No Forbearance Requests
All borrowers are current on their principal and interest payments as of March 31, 2025, with no forbearance requests for multifamily mortgage revenue bonds.
Vantage Property Sales
The Vantage at Tomball project was sold in January 2025, and Vantage at Helotes was sold earlier this week. The Helotes sale was notable for being acquired by a local housing authority and a non-profit using tax-exempt bonds.
Preferred Return from Vantage Refinancing
$2.2 million of investment income was received from Vantage at Loveland upon refinancing of the property’s original construction loan, contributing approximately $0.10 per unit.
Increased Unrestricted Cash
Unrestricted cash and cash equivalents increased significantly to $51.4 million as of March 31, from $14.7 million as of December 31, due to property sales and a Series B preferred unit issuance.
Successful Series B Preferred Units Issuance
Successfully issued $20 million of Series B preferred units in March 2025.