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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
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QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the quarterly period ended March 31, 2025
OR
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TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the transition period from to
Commission File Number: 001-41564
GREYSTONE HOUSING IMPACT INVESTORS LP
(Exact name of registrant as specified in its charter)
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Delaware |
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47-0810385 |
(State or other jurisdiction of incorporation or organization) |
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(I.R.S. Employer Identification No.) |
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14301 FNB Parkway, Suite 211, Omaha, Nebraska |
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68154 |
(Address of principal executive offices) |
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(Zip Code) |
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(402) 952-1235 |
(Registrant’s telephone number, including area code) |
N/A |
(Former name, former address and former fiscal year, if changed since last report) |
Securities registered pursuant to Section 12(b) of the Act:
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Title of each class |
Trading Symbol(s) |
Name of each exchange on which registered |
Beneficial Unit Certificates representing assignments of limited partnership interests in Greystone Housing Impact Investors LP |
GHI |
The New York Stock Exchange |
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ NO ☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ NO ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer”, “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
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Large accelerated filer |
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Accelerated filer |
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Non-accelerated filer |
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Smaller reporting company |
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Emerging growth company |
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If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). YES ☐ NO ☒
As of April 30, 2025, the registrant had 23,397,437 Beneficial Unit Certificates representing assignments of limited partnership interests outstanding.
INDEX
PART I – FINANCIAL INFORMATION
Defined Terms
The following acronyms and defined terms are used in various sections of this Report, including the Notes to Condensed Consolidated Financial Statements in Item 1 and Management’s Discussion and Analysis of Financial Condition and Results of Operations in Item 2 of this report. All references to “we,” “us,” “our” and the “Partnership” in this Report mean Greystone Housing Impact Investors LP, its wholly owned subsidiaries and our consolidated VIEs.
2024 PFA Securitization Transaction - A securitization transaction to finance credit-enhanced custodial receipts related to 14 MRBs through the Wisconsin Public Finance Authority.
2024 PFA Securitization Bonds - Fourteen MRBs associated with the 2024 PFA Securitization Transaction. Senior and residual custodial receipts were created for each of the MRBs representing partial interests in the MRBs. The senior custodial receipts were sold to the Wisconsin Public Finance Authority and cash flows from the senior custodial receipts will be used to pay debt service on the Affordable Housing Multifamily Certificates associated with the 2024 PFA Securitization Transaction. The residual custodial receipts were sold to the Wisconsin Public Finance Authority and cash flows from the residual custodial receipts will be used to pay debt service on the Affordable Housing Multifamily Certificates associated with the TEBS Residual Financing.
Acquisition LOC - The amended and restated credit agreement for a secured non-operating line of credit between the Partnership and Bankers Trust Company.
Affordable Housing Multifamily Certificates - Senior and/or residual interests in the 2024 PFA Securitization Transaction and the TEBS Residual Refinancing.
Agent(s) - JonesTrading Institutional Services LLC and BTIG, LLC as named agents under the Sales Agreement.
AMI - Area median income, as calculated by the United States Department of Housing and Urban Development.
ASU - Accounting standards update issued by the Financial Accounting Standards Board.
Audit Committee - The audit committee of the Board of Managers of Greystone Manager, which acts as the audit committee of the Partnership.
BankUnited - BankUnited, N.A.
Barclays - Barclays Bank PLC.
Board of Managers - The Board of Managers of Greystone Manager, which acts as the directors of the Partnership.
BUC(s) - Beneficial Unit Certificate(s) representing assigned limited partnership interests of the Partnership.
BUC Holder(s) - A beneficial owner of BUCs.
CAD - Cash Available for Distribution, a non-GAAP measure reported by the Partnership.
C-PACE - Commercial Property Assessed Clean Energy.
CECL - Current expected credit losses as measured in accordance with the accounting standards codification of the Financial Accounting Standards Board – Topic 326.
CRA - Community Reinvestment Act of 1977.
Construction Lending JV - A joint venture with BlackRock Impact Opportunities to invest in loans which will finance the construction and/or rehabilitation of affordable multifamily housing properties across the United States. The Partnership is the managing member of the joint venture.
Equity Incentive Plan - The Amended and Restated Greystone Housing Impact Investors LP 2015 Equity Incentive Plan.
Fannie Mae - The Federal National Mortgage Association.
FASB - The Financial Accounting Standards Board.
Financed Assets - Purchased investments funded by advances from the Acquisition LOC.
First Quarter 2024 BUCs Distribution - A distribution completed on April 30, 2024 in the form of additional BUCs at a ratio of 0.00417 BUCs for each BUC outstanding as of March 28, 2024.
Freddie Mac - The Federal Home Loan Mortgage Corporation.
GAAP - Accounting principles generally accepted in the United States of America.
General LOC - A general secured line of credit with three financial institutions where BankUnited serves as the sole lead arranger and administrative agent.
General Partner - America First Capital Associates Limited Partnership Two, which is the general partner of the Partnership.
GIL(s) - Governmental issuer loan(s).
Greens Hold Co - Greens of Pine Glen - AmFirst LP Holding Corporation, a wholly owned corporation of the Partnership.
Greystone - Greystone & Co. II LLC, collectively with its affiliates.
Greystone Manager - Greystone AF Manager LLC, which is the general partner of the General Partner.
Greystone Select - Greystone Select Incorporated, an affiliate of the Partnership.
Greystone Servicing - Greystone Servicing Company LLC, an affiliate of the Partnership.
Initial Limited Partner - Greystone ILP, Inc., a Delaware corporation.
Investment Company Act - The Investment Company Act of 1940, as amended, that is administered and enforced by the SEC.
IRC - Internal Revenue Code.
ISDA - International Swaps and Derivatives Association.
JV Equity Investment(s) - A noncontrolling equity investment in an unconsolidated entity owned by the Partnership for the development of market rate multifamily properties, which excludes the Construction Lending JV.
Leverage Ratio - An overall 80% maximum leverage level, as established by the Board of Managers of Greystone Manager.
LIHTC(s) - Low income housing tax credit(s).
Liquidation Proceeds - All cash receipts of the Partnership (other than operating income and sale proceeds) arising from the liquidation of the Partnership’s assets in the course of the dissolution of the Partnership, as defined in the Partnership Agreement.
Managers - Members of the Board of Managers of Greystone Manager.
MF Property - A multifamily, student, or senior citizen residential property owned by the Partnership.
Mizuho - Mizuho Capital Markets LLC.
MRB(s) - Mortgage revenue bond(s).
Net Interest Income - Income allocation as defined in the Partnership Agreement.
Net Residual Proceeds - Residual proceeds as defined in the Partnership Agreement.
NYSE - New York Stock Exchange.
Partnership - Greystone Housing Impact Investors LP, its consolidated subsidiaries and consolidated variable interest entities.
Partnership Agreement - Greystone Housing Impact Investors LP Second Amended and Restated Agreement of Limited Partnership dated as of December 5, 2022, as further amended.
Preferred Unit(s) - Collectively, the three series of non-cumulative, non-voting, non-convertible preferred units that represent limited partnership interests in the Partnership consisting of the Series A Preferred Units, the Series A-1 Preferred Units, and the Series B Preferred Units.
QAP - Qualified allocation plan.
Report - This Quarterly Report on Form 10-Q for the quarter ended March 31, 2025, unless otherwise specified.
RUA(s) - Restricted unit awards issued under the Equity Incentive Plan.
SEC - Securities and Exchange Commission.
Sales Agreement - The Amended and Restated Capital on DemandTM Sales Agreement with JonesTrading Institutional Services LLC and BTIG, LLC, as agents.
Secured Credit Agreement - The secured credit agreement executed in connection with the General LOC.
Shelf Registration Statement - The Partnership’s Registration Statement on Form S-3 for the issuance of up to $300.0 million of BUCs, Preferred Units, or debt securities, which was declared effective by the SEC in December 2022.
SIFMA - The SIFMA Municipal Swap Index, which is an index that measures short-term tax-exempt interest rates, as calculated and reported by the Securities Industry and Financial Markets Association.
SOFR - Secured Overnight Funding Rate as published by the Federal Reserve Bank of New York.
TEBS - Tax Exempt Bond Securitization financing with Freddie Mac.
TEBS Financing(s) - The M24 TEBS financing, the M31 TEBS financing, the M33 TEBS financing, and the M45 TEBS financing, individually or collectively.
TEBS Residual Financing - A securitization transaction to finance the Partnership’s residual interests in the M33 and M45 TEBS financings and the residual custodial receipts associated with the 2024 PFA Securitization Bonds.
Tier 2 income - Net Interest Income and Net Residual Proceeds characterized as Net Interest Income (Tier 2) and Net Residual Income (Tier 2) allocated 75% to the BUCs and 25% to the General Partner in accordance with the terms of the Partnership Agreement.
TOB - Tender option bond.
Term SOFR - The one-month forward looking term Secured Overnight Financing Rate as published by CME Group Benchmark Administration Limited.
Unitholder(s) - Holder(s) of BUCs and/or Preferred Units.
Vantage Properties - JV Equity Investments where the Vantage development group is the managing member.
VIE(s) - Variable interest entity (entities).
Forward-Looking Statements
This Report (including, but not limited to, the information contained in “Management’s Discussion and Analysis of Financial Condition and Results of Operations”) contains forward-looking statements. All statements other than statements of historical facts contained in this Report, including statements regarding our future results of operations and financial position, business strategy and plans and objectives of management for future operations, are forward-looking statements. When used, statements which are not historical in nature, including those containing words such as “anticipate,” “estimate,” “should,” “expect,” “believe,” “intend,” and similar expressions, are intended to identify forward-looking statements. We have based forward-looking statements largely on our current expectations and projections about future events and financial trends that we believe may affect our business, financial condition and results of operations. This Report also contains estimates and other statistical data made by independent parties and by us relating to market size and growth and other industry data. This data involves several assumptions and limitations, and you are cautioned not to give undue weight to such estimates. We have not independently verified the statistical and other industry data generated by independent parties contained in this Report, and accordingly, we cannot guarantee their accuracy or completeness. In addition, projections, assumptions and estimates of our future performance and the future performance of the industries in which we operate are necessarily subject to a high degree of uncertainty and risk due to a variety of factors, including those described under the heading “Risk Factors” in Item 1A of Greystone Housing Impact Investors LP’s Annual Report on Form 10-K for the year ended December 31, 2024.
These forward-looking statements are subject, but not limited to, various risks and uncertainties, including those relating to:
•defaults on the mortgage loans securing our MRBs and GILs
•the competitive environment in which we operate;
•risks associated with investing in multifamily, student, senior citizen residential properties and commercial properties;
•general economic, geopolitical, and financial conditions, including the current and future impact of changing interest rates, inflation, and international conflicts (including the Russia-Ukraine war and the Israel-Hamas war) on business operations, employment, and financial conditions;
•uncertain conditions within the domestic and international macroeconomic environment, including monetary and fiscal policy and conditions in the investment, credit, interest rate, and derivatives markets;
•any effects on our business resulting from new U.S. domestic or foreign governmental trade measures, including but not limited to tariffs, import and export controls, foreign exchange intervention accomplished to offset the effects of trade policy or in response to currency volatility, and other restrictions on free trade;
•adverse reactions in U.S. financial markets related to actions of foreign central banks or the economic performance of foreign economies, including in particular China, Japan, the European Union, and the United Kingdom;
•the general condition of the real estate markets in the regions in which we operate, which may be unfavorably impacted by pressures in the commercial real estate sector, incrementally higher unemployment rates, persistent elevated inflation levels, and other factors;
•changes in interest rates and credit spreads, as well as the success of any hedging strategies we may undertake in relation to such changes, and the effect such changes may have on the relative spreads between the yield on our investments and our cost of financing;
•the aggregate effect of elevated inflation levels over the past several years, spurred by multiple factors including expansionary monetary and fiscal policy, higher commodity prices, a tight labor market, and low residential vacancy rates, which may result in continued elevated interest rate levels and increased market volatility;
•our ability to access debt and equity capital to finance our assets;
•current maturities of our financing arrangements and our ability to renew or refinance such financing arrangements;
•local, regional, national, and international economic and credit market conditions;
•recapture of previously issued LIHTCs in accordance with Section 42 of the IRC;
•geographic concentration of properties related to our investments; and
•changes in the U.S. corporate tax code and other government regulations affecting our business.
Other risks, uncertainties and factors could cause our actual results to differ materially from those projected in any forward-looking statements we make. We are not obligated to publicly update or revise any forward-looking statements, whether because of new information, future events or otherwise.
All references to “we,” “us,” “our” and the “Partnership” in this Report mean Greystone Housing Impact Investors LP, its wholly owned subsidiaries and our consolidated VIEs. See Item 2, “Management’s Discussion and Analysis of Financial Condition and Results of Operations,” of this Report for additional details.
PART I - FINANCIAL INFORMATION
Item 1. Financial Statements.
GREYSTONE HOUSING IMPACT INVESTORS LP
CONDENSED CONSOLIDATED BALANCE SHEETS
(UNAUDITED)
|
|
|
|
|
|
|
|
|
|
|
March 31, 2025 |
|
|
December 31, 2024 |
|
Assets: |
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
51,388,718 |
|
|
$ |
14,703,198 |
|
Restricted cash |
|
|
13,065,776 |
|
|
|
16,602,473 |
|
Interest receivable, net |
|
|
7,126,593 |
|
|
|
7,446,307 |
|
Mortgage revenue bonds, at fair value (Note 4) |
|
|
1,022,563,964 |
|
|
|
1,026,483,796 |
|
Governmental issuer loans |
|
|
|
|
|
|
Governmental issuer loans (Note 5) |
|
|
161,408,328 |
|
|
|
226,202,222 |
|
Allowance for credit losses (Note 10) |
|
|
(941,000 |
) |
|
|
(1,038,000 |
) |
Governmental issuer loans, net |
|
|
160,467,328 |
|
|
|
225,164,222 |
|
Property loans |
|
|
|
|
|
|
Property loans (Note 6) |
|
|
49,266,857 |
|
|
|
57,064,611 |
|
Allowance for credit losses (Note 10) |
|
|
(1,858,000 |
) |
|
|
(1,930,000 |
) |
Property loans, net |
|
|
47,408,857 |
|
|
|
55,134,611 |
|
Investments in unconsolidated entities (Note 7) |
|
|
167,988,619 |
|
|
|
179,409,869 |
|
Real estate assets, net (Note 8) |
|
|
3,552,137 |
|
|
|
4,906,264 |
|
Other assets (Note 9) |
|
|
63,920,733 |
|
|
|
49,849,420 |
|
Total Assets (1) |
|
$ |
1,537,482,725 |
|
|
$ |
1,579,700,160 |
|
|
|
|
|
|
|
|
Liabilities: |
|
|
|
|
|
|
Accounts payable, accrued expenses and other liabilities (Note 11) |
|
$ |
21,561,605 |
|
|
$ |
23,480,768 |
|
Distribution payable |
|
|
8,744,444 |
|
|
|
8,996,978 |
|
Secured lines of credit (Note 12) |
|
|
58,500,000 |
|
|
|
68,852,000 |
|
Debt financing, net (Note 13) |
|
|
1,056,519,816 |
|
|
|
1,093,273,157 |
|
Mortgages payable, net (Note 14) |
|
|
310,219 |
|
|
|
1,664,347 |
|
Total Liabilities (1) |
|
|
1,145,636,084 |
|
|
|
1,196,267,250 |
|
|
|
|
|
|
|
|
Commitments and Contingencies (Note 16) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Redeemable Preferred Units, $97.5 million and $77.5 million redemption value, 9.8 million and 7.8 million issued and outstanding, respectively (Note 17) |
|
|
97,398,990 |
|
|
|
77,406,144 |
|
|
|
|
|
|
|
|
Partnersʼ Capital: |
|
|
|
|
|
|
General Partner (Note 1) |
|
|
(17,171 |
) |
|
|
98,621 |
|
Beneficial Unit Certificates (Note 1) |
|
|
294,464,822 |
|
|
|
305,928,145 |
|
Total Partnersʼ Capital |
|
|
294,447,651 |
|
|
|
306,026,766 |
|
Total Liabilities and Partnersʼ Capital |
|
$ |
1,537,482,725 |
|
|
$ |
1,579,700,160 |
|
(1)The condensed consolidated balance sheets include assets of consolidated VIEs that can only be used to settle obligations of these VIEs that totaled $1,280,250,847 and $1,332,121,374 as of March 31, 2025 and December 31, 2024, respectively. The condensed consolidated balance sheets include liabilities of the consolidated VIEs for which creditors do not have recourse to the general credit of the Partnership that totaled $367,905,714 and $370,876,249 as of March 31, 2025 and December 31, 2024, respectively. See Note 3 - Variable Interest Entities for further detail.
The accompanying notes are an integral part of the condensed consolidated financial statements.
GREYSTONE HOUSING IMPACT INVESTORS LP
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(UNAUDITED)
|
|
|
|
|
|
|
|
|
|
|
|
For the Three Months Ended March 31, |
|
|
|
|
2025 |
|
|
2024 |
|
|
Revenues: |
|
|
|
|
|
|
|
Investment income |
|
$ |
21,878,167 |
|
|
$ |
19,272,345 |
|
|
Other interest income |
|
|
2,288,165 |
|
|
|
3,003,838 |
|
|
Other income |
|
|
958,825 |
|
|
|
94,471 |
|
|
Total revenues |
|
|
25,125,157 |
|
|
|
22,370,654 |
|
|
Expenses: |
|
|
|
|
|
|
|
Provision for credit losses (Note 10) |
|
|
(172,000 |
) |
|
|
(806,000 |
) |
|
Depreciation |
|
|
3,542 |
|
|
|
5,967 |
|
|
Interest expense |
|
|
14,134,816 |
|
|
|
13,803,935 |
|
|
Net result from derivative transactions (Note 15) |
|
|
3,036,137 |
|
|
|
(6,267,664 |
) |
|
General and administrative |
|
|
4,570,261 |
|
|
|
4,930,388 |
|
|
Total expenses |
|
|
21,572,756 |
|
|
|
11,666,626 |
|
|
Other income: |
|
|
|
|
|
|
|
Gain on sale of investments in unconsolidated entities |
|
|
5,220 |
|
|
|
50,000 |
|
|
Earnings (losses) from investments in unconsolidated entities |
|
|
(233,334 |
) |
|
|
(106,845 |
) |
|
Income before income taxes |
|
|
3,324,287 |
|
|
|
10,647,183 |
|
|
Income tax benefit |
|
|
(2,733 |
) |
|
|
(1,198 |
) |
|
Net income |
|
|
3,327,020 |
|
|
|
10,648,381 |
|
|
Redeemable Preferred Unit distributions and accretion |
|
|
(760,679 |
) |
|
|
(767,241 |
) |
|
Net income available to Partners |
|
$ |
2,566,341 |
|
|
$ |
9,881,140 |
|
|
|
|
|
|
|
|
|
|
Net income available to Partners allocated to: |
|
|
|
|
|
|
|
General Partner |
|
$ |
25,611 |
|
|
$ |
98,311 |
|
|
Limited Partners - BUCs |
|
|
2,483,685 |
|
|
|
9,725,097 |
|
|
Limited Partners - Restricted units |
|
|
57,045 |
|
|
|
57,732 |
|
|
|
|
$ |
2,566,341 |
|
|
$ |
9,881,140 |
|
|
BUC holders' interest in net income per BUC, basic and diluted |
|
$ |
0.11 |
|
|
$ |
0.42 |
|
* |
Weighted average number of BUCs outstanding, basic |
|
|
23,171,226 |
|
|
|
23,000,754 |
|
* |
Weighted average number of BUCs outstanding, diluted |
|
|
23,171,226 |
|
|
|
23,000,754 |
|
* |
* The amounts indicated in the Condensed Consolidated Statements of Operations have been adjusted to reflect the First Quarter 2024 BUCs Distribution on a retroactive basis.
