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Fair Value of Financial Instruments | 6 Months Ended
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Jun. 30, 2025
Fair Value Measurements [Abstract] |
Fair Value of Financial Instruments | 20. Fair Value of Financial Instruments Current accounting guidance on fair value measurements establishes a framework for measuring fair value and provides for expanded disclosures about fair value measurements. The guidance: • Defines fair value as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants at the measurement date; and • Establishes a three-level hierarchy for fair value measurements based upon the transparency of inputs to the valuation of an asset or liability on the measurement date. Inputs refer broadly to the assumptions that market participants would use in pricing the asset or liability, including assumptions about risk. To increase consistency and comparability in fair value measurements and related disclosures, the fair value hierarchy prioritizes the inputs to valuation techniques used to measure fair value into three broad levels. The three levels of the hierarchy are defined as follows: • Level 1 inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities. • Level 2 inputs are inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the financial instrument. • Level 3 inputs are unobservable inputs for assets or liabilities. The categorization within the valuation hierarchy is based upon the lowest level of input that is significant to the fair value measurement. The following is a description of the valuation methodologies used for the assets and liabilities measured at fair value on a recurring basis. Investments in MRBs, Taxable MRBs and Bond Purchase Commitments The fair value of the Partnership’s investments in MRBs, taxable MRBs and bond purchase commitments as of June 30, 2025 and December 31, 2024, is based upon prices obtained from third-party pricing services, which are estimates of market prices. There is no active trading market for these securities, and price quotes for the securities are not available. The valuation methodology of the Partnership’s third-party pricing services incorporates commonly used market pricing methods. The valuation methodology considers the underlying characteristics of each security as well as other quantitative and qualitative characteristics including, but not limited to, market interest rates, illiquidity, legal structure of the borrower, collateral, seniority to other obligations, operating results of the underlying property, geographic location, and property quality. These characteristics are used to estimate an effective yield for each security. The security fair value is estimated using a discounted cash flow and yield to maturity or call analysis by applying the effective yield to contractual cash flows. Significant increases (decreases) in the effective yield would have resulted in a significantly lower (higher) fair value estimate. Changes in fair value due to an increase or decrease in the effective yield do not impact the Partnership’s cash flows. The Partnership evaluates pricing data received from the third-party pricing services by evaluating consistency with information from either the third-party pricing services or public sources. The fair value estimates of the MRBs, taxable MRBs and bond purchase commitments are based largely on unobservable inputs believed to be used by market participants and requires the use of judgment on the part of the third-party pricing services and the Partnership. Due to the judgments involved, the fair value measurements of the Partnership’s investments in MRBs, taxable MRBs and bond purchase commitments are categorized as Level 3 assets. The range of effective yields and weighted average effective yields of the Partnership’s investments in MRBs, taxable MRBs and bond purchase commitments as of June 30, 2025 and December 31, 2024 are as follows:
|  | Range of Effective Yields |  | Weighted Average Effective Yields (1) |
