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v3.23.1

Allowance for Credit Losses (Tables) | 3 Months Ended
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Mar. 31, 2023
Financing Receivable, Allowance for Credit Loss [Line Items] |
Summary of Changes in Partnership's Allowance for Credit Losses | The following table summarizes the changes in the Partnership’s allowance for credit losses as of March 31, 2023:
|  | For the Three Months Ended March 31, 2023 |
|  | Governmental Issuer Loans |  |  | Taxable Governmental Issuer Loans |  |  | Property Loans |  |  | Unfunded Commitments |  |  | Total |
Balance, beginning of period |  |  | - |  |  |  | - |  |  | $ | 495,000 |  |  |  | - |  |  |  | 495,000 |
Cumulative-effect adjustment upon adoption |  | $ | 2,145,000 |  |  | $ | 79,000 |  |  |  | 2,108,000 |  |  | $ | 1,617,000 |  |  | $ | 5,949,000 |
Current provision for expected credit losses |  |  | (65,000 | ) |  |  | 10,000 |  |  |  | (153,000 | ) |  |  | (337,000 | ) |  |  | (545,000 | )
Balance, end of period |  | $ | 2,080,000 |  |  | $ | 89,000 |  |  | $ | 2,450,000 |  |  | $ | 1,280,000 |  |  | $ | 5,899,000 |
Summary of Partnerships Carrying Value by Origination Year Grouped by Risk Rating | The following table summarizes the Partnership’s carrying value by origination year, grouped by risk rating as of March 31, 2023:
|  | March 31, 2023 |
|  | 2023 |  |  | 2022 |  |  | 2021 |  |  | 2020 |  |  | 2019 |  |  | Prior |  |  | Total |
Governmental Issuer Loans |  |  |  |  |  |  |  |  |  |  |  |  |
Performing |  | $ | - |  |  | $ | 42,337,300 |  |  | $ | 168,190,438 |  |  | $ | 107,080,000 |  |  | $ | - |  |  | $ | - |  |  | $ | 317,607,738 |
Watch |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Nonperforming |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Subtotal |  |  | - |  |  |  | 42,337,300 |  |  |  | 168,190,438 |  |  |  | 107,080,000 |  |  |  | - |  |  |  | - |  |  |  | 317,607,738 |
Taxable Governmental Issuer Loans |  |  |  |  |  |  |  |  |  |  |  |  |
Performing |  | $ | - |  |  | $ | 3,000,000 |  |  | $ | 8,000,000 |  |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | 11,000,000 |
Watch |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Nonperforming |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Subtotal |  |  | - |  |  |  | 3,000,000 |  |  |  | 8,000,000 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 11,000,000 |
Property Loans |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Performing |  | $ | - |  |  | $ | 54,465,315 |  |  | $ | 54,854,469 |  |  | $ | 54,963,077 |  |  |  | - |  |  | $ | 453,594 |  |  | $ | 164,736,455 |
Watch |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Nonperforming |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  | $ | 495,000 |  |  |  | - |  |  |  | 495,000 |
Subtotal |  |  | - |  |  |  | 54,465,315 |  |  |  | 54,854,469 |  |  |  | 54,963,077 |  |  |  | 495,000 |  |  |  | 453,594 |  |  |  | 165,231,455 |
Unfunded Commitments |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Performing |  | $ | - |  |  | $ | 128,700,000 |  |  | $ | 60,376,955 |  |  | $ | 3,685,523 |  |  | $ | - |  |  | $ | - |  |  | $ | 192,762,478 |
Watch |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Nonperforming |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Subtotal |  |  | - |  |  |  | 128,700,000 |  |  |  | 60,376,955 |  |  |  | 3,685,523 |  |  |  | - |  |  |  | - |  |  |  | 192,762,478 |
Total |  | $ | - |  |  | $ | 228,502,615 |  |  | $ | 291,421,862 |  |  | $ | 165,728,600 |  |  | $ | 495,000 |  |  | $ | 453,594 |  |  | $ | 686,601,671 |
MRB and taxable MRB investments [Member] |
Financing Receivable, Allowance for Credit Loss [Line Items] |
Summary of Changes in Partnership's Allowance for Credit Losses | The following table summarizes the changes in the Partnership’s allowance for credit losses for the three months ended March 31, 2023 and 2022:
|  |  | For the Three Months Ended March 31, |
|  |  | 2023 |  |  | 2022 |
Balance, beginning of period |  |  | $ | 9,978,891 |  |  | $ | 9,175,482 |
Other additions (1) |  |  |  | - |  |  |  | 860,533 |
Recovery of prior credit loss (2) |  |  |  | (16,967 | ) |  |  | (5,279 | )
Balance, end of period (3) |  |  | $ | 9,961,924 |  |  | $ | 10,030,736 |
(1) The other addition is related to a re-allocation of the loan loss allowance upon restructuring of the Live 929 Apartments MRBs and property loan. (2) The Partnership compared the present value of cash flows expected to be collected to the amortized cost basis of the Live 929 Apartments Series 2022A MRB, which indicated a recovery of value. As the recovery was identified prior to the effective date of the CECL standard, the Partnership will accrete the recovery of prior credit loss into investment income over the term of the MRB. (3) The allowance for credit losses as of March 31, 2023 and 2022 relate to the Provision Center 2014-1 MRB and the Live 929 Apartments – 2022A MRB.

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