The accompanying notes are an integral part of the condensed consolidated financial statements.
GREYSTONE HOUSING IMPACT INVESTORS LP
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
(UNAUDITED)
|
|
|
|
|
|
|
|
|
|
|
For the Three Months Ended March 31, |
|
|
|
2025 |
|
|
2024 |
|
Net income |
|
$ |
3,327,020 |
|
|
$ |
10,648,381 |
|
Unrealized losses on securities |
|
|
(5,635,059 |
) |
|
|
(12,008,737 |
) |
Unrealized losses on bond purchase commitments |
|
|
- |
|
|
|
(62,959 |
) |
Comprehensive income (loss) |
|
$ |
(2,308,039 |
) |
|
$ |
(1,423,315 |
) |
The accompanying notes are an integral part of the condensed consolidated financial statements.
GREYSTONE HOUSING IMPACT INVESTORS LP
CONDENSED CONSOLIDATED STATEMENTS OF PARTNERS’ CAPITAL
(UNAUDITED)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
General Partner |
|
|
# of BUCs - Restricted and Unrestricted |
|
|
BUCs - Restricted and Unrestricted |
|
|
Total |
|
|
Accumulated Other Comprehensive Income (Loss) |
|
Balance as of December 31, 2024 |
|
$ |
98,621 |
|
|
|
23,270,685 |
|
|
$ |
305,928,145 |
|
|
$ |
306,026,766 |
|
|
$ |
29,924,300 |
|
Distributions paid or accrued ($0.37 per BUC): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Regular distribution |
|
|
(87,392 |
) |
|
|
- |
|
|
|
(8,651,832 |
) |
|
|
(8,739,224 |
) |
|
|
- |
|
Distribution of Tier 3 income (Note 22) |
|
|
- |
|
|
|
- |
|
|
|
(5,220 |
) |
|
|
(5,220 |
) |
|
|
- |
|
Net income allocable to Partners |
|
|
25,611 |
|
|
|
- |
|
|
|
2,540,730 |
|
|
|
2,566,341 |
|
|
|
- |
|
Restricted units awarded |
|
|
- |
|
|
|
142,102 |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
Restricted units forfeited |
|
|
- |
|
|
|
(15,350 |
) |
|
|
- |
|
|
|
- |
|
|
|
- |
|
Restricted unit compensation expense |
|
|
2,340 |
|
|
|
- |
|
|
|
231,707 |
|
|
|
234,047 |
|
|
|
- |
|
Unrealized losses on securities |
|
|
(56,351 |
) |
|
|
- |
|
|
|
(5,578,708 |
) |
|
|
(5,635,059 |
) |
|
|
(5,635,059 |
) |
Balance as of March 31, 2025 |
|
$ |
(17,171 |
) |
|
|
23,397,437 |
|
|
$ |
294,464,822 |
|
|
$ |
294,447,651 |
|
|
$ |
24,289,241 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
General Partner |
|
|
# of BUCs - Restricted and Unrestricted* |
|
|
BUCs - Restricted and Unrestricted |
|
|
Total |
|
|
Accumulated Other Comprehensive Income (Loss) |
|
Balance as of December 31, 2023 |
|
$ |
543,977 |
|
|
|
23,088,268 |
|
|
$ |
348,762,731 |
|
|
$ |
349,306,708 |
|
|
$ |
59,604,899 |
|
Distributions paid or accrued ($0.368 per BUC*): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Regular distribution |
|
|
(86,223 |
) |
|
|
- |
|
|
|
(8,536,064 |
) |
|
|
(8,622,287 |
) |
|
|
- |
|
Distribution of Tier 3 income (Note 22) |
|
|
- |
|
|
|
- |
|
|
|
(50,000 |
) |
|
|
(50,000 |
) |
|
|
- |
|
Cash paid in lieu of fractional BUCs |
|
|
- |
|
|
|
- |
|
|
|
(1,772 |
) |
|
|
(1,772 |
) |
|
|
- |
|
Net income allocable to Partners |
|
|
98,311 |
|
|
|
- |
|
|
|
9,782,829 |
|
|
|
9,881,140 |
|
|
|
- |
|
Sale of BUCs, net of issuance costs |
|
|
- |
|
|
|
64,765 |
|
|
|
1,055,267 |
|
|
|
1,055,267 |
|
|
|
- |
|
Restricted units awarded |
|
|
- |
|
|
|
109,581 |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
Rounding of BUCs related to BUCs Distributions |
|
|
- |
|
|
|
(105 |
) |
|
|
- |
|
|
|
- |
|
|
|
- |
|
Restricted unit compensation expense |
|
|
3,323 |
|
|
|
- |
|
|
|
328,998 |
|
|
|
332,321 |
|
|
|
- |
|
Unrealized losses on securities |
|
|
(120,087 |
) |
|
|
- |
|
|
|
(11,888,650 |
) |
|
|
(12,008,737 |
) |
|
|
(12,008,737 |
) |
Unrealized losses on bond purchase commitments |
|
|
(630 |
) |
|
|
- |
|
|
|
(62,329 |
) |
|
|
(62,959 |
) |
|
|
(62,959 |
) |
Balance as of March 31, 2024 |
|
$ |
438,671 |
|
|
|
23,262,509 |
|
|
$ |
339,391,010 |
|
|
$ |
339,829,681 |
|
|
$ |
47,533,203 |
|
* The amounts indicated in the Condensed Consolidated Statements of Partners' Capital have been adjusted to reflect the First Quarter 2024 BUCs Distribution on a retroactive basis.
The accompanying notes are an integral part of the condensed consolidated financial statements.
GREYSTONE HOUSING IMPACT INVESTORS LP
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(UNAUDITED)
|
|
|
|
|
|
|
|
|
|
|
For the Three Months Ended March 31, |
|
|
|
2025 |
|
|
2024 |
|
Cash flows from operating activities: |
|
|
|
|
|
|
Net income |
|
$ |
3,327,020 |
|
|
$ |
10,648,381 |
|
Adjustments to reconcile net income to net cash provided by operating activities: |
|
|
|
|
|
|
Depreciation and amortization expense |
|
|
3,542 |
|
|
|
5,967 |
|
Amortization of deferred financing costs |
|
|
381,334 |
|
|
|
367,418 |
|
Gain on sale of investments in unconsolidated entities |
|
|
(5,220 |
) |
|
|
(50,000 |
) |
(Earnings) losses from investments in unconsolidated entities |
|
|
233,334 |
|
|
|
106,845 |
|
Provision for credit losses |
|
|
(172,000 |
) |
|
|
(806,000 |
) |
Recovery of prior credit loss |
|
|
(16,967 |
) |
|
|
(17,155 |
) |
(Gains) losses on derivative instruments, net of cash paid |
|
|
3,939,421 |
|
|
|
(4,489,788 |
) |
Restricted unit compensation expense |
|
|
234,047 |
|
|
|
332,321 |
|
Bond premium, discount and acquisition fee amortization |
|
|
(1,780 |
) |
|
|
(48,178 |
) |
Debt premium amortization |
|
|
(10,090 |
) |
|
|
(10,126 |
) |
Deferred income tax benefit & income tax payable/receivable |
|
|
(2,733 |
) |
|
|
(1,200 |
) |
Change in preferred return receivable from unconsolidated entities, net |
|
|
5,409,019 |
|
|
|
(1,624,169 |
) |
Changes in operating assets and liabilities |
|
|
|
|
|
|
Decrease in interest receivable |
|
|
319,714 |
|
|
|
419,044 |
|
(Increase) decrease in other assets |
|
|
(613,140 |
) |
|
|
84,659 |
|
Decrease in accounts payable, accrued expenses and other liabilities |
|
|
(2,682,424 |
) |
|
|
(1,545,171 |
) |
Net cash provided by operating activities |
|
|
10,343,077 |
|
|
|
3,372,848 |
|
Cash flows from investing activities: |
|
|
|
|
|
|
Advances on mortgage revenue bonds |
|
|
(14,101,043 |
) |
|
|
(26,297,798 |
) |
Advances on taxable mortgage revenue bonds |
|
|
(7,400,000 |
) |
|
|
(1,000,000 |
) |
Advances on governmental issuer loans |
|
|
(17,408,700 |
) |
|
|
(6,000,000 |
) |
Advances on taxable governmental issuer loans |
|
|
(21,700,000 |
) |
|
|
- |
|
Advances on property loans |
|
|
- |
|
|
|
(3,073,404 |
) |
Contributions to unconsolidated entities |
|
|
(7,708,816 |
) |
|
|
(6,960,337 |
) |
Proceeds from sale of land held for development |
|
|
1,354,127 |
|
|
|
- |
|
Proceeds from sale of investments in unconsolidated entities |
|
|
11,405,090 |
|
|
|
50,000 |
|
Return of investments in unconsolidated entities |
|
|
2,087,843 |
|
|
|
- |
|
Principal payments received on mortgage revenue bonds |
|
|
11,921,137 |
|
|
|
2,260,565 |
|
Principal payments received on governmental issuer loans |
|
|
82,202,594 |
|
|
|
23,390,000 |
|
Principal payments received on taxable mortgage revenue bonds |
|
|
138,347 |
|
|
|
11,503,059 |
|
Principal payments received on taxable governmental issuer loans |
|
|
12,700,000 |
|
|
|
10,573,000 |
|
Principal payments received on property loans |
|
|
7,797,754 |
|
|
|
72,323,194 |
|
Net cash provided by investing activities |
|
|
61,288,333 |
|
|
|
76,768,279 |
|
Cash flows from financing activities: |
|
|
|
|
|
|
Distributions paid |
|
|
(9,732,916 |
) |
|
|
(9,204,814 |
) |
Proceeds from the sale of BUCs |
|
|
- |
|
|
|
1,080,957 |
|
Payment of offering costs related to the sale of BUCs |
|
|
- |
|
|
|
(21,628 |
) |
Proceeds from debt financing |
|
|
48,435,000 |
|
|
|
63,250,000 |
|
Principal payments on debt financing |
|
|
(85,426,031 |
) |
|
|
(99,697,766 |
) |
Principal payments on mortgages payable |
|
|
(1,354,128 |
) |
|
|
- |
|
Principal borrowing on secured lines of credit |
|
|
- |
|
|
|
20,000,000 |
|
Principal payments on secured lines of credit |
|
|
(10,352,000 |
) |
|
|
(36,900,000 |
) |
Proceeds upon issuance of redeemable Preferred Units |
|
|
20,000,000 |
|
|
|
5,000,000 |
|
Debt financing and other deferred costs paid |
|
|
(52,512 |
) |
|
|
(454,650 |
) |
Net cash used in financing activities |
|
|
(38,482,587 |
) |
|
|
(56,947,901 |
) |
Net increase (decrease) in cash, cash equivalents and restricted cash |
|
|
33,148,823 |
|
|
|
23,193,226 |
|
Cash, cash equivalents and restricted cash at beginning of period |
|
|
31,305,671 |
|
|
|
47,734,146 |
|
Cash, cash equivalents and restricted cash at end of period |
|
$ |
64,454,494 |
|
|
$ |
70,927,372 |
|
|
|
|
|
|
|
|
Supplemental disclosure of cash flow information: |
|
|
|
|
|
|
Cash paid during the period for interest |
|
$ |
13,265,470 |
|
|
$ |
12,165,910 |
|
Cash paid during the period for income taxes |
|
|
31,415 |
|
|
|
- |
|
Supplemental disclosure of noncash investing and financing activities: |
|
|
|
|
|
|
Distributions declared but not paid for BUCs and General Partner |
|
$ |
8,744,444 |
|
|
$ |
8,672,287 |
|
Distributions declared but not paid for Preferred Units |
|
|
755,104 |
|
|
|
762,118 |
|
Exchange of redeemable Preferred Units |
|
|
- |
|
|
|
17,500,000 |
|
Deferred financing costs financed through accounts payable |
|
|
21,765 |
|
|
|
62,628 |
|
The following table provides a reconciliation of cash, cash equivalents and restricted cash reported within the condensed consolidated balance sheets to the total of such amounts shown in the condensed consolidated statements of cash flows:
|
|
|
|
|
|
|
|
|
|
|
March 31, 2025 |
|
|
March 31, 2024 |
|
Cash and cash equivalents |
|
$ |
51,388,718 |
|
|
$ |
56,255,270 |
|
Restricted cash |
|
|
13,065,776 |
|
|
|
14,672,102 |
|
Total cash, cash equivalents and restricted cash |
|
$ |
64,454,494 |
|
|
$ |
70,927,372 |
|
The accompanying notes are an integral part of the condensed consolidated financial statements.
GREYSTONE HOUSING IMPACT INVESTORS LP
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED)
1. Basis of Presentation
The Partnership was formed on April 2, 1998, under the Delaware Revised Uniform Limited Partnership Act for the purpose of acquiring, holding, selling and otherwise dealing with a portfolio of MRBs that have been issued to provide construction and/or permanent financing for affordable multifamily and student housing residential properties and commercial properties. The Partnership has also invested in GILs, which, similar to MRBs, provide financing for affordable multifamily properties. The Partnership expects and believes the interest earned on these MRBs and GILs is excludable from gross income for federal income tax purposes. The Partnership may also invest in other types of securities, including taxable MRBs and taxable GILs secured by real estate and may make property loans to multifamily residential properties which may or may not be financed by MRBs or GILs held by the Partnership and may or may not be secured by real estate. The Partnership also makes noncontrolling equity investments in unconsolidated entities for the construction, stabilization, and ultimate sale of market-rate multifamily properties. In addition, the Partnership may acquire and hold interests in MF Properties until the “highest and best use” can be determined by management.
The Partnership has issued BUCs representing assigned limited partnership interests to investors. The Partnership has designated three series of non-cumulative, non-voting, non-convertible preferred units that represent limited partnership interests in the Partnership consisting of the Series A Preferred Units, the Series A-1 Preferred Units, and the Series B Preferred Units. The outstanding Preferred Units are redeemable in the future at the option of either the holders or the Partnership (Note 17).
On December 5, 2022, America First Capital Associates Limited Partnership Two, in its capacity as the General Partner of the Partnership, and Greystone ILP, Inc., in its capacity as the initial limited partner of the Partnership, entered into the Partnership Agreement. Mortgage investments, as defined in the Partnership Agreement, consist of MRBs, taxable MRBs, GILs, taxable GILs and property loans. The Partnership Agreement authorizes the Partnership to make investments in tax-exempt securities other than mortgage investments provided that the tax-exempt investments are rated in one of the four highest rating categories by a national securities rating agency. The Partnership Agreement also allows the Partnership to invest in other securities whose interest may be taxable for federal income tax purposes. Total tax-exempt investments and other investments cannot exceed 25% of the Partnership's total assets at the time of acquisition as required under the Partnership Agreement. Tax-exempt investments and other investments primarily consist of real estate assets and investments in unconsolidated entities. In addition, the amount of other investments is limited based on the conditions to the exemption from registration under the Investment Company Act of 1940.
The General Partner is the sole general partner of the Partnership. Greystone Manager, the general partner of the General Partner, is an affiliate of Greystone.
All disclosures of the number of rental units for properties related to MRBs, GILs, property loans and MF Properties are unaudited.
2. Summary of Significant Accounting Policies
Consolidation
The “Partnership,” as used herein, includes Greystone Housing Impact Investors LP, its consolidated subsidiaries and consolidated variable interest entities (Note 3). All intercompany transactions are eliminated. The consolidated subsidiaries of the Partnership for the periods presented consist of:
•ATAX TEBS II, LLC, a special purpose entity owned and controlled by the Partnership, created to hold MRBs to facilitate the M31 TEBS Financing with Freddie Mac, and subsequently, to facilitate the 2024 PFA Securitization Transaction;
•ATAX TEBS III, LLC, a special purpose entity owned and controlled by the Partnership, created to hold MRBs to facilitate the M33 TEBS Financing with Freddie Mac;
•ATAX TEBS IV, LLC, a special purpose entity owned and controlled by the Partnership, created to hold MRBs to facilitate the M45 TEBS Financing with Freddie Mac;
•ATAX Vantage Holdings, LLC, a wholly owned subsidiary of the Partnership, which is committed to provide equity for the development of multifamily properties;
•ATAX Freestone Holdings, LLC, a wholly owned subsidiary of the Partnership, which is committed to provide equity for the development of multifamily properties;
•ATAX Senior Housing Holdings I, LLC, a wholly owned subsidiary of the Partnership, which is committed to provide equity for the development of seniors housing properties;
•ATAX Great Hill Holdings, LLC, a wholly owned subsidiary of the Partnership, which is committed to provide equity for the development of multifamily properties;
•GHI-BIO AC Debt JV MM, LLC, a wholly owned subsidiary of the Partnership, which will manage and is committed to provide capital to the Construction Lending JV;
•Greens Hold Co, a wholly owned corporation, which owns certain property loans and owned 100% of The 50/50 MF Property, a prior real estate asset; and
•Lindo Paseo LLC, a wholly owned limited liability company, which previously owned 100% of the Suites on Paseo MF Property.
