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Debt Financing (Tables) | 6 Months Ended
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Jun. 30, 2024
Debt Financing [Abstract] |
Schedule of Total Debt Financing | The following tables summarize the Partnership’s debt financings, net of deferred financing costs, as of June 30, 2024 and December 31, 2023:
|  | Outstanding Debt Financings as of June 30, 2024, net |  |  | Restricted Cash |  |  | Stated Maturities |  | Interest Rate Type |  | Tax-Exempt Interest on Senior Securities (1) |  | Remarketing Senior Securities Rate (2) |  | Facility Fees |  | Period End Rates |
TEBS Financings |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
M31 TEBS | (3) | $ | 65,947,462 |  |  | $ | 4,999 |  |  | 2024 |  | Variable |  | Yes |  | 3.91% |  | 1.35% |  | 5.26% |
M33 TEBS |  |  | 28,518,298 |  |  |  | 2,606 |  |  | 2030 |  | Fixed |  | Yes |  | N/A |  | N/A |  | 3.24% |
M45 TEBS |  |  | 208,646,796 |  |  |  | 5,000 |  |  | 2034 |  | Fixed |  | Yes |  | N/A |  | N/A |  | 4.39% |
Subtotal/Weighed Average Period End Rate |  |  | 303,112,556 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 4.47% |
TEBS Residual Financing |  | $ | 60,282,673 |  |  | $ | 18,000 |  |  | 2034 |  | Fixed |  | Yes |  | N/A |  | N/A |  | 7.16% |
TOB Trust Securitizations |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Mizuho Capital Markets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Southpark MRB |  |  | 9,836,063 |  |  | (4) |  |  | 2024 |  | Variable |  | Yes |  | 4.20% |  | 1.44% |  | 5.64% |
SoLa Impact Opportunity Zone Fund |  |  | 23,433,061 |  |  | (4) |  |  | 2024 |  | Variable |  | No |  | 5.59% |  | 1.78% |  | 7.37% |
Montevista - Series A |  |  | 5,596,181 |  |  | (4) |  |  | 2025 |  | Variable |  | Yes |  | 4.20% |  | 1.28% |  | 5.48% |
The Park at Sondrio - Series 2022A |  |  | 30,418,077 |  |  | (4) |  |  | 2025 |  | Variable |  | Yes |  | 4.20% |  | 1.43% |  | 5.63% |
The Park at Vietti - Series 2022A |  |  | 21,539,334 |  |  | (4) |  |  | 2025 |  | Variable |  | Yes |  | 4.20% |  | 1.43% |  | 5.63% |
Residency at the Entrepreneur MRBs |  |  | 34,060,000 |  |  | (4) |  |  | 2025 |  | Variable |  | Yes |  | 4.20% |  | 1.45% |  | 5.65% |
Legacy Commons at Signal Hills GIL |  |  | 31,155,000 |  |  | (4) |  |  | 2025 |  | Variable |  | Yes |  | 4.20% |  | 0.91% |  | 5.11% |
Osprey Village GIL |  |  | 49,475,000 |  |  | (4) |  |  | 2025 |  | Variable |  | Yes |  | 4.20% |  | 1.19% |  | 5.39% |
Residency at the Mayer Taxable MRB |  |  | 824,656 |  |  | (4) |  |  | 2025 |  | Variable |  | No |  | 5.59% |  | 1.17% |  | 6.76% |
Residency at Empire MRBs |  |  | 29,847,760 |  |  | (4) |  |  | 2026 |  | Variable |  | Yes |  | 4.20% |  | 1.42% |  | 5.62% |
The Ivy Apartments |  |  | 24,347,506 |  |  | (4) |  |  | 2026 |  | Variable |  | Yes |  | 4.20% |  | 1.44% |  | 5.64% |
Windsor Shores Apartments |  |  | 17,196,987 |  |  | (4) |  |  | 2026 |  | Variable |  | Yes |  | 4.20% |  | 1.44% |  | 5.64% |
Village at Hanford Square |  |  | 7,768,683 |  |  | (4) |  |  | 2026 |  | Variable |  | Yes |  | 4.20% |  | 1.44% |  | 5.64% |
