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Segments | 12 Months Ended
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Dec. 31, 2024
Segment Reporting [Abstract] |
Segments | 25. Segments As of December 31, 2024, the Partnership had four reportable segments: (1) Affordable Multifamily Investments, (2) Seniors and Skilled Nursing Investments, (3) MF Properties, and (4) Market-Rate Joint Venture Investments. The Partnership separately reports its consolidation and elimination information because it does not allocate certain items to the segments. The Partnership’s chief operating decision maker is the Chief Executive Officer, who uses net income (loss) to monitor segment performance against budgeted results and to allocate resources. The chief operating decision maker uses this analysis to prioritize investments and guide strategic decisions by segment to ensure alignment with the Partnership’s overall objectives. Affordable Multifamily Investments Segment The Affordable Multifamily Investments segment consists of the Partnership’s portfolio of MRBs, GILs and related taxable MRBs, taxable GILs, and property loans that have been issued to provide construction and/or permanent financing for multifamily residential and commercial properties in their market areas. Such MRBs and GILs are held as investments and the related taxable MRBs, taxable GILs, and property loans, net of loan loss allowances, are reported as such on the Partnership’s consolidated balance sheets. As of December 31, 2024, the Partnership reported 84 MRBs and nine GILs in this segment. As of December 31, 2024, t he multifamily residential properties securing the MRBs and GILs contain a total of 10,918 and 1,459 multifamily rental units, respectively. All “General and administrative expenses” on the Partnership’s consolidated statements of operations are reported within this segment. Seniors and Skilled Nursing Investments Segment The Seniors and Skilled Nursing Investments segment consists of two MRBs that have been issued to provide acquisition, construction and/or permanent financing for seniors housing and skilled nursing properties and a property loan associated with a lease of essential healthcare support buildings. Seniors housing consists of a combination of independent living, assisted living and memory care units. As of December 31, 2024, the two properties securing the MRBs contain a total of 294 beds. Market-Rate Joint Venture Investments Segment The Market-Rate Joint Venture Investments segment consists of the operations of ATAX Vantage Holdings, LLC, ATAX Freestone Holdings, LLC, ATAX Senior Housing Holdings I, LLC, and ATAX Great Hill Holdings LLC, which make noncontrolling investments in unconsolidated entities for the construction, stabilization, and ultimate sale of market-rate multifamily and seniors housing properties (Note 7). The Market-Rate Joint Venture Investments segment also includes the consolidated VIE of Vantage at San Marcos (Note 3). MF Properties Segment The MF Properties segment consists primarily of student housing residential properties that were previously owned by the Partnership. As of December 31, 2024, the Partnership did not own any MF Properties. The Partnership previously owned the Suites on Paseo MF Property until the property was sold in December 2023 and there is no continuing involvement with the property. The Partnership previously sold The 50/50 MF Property to an unrelated non-profit organization in December 2022 in exchange for a seller financing property loan, which is included in the MF Properties Segment. Income tax expense for the Greens Hold Co is reported within this segment. The following tables detail certain financial information for the Partnership’s reportable segments for the periods indicated:
|  | For the Year Ended December 31, 2024 |
