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Debt Financing | 3 Months Ended
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Mar. 31, 2025
Debt Financing [Abstract] |
Debt Financing | 13. Debt Financing The following tables summarize the Partnership’s debt financings, net of deferred financing costs, as of March 31, 2025 and December 31, 2024:
|  | Outstanding Debt Financings as of March 31, 2025, net |  |  | Restricted Cash |  |  | Stated Maturities |  | Interest Rate Type |  | Tax-Exempt Interest on Senior Securities (1) |  | Remarketing Senior Securities Rate (2) |  | Facility Fees |  | Period End Rates |
TEBS Financings |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
M33 TEBS |  | $ | 27,966,555 |  |  | $ | 2,606 |  |  | 2030 |  | Fixed |  | Yes |  | N/A |  | N/A |  | 3.24% |
M45 TEBS |  |  | 206,893,980 |  |  |  | 5,000 |  |  | 2034 |  | Fixed |  | Yes |  | N/A |  | N/A |  | 4.39% |
Subtotal/Weighed Average Period End Rate |  |  | 234,860,535 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 4.25% |
2024 PFA Securitization Transaction |  | $ | 72,706,663 |  |  | $ | 370,000 |  |  | 2039 |  | Fixed |  | Yes |  | N/A |  | N/A |  | 4.90% |
TEBS Residual Financing |  | $ | 51,246,605 |  |  | $ | 18,000 |  |  | 2034 |  | Fixed |  | Yes |  | N/A |  | N/A |  | 7.16% |
TOB Trust Securitizations |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Mizuho Capital Markets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
SoLa Impact Opportunity Zone Fund |  | $ | 22,965,161 |  |  | (3) |  |  | 2025 |  | Variable |  | No |  | 4.60% |  | 1.78% |  | 6.38% |
The Park at Sondrio - Series 2022A |  |  | 30,445,599 |  |  | (3) |  |  | 2028 |  | Variable |  | Yes |  | 3.15% |  | 1.43% |  | 4.58% |
The Park at Vietti - Series 2022A |  |  | 21,560,963 |  |  | (3) |  |  | 2028 |  | Variable |  | Yes |  | 3.15% |  | 1.43% |  | 4.58% |
Residency at the Entrepreneur MRBs |  |  | 34,060,000 |  |  | (3) |  |  | 2028 |  | Variable |  | Yes |  | 3.15% |  | 1.45% |  | 4.60% |
Legacy Commons at Signal Hills GIL |  |  | 31,155,000 |  |  | (3) |  |  | 2025 |  | Variable |  | Yes |  | 3.15% |  | 0.91% |  | 4.06% |
Residency at Empire MRBs |  |  | 48,430,019 |  |  | (3) |  |  | 2028 |  | Variable |  | Yes |  | 3.15% |  | 1.42% |  | 4.57% |
The Ivy Apartments |  |  | 24,368,688 |  |  | (3) |  |  | 2028 |  | Variable |  | Yes |  | 3.15% |  | 1.44% |  | 4.59% |
Windsor Shores Apartments |  |  | 17,213,483 |  |  | (3) |  |  | 2028 |  | Variable |  | Yes |  | 3.15% |  | 1.44% |  | 4.59% |
Village at Hanford Square |  |  | 7,781,494 |  |  | (3) |  |  | 2026 |  | Variable |  | Yes |  | 3.15% |  | 1.44% |  | 4.59% |
MaryAlice Circle Apartments |  |  | 4,702,520 |  |  | (3) |  |  | 2026 |  | Variable |  | Yes |  | 3.15% |  | 1.44% |  | 4.59% |
Meadow Valley |  |  | 31,472,062 |  |  | (3) |  |  | 2026 |  | Variable |  | Yes |  | 3.15% |  | 1.44% |  | 4.59% |
40rty on Colony |  |  | 4,452,924 |  |  | (3) |  |  | 2026 |  | Variable |  | Yes |  | 3.15% |  | 1.44% |  | 4.59% |
Sandy Creek Apartments GIL |  |  | 9,646,453 |  |  | (3) |  |  | 2026 |  | Variable |  | Yes |  | 3.15% |  | 1.44% |  | 4.59% |
Residency at the Mayer MRBs |  |  | 33,808,738 |  |  | (3) |  |  | 2026 |  | Variable |  | Yes |  | 3.15% |  | 1.19% |  | 4.34% |
The Safford |  |  | 34,304,607 |  |  | (3) |  |  | 2026 |  | Variable |  | Yes |  | 3.15% |  | 1.44% |  | 4.59% |
