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Segments
 6 Months Ended
Jun. 30, 2025
Segment Reporting [Abstract]  
Segments

24. Segments

As of June 30, 2025, the Partnership had four reportable segments: (1) Affordable Multifamily Investments, (2) Seniors and Skilled Nursing Investments, (3) MF Properties, and (4) Market-Rate Joint Venture Investments. The Partnership separately reports its consolidation and elimination information because it does not allocate certain items to the segments. The Partnership’s chief operating decision maker is the Chief Executive Officer, who uses net income (loss) to monitor segment performance against budgeted results and to allocate resources. The chief operating decision maker uses this analysis to prioritize investments and guide strategic decisions by segment to ensure alignment with the Partnership’s overall objectives.

Affordable Multifamily Investments Segment

The Affordable Multifamily Investments segment consists of the Partnership’s portfolio of MRBs, GILs and related taxable MRBs, taxable GILs, and property loans that have been issued to provide construction and/or permanent financing for multifamily residential and commercial properties in their market areas. Such MRBs and GILs are held as investments and the taxable MRBs, taxable GILs, and property loans, net of loan loss allowances, are reported as such on the Partnership's condensed consolidated balance sheets. As of June 30, 2025, the Partnership reported 83 MRBs and four GILs in this segment. As of June 30, 2025, the multifamily residential properties securing the MRBs and GILs contain a total of 10,710 and 527 multifamily rental units, respectively. The Affordable Multifamily Investments segment also includes the Construction Lending JV. All “General and administrative expenses” on the Partnership's condensed consolidated statements of operations are reported within this segment.

Seniors and Skilled Nursing Investments Segment

The Seniors and Skilled Nursing Investments segment consists of two MRBs that have been issued to provide acquisition, construction and/or permanent financing for seniors housing and skilled nursing properties and a property loan associated with a lease of essential healthcare support buildings. Seniors housing consists of a combination of independent living, assisted living and memory care units. As of June 30, 2025, the two properties securing the MRBs contain a total of 294 beds.

Market-Rate Joint Venture Investments Segment

The Market-Rate Joint Venture Investments segment consists of the operations of ATAX Vantage Holdings, LLC, ATAX Freestone Holdings, LLC, ATAX Senior Housing Holdings I, LLC, and ATAX Great Hill Holdings LLC, which make noncontrolling investments in unconsolidated entities for the construction, stabilization, and ultimate sale of market-rate multifamily and seniors housing properties (Note 7). The Market-Rate Joint Venture Investments segment also includes the consolidated VIE of Vantage at San Marcos (Note 3).

MF Properties Segment

The MF Properties segment consists primarily of student housing residential properties that were previously owned by the Partnership. As of June 30, 2025, the Partnership did not own any MF Properties. The Partnership previously sold The 50/50 MF

Property to an unrelated non-profit organization in December 2022 in exchange for a seller financing property loan which is included in the MF Properties Segment. Income tax expense for the Greens Hold Co is reported within this segment.

The following tables detail certain financial information for the Partnership’s reportable segments for the periods indicated:

 

 

For the Three Months Ended June 30, 2025

 

 

 

Affordable Multifamily Investments

 

 

Seniors and Skilled Nursing Investments

 

 

Market-Rate Joint Venture Investments

 

 

MF Properties

 

 

Partnership Total

 

Revenues:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Investment income

 

$

16,949,363

 

 

$

1,051,619

 

 

$

2,823,837

 

 

$

-

 

 

$

20,824,819

 

Other interest income

 

 

2,367,952

 

 

 

190,312

 

 

 

-

 

 

 

-

 

 

 

2,558,264

 

Contingent interest income

 

 

208,059

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

208,059

 

Total revenues

 

 

19,525,374

 

 

 

1,241,931

 

 

 

2,823,837

 

 

 

-

 

 

 

23,591,142

 

Expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Provision for credit losses

 

 

9,053,734

 

 

 

(1,000

)

 

 

-

 

 

 

-

 

 

 

9,052,734

 

Depreciation and amortization

 

 

2,646

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

2,646

 

Interest expense

 

 

12,641,406

 

 

 

713,845

 

 

 

870,437

 

 

 

-

 

 

 

14,225,688

 

Net result from derivative transactions

 

 

1,108,996

 

 

 

270,220

 

 

 

-

 

 

 

-

 

 

 

1,379,216

 

General and administrative

 

 

4,674,865

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

4,674,865

 

Total expenses

 

 

27,481,647

 

 

 

983,065

 

 

 

870,437

 