Security Type |  | June 30, 2025 |  | December 31, 2024 |  | June 30, 2025 |  |  | December 31, 2024 |
Mortgage revenue bonds |  | 3.4% -11.1% |  | 3.7% - 8.4% |  |  | 5.9 | % |  |  | 5.5 | %
Taxable mortgage revenue bonds |  | 6.5% - 14.3% |  | 7.1% - 11.9% |  |  | 8.6 | % |  |  | 8.7 | %
Bond purchase commitments |  | 6.0% |  | n/a |  |  | 6.0 | % |  | n/a |
(1) Weighted by the total principal outstanding of all the respective securities as of the reporting date. Derivative Instruments The effect of the Partnership’s interest rate swap agreements is to change a variable rate debt obligation to a fixed rate for that portion of the debt equal to the notional amount of the derivative agreement. The Partnership uses a third-party pricing service that incorporates commonly used market pricing methods to value the interest rate swaps. The fair value is based on a model that considers observable indices and observable market trades for similar arrangements and therefore the interest rate swaps are categorized as Level 2 assets or liabilities. The effect of the Partnership’s interest rate cap was to set a cap, or upper limit, subject to performance of the counterparty, on the base rate of interest paid on the Partnership’s variable rate debt financings equal to the notional amount of the derivative agreement. The Partnership used a third-party pricing service to value the interest rate cap. The inputs into the interest rate cap agreements valuation model included SOFR rates, unobservable adjustments to account for the SIFMA index, as well as any recent interest rate cap trades with similar terms. The fair value was based on a model with inputs that are not observable and therefore the interest rate cap is categorized as a Level 3 asset. Assets and liabilities measured at fair value on a recurring basis as of June 30, 2025 are summarized as follows:
|  | Fair Value Measurements as of June 30, 2025 |
Description |  | Assets and Liabilities at Fair Value |  |  | Quoted Prices in Active Markets for Identical Assets (Level 1) |  |  | Significant Other Observable Inputs (Level 2) |  |  | Significant Unobservable Inputs (Level 3) |
Assets and Liabilities |  |  |  |  |  |  |  |  |  |  |  |
Mortgage revenue bonds |  | $ | 1,004,463,460 |  |  | $ | - |  |  | $ | - |  |  | $ | 1,004,463,460 |
Bond purchase commitments (reported within other assets) |  |  | 1,833,078 |  |  |  | - |  |  |  | - |  |  |  | 1,833,078 |
Taxable mortgage revenue bonds (reported within other assets) |  |  | 34,742,457 |  |  |  | - |  |  |  | - |  |  |  | 34,742,457 |
Derivative instruments (reported within other assets) |  |  | 2,103,718 |  |  |  | - |  |  |  | 2,103,718 |  |  |  | - |
Derivative swap liability (reported within other liabilities) |  |  | (1,906,605 | ) |  |  | - |  |  |  | (1,906,605 | ) |  |  | - |
Total Assets and Liabilities at Fair Value, net |  | $ | 1,041,236,108 |  |  | $ | - |  |  | $ | 197,113 |  |  | $ | 1,041,038,995 |
The following table summarizes the activity related to Level 3 assets for the three and six months ended June 30, 2025:
|  | For the Three Months Ended June 30, 2025 |
|  | Fair Value Measurements Using Significant |
|  | Unobservable Inputs (Level 3) |
|  | Mortgage Revenue Bonds |  |  | Bond Purchase Commitments |  |  | Taxable Mortgage Revenue Bonds |  |  | Total |
Beginning Balance April 1, 2025 |  | $ | 1,022,563,964 |  |  | $ | - |  |  | $ | 34,416,164 |  |  | $ | 1,056,980,128 |
Total gains (losses) (realized/unrealized) |  |  |  |  |  |  |  |  |  |  |  |
Included in earnings (interest income and interest expense) |  |  | (272,081 | ) |  |  | - |  |  |  | (1,738 | ) |  |  | (273,819 | )
Included in earnings (provision for credit losses) |  |  | (8,439,900 | ) |  |  | - |  |  |  | (267,100 | ) |  |  | (8,707,000 | )
Included in other comprehensive income |  |  | (2,654,338 | ) |  |  | 1,833,078 |  |  |  | 13,553 |  |  |  | (807,707 | )
Purchases and advances |  |  | 22,711,764 |  |  |  | - |  |  |  | 800,000 |  |  |  | 23,511,764 |
Settlements and redemptions |  |  | (29,445,949 | ) |  |  | - |  |  |  | (218,422 | ) |  |  | (29,664,371 | )
