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Mortgage Revenue Bonds (Tables) | 6 Months Ended
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Jun. 30, 2025
Investments In Mortgage Revenue Bonds [Abstract] |
Schedule of Investments in MRBs | The Partnership had the following investments in MRBs as of June 30, 2025 and December 31, 2024:
|  | June 30, 2025 |
Description of Mortgage Revenue Bonds |  | State |  | Cost Adjusted for Paydowns and Allowances |  |  | Cumulative Unrealized Gain |  |  | Cumulative Unrealized Loss |  |  | Estimated Fair Value |
The Safford (4) |  | AZ |  | $ | 43,063,501 |  |  | $ | 1,282,268 |  |  | $ | - |  |  | $ | 44,345,769 |
40rty on Colony - Series P (4) |  | CA |  |  | 5,961,283 |  |  |  | 484,654 |  |  |  | - |  |  |  | 6,445,937 |
CCBA Senior Garden Apartments (1), (8) |  | CA |  |  | 3,701,046 |  |  |  | - |  |  |  | (141,648 | ) |  |  | 3,559,398 |
Courtyard - Series A (3) |  | CA |  |  | 9,613,640 |  |  |  | 503,183 |  |  |  | - |  |  |  | 10,116,823 |
Glenview Apartments - Series A (2) |  | CA |  |  | 4,214,763 |  |  |  | 185,843 |  |  |  | - |  |  |  | 4,400,606 |
Harmony Court Bakersfield - Series A (3) |  | CA |  |  | 3,505,266 |  |  |  | 158,054 |  |  |  | - |  |  |  | 3,663,320 |
Harmony Terrace - Series A (3) |  | CA |  |  | 6,490,501 |  |  |  | 325,040 |  |  |  | - |  |  |  | 6,815,541 |
Harden Ranch - Series A (1) |  | CA |  |  | 6,204,240 |  |  |  | 231,786 |  |  |  | - |  |  |  | 6,436,026 |
Las Palmas II - Series A (3) |  | CA |  |  | 1,589,797 |  |  |  | 75,247 |  |  |  | - |  |  |  | 1,665,044 |
Montclair Apartments - Series A (2) |  | CA |  |  | 2,283,373 |  |  |  | 87,511 |  |  |  | - |  |  |  | 2,370,884 |
Montecito at Williams Ranch Apartments - Series A (1) |  | CA |  |  | 7,338,517 |  |  |  | 504,232 |  |  |  | - |  |  |  | 7,842,749 |
Montevista - Series A (1) |  | CA |  |  | 6,530,210 |  |  |  | 606,936 |  |  |  | - |  |  |  | 7,137,146 |
Ocotillo Springs - Series A (1), (6) |  | CA |  |  | 3,438,025 |  |  |  | - |  |  |  | (298,029 | ) |  |  | 3,139,996 |
Ocotillo Springs - Series A-1 (1) |  | CA |  |  | 494,899 |  |  |  | 48,045 |  |  |  | - |  |  |  | 542,944 |
Residency at Empire - Series BB-1 (4) |  | CA |  |  | 14,101,672 |  |  |  | 598,763 |  |  |  | - |  |  |  | 14,700,435 |
Residency at Empire - Series BB-2 (4) |  | CA |  |  | 4,000,000 |  |  |  | 200,124 |  |  |  | - |  |  |  | 4,200,124 |
Residency at Empire - Series BB-3 (4) |  | CA |  |  | 14,000,000 |  |  |  | 557,843 |  |  |  | - |  |  |  | 14,557,843 |
Residency at Empire - Series BB-4 (4) |  | CA |  |  | 38,050,000 |  |  |  | 277,599 |  |  |  | - |  |  |  | 38,327,599 |
Residency at the Entrepreneur - Series J-1 (4), (8) |  | CA |  |  | 9,075,521 |  |  |  | - |  |  |  | (563,510 | ) |  |  | 8,512,011 |
Residency at the Entrepreneur - Series J-2 (4), (8) |  | CA |  |  | 7,500,000 |  |  |  | - |  |  |  | (406,658 | ) |  |  | 7,093,342 |
Residency at the Entrepreneur - Series J-3 (4), (8) |  | CA |  |  | 26,080,000 |  |  |  | - |  |  |  | (864,653 | ) |  |  | 25,215,347 |
Residency at the Entrepreneur - Series J-4 (4) |  | CA |  |  | 16,420,000 |  |  |  | - |  |  |  | - |  |  |  | 16,420,000 |
Residency at the Entrepreneur - Series J-5 (4) |  | CA |  |  | 5,000,000 |  |  |  | - |  |  |  | - |  |  |  | 5,000,000 |
Residency at the Mayer - Series A (4) |  | CA |  |  | 29,555,010 |  |  |  | - |  |  |  | - |  |  |  | 29,555,010 |
Residency at the Mayer - Series M (4) |  | CA |  |  | 11,500,000 |  |  |  | - |  |  |  | - |  |  |  | 11,500,000 |