MaryAlice Circle Apartments |  |  | 4,690,419 |  |  | (4) |  |  | 2026 |  | Variable |  | Yes |  | 4.20% |  | 1.44% |  | 5.64% |
Meadow Valley |  |  | 22,039,174 |  |  | (4) |  |  | 2026 |  | Variable |  | Yes |  | 4.20% |  | 1.44% |  | 5.64% |
40rty on Colony |  |  | 4,445,678 |  |  | (4) |  |  | 2026 |  | Variable |  | Yes |  | 4.20% |  | 1.44% |  | 5.64% |
Sandy Creek Apartments GIL |  |  | 9,628,693 |  |  | (4) |  |  | 2026 |  | Variable |  | Yes |  | 4.20% |  | 1.44% |  | 5.64% |
Residency at the Mayer MRBs |  |  | 33,803,106 |  |  | (4) |  |  | 2026 |  | Variable |  | Yes |  | 4.20% |  | 1.19% |  | 5.39% |
The Safford |  |  | 15,286,911 |  |  | (4) |  |  | 2026 |  | Variable |  | Yes |  | 4.20% |  | 1.44% |  | 5.64% |
Avistar at Wood Hollow - Series A |  |  | 32,463,660 |  |  | (4) |  |  | 2027 |  | Variable |  | Yes |  | 4.20% |  | 1.44% |  | 5.64% |
Live 929 |  |  | 53,092,000 |  |  | (4) |  |  | 2027 |  | Variable |  | Yes |  | 4.20% |  | 1.18% |  | 5.38% |
Jackson Manor Apartments |  |  | 4,100,000 |  |  | (4) |  |  | 2027 |  | Variable |  | Yes |  | 4.20% |  | 1.29% |  | 5.49% |
Woodington Gardens - Series A-1 |  |  | 24,824,240 |  |  | (4) |  |  | 2027 |  | Variable |  | Yes |  | 4.20% |  | 1.44% |  | 5.64% |
Aventine Apartments |  |  | 7,551,963 |  |  | (4) |  |  | 2027 |  | Variable |  | Yes |  | 4.20% |  | 1.44% |  | 5.64% |
Montecito at Williams Ranch - Series A |  |  | 6,783,767 |  |  | (4) |  |  | 2027 |  | Variable |  | Yes |  | 4.20% |  | 1.18% |  | 5.38% |
Vineyard Gardens - Series A |  |  | 3,594,028 |  |  | (4) |  |  | 2027 |  | Variable |  | Yes |  | 4.20% |  | 1.18% |  | 5.38% |
Avistar at Copperfield - Series A |  |  | 11,304,585 |  |  | (4) |  |  | 2027 |  | Variable |  | Yes |  | 4.20% |  | 1.68% |  | 5.88% |
Avistar at Wilcrest - Series A |  |  | 4,280,584 |  |  | (4) |  |  | 2027 |  | Variable |  | Yes |  | 4.20% |  | 1.68% |  | 5.88% |
Trust 2024-XF3219 | (5) |  | 31,294,815 |  |  | (4) |  |  | 2027 |  | Variable |  | No |  | 5.59% |  | 1.79% |  | 7.38% |
Barclays Capital Inc.: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Trust 2021-XF2953 | (6) |  | 54,628,333 |  |  |  | - |  |  | 2025 |  | Variable |  | No |  | 5.47% |  | 1.27% |  | 6.74% |
Poppy Grove I GIL |  |  | 22,274,279 |  |  |  | - |  |  | 2025 |  | Variable |  | Yes |  | 5.10% |  | 1.25% |  | 6.35% |
Poppy Grove II GIL |  |  | 10,030,279 |  |  |  | - |  |  | 2025 |  | Variable |  | Yes |  | 5.10% |  | 1.25% |  | 6.35% |
Poppy Grove III GIL |  |  | 16,437,279 |  |  |  | - |  |  | 2025 |  | Variable |  | Yes |  | 5.10% |  | 1.25% |  | 6.35% |
Village Point |  |  | 18,389,543 |  |  |  | - |  |  | 2025 |  | Variable |  | Yes |  | 5.10% |  | 1.61% |  | 6.71% |
Subtotal/Weighed Average Period End Rate |  |  | 676,441,644 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 5.87% |
Term TOB Trust Securitizations |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Morgan Stanley: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Village at Avalon |  | $ | 12,689,225 |  |  |  | - |  |  | 2025 |  | Fixed |  | Yes |  | N/A |  | N/A |  | 6.33% |
