▸ Appropriations risk related to HUD’s Section 8 housing programs.· · · · · ● 1 ▸ There are risks associated with our ownership of MF Properties.· · · · · ● 1 ▸ We recently identified a material weakness in our internal controls over financial reporting and determined that our disclosure controls and procedures were not effective.· · · · · ● 1 ▸ All of the foregoing could materially adversely affect the availability, pricing, liquidity, market value and financing of our assets and materially adversely affect our business, operations, and financial condition.· · · · ● ● 2 ▸ Certain income may be considered UBTI for certain tax-exempt or tax-deferred owners of BUCs and Preferred Units.· · · · ● ● 2 ▸ Certain rights of our BUC holders are limited by and subordinate to the rights of the holders of our Preferred Units, and these rights may have a negative effect on the value of the BUCs.· · · · ● ● 2 ▸ Developments related to artificial intelligence could result in reputational or competitive harm, legal liability, and other adverse effects on our business.· · · · ● ● 2 ▸ If we elect to terminate our derivative instruments prior to the contractual maturity and the fair value is below zero, then we will be required to advance to our counterparty equal to the negative fair value.· · · · ● ● 2 ▸ The market value of our investment assets may be adversely impacted by elevated interest rate levels.· · · · ● ● 2 ▸ We may be required to post collateral with our counterparty for decreases in the fair value of our derivative instruments, to the extent such decreases are not offset by increased valuations on other positions.· · · · ● ● 2 ▸ If we acquire ownership of properties securing our investment assets through foreclosure or otherwise, we will be subject to all the risks normally associated with the ownership of such properties.· · · ● ● ● 3 ▸ Unitholders may incur tax liability if any of the interest on our MRB or GIL investments is determined to be taxable.· · · ● ● ● 3 ▸ A resurgence of inflation may cause the real value of distributions on our BUCs and Preferred Units to decline.· · ● ● ● ● 4 rw ▸ Global economic, political and market conditions, including uncertainty about the financial stability of the United States, could have a significant adverse effect on our business, financial condition and results of operations.· · ● ● ● ● 4 ▸ Income from various investments is subject to taxation.· · ● ● ● ● 4 ▸ Our investment assets are generally illiquid and our valuation estimates are subject to inherent uncertainty.· · ● ● ● ● 4 ▸ Our investments in certain asset classes may be concentrated with certain developers and related affiliates.· · ● ● ● ● 4 ▸ Our reserves for credit losses are based on estimates and may prove inadequate, which could have a material adverse effect on our financial results.· · ● ● ● ● 4 rw ▸ Properties related to our MRB investments and JV Equity Investments are geographically concentrated in certain states.· · ● ● ● ● 4 rw ▸ Properties related to our investment assets may not be completely insured against damage from natural disasters.· · ● ● ● ● 4 rw ▸ Recourse guaranties related to our GIL investments and property loans are concentrated in certain entities.· · ● ● ● ● 4 rw ▸ The properties related to our investment assets may be subject to liability for environmental contamination which could increase the risk of default or loss on our investment.· · ● ● ● ● 4 ▸ There are risks related to the construction of properties underlying our investment assets.· · ● ● ● ● 4 ▸ There is risk that a third-party developer that has provided guaranties of preferred returns on our Vantage JV Equity Investments may not perform.· · ● ● ● ● 4 ▸ We are subject to risks associated with the current interest rate environment, and changes in interest rates may affect our cost of capital and, consequently, our net income and Cash Available for Distribution.· · ● ● ● ● 4 rw ▸ We are subject to risks related to any resurgence in inflation.· · ● ● ● ● 4 rw ▸ We may be required to post additional collateral if the securitized investment assets and related derivative instruments experience declines in value.· · ● ● ● ● 4 ▸ Holders of Preferred Units have extremely limited voting rights.· ● ● ● ● ● 5 ▸ If a liquid secondary market does not exist for these derivative instruments, we may be required to maintain a derivative position until exercise or expiration, which could result in losses.· ● ● ● ● ● 5 rw ▸ Our investment strategy involves significant leverage, which could adversely affect our financial condition and results of operations.· ● ● ● ● ● 5 ▸ There are risks associated with debt financing programs that involve securitization of our investment assets.· ● ● ● ● ● 5 ▸ There are risks related to the lease-up of newly constructed or renovated properties that may affect our debt investments secured by these properties.· ● ● ● ● ● 5 rw ▸ There is risk that we will not meet financial covenants, non-financial covenants and risk retention requirements.· ● ● ● ● ● 5 ▸ Treatment of distributions on our Preferred Units is uncertain.· ● ● ● ● ● 5 ▸ We are managed by our General Partner and engage in transactions with related parties.· ● ● ● ● ● 5 ▸ We are subject to reinvestment risk from maturities and prepayments of our investment assets.