San Vicente - Series A (3) |  | CA |  |  | 3,278,077 |  |  |  | 155,155 |  |  |  | - |  |  |  | 3,433,232 |
Santa Fe Apartments - Series A (2) |  | CA |  |  | 2,766,220 |  |  |  | 118,773 |  |  |  | - |  |  |  | 2,884,993 |
Seasons at Simi Valley - Series A (3) |  | CA |  |  | 3,995,972 |  |  |  | 288,534 |  |  |  | - |  |  |  | 4,284,506 |
Seasons Lakewood - Series A (3) |  | CA |  |  | 6,913,794 |  |  |  | 346,238 |  |  |  | - |  |  |  | 7,260,032 |
Seasons San Juan Capistrano - Series A (3) |  | CA |  |  | 11,640,572 |  |  |  | 582,951 |  |  |  | - |  |  |  | 12,223,523 |
Solano Vista - Series A (1) |  | CA |  |  | 2,580,950 |  |  |  | 239,876 |  |  |  | - |  |  |  | 2,820,826 |
Summerhill - Series A (3) |  | CA |  |  | 6,036,012 |  |  |  | 72,380 |  |  |  | - |  |  |  | 6,108,392 |
Sycamore Walk - Series A (3) |  | CA |  |  | 3,303,881 |  |  |  | 147,797 |  |  |  | - |  |  |  | 3,451,678 |
The Village at Madera - Series A (3) |  | CA |  |  | 2,899,128 |  |  |  | 130,723 |  |  |  | - |  |  |  | 3,029,851 |
Tyler Park Townhomes - Series A (1) |  | CA |  |  | 5,399,954 |  |  |  | - |  |  |  | - |  |  |  | 5,399,954 |
Village at Hanford Square - Series H (4) |  | CA |  |  | 10,400,000 |  |  |  | 679,006 |  |  |  | - |  |  |  | 11,079,006 |
Vineyard Gardens - Series A (1) |  | CA |  |  | 3,821,712 |  |  |  | 284,395 |  |  |  | - |  |  |  | 4,106,107 |
Wellspring Apartments (1) |  | CA |  |  | 3,820,907 |  |  |  | 59,531 |  |  |  | - |  |  |  | 3,880,438 |
Westside Village Market - Series A (1) |  | CA |  |  | 3,528,860 |  |  |  | 159,448 |  |  |  | - |  |  |  | 3,688,308 |
Handsel Morgan Village Apartments (4) |  | GA |  |  | 2,150,000 |  |  |  | 296,084 |  |  |  | - |  |  |  | 2,446,084 |
MaryAlice Circle Apartments (4) |  | GA |  |  | 5,900,000 |  |  |  | 369,455 |  |  |  | - |  |  |  | 6,269,455 |
Copper Gate Apartments (1) |  | IN |  |  | 4,715,000 |  |  |  | - |  |  |  | - |  |  |  | 4,715,000 |
Renaissance - Series A (2), (8) |  | LA |  |  | 10,177,196 |  |  |  | - |  |  |  | (1,041,985 | ) |  |  | 9,135,211 |
Live 929 Apartments - Series 2022A (4) |  | MD |  |  | 58,377,018 |  |  |  | 4,169,341 |  |  |  | - |  |  |  | 62,546,359 |
Woodington Gardens Apartments - Series A-1 (4) |  | MD |  |  | 31,150,000 |  |  |  | 3,147,615 |  |  |  | - |  |  |  | 34,297,615 |
Meadow Valley (4), (7) |  | MI |  |  | 42,588,565 |  |  |  | - |  |  |  | (1,238,735 | ) |  |  | 41,349,830 |
Jackson Manor Apartments (1), (8) |  | MS |  |  | 4,758,739 |  |  |  | - |  |  |  | (254,327 | ) |  |  | 4,504,412 |
Village Point (5), (6) |  | NJ |  |  | 22,991,000 |  |  |  | - |  |  |  | (191,837 | ) |  |  | 22,799,163 |
Silver Moon - Series A (2) |  | NM |  |  | 7,356,190 |  |  |  | 614,713 |  |  |  | - |  |  |  | 7,970,903 |
Village at Avalon (1) |  | NM |  |  | 15,591,463 |  |  |  | 1,241,455 |  |  |  | - |  |  |  | 16,832,918 |
Columbia Gardens (3) |  | SC |  |  | 12,045,725 |  |  |  | 502,074 |  |  |  | - |  |  |  | 12,547,799 |
The Ivy Apartments (4), (8) |  | SC |  |  | 30,553,487 |  |  |  | - |  |  |  | (727,048 | ) |  |  | 29,826,439 |
The Park at Sondrio - Series 2022A (4), (9) |  | SC |  |  | 32,847,700 |  |  |  | - |  |  |  | (783,058 | ) |  |  | 32,064,642 |
The Park at Vietti - Series 2022A (4), (9) |  | SC |  |  | 26,244,500 |  |  |  | - |  |  |  | (3,032,175 | ) |  |  | 23,212,325 |
Village at River's Edge (3) |  | SC |  |  | 9,431,025 |  |  |  | 148,546 |  |  |  | - |  |  |  | 9,579,571 |
Willow Run (3) |  | SC |  |  | 11,878,606 |  |  |  | 480,849 |  |  |  | - |  |  |  | 12,359,455 |
