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Commitments and Contingencies (Tables) | 3 Months Ended
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Mar. 31, 2025
Commitments and Contingencies Disclosure [Abstract] |
Summary of Partnership's Bond Purchase Commitments | The following table summarizes the Partnership’s bond purchase commitments as of March 31, 2025:
Bond Purchase Commitments |  | Commitment Date |  | Maximum Committed Amounts Remaining |  |  | Interest Rate |  |  | Estimated Closing Date |  | Fair Value as of March 31, 2025 |  |
Kindred Apartments |  | March 2025 |  | $ | 21,921,000 |  |  |  | 6.875 | % |  | December 2027 |  | $ | - |  |
Summary of Partnership's Total and Remaining Commitments |
Property Name |  | Commitment Date |  | Asset Maturity Date |  | Interest Rate |  | Total Commitment |  |  | Remaining Commitment as of March 31, 2025 |
Mortgage Revenue Bonds |  |  |  |  |  |  |  |  |  |
Meadow Valley |  | December 2021 |  | December 2029 |  | 6.25% |  | $ | 44,000,000 |  |  | $ | 1,935,000 |
Residency at Empire - Series BB-4 |  | December 2022 |  | December 2040 |  | 6.45% (1) |  |  | 47,000,000 |  |  |  | 18,350,000 |
Subtotal |  |  |  |  |  |  |  |  | 91,000,000 |  |  |  | 20,285,000 |
Taxable Mortgage Revenue Bonds |  |  |  |  |  |  |  |  |  |
Residency at Empire - Series BB-T |  | December 2022 |  | December 2025 (2) |  | 7.45% |  | $ | 9,404,500 |  |  | $ | 8,404,500 |
Governmental Issuer Loans |  |  |  |  |  |  |  |  |  |
Poppy Grove III |  | September 2022 |  | October 2025 |  | 6.78% |  | $ | 44,819,507 |  |  | $ | 1,569,507 |
Natchitoches Thomas Apartments |  | December 2024 |  | July 2027 (2) |  | 7.92% |  |  | 19,000,000 |  |  |  | 12,500,000 |
Subtotal |  |  |  |  |  |  |  |  | 63,819,507 |  |  |  | 14,069,507 |
Taxable Governmental Issuer Loans |  |  |  |  |  |  |  |  |  |
Poppy Grove II |  | September 2022 |  | October 2025 |  | 6.78% |  | $ | 9,141,300 |  |  | $ | 3,941,300 |
Poppy Grove III |  | September 2022 |  | October 2025 |  | 6.78% |  |  | 18,780,493 |  |  |  | 17,780,493 |
Natchitoches Thomas Apartments |  | December 2024 |  | July 2027 (2) |  | 7.92% |  |  | 4,000,000 |  |  |  | 3,000,000 |
Subtotal |  |  |  |  |  |  |  |  | 31,921,793 |  |  |  | 24,721,793 |
Property Loans |  |  |  |  |  |  |  |  |  |  |  |
Sandoval Flats |  | November 2024 |  | December 2027 (2) |  | 7.48% |  | $ | 29,846,000 |  |  | $ | 28,846,000 |
Equity Investments |  |  |  |  |  |  |  |  |  |  |  |
Vantage at San Marcos (3), (4) |  | November 2020 |  | N/A |  | N/A |  | $ | 9,914,529 |  |  | $ | 8,943,914 |
Freestone Greeley (4) |  | October 2022 |  | N/A |  | N/A |  |  | 16,035,710 |  |  |  | 10,562,345 |
Freestone Ladera |  | December 2023 |  | N/A |  | N/A |  |  | 17,097,624 |  |  |  | 1,161,484 |
Subtotal |  |  |  |  |  |  |  |  | 43,047,863 |  |  |  | 20,667,743 |
Bond Purchase Commitments |  |  |  |  |  |  |  |  |  |  |  |
Kindred Apartments |  | March 2025 |  | December 2027 |  | 6.875% |  | $ | 21,921,000 |  |  | $ | 21,921,000 |
Total Commitments |  |  |  |  |  |  |  | $ | 290,960,663 |  |  | $ | 138,915,543 |
(1) Upon stabilization, the MRB will convert to a fixed rate of 10.00% and become subordinate to the other senior MRBs of the borrower. (2) The borrowers may elect to extend the maturity date for a period ranging between six and twelve months upon meeting certain conditions, which may include payment of a non-refundable extension fee. (3) The property became a consolidated VIE effective during the fourth quarter of 2021 (Note 3). (4) A development site has been identified for this property but construction had not commenced as of March 31, 2025. In addition, the Partnership is committed to funding 10% of the capital for the Construction Lending JV with the remainder to be funded by a third-party investor with each party contributing its proportionate capital contributions upon funding of future investments. The Partnership’s capital will be contributed on a draw-down basis over the term of the underlying investments of the Construction Lending JV. As of March 31, 2025, the Partnership’s maximum capital commitment is approximately $8.3 million. However, the maximum commitment may increase if additional third-party capital commitments are obtained by the Construction Lending JV. Construction Loan Guaranties The Partnership entered into limited guaranty agreements for bridge loans related to certain investments in unconsolidated entities. The Partnership will only have to perform on the guaranties if a default by the borrower were to occur. The Partnership has not accrued any amount for these contingent liabilities because the Partnership believes the likelihood of guaranty claims is remote. The following table summarizes the Partnership’s maximum exposure under these guaranty agreements as of March 31, 2025:
