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v3.23.3

Derivative Instruments (Tables) | 9 Months Ended
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Sep. 30, 2023
Derivative [Line Items] |
Summary of Partnership's Derivative Instruments | In October 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
October 2023 |  | $ | 3,520,000 |  | (1) | 10/10/2023 |  | 4/1/2027 |  | 4.722% |  | Compounded SOFR |  | TOB Trusts |  | Mizuho Capital Markets
(1) The notional amount increases according to a schedule up to a maximum notional amount of $24.1 million.
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 September 30, 2023 |
February 2022 |  |  | 55,990,000 |  |  | 2/9/2022 |  | 2/1/2024 |  |  | 1.40 | % |  |  | 5.32 | % |  | Compounded SOFR |  | TOB Trusts |  | Mizuho Capital Markets |  | $ | 962,186 |
March 2022 |  |  | 47,850,000 |  |  | 3/3/2022 |  | 3/1/2027 |  |  | 1.65 | % |  |  | 5.32 | % |  | Compounded SOFR |  | TOB Trusts |  | Mizuho Capital Markets |  |  | 4,450,130 |
October 2022 |  |  | 47,892,888 |  | (1) | 4/1/2023 |  | 4/1/2025 |  |  | 3.92 | % |  |  | 5.32 | % |  | Compounded SOFR |  | TOB Trusts |  | Mizuho Capital Markets |  |  | 1,448,907 |
December 2022 |  |  | 20,400,000 |  | (2) | 1/1/2023 |  | 12/1/2029 |  |  | 3.27 | % |  |  | 5.32 | % |  | Compounded SOFR |  | TOB Trusts |  | Mizuho Capital Markets |  |  | 1,459,311 |
December 2022 |  |  | 45,500,000 |  |  | 1/3/2023 |  | 1/1/2030 |  |  | 3.47 | % |  |  | 5.32 | % |  | Compounded SOFR |  | TOB Trusts |  | Mizuho Capital Markets |  |  | 2,145,007 |
January 2023 |  |  | 12,065,200 |  |  | 1/19/2023 |  | 1/1/2030 |  |  | 3.35 | % |  |  | 5.32 | % |  | Compounded SOFR |  | TOB Trusts |  | Mizuho Capital Markets |  |  | 644,852 |
January 2023 |  |  | 8,027,600 |  |  | 2/1/2023 |  | 2/1/2030 |  |  | 3.29 | % |  |  | 5.32 | % |  | Compounded SOFR |  | TOB Trusts |  | Mizuho Capital Markets |  |  | 439,945 |
March 2023 |  |  | 8,342,000 |  | (3) | 4/1/2023 |  | 6/1/2029 |  |  | 3.37 | % |  |  | 5.32 | % |  | Compounded SOFR |  | TOB Trusts |  | Mizuho Capital Markets |  |  | 910,969 |
April 2023 |  |  | 4,508,000 |  |  | 5/1/2023 |  | 5/1/2033 |  |  | 3.49 | % |  |  | 5.32 | % |  | Compounded SOFR |  | TOB Trusts |  | Mizuho Capital Markets |  |  | 291,192 |
May 2023 |  |  | 9,170,000 |  |  | 6/1/2023 |  | 6/1/2030 |  |  | 3.15 | % |  |  | 5.32 | % |  | Compounded SOFR |  | TOB Trusts |  | Mizuho Capital Markets |  |  | 618,485 |
June 2023 |  |  | 12,800,000 |  |  | 6/1/2023 |  | 6/1/2028 |  |  | 3.46 | % |  |  | 5.30 | % |  | SOFR |  | TOB Trusts |  | Barclays Bank PLC |  |  | 487,877 |
July 2023 |  |  | 6,240,000 |  |  | 8/1/2023 |  | 6/1/2030 |  |  | 3.65 | % |  |  | 5.32 | % |  | Compounded SOFR |  | TOB Trusts |  | Mizuho Capital Markets |  |  | 240,490 |
August 2023 |  |  | 11,000,000 |  |  | 8/8/2023 |  | 2/1/2025 |  |  | 5.05 | % |  |  | 5.32 | % |  | Compounded SOFR |  | TOB Trusts |  | Mizuho Capital Markets |  |  | 24,256 |
September 2023 |  |  | 25,000,000 |  |  | 9/19/2023 |  | 3/19/2024 |  |  | 5.54 | % |  |  | 5.33 | % |  | CME Term SOFR |  | TOB Trusts |  | Raymond James Bank |  |  | (12,927 | )
|  |  | 314,785,688 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 14,110,680 |
(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 September 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 September 30, 2023 |
December 2022 |  |  | 102,386,966 |  |  | December 2022 |  | Sept 2025 |  |  | 9.32 | % | (1) |  | 14.57 | % | (2) | SOFR |  | Mizuho Capital Markets |  | $ | 223,971 |
(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 September 30, 2023 |
August 2019 |  |  | 73,853,153 |  |  | Aug 2024 |  |  | 4.5 | % |  | SIFMA |  | M31 TEBS |  | Barclays Bank PLC |  | $ | 1,041 |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 1,041 |
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 |

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