Windsor Shores Apartments - Series A (4), (9) |  | SC |  |  | 19,097,900 |  |  |  | - |  |  |  | (1,093,134 | ) |  |  | 18,004,766 |
Agape Helotes - Series A-1 (4) |  | TX |  |  | 5,547,270 |  |  |  | 887,957 |  |  |  | - |  |  |  | 6,435,227 |
Agape Helotes - Series B (4)(8) |  | TX |  |  | 7,330,652 |  |  |  | - |  |  |  | (176,433 | ) |  |  | 7,154,219 |
Avistar at Copperfield - Series A (4) |  | TX |  |  | 13,129,768 |  |  |  | 596,271 |  |  |  | - |  |  |  | 13,726,039 |
Avistar at the Crest - Series A (4) |  | TX |  |  | 8,546,896 |  |  |  | 518,508 |  |  |  | - |  |  |  | 9,065,404 |
Avistar at the Crest - Series B |  | TX |  |  | 707,563 |  |  |  | 28,358 |  |  |  | - |  |  |  | 735,921 |
Avistar at the Oaks - Series A (4) |  | TX |  |  | 6,922,572 |  |  |  | 296,008 |  |  |  | - |  |  |  | 7,218,580 |
Avistar at the Oaks - Series B |  | TX |  |  | 518,746 |  |  |  | - |  |  |  | - |  |  |  | 518,746 |
Avistar at the Parkway - Series A (2) |  | TX |  |  | 12,013,272 |  |  |  | 457,614 |  |  |  | - |  |  |  | 12,470,886 |
Avistar at the Parkway - Series B |  | TX |  |  | 121,873 |  |  |  | 12,411 |  |  |  | - |  |  |  | 134,284 |
Avistar at Wilcrest - Series A (4) |  | TX |  |  | 4,975,916 |  |  |  | 16,459 |  |  |  | - |  |  |  | 4,992,375 |
Avistar at Wood Hollow - Series A (4) |  | TX |  |  | 37,782,019 |  |  |  | 1,650,782 |  |  |  | - |  |  |  | 39,432,801 |
Avistar in 09 - Series A (4) |  | TX |  |  | 5,977,367 |  |  |  | 308,167 |  |  |  | - |  |  |  | 6,285,534 |
Avistar in 09 - Series B |  | TX |  |  | 427,919 |  |  |  | 14,674 |  |  |  | - |  |  |  | 442,593 |
Avistar on the Boulevard - Series A (4) |  | TX |  |  | 14,560,568 |  |  |  | 643,471 |  |  |  | - |  |  |  | 15,204,039 |
Avistar on the Boulevard - Series B |  | TX |  |  | 420,436 |  |  |  | 13,610 |  |  |  | - |  |  |  | 434,046 |
Avistar on the Hills - Series A (4) |  | TX |  |  | 4,739,346 |  |  |  | 244,340 |  |  |  | - |  |  |  | 4,983,686 |
Bruton Apartments (3) |  | TX |  |  | 16,961,350 |  |  |  | - |  |  |  | - |  |  |  | 16,961,350 |
Concord at Gulfgate - Series A (3) |  | TX |  |  | 17,844,362 |  |  |  | 1,036,045 |  |  |  | - |  |  |  | 18,880,407 |
Concord at Little York - Series A (3) |  | TX |  |  | 12,500,819 |  |  |  | 780,574 |  |  |  | - |  |  |  | 13,281,393 |
Concord at Williamcrest - Series A (3) |  | TX |  |  | 19,365,109 |  |  |  | 1,166,716 |  |  |  | - |  |  |  | 20,531,825 |
Crossing at 1415 - Series A (3) |  | TX |  |  | 6,940,324 |  |  |  | 237,019 |  |  |  | - |  |  |  | 7,177,343 |
Decatur Angle (3) |  | TX |  |  | 21,290,546 |  |  |  | - |  |  |  | - |  |  |  | 21,290,546 |
Esperanza at Palo Alto (3) |  | TX |  |  | 18,485,484 |  |  |  | 1,267,732 |  |  |  | - |  |  |  | 19,753,216 |
Heights at 515 - Series A (3) |  | TX |  |  | 6,353,986 |  |  |  | 302,708 |  |  |  | - |  |  |  | 6,656,694 |
Heritage Square - Series A (2) |  | TX |  |  | 9,962,004 |  |  |  | 251,362 |  |  |  | - |  |  |  | 10,213,366 |
Oaks at Georgetown - Series A (3) |  | TX |  |  | 11,598,243 |  |  |  | 385,731 |  |  |  | - |  |  |  | 11,983,974 |
15 West Apartments (3) |  | WA |  |  | 9,237,985 |  |  |  | 1,012,049 |  |  |  | - |  |  |  | 10,250,034 |
Aventine Apartments (4) |  | WA |  |  | 9,500,000 |  |  |  | 1,072,245 |  |  |  | - |  |  |  | 10,572,245 |
Mortgage revenue bonds |  |  |  | $ | 981,713,812 |  |  | $ | 33,562,878 |  |  | $ | (10,813,230 | ) |  | $ | 1,004,463,460 |