Borrower |  | Guaranty Maturity |  | Maximum Balance Available on Loan |  |  | Loan Balance as of March 31, 2025 |  |  | Partnership's Maximum Exposure as of March 31, 2025 |  |  | Guaranty Terms
Vantage at McKinney Falls |  | 2026 |  | $ | 35,850,000 |  |  | $ | 35,850,000 |  |  | $ | 17,925,000 |  |  | (1)
Vantage at Hutto |  | 2026 |  |  | 35,000,000 |  |  |  | 35,000,000 |  |  | $ | 17,500,000 |  |  | (1)
Vantage at Loveland |  | 2026 |  |  | 47,000,000 |  |  |  | 47,000,000 |  |  | $ | 23,500,000 |  |  | (1)
(1) The Partnership’s guaranty is for 50% of the loan balance. The Partnership has guaranteed up to 100% of the outstanding loan balance upon the occurrence of fraud or other willful misconduct by the borrower or if the borrower voluntarily files for bankruptcy. The guaranty agreement requires the Partnership to maintain a minimum net worth of not less than $100.0 million and maintain liquid assets of not less than $6.3 million at the end of each quarter. The Partnership was in compliance with these requirements as of March 31, 2025. The Partnership has also provided indemnification to the lender for various costs including interest expenses, environmental non-compliance and remediation during the term. The Partnership has also provided indemnification to the lender for Vantage at McKinney Falls and Vantage at Loveland for certain operating costs.
Summary of Partnership's Maximum Exposure Under Guaranty Agreements | The following table summarizes the Partnership’s maximum exposure under these guaranty agreements as of March 31, 2025:
Borrower |  | Guaranty Maturity |  | Maximum Balance Available on Loan |  |  | Loan Balance as of March 31, 2025 |  |  | Partnership's Maximum Exposure as of March 31, 2025 |  |  | Guaranty Terms
Vantage at McKinney Falls |  | 2026 |  | $ | 35,850,000 |  |  | $ | 35,850,000 |  |  | $ | 17,925,000 |  |  | (1)
Vantage at Hutto |  | 2026 |  |  | 35,000,000 |  |  |  | 35,000,000 |  |  | $ | 17,500,000 |  |  | (1)
Vantage at Loveland |  | 2026 |  |  | 47,000,000 |  |  |  | 47,000,000 |  |  | $ | 23,500,000 |  |  | (1)
(1) The Partnership’s guaranty is for 50% of the loan balance. The Partnership has guaranteed up to 100% of the outstanding loan balance upon the occurrence of fraud or other willful misconduct by the borrower or if the borrower voluntarily files for bankruptcy. The guaranty agreement requires the Partnership to maintain a minimum net worth of not less than $100.0 million and maintain liquid assets of not less than $6.3 million at the end of each quarter. The Partnership was in compliance with these requirements as of March 31, 2025. The Partnership has also provided indemnification to the lender for various costs including interest expenses, environmental non-compliance and remediation during the term. The Partnership has also provided indemnification to the lender for Vantage at McKinney Falls and Vantage at Loveland for certain operating costs. The following table summarizes the Partnership’s maximum exposure under these guaranty agreements as of March 31, 2025:
Limited Partnership(s) |  | End of Guaranty Period |  | Partnership's Maximum Exposure as of March 31, 2025 |  |
Ohio Properties |  | 2026 |  | $ | 1,609,695 |  |
Greens of Pine Glen, LP |  | 2027 |  |  | 1,278,767 |  |

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- Definition Tabular disclosure of each guarantee obligation, or each group of similar guarantee obligations, including (a) the nature of the guarantee, including its term, how it arose, and the events or circumstances that would require the guarantor to perform under the guarantee; (b) the maximum potential amount of future payments (undiscounted) the guarantor could be required to make under the guarantee; (c) the current carrying amount of the liability, if any, for the guarantor's obligations under the guarantee; and (d) the nature of any recourse provisions under the guarantee, and any assets held either as collateral or by third parties, and any relevant related party disclosure. Excludes disclosures about product warranties. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 460 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 4 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482425/460-10-50-4 + Details
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