Use of Estimates and Assumptions in Preparation of Consolidated Financial Statements
The preparation of financial statements in conformity with GAAP requires the Partnership to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. The accompanying interim unaudited condensed consolidated financial statements have been prepared in accordance with the rules and regulations of the SEC. Certain information and footnote disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted in accordance with such SEC rules and regulations, although the Partnership believes that the disclosures are adequate to make the information presented not misleading. The most significant estimates and assumptions include those used in determining: (i) the fair value of MRBs and taxable MRBs; (ii) investment impairments; and (iii) allowances for credit losses
The Partnership’s condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto included in the Partnership’s Annual Report on Form 10-K for the year ended December 31, 2024. These condensed consolidated financial statements and notes have been prepared consistently with the 2024 Form 10-K. In the opinion of management, all adjustments (consisting of normal and recurring accruals) necessary to present fairly the Partnership’s financial position as of March 31, 2025, and the results of operations for the interim periods presented, have been made. The results of operations for the interim periods are not necessarily indicative of the results to be expected for the full year. The accompanying condensed consolidated balance sheet as of December 31, 2024 was derived from the audited annual consolidated financial statements but does not contain all the footnote disclosures from the annual consolidated financial statements.
Risks and Uncertainties
The Federal Reserve reduced the federal funds rate by a total of 100 basis points during 2024, which was the first reduction in the federal funds rate since the Federal Reserve began raising interest rates in March 2022 to combat inflation. The Federal Reserve left rates unchanged in the first quarter of 2025, resulting in the current target range for the federal funds rate being 4.25-4.50%. In addition, geopolitical conflicts, changing global trade and tariff policies, and uncertainty regarding the effects of these matters on U.S. and international macroeconomic conditions continue to impact the general global economic environment. These factors have maintained volatility in the fixed income markets, which has impacted the value of some of the Partnership’s investment assets, particularly those with fixed interest rates, which may result in collateral posting requirements under our debt financing arrangements. In addition, changes in short-term interest rates will directly impact the interest cost associated with the Partnership’s variable rate debt financing arrangements and for construction debt of properties underlying our investments in unconsolidated entities. The extent to which general economic, geopolitical, and financial conditions will impact the Partnership’s financial condition or results of operations in the future is uncertain and actual results and outcomes could differ from current estimates.
The aggregate effects of the high inflationary environment experienced in the United States from the first quarter of 2021 through the end of 2023 and any resurgence in inflation may continue to adversely impact operating expenses at properties securing the Partnership’s investments and general operations, which may reduce net operating results of the related properties and result in lower debt service coverage or higher than anticipated capitalized interest requirements for properties under construction. Such occurrences may negatively impact the value of the Partnership’s investments. Continuing elevated levels of general and administrative expenses of the Partnership may adversely affect the Partnership’s operating results, including a reduction in net income.
Furthermore, the potential for an economic recession either globally or locally in the U.S. or other economies could further impact the valuation of our investment assets, limit the Partnership’s ability to obtain additional debt financing from lenders, and limit opportunities for additional investments.
BUCs
The Partnership has issued BUCs representing assigned limited partnership interests to investors. Costs related to the issuance of BUCs are recorded as a reduction to partners’ capital when issued.
The Partnership previously declared the First Quarter 2024 BUCs Distribution in the form of additional BUCs. All fractional BUCs resulting from the First Quarter 2024 BUCs Distribution received cash for such fraction based on the market value of the BUCs on the record date. The First Quarter 2024 BUCs Distribution has been applied retroactively to all net income per BUC, distributions per BUC and similar per BUC disclosures for all periods indicated in the Partnership’s condensed consolidated financial statements.
Recently Issued Accounting Pronouncements
In November 2023, the FASB issued ASU 2023-07, which enhances the disclosures about a public entity’s reportable segments and addresses requests from investors for additional, more detailed information about a reportable segment’s expenses. ASU 2023-07 was effective for the Partnership for the year ended December 31, 2024 and interim periods thereafter. The adoption of ASU 2023-07 did not have a material impact on the Company’s condensed consolidated financial statements for the three months ended March 31, 2025. See Note 24 for related disclosures.
In November 2024, the FASB issued ASU 2024-03, which improves the disclosures about a public business entity’s expenses. ASU 2024-03 is effective for the Partnership for fiscal years beginning after December 15, 2026 and interim periods within fiscal years beginning after December 15, 2027. The Partnership is currently assessing the impact of the adoption of this pronouncement on the consolidated financial statements.
3. Variable Interest Entities
See section under the heading “Variable Interest Entities” within Note 2 of the consolidated financial statements in the Partnership’s Annual Report on Form 10-K for the year ended December 31, 2024 for the Partnership’s policies regarding accounting for Variable Interest Entities.
Non-Consolidated Variable Interest Entities
The Partnership acquires investments in the form of MRBs, taxable MRBs, GILs, taxable GILs, and property loans to finance the construction and/or operation of affordable multifamily properties that are obligations of the property-owning entity, which is considered the borrower entity. The Partnership’s individual investment assets are considered debt obligations of each individual borrower entity, and the investment assets are secured by a mortgage on real and personal property of the respective borrower entity. The Partnership’s associated investment asset(s) is considered a variable interest in the borrower entity as the Partnership will absorb losses of the VIEs if the borrower entities are unable to repay the outstanding principal of the respective MRBs, taxable MRBs, GILs, taxable GILs, and property loans. The Partnership evaluates whether each borrower entity is a VIE under the accounting guidance, and if so, the Partnership performs an evaluation to determine if the Partnership is the primary beneficiary of the VIE. When evaluating whether the Partnership is the primary beneficiary of a VIE, the Partnership identifies the rights that grant the power to direct the activities that most significantly impact the VIE’s economic performance, which are those rights to manage regular property operations of the VIE, to sell the assets of the VIE, or to refinance the debt of the VIE. Generally, all such rights are held by the equity investors in the VIE and not the Partnership. As a result, the Partnership is not considered the primary beneficiary and does not consolidate the financial statements of these VIEs in the Partnership’s condensed consolidated financial statements. The Partnership reports its investments in the MRBs, taxable MRBs, GILs, taxable GILs, and property loans on the Partnership’s condensed consolidated balance sheet and the related interest income on the Partnership’s condensed consolidated statement of operations.
The Partnership also makes equity investments in entities formed for the construction, operation and sale of market-rate multifamily or seniors housing properties (Note 7). The Partnership’s equity investments in these VIEs are considered variable interests as the Partnership, and the respective managing members, are entitled to returns and absorb losses from the underlying properties according to the entities’ respective operating agreements. The Partnership has determined that the underlying investee entities are VIEs for financial reporting purposes and the Partnership performs an evaluation to determine if the Partnership is the primary beneficiary of the VIE. The Partnership and the respective managing members have various rights within the respective operating agreement for each VIE. When evaluating whether the Partnership is the primary beneficiary of a VIE, it identifies the rights that grant the power to direct the activities that most significantly impact the VIE’s performance, which are those rights to manage regular property operations of the VIE, to sell the assets of the VIE, or to refinance the debt of the VIE. Generally, all such rights are held by the managing members of the VIE. In addition, the Partnership does not have kick-out rights or substantive participating rights. As a result, the Partnership is not considered the primary beneficiary and does not consolidate the financial statements of these VIEs in the Partnership’s condensed consolidated financial statements, with one exception as disclosed in the “Consolidated Variable Interest Entities” section below. The
Partnership reports its equity investments in the VIEs as “Investments in unconsolidated entities” on the Partnership’s condensed consolidated balance sheet and the related preferred return, earnings (losses) from investments in unconsolidated entities, and gains on sale on the Partnership’s condensed consolidated statement of operations.
The Partnership held variable interests in 24 and 31 non-consolidated VIEs as of March 31, 2025 and December 31, 2024, respectively. The following table summarizes the Partnership’s carrying value by asset and maximum exposure to loss associated with the variable interests as of March 31, 2025 and December 31, 2024:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
March 31, 2025 |
|
|
December 31, 2024 |
|
|
|
Carrying Value |
|
|
Maximum Exposure to Loss |
|
|
Carrying Value |
|
|
Maximum Exposure to Loss |
|
Mortgage revenue bonds |
|
$ |
210,722,091 |
|
|
$ |
208,963,243 |
|
|
$ |
207,170,395 |
|
|
$ |
203,929,806 |
|
Taxable mortgage revenue bonds (reported within other assets) |
|
|
8,994,794 |
|
|
|
9,003,171 |
|
|
|
4,393,869 |
|
|
|
4,406,024 |
|
Governmental issuer loans |
|
|
149,308,328 |
|
|
|
149,308,328 |
|
|
|
203,999,628 |
|
|
|
203,999,628 |
|
Taxable governmental issuer loans (reported within other assets) |
|
|
23,157,672 |
|
|
|
23,157,672 |
|
|
|
14,157,672 |
|
|
|
14,157,672 |
|
Property loans |
|
|
33,824,000 |
|
|
|
33,824,000 |
|
|
|
42,210,000 |
|
|
|
42,210,000 |
|
Investments in unconsolidated entities |
|
|
167,988,619 |
|
|
|
167,988,619 |
|
|
|
179,409,869 |
|
|
|
179,409,869 |
|
|
|
$ |
593,995,504 |
|
|
$ |
592,245,033 |
|
|
$ |
651,341,433 |
|
|
$ |
648,112,999 |
|
The Partnership’s maximum exposure to loss for non-consolidated VIEs associated with the MRBs and taxable MRBs as of March 31, 2025 and December 31, 2024 is equal to the Partnership’s cost basis adjusted for paydowns. The difference between the MRB carrying value in the Partnership's condensed consolidated balance sheets and the maximum exposure to loss is due to the unrealized gains or losses. The Partnership has remaining MRB and taxable MRB funding commitments related to non-consolidated VIEs totaling $18.4 million and $8.4 million, respectively, as of March 31, 2025 (Note 16).
The Partnership’s maximum exposure to loss for non-consolidated VIEs associated with GILs, taxable GILs, property loans and investments in unconsolidated entities as of March 31, 2025 and December 31, 2024 is equal to the Partnership’s carrying value. The Partnership has future GIL, taxable GIL, property loan and investment in unconsolidated entities funding commitments related to non-consolidated VIEs totaling $14.1 million, $24.7 million, $28.8 million, and $11.7 million, respectively, as of March 31, 2025 (Note 16).
Consolidated Variable Interest Entities
The Partnership obtains leverage on its investment assets to enhance returns and lower its net capital investment. The Partnership’s leverage programs generally consist of selling MRBs, taxable MRBs, GILs, taxable GILs, and property loans into debt financing entities in the form of TOBs, a term TOB, TEBS financings, the 2024 PFA Securitization Transaction, and the TEBS Residual Financing. These debt financing entities issue senior securities and residual beneficial interests that share in the cash flows from the securitized investment assets. The senior securities are sold to third-party investors for cash and the Partnership retains the residual beneficial interest. The Partnership determined that its residual beneficial interest in a debt financing entity absorbs potential losses of the entity as the interests are in a first-loss position and subordinate to the senior securities in the distribution of cash flows of the debt financing entity. The Partnership has determined that each debt financing entity is a VIE for financial reporting purposes and the Partnership performs an evaluation to determine if the Partnership is the primary beneficiary of the VIE. In determining the primary beneficiary of each VIE, the Partnership considered which party has the power to control the activities of the VIE which most significantly impact its financial performance and the obligation to absorb losses or rights to receive benefits of the entity that could potentially be significant to the VIE. The Partnership determined that the right to direct the VIE to sell the underlying assets most significantly impacts the economic performance of the VIE, and such right is held by the Partnership through its ownership of the residual beneficial interests. The Partnership has the obligation to absorb losses that could potentially be significant to the VIE given its first-loss position noted previously. As the Partnership meets both primary beneficiary criteria, it is considered the primary beneficiary of the VIEs and reports the VIEs on a consolidated basis. The Partnership reports the underlying investment assets of the VIEs in the Partnership’s assets (Notes 4, 5, 6 and 9) and the senior securities of the VIEs are reported as “Debt financing, net” (Note 13) on the Partnership’s condensed consolidated balance sheets. The interest income earned from the underlying investment assets of the VIEs is reported within “Investment income” and “Other interest income” on the Partnership’s condensed consolidated statement of operations. Interest expense and facility fees associated with the debt financing are reported within “Interest expense” on the Partnership’s condensed consolidated statement of operations.
As noted previously, the Partnership also makes equity investments in certain entities formed for the construction, operation and sale of market-rate multifamily or seniors housing properties (Note 7). The investee entities are VIEs for financial reporting purposes and the Partnership is typically not considered the primary beneficiary, making such entities non-consolidated VIEs. Within one of the
Partnership’s equity investments, Vantage at San Marcos, the Partnership has additional rights compared to its other equity investments and such rights are considered in the Partnership’s assessment of the primary beneficiary of the VIE. In determining the primary beneficiary of the VIEs, the Partnership considered which party has the power to control the activities of the VIE which most significantly impact its financial performance and the obligation to absorb losses or rights to receive benefits of the entity that could potentially be significant to the VIE. For the Vantage at San Marcos investee, the Partnership can currently require the managing member of the VIE to purchase the Partnership’s equity investment in the VIE at a price equal to the Partnership’s carrying value. The only assets of the VIE are land and capitalized development costs such that if the Partnership were to require the managing member to purchase its equity investment, all underlying assets of the VIE would likely need to be sold, which would significantly impact the VIE’s economic performance. The Partnership would be exposed to gains or losses of the VIE based on the sales price of the underlying asset in relation to the Partnership’s equity investment. As the Partnership meets both the primary beneficiary criteria for the Vantage at San Marcos investee, it is considered the primary beneficiary of the VIE and reports the VIE on a consolidated basis. The Partnership reports the land and capitalized development costs of the VIE within “Real estate assets, net” and a mortgage loan on the property within “Mortgages payable, net” on the Partnership’s condensed consolidated balance sheets. The VIE has not reported any income or expenses during the three months ended March 31, 2025 and 2024. If certain events occur in the future, the Partnership’s option to redeem the investment will terminate and the VIE may be deconsolidated.
The following table summarizes the assets and liabilities of the Partnership’s consolidated VIEs as of March 31, 2025 and December 31, 2024:
|
|
|
|
|
|
|
|
|
|
|
March 31, 2025 |
|
|
December 31, 2024 |
|
Assets: |
|
|
|
|
|
|
Restricted cash |
|
$ |
395,606 |
|
|
$ |
771,606 |
|
Interest receivable, net |
|
|
6,751,642 |
|
|
|
7,089,580 |
|
Mortgage revenue bonds, at fair value |
|
|
1,020,286,771 |
|
|
|
1,013,847,272 |
|
Governmental issuer loans |
|
|
|
|
|
|
Governmental issuer loans |
|
|
154,908,328 |
|
|
|
219,702,222 |
|
Allowance for credit losses |
|
|
(941,000 |
) |
|
|
(1,038,000 |
) |
Governmental issuer loans, net |
|
|
153,967,328 |
|
|
|
218,664,222 |
|
Property loans |
|
|
|
|
|
|
Property loans |
|
|
40,662,246 |
|
|
|
48,460,000 |
|
Allowance for credit losses |
|
|
(491,000 |
) |
|
|
(547,000 |
) |
Property loans, net |
|
|
40,171,246 |
|
|
|
47,913,000 |
|
Real estate assets |
|
|
2,442,654 |
|
|
|
3,796,782 |
|
Other assets |
|
|
56,235,600 |
|
|
|
40,038,912 |
|
Total Assets |
|
$ |
1,280,250,847 |
|
|
$ |
1,332,121,374 |
|
|
|
|
|
|
|
|
Liabilities: |
|
|
|
|
|
|
Accounts payable, accrued expenses and other liabilities (1) |
|
$ |
7,893,154 |
|
|
$ |
8,285,369 |
|
Debt financing (2) |
|
|
1,061,529,745 |
|
|
|
1,098,530,865 |
|
Mortgages payable (3) |
|
|
310,219 |
|
|
|
1,664,347 |
|
Total Liabilities |
|
$ |
1,069,733,118 |
|
|
$ |
1,108,480,581 |
|
(1)Of the amounts reported, $4,968,750 and $5,112,036 are associated with VIEs where the creditor does not have recourse to the general credit of the Partnership as of March 31, 2025 and December 31, 2024, respectively.
(2)Of the amounts reported, $362,626,745 and $364,099,866 are associated with VIEs where the creditor does not have recourse to the general credit of the Partnership as of March 31, 2025 and December 31, 2024, respectively.
(3)The entire mortgages payable balance is associated with a VIE where the creditor does not have recourse to the general credit of the Partnership as of March 31, 2025 and December 31, 2024, respectively.
In certain instances, the Partnership has investment assets in the form of MRBs, taxable MRBs, GILs, taxable GILs and property loans that are variable interests in non-consolidated borrower entity VIEs which are also assets of consolidated debt financing entity VIEs. Accordingly, such investment assets are reported within tables related to both non-consolidated VIEs and consolidated VIEs presented in this Note 3.