(1) 2024 PFA Securitization Bond associated with the 2024 PFA Securitization Transaction, Note 13. (2) MRB owned by ATAX TEBS III, LLC (M33 TEBS), Note 13. The TEBS financing has contractual limitations on the Partnership’s ability to sell the MRB. (3) MRB owned by ATAX TEBS IV, LLC (M45 TEBS), Note 13. The TEBS financing has contractual limitations on the Partnership’s ability to sell the MRB. (4) MRB held by Mizuho in a debt financing transaction, Note 13. (5) MRB held by Barclays in a debt financing transaction, Note 13. (6) As of the date presented, the Partnership determined that the unrealized loss on the MRB is a result of increasing market interest rates and is not considered a credit loss. As of June 30, 2025, the MRB has been in an unrealized loss position for at least 12 months. (7) The Partnership has a remaining MRB funding commitment of approximately $1.5 million as of June 30, 2025. The MRB and the unfunded MRB commitment are accounted for as available-for-sale securities and reported at fair value. The reported unrealized loss includes the unrealized loss on the current MRB carrying value (based on current fair value) as well as the unrealized loss on the Partnership’s remaining funding commitment outstanding as of June 30, 2025 (also based on current fair value). The Partnership determined the unrealized loss is a result of increasing market interest rates and that the cumulative unrealized loss is not considered a credit loss. As of June 30, 2025, the MRB has been in an unrealized loss position for more than 12 months. (8) As of the date presented, the Partnership determined that the unrealized loss on the MRB is a result of increasing market interest rates and is not considered a credit loss. As of June 30, 2025, the MRB has been in an unrealized loss position for less than 12 months. (9) As of the date presented, the Partnership determined that the unrealized loss on the MRB is not a result of expected shortfalls in discounted cash flows. See Notes 2 and 10 for discussion of the provision for credit loss associated with the MRB. As of June 30, 2025, the MRB has been in an unrealized loss position for less than 12 months.
|  | December 31, 2024 |
Description of Mortgage Revenue Bonds |  | State |  | Cost Adjusted for Paydowns and Allowances |  |  | Cumulative Unrealized Gain |  |  | Cumulative Unrealized Loss |  |  | Estimated Fair Value |
The Safford (4) |  | AZ |  | $ | 37,435,466 |  |  | $ | 1,523,170 |  |  | $ | - |  |  | $ | 38,958,636 |
40rty on Colony - Series P (4) |  | CA |  |  | 5,962,217 |  |  |  | 459,328 |  |  |  | - |  |  |  | 6,421,545 |
CCBA Senior Garden Apartments (1), (8) |  | CA |  |  | 3,720,209 |  |  |  | - |  |  |  | (58,814 | ) |  |  | 3,661,395 |
Courtyard - Series A (3) |  | CA |  |  | 9,668,469 |  |  |  | 449,017 |  |  |  | - |  |  |  | 10,117,486 |
Glenview Apartments - Series A (2) |  | CA |  |  | 4,248,118 |  |  |  | 170,362 |  |  |  | - |  |  |  | 4,418,480 |
Harmony Court Bakersfield - Series A (3) |  | CA |  |  | 3,525,258 |  |  |  | 127,289 |  |  |  | - |  |  |  | 3,652,547 |
Harmony Terrace - Series A (3) |  | CA |  |  | 6,527,329 |  |  |  | 288,190 |  |  |  | - |  |  |  | 6,815,519 |
Harden Ranch - Series A (1) |  | CA |  |  | 6,256,135 |  |  |  | 260,476 |  |  |  | - |  |  |  | 6,516,611 |
Las Palmas II - Series A (3) |  | CA |  |  | 1,598,957 |  |  |  | 61,427 |  |  |  | - |  |  |  | 1,660,384 |
Lutheran Gardens |  | CA |  |  | 10,352,000 |  |  |  | - |  |  |  | - |  |  |  | 10,352,000 |
Montclair Apartments - Series A (2) |  | CA |  |  | 2,301,443 |  |  |  | 98,596 |  |  |  | - |  |  |  | 2,400,039 |
Montecito at Williams Ranch Apartments - Series A (1) |  | CA |  |  | 7,374,111 |  |  |  | 424,400 |  |  |  | - |  |  |  | 7,798,511 |
