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Property Loans (Tables)

9 Months Ended

Sep. 30, 2025

Property Loans Net Of Loan Loss Allowance [Abstract]

Summary of Partnership's Property Loans, Net of Allowances for Credit Losses

The following tables summarize the Partnership’s property loans, net of asset-specific allowances for credit losses, as of September 30, 2025 and December 31, 2024:

		September 30, 2025
		Outstanding Balance				Asset-Specific Allowance for Credit Losses				Property Loan Principal, net of allowance				Maturity Date		Interest Rate
Mezzanine Financing (1)
SoLa Impact Opportunity Zone Fund		$	38,824,000			$	-			$	38,824,000			12/30/2025		9.00%
The Centurion Foundation			7,250,000				-				7,250,000			6/15/2039		10.50%
Subtotal			46,074,000				-				46,074,000
Other
The 50/50 (a former MF Property)		$	7,109,611			$	-			$	7,109,611			3/11/2048		9.00%
Live 929 Apartments			495,000				(495,000	)			-			7/31/2049		8.00%
Sandoval Flats (2)			1,000,000				-				1,000,000			12/1/2027		7.48%
Opportunity South Carolina			1,219,818				(1,219,818	)			-			2/1/2030		10.00%
Subtotal			9,824,429				(1,714,818	)			8,109,611
Total		$	55,898,429			$	(1,714,818	)		$	54,183,611

(1)The property loans are held in trust in connection with a TOB trust financing (Note 13).

(2)The Sandoval Flats property loan was considered to be held-for-sale and reported at fair value, which approximated amortized cost as of September 30, 2025. The Partnership expects to sell the property loan into the Construction Lending JV in the future.

		December 31, 2024
		Outstanding Balance				Asset-Specific Allowance for Credit Losses				Property Loan Principal, net of allowance				Maturity Date		Interest Rate
Senior Construction Financing (1)
Sandy Creek Apartments			7,830,000				-				7,830,000			9/1/2026		8.63% (2)
Subtotal			7,830,000				-				7,830,000
Mezzanine Financing (3)
SoLa Impact Opportunity Zone Fund		$	33,380,000			$	-			$	33,380,000			12/30/2025		7.875%
The Centurion Foundation		$	7,250,000			$	-			$	7,250,000			6/15/2039		10.50%
Subtotal			40,630,000				-				40,630,000
Other
The 50/50 (a former MF Property)		$	7,109,611			$	-			$	7,109,611			3/11/2048		9.00%
Live 929 Apartments			495,000				(495,000	)			-			7/31/2049		8.00%
Sandoval Flats (4)			1,000,000				-				1,000,000			12/1/2027		7.48%
Subtotal			8,604,611				(495,000	)			8,109,611
Total		$	57,064,611			$	(495,000	)		$	56,569,611

(1)The property loans are held in trust in connection with TOB trust financings (Note 13). The property loans and associated GILs are on parity and share a first mortgage lien position on all real and personal property associated with the underlying property. Affiliates of the borrowers have guaranteed limited-to-full payment of principal and accrued interest on the property loans. The borrowers may elect to extend the maturity dates by six months upon meeting certain conditions, which may include payment of a non-refundable extension fee.

(2)The interest rate will convert to a variable rate of Term SOFR + 3.35% on February 1, 2025.

(3)The property loan is held in trust in connection with a TOB trust financing (Note 13).

(4)The Sandoval Flats property loan was considered to be held-for-sale and reported at fair value, which approximated amortized cost as of December 31, 2024. The Partnership expects to sell the property loan into the Construction Lending JV in the future.

Schedule of Property Loans Paid Down or Redeemed

The following property loan principal payments were received during the nine months ended September 30, 2025:

Property Name		Month Repaid		Principal Proceeds
Sandy Creek Apartments		January 2025		$	7,241,754
SoLa Impact Opportunity Zone Fund		March 2025			556,000
Sandy Creek Apartments		April 2025			588,246
				$	8,386,000

The following property loan principal payments were received during the nine months ended September 30, 2024:

Property Name		Month Redeemed		Principal Proceeds
Legacy Commons at Signal Hills		February 2024		$	32,233,972
Osprey Village		February 2024			14,998,296
Osprey Village Supplemental		February 2024			4,600,000
Willow Place Apartments		February 2024			18,875,606
Willow Place Apartments Supplemental		February 2024			1,115,320
SoLa Impact Opportunity Zone Fund		March 2024			500,000
Avistar (February 2013 portfolio)		May 2024			201,972
Avistar (June 2013 portfolio)		May 2024			251,622
Magnolia Heights		September 2024			8,118,546
				$	80,895,334

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Tabular disclosure of the various types of trade accounts and notes receivable and for each the gross carrying value, allowance, and net carrying value as of the balance sheet date. Presentation is categorized by current, noncurrent and unclassified receivables.

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Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
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