Financial Performance - The Partnership reported a net income of $2.0 million or $0.03 per Beneficial Unit Certificate (BUC) for the three months ended September 30, 2025, compared to a net loss of $4.6 million for the same period in 2024 [8][22] - Cash Available for Distribution (CAD) was $4.6 million or $0.20 per BUC for the third quarter of 2025, down from $6.2 million or $0.27 per BUC in the same quarter of 2024 [8][24] - Total revenues for the third quarter of 2025 were $21.7 million, a decrease from $24.3 million in the same quarter of 2024 [22] Investment Strategy - The Partnership plans to reduce capital allocation to joint venture equity investments in market rate multifamily properties due to challenging market conditions, including higher interest rates and capitalization rates [5][7] - The focus will shift towards tax-exempt mortgage revenue bonds (MRBs) associated with affordable multifamily properties and senior housing, which are expected to provide more predictable returns [6][9] Operational Updates - The Partnership's total assets amounted to $1.49 billion, with total MRB and Governmental Issuer Loan (GIL) investments of $1.13 billion as of September 30, 2025 [8] - The Vantage at Loveland property, a 288-unit multifamily property, was publicly listed for sale, with the Partnership having invested $21.1 million in net equity during its construction [3][8] Recent Financing Activity - In October 2025, the Partnership issued Series B Preferred Units to a new investor, raising gross proceeds of $5.0 million, intended for acquiring additional investments and supporting general operations [11]