Montevista - Series A (1) |  | CA |  |  | 6,556,878 |  |  |  | 602,131 |  |  |  | - |  |  |  | 7,159,009 |
Ocotillo Springs - Series A (1), (6) |  | CA |  |  | 3,455,419 |  |  |  | - |  |  |  | (224,262 | ) |  |  | 3,231,157 |
Ocotillo Springs - Series A-1 (1) |  | CA |  |  | 496,351 |  |  |  | 64,598 |  |  |  | - |  |  |  | 560,949 |
Residency at Empire - Series BB-1 (4) |  | CA |  |  | 14,109,248 |  |  |  | 491,616 |  |  |  | - |  |  |  | 14,600,864 |
Residency at Empire - Series BB-2 (4) |  | CA |  |  | 4,000,000 |  |  |  | 171,675 |  |  |  | - |  |  |  | 4,171,675 |
Residency at Empire - Series BB-3 (4) |  | CA |  |  | 14,000,000 |  |  |  | 510,453 |  |  |  | - |  |  |  | 14,510,453 |
Residency at Empire - Series BB-4 (4) |  | CA |  |  | 21,200,000 |  |  |  | 275,702 |  |  |  | - |  |  |  | 21,475,702 |
Residency at the Entrepreneur - Series J-1 (4), (8) |  | CA |  |  | 9,078,496 |  |  |  | - |  |  |  | (194,816 | ) |  |  | 8,883,680 |
Residency at the Entrepreneur - Series J-2 (4), (8) |  | CA |  |  | 7,500,000 |  |  |  | - |  |  |  | (96,933 | ) |  |  | 7,403,067 |
Residency at the Entrepreneur - Series J-3 (4), (8) |  | CA |  |  | 26,080,000 |  |  |  | - |  |  |  | (99,928 | ) |  |  | 25,980,072 |
Residency at the Entrepreneur - Series J-4 (4) |  | CA |  |  | 16,420,000 |  |  |  | - |  |  |  | - |  |  |  | 16,420,000 |
Residency at the Entrepreneur - Series J-5 (4) |  | CA |  |  | 5,000,000 |  |  |  | - |  |  |  | - |  |  |  | 5,000,000 |
Residency at the Mayer - Series A (4) |  | CA |  |  | 29,556,596 |  |  |  | - |  |  |  | - |  |  |  | 29,556,596 |
Residency at the Mayer - Series M (4) |  | CA |  |  | 11,500,000 |  |  |  | - |  |  |  | - |  |  |  | 11,500,000 |
San Vicente - Series A (3) |  | CA |  |  | 3,296,965 |  |  |  | 135,060 |  |  |  | - |  |  |  | 3,432,025 |
Santa Fe Apartments - Series A (2) |  | CA |  |  | 2,788,112 |  |  |  | 123,270 |  |  |  | - |  |  |  | 2,911,382 |
Seasons at Simi Valley - Series A (3) |  | CA |  |  | 4,025,911 |  |  |  | 272,883 |  |  |  | - |  |  |  | 4,298,794 |
Seasons Lakewood - Series A (3) |  | CA |  |  | 6,953,024 |  |  |  | 306,985 |  |  |  | - |  |  |  | 7,260,009 |
Seasons San Juan Capistrano - Series A (3) |  | CA |  |  | 11,706,622 |  |  |  | 516,863 |  |  |  | - |  |  |  | 12,223,485 |
Solano Vista - Series A (1) |  | CA |  |  | 2,591,588 |  |  |  | 172,312 |  |  |  | - |  |  |  | 2,763,900 |
Summerhill - Series A (3) |  | CA |  |  | 6,070,437 |  |  |  | 20,122 |  |  |  | - |  |  |  | 6,090,559 |
Sycamore Walk - Series A (3) |  | CA |  |  | 3,330,230 |  |  |  | 44,181 |  |  |  | - |  |  |  | 3,374,411 |
The Village at Madera - Series A (3) |  | CA |  |  | 2,915,662 |  |  |  | 112,779 |  |  |  | - |  |  |  | 3,028,441 |
Tyler Park Townhomes - Series A (1) |  | CA |  |  | 5,445,686 |  |  |  | - |  |  |  | - |  |  |  | 5,445,686 |
Village at Hanford Square - Series H (4) |  | CA |  |  | 10,400,000 |  |  |  | 619,721 |  |  |  | - |  |  |  | 11,019,721 |
Vineyard Gardens - Series A (1) |  | CA |  |  | 3,839,951 |  |  |  | 281,057 |  |  |  | - |  |  |  | 4,121,008 |
Wellspring Apartments (1) |  | CA |  |  | 3,880,455 |  |  |  | 119,584 |  |  |  | - |  |  |  | 4,000,039 |
Westside Village Market - Series A (1) |  | CA |  |  | 3,558,747 |  |  |  | 132,773 |  |  |  | - |  |  |  | 3,691,520 |
Handsel Morgan Village Apartments (4) |  | GA |  |  | 2,150,000 |  |  |  | 162,887 |  |  |  | - |  |  |  | 2,312,887 |
MaryAlice Circle Apartments (4) |  | GA |  |  | 5,900,000 |  |  |  | 496,763 |  |  |  | - |  |  |  | 6,396,763 |
Copper Gate Apartments (1) |  | IN |  |  | 4,715,000 |  |  |  | - |  |  |  | - |  |  |  | 4,715,000 |