· ● ● ● ● ● 5 rw ▸ We are subject to various risks associated with our debt investments secured by seniors housing and skilled nursing properties.· ● ● ● ● ● 5 rw ▸ We are subject to various risks associated with our secured line of credit arrangements and mortgage payable.· ● ● ● ● ● 5 rw ▸ We face possible risks associated with the effects of climate change and severe weather.· ● ● ● ● ● 5 ▸ Changes in interest rates can adversely affect the net interest cost of total return swaps.· · · · ● · 1 ▸ In October 2023, the holder of $10.0 million of Series A Preferred Units provided notice of its intent to redeem its investment and we anticipate paying redemption proceeds of $10.0 million in March 2024.· · · ● · · 1 ▸ We are required to post collateral associated with a decline in the fair value of reference assets associated with our total return swaps.· · · ● · · 1 ▸ There are risks associated with the financial performance of our MF Property investment.· · ● · · · 1 ▸ There are various risks associated with our JV Equity Investments.· · ● · · · 1 ▸ Although no material incidents have occurred to date, we cannot be certain that our security efforts and measures will be effective or that our financial results will not be negatively impacted by such an incident should one occur.· ● ● · · · 2 ▸ If we acquire ownership of properties securing our MRBs, GILs and/or property loans, we will be subject to all the risks normally associated with the ownership of such properties.· ● ● · · · 2 ▸ If we do not have sufficient funds available to fulfill these obligations, we may be unable to satisfy an investor’s redemption right.· ● · · · · 1 ▸ Inflation, and its resulting impact on interest rates, could adversely affect the Partnership’s business and financial results.· ● · · · · 1 ▸ Our MRBs, GILs, property loans and investments in unconsolidated entities are illiquid assets and our valuation estimates are subject to inherent uncertainty.· ● · · · · 1 ▸ Properties securing our MRBs, GILs, and property loans as our MF Properties and investments in unconsolidated entities, may not be completely insured against damages from natural disasters.· ● · · · · 1 ▸ There is a concentration risk for guarantees related to our GILs and property loans.· ● · · · · 1 ▸ Upon termination of our total return swaps, we will be required to cash settle any deficit associated with the fair value of the referenced assets compared to the outstanding principal amount.· ● ● ● · · 3 rw ▸ We are required to post collateral associated with a decline in the fair value of the Secured Notes below the outstanding principal amount.· ● ● · · · 2 rw ▸ Certain Residential Properties funded by our MRBs and GILs, as well as certain MF Properties and investments in unconsolidated entities, are not completely insured against damages from hurricanes and other major storms.● · · · · · 1 ▸ Changes in market interest rates pose various risks to our MRBs, GILs and property loans.● ● · · · · 2 rw ▸ If we acquire ownership of Residential Properties associated with our MRBs or GILs, we will be subject to all the risks normally associated with the ownership of multifamily real estate.● · · · · · 1 ▸ Increases in interest rates may make it difficult for us to finance or refinance our debt obligations and could reduce the number of investments we can acquire as well as cash flow from operations.● ● · · · · 2 rw ▸ Not all the income received by us is exempt from taxation.● ● · · · · 2 ▸ Our MRBs, GILs, property loans and investments in unconsolidated entities are illiquid assets and their values may decrease.● · · · · · 1 ▸ Partnership’s geographically diverse portfolio, not just by the performance of the assets in the Designated Target Region(s) selected by the investor.● · · · · · 1 ▸ Properties securing our MRBs and investments in unconsolidated entities are geographically concentrated in certain states.● ● · · · · 2 rw ▸ The effects of the outbreak and spread of a highly infectious or contagious disease may adversely affect our business activities, financial condition and results of operations.● ● ● · · · 3 rw ▸ The federal conservatorship of Freddie Mac and related efforts, along with any changes in laws and regulations affecting the relationship between Freddie Mac and the U.S. Government, may materially adversely affect our business.● ● ● ● · · 4 ▸ The market value of our investment assets may be adversely impacted by increasing interest rates.● ● ● ● · · 4 rw ▸ The properties securing our MRBs, GILs, MF Properties and investments in unconsolidated entities may be subject to liability for environmental contamination which could increase the risk of default or loss on our investment.● · · · · · 1 ▸ The replacement of the London Interbank Bank Offering Rate (“LIBOR”) with an alternative reference rate may adversely affect our results of operations and financial condition.● ● ● · · · 3 ▸ There are additional risks when we make property loans to properties securing our MRBs.● ● ● · · · 3 rw ▸ There are risks associated with debt financing programs that involve securitization of our MRBs, GILs and property loans.● · · · · · 1 ▸ There are risks associated with the financial performance of our investments in MF Properties.