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Other Assets (Tables) | 9 Months Ended
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Sep. 30, 2024
Other Assets [Abstract] |
Schedule of 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 |
Summary of Taxable MRB and GIL Acquired | 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 |

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