4. Mortgage Revenue Bonds
The Partnership’s MRBs provide construction and/or permanent financing for income-producing multifamily rental, seniors housing and skilled nursing properties. MRBs are either held directly by the Partnership or are held in trusts created in connection with debt financing transactions (Note 13). The MRBs predominantly bear interest at fixed interest rates and require regular principal and interest payments on either a monthly or semi-annual basis. The Partnership had the following investments in MRBs as of March 31, 2025 and December 31, 2024:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
March 31, 2025 |
|
Description of Mortgage Revenue Bonds |
|
State |
|
Cost Adjusted for Paydowns and Allowances |
|
|
Cumulative Unrealized Gain |
|
|
Cumulative Unrealized Loss |
|
|
Estimated Fair Value |
|
The Safford (4) |
|
AZ |
|
$ |
43,075,176 |
|
|
$ |
1,457,148 |
|
|
$ |
- |
|
|
$ |
44,532,324 |
|
40rty on Colony - Series P (4) |
|
CA |
|
|
5,961,756 |
|
|
|
445,276 |
|
|
|
- |
|
|
|
6,407,032 |
|
CCBA Senior Garden Apartments (1), (8) |
|
CA |
|
|
3,710,681 |
|
|
|
- |
|
|
|
(117,519 |
) |
|
|
3,593,162 |
|
Courtyard - Series A (3) |
|
CA |
|
|
9,641,225 |
|
|
|
424,065 |
|
|
|
- |
|
|
|
10,065,290 |
|
Glenview Apartments - Series A (2) |
|
CA |
|
|
4,231,560 |
|
|
|
170,523 |
|
|
|
- |
|
|
|
4,402,083 |
|
Harmony Court Bakersfield - Series A (3) |
|
CA |
|
|
3,515,325 |
|
|
|
128,377 |
|
|
|
- |
|
|
|
3,643,702 |
|
Harmony Terrace - Series A (3) |
|
CA |
|
|
6,509,030 |
|
|
|
270,654 |
|
|
|
- |
|
|
|
6,779,684 |
|
Harden Ranch - Series A (1) |
|
CA |
|
|
6,230,374 |
|
|
|
250,823 |
|
|
|
- |
|
|
|
6,481,197 |
|
Las Palmas II - Series A (3) |
|
CA |
|
|
1,594,406 |
|
|
|
62,032 |
|
|
|
- |
|
|
|
1,656,438 |
|
Montclair Apartments - Series A (2) |
|
CA |
|
|
2,292,473 |
|
|
|
98,170 |
|
|
|
- |
|
|
|
2,390,643 |
|
Montecito at Williams Ranch Apartments - Series A (1) |
|
CA |
|
|
7,356,436 |
|
|
|
381,634 |
|
|
|
- |
|
|
|
7,738,070 |
|
Montevista - Series A (1) |
|
CA |
|
|
6,543,640 |
|
|
|
529,700 |
|
|
|
- |
|
|
|
7,073,340 |
|
Ocotillo Springs - Series A (1), (6) |
|
CA |
|
|
3,446,769 |
|
|
|
- |
|
|
|
(277,352 |
) |
|
|
3,169,417 |
|
Ocotillo Springs - Series A-1 (1) |
|
CA |
|
|
495,631 |
|
|
|
54,122 |
|
|
|
- |
|
|
|
549,753 |
|
Residency at Empire - Series BB-1 (4) |
|
CA |
|
|
14,105,551 |
|
|
|
497,953 |
|
|
|
- |
|
|
|
14,603,504 |
|
Residency at Empire - Series BB-2 (4) |
|
CA |
|
|
4,000,000 |
|
|
|
172,430 |
|
|
|
- |
|
|
|
4,172,430 |
|
Residency at Empire - Series BB-3 (4) |
|
CA |
|
|
14,000,000 |
|
|
|
525,382 |
|
|
|
- |
|
|
|
14,525,382 |
|
Residency at Empire - Series BB-4 (4) |
|
CA |
|
|
28,650,000 |
|
|
|
318,949 |
|
|
|
- |
|
|
|
28,968,949 |
|
Residency at the Entrepreneur - Series J-1 (4), (8) |
|
CA |
|
|
9,076,709 |
|
|
|
- |
|
|
|
(414,154 |
) |
|
|
8,662,555 |
|
Residency at the Entrepreneur - Series J-2 (4), (8) |
|
CA |
|
|
7,500,000 |
|
|
|
- |
|
|
|
(281,205 |
) |
|
|
7,218,795 |
|
Residency at the Entrepreneur - Series J-3 (4), (8) |
|
CA |
|
|
26,080,000 |
|
|
|
- |
|
|
|
(517,655 |
) |
|
|
25,562,345 |
|
Residency at the Entrepreneur - Series J-4 (4) |
|
CA |
|
|
16,420,000 |
|
|
|
- |
|
|
|
- |
|
|
|
16,420,000 |
|
Residency at the Entrepreneur - Series J-5 (4) |
|
CA |
|
|
5,000,000 |
|
|
|
- |
|
|
|
- |
|
|
|
5,000,000 |
|
Residency at the Mayer - Series A (4) |
|
CA |
|
|
29,555,807 |
|
|
|
- |
|
|
|
- |
|
|
|
29,555,807 |
|
Residency at the Mayer - Series M (4) |
|
CA |
|
|
11,500,000 |
|
|
|
- |
|
|
|
- |
|
|
|
11,500,000 |
|
San Vicente - Series A (3) |
|
CA |
|
|
3,287,580 |
|
|
|
127,907 |
|
|
|
- |
|
|
|
3,415,487 |
|
Santa Fe Apartments - Series A (2) |
|
CA |
|
|
2,777,245 |
|
|
|
122,443 |
|
|
|
- |
|
|
|
2,899,688 |
|
Seasons at Simi Valley - Series A (3) |
|
CA |
|
|
4,011,049 |
|
|
|
268,179 |
|
|
|
- |
|
|
|
4,279,228 |
|
Seasons Lakewood - Series A (3) |
|
CA |
|
|
6,933,532 |
|
|
|
288,306 |
|
|
|
- |
|
|
|
7,221,838 |
|
Seasons San Juan Capistrano - Series A (3) |
|
CA |
|
|
11,673,803 |
|
|
|
485,413 |
|
|
|
- |
|
|
|
12,159,216 |
|
Solano Vista - Series A (1) |
|
CA |
|
|
2,586,308 |
|
|
|
201,005 |
|
|
|
- |
|
|
|
2,787,313 |
|
Summerhill - Series A (3) |
|
CA |
|
|
6,053,332 |
|
|
|
14,945 |
|
|
|
- |
|
|
|
6,068,277 |
|
Sycamore Walk - Series A (3) |
|
CA |
|
|
3,317,142 |
|
|
|
88,329 |
|
|
|
- |
|
|
|
3,405,471 |
|
The Village at Madera - Series A (3) |
|
CA |
|
|
2,907,447 |
|
|
|
106,177 |
|
|
|
- |
|
|
|
3,013,624 |
|
Tyler Park Townhomes - Series A (1) |
|
CA |
|
|
5,422,984 |
|
|
|
- |
|
|
|
- |
|
|
|
5,422,984 |
|
Village at Hanford Square - Series H (4) |
|
CA |
|
|
10,400,000 |
|
|
|
603,812 |
|
|
|
- |
|
|
|
11,003,812 |
|
Vineyard Gardens - Series A (1) |
|
CA |
|
|
3,830,894 |
|
|
|
253,969 |
|
|
|
- |
|
|
|
4,084,863 |
|
Wellspring Apartments (1) |
|
CA |
|
|
3,850,860 |
|
|
|
60,569 |
|
|
|
- |
|
|
|
3,911,429 |
|
Westside Village Market - Series A (1) |
|
CA |
|
|
3,543,911 |
|
|
|
133,672 |
|
|
|
- |
|
|
|
3,677,583 |
|
Handsel Morgan Village Apartments (4) |
|
GA |
|
|
2,150,000 |
|
|
|
127,938 |
|
|
|
- |
|
|
|
2,277,938 |
|
MaryAlice Circle Apartments (4) |
|
GA |
|
|
5,900,000 |
|
|
|
399,128 |
|
|
|
- |
|
|
|
6,299,128 |
|
Copper Gate Apartments (1) |
|
IN |
|
|
4,715,000 |
|
|
|
- |
|
|
|
- |
|
|
|
4,715,000 |
|
Renaissance - Series A (2), (8) |
|
LA |
|
|
10,220,816 |
|
|
|
- |
|
|
|
(1,120,559 |
) |
|
|
9,100,257 |
|
Live 929 Apartments - Series 2022A (4) |
|
MD |
|
|
58,616,475 |
|
|
|
3,807,770 |
|
|
|
- |
|
|
|
62,424,245 |
|
Woodington Gardens Apartments - Series A-1 (4) |
|
MD |
|
|
31,150,000 |
|
|
|
3,043,049 |
|
|
|
- |
|
|
|
34,193,049 |
|
Meadow Valley (4), (7) |
|
MI |
|
|
42,157,948 |
|
|
|
- |
|
|
|
(1,698,936 |
) |
|
|
40,459,012 |
|
Jackson Manor Apartments (1), (8) |
|
MS |
|
|
4,769,999 |
|
|
|
- |
|
|
|
(61,666 |
) |
|
|
4,708,333 |
|
Village Point (5), (6) |
|
NJ |
|
|
23,000,000 |
|
|
|
- |
|
|
|
(416,949 |
) |
|
|
22,583,051 |
|
Silver Moon - Series A (2) |
|
NM |
|
|
7,377,683 |
|
|
|
549,683 |
|
|
|
- |
|
|
|
7,927,366 |
|
Village at Avalon (1) |
|
NM |
|
|
15,628,902 |
|
|
|
1,108,750 |
|
|
|
- |
|
|
|
16,737,652 |
|
Columbia Gardens (3) |
|
SC |
|
|
12,098,098 |
|
|
|
501,376 |
|
|
|
- |
|
|
|
12,599,474 |
|
Companion at Thornhill Apartments (3) |
|
SC |
|
|
10,443,818 |
|
|
|
331,310 |
|
|
|
- |
|
|
|
10,775,128 |
|
The Ivy Apartments (4), (8) |
|
SC |
|
|
30,555,975 |
|
|
|
- |
|
|
|
(55,975 |
) |
|
|
30,500,000 |
|
The Palms at Premier Park Apartments (1) |
|
SC |
|
|
17,517,830 |
|
|
|
- |
|
|
|
- |
|
|
|
17,517,830 |
|
The Park at Sondrio - Series 2022A (4) |
|
SC |
|
|
38,100,000 |
|
|
|
- |
|
|
|
- |
|
|
|
38,100,000 |
|
The Park at Vietti - Series 2022A (4) |
|
SC |
|
|
26,985,000 |
|
|
|
- |
|
|
|
- |
|
|
|
26,985,000 |
|
Village at River's Edge (3) |
|
SC |
|
|
9,454,389 |
|
|
|
757,578 |
|
|
|
- |
|
|
|
10,211,967 |
|
Willow Run (3) |
|
SC |
|
|
11,929,967 |
|
|
|
493,859 |
|
|
|
- |
|
|
|
12,423,826 |
|
Windsor Shores Apartments - Series A (4) |
|
SC |
|
|
21,545,000 |
|
|
|
- |
|
|
|
- |
|
|
|
21,545,000 |
|
Avistar at Copperfield - Series A (4) |
|
TX |
|
|
13,172,704 |
|
|
|
493,187 |
|
|
|
- |
|
|
|
13,665,891 |
|
Avistar at the Crest - Series A (4) |
|
TX |
|
|
8,584,243 |
|
|
|
458,591 |
|
|
|
- |
|
|
|
9,042,834 |
|
Avistar at the Crest - Series B |
|
TX |
|
|
709,460 |
|
|
|
24,394 |
|
|
|
- |
|
|
|
733,854 |
|
Avistar at the Oaks - Series A (4) |
|
TX |
|
|
6,951,864 |
|
|
|
320,427 |
|
|
|
- |
|
|
|
7,272,291 |
|
Avistar at the Oaks - Series B |
|
TX |
|
|
520,080 |
|
|
|
13,701 |
|
|
|
- |
|
|
|
533,781 |
|
Avistar at the Parkway - Series A (2) |
|
TX |
|
|
12,057,789 |
|
|
|
435,839 |
|
|
|
- |
|
|
|
12,493,628 |
|
Avistar at the Parkway - Series B |
|
TX |
|
|
122,021 |
|
|
|
12,776 |
|
|
|
- |
|
|
|
134,797 |
|
Avistar at Wilcrest - Series A (4) |
|
TX |
|
|
4,992,188 |
|
|
|
159,910 |
|
|
|
- |
|
|
|
5,152,098 |
|
Avistar at Wood Hollow - Series A (4) |
|
TX |
|
|
37,905,570 |
|
|
|
1,419,186 |
|
|
|
- |
|
|
|
39,324,756 |
|
Avistar in 09 - Series A (4) |
|
TX |
|
|
6,002,660 |
|
|
|
290,413 |
|
|
|
- |
|
|
|
6,293,073 |
|
Avistar in 09 - Series B |
|
TX |
|
|
429,019 |
|
|
|
12,210 |
|
|
|
- |
|
|
|
441,229 |
|
Avistar on the Boulevard - Series A (4) |
|
TX |
|
|
14,624,193 |
|
|
|
655,850 |
|
|
|
- |
|
|
|
15,280,043 |
|
Avistar on the Boulevard - Series B |
|
TX |
|
|
421,563 |
|
|
|
11,969 |
|
|
|
- |
|
|
|
433,532 |
|
Avistar on the Hills - Series A (4) |
|
TX |
|
|
4,759,400 |
|
|
|
241,182 |
|
|
|
- |
|
|
|
5,000,582 |
|
Bruton Apartments (3), (8) |
|
TX |
|
|
17,006,277 |
|
|
|
- |
|
|
|
(78,262 |
) |
|
|
16,928,015 |
|
Concord at Gulfgate - Series A (3) |
|
TX |
|
|
17,904,269 |
|
|
|
906,412 |
|
|
|
- |
|
|
|
18,810,681 |
|
Concord at Little York - Series A (3) |
|
TX |
|
|
12,542,787 |
|
|
|
691,831 |
|
|
|
- |
|
|
|
13,234,618 |
|
Concord at Williamcrest - Series A (3) |
|
TX |
|
|
19,430,121 |
|
|
|
1,027,636 |
|
|
|
- |
|
|
|
20,457,757 |
|
Crossing at 1415 - Series A (3) |
|
TX |
|
|
6,964,949 |
|
|
|
184,075 |
|
|
|
- |
|
|
|
7,149,024 |
|
Decatur Angle (3), (8) |
|
TX |
|
|
21,352,014 |
|
|
|
- |
|
|
|
(168,210 |
) |
|
|
21,183,804 |
|
Esperanza at Palo Alto (3) |
|
TX |
|
|
18,531,400 |
|
|
|
984,117 |
|
|
|
- |
|
|
|
19,515,517 |
|
Heights at 515 - Series A (3) |
|
TX |
|
|
6,376,531 |
|
|
|
309,803 |
|
|
|
- |
|
|
|
6,686,334 |
|
Heritage Square - Series A (2) |
|
TX |
|
|
10,000,817 |
|
|
|
312,367 |
|
|
|
- |
|
|
|
10,313,184 |
|
Oaks at Georgetown - Series A (3) |
|
TX |
|
|
11,631,353 |
|
|
|
31,320 |
|
|
|
- |
|
|
|
11,662,673 |
|
15 West Apartments (3) |
|
WA |
|
|
9,261,167 |
|
|
|
948,246 |
|
|
|
- |
|
|
|
10,209,413 |
|
Aventine Apartments (4) |
|
WA |
|
|
9,500,000 |
|
|
|
1,004,584 |
|
|
|
- |
|
|
|
10,504,584 |
|
Mortgage revenue bonds |
|
|
|
$ |
997,159,975 |
|
|
$ |
30,612,431 |
|
|
$ |
(5,208,442 |
) |
|
$ |
1,022,563,964 |
|
(1)2024 PFA Securitization Bond associated with the 2024 PFA Securitization Transaction, Note 13.
(2)MRB owned by ATAX TEBS III, LLC (M33 TEBS), Note 13. The TEBS financing has contractual limitations on the Partnership’s ability to sell the MRB.
(3)MRB owned by ATAX TEBS IV, LLC (M45 TEBS), Note 13. The TEBS financing has contractual limitations on the Partnership’s ability to sell the MRB.
(4)MRB held by Mizuho in a debt financing transaction, Note 13.
(5)MRB held by Barclays in a debt financing transaction, Note 13.
(6)As of the date presented, the Partnership determined that the unrealized loss on the MRB is a result of increasing market interest rates and is not considered a credit loss. As of March 31, 2025, the MRB has been in an unrealized loss position for at least 12 months.
(7)The Partnership has a remaining MRB funding commitment of approximately $1.9 million as of March 31, 2025. The MRB and the unfunded MRB commitment are accounted for as available-for-sale securities and reported at fair value. The reported unrealized loss includes the unrealized loss on the current MRB carrying value (based on current fair value) as well as the unrealized loss on the Partnership’s remaining funding commitment outstanding as of March 31, 2025 (also based on current fair value). The Partnership determined the unrealized loss is a result of increasing market interest rates and that the cumulative unrealized loss is not considered a credit loss. As of March 31, 2025, the MRB has been in an unrealized loss position for more than 12 months.