 

 

-

 

 

 

29,335,149

 

Other Income:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Gain on sale of investments in unconsolidated entities

 

 

-

 

 

 

-

 

 

 

195,516

 

 

 

-

 

 

 

195,516

 

Earnings (losses) from investments in unconsolidated entities

 

 

(29,757

)

 

 

-

 

 

 

(1,496,236

)

 

 

-

 

 

 

(1,525,993

)

Income before income taxes

 

 

(7,986,030

)

 

 

258,866

 

 

 

652,680

 

 

 

-

 

 

 

(7,074,484

)

Income tax benefit

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(2,762

)

 

 

(2,762

)

Segment net income (loss)

 

$

(7,986,030

)

 

$

258,866

 

 

$

652,680

 

 

$

2,762

 

 

$

(7,071,722

)

 

 

 

For the Six Months Ended June 30, 2025

 

 

 

Affordable Multifamily Investments

 

 

Seniors and Skilled Nursing Investments

 

 

Market-Rate Joint Venture Investments

 

 

MF Properties

 

 

Partnership Total

 

Revenues:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Investment income

 

$

34,586,159

 

 

$

2,093,805

 

 

$

6,023,022

 

 

$

-

 

 

$

42,702,986

 

Other interest income

 

 

4,465,804

 

 

 

380,625

 

 

 

-

 

 

 

-

 

 

 

4,846,429

 

Contingent interest income

 

 

208,059

 

 

 

 

 

 

 

 

 

 

 

 

208,059

 

Other income

 

 

958,825

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

958,825

 

Total revenues

 

 

40,218,847

 

 

 

2,474,430

 

 

 

6,023,022

 

 

 

-

 

 

 

48,716,299

 

Expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Provision for credit losses

 

 

8,874,734

 

 

 

6,000

 

 

 

-

 

 

 

-

 

 

 

8,880,734

 

Depreciation and amortization

 

 

6,188

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

6,188

 

Interest expense

 

 

25,090,049

 

 

 

1,366,139

 

 

 

1,904,316

 

 

 

-

 

 

 

28,360,504

 

Net result from derivative transactions

 

 

3,612,964

 

 

 

802,389

 

 

 

-

 

 

 

-

 

 

 

4,415,353

 

General and administrative

 

 

9,245,126

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

9,245,126

 

Total expenses

 

 

46,829,061

 

 

 

2,174,528

 

 

 

1,904,316

 

 

 

-

 

 

 

50,907,905

 

Other Income:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Gain on sale of investments in unconsolidated entities

 

 

-

 

 

 

-

 

 

 

200,736

 

 

 

-

 

 

 

200,736

 

Earnings (losses) from investments in unconsolidated entities

 

 

(29,757

)

 

 

-

 

 

 

(1,729,570

)

 

 

-

 

 

 

(1,759,327

)

Income before income taxes

 

 

(6,639,971

)

 

 

299,902

 

 

 

2,589,872

 

 

 

-

 

 

 

(3,750,197

)

Income tax benefit

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(5,495

)

 

 

(5,495

)

Segment net income (loss)

 

$

(6,639,971

)

 

$

299,902

 

 

$

2,589,872

 

 

$

5,495

 

 

$

(3,744,702

)

 

 

 

 

For the Three Months Ended June 30, 2024

 

 

 

Affordable Multifamily Investments

 

 

Seniors and Skilled Nursing Investments

 

 

Market-Rate Joint Venture Investments

 

 

MF Properties

 

 

Partnership Total

 

Revenues:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Investment income

 

$

17,864,707

 

 

$

807,659

 

 

$

1,155,022

 

 

$

-

 

 

$

19,827,388

 

Other interest income

 

 

2,057,799

 

 

 

12,688

 

 

 

-

 

 

 

-

 

 

 

2,070,487

 

Other income

 

 

71,296

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

71,296

 

Total revenues

 

 

19,993,802

 

 

 

820,347

 

 

 

1,155,022

 

 

 

-

 

 

 

21,969,171

 

Expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Provision for credit losses

 

 

(195,308

)

 

 

215,000

 

 

 

-

 

 

 

-

 

 

 

19,692

 

Depreciation and amortization

 

 

5,966

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

5,966

 

Interest expense

 

 

13,853,241

 

 

 

567,096

 

 

 

477,928

 

 

 

-

 

 

 

14,898,265

 

Net result from derivative transactions

 

 

(1,615,398

)

 

 

(269,536

)

 

 

-

 

 

 

-

 

 

 

(1,884,934

)