Total Debt Financings |  | $ | 1,052,526,098 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
(1) The tax treatment of interest paid to the trust senior trust securities is dependent on the structure of the trust financing. Debt financings designated as “tax-exempt” in the table above are such that the Partnership expects and believes the interest on the senior securities is exempt from federal income taxes, which typically requires a lower remarketing rate to place the senior securities at each weekly reset. (2) The remarketing senior securities rate is the market interest rate determined by the remarketing agent to ensure all senior securities tendered by holder for weekly remarketing are purchased at par. (3) Facility fees have a variable component. The stated maturity date in July 2024 is the expiration of the liquidity commitment rate from Freddie Mac. On that date, Freddie Mac will either extend the liquidity commitment, reset the liquidity commitment fee rate, or require the conversion to a fixed rate mode at a rate dependent on market conditions on that date. Freddie Mac cannot require redemption of the outstanding Class A Certificates on that date. The Partnership also has the right to terminate the facility and obtain alternative debt financing. (4) The Partnership has restricted cash totaling approximately $16.8 million related to its total net position with Mizuho. (5) The TOB trust is securitized by seven MRBs, nine taxable MRBs, and one property loan. (6) The TOB trust is securitized by the Willow Place GIL & supplemental GIL, Lutheran Gardens MRB, Magnolia Heights GIL and property loan, Poppy Grove I taxable GIL, Poppy Grove II taxable GIL and Poppy Grove III taxable GIL.
|  | Outstanding Debt Financings as of December 31, 2023, net |  |  | Restricted Cash |  |  | Stated Maturities |  | Interest Rate Type |  | Tax-Exempt Interest on Senior Securities (1) |  | Remarketing Senior Securities Rate (2) |  | Facility Fees |  | Period End Rates |
TEBS Financings |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
M31 TEBS | (3) | $ | 66,621,825 |  |  | $ | 4,999 |  |  | 2024 |  | Variable |  | Yes |  | 3.90% |  | 1.31% |  | 5.21% |
M33 TEBS |  |  | 28,870,624 |  |  |  | 2,606 |  |  | 2030 |  | Fixed |  | Yes |  | N/A |  | N/A |  | 3.24% |
M45 TEBS |  |  | 209,769,942 |  |  |  | 5,000 |  |  | 2034 |  | Fixed |  | Yes |  | N/A |  | N/A |  | 4.39% |
Subtotal/Weighed Average Period End Rate |  |  | 305,262,391 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 4.46% |
TEBS Residual Financing |  | $ | 60,322,317 |  |  | $ | - |  |  | 2034 |  | Fixed |  | Yes |  | N/A |  | N/A |  | 7.16% |
TOB Trust Securitizations |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Mizuho Capital Markets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Hope on Avalon GIL |  |  | 18,711,665 |  |  | (4) |  |  | 2024 |  | Variable |  | Yes |  | 4.24% |  | 1.44% |  | 5.68% |
Jackson Manor Apartments |  |  | 4,100,000 |  |  | (4) |  |  | 2024 |  | Variable |  | Yes |  | 4.24% |  | 1.29% |  | 5.53% |
