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Governmental Issuer Loans (Tables) | 3 Months Ended
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Mar. 31, 2025
Governmental Issuer Loans [Abstract] |
Summary of Partnership's GIL Investments | The Partnership had the following GIL investments as of March 31, 2025 and December 31, 2024:
|  |  |  |  |  |  |  |  |  |  |  |  | As of March 31, 2025 |
Property Name |  | Month Acquired |  | Property Location |  | Units |  |  | Maturity Date (1) |  | Interest Rate (2) |  | Current Interest Rate |  | Amortized Cost |
Legacy Commons at Signal Hills (3) |  | January 2021 |  | St. Paul, MN |  | 247 |  |  | 8/1/2025 |  | SOFR + 3.07% |  | 7.42% |  | $ | 34,620,000 |
Poppy Grove I (3), (4) |  | September 2022 |  | Elk Grove, CA |  | 147 |  |  | 10/1/2025 |  | 6.78% |  | 6.78% |  |  | 40,888,328 |
Poppy Grove II (3), (4) |  | September 2022 |  | Elk Grove, CA |  | 82 |  |  | 10/1/2025 |  | 6.78% |  | 6.78% |  |  | 24,050,000 |
Poppy Grove III (3), (4) |  | September 2022 |  | Elk Grove, CA |  | 158 |  |  | 10/1/2025 |  | 6.78% |  | 6.78% |  |  | 43,250,000 |
Sandy Creek Apartments (3) |  | August 2023 |  | Bryan, TX |  | 140 |  |  | 9/1/2026 |  | SOFR + 2.80% |  | 7.12% |  |  | 12,100,000 |
Natchitoches Thomas Apartments (3), (5) |  | December 2024 |  | Natchitoches, LA |  | 120 |  |  | 7/1/2027 |  | 7.92% |  | 7.92% |  |  | 6,500,000 |
|  |  |  |  |  |  | 894 |  |  |  |  |  |  |  |  | $ | 161,408,328 |
(1) The borrowers may elect to extend the maturity dates by six months upon meeting certain conditions, which may include payment of a non-refundable extension fee. (2) The variable index interest rate components are typically subject to floors that range from 0% to 0.50%. (3) The Freddie Mac servicer that has forward committed to purchase the GIL at maturity is an affiliate of the Partnership (Note 19). (4) The Partnership has agreed to provide a subordinate GIL after the execution of Freddie Mac’s forward purchase commitment if needed by the property. The potential subordinate GIL amounts are up to $3.8 million, $2.2 million, and $4.2 million for Poppy Grove I, Poppy Grove II, and Poppy Grove III, respectively. (5) The Natchitoches Thomas Apartments GIL was considered to be available-for-sale sale and reported at fair value, which approximated amortized cost as of March 31, 2025. The Partnership expects to sell the GIL into the Construction Lending JV in the future.
|  |  |  |  |  |  |  |  |  |  |  |  | As of December 31, 2024 |
Property Name |  | Month Acquired |  | Property Location |  | Units |  |  | Maturity Date (1) |  | Interest Rate (2) |  | Current Interest Rate |  | Amortized Cost |
Legacy Commons at Signal Hills (3) |  | January 2021 |  | St. Paul, MN |  | 247 |  |  | 2/1/2025 |  | SOFR + 3.07% |  | 7.60% |  | $ | 34,620,000 |
Osprey Village (3) |  | July 2021 |  | Kissimmee, FL |  | 383 |  |  | 2/1/2025 |  | SOFR + 3.07% |  | 7.64% |  |  | 60,000,000 |
Willow Place Apartments (3) |  | September 2021 |  | McDonough, GA |  | 182 |  |  | 2/1/2025 |  | SOFR + 3.30% |  | 7.87% |  |  | 20,702,594 |
Willow Place Apartments Supplemental |  | November 2023 |  | McDonough, GA |  | n/a |  |  | 2/1/2025 |  | SOFR + 3.45% |  | 8.02% |  |  | 1,500,000 |
Poppy Grove I (3), (4) |  | September 2022 |  | Elk Grove, CA |  | 147 |  |  | 4/1/2025 |  | 6.78% |  | 6.78% |  |  | 35,688,328 |
Poppy Grove II (3), (4) |  | September 2022 |  | Elk Grove, CA |  | 82 |  |  | 4/1/2025 |  | 6.78% |  | 6.78% |  |  | 21,541,300 |
Poppy Grove III (3), (4) |  | September 2022 |  | Elk Grove, CA |  | 158 |  |  | 4/1/2025 |  | 6.78% |  | 6.78% |  |  | 33,550,000 |
Sandy Creek Apartments (3) |  | August 2023 |  | Bryan, TX |  | 140 |  |  | 9/1/2026 |  | 7.83% (5) |  | 7.83% |  |  | 12,100,000 |
Natchitoches Thomas Apartments (3), (6) |  | December 2024 |  | Natchitoches, LA |  | 120 |  |  | 7/1/2027 |  | 7.92% |  | 7.92% |  |  | 6,500,000 |
|  |  |  |  |  |  | 1,459 |  |  |  |  |  |  |  |  | $ | 226,202,222 |
(1) The borrowers may elect to extend the maturity dates by six months upon meeting certain conditions, which may include payment of a non-refundable extension fee. (2) The variable index interest rate components are typically subject to floors that range from 0.25% to 0.50%. (3) The Freddie Mac servicer that has forward committed to purchase the GIL at maturity is an affiliate of the Partnership (Note 19). (4) The Partnership has agreed to provide a subordinate GIL after the execution of Freddie Mac’s forward purchase commitment if needed by the property. The potential subordinate GIL amounts are up to $3.8 million, $2.2 million, and $4.2 million for Poppy Grove I, Poppy Grove II, and Poppy Grove III, respectively. (5) The interest rate will convert to a variable rate of Term SOFR + 2.80% on February 1, 2025. (6) The Natchitoches Thomas Apartments GIL was considered to be available-for-sale sale and reported at fair value, which approximated amortized cost as of December 31, 2024. The Partnership expects to sell the GIL into the Construction Lending JV in the future.
Schedule of Principal and Accrued Interest Paid | During the three months ended March 31, 2025, the following GILs were purchased by Freddie Mac through a servicer and all principal and accrued interest amounts due were paid in full:
Property Name |  | Month Redeemed |  | Principal Proceeds |
Osprey Village |  | January 2025 |  | $ | 60,000,000 |
Willow Place Apartments |  | January 2025 |  |  | 20,702,594 |
Willow Place Apartments Supplemental |  | January 2025 |  |  | 1,500,000 |
|  |  |  | $ | 82,202,594 |
During the three months ended March 31, 2024, the following GIL was purchased by Freddie Mac through a servicer and all principal and accrued interest amounts due were paid in full:
Property Name |  | Month Redeemed |  | Principal Proceeds |
Hope on Avalon |  | January 2024 |  | $ | 23,390,000 |
In February 2024, the Partnership recognized a fee of approximately $87,000 in other income in connection with an extension of the maturity date of the Legacy Commons at Signal Hills GIL to August 2024.

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