Ending Balance June 30, 2025 |  | $ | 1,004,463,460 |  |  | $ | 1,833,078 |  |  | $ | 34,742,457 |  |  | $ | 1,041,038,995 |
Total amount of losses for the period included in earnings attributable to the change in unrealized losses relating to assets or liabilities held on June 30, 2025 |  | $ | (8,519,091 | ) |  | $ | - |  |  | $ | (267,100 | ) |  | $ | (8,786,191 | )
|  | For the Six Months ended June 30, 2025 |
|  | Fair Value Measurements Using Significant |
|  | Unobservable Inputs (Level 3) |
|  | Mortgage Revenue Bonds |  |  | Bond Purchase Commitments |  |  | Taxable Mortgage Revenue Bonds |  |  | Total |
Beginning Balance January 1, 2025 |  | $ | 1,026,483,796 |  |  | $ | - |  |  | $ | 26,671,085 |  |  | $ | 1,053,154,881 |
Total gains (losses) (realized/unrealized) |  |  |  |  |  |  |  |  |  |  |  |
Included in earnings (interest income and interest expense) |  |  | (250,022 | ) |  |  | - |  |  |  | (5,050 | ) |  |  | (255,072 | )
Included in earnings (provision for credit losses) |  |  | (8,439,900 | ) |  |  | - |  |  |  | (267,100 | ) |  |  | (8,707,000 | )
Included in other comprehensive income |  |  | (8,776,135 | ) |  |  | 1,833,078 |  |  |  | 500,291 |  |  |  | (6,442,766 | )
Purchases and advances |  |  | 36,812,807 |  |  |  | - |  |  |  | 8,200,000 |  |  |  | 45,012,807 |
Settlements and redemptions |  |  | (41,367,086 | ) |  |  | - |  |  |  | (356,769 | ) |  |  | (41,723,855 | )
Ending Balance June 30, 2025 |  | $ | 1,004,463,460 |  |  | $ | 1,833,078 |  |  | $ | 34,742,457 |  |  | $ | 1,041,038,995 |
Total amount of losses for the period included in earnings attributable to the change in unrealized losses relating to assets or liabilities held on June 30, 2025 |  | $ | (8,502,124 | ) |  | $ | - |  |  | $ | (267,100 | ) |  | $ | (8,769,224 | )
Assets and liabilities measured at fair value on a recurring basis as of December 31, 2024 are summarized as follows:
|  | Fair Value Measurements as of December 31, 2024 |
Description |  | Assets and Liabilities at Fair Value |  |  | Quoted Prices in Active Markets for Identical Assets (Level 1) |  |  | Significant Other Observable Inputs (Level 2) |  |  | Significant Unobservable Inputs (Level 3) |
Assets and Liabilities |  |  |  |  |  |  |  |  |  |  |  |
Mortgage revenue bonds |  | $ | 1,026,483,796 |  |  | $ | - |  |  | $ | - |  |  | $ | 1,026,483,796 |
Taxable mortgage revenue bonds (reported within other assets) |  |  | 26,671,085 |  |  |  | - |  |  |  | - |  |  |  | 26,671,085 |
Derivative instruments (reported within other assets) |  |  | 6,980,820 |  |  |  | - |  |  |  | 6,980,820 |  |  |  | - |
Derivative swap liability (reported within other liabilities) |  |  | (609,766 | ) |  |  | - |  |  |  | (609,766 | ) |  |  | - |
Total Assets and Liabilities at Fair Value, net |  | $ | 1,059,525,935 |  |  | $ | - |  |  | $ | 6,371,054 |  |  | $ | 1,053,154,881 |
The following table summarizes the activity related to Level 3 assets and liabilities for the three and six months ended June 30, 2024:
|  | For the Three Months ended June 30, 2024 |
|  | Fair Value Measurements Using Significant |
|  | Unobservable Inputs (Level 3) |
|  | Mortgage Revenue Bonds |  |  | Bond Purchase Commitments |  |  | Taxable Mortgage Revenue Bonds |  |  | Derivative Instruments |  |  | Total |
Beginning Balance April 1, 2024 |  | $ | 942,745,597 |  |  | $ | 134,829 |  |  | $ | 10,980,756 |  |  | $ | 34 |  |  | $ | 953,861,216 |
Total gains (losses) (realized/unrealized) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Included in earnings (interest income and interest expense) |  |  | 56,457 |  |  |  | - |  |  |  | (2,894 | ) |  |  | (34 | ) |  |  | 53,529 |
Included in earnings (provision for credit losses) |  |  | 169,308 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 169,308 |
Included in earnings (gain on sale of mortgage revenue bond) |  |  | 1,012,581 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 1,012,581 |
Included in other comprehensive income |  |  | (10,482,567 | ) |  |  | (88,591 | ) |  |  | (125,411 | ) |  |  | - |  |  |  | (10,696,569 | )