(8)As of the date presented, the Partnership determined that the unrealized loss on the MRB is a result of increasing market interest rates and is not considered a credit loss. As of March 31, 2025, the MRB has been in an unrealized loss position for less than 12 months.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31, 2024 |
|
Description of Mortgage Revenue Bonds |
|
State |
|
Cost Adjusted for Paydowns and Allowances |
|
|
Cumulative Unrealized Gain |
|
|
Cumulative Unrealized Loss |
|
|
Estimated Fair Value |
|
The Safford (4) |
|
AZ |
|
$ |
37,435,466 |
|
|
$ |
1,523,170 |
|
|
$ |
- |
|
|
$ |
38,958,636 |
|
40rty on Colony - Series P (4) |
|
CA |
|
|
5,962,217 |
|
|
|
459,328 |
|
|
|
- |
|
|
|
6,421,545 |
|
CCBA Senior Garden Apartments (1), (8) |
|
CA |
|
|
3,720,209 |
|
|
|
- |
|
|
|
(58,814 |
) |
|
|
3,661,395 |
|
Courtyard - Series A (3) |
|
CA |
|
|
9,668,469 |
|
|
|
449,017 |
|
|
|
- |
|
|
|
10,117,486 |
|
Glenview Apartments - Series A (2) |
|
CA |
|
|
4,248,118 |
|
|
|
170,362 |
|
|
|
- |
|
|
|
4,418,480 |
|
Harmony Court Bakersfield - Series A (3) |
|
CA |
|
|
3,525,258 |
|
|
|
127,289 |
|
|
|
- |
|
|
|
3,652,547 |
|
Harmony Terrace - Series A (3) |
|
CA |
|
|
6,527,329 |
|
|
|
288,190 |
|
|
|
- |
|
|
|
6,815,519 |
|
Harden Ranch - Series A (1) |
|
CA |
|
|
6,256,135 |
|
|
|
260,476 |
|
|
|
- |
|
|
|
6,516,611 |
|
Las Palmas II - Series A (3) |
|
CA |
|
|
1,598,957 |
|
|
|
61,427 |
|
|
|
- |
|
|
|
1,660,384 |
|
Lutheran Gardens |
|
CA |
|
|
10,352,000 |
|
|
|
- |
|
|
|
- |
|
|
|
10,352,000 |
|
Montclair Apartments - Series A (2) |
|
CA |
|
|
2,301,443 |
|
|
|
98,596 |
|
|
|
- |
|
|
|
2,400,039 |
|
Montecito at Williams Ranch Apartments - Series A (1) |
|
CA |
|
|
7,374,111 |
|
|
|
424,400 |
|
|
|
- |
|
|
|
7,798,511 |
|
Montevista - Series A (1) |
|
CA |
|
|
6,556,878 |
|
|
|
602,131 |
|
|
|
- |
|
|
|
7,159,009 |
|
Ocotillo Springs - Series A (1), (6) |
|
CA |
|
|
3,455,419 |
|
|
|
- |
|
|
|
(224,262 |
) |
|
|
3,231,157 |
|
Ocotillo Springs - Series A-1 (1) |
|
CA |
|
|
496,351 |
|
|
|
64,598 |
|
|
|
- |
|
|
|
560,949 |
|
Residency at Empire - Series BB-1 (4) |
|
CA |
|
|
14,109,248 |
|
|
|
491,616 |
|
|
|
- |
|
|
|
14,600,864 |
|
Residency at Empire - Series BB-2 (4) |
|
CA |
|
|
4,000,000 |
|
|
|
171,675 |
|
|
|
- |
|
|
|
4,171,675 |
|
Residency at Empire - Series BB-3 (4) |
|
CA |
|
|
14,000,000 |
|
|
|
510,453 |
|
|
|
- |
|
|
|
14,510,453 |
|
Residency at Empire - Series BB-4 (4) |
|
CA |
|
|
21,200,000 |
|
|
|
275,702 |
|
|
|
- |
|
|
|
21,475,702 |
|
Residency at the Entrepreneur - Series J-1 (4), (8) |
|
CA |
|
|
9,078,496 |
|
|
|
- |
|
|
|
(194,816 |
) |
|
|
8,883,680 |
|
Residency at the Entrepreneur - Series J-2 (4), (8) |
|
CA |
|
|
7,500,000 |
|
|
|
- |
|
|
|
(96,933 |
) |
|
|
7,403,067 |
|
Residency at the Entrepreneur - Series J-3 (4), (8) |
|
CA |
|
|
26,080,000 |
|
|
|
- |
|
|
|
(99,928 |
) |
|
|
25,980,072 |
|
Residency at the Entrepreneur - Series J-4 (4) |
|
CA |
|
|
16,420,000 |
|
|
|
- |
|
|
|
- |
|
|
|
16,420,000 |
|
Residency at the Entrepreneur - Series J-5 (4) |
|
CA |
|
|
5,000,000 |
|
|
|
- |
|
|
|
- |
|
|
|
5,000,000 |
|
Residency at the Mayer - Series A (4) |
|
CA |
|
|
29,556,596 |
|
|
|
- |
|
|
|
- |
|
|
|
29,556,596 |
|
Residency at the Mayer - Series M (4) |
|
CA |
|
|
11,500,000 |
|
|
|
- |
|
|
|
- |
|
|
|
11,500,000 |
|
San Vicente - Series A (3) |
|
CA |
|
|
3,296,965 |
|
|
|
135,060 |
|
|
|
- |
|
|
|
3,432,025 |
|
Santa Fe Apartments - Series A (2) |
|
CA |
|
|
2,788,112 |
|
|
|
123,270 |
|
|
|
- |
|
|
|
2,911,382 |
|
Seasons at Simi Valley - Series A (3) |
|
CA |
|
|
4,025,911 |
|
|
|
272,883 |
|
|
|
- |
|
|
|
4,298,794 |
|
Seasons Lakewood - Series A (3) |
|
CA |
|
|
6,953,024 |
|
|
|
306,985 |
|
|
|
- |
|
|
|
7,260,009 |
|
Seasons San Juan Capistrano - Series A (3) |
|
CA |
|
|
11,706,622 |
|
|
|
516,863 |
|
|
|
- |
|
|
|
12,223,485 |
|
Solano Vista - Series A (1) |
|
CA |
|
|
2,591,588 |
|
|
|
172,312 |
|
|
|
- |
|
|
|
2,763,900 |
|
Summerhill - Series A (3) |
|
CA |
|
|
6,070,437 |
|
|
|
20,122 |
|
|
|
- |
|
|
|
6,090,559 |
|
Sycamore Walk - Series A (3) |
|
CA |
|
|
3,330,230 |
|
|
|
44,181 |
|
|
|
- |
|
|
|
3,374,411 |
|
The Village at Madera - Series A (3) |
|
CA |
|
|
2,915,662 |
|
|
|
112,779 |
|
|
|
- |
|
|
|
3,028,441 |
|
Tyler Park Townhomes - Series A (1) |
|
CA |
|
|
5,445,686 |
|
|
|
- |
|
|
|
- |
|
|
|
5,445,686 |
|
Village at Hanford Square - Series H (4) |
|
CA |
|
|
10,400,000 |
|
|
|
619,721 |
|
|
|
- |
|
|
|
11,019,721 |
|
Vineyard Gardens - Series A (1) |
|
CA |
|
|
3,839,951 |
|
|
|
281,057 |
|
|
|
- |
|
|
|
4,121,008 |
|
Wellspring Apartments (1) |
|
CA |
|
|
3,880,455 |
|
|
|
119,584 |
|
|
|
- |
|
|
|
4,000,039 |
|
Westside Village Market - Series A (1) |
|
CA |
|
|
3,558,747 |
|
|
|
132,773 |
|
|
|
- |
|
|
|
3,691,520 |
|
Handsel Morgan Village Apartments (4) |
|
GA |
|
|
2,150,000 |
|
|
|
162,887 |
|
|
|
- |
|
|
|
2,312,887 |
|
MaryAlice Circle Apartments (4) |
|
GA |
|
|
5,900,000 |
|
|
|
496,763 |
|
|
|
- |
|
|
|
6,396,763 |
|
Copper Gate Apartments (1) |
|
IN |
|
|
4,715,000 |
|
|
|
- |
|
|
|
- |
|
|
|
4,715,000 |
|
Renaissance - Series A (2), (8) |
|
LA |
|
|
10,263,789 |
|
|
|
- |
|
|
|
(836,645 |
) |
|
|
9,427,144 |
|
Live 929 Apartments - Series 2022A (4) |
|
MD |
|
|
58,560,655 |
|
|
|
3,547,694 |
|
|
|
- |
|
|
|
62,108,349 |
|
Woodington Gardens Apartments - Series A-1 (4) |
|
MD |
|
|
31,150,000 |
|
|
|
3,112,265 |
|
|
|
- |
|
|
|
34,262,265 |
|
Meadow Valley (4), (7) |
|
MI |
|
|
41,162,263 |
|
|
|
- |
|
|
|
(1,859,135 |
) |
|
|
39,303,128 |
|
Jackson Manor Apartments (1) |
|
MS |
|
|
4,781,136 |
|
|
|
19,919 |
|
|
|
- |
|
|
|
4,801,055 |
|
Village Point (5), (8) |
|
NJ |
|
|
23,000,000 |
|
|
|
- |
|
|
|
(447,248 |
) |
|
|
22,552,752 |
|
Silver Moon - Series A (2) |
|
NM |
|
|
7,398,857 |
|
|
|
571,694 |
|
|
|
- |
|
|
|
7,970,551 |
|
Village at Avalon (1) |
|
NM |
|
|
15,665,803 |
|
|
|
1,241,389 |
|
|
|
- |
|
|
|
16,907,192 |
|
Columbia Gardens (3) |
|
SC |
|
|
12,150,488 |
|
|
|
502,113 |
|
|
|
- |
|
|
|
12,652,601 |
|
Companion at Thornhill Apartments (3) |
|
SC |
|
|
10,484,096 |
|
|
|
338,831 |
|
|
|
- |
|
|
|
10,822,927 |
|
The Ivy Apartments (4) |
|
SC |
|
|
30,558,423 |
|
|
|
822,638 |
|
|
|
- |
|
|
|
31,381,061 |
|
The Palms at Premier Park Apartments (1) |
|
SC |
|
|
17,590,997 |
|
|
|
27,389 |
|
|
|
- |
|
|
|
17,618,386 |
|
The Park at Sondrio - Series 2022A (4) |
|
SC |
|
|
38,100,000 |
|
|
|
1,260,209 |
|
|
|
- |
|
|
|
39,360,209 |
|
The Park at Vietti - Series 2022A (4) |
|
SC |
|
|
26,985,000 |
|
|
|
952,281 |
|
|
|
- |
|
|
|
27,937,281 |
|
Village at River's Edge (3) |
|
SC |
|
|
9,477,407 |
|
|
|
832,313 |
|
|
|
- |
|
|
|
10,309,720 |
|
Willow Run (3) |
|
SC |
|
|
11,981,345 |
|
|
|
494,536 |
|
|
|
- |
|
|
|
12,475,881 |
|
Windsor Shores Apartments - Series A (4) |
|
SC |
|
|
21,545,000 |
|
|
|
718,755 |
|
|
|
- |
|
|
|
22,263,755 |
|
Avistar at Copperfield - Series A (4) |
|
TX |
|
|
13,215,029 |
|
|
|
485,574 |
|
|
|
- |
|
|
|
13,700,603 |
|
Avistar at the Crest - Series A (4) |
|
TX |
|
|
8,621,036 |
|
|
|
471,417 |
|
|
|
- |
|
|
|
9,092,453 |
|
Avistar at the Crest - Series B |
|
TX |
|
|
711,315 |
|
|
|
24,748 |
|
|
|
- |
|
|
|
736,063 |
|
Avistar at the Oaks - Series A (4) |
|
TX |
|
|
6,980,721 |
|
|
|
333,795 |
|
|
|
- |
|
|
|
7,314,516 |
|
Avistar at the Oaks - Series B |
|
TX |
|
|
521,384 |
|
|
|
14,194 |
|
|
|
- |
|
|
|
535,578 |
|
Avistar at the Parkway - Series A (2) |
|
TX |
|
|
12,101,645 |
|
|
|
422,358 |
|
|
|
- |
|
|
|
12,524,003 |
|
Avistar at the Parkway - Series B |
|
TX |
|
|
122,165 |
|
|
|
13,232 |
|
|
|
- |
|
|
|
135,397 |
|
Avistar at Wilcrest - Series A (4) |
|
TX |
|
|
5,008,228 |
|
|
|
155,503 |
|
|
|
- |
|
|
|
5,163,731 |
|
Avistar at Wood Hollow - Series A (4) |
|
TX |
|
|
38,027,363 |
|
|
|
1,397,281 |
|
|
|
- |
|
|
|
39,424,644 |
|
Avistar in 09 - Series A (4) |
|
TX |
|
|
6,027,577 |
|
|
|
302,568 |
|
|
|
- |
|
|
|
6,330,145 |
|
Avistar in 09 - Series B |
|
TX |
|
|
430,095 |
|
|
|
12,653 |
|
|
|
- |
|
|
|
442,748 |
|
Avistar on the Boulevard - Series A (4) |
|
TX |
|
|
14,686,873 |
|
|
|
671,717 |
|
|
|
- |
|
|
|
15,358,590 |
|
Avistar on the Boulevard - Series B |
|
TX |
|
|
422,666 |
|
|
|
12,072 |
|
|
|
- |
|
|
|
434,738 |
|
Avistar on the Hills - Series A (4) |
|
TX |
|
|
4,779,156 |
|
|
|
251,307 |
|
|
|
- |
|
|
|
5,030,463 |
|
Bruton Apartments (3) |
|
TX |
|
|
17,050,526 |
|
|
|
- |
|
|
|
- |
|
|
|
17,050,526 |
|
Concord at Gulfgate - Series A (3) |
|
TX |
|
|
17,963,286 |
|
|
|
938,146 |
|
|
|
- |
|
|
|
18,901,432 |
|
Concord at Little York - Series A (3) |
|
TX |
|
|
12,584,132 |
|
|
|
716,639 |
|
|
|
- |
|
|
|
13,300,771 |
|
Concord at Williamcrest - Series A (3) |
|
TX |
|
|
19,494,168 |
|
|
|
1,064,065 |
|
|
|
- |
|
|
|
20,558,233 |
|
Crossing at 1415 - Series A (3) |
|
TX |
|
|
6,989,209 |
|
|
|
179,154 |
|
|
|
- |
|
|
|
7,168,363 |
|
Decatur Angle (3), (8) |
|
TX |
|
|
21,412,592 |
|
|
|
- |
|
|
|
(149,516 |
) |
|
|
21,263,076 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31, 2024 |
|
Description of Mortgage Revenue Bonds |
|
State |
|
Cost Adjusted for Paydowns and Allowances |
|
|
Cumulative Unrealized Gain |
|
|
Cumulative Unrealized Loss |
|
|
Estimated Fair Value |
|
Esperanza at Palo Alto (3) |
|
TX |
|
|
18,576,657 |
|
|
|
1,168,859 |
|
|
|
- |
|
|
|
19,745,516 |
|
Heights at 515 - Series A (3) |
|
TX |
|
|
6,398,741 |
|
|
|
312,241 |
|
|
|
- |
|
|
|
6,710,982 |
|
Heritage Square - Series A (2) |
|
TX |
|
|
10,039,053 |
|
|
|
307,888 |
|
|
|
- |
|
|
|
10,346,941 |
|
Oaks at Georgetown - Series A (3) |
|
TX |
|
|
11,664,053 |
|
|
|
214,123 |
|
|
|
- |
|
|
|
11,878,176 |
|
15 West Apartments (3) |
|
WA |
|
|
9,283,990 |
|
|
|
1,025,529 |
|
|
|
- |
|
|
|
10,309,519 |
|
Aventine Apartments (4) |
|
WA |
|
|
9,500,000 |
|
|
|
1,060,325 |
|
|
|
- |
|
|
|
10,560,325 |
|
Mortgage revenue bonds |
|
|
|
$ |
994,958,009 |
|
|
$ |
35,493,084 |
|
|
$ |
(3,967,297 |
) |
|
$ |
1,026,483,796 |
|
(1)2024 PFA Securitization Bond associated with the 2024 PFA Securitization Transaction, Note 13.
(2)MRB owned by ATAX TEBS III, LLC (M33 TEBS), Note 13. The TEBS financing has contractual limitations on the Partnership’s ability to sell the MRB.
(3)MRB owned by ATAX TEBS IV, LLC (M45 TEBS), Note 13. The TEBS financing has contractual limitations on the Partnership’s ability to sell the MRB.
(4)MRB held by Mizuho in a TOB trust financing transaction, Note 13.
(5)MRB held by Barclays in a debt financing transaction, Note 13.
(6)As of the date presented, the Partnership determined that the unrealized loss on the MRB is a result of increasing market interest rates and is not considered a credit loss. As of December 31, 2024, the MRB has been in an unrealized loss position for at least 12 months.
(7)The Partnership has a remaining MRB funding commitment of approximately $2.9 million as of December 31, 2024. The MRB and the unfunded MRB commitment are accounted for as available-for-sale securities and reported at fair value. The reported unrealized loss includes the unrealized loss on the current MRB carrying value (based on current fair value) as well as the unrealized loss on the Partnership’s remaining funding commitment outstanding as of December 31, 2024 (also based on current fair value). The Partnership determined the unrealized loss is a result of increasing market interest rates and that the cumulative unrealized loss is not considered a credit loss. As of December 31, 2024, the MRB has been in an unrealized loss position for more than 12 months.
(8)As of the date presented, the Partnership determined that the unrealized loss on the MRB is a result of increasing market interest rates and is not considered a credit loss. As of December 31, 2024, the MRB has been in an unrealized loss position for less than 12 months.
The Partnership has accrued interest receivable related to its MRBs of approximately $5.3 million and approximately $5.3 million as of March 31, 2025 and December 31, 2024, respectively, that is reported as interest receivable, net in the Partnership's condensed consolidated balance sheets.
An entity that is an affiliate of the borrowers for the Residency at Empire, Residency at the Entrepreneur, and the Residency at the Mayer MRBs and taxable MRBs (Note 9) has provided full payment guaranties during the construction phase prior to stabilization. MRBs and taxable MRBs had total outstanding principal of $165.9 million and $9.0 million, respectively, as of March 31, 2025.
The Partnership has committed to provide funding for certain MRBs on a draw-down basis during construction and/or rehabilitation of the secured properties as of March 31, 2025. See Note 16 for additional information regarding the Partnership’s MRB funding commitments.
See Note 20 for a description of the methodology and significant assumptions used in determining the fair value of the MRBs. Unrealized gains or losses on the MRBs are recorded in the Partnership's condensed consolidated statements of comprehensive income to reflect changes in their estimated fair values resulting from market conditions and fluctuations in the present value of the expected cash flows from the MRBs.
See Note 10 for information regarding the Partnership’s allowance for credit losses.
Activity in the First Three Months of 2025
Amendments:
In March 2025, the Residency at the Mayer – Series A and Residency at the Mayer – Series M MRBs were amended. Previously, upon stabilization of the property, the Series A MRB would have been paid down to no more than $18.0 million and would have converted to a fixed interest rate of 4.90% and the Series M MRB would have paid down to no more than $5.0 million and converted to a fixed interest rate of SOFR plus 3.50% as of the stabilization date. The amendment to these MRBs has removed the Partnership’s post-stabilization funding commitment such that the Partnership’s MRBs will be either repurchased or redeemed by March 2026, and until such date the MRBs will bear interest at a variable interest rate of SOFR plus 3.60%.
During the first quarter of 2025, the Partnership recognized fees totaling approximately $565,000 in other income in connection with extensions of the maturity dates of the Residency at the Entrepreneur MRBs, the Residency at the Mayer MRBs, and the Residency at the Entrepreneur taxable MRB.
Redemptions:
The following MRB was redeemed at a price that approximated the outstanding principal balance plus accrued interest during the three months ended March 31, 2025:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Property Name |
|
Month Redeemed |
|
Property Location |
|
Units |
|
|
Original Maturity Date |
|
Interest Rate |
|
|
Principal Outstanding at Date of Redemption |
|
Lutheran Gardens |
|
March 2025 |
|
Compton, CA |
|
|
76 |
|
|
2/1/2025 |
|
|
4.90 |
% |
|
$ |
10,352,000 |
|
Activity in the First Three Months of 2024
Acquisitions:
The following MRB was acquired at a price that approximated the principal outstanding plus accrued interest during the three months ended March 31, 2024:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Property Name |
|
Month Acquired |
|
Property Location |
|
Units |
|
|
Maturity Date |
|
Interest Rate |
|
Initial Principal Funded |
|
Residency at the Mayer - Series M (1) |
|
March 2024 |
|
Hollywood, CA |
|
|
79 |
|
|
4/1/2039 |
|
SOFR + 3.60% |
(2) |
$ |
11,500,000 |
|
(1)The borrower re-allocated $11.5 million of previously provided funding from a taxable MRB to this new MRB during the acquisition and rehabilitation phase of the property.
(2)The interest rate is subject to an all-in floor of 3.85%.
5. Governmental Issuer Loans
The Partnership invests in GILs that are issued by state or local governmental authorities to finance the construction of affordable multifamily properties. The Partnership expects and believes the interest earned on the GILs is excludable from gross income for federal income tax purposes. GILs do not constitute an obligation of any government, agency or authority and no government, agency or authority is liable for them, nor is the taxing power of any state government pledged to the payment of principal or interest on the GILs. Each GIL is secured by a mortgage on all real and personal property of the affordable multifamily property. The GILs share first mortgage lien positions with property loans and/or taxable GILs owned by the Partnership (Notes 6 and 9). Sources of the funds to pay principal and interest on a GIL consist of the net cash flow or the sale or refinancing proceeds from the secured property and limited-to-full payment guaranties provided by affiliates of the borrower.