Renaissance - Series A (2), (8) |  | LA |  |  | 10,263,789 |  |  |  | - |  |  |  | (836,645 | ) |  |  | 9,427,144 |
Live 929 Apartments - Series 2022A (4) |  | MD |  |  | 58,560,655 |  |  |  | 3,547,694 |  |  |  | - |  |  |  | 62,108,349 |
Woodington Gardens Apartments - Series A-1 (4) |  | MD |  |  | 31,150,000 |  |  |  | 3,112,265 |  |  |  | - |  |  |  | 34,262,265 |
Meadow Valley (4), (7) |  | MI |  |  | 41,162,263 |  |  |  | - |  |  |  | (1,859,135 | ) |  |  | 39,303,128 |
Jackson Manor Apartments (1) |  | MS |  |  | 4,781,136 |  |  |  | 19,919 |  |  |  | - |  |  |  | 4,801,055 |
Village Point (5), (8) |  | NJ |  |  | 23,000,000 |  |  |  | - |  |  |  | (447,248 | ) |  |  | 22,552,752 |
Silver Moon - Series A (2) |  | NM |  |  | 7,398,857 |  |  |  | 571,694 |  |  |  | - |  |  |  | 7,970,551 |
Village at Avalon (1) |  | NM |  |  | 15,665,803 |  |  |  | 1,241,389 |  |  |  | - |  |  |  | 16,907,192 |
Columbia Gardens (3) |  | SC |  |  | 12,150,488 |  |  |  | 502,113 |  |  |  | - |  |  |  | 12,652,601 |
Companion at Thornhill Apartments (3) |  | SC |  |  | 10,484,096 |  |  |  | 338,831 |  |  |  | - |  |  |  | 10,822,927 |
The Ivy Apartments (4) |  | SC |  |  | 30,558,423 |  |  |  | 822,638 |  |  |  | - |  |  |  | 31,381,061 |
The Palms at Premier Park Apartments (1) |  | SC |  |  | 17,590,997 |  |  |  | 27,389 |  |  |  | - |  |  |  | 17,618,386 |
The Park at Sondrio - Series 2022A (4) |  | SC |  |  | 38,100,000 |  |  |  | 1,260,209 |  |  |  | - |  |  |  | 39,360,209 |
The Park at Vietti - Series 2022A (4) |  | SC |  |  | 26,985,000 |  |  |  | 952,281 |  |  |  | - |  |  |  | 27,937,281 |
Village at River's Edge (3) |  | SC |  |  | 9,477,407 |  |  |  | 832,313 |  |  |  | - |  |  |  | 10,309,720 |
Willow Run (3) |  | SC |  |  | 11,981,345 |  |  |  | 494,536 |  |  |  | - |  |  |  | 12,475,881 |
Windsor Shores Apartments - Series A (4) |  | SC |  |  | 21,545,000 |  |  |  | 718,755 |  |  |  | - |  |  |  | 22,263,755 |
Avistar at Copperfield - Series A (4) |  | TX |  |  | 13,215,029 |  |  |  | 485,574 |  |  |  | - |  |  |  | 13,700,603 |
Avistar at the Crest - Series A (4) |  | TX |  |  | 8,621,036 |  |  |  | 471,417 |  |  |  | - |  |  |  | 9,092,453 |
Avistar at the Crest - Series B |  | TX |  |  | 711,315 |  |  |  | 24,748 |  |  |  | - |  |  |  | 736,063 |
Avistar at the Oaks - Series A (4) |  | TX |  |  | 6,980,721 |  |  |  | 333,795 |  |  |  | - |  |  |  | 7,314,516 |
Avistar at the Oaks - Series B |  | TX |  |  | 521,384 |  |  |  | 14,194 |  |  |  | - |  |  |  | 535,578 |
Avistar at the Parkway - Series A (2) |  | TX |  |  | 12,101,645 |  |  |  | 422,358 |  |  |  | - |  |  |  | 12,524,003 |
Avistar at the Parkway - Series B |  | TX |  |  | 122,165 |  |  |  | 13,232 |  |  |  | - |  |  |  | 135,397 |
Avistar at Wilcrest - Series A (4) |  | TX |  |  | 5,008,228 |  |  |  | 155,503 |  |  |  | - |  |  |  | 5,163,731 |
Avistar at Wood Hollow - Series A (4) |  | TX |  |  | 38,027,363 |  |  |  | 1,397,281 |  |  |  | - |  |  |  | 39,424,644 |
Avistar in 09 - Series A (4) |  | TX |  |  | 6,027,577 |  |  |  | 302,568 |  |  |  | - |  |  |  | 6,330,145 |
Avistar in 09 - Series B |  | TX |  |  | 430,095 |  |  |  | 12,653 |  |  |  | - |  |  |  | 442,748 |
Avistar on the Boulevard - Series A (4) |  | TX |  |  | 14,686,873 |  |  |  | 671,717 |  |  |  | - |  |  |  | 15,358,590 |
Avistar on the Boulevard - Series B |  | TX |  |  | 422,666 |  |  |  | 12,072 |  |  |  | - |  |  |  | 434,738 |
Avistar on the Hills - Series A (4) |  | TX |  |  | 4,779,156 |  |  |  | 251,307 |  |  |  | - |  |  |  | 5,030,463 |