Avistar at Wood Hollow - Series A |  |  | 32,149,200 |  |  | (3) |  |  | 2027 |  | Variable |  | Yes |  | 3.15% |  | 1.44% |  | 4.59% |
Live 929 |  |  | 53,092,000 |  |  | (3) |  |  | 2027 |  | Variable |  | Yes |  | 3.15% |  | 1.18% |  | 4.33% |
Woodington Gardens - Series A-1 |  |  | 24,850,356 |  |  | (3) |  |  | 2027 |  | Variable |  | Yes |  | 3.15% |  | 1.44% |  | 4.59% |
Aventine Apartments |  |  | 7,564,303 |  |  | (3) |  |  | 2027 |  | Variable |  | Yes |  | 3.15% |  | 1.44% |  | 4.59% |
Avistar at Copperfield - Series A |  |  | 11,196,949 |  |  | (3) |  |  | 2027 |  | Variable |  | Yes |  | 3.15% |  | 1.68% |  | 4.83% |
Avistar at Wilcrest - Series A |  |  | 4,240,948 |  |  | (3) |  |  | 2027 |  | Variable |  | Yes |  | 3.15% |  | 1.68% |  | 4.83% |
Trust 2024-XF3219 | (4) |  | 46,478,701 |  |  | (3) |  |  | 2027 |  | Variable |  | No |  | 4.60% |  | 1.79% |  | 6.39% |
The Centurion Foundation |  |  | 5,053,902 |  |  | (3) |  |  | 2027 |  | Variable |  | No |  | 4.60% |  | 1.79% |  | 6.39% |
Avistar at the Crest - Series A |  |  | 7,218,816 |  |  | (3) |  |  | 2027 |  | Variable |  | Yes |  | 3.15% |  | 1.44% |  | 4.59% |
Avistar on the Blvd - Series A |  |  | 12,021,389 |  |  | (3) |  |  | 2027 |  | Variable |  | Yes |  | 3.15% |  | 1.44% |  | 4.59% |
Avistar on the Hills - Series A |  |  | 3,989,156 |  |  | (3) |  |  | 2027 |  | Variable |  | Yes |  | 3.15% |  | 1.44% |  | 4.59% |
Avistar at the Oaks - Series A |  |  | 5,841,210 |  |  | (3) |  |  | 2027 |  | Variable |  | Yes |  | 3.15% |  | 1.44% |  | 4.59% |
Avistar in 09 - Series A |  |  | 5,039,248 |  |  | (3) |  |  | 2027 |  | Variable |  | Yes |  | 3.15% |  | 1.44% |  | 4.59% |
Barclays Capital Inc.: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Trust 2021-XF2953 | (5) |  | 17,722,363 |  |  |  | - |  |  | 2026 |  | Variable |  | No |  | 4.45% |  | 1.27% |  | 5.72% |
Poppy Grove I GIL |  |  | 32,682,943 |  |  |  | - |  |  | 2026 |  | Variable |  | Yes |  | 3.80% |  | 1.25% |  | 5.05% |
Poppy Grove II GIL |  |  | 19,225,398 |  |  |  | - |  |  | 2026 |  | Variable |  | Yes |  | 3.80% |  | 1.25% |  | 5.05% |
Poppy Grove III GIL |  |  | 34,575,943 |  |  |  | - |  |  | 2026 |  | Variable |  | Yes |  | 3.80% |  | 1.25% |  | 5.05% |
Village Point |  |  | 18,395,477 |  |  |  | - |  |  | 2026 |  | Variable |  | Yes |  | 3.80% |  | 1.61% |  | 5.41% |
Subtotal/Weighed Average Period End Rate |  |  | 697,706,013 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 4.84% |
Total |  | $ | 1,056,519,816 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
(1) The tax treatment of interest paid to the trust senior trust securities is dependent on the structure of the debt financing. Debt financings designated as “tax-exempt” in the table above are such that the Partnership expects and believes the interest on the senior securities is exempt from federal income taxes, which typically requires a lower remarketing rate to place the senior securities at each weekly reset. (2) The remarketing senior securities rate is the market interest rate determined by the remarketing agent to ensure all senior securities tendered by holder for weekly remarketing are purchased at par. (3) The Partnership has restricted cash totaling approximately $12.7 million related to its ISDA master agreement with Mizuho based on Mizuho’s valuations of the underlying assets and the Partnership’s derivative financial instruments. (4) The TOB trust is securitized by three MRBs, nine taxable MRBs, and one property loan. (5) The TOB trust is securitized by the Poppy Grove I taxable GIL, Poppy Grove II taxable GIL and Poppy Grove III taxable GILs.
