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Other Assets | 9 Months Ended
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Sep. 30, 2023
Other Assets [Abstract] |
Other Assets | 12. Other Assets The following table summarizes the Partnership’s other assets as of September 30, 2023 and December 31, 2022:
|  | September 30, 2023 |  |  | December 31, 2022 |
Deferred financing costs, net |  | $ | 898,982 |  |  | $ | 964,266 |
Derivative instruments at fair value (Note 18) |  |  | 14,348,619 |  |  |  | 7,530,438 |
Taxable mortgage revenue bonds, at fair value |  |  | 17,611,663 |  |  |  | 16,531,896 |
Taxable governmental issuer loans: |  |  |  |  |  |
Taxable governmental issuer loans |  |  | 13,573,000 |  |  |  | 8,000,000 |
Allowance for credit losses (Note 13) |  |  | (86,000 | ) |  |  | - |
Taxable governmental issuer loans, net |  |  | 13,487,000 |  |  |  | 8,000,000 |
Bond purchase commitment, at fair value (Note 19) |  |  | - |  |  |  | 98,929 |
Other assets |  |  | 1,794,114 |  |  |  | 2,649,138 |
Total other assets |  | $ | 48,140,378 |  |  | $ | 35,774,667 |
The Partnership has remaining commitments to provide additional funding of the taxable MRBs and taxable GILs during construction and/or rehabilitation of the secured properties as of September 30, 2023. See Note 19 for further information regarding the Partnership’s remaining taxable GIL and taxable MRB funding commitments. On January 1, 2023, the Partnership adopted ASU 2016-13 which replaced the incurred loss methodology with an expected loss model known as the CECL model. See Note 13 for information regarding the Partnership’s allowance for credit losses related to its taxable GILs. See Note 23 for a description of the methodology and significant assumptions for determining the fair value of derivative instruments, taxable MRBs and bond purchase commitments. Unrealized gains or losses on derivative instruments are reported as “Interest expense” in the Partnership’s condensed consolidated statements of operations. Unrealized gain or losses on taxable MRBs and bond purchase commitments are recorded in the Partnership’s condensed consolidated statements of comprehensive income to reflect changes in their estimated fair values resulting from market conditions and fluctuations in the present value of the expected cash flows from the assets. As of September 30, 2023, one taxable MRB and four taxable GILs with a reported value totaling $22.1 million were held in trust in connection with TOB trust financings (Note 16). Activity in the First Nine Months of 2023 The following table includes details of the taxable MRBs acquired during the nine months ended September 30, 2023:
Property Name |  | Month Acquired |  | Property Location |  | Units |  | Maturity Date |  | Interest Rate |  | Initial Principal Funding |
Windsor Shores Apartments - Series B |  | January 2023 |  | Columbia, SC |  | 176 |  | 2/1/2030 |  | 6.50% |  | $ | 805,000 |
Village at Hanford Square - Series H-T (1) |  | May 2023 |  | Hanford, CA |  | 100 |  | 5/1/2030 |  | 7.25% |  |  | 1,000,000 |
40rty on Colony - Series P-T (2) |  | June 2023 |  | La Mesa, CA |  | 40 |  | 6/1/2030 |  | 7.45% |  |  | 1,000,000 |
Subtotal |  |  |  |  |  |  |  |  |  |  |  | $ | 2,805,000 |
(1) The Partnership has committed to provide total funding for the taxable MRB of $10.4 million (see Note 19). (2) The Partnership has committed to provide total funding for the taxable MRB of $6.0 million (see Note 19). In July 2023, the Ocotillo Springs property achieved stabilization and the borrower converted to permanent financing. The Ocotillo Springs - Series A-T taxable MRB with outstanding principal of $7.0 million was redeemed in full. In July 2023, the Partnership recognized a fee of approximately $32,000 in other income in connection with an extension of the maturity date of the Hope on Avalon taxable GIL to February 1, 2024. Activity in the First Nine Months of 2022 The following table includes details of the taxable MRBs and taxable GILs acquired during the nine months ended September 30, 2022:
Property Name |  | Date Committed |  | Maturity Date |  | Initial Principal Funding |  |  | Total Commitment |
Taxable MRBs |  |  |  |  |  |  |  |
Live 929 Apartments - Series 2022B |  | January 2022 |  | 1/1/2029 |  | $ | 3,625,000 |  |  | $ | 3,625,000 |
Residency at the Entrepreneur - Series J-T (1) |  | April 2022 |  | 4/1/2025 |  | $ | 1,000,000 |  |  |  | 13,000,000 |
Subtotal |  |  |  |  |  |  |  |  | $ | 16,625,000 |
Taxable GILs |  |  |  |  |  |  |  |
Poppy Grove I (1) |  | September 2022 |  | 4/1/2025 |  | $ | 1,000,000 |  |  | $ | 21,157,672 |
Poppy Grove II (1) |  | September 2022 |  | 4/1/2025 |  | $ | 1,000,000 |  |  |  | 10,941,300 |
Poppy Grove III (1) |  | September 2022 |  | 4/1/2025 |  | $ | 1,000,000 |  |  |  | 24,480,493 |
Subtotal |  |  |  |  |  |  |  |  | $ | 56,579,465 |
(1) The borrower has the option to extend the maturity up to six months upon payment of a non-refundable extension fee.

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