Trust 2021-XF2926 | (5) |  | 38,496,952 |  |  | (4) |  |  | 2024 |  | Variable |  | No |  | 5.59% |  | 0.90% |  | 6.49% |
SoLa Impact Opportunity Zone Fund |  |  | 23,741,122 |  |  | (4) |  |  | 2024 |  | Variable |  | No |  | 5.59% |  | 1.78% |  | 7.37% |
Montevista - Series A |  |  | 5,618,833 |  |  | (4) |  |  | 2025 |  | Variable |  | Yes |  | 4.24% |  | 1.28% |  | 5.52% |
Montecito at Williams Ranch - Series A |  |  | 6,813,244 |  |  | (4) |  |  | 2025 |  | Variable |  | Yes |  | 4.24% |  | 1.18% |  | 5.42% |
Vineyard Gardens - Series A |  |  | 3,593,615 |  |  | (4) |  |  | 2025 |  | Variable |  | Yes |  | 4.24% |  | 1.18% |  | 5.42% |
The Park at Sondrio - Series 2022A |  |  | 30,396,222 |  |  | (4) |  |  | 2025 |  | Variable |  | Yes |  | 4.24% |  | 1.43% |  | 5.67% |
The Park at Vietti - Series 2022A |  |  | 21,522,158 |  |  | (4) |  |  | 2025 |  | Variable |  | Yes |  | 4.24% |  | 1.43% |  | 5.67% |
Avistar at Copperfield - Series A |  |  | 11,370,985 |  |  | (4) |  |  | 2025 |  | Variable |  | Yes |  | 4.24% |  | 1.68% |  | 5.92% |
Avistar at Wilcrest - Series A |  |  | 4,303,984 |  |  | (4) |  |  | 2025 |  | Variable |  | Yes |  | 4.24% |  | 1.68% |  | 5.92% |
Residency at the Entrepreneur MRBs |  |  | 23,040,000 |  |  | (4) |  |  | 2025 |  | Variable |  | Yes |  | 4.24% |  | 1.45% |  | 5.69% |
Legacy Commons at Signal Hills GIL |  |  | 31,155,000 |  |  | (4) |  |  | 2025 |  | Variable |  | Yes |  | 4.24% |  | 0.91% |  | 5.15% |
Osprey Village GIL |  |  | 49,475,000 |  |  | (4) |  |  | 2025 |  | Variable |  | Yes |  | 4.24% |  | 1.19% |  | 5.43% |
Trust 2021-XF2939 | (6) |  | 21,821,644 |  |  | (4) |  |  | 2025 |  | Variable |  | No |  | 5.59% |  | 1.17% |  | 6.76% |
Residency at Empire MRBs |  |  | 18,267,048 |  |  | (4) |  |  | 2026 |  | Variable |  | Yes |  | 4.24% |  | 1.42% |  | 5.66% |
The Ivy Apartments |  |  | 24,330,930 |  |  | (4) |  |  | 2026 |  | Variable |  | Yes |  | 4.24% |  | 1.44% |  | 5.68% |
Windsor Shores Apartments |  |  | 17,183,983 |  |  | (4) |  |  | 2026 |  | Variable |  | Yes |  | 4.24% |  | 1.44% |  | 5.68% |
Village at Hanford Square |  |  | 7,760,141 |  |  | (4) |  |  | 2026 |  | Variable |  | Yes |  | 4.24% |  | 1.44% |  | 5.68% |
MaryAlice Circle Apartments |  |  | 4,682,351 |  |  | (4) |  |  | 2026 |  | Variable |  | Yes |  | 4.24% |  | 1.44% |  | 5.68% |
Meadow Valley |  |  | 15,438,915 |  |  | (4) |  |  | 2026 |  | Variable |  | Yes |  | 4.24% |  | 1.44% |  | 5.68% |
40rty on Colony |  |  | 4,440,847 |  |  | (4) |  |  | 2026 |  | Variable |  | Yes |  | 4.24% |  | 1.44% |  | 5.68% |
Sandy Creek Apartments GIL |  |  | 9,616,853 |  |  | (4) |  |  | 2026 |  | Variable |  | Yes |  | 4.24% |  | 1.44% |  | 5.68% |
Residency at the Mayer - Series A |  |  | 24,335,000 |  |  | (4) |  |  | 2026 |  | Variable |  | Yes |  | 4.24% |  | 1.19% |  | 5.43% |
The Safford |  |  | 5,911,780 |  |  | (4) |  |  | 2026 |  | Variable |  | Yes |  | 4.24% |  | 1.44% |  | 5.68% |
Avistar at Wood Hollow - Series A |  |  | 32,673,300 |  |  | (4) |  |  | 2027 |  | Variable |  | Yes |  | 4.24% |  | 1.44% |  | 5.68% |