Purchases and advances |  |  | 78,375,062 |  |  |  | - |  |  |  | 5,077,000 |  |  |  | - |  |  |  | 83,452,062 |
Sales |  |  | (8,221,234 | ) |  |  | - |  |  |  | - |  |  |  | - |  |  |  | (8,221,234 | )
Settlements and redemptions |  |  | (1,603,179 | ) |  |  | - |  |  |  | (3,130 | ) |  |  | - |  |  |  | (1,606,309 | )
Bond purchase commitments (reported within other assets) |  | $ | 1,002,052,025 |  |  | $ | 46,238 |  |  | $ | 15,926,321 |  |  | $ | - |  |  | $ | 1,018,024,584 |
Total amount of gains (losses) for the period included in earnings attributable to the change in unrealized losses relating to assets or liabilities held on June 30, 2024 |  | $ | 186,653 |  |  | $ | - |  |  | $ | - |  |  | $ | (34 | ) |  | $ | 186,619 |
|  | For the Six Months Ended June 30, 2024 |
|  | Fair Value Measurements Using Significant |
|  | Unobservable Inputs (Level 3) |
|  | Mortgage Revenue Bonds |  |  | Bond Purchase Commitments |  |  | Taxable Mortgage Revenue Bonds |  |  | Derivative Instruments |  |  | Total |
Beginning Balance January 1, 2024 |  | $ | 930,675,295 |  |  | $ | 197,788 |  |  | $ | 21,460,288 |  |  | $ | 265 |  |  | $ | 952,333,636 |
Total gains (losses) (realized/unrealized) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Included in earnings (interest income and interest expense) |  |  | 127,840 |  |  |  | - |  |  |  | (8,944 | ) |  |  | (265 | ) |  |  | 118,631 |
Included in earnings (provision for credit losses) |  |  | 169,308 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 169,308 |
Included in earnings (gain on sale of mortgage revenue bond) |  |  | 1,012,581 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 1,012,581 |
Included in other comprehensive income |  |  | (22,520,881 | ) |  |  | (151,550 | ) |  |  | (95,834 | ) |  |  | - |  |  |  | (22,768,265 | )
Purchases and advances |  |  | 104,672,860 |  |  |  | - |  |  |  | 6,077,000 |  |  |  | - |  |  |  | 110,749,860 |
Sales |  |  | (8,221,234 | ) |  |  | - |  |  |  | - |  |  |  | - |  |  |  | (8,221,234 | )
Settlements and redemptions |  |  | (3,863,744 | ) |  |  | - |  |  |  | (11,506,189 | ) |  |  | - |  |  |  | (15,369,933 | )
Purchases and advances |  | $ | 1,002,052,025 |  |  | $ | 46,238 |  |  | $ | 15,926,321 |  |  | $ | - |  |  | $ | 1,018,024,584 |
Total amount of gains (losses) for the period included in earnings attributable to the change in unrealized losses relating to assets or liabilities held on June 30, 2024 |  | $ | 203,808 |  |  | $ | - |  |  | $ | - |  |  | $ | (265 | ) |  | $ | 203,543 |
The Partnership considered the Natchitoches Thomas Apartments GIL and taxable GIL to be available-for-sale securities as of December 31, 2024. The Partnership also considered the Sandoval Flats property loan to be held-for-sale as of June 30, 2025 and December 31, 2024. These assets are reported at fair value as of each reporting date, which in all cases, approximated the carrying value with no unrealized gains or losses. Total gains and losses included in earnings for the derivative instruments are reported within “Net result from derivative transactions” in the Partnership's condensed consolidated statements of operations. As of June 30, 2025 and December 31, 2024, the Partnership utilized a third-party pricing service to determine the fair value of the Partnership’s GILs, taxable GILs, and construction financing property loans that share a first mortgage lien with the GILs, which is an estimate of their market price. The valuation methodology of the Partnership’s third-party pricing service incorporates commonly used market pricing methods. The valuation methodology considers the underlying characteristics of the GILs and property loans as well as other quantitative and qualitative characteristics including, but not limited to, the progress of construction and operations of the underlying properties, and the financial capacity of guarantors. The valuation methodology also considers the probability that conditions for the execution of forward commitments to purchase the GILs will be met. Due to the judgments involved, the fair value measurements of the Partnership’s