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Accounts Payable, Accrued Expenses and Other Liabilities
 9 Months Ended
Sep. 30, 2025
Payables and Accruals [Abstract]  
Accounts Payable, Accrued Expenses and Other Liabilities

11. Accounts Payable, Accrued Expenses and Other Liabilities

The following table summarizes the Partnership’s accounts payable, accrued expenses and other liabilities as of September 30, 2025 and December 31, 2024:

 

 

September 30, 2025

 

 

December 31, 2024

 

Accounts payable

 

$

1,238,561

 

 

$

2,183,546

 

Accrued expenses

 

 

4,555,231

 

 

 

5,076,445

 

Accrued interest expense

 

 

6,455,265

 

 

 

7,529,123

 

Deferred gain on sale of MF Property

 

 

6,596,622

 

 

 

6,596,622

 

Reserve for credit losses on unfunded commitments (Note 10)

 

 

-

 

 

 

186,000

 

Derivative instruments at fair value (Note 15)

 

 

2,161,075

 

 

 

609,766

 

Deposit liability (1)

 

 

4,720,526

 

 

 

-

 

Other liabilities

 

 

1,579,907

 

 

 

1,299,266

 

Total accounts payable, accrued expenses and other liabilities

 

$

27,307,187

 

 

$

23,480,768

 

 

(1)
The deposit liability relates to restricted cash held by the Partnership on behalf of one of its borrowers. The deposit liability and the related restricted cash balance are equal.

See Note 10 for information regarding the Partnership’s allowance for credit losses related to its unfunded commitments.