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Commitments and Contingencies (Tables) | 6 Months Ended
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Jun. 30, 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 June 30, 2025:
Bond Purchase Commitments |  | Commitment Date |  | Maximum Committed Amounts Remaining |  |  | Interest Rate |  |  | Estimated Closing Date |  | Fair Value as of June 30, 2025 |
Kindred Apartments |  | March 2025 |  | $ | 21,921,000 |  |  |  | 6.875 | % |  | December 2027 |  | $ | 1,833,078 |
Summary of Partnership's Total and Remaining Commitments | The following table summarizes the Partnership’s total and remaining commitments as of June 30, 2025:
Property Name |  | Commitment Date |  | Asset Maturity Date |  | Interest Rate |  | Total Commitment |  |  | Remaining Commitment as of June 30, 2025 |
Mortgage Revenue Bonds |  |  |  |  |  |  |  |  |  |
Meadow Valley |  | December 2021 |  | December 2029 |  | 6.25% |  | $ | 44,000,000 |  |  | $ | 1,500,000 |
Residency at Empire - Series BB-4 |  | December 2022 |  | December 2040 |  | 6.45% (1) |  |  | 47,000,000 |  |  |  | 8,950,000 |
Subtotal |  |  |  |  |  |  |  |  | 91,000,000 |  |  |  | 10,450,000 |
Taxable Mortgage Revenue Bonds |  |  |  |  |  |  |  |  |  |
Residency at Empire - Series BB-T |  | December 2022 |  | December 2025 (2) |  | 7.45% |  | $ | 9,404,500 |  |  | $ | 8,404,500 |
Gateway and Yarbrough Predevelopment Project |  | June 2025 |  | July 2026 |  | 9.00% |  |  | 2,000,000 |  |  |  | 1,200,000 |
Subtotal |  |  |  |  |  |  |  |  | 11,404,500 |  |  |  | 9,604,500 |
Taxable Governmental Issuer Loans |  |  |  |  |  |  |  |  |  |
Poppy Grove III |  | September 2022 |  | October 2025 |  | 6.78% |  | $ | 18,780,493 |  |  | $ | 6,280,493 |
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 |
Subtotal |  |  |  |  |  |  |  |  | 25,950,239 |  |  |  | 19,506,259 |
Bond Purchase Commitments |  |  |  |  |  |  |  |  |  |  |  |
Kindred Apartments |  | March 2025 |  | December 2027 (2) |  | 6.875% |  | $ | 21,921,000 |  |  | $ | 21,921,000 |
Total Commitments |  |  |  |  |  |  |  | $ | 198,902,232 |  |  | $ | 96,608,252 |
(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 June 30, 2025.
Summary of Partnership's Maximum Exposure Under Guaranty Agreements | The following table summarizes the Partnership’s maximum exposure under these guaranty agreements as of June 30, 2025:
Borrower |  | Guaranty Maturity |  | Maximum Balance Available on Loan |  |  | Loan Balance as of June 30, 2025 |  |  | Partnership's Maximum Exposure as of June 30, 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 June 30, 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 June 30, 2025:
Limited Partnership(s) |  | End of Guaranty Period |  | Partnership's Maximum Exposure as of June 30, 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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