|  | Affordable Multifamily Investments |  |  | Seniors and Skilled Nursing Investments |  |  | Market-Rate Joint Venture Investments |  |  | MF Properties |  |  | Partnership Total |
Revenues: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Investment income |  | $ | 72,865,558 |  |  | $ | 3,442,560 |  |  | $ | 4,668,588 |  |  | $ | - |  |  | $ | 80,976,706 |
Other interest income |  |  | 8,941,994 |  |  |  | 393,313 |  |  |  | - |  |  |  | 174,000 |  |  |  | 9,509,307 |
Other income |  |  | 785,386 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 785,386 |
Total revenues |  |  | 82,592,938 |  |  |  | 3,835,873 |  |  |  | 4,668,588 |  |  |  | 174,000 |  |  |  | 91,271,399 |
Expenses: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Provision for credit losses (Note 10) |  |  | (1,254,308 | ) |  |  | 218,000 |  |  |  | - |  |  |  | - |  |  |  | (1,036,308 | )
Depreciation and amortization |  |  | 23,867 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 23,867 |
Interest expense |  |  | 54,566,925 |  |  |  | 2,464,899 |  |  |  | 3,000,183 |  |  |  | - |  |  |  | 60,032,007 |
Net result from derivative transactions (Note 15) |  |  | (7,202,354 | ) |  |  | (1,293,072 | ) |  |  | - |  |  |  | - |  |  |  | (8,495,426 | )
General and administrative |  |  | 19,652,622 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 19,652,622 |
Total expenses |  |  | 65,786,752 |  |  |  | 1,389,827 |  |  |  | 3,000,183 |  |  |  | - |  |  |  | 70,176,762 |
Other Income: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Gain on sale of real estate assets |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 63,739 |  |  |  | 63,739 |
Gain on sale of mortgage revenue bond |  |  | 2,220,254 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 2,220,254 |
Gain on sale of investments in unconsolidated entities |  |  | - |  |  |  | - |  |  |  | 117,844 |  |  |  | - |  |  |  | 117,844 |
Earnings (losses) from investments in unconsolidated entities |  |  | - |  |  |  | - |  |  |  | (2,140,694 | ) |  |  | - |  |  |  | (2,140,694 | )
Income before income taxes |  |  | 19,026,440 |  |  |  | 2,446,046 |  |  |  | (354,445 | ) |  |  | 237,739 |  |  |  | 21,355,780 |
Income tax expense |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 32,447 |  |  |  | 32,447 |
Segment net income (loss) |  | $ | 19,026,440 |  |  | $ | 2,446,046 |  |  | $ | (354,445 | ) |  | $ | 205,292 |  |  | $ | 21,323,333 |
|  | For the Year Ended December 31, 2023 |
|  | Affordable Multifamily Investments |  |  | Seniors and Skilled Nursing Investments |  |  | Market-Rate Joint Venture Investments |  |  | MF Properties |  |  | Partnership Total |
Revenues: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Investment income |  | $ | 70,393,234 |  |  | $ | 1,710,657 |  |  | $ | 10,162,307 |  |  | $ | - |  |  | $ | 82,266,198 |
Other interest income |  |  | 17,756,044 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 17,756,044 |
Property revenues |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 4,567,506 |  |  |  | 4,567,506 |
Other income |  |  | 310,916 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 310,916 |
Total revenues |  |  | 88,460,194 |  |  |  | 1,710,657 |  |  |  | 10,162,307 |  |  |  | 4,567,506 |  |  |  | 104,900,664 |
Expenses: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Real estate operating (exclusive of items shown below) |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 2,663,868 |  |  |  | 2,663,868 |
Provision for credit losses (Note 10) |  |  | (2,347,000 | ) |  |  | - |  |  |  | - |  |  |  | - |  |  |  | (2,347,000 | )
Depreciation and amortization |  |  | 23,846 |  |  |  | - |  |  |  | - |  |  |  | 1,513,602 |  |  |  | 1,537,448 |
Interest expense |  |  | 66,112,891 |  |  |  | 998,618 |  |  |  | 1,337,402 |  |  |  | 617,852 |  |  |  | 69,066,763 |
Net result from derivative transactions (Note 15) |  |  | (7,305,867 | ) |  |  | (89,844 | ) |  |  | - |  |  |  | 24,127 |  |  |  | (7,371,584 | )
