XML 41 R34.htm IDEA: XBRL DOCUMENT v3.24.2.u1

Subsequent Events

6 Months Ended

Jun. 30, 2024

Subsequent Events [Abstract]

Subsequent Events

25. Subsequent Events

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

In July 2024, the Southpark MRB with outstanding principal of $12.3 million was redeemed in full and principal proceeds of $9.8 million were used to repay the Southpark MRB TOB trust financing facility in full.

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%

In July 2024, the borrower of the Legacy Commons at Signal Hills GIL extended the maturity date from August 1, 2024 to February 1, 2025. Freddie Mac extended its forward purchase commitment maturity to February 1, 2025 as well. The Partnership received a fee of approximately $87,000 associated with the extension. There were no additional changes to terms associated with the extensions.

In July 2024, the borrower of the Osprey Village GIL extended the maturity date from August 1, 2024 to February 1, 2025. Freddie Mac extended its forward purchase commitment maturity to February 1, 2025 as well. The Partnership received a fee of approximately $150,000 associated with the extension. There were no additional changes to terms associated with the extensions.

In July 2024, the M31 TEBS financing expiration of the current liquidity commitment rate from Freddie Mac was extended to December 2024. On that date, Freddie Mac will either extend the liquidity commitment at the current rate, reset the liquidity commitment fee rate, or require the conversion of the M31 TEBS senior certificates 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.

X

- References

No definition available.

+ Details

Name:	us-gaap_SubsequentEventsAbstract
Namespace Prefix:	us-gaap_
Data Type:	xbrli:stringItemType
Balance Type:	na
Period Type:	duration

X

- Definition

The entire disclosure for significant events or transactions that occurred after the balance sheet date through the date the financial statements were issued or the date the financial statements were available to be issued. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, catastrophic loss, significant foreign exchange rate changes, loans to insiders or affiliates, and transactions not in the ordinary course of business.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 855
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/855/tableOfContent

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 855
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483399/855-10-50-2

+ Details

Name:	us-gaap_SubsequentEventsTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration