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Governmental Issuer Loans - Summary of Partnership's GIL Investments (Details) | 3 Months Ended | 12 Months Ended |
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Mar. 31, 2025 USD ($) Unit | Mar. 31, 2024 | Dec. 31, 2024 USD ($) Unit | Feb. 01, 2025
Governmental Issuer Loans [Line Items] |  |  |  |  |  |  |
Amortized Cost |  | $ 160,467,328 |  |  | $ 225,164,222 |  |
Governmental Issuer Loans [Member] | TOB Trust [Member] |  |  |  |  |  |  |
Governmental Issuer Loans [Line Items] |  |  |  |  |  |  |
Units | Unit |  | 894 |  |  | 1,459 |  |
Amortized Cost |  | $ 161,408,328 |  |  | $ 226,202,222 |  |
Governmental Issuer Loans [Member] | Legacy Commons at Signal Hills [Member] | TOB Trust [Member] | St. Paul, MN [Member] |  |  |  |  |  |  |
Governmental Issuer Loans [Line Items] |  |  |  |  |  |  |
Month Acquired |  | January 2021 | [1] |  | January 2021 | [2] |
Units | Unit |  | 247 | [1] |  | 247 | [2] |
Maturity Date |  | Aug. 01, 2025 | [1],[3] |  | Feb. 01, 2025 | [2],[4] |
Current Interest Rate |  | 7.42% | [1] |  | 7.60% | [2] |
Amortized Cost |  | $ 34,620,000 | [1] |  | $ 34,620,000 | [2] |
Governmental Issuer Loans [Member] | Legacy Commons at Signal Hills [Member] | TOB Trust [Member] | SOFR [Member] | St. Paul, MN [Member] |  |  |  |  |  |  |
Governmental Issuer Loans [Line Items] |  |  |  |  |  |  |
Variable rate |  | 3.07% | [1],[5] |  | 3.07% | [2],[6] |
Governmental Issuer Loans [Member] | Willow Place Apartments Supplemental [Member] | TOB Trust [Member] | McDonough, GA [Member] |  |  |  |  |  |  |
Governmental Issuer Loans [Line Items] |  |  |  |  |  |  |
Month Acquired | [2] |  |  |  | November 2023 |  |
Maturity Date | [2],[4] |  |  |  | Feb. 01, 2025 |  |
Current Interest Rate | [2] |  |  |  | 8.02% |  |
Amortized Cost | [2] |  |  |  | $ 1,500,000 |  |
Governmental Issuer Loans [Member] | Willow Place Apartments Supplemental [Member] | TOB Trust [Member] | SOFR [Member] | McDonough, GA [Member] |  |  |  |  |  |  |
Governmental Issuer Loans [Line Items] |  |  |  |  |  |  |
Variable rate | [2],[6] |  |  |  | 3.45% |  |
Governmental Issuer Loans [Member] | Hope on Avalon [Member] |  |  |  |  |  |  |
Governmental Issuer Loans [Line Items] |  |  |  |  |  |  |
Maturity Date |  |  |  | Feb. 01, 2024 |  |  |
Governmental Issuer Loans [Member] | Osprey Village [Member] | TOB Trust [Member] | Kissimmee FL [Member] |  |  |  |  |  |  |
Governmental Issuer Loans [Line Items] |  |  |  |  |  |  |
Month Acquired | [2] |  |  |  | July 2021 |  |
Units | Unit | [2] |  |  |  | 383 |  |
Maturity Date | [2],[4] |  |  |  | Feb. 01, 2025 |  |
Current Interest Rate | [2] |  |  |  | 7.64% |  |
Amortized Cost | [2] |  |  |  | $ 60,000,000 |  |
Governmental Issuer Loans [Member] | Osprey Village [Member] | TOB Trust [Member] | SOFR [Member] | Kissimmee FL [Member] |  |  |  |  |  |  |
Governmental Issuer Loans [Line Items] |  |  |  |  |  |  |
Variable rate | [2],[6] |  |  |  | 3.07% |  |
Governmental Issuer Loans [Member] | Willow Place Apartments [Member] | TOB Trust [Member] | McDonough, GA [Member] |  |  |  |  |  |  |
Governmental Issuer Loans [Line Items] |  |  |  |  |  |  |
Month Acquired | [2] |  |  |  | September 2021 |  |
Units | Unit | [2] |  |  |  | 182 |  |
Maturity Date | [2],[4] |  |  |  | Feb. 01, 2025 |  |
Current Interest Rate | [2] |  |  |  | 7.87% |  |
Amortized Cost | [2] |  |  |  | $ 20,702,594 |  |
Governmental Issuer Loans [Member] | Willow Place Apartments [Member] | TOB Trust [Member] | SOFR [Member] | McDonough, GA [Member] |  |  |  |  |  |  |
Governmental Issuer Loans [Line Items] |  |  |  |  |  |  |
Variable rate | [2],[6] |  |  |  | 3.30% |  |
Governmental Issuer Loans [Member] | Poppy Grove I [Member] | TOB Trust [Member] | Elk Grove, CA [Member] |  |  |  |  |  |  |
Governmental Issuer Loans [Line Items] |  |  |  |  |  |  |
Month Acquired |  | September 2022 | [1],[7] |  | September 2022 | [2],[8] |
Units | Unit |  | 147 | [1],[7] |  | 147 | [2],[8] |
Maturity Date |  | Oct. 01, 2025 | [1],[3],[7] |  | Apr. 01, 2025 | [2],[4],[8] |