● ● · · · · 2 ▸ There are risks related to the construction of properties securing our MRBs, GILs and property loans and the multifamily properties that underlie our equity investments in unconsolidated entities.● ● · · · · 2 rw ▸ There are various risks associated with our investments in unconsolidated entities.● ● · · · · 2 ▸ There is a risk that a third-party developer that has provided guarantees of our returns on investments in unconsolidated entities may not perform.● ● · · · · 2 rw ▸ Unitholders may incur tax liability if any of the interest on our MRBs or GILs is determined to be taxable.● ● ● · · · 3 ▸ We engage in transactions with related parties.● · · · · · 1 ▸ We may be required to post additional collateral if the securitized assets experience a decline in value.● ● · · · · 2 ▸ To the extent we generate taxable income, Unitholders will be subject to income taxes on this income, whether or not they receive cash distributions.● ● · ● ● ● 5 ▸ An insolvency or receivership of the program sponsor could impair our ability to recover the assets and other collateral pledged in connection with bond securitization financings.● ● ● ● ● ● 6 rw ▸ Any downgrade, or anticipated downgrade, of U.S. sovereign credit ratings or the credit ratings of the GSEs by the various credit rating agencies may materially adversely affect our business.● ● ● ● ● ● 6 rw ▸ As a partnership, our Unitholders are individually liable for income taxes on their proportionate share of any taxable income realized by us, whether or not we make cash distributions.● ● ● ● ● ● 6 rw ▸ Cash distributions related to BUCs may change at the discretion of the Partnership’s general partner.● ● ● ● ● ● 6 ▸ Changes in interest rates can adversely affect the cost of the asset securitization financing.● ● ● ● ● ● 6 ▸ Future issuances of additional BUCs could cause the market value of all outstanding BUCs to decline.● ● ● ● ● ● 6 rw ▸ Holders of Preferred Units may have liability to repay distributions.● ● ● ● ● ● 6 rw ▸ Holders of the Preferred Units may be required to bear the risks of an investment for an indefinite period of time.● ● ● ● ● ● 6 rw ▸ If we are determined to be an association taxable as a corporation, it will have adverse economic consequences for us and our Unitholders.● ● ● ● ● ● 6 ▸ Market interest rates may adversely affect the value of the Preferred Units.● ● ● ● ● ● 6 rw ▸ Payments on our residual interests are subordinate to payments on the senior securities and to payment of all trust-related fees.● ● ● ● ● ● 6 ▸ group Risks Related to Debt Financings and Derivative Instruments● ● ● ● ● ● 6 ▸ group Risks Related to Governmental and Regulatory Matters● ● ● ● ● ● 6 ▸ group Risks Related to Income Taxes● ● ● ● ● ● 6 ▸ Risks Related to Ownership of Beneficial Unit Certificates and Preferred Units● ● ● ● ● ● 6 rw ▸ group Risks Related to our Business and Investments● ● ● ● ● ● 6 ▸ Termination of an asset securitization financing may occur under certain circumstances and could result in the liquidation of the securitized assets resulting in losses.● ● ● ● ● ● 6 rw ▸ The General Partner has the authority to declare cash distributions related to the Preferred Units.● ● ● ● ● ● 6 rw ▸ The Partnership faces legislative and regulatory risks in connection with its assets and operations, including under the CRA.● ● ● ● ● ● 6 ▸ The Partnership’s portfolio investment decisions may create CRA strategy risks.● ● ● ● ● ● 6 ▸ The Preferred Units are subordinated to existing and future debt obligations, and the interests could be diluted by the issuance of additional units, including additional Preferred Units, and by other transactions.● ● ● ● ● ● 6 rw ▸ The assets held by the Partnership may not be considered qualified investments under the CRA by the bank regulatory authorities.● ● ● ● ● ● 6 rw ▸ The receipt of contractual interest and principal payments on our debt investments will be affected by the economic results of the secured properties.● ● ● ● ● ● 6 rw ▸ The rent restrictions and occupant income limitations imposed on properties securing our MRBs and GILs may limit the revenues of such properties.● ● ● ● ● ● 6 rw ▸ The repayment of principal of our debt investments is principally dependent upon proceeds from the sale or refinancing of the secured properties.● ● ● ● ● ● 6 rw ▸ There are limits on the ability of our Unitholders to deduct Partnership losses and expenses allocated to them.● ● ● ● ● ● 6 ▸ There are various risks associated with our commitments to fund investments on a draw-down or forward basis.● ● ● ● ● ● 6 ▸ There is no public market for the Preferred Units, which may prevent an investor from liquidating its investment.● ● ● ● ● ● 6 rw ▸ Under certain circumstances, investors may not receive CRA credit for their investment in the Preferred Units.● ● ● ● ● ● 6 rw ▸ We are increasingly dependent on information technology, and potential disruption, cyber-attacks, security issues, and expanding social media vehicles present new risks.● ● ● ● ● ● 6 rw ▸ We are not registered under the Investment Company Act.● ● ● ● ● ● 6 ▸ We are subject to various risks associated with our derivative agreements.● ● ● ● ● ● 6 ▸ We may be required to redeem Preferred Units in the future.● ● ● ● ● ● 6 rw 