|  | Outstanding Debt Financings as of December 31, 2024, net |  |  | Restricted Cash |  |  | Stated Maturities |  | Interest Rate Type |  | Tax-Exempt Interest on Senior Securities (1) |  | Remarketing Senior Securities Rate (2) |  | Facility Fees |  | Period End Rates |
TEBS Financings |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
M33 TEBS |  | $ | 28,153,143 |  |  | $ | 2,606 |  |  | 2030 |  | Fixed |  | Yes |  | N/A |  | N/A |  | 3.24% |
M45 TEBS |  |  | 207,487,593 |  |  |  | 5,000 |  |  | 2034 |  | Fixed |  | Yes |  | N/A |  | N/A |  | 4.39% |
Subtotal/Weighed Average Period End Rate |  |  | 235,640,736 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 4.25% |
2024 PFA Securitization Transaction |  | $ | 72,928,607 |  |  | $ | 499,000 |  |  | 2039 |  | Fixed |  | Yes |  | N/A |  | N/A |  | 4.90% |
TEBS Residual Financing |  | $ | 51,574,033 |  |  | $ | 265,000 |  |  | 2034 |  | Fixed |  | Yes |  | N/A |  | N/A |  | 7.16% |
TOB Trust Securitizations |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Mizuho Capital Markets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
SoLa Impact Opportunity Zone Fund |  | $ | 23,353,548 |  |  | (3) |  |  | 2025 |  | Variable |  | No |  | 4.60% |  | 1.78% |  | 6.38% |
The Park at Sondrio - Series 2022A |  |  | 30,439,932 |  |  | (3) |  |  | 2025 |  | Variable |  | Yes |  | 3.94% |  | 1.43% |  | 5.37% |
The Park at Vietti - Series 2022A |  |  | 21,556,510 |  |  | (3) |  |  | 2025 |  | Variable |  | Yes |  | 3.94% |  | 1.43% |  | 5.37% |
Residency at the Entrepreneur MRBs |  |  | 34,060,000 |  |  | (3) |  |  | 2025 |  | Variable |  | Yes |  | 3.94% |  | 1.45% |  | 5.39% |
Legacy Commons at Signal Hills GIL |  |  | 31,155,000 |  |  | (3) |  |  | 2025 |  | Variable |  | Yes |  | 3.94% |  | 0.91% |  | 4.85% |
Osprey Village GIL |  |  | 49,475,000 |  |  | (3) |  |  | 2025 |  | Variable |  | Yes |  | 3.94% |  | 1.19% |  | 5.13% |
Residency at Empire MRBs |  |  | 42,456,840 |  |  | (3) |  |  | 2026 |  | Variable |  | Yes |  | 3.94% |  | 1.42% |  | 5.36% |
The Ivy Apartments |  |  | 24,364,083 |  |  | (3) |  |  | 2026 |  | Variable |  | Yes |  | 3.94% |  | 1.44% |  | 5.38% |
Windsor Shores Apartments |  |  | 17,209,991 |  |  | (3) |  |  | 2026 |  | Variable |  | Yes |  | 3.94% |  | 1.44% |  | 5.38% |
Village at Hanford Square |  |  | 7,777,224 |  |  | (3) |  |  | 2026 |  | Variable |  | Yes |  | 3.94% |  | 1.44% |  | 5.38% |
MaryAlice Circle Apartments |  |  | 4,698,486 |  |  | (3) |  |  | 2026 |  | Variable |  | Yes |  | 3.94% |  | 1.44% |  | 5.38% |
Meadow Valley |  |  | 30,709,433 |  |  | (3) |  |  | 2026 |  | Variable |  | Yes |  | 3.94% |  | 1.44% |  | 5.38% |
40rty on Colony |  |  | 4,450,508 |  |  | (3) |  |  | 2026 |  | Variable |  | Yes |  | 3.94% |  | 1.44% |  | 5.38% |
Sandy Creek Apartments GIL |  |  | 9,640,533 |  |  | (3) |  |  | 2026 |  | Variable |  | Yes |  | 3.94% |  | 1.44% |  | 5.38% |
Residency at the Mayer MRBs |  |  | 33,806,861 |  |  | (3) |  |  | 2026 |  | Variable |  | Yes |  | 3.94% |  | 1.19% |  | 5.13% |