All GILs were held in trust in connection with TOB trust financings as of March 31, 2025 and December 31, 2024 (Note 13), with the exception of the Natchitoches Thomas Apartments GIL. At the closing of each GIL, Freddie Mac, through a servicer, has forward committed to purchase the GIL at maturity at par if the property has reached stabilization and other conditions are met.
The Partnership had the following GIL investments as of March 31, 2025 and December 31, 2024:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As of March 31, 2025 |
|
Property Name |
|
Month Acquired |
|
Property Location |
|
Units |
|
|
Maturity Date (1) |
|
Interest Rate (2) |
|
Current Interest Rate |
|
Amortized Cost |
|
Legacy Commons at Signal Hills (3) |
|
January 2021 |
|
St. Paul, MN |
|
247 |
|
|
8/1/2025 |
|
SOFR + 3.07% |
|
7.42% |
|
$ |
34,620,000 |
|
Poppy Grove I (3), (4) |
|
September 2022 |
|
Elk Grove, CA |
|
147 |
|
|
10/1/2025 |
|
6.78% |
|
6.78% |
|
|
40,888,328 |
|
Poppy Grove II (3), (4) |
|
September 2022 |
|
Elk Grove, CA |
|
82 |
|
|
10/1/2025 |
|
6.78% |
|
6.78% |
|
|
24,050,000 |
|
Poppy Grove III (3), (4) |
|
September 2022 |
|
Elk Grove, CA |
|
158 |
|
|
10/1/2025 |
|
6.78% |
|
6.78% |
|
|
43,250,000 |
|
Sandy Creek Apartments (3) |
|
August 2023 |
|
Bryan, TX |
|
140 |
|
|
9/1/2026 |
|
SOFR + 2.80% |
|
7.12% |
|
|
12,100,000 |
|
Natchitoches Thomas Apartments (3), (5) |
|
December 2024 |
|
Natchitoches, LA |
|
120 |
|
|
7/1/2027 |
|
7.92% |
|
7.92% |
|
|
6,500,000 |
|
|
|
|
|
|
|
|
894 |
|
|
|
|
|
|
|
|
$ |
161,408,328 |
|
(1)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 variable index interest rate components are typically subject to floors that range from 0% to 0.50%.
(3)The Freddie Mac servicer that has forward committed to purchase the GIL at maturity is an affiliate of the Partnership (Note 19).
(4)The Partnership has agreed to provide a subordinate GIL after the execution of Freddie Mac’s forward purchase commitment if needed by the property. The potential subordinate GIL amounts are up to $3.8 million, $2.2 million, and $4.2 million for Poppy Grove I, Poppy Grove II, and Poppy Grove III, respectively.
(5)The Natchitoches Thomas Apartments GIL was considered to be available-for-sale sale and reported at fair value, which approximated amortized cost as of March 31, 2025. The Partnership expects to sell the GIL into the Construction Lending JV in the future.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As of December 31, 2024 |
|
Property Name |
|
Month Acquired |
|
Property Location |
|
Units |
|
|
Maturity Date (1) |
|
Interest Rate (2) |
|
Current Interest Rate |
|
Amortized Cost |
|
Legacy Commons at Signal Hills (3) |
|
January 2021 |
|
St. Paul, MN |
|
247 |
|
|
2/1/2025 |
|
SOFR + 3.07% |
|
7.60% |
|
$ |
34,620,000 |
|
Osprey Village (3) |
|
July 2021 |
|
Kissimmee, FL |
|
383 |
|
|
2/1/2025 |
|
SOFR + 3.07% |
|
7.64% |
|
|
60,000,000 |
|
Willow Place Apartments (3) |
|
September 2021 |
|
McDonough, GA |
|
182 |
|
|
2/1/2025 |
|
SOFR + 3.30% |
|
7.87% |
|
|
20,702,594 |
|
Willow Place Apartments Supplemental |
|
November 2023 |
|
McDonough, GA |
|
n/a |
|
|
2/1/2025 |
|
SOFR + 3.45% |
|
8.02% |
|
|
1,500,000 |
|
Poppy Grove I (3), (4) |
|
September 2022 |
|
Elk Grove, CA |
|
147 |
|
|
4/1/2025 |
|
6.78% |
|
6.78% |
|
|
35,688,328 |
|
Poppy Grove II (3), (4) |
|
September 2022 |
|
Elk Grove, CA |
|
82 |
|
|
4/1/2025 |
|
6.78% |
|
6.78% |
|
|
21,541,300 |
|
Poppy Grove III (3), (4) |
|
September 2022 |
|
Elk Grove, CA |
|
158 |
|
|
4/1/2025 |
|
6.78% |
|
6.78% |
|
|
33,550,000 |
|
Sandy Creek Apartments (3) |
|
August 2023 |
|
Bryan, TX |
|
140 |
|
|
9/1/2026 |
|
7.83% (5) |
|
7.83% |
|
|
12,100,000 |
|
Natchitoches Thomas Apartments (3), (6) |
|
December 2024 |
|
Natchitoches, LA |
|
120 |
|
|
7/1/2027 |
|
7.92% |
|
7.92% |
|
|
6,500,000 |
|
|
|
|
|
|
|
|
1,459 |
|
|
|
|
|
|
|
|
$ |
226,202,222 |
|
(1)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 variable index interest rate components are typically subject to floors that range from 0.25% to 0.50%.
(3)The Freddie Mac servicer that has forward committed to purchase the GIL at maturity is an affiliate of the Partnership (Note 19).
(4)The Partnership has agreed to provide a subordinate GIL after the execution of Freddie Mac’s forward purchase commitment if needed by the property. The potential subordinate GIL amounts are up to $3.8 million, $2.2 million, and $4.2 million for Poppy Grove I, Poppy Grove II, and Poppy Grove III, respectively.
(5)The interest rate will convert to a variable rate of Term SOFR + 2.80% on February 1, 2025.
(6)The Natchitoches Thomas Apartments GIL was considered to be available-for-sale sale and reported at fair value, which approximated amortized cost as of December 31, 2024. The Partnership expects to sell the GIL into the Construction Lending JV in the future.
The Partnership has accrued interest receivable related to its GILs of approximately $1.0 million and approximately $1.4 million as of March 31, 2025 and December 31, 2024, respectively, that is reported as interest receivable, net in the Partnership’s condensed consolidated balance sheets.
Two entities that are affiliates of certain GIL borrowers have provided limited-to-full payment guaranties for GILs and property loans (Note 6) with total outstanding principal of $46.7 million and $1.6 million, respectively, as of March 31, 2025. The guaranties relate to the Partnership’s investments in Legacy Commons at Signal Hills and Sandy Creek Apartments. The affiliates also provide guaranties for The Safford MRB and the Sandoval Flats property loan.
An entity that is an affiliate of the borrowers for the Poppy Grove GILs and Poppy Grove taxable GILs (Note 9) has provided payment guaranties with total outstanding principal of $108.2 million and $22.2 million, respectively, as of March 31, 2025.
The Partnership has remaining commitments to provide funding of certain GILs on a draw-down basis during construction and/or rehabilitation of the secured properties as of March 31, 2025. See Note 16 for further information regarding the Partnership’s remaining GIL funding commitments.
See Note 10 for information regarding the Partnership’s allowance for credit losses.
Activity in the First Three Months of 2025
During the three months ended March 31, 2025, the following GILs were purchased by Freddie Mac through a servicer and all principal and accrued interest amounts due were paid in full:
|
|
|
|
|
|
|
Property Name |
|
Month Redeemed |
|
Principal Proceeds |
|
Osprey Village |
|
January 2025 |
|
$ |
60,000,000 |
|
Willow Place Apartments |
|
January 2025 |
|
|
20,702,594 |
|
Willow Place Apartments Supplemental |
|
January 2025 |
|
|
1,500,000 |
|
|
|
|
|
$ |
82,202,594 |
|
In January 2025, the Partnership recognized a fee of approximately $87,000 in other income in connection with an extension of the maturity date of the Legacy Commons at Signal Hills GIL to August 2025.
In February 2025, the borrowers for Poppy Grove I, Poppy Grove II , and Poppy Grove III re-allocated $5.2 million, $1.8 million, and $5.7 million, respectively, from a taxable GIL (Note 9) to a GIL for each property. The Partnership received no net proceeds and advanced no net funding upon re-allocation.
In February 2025, the Partnership recognized fees totaling approximately $307,000 in other income in connection with the extension of the maturity dates of the Poppy Grove I, Poppy Grove II, and Poppy Grove III GILs and taxable GILs to October 2025. There were no additional material changes to terms associated with the Poppy Grove I, Poppy Grove II, and Poppy Grove III GILs and taxable GILs.
Activity in the First Three Months of 2024
During the three months ended March 31, 2024, the following GIL was purchased by Freddie Mac through a servicer and all principal and accrued interest amounts due were paid in full:
|
|
|
|
|
|
|
Property Name |
|
Month Redeemed |
|
Principal Proceeds |
|
Hope on Avalon |
|
January 2024 |
|
$ |
23,390,000 |
|
In February 2024, the Partnership recognized a fee of approximately $87,000 in other income in connection with an extension of the maturity date of the Legacy Commons at Signal Hills GIL to August 2024.
6. Property Loans
The following tables summarize the Partnership’s property loans, net of asset-specific allowances for credit losses, as of March 31, 2025 and December 31, 2024:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
March 31, 2025 |
|
|
|
|
|
|
|
|
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 |
|
$ |
588,246 |
|
|
$ |
- |
|
|
$ |
588,246 |
|
|
9/1/2026 |
|
SOFR + 3.35% |
|
Subtotal |
|
|
588,246 |
|
|
|
- |
|
|
|
588,246 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Mezzanine Financing (2) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SoLa Impact Opportunity Zone Fund |
|
$ |
32,824,000 |
|
|
$ |
- |
|
|
$ |
32,824,000 |
|
|
12/30/2025 |
|
7.875% |
|
The Centurion Foundation |
|
|
7,250,000 |
|
|
|
- |
|
|
|
7,250,000 |
|
|
6/15/2039 |
|
10.50% |
|
Subtotal |
|
|
40,074,000 |
|
|
|
- |
|
|
|
40,074,000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 (3) |
|
|
1,000,000 |
|
|
|
- |
|
|
|
1,000,000 |
|
|
12/1/2027 |
|
7.48% |
|
Subtotal |
|
|
8,604,611 |
|
|
|
(495,000 |
) |
|
|
8,109,611 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total |
|
$ |
49,266,857 |
|
|
$ |
(495,000 |
) |
|
$ |
48,771,857 |
|
|
|
|
|
|
(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 for periods ranging between six and twelve months upon meeting certain conditions, which may include payment of a non-refundable extension fee.
(2)The property loans are held in trust in connection with a TOB trust financing (Note 13).
(3)The Sandoval Flats property loan was considered to be held-for-sale and reported at fair value, which approximated amortized cost as of March 31, 2025. The Partnership expects to sell the GIL 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 GIL into the Construction Lending JV in the future.
The Partnership has accrued interest receivable related to its property loans of approximately $299,000 and approximately $354,000 as of March 31, 2025 and December 31, 2024, respectively, that is reported as interest receivable, net in the Partnership’s condensed consolidated balance sheets.
The Partnership has remaining commitments to provide additional funding of certain property loans on a draw-down basis during construction of the secured properties as of March 31, 2025. See Note 16 for further information regarding the Partnership’s remaining property loan funding commitments.
See Note 10 for information regarding the Partnership’s allowance for credit losses related to its property loans.
Activity in the First Three Months of 2025
The following property loan principal payments were received during the three months ended March 31, 2025:
|
|
|
|
|
|
|
Property Name |
|
Month Repaid |
|
Principal Proceeds |
|
Sandy Creek Apartments |
|
January 2025 |
|
$ |
7,241,754 |
|
SoLa Impact Opportunity Zone Fund |
|
March 2025 |
|
|
556,000 |
|
|
|
|
|
$ |
7,797,754 |
|
Activity in the First Three Months of 2024
The following property loan principal payments were received during the three months ended March 31, 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 |
|
|
|
|
|
$ |
72,323,194 |
|
7. Investments in Unconsolidated Entities
The Partnership has non-controlling investments in unconsolidated entities. The Partnership applies the equity method of accounting by initially recording these investments at cost, subsequently adjusted for accrued preferred returns, the Partnership’s share of earnings (losses) of the unconsolidated entities, cash contributions, and distributions. The carrying value of the equity investments represents the Partnership’s maximum exposure to loss. The Partnership is entitled to a preferred return on invested capital in each unconsolidated entity. The Partnership’s preferred return is reported as “Investment income” on the Partnership’s condensed consolidated statements of operations.
An affiliate of the Vantage Properties guarantees a preferred return on the Partnership’s invested capital through a date approximately five years after commencement of construction in connection with each Vantage Property.
In October 2024, the Partnership entered into the Construction Lending JV to invest in loans to finance the construction and/or rehabilitation of affordable multifamily housing properties across the United States, such as the Partnership’s current GIL, taxable GIL and property loan investments. The Partnership will provide 10% of the capital for the Construction Lending JV with the remainder to be funded by a third-party investor with each party contributing its proportionate capital contributions upon funding of future investments. The Partnership’s initial maximum capital contribution to the Construction Lending JV is approximately $8.3 million. A wholly owned subsidiary of the Partnership is the Construction Lending JV’s managing member responsible for identifying, evaluating, underwriting, and closing investments, subject to the conditions of the joint venture and third-party investor evaluation and approval. The Partnership will earn proportionate returns on its invested capital plus promote income if the joint venture meets certain earnings thresholds. The Partnership will account for its investment in the Construction Lending JV using the equity method. There were no assets, liabilities, or net income of the Construction Lending JV as of and for the three months ended March 31, 2025.
The following table provides the details of the investments in unconsolidated entities as of March 31, 2025 and December 31, 2024:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Property Name |
|
Location |
|
Units |
|
|
Construction Commencement Date |
|
Construction Completion Date |
|
Carrying Value as of March 31, 2025 |
|
|
Carrying Value as of December 31, 2024 |
|
Current Investments |
|
|
|
|
|
|
|
|
|
|
|
|
|
Vantage at Hutto |
|
Hutto, TX |
|
|
288 |
|
|
December 2021 |
|
December 2023 |
|
$ |
14,808,715 |
|
|
$ |
14,573,715 |
|
Vantage at Loveland |
|
Loveland, CO |
|
|
288 |
|
|
April 2021 |
|
October 2024 |
|
|
21,098,735 |
|
|
|
26,560,347 |
|
Vantage at Helotes |
|
Helotes, TX |
|
|
288 |
|
|
May 2021 |
|
November 2022 |
|
|
15,090,681 |
|
|
|
15,090,681 |
|
Vantage at Fair Oaks |
|
Boerne, TX |
|
|
288 |
|
|
September 2021 |
|
May 2023 |
|
|
13,535,176 |
|
|
|
13,535,176 |
|
Vantage at McKinney Falls |
|
McKinney Falls, TX |
|
|
288 |
|
|
December 2021 |
|
July 2024 |
|
|
15,633,593 |
|
|
|
15,633,593 |
|
Freestone Greeley |
|
Greeley, CO |
|
|
296 |
|
|
N/A |
|
N/A |
|
|
6,230,785 |
|
|
|
6,230,785 |
|
Freestone Cresta Bella |
|
San Antonio, TX |
|
|
296 |
|
|
February 2023 |
|
November 2024 |
|
|
17,291,943 |
|
|
|
16,759,593 |
|
Valage Senior Living Carson Valley |
|
Minden, NV |
|
|
102 |
|
(1) |
February 2023 |
|
N/A |
|
|
8,410,047 |
|
|
|
8,471,445 |
|
The Jessam at Hays Farm |
|
Huntsville, AL |
|
|
318 |
|
|
July 2023 |
|
N/A |
|
|
18,037,286 |
|
|
|
17,696,609 |
|
Freestone Greenville |
|
Greenville, TX |
|
|
300 |
|
|
April 2024 |
|
N/A |
|
|
21,253,203 |
|
|
|
20,853,691 |
|
Freestone Ladera |
|
Ladera, TX |
|
|
288 |
|
|
August 2024 |
|
N/A |
|
|
16,598,455 |
|
|
|
9,804,364 |
|
Subtotal |
|
|
|
|
|
|
|
|
|
|
|
167,988,619 |
|
|
|
165,209,999 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Previously Sold Investments |
|
|
|
|
|
|
|
|
|
|
|
|
|
Vantage at Tomball |
|
Tomball, TX |
|
|
288 |
|
|
August 2020 |
|
April 2022 |
|
$ |
- |
|
|
$ |
14,199,870 |
|
|
|
|
|
|
|
|
|
|
|
|
$ |
167,988,619 |
|
|
$ |
179,409,869 |
|
(1)Valage Senior Living Carson Valley is a seniors housing property with 102 beds in 88 units.
The Partnership has remaining commitments to provide additional equity funding for certain unconsolidated entities as of March 31, 2025. See Note 16 for further details regarding the Partnership’s remaining funding commitments.
Activity in the First Three Months of 2025
The following table summarizes sales information of the Partnership’s investments in unconsolidated entities during the three months ended March 31, 2025:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Property Name |
|
Location |
|
Units |
|
|
Month Sold |
|
Gross Proceeds to the Partnership |
|
|
Investment Income |
|
|
Gain on Sale |
|
Vantage at Tomball |
|
Tomball, TX |
|
|
288 |
|
|
January 2025 |
|
$ |
14,199,870 |
|
|
$ |
- |
|
|
$ |
- |
|
Vantage at Coventry |
|
Omaha, NE |
|
|
294 |
|
|
(1) |
|
|
5,220 |
|
|
|
- |
|
|
|
5,220 |
|
|
|
|
|
|
|
|
|
|
$ |
14,205,090 |
|
|
$ |
- |
|
|
$ |
5,220 |
|
(1)In February 2025, the Partnership received sales proceeds of approximately $5,000 associated with final settlements of the Vantage at Coventry sale in January 2023. The Partnership recognized the amount in “Gain on sale of investment in an unconsolidated entity” on the Partnership’s condensed consolidated statement of operations.
During the first three months of 2025, the Partnership advanced funds beyond its original commitments to Vantage at Hutto, Vantage at Loveland, and Freestone Cresta Bella totaling approximately $1.2 million to cover additional interest costs.
