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Subsequent Events | 3 Months Ended
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Mar. 31, 2024
Subsequent Events [Abstract] |
Subsequent Events | 25. Subsequent Events In April 2024, the Partnership redeemed $10.0 million of Series A Preferred Units from one investor. The redemption was paid using unrestricted cash on hand. In April 2024, the Partnership entered into an additional interest rate swap agreement to mitigate interest rate risk associated with its variable rate TOB trust financings. The following table summarizes the terms of the interest rate swap agreement:
Trade Date |  | Notional Amount |  |  | Effective Date |  | Termination Date |  | Fixed Rate Paid |  | Variable Rate Index Received |  | Variable Debt Financing Hedged |  | Counterparty
April 2024 |  | $ | 19,500,000 |  |  | 5/1/2024 |  | 5/1/2029 |  | 4.345% |  | Compounded SOFR |  | TOB Trusts |  | Mizuho Capital Markets
In April 2024, the Partnership acquired an MRB and taxable MRB to finance the acquisition and rehabilitation of an affordable multifamily property. The following table summarizes the terms of the Partnership’s investments:
Mortgage Revenue Bond Name |  | Month Acquired |  | Property Location |  | Units |  | Maturity Date |  | Fixed Interest Rate |  | Principal Acquired |
Woodington Gardens Apartments MRB |  | April 2024 |  | Baltimore, MD |  | 197 |  | 5/1/2029 |  | 7.80% |  | $ | 31,150,000 |
Woodington Gardens Apartments taxable MRB |  | April 2024 |  | Baltimore, MD |  | 197 |  | 5/1/2029 |  | 7.80% |  |  | 2,577,000 |
|  |  |  |  |  |  |  |  |  |  |  | $ | 33,727,000 |
In April 2024, the Partnership entered into a new TOB trust financing arrangement with Mizuho. The following table summarizes the initial terms of the TOB trust financing:
TOB Trusts Securitization |  | TOB Trust Financing |  |  | Stated Maturity |  | Interest Rate Type |  | Tax-Exempt Interest on Senior Securities |  | Remarketing Senior Securities Rate |  | Facility Fees |  | Interest Rate
Woodington Gardens Apartments MRB |  | $ | 24,920,000 |  |  | April 2027 |  | Variable |  | Yes |  | 4.14% |  | 1.44% |  | 5.58%
In April 2024, the Partnership deposited the Woodington Gardens Apartments taxable MRB into the existing Trust 2024-XF3219 trust financing and received additional debt financing proceeds of approximately $2.1 million. In April 2024, the maturity date of the Partnership’s Term TOB financing associated with the Village at Avalon MRB was extended to May 2025. In May 2024, the Partnership sold the Brookstone MRB to an unaffiliated entity at a price that approximated the outstanding principal balance and accrued interest. The Partnership received gross proceeds of $8.3 million upon sale. The Partnership also realized the remaining discount of $1.0 million associated with the Brookstone MRB upon sale.

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- Definition The entire disclosure for significant events or transactions that occurred after the balance sheet date through the date the financial statements were issued or the date the financial statements were available to be issued. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, catastrophic loss, significant foreign exchange rate changes, loans to insiders or affiliates, and transactions not in the ordinary course of business. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 855 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//855/tableOfContent Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 855 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147483399/855-10-50-2 + Details
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