The Safford |  |  | 29,772,042 |  |  | (3) |  |  | 2026 |  | Variable |  | Yes |  | 3.94% |  | 1.44% |  | 5.38% |
Avistar at Wood Hollow - Series A |  |  | 32,254,020 |  |  | (3) |  |  | 2027 |  | Variable |  | Yes |  | 3.94% |  | 1.44% |  | 5.38% |
Live 929 |  |  | 53,092,000 |  |  | (3) |  |  | 2027 |  | Variable |  | Yes |  | 3.94% |  | 1.18% |  | 5.12% |
Woodington Gardens - Series A-1 |  |  | 24,841,650 |  |  | (3) |  |  | 2027 |  | Variable |  | Yes |  | 3.94% |  | 1.44% |  | 5.38% |
Aventine Apartments |  |  | 7,560,184 |  |  | (3) |  |  | 2027 |  | Variable |  | Yes |  | 3.94% |  | 1.44% |  | 5.38% |
Avistar at Copperfield - Series A |  |  | 11,232,828 |  |  | (3) |  |  | 2027 |  | Variable |  | Yes |  | 3.94% |  | 1.68% |  | 5.62% |
Avistar at Wilcrest - Series A |  |  | 4,255,827 |  |  | (3) |  |  | 2027 |  | Variable |  | Yes |  | 3.94% |  | 1.68% |  | 5.62% |
Trust 2024-XF3219 | (4) |  | 46,436,706 |  |  | (3) |  |  | 2027 |  | Variable |  | No |  | 4.60% |  | 1.79% |  | 6.39% |
The Centurion Foundation |  |  | 5,051,557 |  |  | (3) |  |  | 2027 |  | Variable |  | No |  | 4.60% |  | 1.79% |  | 6.39% |
Avistar at the Crest - Series A |  |  | 7,240,898 |  |  | (3) |  |  | 2027 |  | Variable |  | Yes |  | 3.94% |  | 1.44% |  | 5.38% |
Avistar on the Blvd - Series A |  |  | 12,060,628 |  |  | (3) |  |  | 2027 |  | Variable |  | Yes |  | 3.94% |  | 1.44% |  | 5.38% |
Avistar on the Hills - Series A |  |  | 4,001,672 |  |  | (3) |  |  | 2027 |  | Variable |  | Yes |  | 3.94% |  | 1.44% |  | 5.38% |
Avistar at the Oaks - Series A |  |  | 5,858,331 |  |  | (3) |  |  | 2027 |  | Variable |  | Yes |  | 3.94% |  | 1.44% |  | 5.38% |
Avistar in 09 - Series A |  |  | 5,053,972 |  |  | (3) |  |  | 2027 |  | Variable |  | Yes |  | 3.94% |  | 1.44% |  | 5.38% |
Barclays Capital Inc.: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Trust 2021-XF2953 | (5) |  | 28,254,089 |  |  |  | - |  |  | 2025 |  | Variable |  | No |  | 4.45% |  | 1.27% |  | 5.72% |
Poppy Grove I GIL |  |  | 28,545,470 |  |  |  | - |  |  | 2025 |  | Variable |  | Yes |  | 4.05% |  | 1.25% |  | 5.30% |
Poppy Grove II GIL |  |  | 17,231,470 |  |  |  | - |  |  | 2025 |  | Variable |  | Yes |  | 4.05% |  | 1.25% |  | 5.30% |
Poppy Grove III GIL |  |  | 26,838,470 |  |  |  | - |  |  | 2025 |  | Variable |  | Yes |  | 4.05% |  | 1.25% |  | 5.30% |
Village Point |  |  | 18,394,018 |  |  |  | - |  |  | 2025 |  | Variable |  | Yes |  | 4.05% |  | 1.61% |  | 5.66% |
Subtotal/Weighed Average Period End Rate |  |  | 733,129,781 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 5.43% |
Total |  | $ | 1,093,273,157 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
(1) The tax treatment of interest paid to the trust senior trust securities is dependent on the structure of the debt financing. Debt financings designated as “tax-exempt” in the table above are such that the Partnership expects and believes the interest on the senior securities is exempt from federal income taxes, which typically requires a lower remarketing rate to place the senior securities at each weekly reset. (2) The remarketing senior securities rate is the market interest rate determined by the remarketing agent to ensure all senior securities tendered by holder for weekly remarketing are purchased at par. (3) The Partnership has restricted cash totaling