Bruton Apartments (3) |  | TX |  |  | 17,050,526 |  |  |  | - |  |  |  | - |  |  |  | 17,050,526 |
Concord at Gulfgate - Series A (3) |  | TX |  |  | 17,963,286 |  |  |  | 938,146 |  |  |  | - |  |  |  | 18,901,432 |
Concord at Little York - Series A (3) |  | TX |  |  | 12,584,132 |  |  |  | 716,639 |  |  |  | - |  |  |  | 13,300,771 |
Concord at Williamcrest - Series A (3) |  | TX |  |  | 19,494,168 |  |  |  | 1,064,065 |  |  |  | - |  |  |  | 20,558,233 |
Crossing at 1415 - Series A (3) |  | TX |  |  | 6,989,209 |  |  |  | 179,154 |  |  |  | - |  |  |  | 7,168,363 |
Decatur Angle (3), (8) |  | TX |  |  | 21,412,592 |  |  |  | - |  |  |  | (149,516 | ) |  |  | 21,263,076 |
|  | December 31, 2024 |
Description of Mortgage Revenue Bonds |  | State |  | Cost Adjusted for Paydowns and Allowances |  |  | Cumulative Unrealized Gain |  |  | Cumulative Unrealized Loss |  |  | Estimated Fair Value |
Esperanza at Palo Alto (3) |  | TX |  |  | 18,576,657 |  |  |  | 1,168,859 |  |  |  | - |  |  |  | 19,745,516 |
Heights at 515 - Series A (3) |  | TX |  |  | 6,398,741 |  |  |  | 312,241 |  |  |  | - |  |  |  | 6,710,982 |
Heritage Square - Series A (2) |  | TX |  |  | 10,039,053 |  |  |  | 307,888 |  |  |  | - |  |  |  | 10,346,941 |
Oaks at Georgetown - Series A (3) |  | TX |  |  | 11,664,053 |  |  |  | 214,123 |  |  |  | - |  |  |  | 11,878,176 |
15 West Apartments (3) |  | WA |  |  | 9,283,990 |  |  |  | 1,025,529 |  |  |  | - |  |  |  | 10,309,519 |
Aventine Apartments (4) |  | WA |  |  | 9,500,000 |  |  |  | 1,060,325 |  |  |  | - |  |  |  | 10,560,325 |
Mortgage revenue bonds |  |  |  | $ | 994,958,009 |  |  | $ | 35,493,084 |  |  | $ | (3,967,297 | ) |  | $ | 1,026,483,796 |
(1) 2024 PFA Securitization Bond associated with the 2024 PFA Securitization Transaction, Note 13. (2) MRB owned by ATAX TEBS III, LLC (M33 TEBS), Note 13. The TEBS financing has contractual limitations on the Partnership’s ability to sell the MRB. (3) MRB owned by ATAX TEBS IV, LLC (M45 TEBS), Note 13. The TEBS financing has contractual limitations on the Partnership’s ability to sell the MRB. (4) MRB held by Mizuho in a TOB trust financing transaction, Note 13. (5) MRB held by Barclays in a debt financing transaction, Note 13. (6) As of the date presented, the Partnership determined that the unrealized loss on the MRB is a result of increasing market interest rates and is not considered a credit loss. As of December 31, 2024, the MRB has been in an unrealized loss position for at least 12 months. (7) The Partnership has a remaining MRB funding commitment of approximately $2.9 million as of December 31, 2024. The MRB and the unfunded MRB commitment are accounted for as available-for-sale securities and reported at fair value. The reported unrealized loss includes the unrealized loss on the current MRB carrying value (based on current fair value) as well as the unrealized loss on the Partnership’s remaining funding commitment outstanding as of December 31, 2024 (also based on current fair value). The Partnership determined the unrealized loss is a result of increasing market interest rates and that the cumulative unrealized loss is not considered a credit loss. As of December 31, 2024, the MRB has been in an unrealized loss position for more than 12 months. (8) As of the date presented, the Partnership determined that the unrealized loss on the MRB is a result of increasing market interest rates and is not considered a credit loss. As of December 31, 2024, the MRB has been in an unrealized loss position for less than 12 months.
