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Other Assets | 9 Months Ended
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Sep. 30, 2024
Other Assets [Abstract] |
Other Assets | 9. Other Assets The following table summarizes the Partnership’s other assets as of September 30, 2024 and December 31, 2023:
|  | September 30, 2024 |  |  | December 31, 2023 |
Deferred financing costs, net |  | $ | 1,367,181 |  |  | $ | 850,726 |
Derivative instruments at fair value (Note 15) |  |  | 2,704,180 |  |  |  | 5,254,663 |
Taxable mortgage revenue bonds, at fair value |  |  | 19,858,516 |  |  |  | 21,460,288 |
Taxable governmental issuer loans: |  |  |  |  |  |
Taxable governmental issuer loans |  |  | 3,157,672 |  |  |  | 13,573,000 |
Allowance for credit losses (Note 10) |  |  | (28,000 | ) |  |  | (77,000 | )
Taxable governmental issuer loans, net |  |  | 3,129,672 |  |  |  | 13,496,000 |
Bond purchase commitment, at fair value (Note 16) |  |  | - |  |  |  | 197,788 |
Other assets |  |  | 1,441,316 |  |  |  | 1,935,005 |
Total other assets |  | $ | 28,500,865 |  |  | $ | 43,194,470 |
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, 2024. See Note 16 for further information regarding the Partnership’s remaining taxable GIL and taxable MRB funding commitments. See Note 10 for information regarding the Partnership’s allowance for credit losses related to its taxable GILs. See Note 20 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 “Net result from derivative transactions” in the Partnership’s condensed consolidated statements of operations. Unrealized gains and 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, 2024, nine taxable MRBs and three taxable GILs with a reported value totaling $22.7 million were held in trust in connection with TOB trust financings (Note 13). Activity in the First Nine Months of 2024 The following table includes details of the taxable MRB acquired during the nine months ended September 30, 2024:
Property Name |  | Month Acquired |  | Property Location |  | Units |  | Maturity Date |  | Interest Rate |  | Initial Principal Funding |
Woodington Gardens Apartments - Series A-2 |  | April 2024 |  | Baltimore, MD |  | 197 |  | 5/1/2029 |  | 7.80% |  | $ | 2,577,000 |
The following taxable MRB and taxable GIL principal payments were received during the nine months ended September 30, 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 |
Residency at the Mayer Series A-T |  | September 2024 |  | Hollywood, CA |  | 79 |  | 10/1/2024 |  | SOFR + 3.70% | (2) |  | 1,000,000 |
Subtotal |  |  |  |  |  |  |  |  |  |  |  | $ | 12,500,000 |
Taxable GILs |  |  |  |  |  |  |  |  |  |  |  |  |
Hope on Avalon |  | January 2024 |  | Los Angeles, CA |  | 88 |  | 2/1/2024 |  | SOFR + 3.55% |  | $ | 10,573,000 |
Total |  |  |  |  |  |  |  |  |  |  |  | $ | 23,073,000 |
(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 Nine Months of 2023 The following table includes details of the taxable MRBs acquired during the nine months ended September 30, 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 |
Village at Hanford Square - Series H-T |  | May 2023 |  | 5/1/2030 |  |  | 1,000,000 |  |  |  | 10,400,000 |
40rty on Colony - Series P-T |  | June 2023 |  | 6/1/2030 |  |  | 1,100,000 |  |  |  | 5,950,000 |
Subtotal |  |  |  |  |  |  |  |  | $ | 17,155,000 |
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.

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