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Subsequent Events (Tables) | 3 Months Ended
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Mar. 31, 2024
Subsequent Event [Line Items] |
Summary of Terms of Interest Rate Swap Agreement | The following tables summarize the Partnership’s derivative instruments as of March 31, 2024 and December 31, 2023:
|  |  |  |  | Fair Value as of March 31, 2024 |  |  |  |
Contract Type |  | Notional Amount |  |  | Asset |  |  | Liability |  |  | Weighted Average Remaining Maturity (Years) |
Swaps |  |  |  |  |  |  |  |  |  |  |  |
SOFR |  |  | 313,264,293 |  |  | $ | 9,263,567 |  |  | $ | (224,845 | ) |  |  | 3.04 |
Cap |  |  |  |  |  |  |  |  |  |  |  |
4.5% SIFMA Rate Cap |  |  | 72,988,749 |  |  |  | 35 |  |  |  | - |  |  |  | 0.42 |
|  |  | 386,253,042 |  |  | $ | 9,263,602 |  |  | $ | (224,845 | ) |  |  |
|  |  |  |  | Fair Value as of December 31, 2023 |  |  |  |
Contract Type |  | Notional Amount |  |  | Asset |  |  | Liability |  |  | Weighted Average Remaining Maturity (Years) |
Swaps |  |  |  |  |  |  |  |  |  |  |  |
SOFR |  |  | 333,250,226 |  |  | $ | 5,254,398 |  |  | $ | (705,694 | ) |  |  | 3.48 |
Cap |  |  |  |  |  |  |  |  |  |  |  |
4.5% SIFMA Rate Cap |  |  | 73,393,729 |  |  |  | 265 |  |  |  | - |  |  |  | 0.67 |
|  |  | 406,643,955 |  |  | $ | 5,254,663 |  |  | $ | (705,694 | ) |  |  |
Schedule of Terms of Partnership's MRB Investments | The following table summarizes the terms of the Partnership’s investments:
Mortgage Revenue Bond Name |  | Month Acquired |  | Property Location |  | Units |  | Maturity Date |  | Fixed Interest Rate |  | Principal Acquired |
Woodington Gardens Apartments MRB |  | April 2024 |  | Baltimore, MD |  | 197 |  | 5/1/2029 |  | 7.80% |  | $ | 31,150,000 |
Woodington Gardens Apartments taxable MRB |  | April 2024 |  | Baltimore, MD |  | 197 |  | 5/1/2029 |  | 7.80% |  |  | 2,577,000 |
|  |  |  |  |  |  |  |  |  |  |  | $ | 33,727,000 |
Summary of Initial Terms of TOB Trusts Financings | The following table summarizes the initial terms of the TOB trust financing:
TOB Trusts Securitization |  | TOB Trust Financing |  |  | Stated Maturity |  | Interest Rate Type |  | Tax-Exempt Interest on Senior Securities |  | Remarketing Senior Securities Rate |  | Facility Fees |  | Interest Rate
Woodington Gardens Apartments MRB |  | $ | 24,920,000 |  |  | April 2027 |  | Variable |  | Yes |  | 4.14% |  | 1.44% |  | 5.58%
Interest rate swap [Member] |
Subsequent Event [Line Items] |
Summary of Terms of Interest Rate Swap Agreement | In April 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
April 2024 |  | $ | 19,500,000 |  |  | 5/1/2024 |  | 5/1/2029 |  | 4.345% |  | Compounded SOFR |  | TOB Trusts |  | Mizuho Capital Markets

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