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Redeemable Preferred Units (Tables)
9 Months Ended
Sep. 30, 2023
Temporary Equity Disclosure [Abstract]  
Summary of Issuances of Preferred Units

The following table summarizes the outstanding Preferred Units as of September 30, 2023 and December 31, 2022:

 

 

September 30, 2023

Month Issued

 

Units

 

 

Purchase Price

 

 

Distribution
Rate

 

 

Redemption
Price per Unit

 

 

Earliest Redemption
Date

Series A Preferred Units

 

 

 

 

 

 

 

 

 

 

 

 

 

 

March 2016

 

 

1,000,000

 

 

$

10,000,000

 

 

 

3.00

%

 

$

10.00

 

 

March 2024 (1)

March 2017

 

 

1,000,000

 

 

 

10,000,000

 

 

 

3.00

%

 

 

10.00

 

 

March 2024 (2)

October 2017

 

 

1,750,000

 

 

 

17,500,000

 

 

 

3.00

%

 

 

10.00

 

 

October 2023 (3)

Total Series A Preferred Units

 

 

3,750,000

 

 

 

37,500,000

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Series A-1 Preferred Units

 

 

 

 

 

 

 

 

 

 

 

 

 

 

April 2022

 

 

2,000,000

 

 

$

20,000,000

 

 

 

3.00

%

 

$

10.00

 

 

April 2028

October 2022

 

 

1,000,000

 

 

 

10,000,000

 

 

 

3.00

%

 

 

10.00

 

 

October 2028

February 2023

 

 

1,500,000

 

 

 

15,000,000

 

 

 

3.00

%

 

 

10.00

 

 

February 2029

June 2023

 

 

1,000,000

 

 

 

10,000,000

 

 

 

3.00

%

 

 

10.00

 

 

June 2029

Total Series A-1 Preferred Units

 

 

5,500,000

 

 

 

55,000,000

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Redeemable Preferred Units
   outstanding as of September 30, 2023

 

 

9,250,000

 

 

$

92,500,000

 

 

 

 

 

 

 

 

 

(1)
The holder did not provide a notice of its intent to redeem prior to the date 180 days before the most recent optional redemption date. Accordingly, the holder's next optional redemption date is on the next anniversary of the sale of the Series A Preferred Units.
(2)
In October 2023, the holder of $10.0 million of Series A Preferred Units provided notice of its intent to redeem its investment in March 2024.
(3)
In April 2023, the holder of $10.0 million of Series A Preferred Units provided notice of its intent to redeem and the redemption was completed in October 2023.

 

 

 

December 31, 2022

 

Month Issued

 

Units

 

 

Purchase Price

 

 

Distribution
Rate

 

 

Redemption
Price per Unit

 

Series A Preferred Units

 

 

 

 

 

 

 

 

 

 

 

 

March 2016

 

 

1,000,000

 

 

$

10,000,000

 

 

 

3.00

%

 

$

10.00

 

December 2016

 

 

700,000

 

 

 

7,000,000

 

 

 

3.00

%

 

 

10.00

 

March 2017

 

 

1,000,000

 

 

 

10,000,000

 

 

 

3.00

%

 

 

10.00

 

August 2017

 

 

2,000,000

 

 

 

20,000,000

 

 

 

3.00

%

 

 

10.00

 

October 2017

 

 

1,750,000

 

 

 

17,500,000

 

 

 

3.00

%

 

 

10.00

 

Total Series A Preferred Units

 

 

6,450,000

 

 

 

64,500,000

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Series A-1 Preferred Units

 

 

 

 

 

 

 

 

 

 

 

 

April 2022

 

 

2,000,000

 

 

$

20,000,000

 

 

 

3.00

%

 

 

10.00

 

October 2022

 

 

1,000,000

 

 

 

10,000,000

 

 

 

3.00

%

 

 

10.00

 

Total Series A-1 Preferred Units

 

 

3,000,000

 

 

 

30,000,000

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Redeemable Preferred Units
   outstanding as of December 31, 2022

 

 

9,450,000

 

 

$

94,500,000