GILs, taxable GIL, and construction financing property loans are categorized as Level 3 assets. The estimated fair value of the GILs and taxable GILs was $122.4 million and $37.4 million as of June 30, 2025, respectively. The estimated fair value of the GILs and taxable GILs was $226.7 million and $13.9 million as of December 31, 2024, respectively. The fair value of the construction financing property loans approximated amortized cost as of June 30, 2025 and December 31, 2024. As of June 30, 2025 and December 31, 2024, the Partnership utilized a third-party pricing service to determine the fair value of the Partnership’s financial liabilities, which are estimates of market prices. The valuation methodology of the Partnership’s third-party pricing service incorporates commonly used market pricing methods. The valuation methodology considers the underlying characteristics of each financial liability as well as other quantitative and qualitative characteristics including, but not limited to, market interest rates, legal structure, seniority to other obligations, operating results of the underlying assets, and asset quality. The financial liability values are then estimated using a discounted cash flow and yield to maturity or call analysis. The Partnership evaluates pricing data received from the third-party pricing service, including consideration of current market interest rates, quantitative and qualitative characteristics of the underlying collateral, and other information from either the third-party pricing service or public sources. The fair value estimates of these financial liabilities are based largely on unobservable inputs believed to be used by market participants and require the use of judgment on the part of the third-party pricing service and the Partnership. Due to the judgments involved, the fair value measurements of the Partnership’s financial liabilities are categorized as Level 3 liabilities. The TEBS financings and the 2024 PFA Securitization Transaction are credit enhanced by Freddie Mac. The TOB trust financings are credit enhanced by either Mizuho or Barclays. The table below summarizes the fair value of the Partnership’s financial liabilities as of June 30, 2025 and December 31, 2024:
|  | June 30, 2025 |  |  | December 31, 2024 |
|  | Carrying Amount |  |  | Fair Value |  |  | Carrying Amount |  |  | Fair Value |
Financial Liabilities: |  |  |  |  |  |  |  |  |  |  |  |
Debt financing |  | $ | 1,030,041,140 |  |  | $ | 1,032,969,303 |  |  | $ | 1,093,273,157 |  |  | $ | 1,093,729,911 |
Secured lines of credit |  |  | 44,000,000 |  |  |  | 44,000,000 |  |  |  | 68,852,000 |  |  |  | 68,852,000 |
Mortgages payable |  |  | 310,220 |  |  |  | 310,220 |  |  |  | 1,664,347 |  |  |  | 1,664,347 |

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- Definition The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (bbb)(1) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 2: http://www.xbrl.org/2003/role/exampleRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 107 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482078/820-10-55-107 Reference 3: http://www.xbrl.org/2003/role/exampleRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 100 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482078/820-10-55-100 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (c)(3) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6A -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2E -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2E Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6A -Subparagraph (h) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6A -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6A -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6A -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (h) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (g) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Topic 940 -SubTopic 820 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147478119/940-820-50-1 + Details
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