approximately $15.8 million related to its ISDA master agreement with Mizuho based on Mizuho’s valuations of the underlying assets and the Partnership’s derivative financial instruments. (4) The TOB trust is securitized by three MRBs, nine taxable MRBs, and one property loan. (5) The TOB trust is securitized by the Willow Place GIL & Supplemental GIL, Poppy Grove I taxable GIL, Poppy Grove II taxable GIL and Poppy Grove III taxable GIL. The TOBs, term TOB, TEBS Financings, TEBS Residual Financing, and 2024 PFA Securitization Transaction are consolidated VIEs of the Partnership (Note 3). The Partnership is the primary beneficiary due to its rights to the underlying assets. Accordingly, the Partnership consolidates the TOB, term TOB, TEBS Financings, TEBS Residual Financing, and 2024 PFA Securitization Transaction on the Partnership's condensed consolidated financial statements. See information regarding the MRBs, GILs, property loans, taxable MRBs and taxable GILs securitized within the TOB, term TOB, TEBS Financings, TEBS Residual Financing, and 2024 PFA Securitization Transaction in Notes 4, 5, 6 and 9, respectively. As the residual interest holder in the TOBs, term TOB, and TEBS Financings, the Partnership may be required to make certain payments or contribute certain assets to the VIEs if certain events occur. Such events include, but are not limited to, a downgrade in the investment rating of the senior securities issued by the VIEs, a ratings downgrade of the liquidity provider for the VIEs, increases in short term interest rates beyond pre-set maximums, an inability to re-market the senior securities, or an inability to obtain liquidity for the senior securities. If such an event occurs in an individual VIE, the Partnership may be required to deleverage the VIE by repurchasing some or all of the senior securities. Otherwise, the underlying collateral will be sold and, if the proceeds are not sufficient to pay the principal amount of the senior securities plus accrued interest and other trust expenses, the Partnership will be required to fund any such shortfall. If the Partnership does not fund the shortfall, the default and liquidation provisions will be invoked against the Partnership. The shortfall on each TEBS financing is limited to the Partnership’s residual interest. The Partnership has never been, and does not expect in the future, to be required to reimburse the VIEs for any shortfall. As the residual interest holder in the TEBS Residual Financing and 2024 PFA Securitization Transaction, the Partnership may make certain payments or contribute certain assets to the VIE to prevent a default under the arrangement or related credit enhancement. If the Partnership does not or is unable to cure the default, the default and liquidation provisions will be invoked and the underlying assets will be sold, which may result in the Partnership’s residual interest not being recovered. The Partnership has entered into various TOB trust financings with Mizuho and Barclays secured by various investment assets. The TOB trusts with Mizuho and Barclays are subject to respective ISDA master agreements that contain certain covenants and requirements. The TOB trust financings with Mizuho and Barclays require that the Partnership's residual interests must maintain a certain value in relation to the