Live 929 |  |  | 53,092,000 |  |  | (4) |  |  | 2027 |  | Variable |  | Yes |  | 4.24% |  | 1.18% |  | 5.42% |
Barclays Capital Inc.: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Trust 2021-XF2953 | (7) |  | 69,694,599 |  |  |  | - |  |  | 2024 |  | Variable |  | No |  | 5.48% |  | 1.27% |  | 6.75% |
Poppy Grove I GIL |  |  | 15,872,163 |  |  |  | - |  |  | 2024 |  | Variable |  | Yes |  | 4.40% |  | 1.25% |  | 5.65% |
Poppy Grove II GIL |  |  | 7,628,163 |  |  |  | - |  |  | 2024 |  | Variable |  | Yes |  | 4.40% |  | 1.25% |  | 5.65% |
Poppy Grove III GIL |  |  | 13,235,163 |  |  |  | - |  |  | 2024 |  | Variable |  | Yes |  | 4.40% |  | 1.25% |  | 5.65% |
Village Point |  |  | 18,381,720 |  |  |  | - |  |  | 2024 |  | Variable |  | Yes |  | 4.43% |  | 1.61% |  | 6.04% |
Subtotal/Weighed Average Period End Rate |  |  | 636,705,380 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 5.87% |
Term TOB Trust Securitizations |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Morgan Stanley: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Village at Avalon |  | $ | 12,739,978 |  |  |  | - |  |  | 2024 |  | Fixed |  | Yes |  | N/A |  | N/A |  | 1.98% |
Total Debt Financings |  | $ | 1,015,030,066 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
(1) The tax treatment of interest paid to the trust senior trust securities is dependent on the structure of the trust financing. Debt financings designated as “tax-exempt” in the table above are such that the Partnership expects and believes the interest on the senior securities is exempt from federal income taxes, which typically requires a lower remarketing rate to place the senior securities at each weekly reset. (2) The remarketing senior securities rate is the market interest rate determined by the remarketing agent to ensure all senior securities tendered by holder for weekly remarketing are purchased at par. (3) Facility fees have a variable component. The stated maturity date in July 2024 is the expiration of the liquidity commitment rate from Freddie Mac. On that date, Freddie Mac will either extend the liquidity commitment, reset the liquidity commitment fee rate, or require the conversion to a fixed rate mode at a rate dependent on market conditions on that date. Freddie Mac cannot require redemption of the outstanding Class A Certificates on that date. The Partnership also has the right to terminate the facility and obtain alternative debt financing. (4) The Partnership has restricted cash totaling approximately $9.6 million related to its total net position with Mizuho. (5) The TOB trust is securitized by the Legacy Commons at Signal Hills property loan and the Hope on Avalon taxable GIL. (6) The TOB trust is securitized by the Residency at the Mayer taxable MRB and Osprey Village property loan. (7) The TOB trust is securitized by the Willow Place GIL, property loan & supplemental GIL, Lutheran Gardens MRB, Magnolia Heights GIL and property loan, Poppy Grove I taxable GIL, Poppy Grove II taxable GIL and Poppy Grove III taxable GIL.
