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Other Assets (Tables)

3 Months Ended

Mar. 31, 2024

The following table summarizes the Partnership’s other assets as of March 31, 2024 and December 31, 2023:


	March 31, 2024			December 31, 2023
Deferred financing costs, net	$	799,144		$	850,726
Derivative instruments at fair value (Note 15)		9,263,602			5,254,663
Taxable mortgage revenue bonds, at fair value		10,980,756			21,460,288
Taxable governmental issuer loans:
Taxable governmental issuer loans		3,000,000			13,573,000
Allowance for credit losses (Note 10)		(41,000	)		(77,000	)
Taxable governmental issuer loans, net		2,959,000			13,496,000
Bond purchase commitment, at fair value (Note 16)		134,829			197,788
Other assets		1,845,579			1,935,005
Total other assets	$	25,982,910		$	43,194,470

Summary of Taxable MRB and GIL Acquired

Activity in the First Three Months of 2024

The following taxable MRB and taxable GIL principal payments were received during the three months ended March 31, 2024:

        Property Name

        Month
Redeemed

        Property Location

        Units

        Original
Maturity Date

        Interest Rate

        Principal
Redeemed

        Taxable MRBs

Residency at the Mayer Series A-T (1)

March 2024

Hollywood, CA

79

10/1/2024

SOFR + 3.70%

(2)

11,500,000

        Taxable GILs

Hope on Avalon

January 2024

Los Angeles, CA

88

2/1/2024

SOFR + 3.55%

10,573,000

Total

22,073,000

(1)

The borrower re-allocated $11.5 million of previously provided funding from a taxable MRB to a new MRB during the acquisition and rehabilitation phase of the property.

(2)

The interest rate is subject to an all-in floor of 3.95%.

Activity in the First Three Months of 2023

The following table includes details of the taxable MRB acquired during the three months ended March 31, 2023:

        Property Name

        Date Committed

        Maturity Date

        Initial Principal Funding

        Total Commitment

Windsor Shores Apartments - Series B

January 2023

2/1/2030

805,000

805,000