Activity in the First Three Months of 2024
The following table summarizes sales information of the Partnership’s investments in unconsolidated entities during the three months ended March 31, 2024:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Property Name |
|
Location |
|
Units |
|
|
Month Sold |
|
Gross Proceeds to the Partnership |
|
|
Investment Income |
|
|
Gain (Loss) on Sale |
|
Vantage at Coventry |
|
Omaha, NE |
|
|
294 |
|
|
(1) |
|
$ |
50,000 |
|
|
$ |
- |
|
|
$ |
50,000 |
|
(1)In January 2024, the Partnership received sales proceeds of approximately $50,000 associated with final settlements of the Vantage at Coventry sale in January 2023. The Partnership recognized the amount in “Gain on sale of investment in an unconsolidated entity” on the Partnership’s condensed consolidated statement of operations.
During the first three months of 2024, the Partnership advanced funds beyond its original commitments to four Vantage Properties totaling $2.9 million to cover additional construction and interest costs.
Summarized Unconsolidated Entity Level Financial Data
The following table provides summary combined financial information for the properties underlying the Partnership’s investments in unconsolidated entities for the three months ended March 31, 2025 and 2024:
|
|
|
|
|
|
|
|
|
|
|
For the Three Months Ended March 31, |
|
|
|
2025 |
|
|
2024 |
|
Property revenues |
|
$ |
5,345,004 |
|
|
$ |
3,785,318 |
|
Gain on sale of property |
|
$ |
7,680,673 |
|
|
$ |
- |
|
Net income (loss) |
|
$ |
5,161,862 |
|
|
$ |
(1,124,174 |
) |
8. Real Estate Assets
The following tables summarize information regarding the Partnership’s real estate assets as of March 31, 2025 and December 31, 2024:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
March 31, 2025 |
|
|
December 31, 2024 |
|
Property Name |
|
Location |
|
Land and Land Improvements |
|
|
Buildings and Improvements |
|
|
Carrying Value |
|
|
Land and Land Improvements |
|
|
Buildings and Improvements |
|
|
Carrying Value |
|
Vantage at San Marcos (1) |
|
San Marcos, TX |
|
$ |
1,306,487 |
|
|
$ |
1,136,167 |
|
|
$ |
2,442,654 |
|
|
$ |
2,660,615 |
|
|
$ |
1,136,167 |
|
|
$ |
3,796,782 |
|
Land held for development |
|
Richland County, SC |
|
|
1,109,483 |
|
|
|
- |
|
|
|
1,109,483 |
|
|
|
1,109,482 |
|
|
|
- |
|
|
|
1,109,482 |
|
|
|
|
|
|
|
|
|
|
|
$ |
3,552,137 |
|
|
|
|
|
|
|
|
$ |
4,906,264 |
|
Less accumulated depreciation |
|
|
|
|
|
|
|
|
|
|
- |
|
|
|
|
|
|
|
|
|
- |
|
Real estate assets, net |
|
|
|
|
|
|
|
|
|
$ |
3,552,137 |
|
|
|
|
|
|
|
|
$ |
4,906,264 |
|
(1)The assets are owned by a consolidated VIE for future development of a market-rate multifamily property. See Note 3 for further information.
In February 2025, Vantage at San Marcos received proceeds of approximately $1.4 million, net of selling costs, upon sale of a parcel of land. Proceeds from the sale were used to pay down outstanding principal on the associated mortgage payable (Note 14).
9. Other Assets
The following table summarizes the Partnership’s other assets as of March 31, 2025 and December 31, 2024:
|
|
|
|
|
|
|
|
|
|
|
March 31, 2025 |
|
|
December 31, 2024 |
|
Deferred financing costs, net |
|
$ |
565,005 |
|
|
$ |
653,510 |
|
Derivative instruments at fair value (Note 15) |
|
|
3,831,729 |
|
|
|
6,980,820 |
|
Taxable mortgage revenue bonds, at fair value |
|
|
34,416,164 |
|
|
|
26,671,085 |
|
Taxable governmental issuer loans: |
|
|
|
|
|
|
Taxable governmental issuer loans |
|
|
23,157,672 |
|
|
|
14,157,672 |
|
Allowance for credit losses (Note 10) |
|
|
(141,000 |
) |
|
|
(76,000 |
) |
Taxable governmental issuer loans, net |
|
|
23,016,672 |
|
|
|
14,081,672 |
|
Bond purchase commitment, at fair value (Note 16) |
|
|
- |
|
|
|
- |
|
Other assets |
|
|
2,091,163 |
|
|
|
1,462,333 |
|
Total other assets |
|
$ |
63,920,733 |
|
|
$ |
49,849,420 |
|
The Partnership has remaining commitments to provide additional funding of the taxable MRBs and taxable GILs during construction and/or rehabilitation of the secured properties as of March 31, 2025. See Note 16 for further information regarding the Partnership’s remaining taxable GIL and taxable MRB funding commitments.
See Note 10 for information regarding the Partnership’s allowance for credit losses related to its taxable GILs.
See Note 20 for a description of the methodology and significant assumptions for determining the fair value of derivative instruments, taxable MRBs, taxable GILs, and bond purchase commitments. Unrealized gains or losses on derivative instruments are reported as “Net result from derivative transactions” in the Partnership’s condensed consolidated statements of operations. Unrealized gains and losses on taxable MRBs, taxable GILs and bond purchase commitments are recorded in the Partnership’s condensed consolidated statements of comprehensive income to reflect changes in their estimated fair values resulting from market conditions and fluctuations in the present value of the expected cash flows from the assets.
As of March 31, 2025, nine taxable MRBs and three taxable GILs with reported principal values totaling approximately $56.4 million were held in trust in connection with TOB trust financings (Note 13).
Activity in the First Three Months of 2025
In February 2025, the borrower for the Poppy Grove I, Poppy Grove II, and Poppy Grove III taxable GILs re-allocated $5.2 million, $1.8 million, and $5.7 million, respectively, from a taxable GIL to a GIL (Note 5). There were no additional material changes to terms associated with the Poppy Grove I, Poppy Grove II, and Poppy Grove III GILs and taxable GILs. The following table summarizes terms of the principal repaid:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Property Name |
|
Month Repaid |
|
Property Location |
|
Units |
|
Original Maturity Date |
|
Interest Rate |
|
Principal Repaid |
|
Poppy Grove I |
|
February 2025 |
|
Elk Grove, CA |
|
147 |
|
4/1/2025 |
|
6.78% |
|
$ |
5,200,000 |
|
Poppy Grove II |
|
February 2025 |
|
Elk Grove, CA |
|
82 |
|
4/1/2025 |
|
6.78% |
|
|
1,800,000 |
|
Poppy Grove III |
|
February 2025 |
|
Elk Grove, CA |
|
158 |
|
4/1/2025 |
|
6.78% |
|
|
5,700,000 |
|
Total |
|
|
|
|
|
|
|
|
|
|
|
$ |
12,700,000 |
|
Activity in the First Three Months of 2024
The following taxable MRB and taxable GIL principal payments were received during the three months ended March 31, 2024:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Property Name |
|
Redemption Date |
|
Location |
|
Units |
|
Original Maturity Date |
|
Interest Rate |
|
Principal Outstanding at Date of Redemption |
|
Taxable MRBs |
|
|
|
|
|
|
|
|
|
|
|
Residency at the Mayer Series A-T (1) |
|
March 2024 |
|
Hollywood, CA |
|
79 |
|
10/1/2024 |
|
SOFR + 3.70% |
(2) |
$ |
11,500,000 |
|
Taxable GILs |
|
|
|
|
|
|
|
|
|
|
|
|
|
Hope on Avalon |
|
January 2024 |
|
Los Angeles, CA |
|
88 |
|
2/1/2024 |
|
SOFR + 3.55% |
|
$ |
10,573,000 |
|
Total |
|
|
|
|
|
|
|
|
|
|
|
$ |
22,073,000 |
|
(1)The borrower re-allocated $11.5 million of previously provided funding from a taxable MRB to a new MRB during the acquisition and rehabilitation phase of the property.
(2)The interest rate is subject to an all-in floor of 3.95%.
10. Allowance for Credit Losses
Held-to-Maturity Debt Securities, Held-for-Investment Loans and Related Unfunded Commitments
The Partnership considers key credit quality indicators when estimating expected credit losses for assets recorded at amortized cost. Such assets primarily finance the construction or rehabilitation of affordable multifamily properties. The GILs are primarily repaid through a conversion to permanent financing pursuant to a forward commitment from Freddie Mac dependent on completion of construction and various other conditions that each property must meet. The property loans related to GILs are primarily to be repaid from future equity contributions by investors and other forward financing commitments provided by various parties. If Freddie Mac is not required to purchase the GIL and payment of the property loans from available sources is not made, the GIL and associated property loan will have defaulted, and the Partnership has the right to foreclose on the underlying property, the associated LIHTCs, and enforce the guaranty provisions against affiliates of the individual property borrower. Accordingly, the Partnership’s key credit quality indicators include, but are not limited to, construction status of the property, financial strength of borrowers and guarantors, adequacy of capitalized interest reserves, lease up and occupancy of the property, the status of other conversion conditions, and operating results of the underlying property. The property loans secured by other multifamily properties are repaid through property operations or future sales proceeds.
The following table summarizes the changes in the Partnership’s allowance for credit losses for the three months ended March 31, 2025:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Three Months Ended March 31, 2025 |
|
|
|
Governmental Issuer Loans |
|
|
Taxable Governmental Issuer Loans |
|
|
Property Loans |
|
|
Unfunded Commitments |
|
|
Total |
|
Balance, beginning of period |
|
$ |
1,038,000 |
|
|
$ |
76,000 |
|
|
$ |
1,930,000 |
|
|
$ |
186,000 |
|
|
$ |
3,230,000 |
|
Current provision for credit losses |
|
|
(97,000 |
) |
|
|
65,000 |
|
|
|
(72,000 |
) |
|
|
(68,000 |
) |
|
|
(172,000 |
) |
Balance, end of period |
|
$ |
941,000 |
|
|
$ |
141,000 |
|
|
$ |
1,858,000 |
|
|
$ |
118,000 |
|
|
$ |
3,058,000 |
|
The following table summarizes the changes in the Partnership’s allowance for credit losses for the three months ended March 31, 2024:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Three Months March 31, 2024 |
|
|
|
Governmental Issuer Loans |
|
|
Taxable Governmental Issuer Loans |
|
|
Property Loans |
|
|
Unfunded Commitments |
|
|
Total |
|
Balance, beginning of period |
|
|
1,294,000 |
|
|
|
77,000 |
|
|
$ |
2,048,000 |
|
|
|
678,000 |
|
|
|
4,097,000 |
|
Current provision for credit losses |
|
|
(128,000 |
) |
|
|
(36,000 |
) |
|
|
(420,000 |
) |
|
|
(222,000 |
) |
|
|
(806,000 |
) |
Balance, end of period |
|
$ |
1,166,000 |
|
|
$ |
41,000 |
|
|
$ |
1,628,000 |
|
|
$ |
456,000 |
|
|
$ |
3,291,000 |
|
The Partnership recorded a recovery of provision for credit losses of approximately $172,000 and approximately $806,000 for the three months ended March 31, 2025 and 2024, respectively. The decreases for the three months ended March 31, 2025 and 2024 are primarily due to GIL and property loan redemptions, a decrease in the weighted average life of the remaining investment portfolio, and updates of market data used as quantitative assumptions in the Partnership’s model to estimate the allowance for credit losses.
Risk Ratings
The Partnership evaluates all GILs, taxable GILs and property loans on a quarterly basis and assigns a risk rating based upon management’s assessment of the borrower’s ability to pay debt service and the likelihood of repayment through the GIL’s conversion to Freddie Mac financing and the property loan’s payment from future equity contribution commitments. The assessment is subjective and based on multiple factors, including but not limited to, construction status of the property, financial strength of borrowers and guarantors, adequacy of capitalized interest reserves, lease up and occupancy of the property, the status of other conversion conditions, and operating results of the underlying property. The credit risk analysis and rating assignment is performed quarterly in conjunction with the Partnership’s assessment of its allowance for credit losses. The Partnership uses the following definitions for its risk ratings:
•Performing – The underlying property currently meets or exceeds management’s performance expectations and metrics. There are currently no material indicators that current debt service or repayment of the GILs, taxable GILs, and property loans is at risk.
•Watch – The underlying property associated with the GILs, taxable GILs, and property loans currently has certain performance or other risk factors that require specific attention from management. The Partnership could experience loss if these factors are not resolved in a timely or satisfactory manner. The Partnership currently estimates that such factors will be adequately resolved and that current debt service and final repayment of the GILs, taxable GILs, and property loans is not at material risk.
•Nonperforming – The underlying property associated with the GILs, taxable GILs, and property loans is not current on debt service payments and/or has material performance or other risk factors. The Partnership currently believes that full collection of debt service and final repayment is questionable and/or improbable.
The following tables summarize the Partnership’s carrying value by acquisition year, grouped by risk rating as of March 31, 2025 and December 31, 2024:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
March 31, 2025 |
|
|
|
2025 |
|
|
2024 |
|
|
2023 |
|
|
2022 |
|
|
2021 |
|
|
Prior |
|
|
Total |
|
Governmental Issuer Loans |
|
|
|
|
|
|
|
|
|
|
|
|
|
Performing |
|
$ |
- |
|
|
$ |
- |
|
|
$ |
12,100,000 |
|
|
$ |
108,188,328 |
|
|
$ |
34,620,000 |
|
|
$ |
- |
|
|
$ |
154,908,328 |
|
Watch |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
Nonperforming |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
Subtotal |
|
|
- |
|
|
|
- |
|
|
|
12,100,000 |
|
|
|
108,188,328 |
|
|
|
34,620,000 |
|
|
|
- |
|
|
|
154,908,328 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Taxable Governmental Issuer Loans |
|
|
|
|
|
|
|
|
|
|
|
|
|
Performing |
|
$ |
- |
|
|
$ |
- |
|
|
$ |
- |
|
|
$ |
22,157,672 |
|
|
$ |
- |
|
|
$ |
- |
|
|
$ |
22,157,672 |
|
Watch |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
Nonperforming |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
Subtotal |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
22,157,672 |
|
|
|
- |
|
|
|
- |
|
|
|
22,157,672 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Property Loans |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Performing |
|
$ |
- |
|
|
$ |
7,250,000 |
|
|
$ |
588,246 |
|
|
$ |
39,933,611 |
|
|
$ |
- |
|
|
$ |
- |
|
|
$ |
47,771,857 |
|
Watch |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
Nonperforming |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
495,000 |
|
|
|
495,000 |
|
Subtotal |
|
|
- |
|
|
|
7,250,000 |
|
|
|
588,246 |
|
|
|
39,933,611 |
|
|
|
- |
|
|
|
495,000 |
|
|
|
48,266,857 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Unfunded Commitments |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Performing |
|
$ |
- |
|
|
$ |
- |
|
|
$ |
- |
|
|
$ |
23,291,300 |
|
|
$ |
- |
|
|
$ |
- |
|
|
$ |
23,291,300 |
|
Watch |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
Nonperforming |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
Subtotal |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
23,291,300 |
|
|
|
- |
|
|
|
- |
|
|
|
23,291,300 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total |
|
$ |
- |
|
|
$ |
7,250,000 |
|
|
$ |
12,688,246 |
|
|
$ |
193,570,911 |
|
|
$ |
34,620,000 |
|
|
$ |
495,000 |
|
|
$ |
248,624,157 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31, 2024 |
|
|
|
2024 |
|
|
2023 |
|
|
2022 |
|
|
2021 |
|
|
2020 |
|
|
Prior |
|
|
Total |
|
Governmental Issuer Loans |
|
|
|
|
|
|
|
|
|
|
|
|
|
Performing |
|
$ |
- |
|
|
$ |
13,600,000 |
|
|
$ |
90,779,628 |
|
|
$ |
115,322,594 |
|
|
$ |
- |
|
|
$ |
- |
|
|
$ |
219,702,222 |
|
Watch |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
Nonperforming |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
Subtotal |
|
|
- |
|
|
|
13,600,000 |
|
|
|
90,779,628 |
|
|
|
115,322,594 |
|
|
|
- |
|
|
|
- |
|
|
|
219,702,222 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Taxable Governmental Issuer Loans |
|
|
|
|
|
|
|
|
|
|
|
|
|
Performing |
|
$ |
- |
|
|
$ |
- |
|
|
$ |
13,157,672 |
|
|
$ |
- |
|
|
$ |
- |
|
|
$ |
- |
|
|
$ |
13,157,672 |
|
Watch |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
Nonperforming |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
Subtotal |
|
|
- |
|
|
|
- |
|
|
|
13,157,672 |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
13,157,672 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Property Loans |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Performing |
|
$ |
7,250,000 |
|
|
$ |
7,830,000 |
|
|
$ |
40,489,611 |
|
|
$ |
- |
|
|
|
- |
|
|
$ |
- |
|
|
$ |
55,569,611 |
|
Watch |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
Nonperforming |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
$ |
- |
|
|
|
495,000 |
|
|
|
495,000 |
|
Subtotal |
|
|
7,250,000 |
|
|
|
7,830,000 |
|
|
|
40,489,611 |
|
|
|
- |
|
|
|
- |
|
|
|
495,000 |
|
|
|
56,064,611 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Unfunded Commitments |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Performing |
|
$ |
- |
|
|
$ |
- |
|
|
$ |
49,700,000 |
|
|
$ |
- |
|
|
$ |
- |
|
|
$ |
- |
|
|
$ |
49,700,000 |
|
Watch |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
Nonperforming |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
Subtotal |
|
|
- |
|
|
|
- |
|
|
|
49,700,000 |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
49,700,000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total |
|
$ |
7,250,000 |
|
|
$ |
21,430,000 |
|
|
$ |
194,126,911 |
|
|
$ |
115,322,594 |
|
|
$ |
- |
|
|
$ |
495,000 |
|
|
$ |
338,624,505 |
|
The Partnership evaluates its outstanding principal and interest receivable balances associated with its GILs, taxable GILs, and property loans for collectability. If collection of these balances is not probable, the loan is placed on non-accrual status and either an asset-specific allowance for credit loss will be recognized or the outstanding balance will be written off. There are no GILs, taxable GILs, or property loans that are currently past due on contractual debt service payments and the Partnership considered all GILs, taxable GILs and property loans to be performing as of March 31, 2025, except as noted below. The Partnership currently has two property loans on nonaccrual status.