Schedule of MRB Redeemed | The following MRBs were redeemed during the six months ended June 30, 2025:
Property Name |  | Month Redeemed |  | Property Location |  | Units |  |  | Original Maturity Date |  | Interest Rate |  |  | Principal Outstanding at Date of Redemption |
Lutheran Gardens |  | March 2025 |  | Compton, CA |  |  | 76 |  |  | 2/1/2025 |  |  | 4.90 | % |  | $ | 10,352,000 |
Companion at Thornhill Apartments |  | June 2025 |  | Lexington, SC |  |  | 180 |  |  | 1/1/2052 |  |  | 5.80 | % |  |  | 10,402,953 |
The Palms at Premier Park Apartments |  | June 2025 |  | Columbia, SC |  |  | 240 |  |  | 1/1/2050 |  |  | 6.25 | % |  |  | 17,443,513 |
|  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 38,198,466 |
Schedule of MRB Acquisitions | The following MRBs were acquired during the six months ended June 30, 2025:
Property Name |  | Month Acquired |  | Property Location |  | Units |  |  | Maturity Date |  | Interest Rate |  |  | Initial Principal Funding |
Agape Helotes - Series A-1 (1) |  | May 2025 |  | Helotes, TX |  |  | 288 |  |  | 1/1/2065 |  |  | 6.25 | % |  | $ | 6,060,000 |
Agape Helotes - Series B (2) |  | May 2025 |  | Helotes, TX |  |  | 288 |  |  | 1/1/2065 |  |  | 8.00 | % |  |  | 7,289,945 |
|  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 13,349,945 |
(1) The Agape Helotes - Series A-1 MRB was acquired at a discount of approximately $514,000 or 8.5% of par. (2) The Agape Helotes - Series B MRB is a capital appreciation bond, is subordinate to the Series A-1 and Series A-2 (held by third-party investors), and is payable from excess revenues of the underlying property. The following MRBs were acquired at a price that approximated the principal outstanding plus accrued interest during the six months ended June 30, 2024:
Property Name |  | Month Acquired |  | Property Location |  | Units |  |  | Maturity Date |  | Interest Rate |  |  | Initial Principal Funded |
Residency at the Mayer - Series M (1) |  | March 2024 |  | Hollywood, CA |  |  | 79 |  |  | 4/1/2039 |  | SOFR + 3.60% |  | (2) | $ | 11,500,000 |
Woodington Gardens Apartments - Series A-1 |  | April 2024 |  | Baltimore, MD |  |  | 197 |  |  | 5/1/2029 |  |  | 7.80 | % |  |  | 31,150,000 |
Aventine Apartments |  | May 2024 |  | Bellevue, WA |  |  | 68 |  |  | 6/1/2031 |  |  | 7.68 | % |  |  | 9,500,000 |
|  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 52,150,000 |
(1) The borrower re-allocated $11.5 million of previously provided funding from a taxable MRB to this new MRB during the acquisition and rehabilitation phase of the property. (2) The interest rate is subject to an all-in floor of 3.85%.
Schedule of MRB Sales | The following MRB was sold at a price that approximated the Partnership’s carrying value plus accrued interest during the six months ended June 30, 2024:
Property Name |  | Month Sold |  | Property Location |  | Units |  |  | Original Maturity Date |  | Interest Rate |  |  | Principal Outstanding at Date of Sale |
Brookstone |  | May 2024 |  | Waukegan, IL |  |  | 168 |  |  | 5/1/2040 |  |  | 5.45 | % |  | $ | 8,221,234 |

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