Summary of TOB Trust Financings | The following is a summary of the new TOB trust financings that were entered into during the six months ended June 30, 2024:
TOB Trust Securitization |  | Initial TOB Trust Financing |  |  | Stated Maturity |  | Interest Rate Type |  | Tax-Exempt Interest on Senior Securities |  | Facility Fees
Southpark MRB |  | $ | 9,840,000 |  |  | June 2024 |  | Variable |  | Yes |  | 1.44%
Trust 2024-XF3219 |  |  | 21,795,000 |  |  | February 2027 |  | Variable |  | No |  | 1.79%
Woodington Gardens - Series A-1 |  |  | 24,920,000 |  |  | April 2027 |  | Variable |  | Yes |  | 1.44%
Aventine Apartments |  |  | 7,600,000 |  |  | June 2027 |  | Variable |  | Yes |  | 1.44%
Total TOB Trust Financings |  | $ | 64,155,000 |  |  |  |  |  |  |  |  |
The following is a summary of the new TOB trust financings that were entered into during the six months ended June 30, 2023:
TOB Trusts Securitization |  | Initial TOB Trust Financing |  |  | Stated Maturity |  | Interest Rate Type |  | Tax-Exempt Interest on Senior Securities |  | Facility Fees
Residency at Empire MRB |  | $ | 14,400,000 |  |  | January 2026 |  | Variable |  | Yes |  | 1.42%
Windsor Shores MRB |  |  | 17,236,000 |  |  | January 2026 |  | Variable |  | Yes |  | 1.44%
SoLa Impact Opportunity Zone Fund |  |  | 27,300,000 |  |  | December 2024 |  | Variable |  | No |  | 1.78%
The Ivy Apartments MRB |  |  | 24,400,000 |  |  | February 2026 |  | Variable |  | Yes |  | 1.44%
Village at Hanford Square MRB |  |  | 7,800,000 |  |  | May 2026 |  | Variable |  | Yes |  | 1.44%
MaryAlice Circle MRB |  |  | 4,720,000 |  |  | May 2026 |  | Variable |  | Yes |  | 1.44%
Meadow Valley MRB |  |  | 8,606,000 |  |  | June 2026 |  | Variable |  | Yes |  | 1.44%
Village Point MRB |  |  | 18,400,000 |  |  | June 2024 |  | Variable |  | Yes |  | 1.61%
Total TOB Trust Financings |  | $ | 122,862,000 |  |  |  |  |  |  |  |  |
Summary of TOB Trust Financings Were Repaid in Connection With Redemption or Sale of Underlying Assets | The following is a summary of the debt financing principal payments made in connection with the redemption of underlying assets during the six months ended June 30, 2024:
Debt Financing |  | Debt Facility |  | Month |  | Paydown Applied |
Hope on Avalon GIL |  | TOB Trust |  | January 2024 |  | $ | 18,712,000 |
Trust 2021-XF2926 - Hope on Avalon taxable GIL |  | TOB Trust |  | January 2024 |  |  | 9,515,000 |
Trust 2021-XF2939 - Osprey Village property loan |  | TOB Trust |  | February 2024 |  |  | 12,365,000 |
Trust 2021-XF2939 - Osprey Village Supplemental property loan |  | TOB Trust |  | February 2024 |  |  | 3,795,000 |
Trust 2021-XF2953 - Willow Place property loan |  | TOB Trust |  | February 2024 |  |  | 15,080,000 |
Trust 2021-XF2926 - Legacy Commons at Signal Hills property loan |  | TOB Trust |  | February 2024 |  |  | 28,985,000 |
Trust 2021-XF2939 - Residency at the Mayer Series A-T |  | TOB Trust |  | March 2024 |  |  | 9,480,000 |
SoLa Impact Opportunity Zone Fund |  | TOB Trust |  | March 2024 |  |  | 350,000 |
|  |  |  |  |  | $ | 98,282,000 |
The following is a summary of the debt trust financing repaid in connection with the redemption of the underlying asset during the six months ended June 30, 2023:
Debt Financing |  | Debt Facility |  | Month |  | Paydown Applied |
Greens of Pine Glen |  | M31 TEBS |  | February 2023 |  | $ | 7,579,000 |
Oasis at Twin Lakes GIL |  | TOB Trust |  | June 2023 |  |  | 30,600,000 |
Trust 2021-XF2926 - Oasis at Twin Lakes property loan |  | TOB Trust |  | June 2023 |  |  | 21,600,000 |
|  |  |  |  |  | $ | 59,779,000 |
Schedule of Contractual Maturities of Borrowings | The Partnership’s contractual maturities of borrowings as of June 30, 2024 for the twelve-month periods ending December 31 st for the next five years and thereafter are as follows:
Remainder of 2024 |  | $ | 125,160,933 |
2025 |  |  | 318,247,785 |
2026 |  |  | 180,576,526 |
2027 |  |  | 169,928,219 |
2028 |  |  | 4,518,577 |
Thereafter |  |  | 257,086,608 |
Total |  |  | 1,055,518,648 |
Unamortized deferred financing costs and debt premium |  |  | (2,992,550 | )
Total debt financing, net |  | $ | 1,052,526,098 |

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