During the three months ended March 31, 2025 and 2024, the interest to be earned on the Live 929 Apartments property loan was in nonaccrual status. The discounted cash flow method used by management to establish the net realizable value of the property loan determined the collection of the interest accrued was not probable and the loan is considered to be nonperforming. The Live 929 Apartments property loan has outstanding principal of approximately $495,000 as of March 31, 2025 and December 31, 2024, which was fully reserved with an asset-specific allowance.
In December 2022, the Partnership received a property loan in exchange for the sale of its 100% interest in The 50/50 MF Property in the amount of $4.8 million. The property loan is unsecured, will be repaid from net cash flows of the property, and is subordinate to the mortgage debt of the property which was assumed by the buyer. The property loan is in non-accrual status as of March 31, 2025 because payments under the loan are not required immediately and are expected to be paid from future net cash flows of the property. As such, the loan is considered to be performing. The property loan associated with the 50/50 MF Property had outstanding principal of approximately $7.1 million as of March 31, 2025 and December 31, 2024.
Available-for-Sale Debt Securities
The Partnership records impairments for MRBs and taxable MRBs through an allowance for credit losses for the portion of the difference between the estimated fair value and amortized cost that is related to expected credit losses. The following table summarizes the changes in the Partnership’s allowance for credit losses for the three months ended March 31, 2025 and 2024:
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Three Months Ended March 31, |
|
|
|
|
2025 |
|
|
2024 |
|
Balance, beginning of period |
|
|
$ |
4,128,849 |
|
|
$ |
9,910,079 |
|
Recovery of prior credit loss (1) |
|
|
|
(16,967 |
) |
|
|
(17,155 |
) |
Balance, end of period (2) |
|
|
$ |
4,111,882 |
|
|
$ |
9,892,924 |
|
(1)The Partnership compared the present value of cash flows expected to be collected to the amortized cost basis of the Live 929 Apartments Series 2022A MRB, which indicated a recovery of value. As the recovery was identified prior to the effective date of the CECL standard, the Partnership will accrete the recovery of prior credit loss into investment income over the term of the MRB.
(2)The allowance for credit losses as of March 31, 2025 was related to the Live 929 Apartments – 2022A MRB. The allowance for credit losses as of March 31, 2024 was related to the Provision Center 2014-1 MRB and the Live 929 Apartments – 2022A MRB
11. Accounts Payable, Accrued Expenses and Other Liabilities
The following table summarizes the Partnership’s accounts payable, accrued expenses and other liabilities as of March 31, 2025 and December 31, 2024:
|
|
|
|
|
|
|
|
|
|
|
March 31, 2025 |
|
|
December 31, 2024 |
|
Accounts payable |
|
$ |
1,504,796 |
|
|
$ |
2,183,546 |
|
Accrued expenses |
|
|
3,512,121 |
|
|
|
5,076,445 |
|
Accrued interest expense |
|
|
7,113,851 |
|
|
|
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) |
|
|
118,000 |
|
|
|
186,000 |
|
Derivative instruments at fair value (Note 15) |
|
|
1,400,096 |
|
|
|
609,766 |
|
Other liabilities |
|
|
1,316,119 |
|
|
|
1,299,266 |
|
Total accounts payable, accrued expenses and other liabilities |
|
$ |
21,561,605 |
|
|
$ |
23,480,768 |
|
See Note 10 for information regarding the Partnership’s allowance for credit losses related to its unfunded commitments.
12. Secured Lines of Credit
The following tables summarize the Partnership’s LOCs as of March 31, 2025 and December 31, 2024:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Secured Lines of Credit |
|
Outstanding as of March 31, 2025 |
|
|
Total Commitment |
|
|
Commitment Maturity |
|
Variable / Fixed |
|
Reset Frequency |
|
Period End Rate |
|
General LOC |
|
$ |
50,000,000 |
|
|
$ |
50,000,000 |
|
|
June 2025 (1) |
|
Variable (2) |
|
Monthly |
|
|
7.82 |
% |
Acquisition LOC |
|
|
8,500,000 |
|
|
|
50,000,000 |
|
|
June 2025 (3) |
|
Variable (4) |
|
Monthly |
|
|
6.82 |
% |
|
|
$ |
58,500,000 |
|
|
$ |
100,000,000 |
|
|
|
|
|
|
|
|
|
|
(1)The General LOC contains two one-year extensions subject to certain conditions and payment of a 0.25% extension fee. The first extension request by the Partnership will be granted by BankUnited if all such conditions are met. Any subsequent extension requested by the Partnership will be granted or denied in the sole discretion of the lenders.
(2)The variable rate is equal to SOFR + 3.50%, subject to an all-in floor of 3.75%.
(3)The Partnership has a one-year extension option subject to certain conditions and payment of a $25,000 extension fee.
(4)The variable rate is equal to 2.50% plus a variable component based on the Term SOFR.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Secured Lines of Credit |
|
Outstanding as of December 31, 2024 |
|
|
Total Commitment |
|
|
Commitment Maturity |
|
Variable / Fixed |
|
Reset Frequency |
|
Period End Rate |
|
General LOC |
|
$ |
50,000,000 |
|
|
$ |
50,000,000 |
|
|
June 2025 (1) |
|
Variable (2) |
|
Monthly |
|
|
8.03 |
% |
Acquisition LOC |
|
|
18,852,000 |
|
|
|
50,000,000 |
|
|
June 2025 (3) |
|
Variable (4) |
|
Monthly |
|
|
7.02 |
% |
|
|
$ |
68,852,000 |
|
|
$ |
100,000,000 |
|
|
|
|
|
|
|
|
|
|
(1)The General LOC contains two one-year extensions subject to certain conditions and payment of a 0.25% extension fee. The first extension request by the Partnership will be granted by BankUnited if all such conditions are met. Any subsequent extension requested by the Partnership will be granted or denied in the sole discretion of the lenders.
(2)The variable rate is equal to SOFR + 3.50%, subject to an all-in floor of 3.75%.
(3)The Partnership has two one-year extension options subject to certain conditions and payment of a $25,000 extension fee for each extension.
(4)The variable rate is equal to 2.50% plus a variable component based on the Term SOFR.
General LOC
The Partnership has entered into a Secured Credit Agreement with a commitment of up to $50.0 million for the General LOC. The aggregate available commitment cannot exceed a borrowing base calculation, that is equal to 35% multiplied by the aggregate value of a pool of eligible encumbered assets. Eligible encumbered assets consist of 100% of the Partnership’s capital contributions to equity investments, seniors housing investments, and other real estate investments, subject to certain restrictions. The proceeds of the General LOC will be used by the Partnership to purchase additional investments and to meet general working capital and liquidity requirements. The Partnership may borrow, prepay and reborrow amounts at any time through the maturity date, subject to the limitations of the borrowing base. As of March 31, 2025, the borrowing base exceeded $50.0 million.
The General LOC is currently secured by first priority security interests in the Partnership’s investments in unconsolidated entities. In addition, an affiliate of the Partnership, Greystone Select, has provided a deficiency guaranty of the Partnership’s obligations under the Secured Credit Agreement. Greystone Select is subject to certain covenants and was in compliance with such covenants as of March 31, 2025. No fees were paid to Greystone Select related to the deficiency guaranty agreement.
The Partnership is subject to various affirmative and negative covenants under the Secured Credit Agreement that, among others, require the Partnership to maintain a minimum liquidity of not less than $6.3 million and maintain a minimum consolidated tangible net worth of $200.0 million. The Partnership may increase the maximum commitment from $50.0 million to $60.0 million in total, subject to the identification of lenders to provide the additional commitment, the payment of certain fees, and other conditions. The minimum liquidity covenant will increase from the current $6.3 million requirement to up to $7.5 million upon increases in the maximum commitment amount. The Partnership was in compliance with all covenants as of March 31, 2025.
Acquisition LOC
The Acquisition LOC has a commitment of up to $50.0 million that may be used to fund purchases of Financed Assets consisting of multifamily real estate, tax-exempt or taxable MRBs, and tax-exempt or taxable loans issued to finance the acquisition, rehabilitation, or construction of affordable housing or which are otherwise secured by real estate, mortgage-backed securities, or master lease agreements guaranteed by investment grade tenants. The Financed Assets acquired with the proceeds of the Acquisition LOC will be held in a custody account and the outstanding balances of the Acquisition LOC will be secured by a first priority interest in the financed assets and will be maintained in the custody account until released by Bankers Trust Company.
Advances on the Acquisition LOC are due on the 270th day following the advance date but may be extended for up to three additional 90-day periods, but in no event later than the maturity date by providing Bankers Trust Company with a written request for such extension together with a principal payment of 5% of the principal amount of the original acquisition advance for the first such extension, 10% for the second such extension, and 20% for the third such extension. Advances made for tax-exempt or taxable loans secured by master lease agreements guaranteed by investment grade tenants are due on the 45th day following such advance. The Partnership is subject to various affirmative and negative covenants related to the Acquisition LOC, with the principal covenant being that the Partnership’s Leverage Ratio (as defined by the Partnership) will not exceed a specific percentage. The Partnership was in compliance with all covenants as of March 31, 2025.
13. Debt Financing
The following tables summarize the Partnership’s debt financings, net of deferred financing costs, as of March 31, 2025 and December 31, 2024:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Outstanding Debt Financings as of March 31, 2025, net |
|
|
Restricted Cash |
|
|
Stated Maturities |
|
Interest Rate Type |
|
Tax-Exempt Interest on Senior Securities (1) |
|
Remarketing Senior Securities Rate (2) |
|
Facility Fees |
|
Period End Rates |
|
TEBS Financings |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
M33 TEBS |
|
$ |
27,966,555 |
|
|
$ |
2,606 |
|
|
2030 |
|
Fixed |
|
Yes |
|
N/A |
|
N/A |
|
3.24% |
|
M45 TEBS |
|
|
206,893,980 |
|
|
|
5,000 |
|
|
2034 |
|
Fixed |
|
Yes |
|
N/A |
|
N/A |
|
4.39% |
|
Subtotal/Weighed Average Period End Rate |
|
|
234,860,535 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4.25% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2024 PFA Securitization Transaction |
|
$ |
72,706,663 |
|
|
$ |
370,000 |
|
|
2039 |
|
Fixed |
|
Yes |
|
N/A |
|
N/A |
|
4.90% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TEBS Residual Financing |
|
$ |
51,246,605 |
|
|
$ |
18,000 |
|
|
2034 |
|
Fixed |
|
Yes |
|
N/A |
|
N/A |
|
7.16% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOB Trust Securitizations |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Mizuho Capital Markets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SoLa Impact Opportunity Zone Fund |
|
$ |
22,965,161 |
|
|
(3) |
|
|
2025 |
|
Variable |
|
No |
|
4.60% |
|
1.78% |
|
6.38% |
|
The Park at Sondrio - Series 2022A |
|
|
30,445,599 |
|
|
(3) |
|
|
2028 |
|
Variable |
|
Yes |
|
3.15% |
|
1.43% |
|
4.58% |
|
The Park at Vietti - Series 2022A |
|
|
21,560,963 |
|
|
(3) |
|
|
2028 |
|
Variable |
|
Yes |
|
3.15% |
|
1.43% |
|
4.58% |
|
Residency at the Entrepreneur MRBs |
|
|
34,060,000 |
|
|
(3) |
|
|
2028 |
|
Variable |
|
Yes |
|
3.15% |
|
1.45% |
|
4.60% |
|
Legacy Commons at Signal Hills GIL |
|
|
31,155,000 |
|
|
(3) |
|
|
2025 |
|
Variable |
|
Yes |
|
3.15% |
|
0.91% |
|
4.06% |
|
Residency at Empire MRBs |
|
|
48,430,019 |
|
|
(3) |
|
|
2028 |
|
Variable |
|
Yes |
|
3.15% |
|
1.42% |
|
4.57% |
|
The Ivy Apartments |
|
|
24,368,688 |
|
|
(3) |
|
|
2028 |
|
Variable |
|
Yes |
|
3.15% |
|
1.44% |
|
4.59% |
|
Windsor Shores Apartments |
|
|
17,213,483 |
|
|
(3) |
|
|
2028 |
|
Variable |
|
Yes |
|
3.15% |
|
1.44% |
|
4.59% |
|
Village at Hanford Square |
|
|
7,781,494 |
|
|
(3) |
|
|
2026 |
|
Variable |
|
Yes |
|
3.15% |
|
1.44% |
|
4.59% |
|
MaryAlice Circle Apartments |
|
|
4,702,520 |
|
|
(3) |
|
|
2026 |
|
Variable |
|
Yes |
|
3.15% |
|
1.44% |
|
4.59% |
|
Meadow Valley |
|
|
31,472,062 |
|
|
(3) |
|
|
2026 |
|
Variable |
|
Yes |
|
3.15% |
|
1.44% |
|
4.59% |
|
40rty on Colony |
|
|
4,452,924 |
|
|
(3) |
|
|
2026 |
|
Variable |
|
Yes |
|
3.15% |
|
1.44% |
|
4.59% |
|
Sandy Creek Apartments GIL |
|
|
9,646,453 |
|
|
(3) |
|
|
2026 |
|
Variable |
|
Yes |
|
3.15% |
|
1.44% |
|
4.59% |
|
Residency at the Mayer MRBs |
|
|
33,808,738 |
|
|
(3) |
|
|
2026 |
|
Variable |
|
Yes |
|
3.15% |
|
1.19% |
|
4.34% |
|
The Safford |
|
|
34,304,607 |
|
|
(3) |
|
|
2026 |
|
Variable |
|
Yes |
|
3.15% |
|
1.44% |
|
4.59% |
|
Avistar at Wood Hollow - Series A |
|
|
32,149,200 |
|
|
(3) |
|
|
2027 |
|
Variable |
|
Yes |
|
3.15% |
|
1.44% |
|
4.59% |
|
Live 929 |
|
|
53,092,000 |
|
|
(3) |
|
|
2027 |
|
Variable |
|
Yes |
|
3.15% |
|
1.18% |
|
4.33% |
|
Woodington Gardens - Series A-1 |
|
|
24,850,356 |
|
|
(3) |
|
|
2027 |
|
Variable |
|
Yes |
|
3.15% |
|
1.44% |
|
4.59% |
|
Aventine Apartments |
|
|
7,564,303 |
|
|
(3) |
|
|
2027 |
|
Variable |
|
Yes |
|
3.15% |
|
1.44% |
|
4.59% |
|
Avistar at Copperfield - Series A |
|
|
11,196,949 |
|
|
(3) |
|
|
2027 |
|
Variable |
|
Yes |
|
3.15% |
|
1.68% |
|
4.83% |
|
Avistar at Wilcrest - Series A |
|
|
4,240,948 |
|
|
(3) |
|
|
2027 |
|
Variable |
|
Yes |
|
3.15% |
|
1.68% |
|
4.83% |
|
Trust 2024-XF3219 |
(4) |
|
46,478,701 |
|
|
(3) |
|
|
2027 |
|
Variable |
|
No |
|
4.60% |
|
1.79% |
|
6.39% |
|
The Centurion Foundation |
|
|
5,053,902 |
|
|
(3) |
|
|
2027 |
|
Variable |
|
No |
|
4.60% |
|
1.79% |
|
6.39% |
|
Avistar at the Crest - Series A |
|
|
7,218,816 |
|
|
(3) |
|
|
2027 |
|
Variable |
|
Yes |
|
3.15% |
|
1.44% |
|
4.59% |
|
Avistar on the Blvd - Series A |
|
|
12,021,389 |
|
|
(3) |
|
|
2027 |
|
Variable |
|
Yes |
|
3.15% |
|
1.44% |
|
4.59% |
|
Avistar on the Hills - Series A |
|
|
3,989,156 |
|
|
(3) |
|
|
2027 |
|
Variable |
|
Yes |
|
3.15% |
|
1.44% |
|
4.59% |
|
Avistar at the Oaks - Series A |
|
|
5,841,210 |
|
|
(3) |
|
|
2027 |
|
Variable |
|
Yes |
|
3.15% |
|
1.44% |
|
4.59% |
|
Avistar in 09 - Series A |
|
|
5,039,248 |
|
|
(3) |
|
|
2027 |
|
Variable |
|
Yes |
|
3.15% |
|
1.44% |
|
4.59% |
|
Barclays Capital Inc.: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Trust 2021-XF2953 |
(5) |
|
17,722,363 |
|
|
|
- |
|
|
2026 |
|
Variable |
|
No |
|
4.45% |
|
1.27% |
|
5.72% |
|
Poppy Grove I GIL |
|
|
32,682,943 |
|
|
|
- |
|
|
2026 |
|
Variable |
|
Yes |
|
3.80% |
|
1.25% |
|
5.05% |
|
Poppy Grove II GIL |
|
|
19,225,398 |
|
|
|
- |
|
|
2026 |
|
Variable |
|
Yes |
|
3.80% |
|
1.25% |
|
5.05% |
|
Poppy Grove III GIL |
|
|
34,575,943 |
|
|
|
- |
|
|
2026 |
|
Variable |
|
Yes |
|
3.80% |
|
1.25% |
|
5.05% |
|
Village Point |
|
|
18,395,477 |
|
|
|
- |
|
|
2026 |
|
Variable |
|
Yes |
|
3.80% |
|
1.61% |
|
5.41% |
|
Subtotal/Weighed Average Period End Rate |
|
|
697,706,013 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4.84% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total |
|
$ |
1,056,519,816 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1)The tax treatment of interest paid to the trust senior trust securities is dependent on the structure of the debt financing. Debt financings designated as “tax-exempt” in the table above are such that the Partnership expects and believes the interest on the senior securities is exempt from federal income taxes, which typically requires a lower remarketing rate to place the senior securities at each weekly reset.
(2)The remarketing senior securities rate is the market interest rate determined by the remarketing agent to ensure all senior securities tendered by holder for weekly remarketing are purchased at par.
(3)The Partnership has restricted cash totaling approximately $12.7 million related to its ISDA master agreement with Mizuho based on Mizuho’s valuations of the underlying assets and the Partnership’s derivative financial instruments.
(4)The TOB trust is securitized by three MRBs, nine taxable MRBs, and one property loan.
(5)The TOB trust is securitized by the Poppy Grove I taxable GIL, Poppy Grove II taxable GIL and Poppy Grove III taxable GILs.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Outstanding Debt Financings as of December 31, 2024, net |
|
|
Restricted Cash |
|
|
Stated Maturities |
|
Interest Rate Type |
|
Tax-Exempt Interest on Senior Securities (1) |
|
Remarketing Senior Securities Rate (2) |
|
Facility Fees |
|
Period End Rates |
|
TEBS Financings |
|
|
|
|
|