sale of investments in unconsolidated entities" on the Partnership’s consolidated statements of operations.

(3)In August 2023, the Partnership received sales proceeds of approximately $32,000 associated with final settlements of the Vantage at Powdersville sale in May 2021. The Partnership recognized the amount in “Gain on sale of investments in unconsolidated entities” on the Partnership’s consolidated statements of operations.

Summary of Partnership's Investments in Unconsolidated Entities

The following table provides summary combined financial information for the properties underlying the Partnership’s investments in unconsolidated entities as of December 31, 2025 and 2024 and for the years ended December 31, 2025, 2024 and 2023:

	December 31, 2025		December 31, 2024
Assets	$	473,870,616	$	456,310,813
Liabilities	$	359,584,450	$	307,735,879

	For the Years Ended December 31,
	2025			2024			2023
Property revenues	$	24,808,716		$	19,953,172		$	13,321,584
Interest income	$	873,755		$	-		$	-
Gain on sale	$	18,186,108		$	-		$	56,959,112
Net income (loss)	$	(7,543,266	)	$	(16,168,741	)	$	48,500,277