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Subsequent Events (Tables) | 6 Months Ended
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Jun. 30, 2024
Subsequent Event [Line Items] |
Summary of Terms of Interest Rate Swap Agreement | The following tables summarize the Partnership’s derivative instruments as of June 30, 2024 and December 31, 2023:
|  |  |  |  | Fair Value as of June 30, 2024 |  |  |  |
Contract Type |  | Notional Amount |  |  | Asset |  |  | Liability |  |  | Weighted Average Remaining Maturity (Years) |
Swaps |  |  |  |  |  |  |  |  |  |  |  |
SOFR |  |  | 365,678,394 |  |  | $ | 9,679,247 |  |  | $ | (418,075 | ) |  |  | 3.11 |
Cap |  |  |  |  |  |  |  |  |  |  |  |
4.5% SIFMA Rate Cap |  |  | 72,578,127 |  |  |  | - |  |  |  | - |  |  |  | 0.17 |
|  |  | 438,256,521 |  |  | $ | 9,679,247 |  |  | $ | (418,075 | ) |  |  |
|  |  |  |  | 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 | ) |  |  |
Summary of Initial Terms of TOB Trusts Financings | In July 2024, the Partnership entered into a new TOB trust financing arrangement with Mizuho. 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
The Centurion Foundation loan |  | $ | 5,075,000 |  |  | July 2027 |  | Variable |  | No |  | 5.59% |  | 1.79% |  | 7.38%
Interest rate swap [Member] |
Subsequent Event [Line Items] |
Summary of Terms of Interest Rate Swap Agreement | In July 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
July 2024 |  | $ | 5,075,000 |  |  | 8/1/2024 |  | 7/1/2034 |  | 3.905% |  | Compounded SOFR |  | TOB Trusts |  | Mizuho

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