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Other Assets (Tables) | 6 Months Ended
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Jun. 30, 2025
Other Assets [Abstract] |
Schedule of Other Assets | The following table summarizes the Partnership’s other assets as of June 30, 2025 and December 31, 2024:
|  | June 30, 2025 |  |  | December 31, 2024 |
Deferred financing costs, net |  | $ | 1,035,869 |  |  | $ | 653,510 |
Derivative instruments at fair value (Note 15) |  |  | 2,103,718 |  |  |  | 6,980,820 |
Taxable mortgage revenue bonds, at fair value |  |  | 34,742,457 |  |  |  | 26,671,085 |
Taxable governmental issuer loans: |  |  |  |  |  |
Taxable governmental issuer loans |  |  | 37,598,972 |  |  |  | 14,157,672 |
Allowance for credit losses (Note 10) |  |  | (212,000 | ) |  |  | (76,000 | )
Taxable governmental issuer loans, net |  |  | 37,386,972 |  |  |  | 14,081,672 |
Bond purchase commitment, at fair value (Note 16) |  |  | 1,833,078 |  |  |  | - |
Other assets |  |  | 2,050,724 |  |  |  | 1,462,333 |
Total other assets |  | $ | 79,152,818 |  |  | $ | 49,849,420 |
Summary of Taxable MRB Acquired | Activity in the First Six Months of 2025 The following table includes details of the taxable MRB acquired during the six months ended June 30, 2025:
Property Name |  | Month Acquired |  | Property Location |  | Maturity Date |  | Interest Rate |  | Initial Principal Funding |  |  | Total Commitment |
Gateway and Yarbrough Predevelopment Project |  | June 2025 |  | West Sacramento, CA |  | 7/1/2026 |  | 9.00% |  | $ | 800,000 |  |  | $ | 2,000,000 |
Activity in the First Six Months of 2024 The following table includes details of the taxable MRB acquired during the six months ended June 30, 2024:
Property Name |  | Date Committed |  | Maturity Date |  | Initial Principal Funding |  |  | Total Commitment |
Woodington Gardens Apartments - Series A-2 |  | April 2024 |  | 5/1/2029 |  | $ | 2,577,000 |  |  | $ | 2,577,000 |
Summary of Taxable MRB and GIL Acquired | In February 2025, the borrower for the Poppy Grove I, Poppy Grove II, and Poppy Grove III taxable GILs re-allocated $5.2 million, $1.8 million, and $5.7 million, respectively, from a taxable GIL to a GIL (Note 5). There were no additional material changes to terms associated with the Poppy Grove I, Poppy Grove II, and Poppy Grove III GILs and taxable GILs. The following table summarizes terms of the principal repaid:
Property Name |  | Month Repaid |  | Property Location |  | Units |  | Original Maturity Date |  | Interest Rate |  | Principal Repaid |
Poppy Grove I |  | February 2025 |  | Elk Grove, CA |  | 147 |  | 4/1/2025 |  | 6.78% |  | $ | 5,200,000 |
Poppy Grove II |  | February 2025 |  | Elk Grove, CA |  | 82 |  | 4/1/2025 |  | 6.78% |  |  | 1,800,000 |
Poppy Grove III |  | February 2025 |  | Elk Grove, CA |  | 158 |  | 4/1/2025 |  | 6.78% |  |  | 5,700,000 |
Total |  |  |  |  |  |  |  |  |  |  |  | $ | 12,700,000 |
The following taxable MRB and taxable GIL principal payments were received during the six months ended June 30, 2024:
Property Name |  | Redemption Date |  | Location |  | Units |  | Original Maturity Date |  | Interest Rate |  | Principal Outstanding at Date of Redemption |
Taxable MRBs |  |  |  |  |  |  |  |  |  |  |
Residency at the Mayer Series A-T (1) |  | March 2024 |  | Hollywood, CA |  | 79 |  | 10/1/2024 |  | SOFR + 3.70% | (2) | $ | 11,500,000 |
Taxable GILs |  |  |  |  |  |  |  |  |  |  |  |  |
Hope on Avalon |  | January 2024 |  | Los Angeles, CA |  | 88 |  | 2/1/2024 |  | SOFR + 3.55% |  | $ | 10,573,000 |
Total |  |  |  |  |  |  |  |  |  |  |  | $ | 22,073,000 |
(1) The borrower re-allocated $11.5 million of previously provided funding from a taxable MRB to a new MRB during the acquisition and rehabilitation phase of the property. (2) The interest rate is subject to an all-in floor of 3.95%.

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