XML 63 R55.htm IDEA: XBRL DOCUMENT

Fair Value of Financial Instruments (Tables)

9 Months Ended

Sep. 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 September 30, 2025 and December 31, 2024 are as follows:


		Range of Effective Yields				Weighted Average Effective Yields (1)
Security Type		September 30, 2025		December 31, 2024		September 30, 2025				December 31, 2024
Mortgage revenue bonds		2.4% - 9.9%		3.7% - 8.4%			5.4	%			5.5	%
Taxable mortgage revenue bonds		6.3% - 12.9%		7.1% - 11.9%			7.9	%			8.7	%
Bond purchase commitments		5.7%		n/a			5.7	%		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 September 30, 2025 are summarized as follows:


		Fair Value Measurements as of September 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		$	1,005,398,310			$	-			$	-			$	1,005,398,310
Bond purchase commitments (reported within other assets)			2,576,081				-				-				2,576,081
Taxable mortgage revenue bonds (reported within other assets)			41,157,537				-				-				41,157,537
Derivative instruments (reported within other assets)			1,646,995				-				1,646,995				-
Derivative instruments (reported within other liabilities)			(2,161,075	)			-				(2,161,075	)			-
Total Assets and Liabilities at Fair Value, net		$	1,048,617,848			$	-			$	(514,080	)		$	1,049,131,928

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 instruments (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 nine months ended September 30, 2025:


		For the Three Months Ended September 30, 2025
		Fair Value Measurements Using Significant
		Unobservable Inputs (Level 3)
		Mortgage Revenue Bonds				Bond Purchase Commitments				Taxable Mortgage Revenue Bonds				Total
Beginning Balance July 1, 2025		$	1,004,463,460			$	1,833,078			$	34,742,457			$	1,041,038,995
Total gains (losses) (realized/unrealized)
Included in earnings (interest income and interest expense)			5,746				-				(7,566	)			(1,820	)
Included in other comprehensive income			16,720,754				743,003				617,896				18,081,653
Purchases and advances			14,746,545				-				6,023,250				20,769,795
Settlements and redemptions			(30,538,195	)			-				(218,500	)			(30,756,695	)
Ending Balance September 30, 2025		$	1,005,398,310			$	2,576,081			$	41,157,537			$	1,049,131,928
Total amount of gains for the period included in earnings attributable to the change in unrealized losses relating to assets or liabilities held on September 30, 2025		$	11,060			$	-			$	-			$	11,060


		For the Nine Months ended September 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)			(244,276	)			-				(12,616	)			(256,892	)
Included in earnings (provision for credit losses)			(8,439,900	)			-				(267,100	)			(8,707,000	)
Included in other comprehensive income			7,944,619				2,576,081				1,118,187				11,638,887
Purchases and advances			51,559,352				-				14,223,250				65,782,602
Settlements and redemptions			(71,905,281	)			-				(575,269	)			(72,480,550	)
Ending Balance September 30, 2025		$	1,005,398,310			$	2,576,081			$	41,157,537			$	1,049,131,928
Total amount of losses for the period included in earnings attributable to the change in unrealized losses relating to assets or liabilities held on September 30, 2025		$	(8,491,064	)		$	-			$	(267,100	)		$	(8,758,164	)

The following table summarizes the activity related to Level 3 assets and liabilities for the three and nine months ended September 30, 2024:


		For the Three Months ended September 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 July 1, 2024		$	1,002,052,025			$	46,238			$	15,926,321			$	-			$	1,018,024,584
Total gains (losses) (realized/unrealized)
Included in earnings (interest income and interest expense)			1,161,061				-				(3,073	)			-				1,157,988
Included in other comprehensive income			16,685,728				(46,238	)			938,468				-				17,577,958
Purchases and advances			36,512,542				-				4,000,000				-				40,512,542
Settlements and redemptions			(23,520,216	)			-				(1,003,200	)			-				(24,523,416	)
Bond purchase commitments (reported within other assets)		$	1,032,891,140			$	-			$	19,858,516			$	-			$	1,052,749,656
Total amount of gains for the period included in earnings attributable to the change in unrealized gains relating to assets or liabilities held on September 30, 2024		$	17,344			$	-			$	-			$	-			$	17,344


		For the Nine Months Ended September 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)			1,288,901				-				(12,017	)			(265	)			1,276,619
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			(5,835,153	)			(197,788	)			842,634				-				(5,190,307	)
Purchases and advances			141,185,402				-				10,077,000				-				151,262,402
Sales			(8,221,234	)			-				-				-				(8,221,234	)
Settlements and redemptions			(27,383,960	)			-				(12,509,389	)			-				(39,893,349	)
Purchases and advances		$	1,032,891,140			$	-			$	19,858,516			$	-			$	1,052,749,656
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 September 30, 2024		$	221,152			$	-			$	-			$	(265	)		$	220,887

Summary of Fair Value of Partnership's Financial Liabilities

The table below summarizes the fair value of the Partnership’s financial liabilities as of September 30, 2025 and December 31, 2024:


		September 30, 2025								December 31, 2024
		Carrying Amount				Fair Value				Carrying Amount				Fair Value
Financial Liabilities:
Debt financing		$	1,020,914,956			$	1,027,301,466			$	1,093,273,157			$	1,093,729,911
Secured lines of credit			41,450,000				41,450,000				68,852,000				68,852,000
Mortgages payable			310,220				310,220				1,664,347				1,664,347