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Fair Value of Financial Instruments (Tables) | 6 Months Ended
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Jun. 30, 2024
Fair Value Measurements [Abstract] |
Summary of Range of Effective Yields and Weighted Average Effective Yields of Partnership's Investments | The range of effective yields and weighted average effective yields of the Partnership’s investments in MRBs, taxable MRBs and bond purchase commitments as of June 30, 2024 and December 31, 2023 are as follows:
|  | Range of Effective Yields |  | Weighted Average Effective Yields (1) |
Security Type |  | June 30, 2024 |  | December 31, 2023 |  | June 30, 2024 |  |  | December 31, 2023 |
Mortgage revenue bonds (2) |  | 2.9% - 8.4% |  | 2.3% - 7.7% |  |  | 5.5 | % |  |  | 4.8 | %
Taxable mortgage revenue bonds |  | 7.1% - 11.9% |  | 6.5% - 11.9% |  |  | 8.9 | % |  |  | 8.8 | %
Bond purchase commitments |  | 4.7% |  | 4.1% |  |  | 4.7 | % |  |  | 4.1 | %
(1) Weighted by the total principal outstanding of all the respective securities as of the reporting date. (2) Mortgage revenue bonds excludes the Provision Center 2014-1 MRB as the bankruptcy process is nearly complete. The valuation as of June 30, 2024 is based on expected additional liquidation proceeds of approximately $365,000 at final liquidation.
Summary of Assets Measured at Fair Value on Recurring Basis | Assets measured at fair value on a recurring basis as of June 30, 2024 are summarized as follows:
|  | Fair Value Measurements as of June 30, 2024 |
Description |  | Assets and Liabilities at Fair Value |  |  | Quoted Prices in Active Markets for Identical Assets (Level 1) |  |  | Significant Other Observable Inputs (Level 2) |  |  | Significant Unobservable Inputs (Level 3) |
Assets and Liabilities |  |  |  |  |  |  |  |  |  |  |  |
Mortgage revenue bonds, held in trust |  | $ | 990,067,074 |  |  | $ | - |  |  | $ | - |  |  | $ | 990,067,074 |
Mortgage revenue bonds |  |  | 11,984,951 |  |  |  | - |  |  |  | - |  |  |  | 11,984,951 |
Bond purchase commitments (reported within other assets) |  |  | 46,238 |  |  |  | - |  |  |  | - |  |  |  | 46,238 |
Taxable mortgage revenue bonds (reported within other assets) |  |  | 15,926,321 |  |  |  | - |  |  |  | - |  |  |  | 15,926,321 |
Derivative instruments (reported within other assets) |  |  | 9,679,247 |  |  |  | - |  |  |  | 9,679,247 |  |  |  | - |
Derivative swap liability (reported within other liabilities) |  |  | (418,075 | ) |  |  | - |  |  |  | (418,075 | ) |  |  | - |
Total Assets and Liabilities at Fair Value, net |  | $ | 1,027,285,756 |  |  | $ | - |  |  | $ | 9,261,172 |  |  | $ | 1,018,024,584 |
Assets measured at fair value on a recurring basis as of December 31, 2023 are summarized as follows:
|  | Fair Value Measurements as of December 31, 2023 |
Description |  | Assets and Liabilities at Fair Value |  |  | Quoted Prices in Active Markets for Identical Assets (Level 1) |  |  | Significant Other Observable Inputs (Level 2) |  |  | Significant Unobservable Inputs (Level 3) |
Assets and Liabilities |  |  |  |  |  |  |  |  |  |  |  |
Mortgage revenue bonds, held in trust |  | $ | 883,030,786 |  |  | $ | - |  |  | $ | - |  |  | $ | 883,030,786 |
Mortgage revenue bonds |  |  | 47,644,509 |  |  |  | - |  |  |  | - |  |  |  | 47,644,509 |
Bond purchase commitments (reported within other assets) |  |  | 197,788 |  |  |  | - |  |  |  | - |  |  |  | 197,788 |
Taxable mortgage revenue bonds (reported within other assets) |  |  | 21,460,288 |  |  |  | - |  |  |  | - |  |  |  | 21,460,288 |
Derivative instruments (reported within other assets) |  |  | 5,254,663 |  |  |  | - |  |  |  | 5,254,398 |  |  |  | 265 |
Derivative swap liability (reported within other liabilities) |  |  | (705,694 | ) |  |  | - |  |  |  | (705,694 | ) |  |  | - |
Total Assets and Liabilities at Fair Value, net |  | $ | 956,882,340 |  |  | $ | - |  |  | $ | 4,548,704 |  |  | $ | 952,333,636 |
Summary of Activity Related to Level 3 Assets and Liabilities | The following table summarizes the activity related to Level 3 assets for the three and six months ended June 30, 2024:
