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Other Assets | 12 Months Ended
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Dec. 31, 2024
Other Assets [Abstract] |
Other Assets | 9. Other Assets The following table summarizes the Partnership’s other assets as of December 31, 2024 and 2023:
|  | December 31, 2024 |  |  | December 31, 2023 |
Deferred financing costs, net |  | $ | 653,510 |  |  | $ | 850,726 |
Derivative instruments at fair value (Note 15) |  |  | 6,980,820 |  |  |  | 5,254,663 |
Taxable mortgage revenue bonds, at fair value |  |  | 26,671,085 |  |  |  | 21,460,288 |
Taxable governmental issuer loans: |  |  |  |  |  |
Taxable governmental issuer loans |  |  | 14,157,672 |  |  |  | 13,573,000 |
Allowance for credit losses (Note 10) |  |  | (76,000 | ) |  |  | (77,000 | )
Taxable governmental issuer loans, net |  |  | 14,081,672 |  |  |  | 13,496,000 |
Bond purchase commitment, at fair value (Note 16) |  |  | - |  |  |  | 197,788 |
Other assets |  |  | 1,462,333 |  |  |  | 1,935,005 |
Total other assets |  | $ | 49,849,420 |  |  | $ | 43,194,470 |
The Partnership has remaining commitments to provide additional funding of taxable MRBs and taxable GILs during construction and/or rehabilitation of the secured properties as of December 31, 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 21 for a description of the methodology and significant assumptions for determining the fair value of derivative instruments, taxable MRBs, one taxable GIL, and bond purchase commitments. Unrealized gains or losses on derivative instruments are reported as “Net result from derivative transactions” in the Partnership’s consolidated statements of operations. Unrealized gains and losses on taxable MRBs, one taxable GIL, and bond purchase commitments are recorded in the Partnership’s 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 December 31, 2024, nine taxable MRBs and three taxable GILs with reported principal values totaling approximately $40.1 million were held in trust in connection with TOB trust financings (Note 13). Activity in 2024 The following table includes details of the taxable MRBs and taxable GILs acquired during the year ended December 31, 2024:
Property Name |  | Month Acquired |  | Property Location |  | Units |  | Maturity Date |  | Interest Rate |  | Initial Principal Funding |
Taxable MRB |  |  |  |  |  |  |  |  |  |  |
Woodington Gardens Apartments - Series A-2 |  | April 2024 |  | Baltimore, MD |  | 197 |  | 5/1/2029 |  | 7.80% |  | $ | 2,577,000 |
Taxable GIL |  |  |  |  |  |  |  |  |  |  |
Natchitoches Thomas Apartments |  | December 2024 |  | Natchitoches, LA |  | 120 |  | 7/1/2027 |  | 7.92% |  |  | 1,000,000 |
Total |  |  |  |  |  |  |  |  |  |  |  | $ | 3,577,000 |
The following taxable MRB and taxable GIL principal payments were received during the year ended December 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 |
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 2023 The following table includes details of the taxable MRBs acquired during the year ended December 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 |
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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