total assets in each TOB trust. The Mizuho and Barclays master agreements also require the Partnership's partners' capital, as defined, to maintain a certain threshold and that the Partnership remain listed on a national securities exchange. The master agreement with Barclays also puts limits on the Partnership's Leverage Ratio (as defined by the Partnership). In addition, both Mizuho and Barclays master agreements specify that default(s) on the Partnership’s other senior debts above a specified dollar amount, in the aggregate, will constitute a default under the master agreement. If the Partnership is not in compliance with any of these covenants, a termination event of the financing facilities would be triggered. The Partnership was in compliance with these covenants as of March 31, 2025. The Partnership is subject to mark-to-market collateral posting provision for positions under the ISDA master agreements with Mizuho and Barclays related to the TOB Trusts. The amount of collateral posting required is dependent on the valuation of the securitized assets and interest rate swaps (Note 15) in relation to thresholds set by Mizuho and Barclays at the initiation of each transaction. The Partnership had posted approximately $12.7 million and $15.8 million of cash collateral with Mizuho as of March 31, 2025 and December 31, 2024, respectively. There was no required cash collateral posted with Barclays as of March 31, 2025 or December 31, 2024. As of March 31, 2025 and December 31, 2024, the Partnership posted restricted cash as contractually required under the terms of the TEBS Financings. The Partnership’s variable rate debt financing arrangements include maximum interest rate provisions that prevent the debt service on the debt financings from exceeding the cash flows from the underlying securitized assets. Activity in the First Three Months of 2025 New Debt Financings: In February 2025, the Partnership deposited the re-allocated GIL principal of Poppy Grove I, Poppy Grove II, and Poppy Grove III (Note 5) into the TOB financing Trust 2021-XF2953 and received debt financing proceeds of approximately $10.2 million. The proceeds were used to paydown debt associated with the Poppy Grove I, Poppy Grove II, and Poppy Grove III taxable GILs that were also within the TOB financing Trust 2021-XF2953. In March 2025, the Partnership transferred the re-allocated GIL principal of Poppy Grove I, Poppy Grove II, and Poppy Grove III (Note 5) from TOB financing Trust 2021-XF2953 to the respective Poppy Grove I GIL, Poppy Grove II GIL, and Poppy Grove III GIL TOB Trust financings for proceeds of $10.2 million. Redemptions: The following is a summary of the debt financing principal payments made in connection with the repayment of underlying assets during the three months ended March 31, 2025:
Debt Financing |  | Debt Facility |  | Month |  | Principal Paydown Applied |
Trust 2024-XF3219 - Sandy Creek Taxable Loan |  | TOB Trust |  | January 2025 |  | $ | 5,795,000 |
Osprey Village GIL |  | TOB Trust |  | January 2025 |  |  | 49,475,000 |
Trust 2021-XF2953 - Willow Place Apartments GIL |  | TOB Trust |  | January 2025 |  |  | 16,535,000 |
Trust 2021-XF2953 - Willow Place Apartments Supplemental GIL |  | TOB Trust |  | January 2025 |  |  | 1,200,000 |
Trust 2021-XF2953 - Poppy Grove I GIL |  | TOB Trust |  | March 2025 |  |  | 4,160,000 |