General and administrative |  |  | 20,399,489 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 20,399,489 |
Total expenses |  |  | 76,883,359 |  |  |  | 908,774 |  |  |  | 1,337,402 |  |  |  | 4,819,449 |  |  |  | 83,948,984 |
Other Income: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Gain on sale of real estate assets |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 10,363,363 |  |  |  | 10,363,363 |
Gain on sale of investments in unconsolidated entities |  |  | - |  |  |  | - |  |  |  | 22,725,398 |  |  |  | - |  |  |  | 22,725,398 |
Earnings (losses) from investments in unconsolidated entities |  |  | - |  |  |  | - |  |  |  | (17,879 | ) |  |  | - |  |  |  | (17,879 | )
Income before income taxes |  |  | 11,576,835 |  |  |  | 801,883 |  |  |  | 31,532,424 |  |  |  | 10,111,420 |  |  |  | 54,022,562 |
Income tax expense |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 10,866 |  |  |  | 10,866 |
Segment net income |  | $ | 11,576,835 |  |  | $ | 801,883 |  |  | $ | 31,532,424 |  |  | $ | 10,100,554 |  |  | $ | 54,011,696 |
|  | For the Year Ended December 31, 2022 |
|  | Affordable Multifamily Investments |  |  | Seniors and Skilled Nursing Investments |  |  | Market-Rate Joint Venture Investments |  |  | MF Properties |  |  | Partnership Total |
Revenues: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Investment income |  | $ | 52,153,336 |  |  | $ | 58,711 |  |  | $ | 9,130,486 |  |  | $ | - |  |  | $ | 61,342,533 |
Other interest income |  |  | 11,221,213 |  |  |  | 654,325 |  |  |  | - |  |  |  | - |  |  |  | 11,875,538 |
Property revenues |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 7,855,506 |  |  |  | 7,855,506 |
Total revenues |  |  | 63,374,549 |  |  |  | 713,036 |  |  |  | 9,130,486 |  |  |  | 7,855,506 |  |  |  | 81,073,577 |
Expenses: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Real estate operating (exclusive of items shown below) |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 4,738,160 |  |  |  | 4,738,160 |
Depreciation and amortization |  |  | 23,846 |  |  |  | - |  |  |  | - |  |  |  | 2,693,569 |  |  |  | 2,717,415 |
Interest expense |  |  | 41,640,137 |  |  |  | 5,750 |  |  |  | 870,497 |  |  |  | 1,043,489 |  |  |  | 43,559,873 |
Net result from derivative transactions (Note 15) |  |  | (13,095,422 | ) |  |  | - |  |  |  | - |  |  |  | - |  |  |  | (13,095,422 | )
General and administrative |  |  | 17,447,864 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 17,447,864 |
Total expenses |  |  | 46,016,425 |  |  |  | 5,750 |  |  |  | 870,497 |  |  |  | 8,475,218 |  |  |  | 55,367,890 |
Other Income: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Gain on sale of investments in unconsolidated entities |  |  | - |  |  |  | - |  |  |  | 39,805,285 |  |  |  | - |  |  |  | 39,805,285 |
Income (loss) before income taxes |  |  | 17,358,124 |  |  |  | 707,286 |  |  |  | 48,065,274 |  |  |  | (619,712 | ) |  |  | 65,510,972 |
Income tax benefit |  |  | - |  |  |  | - |  |  |  | - |  |  |  | (51,194 | ) |  |  | (51,194 | )
Segment net income (loss) |  | $ | 17,358,124 |  |  | $ | 707,286 |  |  | $ | 48,065,274 |  |  | $ | (568,518 | ) |  | $ | 65,562,166 |
The following table details total assets for the Partnership’s reportable segments as of December 31, 2024 and 2023:
|  | December 31, 2024 |  |  | December 31, 2023 |  |
Total assets |  |  |  |  |  |  |
Affordable Multifamily Investments |  | $ | 1,428,627,104 |  |  | $ | 1,413,596,701 |  |
Seniors and Skilled Nursing Investments |  |  | 70,163,422 |  |  |  | 43,532,926 |  |
Market-Rate Joint Venture Investments |  |  | 183,508,429 |  |  |  | 140,791,041 |  |
MF Properties |  |  | 7,782,906 |  |  |  | 7,034,690 |  |
Consolidation/eliminations |  |  | (110,381,701 | ) |  |  | (91,554,656 | ) |
Total assets |  | $ | 1,579,700,160 |  |  | $ | 1,513,400,702 |  |

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