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Derivative Instruments (Tables)

6 Months Ended

Jun. 30, 2023

Derivative [Line Items]

Summary of Partnership's Derivative Instruments

In July 2023, the Partnership entered into an additional interest rate swap agreement to mitigate interest rate risk associated with its variable rate TOB trust financings. The following table summarizes the terms of the interest rate swap agreement:

Trade Date

Notional Amount

Effective Date

Termination Date

Fixed Rate Paid

Variable Rate Index Received

Variable Debt Financing Hedged

Counterparty

July 2023

$

6,240,000

8/1/2023

6/1/2030

3.645%

Compounded SOFR

TOB Trusts

Mizuho Capital Markets

Interest Rate Swaption [Member]

Derivative [Line Items]

Summary of Partnership's Derivative Instruments

Trade Date		Notional Amount				Effective Date		Termination Date		Fixed Rate Paid				Period End Variable Rate Received				Variable Rate Index		Variable Debt Financing Hedged		Counterparty		Fair Value as of June 30, 2023
February 2022			55,990,000			2/9/2022		2/1/2024			1.40	%			5.07	%		Compounded SOFR		TOB Trusts		Mizuho Capital Markets		$	1,482,242
March 2022			47,850,000			3/3/2022		3/1/2027			1.65	%			5.07	%		Compounded SOFR		TOB Trusts		Mizuho Capital Markets			4,140,683
October 2022			39,795,288		(1)	4/1/2023		4/1/2025			3.92	%			5.07	%		Compounded SOFR		TOB Trusts		Mizuho Capital Markets			1,148,455
December 2022			15,153,143		(2)	1/1/2023		12/1/2029			3.27	%			5.07	%		Compounded SOFR		TOB Trusts		Mizuho Capital Markets			767,254
December 2022			45,500,000			1/3/2023		1/1/2030			3.47	%			5.07	%		Compounded SOFR		TOB Trusts		Mizuho Capital Markets			750,088
January 2023			12,065,200			1/19/2023		1/1/2030			3.35	%			5.07	%		Compounded SOFR		TOB Trusts		Mizuho Capital Markets			278,458
January 2023			8,027,600			2/1/2023		2/1/2030			3.29	%			5.07	%		Compounded SOFR		TOB Trusts		Mizuho Capital Markets			190,855
March 2023			4,961,000		(3)	4/1/2023		6/1/2029			3.37	%			5.07	%		Compounded SOFR		TOB Trusts		Mizuho Capital Markets			284,806
April 2023			4,508,000			5/1/2023		5/1/2033			3.49	%			5.07	%		Compounded SOFR		TOB Trusts		Mizuho Capital Markets			195,998
May 2023			9,170,000			6/1/2023		6/1/2030			3.15	%			5.07	%		Compounded SOFR		TOB Trusts		Mizuho Capital Markets			316,883
June 2023			12,800,000			6/1/2023		6/1/2028			3.46	%			5.06	%		SOFR		TOB Trusts		Barclays Bank PLC			241,975
			255,820,231																					$	9,797,697

(1)The notional amount increases according to a schedule up to a maximum notional amount of $99.6 million.

(2)The notional amount increases according to a schedule up to a maximum notional amount of $47.8 million.

(3)The notional amount increases according to a schedule up to a maximum notional amount of $21.6 million.

Trade Date		Notional Amount				Effective Date		Termination Date		Fixed Rate Paid				Period End Variable Rate Received				Variable Rate Index		Variable Debt Financing Hedged		Counterparty		Fair Value as of December 31, 2022
February 2022			55,990,000			2/9/2022		2/1/2024			1.40	%			4.09	%		Compounded SOFR		TOB Trusts		Mizuho Capital Markets		$	2,205,130
March 2022			47,850,000			3/3/2022		3/1/2027			1.65	%			4.09	%		Compounded SOFR		TOB Trusts		Mizuho Capital Markets			4,048,961
October 2022			34,436,088		(1)	4/1/2023		4/1/2025			3.92	%		N/A				Compounded SOFR		TOB Trusts		Mizuho Capital Markets			131,427
December 2022			10,880,000		(2)	1/1/2023		12/1/2029			3.27	%		N/A				Compounded SOFR		TOB Trusts		Mizuho Capital Markets			370,342
December 2022			45,500,000			1/3/2023		1/1/2030			3.47	%		N/A				Compounded SOFR		TOB Trusts		Mizuho Capital Markets			443,339
			194,656,088																					$	7,199,199

(1)The notional amount increases according to a schedule up to a maximum notional amount of $99.6 million.

(2)The notional amount increases according to a schedule up to a maximum notional amount of $47.8 million.

Total Return Swaps [Member]

Derivative [Line Items]

Summary of Partnership's Derivative Instruments

The following table summarizes the terms of the Partnership’s total return swap as of June 30, 2023 and December 31, 2022:

Trade Date

Notional Amount

Effective Date

Termination Date

Period End Variable Rate Paid

Period End Variable Rate Received

Variable Rate Index

Counterparty

Fair Value as of June 30, 2023

December 2022

102,489,657

December 2022

Sept 2025

9.07

%

(1)

14.32

%

(2)

SOFR

Mizuho Capital Markets

$

224,196

(1)Variable rate equal to SOFR + 4.00%, subject to an all-in floor of 4.25%.

(2)Variable rate equal to SOFR + 9.25%.

Trade Date

Notional Amount

Effective Date

Termination Date

Period End Variable Rate Paid

Period End Variable Rate Received

Variable Rate Index

Counterparty

Fair Value as of December 31, 2022

December 2022

102,690,670

December 2022

Sept 2025

7.80

%

(1)

13.05

%

(2)

SOFR

Mizuho Capital Markets

$

239,612

(1)Variable rate equal to SOFR + 4.00%, subject to an all-in floor of 4.25%.

(2)Variable rate equal to SOFR + 9.25%.

Interest Rate Cap Agreements [Member]

Derivative [Line Items]

Summary of Partnership's Derivative Instruments

Purchase Date

Notional Amount

Maturity Date

Effective Capped Rate

Index

Variable Debt Financing Hedged

Counterparty

Fair Value as of June 30, 2023

August 2019

74,247,101

Aug 2024

4.5

%

SIFMA

M31 TEBS

Barclays Bank PLC

$

77,427

$

77,427

Purchase Date

Notional Amount

Maturity Date

Effective Capped Rate

Index

Variable Debt Financing Hedged

Counterparty

Fair Value as of December 31, 2022

August 2019

75,014,903

Aug 2024

4.5

%

SIFMA

M31 TEBS

Barclays Bank PLC

$

91,627

$

91,627

X

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