|  | For the Three Months Ended June 30, 2024 |
|  | Fair Value Measurements Using Significant |
|  | Unobservable Inputs (Level 3) |
|  | Mortgage Revenue Bonds (1) |  |  | Bond Purchase Commitments |  |  | Taxable Mortgage Revenue Bonds |  |  | Derivative Instruments |  |  | Total |
Beginning Balance April 1, 2024 |  | $ | 942,745,597 |  |  | $ | 134,829 |  |  | $ | 10,980,756 |  |  | $ | 34 |  |  | $ | 953,861,216 |
Total gains (losses) (realized/unrealized) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Included in earnings (interest income and interest expense) |  |  | 56,457 |  |  |  | - |  |  |  | (2,894 | ) |  |  | (34 | ) |  |  | 53,529 |
Included in earnings (provision for credit loss) |  |  | 169,308 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 169,308 |
Included in earnings (gain on sale of mortgage revenue bond) |  |  | 1,012,581 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 1,012,581 |
Included in other comprehensive income |  |  | (10,482,567 | ) |  |  | (88,591 | ) |  |  | (125,411 | ) |  |  | - |  |  |  | (10,696,569 | )
Purchases and advances |  |  | 78,375,062 |  |  |  | - |  |  |  | 5,077,000 |  |  |  | - |  |  |  | 83,452,062 |
Sales |  |  | (8,221,234 | ) |  |  | - |  |  |  | - |  |  |  | - |  |  |  | (8,221,234 | )
Settlements and redemptions |  |  | (1,603,179 | ) |  |  | - |  |  |  | (3,130 | ) |  |  | - |  |  |  | (1,606,309 | )
Ending Balance June 30, 2024 |  | $ | 1,002,052,025 |  |  | $ | 46,238 |  |  | $ | 15,926,321 |  |  | $ | - |  |  | $ | 1,018,024,584 |
Total amount of gains (losses) for the period included in earnings attributable to the change in unrealized gains (losses) relating to assets or liabilities held on June 30, 2024 |  | $ | 186,653 |  |  | $ | - |  |  | $ | - |  |  | $ | (34 | ) |  | $ | 186,619 |
(1) Mortgage revenue bonds includes both bonds held in trust as well as those held by the Partnership.
|  | For the Six Months ended June 30, 2024 |
|  | Fair Value Measurements Using Significant |
|  | Unobservable Inputs (Level 3) |
|  | Mortgage Revenue Bonds (1) |  |  | Bond Purchase Commitments |  |  | Taxable Mortgage Revenue Bonds |  |  | Derivative Instruments |  |  | Total |
Beginning Balance January 1, 2024 |  | $ | 930,675,295 |  |  | $ | 197,788 |  |  | $ | 21,460,288 |  |  | $ | 265 |  |  | $ | 952,333,636 |
Total gains (losses) (realized/unrealized) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Included in earnings (interest income and interest expense) |  |  | 127,840 |  |  |  | - |  |  |  | (8,944 | ) |  |  | (265 | ) |  |  | 118,631 |
Included in earnings (provision for credit loss) |  |  | 169,308 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 169,308 |
Included in earnings (gain on sale of mortgage revenue bond) |  |  | 1,012,581 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 1,012,581 |
Included in other comprehensive income |  |  | (22,520,881 | ) |  |  | (151,550 | ) |  |  | (95,834 | ) |  |  | - |  |  |  | (22,768,265 | )
Purchases and advances |  |  | 104,672,860 |  |  |  | - |  |  |  | 6,077,000 |  |  |  | - |  |  |  | 110,749,860 |
Sales |  |  | (8,221,234 | ) |  |  | - |  |  |  | - |  |  |  | - |  |  |  | (8,221,234 | )
Settlements and redemptions |  |  | (3,863,744 | ) |  |  | - |  |  |  | (11,506,189 | ) |  |  | - |  |  |  | (15,369,933 | )
Ending Balance June 30, 2024 |  | $ | 1,002,052,025 |  |  | $ | 46,238 |  |  | $ | 15,926,321 |  |  | $ | - |  |  | $ | 1,018,024,584 |
Total amount of gains (losses) for the period included in earnings attributable to the change in unrealized losses relating to assets or liabilities held on June 30, 2024 |  | $ | 203,808 |  |  | $ | - |  |  | $ | - |  |  | $ | (265 | ) |  | $ | 203,543 |
(1) Mortgage revenue bonds includes both bonds held in trust as well as those held by the Partnership. The following tables summarize the activity related to Level 3 assets and liabilities for the three and six months ended June 30, 2023:
|  | For the Three Months ended June 30, 2023 |
|  | Fair Value Measurements Using Significant |
