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Fair Value of Financial Instruments (Tables) | 6 Months Ended
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Jun. 30, 2025
Fair Value Measurements [Abstract] |
Summary of Range of Effective Yields and Weighted Average Effective Yields of Partnership's Investments | 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.
Summary of Assets and Liabilities Measured at Fair Value on Recurring Basis | 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 |
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 |
Summary of Activity Related to Level 3 Assets and Liabilities | 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 | )
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 |
Summary of Fair Value of Partnership's Financial Liabilities | 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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