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Secured Line of Credit (Tables) | 6 Months Ended
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Jun. 30, 2024
Secured Line Of Credit Facility [Member] |
Line of Credit Facility [Line Items] |
Summary of Lines of Credit | The following tables summarize the Partnership’s LOCs as of June 30, 2024 and December 31, 2023:
Secured Lines of Credit |  | Outstanding as of June 30, 2024 |  |  | Total Commitment |  |  | Commitment Maturity |  | Variable / Fixed |  | Reset Frequency |  | Period End Rate |
BankUnited General LOC |  | $ | 26,500,000 |  |  | $ | 50,000,000 |  |  | June 2025 (1) |  | Variable (2) |  | Monthly |  |  | 8.83 | %
Bankers Trust Acquisition LOC |  |  | 14,750,000 |  |  |  | 50,000,000 |  |  | June 2025 (3) |  | Variable (4) |  | Monthly |  |  | 7.83 | %
|  | $ | 41,250,000 |  |  | $ | 100,000,000 |  |  |  |  |  |  |  |  |  |
(1) The General LOC contains two one-year extensions subject to certain conditions and payment of a 0.25% extension fee. The first extension request by the Partnership will be granted by BankUnited if all such conditions are met. Any subsequent extension requested by the Partnership will be granted or denied in the sole discretion of the lenders. (2) The variable rate is equal to SOFR + 3.50%, subject to an all-in floor of 3.75%. (3) The Partnership has a one-year extension option subject to certain conditions and payment of a $25,000 extension fee. (4) The variable rate is equal to 2.50% plus a variable component based on the Term SOFR.
Secured Lines of Credit |  | Outstanding as of December 31, 2023 |  |  | Total Commitment |  |  | Commitment Maturity |  | Variable / Fixed |  | Reset Frequency |  | Period End Rate |
BankUnited General LOC |  | $ | 16,500,000 |  |  | $ | 40,000,000 |  |  | June 2025 (1) |  | Variable (2) |  | Monthly |  |  | 8.85 | %
Bankers Trust Acquisition LOC |  |  | 16,900,000 |  |  |  | 50,000,000 |  |  | June 2024 (3) |  | Variable (4) |  | Monthly |  |  | 7.85 | %
|  | $ | 33,400,000 |  |  | $ | 90,000,000 |  |  |  |  |  |  |  |  |  |
(1) The General LOC contains two one-year extensions subject to certain conditions and payment of a 0.25% extension fee. The first extension request by the Partnership will be granted by BankUnited if all such conditions are met. Any subsequent extension requested by the Partnership will be granted or denied in the sole discretion of the lenders. (2) The variable rate is equal to SOFR + 3.50%, subject to an all-in floor of 3.75%. (3) The Partnership has two one-year extension options subject to certain conditions and payment of a $25,000 extension fee for each extension. (4) The variable rate is equal to 2.50% plus a variable component based on the Term SOFR.

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