Trust 2021-XF2953 - Poppy Grove II GIL |  | TOB Trust |  | March 2025 |  |  | 1,440,000 |
Trust 2021-XF2953 - Poppy Grove III GIL |  | TOB Trust |  | March 2025 |  |  | 4,560,000 |
SoLa Impact Opportunity Zone Fund property loan |  | TOB Trust |  | March 2025 |  |  | 390,000 |
|  |  |  |  |  | $ | 83,555,000 |
Refinancing Activity: In February 2025, the Partnership executed an extension of the maturity dates of The Park at Vietti - Series 2022A, The Park at Sondrio - Series 2022A, Residency at Empire MRBs, Windsor Shores Apartments, The Ivy Apartments, and Residency at the Entrepreneur MRBs TOB trust financings to January 2028. There were no additional changes to terms or fees associated with the extensions. The Partnership executed three-month extensions of the maturity dates of the Barclays TOB financings of Trust 2021-XF2953, Poppy Grove I GIL, Poppy Grove II GIL, Poppy Grove III GIL, and Village Point to January 2026. There were no additional changes to terms or fees associated with the extensions. Activity in the First Three Months of 2024 New Debt Financings: The following is a summary of the new TOB trust financings that were entered into during the three months ended March 31, 2024:
TOB Trusts Securitization |  | Initial TOB Trust Financing |  |  | Stated Maturity |  | Interest Rate Type |  | Tax-Exempt Interest on Senior Securities |  | Facility Fees
Southpark MRB |  | $ | 9,840,000 |  |  | June 2024 |  | Variable |  | Yes |  | 1.44%
Trust 2024-XF3219 |  |  | 21,795,000 |  |  | February 2027 |  | Variable |  | No |  | 1.79%
Total TOB Trust Financings |  | $ | 31,635,000 |  |  |  |  |  |  |  |  |
Redemptions: The following is a summary of the debt financing principal payments made in connection with the repayment of underlying assets during the three months ended March 31, 2024:
Debt Financing |  | Debt Facility |  | Month |  | Principal Paydown Applied |
Hope on Avalon GIL |  | TOB Trust |  | January 2024 |  | $ | 18,712,000 |
Trust 2021-XF2926 - Hope on Avalon taxable GIL |  | TOB Trust |  | January 2024 |  |  | 9,515,000 |
Trust 2021-XF2939 - Osprey Village property loan |  | TOB Trust |  | February 2024 |  |  | 12,365,000 |
Trust 2021-XF2939 - Osprey Village Supplemental property loan |  | TOB Trust |  | February 2024 |  |  | 3,795,000 |
Trust 2021-XF2953 - Willow Place property loan |  | TOB Trust |  | February 2024 |  |  | 15,080,000 |
Trust 2021-XF2926 - Legacy Commons at Signal Hills property loan |  | TOB Trust |  | February 2024 |  |  | 28,985,000 |
Trust 2021-XF2939 - Residency at the Mayer Series A-T |  | TOB Trust |  | March 2024 |  |  | 9,480,000 |
SoLa Impact Opportunity Zone Fund |  | TOB Trust |  | March 2024 |  |  | 350,000 |
|  |  |  |  |  | $ | 98,282,000 |
Future Maturities The Partnership’s contractual maturities of borrowings as of March 31, 2025 for the twelve-month periods ending December 31 st for the next five years and thereafter are as follows:
Remainder of 2025 |  | $ | 214,308,471 |
2026 |  |  | 155,370,434 |
2027 |  |  | 194,311,705 |
2028 |  |  | 155,590,360 |
2029 |  |  | 10,606,158 |
Thereafter |  |  | 331,138,658 |
Total |  |  | 1,061,325,786 |
Unamortized deferred financing costs and debt premium |  |  | (4,805,970 | )
Total debt financing, net |  | $ | 1,056,519,816 |

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