General and administrative

 

 

4,821,427

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

4,821,427

 

Total expenses

 

 

16,869,928

 

 

 

512,560

 

 

 

477,928

 

 

 

-

 

 

 

17,860,416

 

Other Income:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Gain on sale of real estate assets

 

 

-

 

 

 

-

 

 

 

-

 

 

 

63,739

 

 

 

63,739

 

Gain on sale of mortgage revenue bond

 

 

1,012,581

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

1,012,581

 

Gain on sale of investments in unconsolidated entities

 

 

-

 

 

 

-

 

 

 

6,986

 

 

 

-

 

 

 

6,986

 

Earnings (losses) from investments in unconsolidated entities

 

 

-

 

 

 

-

 

 

 

(14,711

)

 

 

-

 

 

 

(14,711

)

Income before income taxes

 

 

4,136,455

 

 

 

307,787

 

 

 

669,369

 

 

 

63,739

 

 

 

5,177,350

 

Income tax benefit

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(786

)

 

 

(786

)

Segment net income (loss)

 

$

4,136,455

 

 

$

307,787

 

 

$

669,369

 

 

$

64,525

 

 

$

5,178,136

 

 

 

 

For the Six months Ended June 30, 2024

 

 

 

Affordable Multifamily Investments

 

 

Seniors and Skilled Nursing Investments

 

 

Market-Rate Joint Venture Investments

 

 

MF Properties

 

 

Partnership Total

 

Revenues:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Investment income

 

$

34,765,375

 

 

$

1,555,167

 

 

$

2,779,191

 

 

$

-

 

 

$

39,099,733

 

Other interest income

 

 

5,061,637

 

 

 

12,688

 

 

 

-

 

 

 

-

 

 

 

5,074,325

 

Other income

 

 

165,767

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

165,767

 

Total revenues

 

 

39,992,779

 

 

 

1,567,855

 

 

 

2,779,191

 

 

 

-

 

 

 

44,339,825

 

Expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Provision for credit losses (Note 10)

 

 

(1,001,308

)

 

 

215,000

 

 

 

-

 

 

 

-

 

 

 

(786,308

)

Depreciation and amortization

 

 

11,933

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

11,933

 

Interest expense

 

 

26,622,380

 

 

 

1,064,266

 

 

 

1,015,554

 

 

 

-

 

 

 

28,702,200

 

Net result from derivative transactions (Note 15)

 

 

(7,050,960

)

 

 

(1,101,638

)

 

 

-

 

 

 

-

 

 

 

(8,152,598

)

General and administrative

 

 

9,751,815

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

9,751,815

 

Total expenses

 

 

28,333,860

 

 

 

177,628

 

 

 

1,015,554

 

 

 

-

 

 

 

29,527,042

 

Other Income:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Gain on sale of real estate assets

 

 

-

 

 

 

-

 

 

 

-

 

 

 

63,739

 

 

 

63,739

 

Gain on sale of mortgage revenue bond

 

 

1,012,581

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

1,012,581

 

Gain on sale of investments in unconsolidated entities

 

 

-

 

 

 

-

 

 

 

56,986

 

 

 

-

 

 

 

56,986

 

Earnings (losses) from investments in unconsolidated entities

 

 

-

 

 

 

-

 

 

 

(121,556

)

 

 

-

 

 

 

(121,556

)

Income before income taxes

 

 

12,671,500

 

 

 

1,390,227

 

 

 

1,699,067

 

 

 

63,739

 

 

 

15,824,533

 

Income tax benefit

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(1,984

)

 

 

(1,984

)

Segment net income (loss)

 

$

12,671,500

 

 

$

1,390,227

 

 

$

1,699,067

 

 

$

65,723

 

 

$

15,826,517

 

 

The following table details total assets for the Partnership’s reportable segments as of June 30, 2025 and December 31, 2024:

 

 

June 30, 2025

 

 

December 31, 2024

 

 

Total assets

 

 

 

 

 

 

 

Affordable Multifamily Investments

 

$

1,318,734,107

 

 

$

1,428,627,104

 

 

Seniors and Skilled Nursing Investments

 

 

71,618,221

 

 

 

70,163,422

 

 

Market-Rate Joint Venture Investments

 

 

156,634,794

 

 

 

183,508,429

 

 

MF Properties

 

 

7,795,791

 

 

 

7,782,906

 

 

Consolidation/eliminations

 

 

(74,147,120

)

 

 

(110,381,701

)

 

Total assets

 

$

1,480,635,793

 

 

$

1,579,700,160