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Segments
 9 Months Ended
Sep. 30, 2025
Segment Reporting [Abstract]  
Segments

24. Segments

As of September 30, 2025, the Partnership had four reportable segments: (1) Affordable Multifamily Investments, (2) Seniors and Skilled Nursing Investments, (3) Market-Rate Joint Venture Investments, and (4) MF Properties. 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 (the “CODM”) is the Chief Executive Officer, who uses net income (loss) to monitor segment performance against budgeted results and to allocate resources. In this regard, the CODM uses net income (loss) to evaluate income generated from each segment’s assets and investments in deciding whether to reinvest income and available capital into such segment or into other investment classes of the Partnership. The CODM has considered recent underperformance in the Market-Rate Joint Venture Investments in conjunction with future market expectations in his decision to reduce the capital allocation to the Market-Rate Joint Venture Investments in the future.

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 September 30, 2025, the Partnership reported 82 MRBs and four GILs in this segment. As of September 30, 2025, the multifamily residential properties securing the MRBs and GILs contain a total of 10,581 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 September 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 September 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 September 30, 2025

 

 

 

Affordable Multifamily Investments

 

 

Seniors and Skilled Nursing Investments

 

 

Market-Rate Joint Venture Investments

 

 

MF Properties

 

 

Partnership Total

 

Revenues:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Investment income

 

$

16,467,330

 

 

$

1,054,459

 

 

$

779,422

 

 

$

-

 

 

$

18,301,211

 

Other interest income

 

 

2,915,996

 

 

 

190,313

 

 

 

-

 

 

 

-

 

 

 

3,106,309

 

Other income

 

 

269,890

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

269,890

 

Total revenues

 

 

19,653,216

 

 

 

1,244,772

 

 

 

779,422

 

 

 

-

 

 

 

21,677,410

 

Expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Provision for credit losses

 

 

536,084

 

 

 

(2,000

)

 

 

-

 

 

 

-

 

 

 

534,084

 

Depreciation and amortization

 

 

1,335

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

1,335

 

Interest expense

 

 

11,674,307

 

 

 

662,304

 

 

 

803,781

 

 

 

-

 

 

 

13,140,392

 

Net result from derivative transactions

 

 

(61,071

)

 

 

(39,076

)

 

 

-

 

 

 

-

 

 

 

(100,147

)

General and administrative

 

 

4,816,648

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

4,816,648

 

Total expenses

 

 

16,967,303

 

 

 

621,228

 

 

 

803,781

 

 

 

-

 

 

 

18,392,312

 

Other Income:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings (losses) from investments in unconsolidated entities

 

 

1,304

 

 

 

-

 

 

 

(1,320,297

)

 

 

-

 

 

 

(1,318,993

)

Income before income taxes

 

 

2,687,217

 

 

 

623,544

 

 

 

(1,344,656

)

 

 

-

 

 

 

1,966,105

 

Income tax benefit

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(2,050

)

 

 

(2,050

)

Segment net income (loss)

 

$

2,687,217

 

 

$

623,544

 

 

$

(1,344,656

)

 

$

2,050

 

 

$

1,968,155

 

 

 

 

For the Nine Months Ended September 30, 2025

 

 

 

Affordable Multifamily Investments

 

 

Seniors and Skilled Nursing Investments

 

 

Market-Rate Joint Venture Investments

 

 

MF Properties

 

 

Partnership Total

 

Revenues:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Investment income

 

$

51,053,489

 

 

$

3,148,264

 

 

$

6,802,444

 

 

$

-

 

 

$

61,004,197

 

Other interest income

 

 

7,381,800

 

 

 

570,938

 

 

 

-

 

 

 

-

 

 

 

7,952,738

 

Contingent interest income

 

 

208,059

 

 

 

 

 

 

 

 

 

 

 

 

208,059

 

Other income

 

 

1,228,715

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

1,228,715

 

Total revenues

 

 

59,872,063

 

 

 

3,719,202

 

 

 

6,802,444

 

 

 

-

 

 

 

70,393,709

 

Expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Provision for credit losses

 

 

9,410,818

 

 

 

4,000

 

 

 

-

 

 

 

-

 

 

 

9,414,818

 

Depreciation and amortization

 

 

7,523

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

7,523

 

Interest expense

 

 

36,764,356

 

 

 

2,028,443

 

 

 

2,708,097

 

 

 

-

 

 

 

41,500,896

 

Net result from derivative transactions

 

 

3,551,893

 

 

 

763,313

 

 

 

-

 

 

 

-

 

 

 

4,315,206

 

General and administrative

 

 

14,061,774

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

14,061,774

 

Total expenses

 

 

63,796,364

 

 

 

2,795,756

 

 

 

2,708,097

 

 

 

-

 

 

 

69,300,217

 

Other Income:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Gain on sale of investments in unconsolidated entities

 

 

-

 

 

 

-

 

 

 

200,736

 

 

 

-

 

 

 

200,736

 

Earnings (losses) from investments in unconsolidated entities

 

 

(28,453

)

 

 

-

 

 

 

(3,049,867

)

 

 

-

 

 

 

(3,078,320

)

Income before income taxes

 

 

(3,952,754

)

 

 

923,446

 