Variable rate |  | 6.78% | [1],[5],[7] |  | 6.78% | [2],[6],[8] |
Current Interest Rate |  | 6.78% | [1],[7] |  | 6.78% | [2],[8] |
Amortized Cost |  | $ 40,888,328 | [1],[7] |  | $ 35,688,328 | [2],[8] |
Governmental Issuer Loans [Member] | Poppy Grove II [Member] |  |  |  |  |  |  |
Governmental Issuer Loans [Line Items] |  |  |  |  |  |  |
Maturity Date |  | Apr. 01, 2025 |  |  |  |  |
Governmental Issuer Loans [Member] | Poppy Grove II [Member] | TOB Trust [Member] | Elk Grove, CA [Member] |  |  |  |  |  |  |
Governmental Issuer Loans [Line Items] |  |  |  |  |  |  |
Month Acquired |  | September 2022 | [1],[7] |  | September 2022 | [2],[8] |
Units | Unit |  | 82 | [1],[7] |  | 82 | [2],[8] |
Maturity Date |  | Oct. 01, 2025 | [1],[3],[7] |  | Apr. 01, 2025 | [2],[4],[8] |
Variable rate |  | 6.78% | [1],[5],[7] |  | 6.78% | [2],[6],[8] |
Current Interest Rate |  | 6.78% | [1],[7] |  | 6.78% | [2],[8] |
Amortized Cost |  | $ 24,050,000 | [1],[7] |  | $ 21,541,300 | [2],[8] |
Governmental Issuer Loans [Member] | Poppy Grove III [Member] |  |  |  |  |  |  |
Governmental Issuer Loans [Line Items] |  |  |  |  |  |  |
Maturity Date |  | Apr. 01, 2025 |  |  |  |  |
Governmental Issuer Loans [Member] | Poppy Grove III [Member] | TOB Trust [Member] | Elk Grove, CA [Member] |  |  |  |  |  |  |
Governmental Issuer Loans [Line Items] |  |  |  |  |  |  |
Month Acquired |  | September 2022 | [1],[7] |  | September 2022 | [2],[8] |
Units | Unit |  | 158 | [1],[7] |  | 158 | [2],[8] |
Maturity Date |  | Oct. 01, 2025 | [1],[3],[7] |  | Apr. 01, 2025 | [2],[4],[8] |
Variable rate |  | 6.78% | [1],[5],[7] |  | 6.78% | [2],[6],[8] |
Current Interest Rate |  | 6.78% | [1],[7] |  | 6.78% | [2],[8] |
Amortized Cost |  | $ 43,250,000 | [1],[7] |  | $ 33,550,000 | [2],[8] |
Governmental Issuer Loans [Member] | Sandy Creek Apartments [Member] | SOFR [Member] |  |  |  |  |  |  |
Governmental Issuer Loans [Line Items] |  |  |  |  |  |  |
Variable rate |  |  |  |  |  |  | 2.80%
Governmental Issuer Loans [Member] | Sandy Creek Apartments [Member] | TOB Trust [Member] | Bryan, TX [Member] |  |  |  |  |  |  |
Governmental Issuer Loans [Line Items] |  |  |  |  |  |  |
Month Acquired |  | August 2023 | [1] |  | August 2023 | [2] |
Units | Unit |  | 140 | [1] |  | 140 | [2] |
Maturity Date |  | Sep. 01, 2026 | [1],[3] |  | Sep. 01, 2026 | [2],[4] |
Variable rate |  | 2.80% | [1],[5] |  | 7.83% | [2],[6] |
Current Interest Rate |  | 7.12% | [1] |  | 7.83% | [2] |
Amortized Cost |  | $ 12,100,000 | [1] |  | $ 12,100,000 | [2] |
Governmental Issuer Loans [Member] | Natchitoches Thomas Apartments [Member] | TOB Trust [Member] | Natchitoches, Los Angeles [Member] |  |  |  |  |  |  |
Governmental Issuer Loans [Line Items] |  |  |  |  |  |  |
Month Acquired |  | December 2024 | [1],[9] |  | December 2024 | [2],[10] |
Units | Unit |  | 120 | [1],[9] |  | 120 | [2],[10] |
Maturity Date |  | Jul. 01, 2027 | [1],[3],[9] |  | Jul. 01, 2027 | [2],[4],[10] |
Variable rate |  | 7.92% | [1],[5],[9] |  | 7.92% | [2],[6],[10] |
Current Interest Rate |  | 7.92% | [1],[9] |  | 7.92% | [2],[10] |
Amortized Cost |  | $ 6,500,000 | [1],[9] |  | $ 6,500,000 | [2],[10] |
[1] | The Freddie Mac servicer that has forward committed to purchase the GIL at maturity is an affiliate of the Partnership (Note 19).
[2] | The Freddie Mac servicer that has forward committed to purchase the GIL at maturity is an affiliate of the Partnership (Note 19)
[3] | 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.
[4] | 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
[5] | The variable index interest rate components are typically subject to floors that range from 0% to 0.50%.
[6] | The variable index interest rate components are typically subject to floors that range from 0.25% to 0.50%.
[7] | 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.
[8] | 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.
[9] | 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.
[10] | 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.

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