XML 68 R54.htm IDEA: XBRL DOCUMENT
v3.24.0.1

Derivative Instruments (Tables) | 12 Months Ended
--- | ---
Dec. 31, 2023
Derivative [Line Items] |
Summary of Unrealized and Realized Gains and Losses of Partnership's Derivative Instruments | The following tables are a summary of the unrealized and realized gains and losses of the Partnership's derivative instruments for the years ended December 31, 2023 and 2022:
|  | For the Year ended December 31, 2023 |
|  | Realized gains on derivatives, net |  |  | Unrealized losses on derivatives, net |  |  | Net result from derivative transactions |
Interest rate swaps |  | $ | (6,043,273 | ) |  | $ | 3,082,035 |  |  | $ | (2,961,238 | )
Interest rate cap |  |  | - |  |  |  | 91,363 |  |  |  | 91,363 |
Total return swaps |  |  | (4,501,709 | ) |  |  | - |  |  |  | (4,501,709 | )
Total |  | $ | (10,544,982 | ) |  | $ | 3,173,398 |  |  | $ | (7,371,584 | )
|  | For the Year ended December 31, 2022 |
|  | Realized gains on derivatives, net |  |  | Unrealized gains on derivatives, net |  |  | Net result from derivative transactions |
Interest rate swaps |  | $ | (140,171 | ) |  | $ | (7,199,197 | ) |  | $ | (7,339,368 | )
Interest rate cap |  |  | - |  |  |  | (40,539 | ) |  |  | (40,539 | )
Total return swaps |  |  | (5,715,515 | ) |  |  | - |  |  |  | (5,715,515 | )
Total |  | $ | (5,855,686 | ) |  | $ | (7,239,736 | ) |  | $ | (13,095,422 | )
Summary of Partnership's Derivative Instruments | In January 2024, 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
January 2024 |  | $ | 38,660,000 |  |  | 2/1/2024 |  | 2/1/2027 |  | 3.906% |  | 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 December 31, 2023 |
February 2022 |  |  | 55,990,000 |  |  | 2/9/2022 |  | 2/1/2024 |  |  | 1.40 | % |  |  | 5.35 | % |  | Compounded SOFR |  | TOB Trusts |  | Mizuho Capital Markets |  | $ | 398,093 |
March 2022 |  |  | 47,850,000 |  |  | 3/3/2022 |  | 3/1/2027 |  |  | 1.65 | % |  |  | 5.35 | % |  | Compounded SOFR |  | TOB Trusts |  | Mizuho Capital Markets |  |  | 3,062,500 |
October 2022 |  |  | 55,622,192 |  | (1) | 4/1/2023 |  | 4/1/2025 |  |  | 3.92 | % |  |  | 5.35 | % |  | Compounded SOFR |  | TOB Trusts |  | Mizuho Capital Markets |  |  | 628,765 |
December 2022 |  |  | 23,380,234 |  | (2) | 1/1/2023 |  | 12/1/2029 |  |  | 3.27 | % |  |  | 5.35 | % |  | Compounded SOFR |  | TOB Trusts |  | Mizuho Capital Markets |  |  | 418,477 |
December 2022 |  |  | 45,500,000 |  |  | 1/3/2023 |  | 1/1/2030 |  |  | 3.47 | % |  |  | 5.35 | % |  | Compounded SOFR |  | TOB Trusts |  | Mizuho Capital Markets |  |  | 153,711 |
January 2023 |  |  | 12,065,200 |  |  | 1/19/2023 |  | 1/1/2030 |  |  | 3.35 | % |  |  | 5.35 | % |  | Compounded SOFR |  | TOB Trusts |  | Mizuho Capital Markets |  |  | 115,960 |
January 2023 |  |  | 8,027,600 |  |  | 2/1/2023 |  | 2/1/2030 |  |  | 3.29 | % |  |  | 5.35 | % |  | Compounded SOFR |  | TOB Trusts |  | Mizuho Capital Markets |  |  | 83,952 |
March 2023 |  |  | 12,017,000 |  | (3) | 4/1/2023 |  | 6/1/2029 |  |  | 3.37 | % |  |  | 5.35 | % |  | Compounded SOFR |  | TOB Trusts |  | Mizuho Capital Markets |  |  | 115,187 |
April 2023 |  |  | 4,508,000 |  |  | 5/1/2023 |  | 5/1/2033 |  |  | 3.49 | % |  |  | 5.35 | % |  | Compounded SOFR |  | TOB Trusts |  | Mizuho Capital Markets |  |  | 33,306 |
May 2023 |  |  | 9,170,000 |  |  | 6/1/2023 |  | 6/1/2030 |  |  | 3.15 | % |  |  | 5.35 | % |  | Compounded SOFR |  | TOB Trusts |  | Mizuho Capital Markets |  |  | 194,988 |
June 2023 |  |  | 12,800,000 |  |  | 6/1/2023 |  | 6/1/2028 |  |  | 3.46 | % |  |  | 5.21 | % |  | SOFR |  | TOB Trusts |  | Barclays Bank PLC |  |  | 49,459 |
July 2023 |  |  | 6,240,000 |  |  | 8/1/2023 |  | 6/1/2030 |  |  | 3.65 | % |  |  | 5.35 | % |  | Compounded SOFR |  | TOB Trusts |  | Mizuho Capital Markets |  |  | (46,375 | )
August 2023 |  |  | 11,000,000 |  |  | 8/8/2023 |  | 2/1/2025 |  |  | 5.05 | % |  |  | 5.35 | % |  | Compounded SOFR |  | TOB Trusts |  | Mizuho Capital Markets |  |  | (49,464 | )
September 2023 |  |  | 25,000,000 |  |  | 9/19/2023 |  | 3/19/2024 |  |  | 5.54 | % |  |  | 5.35 | % |  | CME Term SOFR |  | TOB Trusts |  | Raymond James Bank |  |  | (14,438 | )
October 2023 |  |  | 4,080,000 |  | (4) | 10/10/2023 |  | 4/1/2027 |  |  | 4.72 | % |  |  | 5.35 | % |  | Compounded SOFR |  | TOB Trusts |  | Mizuho Capital Markets |  |  | (595,417 | )
|  |  | 333,250,226 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 4,548,704 |
(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. (4) The notional amount increases according to a schedule up to a maximum notional amount of $24.1 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 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 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 Agreement [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 December 31, 2023 |
August 2019 |  |  | 73,393,729 |  |  | Aug 2024 |  |  | 4.5 | % |  | SIFMA |  | M31 TEBS |  | Barclays Bank PLC |  | $ | 265 |
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 |