 

 

1,245,216

 

 

 

-

 

 

 

(1,784,092

)

Income tax benefit

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(7,545

)

 

 

(7,545

)

Segment net income (loss)

 

$

(3,952,754

)

 

$

923,446

 

 

$

1,245,216

 

 

$

7,545

 

 

$

(1,776,547

)

 

 

 

 

For the Three Months Ended September 30, 2024

 

 

 

Affordable Multifamily Investments

 

 

Seniors and Skilled Nursing Investments

 

 

Market-Rate Joint Venture Investments

 

 

MF Properties

 

 

Partnership Total

 

Revenues:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Investment income

 

$

19,867,214

 

 

$

890,506

 

 

$

1,063,253

 

 

$

-

 

 

$

21,820,973

 

Other interest income

 

 

2,045,027

 

 

 

190,312

 

 

 

-

 

 

 

-

 

 

 

2,235,339

 

Other income

 

 

289,238

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

289,238

 

Total revenues

 

 

22,201,479

 

 

 

1,080,818

 

 

 

1,063,253

 

 

 

-

 

 

 

24,345,550

 

Expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Provision for credit losses

 

 

(228,000

)

 

 

2,000

 

 

 

-

 

 

 

-

 

 

 

(226,000

)

Depreciation and amortization

 

 

5,967

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

5,967

 

Interest expense

 

 

13,931,091

 

 

 

665,656

 

 

 

892,440

 

 

 

-

 

 

 

15,489,187

 

Net result from derivative transactions

 

 

6,671,863

 

 

 

1,225,153

 

 

 

-

 

 

 

-

 

 

 

7,897,016

 

General and administrative

 

 

5,112,958

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

5,112,958

 

Total expenses

 

 

25,493,879

 

 

 

1,892,809

 

 

 

892,440

 

 

 

-

 

 

 

28,279,128

 

Other Income:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings (losses) from investments in unconsolidated entities

 

 

-

 

 

 

-

 

 

 

(704,096

)

 

 

-

 

 

 

(704,096

)

Income before income taxes

 

 

(3,292,400

)

 

 

(811,991

)

 

 

(533,283

)

 

 

-

 

 

 

(4,637,674

)

Income tax benefit

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(1,967

)

 

 

(1,967

)

Segment net income (loss)

 

$

(3,292,400

)

 

$

(811,991

)

 

$

(533,283

)

 

$

1,967

 

 

$

(4,635,707

)

 

 

 

For the Nine months Ended September 30, 2024

 

 

 

Affordable Multifamily Investments

 

 

Seniors and Skilled Nursing Investments

 

 

Market-Rate Joint Venture Investments

 

 

MF Properties

 

 

Partnership Total

 

Revenues:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Investment income

 

$

54,632,588

 

 

$

2,445,673

 

 

$

3,842,444

 

 

$

-

 

 

$

60,920,706

 

Other interest income

 

 

7,106,664

 

 

 

203,000

 

 

 

-

 

 

 

-

 

 

 

7,309,664

 

Other income

 

 

455,005

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

455,005

 

Total revenues

 

 

62,194,257

 

 

 

2,648,673

 

 

 

3,842,444

 

 

 

-

 

 

 

68,685,375

 

Expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Provision for credit losses (Note 10)

 

 

(1,229,308

)

 

 

217,000

 

 

 

-

 

 

 

-

 

 

 

(1,012,308

)

Depreciation and amortization

 

 

17,900

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

17,900

 

Interest expense

 

 

40,553,471

 

 

 

1,729,922

 

 

 

1,907,994

 

 

 

-

 

 

 

44,191,387

 

Net result from derivative transactions (Note 15)

 

 

(379,097

)

 

 

123,515

 

 

 

-

 

 

 

-

 

 

 

(255,582

)

General and administrative

 

 

14,864,773

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

14,864,773

 

Total expenses

 

 

53,827,739

 

 

 

2,070,437

 

 

 

1,907,994

 

 

 

-

 

 

 

57,806,170

 

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

 

 

-

 

 

 

-

 

 

 

(825,652

)

 

 

-

 

 

 

(825,652

)

Income before income taxes

 

 

9,379,099

 

 

 

578,236

 

 

 

1,165,784

 

 

 

63,739

 

 

 

11,186,859

 

Income tax benefit

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(3,951

)

 

 

(3,951

)

Segment net income (loss)

 

$

9,379,099

 

 

$

578,236

 

 

$

1,165,784

 

 

$

67,690

 

 

$

11,190,810

 

 

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

 

 

September 30, 2025

 

 

December 31, 2024

 

 

Total assets

 

 

 

 

 

 

 

Affordable Multifamily Investments

 

$

1,325,033,170

 

 

$

1,428,627,104

 

 

Seniors and Skilled Nursing Investments

 

 

72,449,395

 

 

 

70,163,422

 

 

Market-Rate Joint Venture Investments

 

 

156,411,038

 

 

 

183,508,429

 

 

MF Properties

 

 

7,805,782

 

 

 

7,782,906

 

 

Consolidation/eliminations

 

 

(75,733,145

)

 

 

(110,381,701

)

 

Total assets

 

$

1,485,966,240

 

 

$

1,579,700,160