|  | Unobservable Inputs (Level 3) |
|  | Mortgage Revenue Bonds (1) |  |  | Bond Purchase Commitments |  |  | Taxable Mortgage Revenue Bonds |  |  | Derivative Instruments |  |  | Total |
Beginning Balance April 1, 2023 |  | $ | 867,383,622 |  |  | $ | 211,476 |  |  | $ | 18,146,540 |  |  | $ | 285,145 |  |  | $ | 886,026,783 |
Total gains (losses) (realized/unrealized) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Included in earnings (interest income and interest expense) |  |  | 77,836 |  |  |  | - |  |  |  | (6,049 | ) |  |  | 1,311,754 |  |  |  | 1,383,541 |
Included in other comprehensive income |  |  | (11,144,483 | ) |  |  | (73,376 | ) |  |  | (355,087 | ) |  |  | - |  |  |  | (11,572,946 | )
Purchases and advances |  |  | 51,164,875 |  |  |  | - |  |  |  | 4,514,875 |  |  |  | - |  |  |  | 55,679,750 |
Settlements and redemptions |  |  | (1,517,871 | ) |  |  | - |  |  |  | (2,861 | ) |  |  | (1,295,275 | ) |  |  | (2,816,007 | )
Ending Balance June 30, 2023 |  | $ | 905,963,979 |  |  | $ | 138,100 |  |  | $ | 22,297,418 |  |  | $ | 301,624 |  |  | $ | 928,701,121 |
Total amount of gains (losses) for the period included in earnings attributable to the change in unrealized losses relating to assets or liabilities held on June 30, 2023 |  | $ | 17,345 |  |  | $ | - |  |  | $ | - |  |  | $ | (8,235 | ) |  | $ | 9,110 |
(1) Mortgage revenue bonds includes both bonds held in trust as well as those held by the Partnership.
|  | For the Six Months Ended June 30, 2023 |
|  | Fair Value Measurements Using Significant |
|  | Unobservable Inputs (Level 3) |
|  | Mortgage Revenue Bonds (1) |  |  | Bond Purchase Commitments |  |  | Taxable Mortgage Revenue Bonds |  |  | Derivative Instruments |  |  | Total |
Beginning Balance January 1, 2023 |  | $ | 799,408,004 |  |  | $ | 98,929 |  |  | $ | 16,531,896 |  |  | $ | 331,240 |  |  | $ | 816,370,069 |
Total gains (losses) (realized/unrealized) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Included in earnings (interest income and interest expense) |  |  | 155,329 |  |  |  | - |  |  |  | (12,099 | ) |  |  | 2,629,139 |  |  |  | 2,772,369 |
Included in other comprehensive income |  |  | 9,434,568 |  |  |  | 39,171 |  |  |  | (536,596 | ) |  |  | - |  |  |  | 8,937,143 |
Purchases and advances |  |  | 111,787,688 |  |  |  | - |  |  |  | 6,319,875 |  |  |  | - |  |  |  | 118,107,563 |
Settlements and redemptions |  |  | (14,821,610 | ) |  |  | - |  |  |  | (5,658 | ) |  |  | (2,658,755 | ) |  |  | (17,486,023 | )
Ending Balance June 30, 2023 |  | $ | 905,963,979 |  |  | $ | 138,100 |  |  | $ | 22,297,418 |  |  | $ | 301,624 |  |  | $ | 928,701,121 |
Total amount of gains for the period included in earnings attributable to the change in unrealized gains (losses) relating to assets or liabilities held on June 30, 2023 |  | $ | 34,312 |  |  | $ | - |  |  | $ | - |  |  | $ | (14,259 | ) |  | $ | 20,053 |
(1) Mortgage revenue bonds includes both bonds held in trust as well as those held by the Partnership.
Summary of Fair Value of Partnership's Financial Liabilities | The table below summarizes the fair value of the Partnership’s financial liabilities as of June 30, 2024 and December 31, 2023:
|  | June 30, 2024 |  |  | December 31, 2023 |
|  | Carrying Amount |  |  | Fair Value |  |  | Carrying Amount |  |  | Fair Value |
Financial Liabilities: |  |  |  |  |  |  |  |  |  |  |  |
Debt financing |  | $ | 1,052,526,098 |  |  | $ | 1,049,918,127 |  |  | $ | 1,015,030,066 |  |  | $ | 1,019,218,351 |
Secured lines of credit |  |  | 41,250,000 |  |  |  | 41,250,000 |  |  |  | 33,400,000 |  |  |  | 33,400,000 |
Mortgages payable |  |  | 1,690,000 |  |  |  | 1,690,000 |  |  |  | 1,690,000 |  |  |  | 1,690,000 |

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- Definition Tabular disclosure of assets, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, by class that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3). + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 + Details
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