X
- Definition Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 815 -SubTopic 40 -Name Accounting Standards Codification -Section 50 -Paragraph 5 -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480237/815-40-50-5 + Details
Name: | us-gaap_DerivativeLineItems
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the location and amount of derivative instruments and nonderivative instruments designated as hedging instruments reported before netting adjustments, and the amount of gain (loss) on derivative instruments and nonderivative instruments designated and qualified as hedging instruments. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 815 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 4E -Publisher FASB -URI https://asc.fasb.org//1943274/2147480434/815-10-50-4E Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4C -Publisher FASB -URI https://asc.fasb.org//1943274/2147480434/815-10-50-4C Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4A -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480434/815-10-50-4A + Details
Name: | us-gaap_ScheduleOfDerivativeInstrumentsGainLossInStatementOfFinancialPerformanceTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of pertinent information about a derivative or group of derivatives on a disaggregated basis, such as for individual instruments, or small groups of similar instruments. May include a combination of the type of instrument, risks being hedged, notional amount, hedge designation, related hedged item, inception date, maturity date, or other relevant item. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 2 -SubTopic 10 -Topic 815 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480434/815-10-50-2 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 1A -Publisher FASB -URI https://asc.fasb.org//1943274/2147480434/815-10-50-1A Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 1B -Publisher FASB -URI https://asc.fasb.org//1943274/2147480434/815-10-50-1B Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 8 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480434/815-10-50-8 Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4B -Publisher FASB -URI https://asc.fasb.org//1943274/2147480434/815-10-50-4B Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 1 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480434/815-10-50-1 Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480434/815-10-50-4 Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 5 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480434/815-10-50-5 Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4C -Publisher FASB -URI https://asc.fasb.org//1943274/2147480434/815-10-50-4C + Details
Name: | us-gaap_ScheduleOfDerivativeInstrumentsTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Details
Name: | us-gaap_FinancialInstrumentAxis=us-gaap_InterestRateSwaptionMember
Namespace Prefix: |
Data Type: | na
Balance Type: |
Period Type: |

X
- Details
Name: | us-gaap_FinancialInstrumentAxis=us-gaap_TotalReturnSwapMember
Namespace Prefix: |
Data Type: | na
Balance Type: |
Period Type: |

X
- Details
Name: | us-gaap_FinancialInstrumentAxis=us-gaap_InterestRateCapMember
Namespace Prefix: |
Data Type: | na
Balance Type: |
Period Type: |