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.