Fair Value of Financial Instruments (Tables)

3 Months Ended

Mar. 31, 2020

Fair Value Measurements [Abstract]

Summary of Assets Measured at Fair Value on Recurring Basis

Assets measured at fair value on a recurring basis as of March 31, 2020 are summarized as follows:

	Fair Value Measurements as of March 31, 2020
Description	Assets 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
Mortgage revenue bonds, held in trust	$	734,245,836	$	-	$	-	$	734,245,836
Mortgage revenue bonds		26,836,439		-		-		26,836,439
Taxable mortgage revenue bonds (reported within other assets)		1,417,654		-		-		1,417,654
Derivative instruments (reported within other assets)		36,112		-		-		36,112
Total Assets at Fair Value, net	$	762,536,041	$	-	$	-	$	762,536,041

Assets measured at fair value on a recurring basis as of December 31, 2019 are summarized as follows:

	Fair Value Measurements as of December 31, 2019
Description	Assets 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
Mortgage revenue bonds, held in trust	$	743,587,715	$	-	$	-	$	743,587,715
Mortgage revenue bonds		30,009,750		-		-		30,009,750
PHC Certificates		43,349,357		-		-		43,349,357
Taxable mortgage revenue bonds (reported within other assets)		1,383,237		-		-		1,383,237
Derivative instruments (reported within other assets)		10,911		-		-		10,911
Total Assets at Fair Value, net	$	818,340,970	$	-	$	-	$	818,340,970

Summary of Activity Related to Level 3 Assets and Liabilities

The following table summarizes the activity related to Level 3 assets for the three months ended March 31, 2020:

	For the Three Months Ended March 31, 2020
	Fair Value Measurements Using Significant
	Unobservable Inputs (Level 3)
	Mortgage Revenue Bonds (1)			PHC Certificates			Taxable Mortgage Revenue Bonds			Interest Rate Derivatives		Total
Beginning Balance January 1, 2020	$	773,597,465		$	43,349,357		$	1,383,237		$	10,911	$	818,340,970
Total gains (losses) (realized/unrealized)
Included in earnings (interest income and    interest expense)		35,142			(7,219	)		-			25,201		53,124
Included in earnings (impairment of    securities and provision for credit loss)		(1,357,681	)		-			-			-		(1,357,681	)
Included in earnings (gain on sale of    securities)		-			1,416,023			-			-		1,416,023
Included in other comprehensive (loss)    income		(6,722,122	)		(1,408,804	)		36,555			-		(8,094,371	)
Sale of securities		-			(43,349,357	)		-			-		(43,349,357	)
Settlements		(4,470,529	)		-			(2,138	)		-		(4,472,667	)
Ending Balance March 31, 2020	$	761,082,275		$	-		$	1,417,654		$	36,112	$	762,536,041
Total amount of gains (losses) for the period    included in earnings attributable to    the change in unrealized gains    (losses) relating to assets or liabilities    held on March 31, 2020	$	(1,357,681	)	$	-		$	-		$	25,201	$	(1,332,480	)

⁽¹⁾ Mortgage revenue bonds includes both bonds held in trust as well as those held by the Partnership.

The following table summarizes the activity related to Level 3 assets and liabilities for the three months ended March 31, 2019:

	For the Three Months Ended March 31, 2019
	Fair Value Measurements Using Significant
	Unobservable Inputs (Level 3)
	Mortgage Revenue Bonds (1)			PHC Certificates			Taxable Bonds			Interest Rate Derivatives			Total
Beginning Balance January 1, 2019	$	732,153,435		$	48,672,086		$	1,409,895		$	626,633		$	782,862,049
Total gains (losses)    (realized/unrealized)
Included in earnings (interest    income and interest expense)		35,730			16,726			-			(306,591	)		(254,135	)
Included in other    comprehensive (loss) income		7,639,913			485,222			18,792			-			8,143,927
Purchases		6,050,000			-			-			-			6,050,000
Settlements		(6,831,237	)		(2,767,166	)		(1,954	)		(46,536	)		(9,646,893	)
Ending Balance March 31, 2019	$	739,047,841		$	46,406,868		$	1,426,733		$	273,506		$	787,154,948
Total amount of gains (losses) for the period    included in earnings attributable to    the change in unrealized gains    (losses) relating to assets or liabilities    held on March 31, 2019	$	-		$	-		$	-		$	(306,591	)	$	(306,591	)

⁽¹⁾ Mortgage revenue bonds includes both bonds held in trust as well as those held by the Partnership.

Summary of Fair Value of Partnership's Financial Liabilities

The table below summarizes the fair value of the Partnership’s financial liabilities as of March 31, 2020 and December 31, 2019:

	March 31, 2020				December 31, 2019
	Carrying Amount		Fair Value		Carrying Amount		Fair Value
Financial Liabilities:
Debt financing and lines of credit	$	512,925,429	$	529,632,997	$	549,397,421	$	568,193,494
Mortgages payable and other secured financing		26,689,992		26,691,893		26,802,246		26,812,851