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Secured Line of Credit (Tables) | 9 Months Ended
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Sep. 30, 2023
Secured Line Of Credit Facility [Member] |
Line of Credit Facility [Line Items] |
Summary of Lines of Credit | The following tables summarize the Partnership’s secured lines of credit ("LOC" or "LOCs") as of September 30, 2023 and December 31, 2022:
Secured Lines of Credit |  | Outstanding as of September 30, 2023 |  |  | Total Commitment |  |  | Commitment Maturity |  | Variable / Fixed |  | Reset Frequency |  | Period End Rate |
BankUnited General LOC |  | $ | 16,500,000 |  |  | $ | 40,000,000 |  |  | June 2025 (1) |  | Variable (2) |  | Monthly |  |  | 8.83 | %
Bankers Trust Acquisition LOC |  |  | - |  |  |  | 50,000,000 |  |  | June 2024 (3) |  | Variable (4) |  | Monthly |  |  | 7.83 | %
|  | $ | 16,500,000 |  |  | $ | 90,000,000 |  |  |  |  |  |  |  |  |  |
(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, N.A. (“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 1-month forward looking term Secured Overnight Financing Rate as published by CME Group Benchmark Administration Limited (“Term SOFR”).
Secured Lines of Credit |  | Outstanding as of December 31, 2022 |  |  | Total Commitment |  |  | Commitment Maturity |  | Variable / Fixed |  | Reset Frequency |  | Period End Rate |
BankUnited General LOC |  | $ | 6,500,000 |  |  | $ | 40,000,000 |  |  | June 2023 (1) |  | Variable (2) |  | Monthly |  |  | 7.42 | %
Bankers Trust Acquisition LOC |  |  | 49,000,000 |  |  |  | 50,000,000 |  |  | June 2024 (3) |  | Variable (4) |  | Monthly |  |  | 6.68 | %
|  | $ | 55,500,000 |  |  | $ | 90,000,000 |  |  |  |  |  |  |  |  |  |
(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, N.A. (“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 LIBOR + 3.25%, subject to an all-in floor of 3.50%. The secured credit agreement contains terms for selecting an alternative index if LIBOR is no longer available. (3) The Partnership has two one-year extension options 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 1-month forward looking term Secured Overnight Financing Rate as published by CME Group Benchmark Administration Limited (“Term SOFR”).

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