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Derivative Instruments (Tables) | 9 Months Ended
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Sep. 30, 2024
Derivative [Line Items] |
Summary of Unrealized and Realized Gains and Losses of Partnership's Derivative Instruments | The following tables are a summary of the unrealized and realized gains and losses of the Partnership's derivative instruments for the three and nine months ended September 30, 2024 and 2023:
|  | For the Three Months ended September 30, 2024 |  |  | For the Nine Months ended September 30, 2024 |
|  | Realized (gains) losses on derivatives, net |  |  | Unrealized (gains) losses on derivatives, net |  |  | Net result from derivative transactions |  |  | Realized (gains) losses on derivatives, net |  |  | Unrealized (gains) losses on derivatives, net |  |  | Net result from derivative transactions |
Interest rate swaps |  | $ | (1,812,945 | ) |  | $ | 9,695,459 |  |  | $ | 7,882,514 |  |  | $ | (5,150,745 | ) |  | $ | 4,880,396 |  |  | $ | (270,349 | )
Interest rate cap |  |  | 14,502 |  |  |  | - |  |  |  | 14,502 |  |  |  | 14,502 |  |  |  | 265 |  |  |  | 14,767 |
Total |  | $ | (1,798,443 | ) |  | $ | 9,695,459 |  |  | $ | 7,897,016 |  |  | $ | (5,136,243 | ) |  | $ | 4,880,661 |  |  | $ | (255,582 | )
|  | For the Three Months ended September 30, 2023 |  |  | For the Nine Months ended September 30, 2023 |
|  | Realized (gains) losses on derivatives, net |  |  | Unrealized (gains) losses on derivatives, net |  |  | Net result from derivative transactions |  |  | Realized (gains) losses on derivatives, net |  |  | Unrealized (gains) losses on derivatives, net |  |  | Net result from derivative transactions |
Interest rate swaps |  | $ | (1,681,013 | ) |  | $ | (4,312,984 | ) |  | $ | (5,993,997 | ) |  | $ | (3,783,987 | ) |  | $ | (6,911,481 | ) |  | $ | (10,695,468 | )
Interest rate cap |  |  | - |  |  |  | 76,387 |  |  |  | 76,387 |  |  |  | - |  |  |  | 90,587 |  |  |  | 90,587 |
Total return swaps |  |  | (1,291,775 | ) |  |  | - |  |  |  | (1,291,775 | ) |  |  | (3,935,115 | ) |  |  | - |  |  |  | (3,935,115 | )
Total |  | $ | (2,972,788 | ) |  | $ | (4,236,597 | ) |  | $ | (7,209,385 | ) |  | $ | (7,719,102 | ) |  | $ | (6,820,894 | ) |  | $ | (14,539,996 | )
Summary of Partnership's Derivative Instruments | The following tables summarize the Partnership’s derivative instruments as of September 30, 2024 and December 31, 2023:
|  |  |  |  | Fair Value as of September 30, 2024 |  |  |  |
Contract Type |  | Notional Amount |  |  | Asset |  |  | Liability |  |  | Weighted Average Remaining Maturity (Years) |
Swaps |  |  |  |  |  |  |  |  |  |  |  |
SOFR |  |  | 392,782,208 |  |  | $ | 2,704,180 |  |  | $ | (3,166,639 | ) |  |  | 2.94 |
Cap |  |  |  |  |  |  |  |  |  |  |  |
4.5% SIFMA Rate Cap |  |  | 65,602,587 |  |  |  | - |  |  |  | - |  |  |  | 0.25 |
|  |  | 458,384,795 |  |  | $ | 2,704,180 |  |  | $ | (3,166,639 | ) |  |  |
|  |  |  |  | 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 Average Notional Amount and Weighted Average Fixed Rate by Year | The following table summarizes the average notional amount and weighted average fixed rate by year for our interest rate swaps as of September 30, 2024:
Year |  | Average Notional |  |  | Weighted Average Fixed Rate Paid |
Remainder of 2024 |  | $ | 406,596,769 |  |  |  | 3.54 | %
2025 |  |  | 327,531,631 |  |  |  | 3.40 | %
2026 |  |  | 277,393,799 |  |  |  | 3.37 | %
2027 |  |  | 191,995,466 |  |  |  | 3.45 | %
2028 |  |  | 155,697,132 |  |  |  | 3.55 | %
2029 |  |  | 119,142,299 |  |  |  | 3.47 | %
2030 |  |  | 19,392,800 |  |  |  | 3.77 | %
2031 |  |  | 11,799,667 |  |  |  | 3.79 | %
2032 |  |  | 9,583,000 |  |  |  | 3.71 | %
2033 |  |  | 6,577,667 |  |  |  | 3.84 | %
2034 |  |  | 2,537,500 |  |  |  | 3.91 | %

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- Definition Tabular disclosure of the location and amount of derivative instruments and nonderivative instruments designated as hedging instruments reported before netting adjustments, and the amount of gain (loss) on derivative instruments and nonderivative instruments designated and qualified as hedging instruments. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 815 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 4E -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-4E Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4C -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-4C Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4A -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-4A + Details
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- Definition Tabular disclosure of pertinent information about a derivative or group of derivatives on a disaggregated basis, such as for individual instruments, or small groups of similar instruments. May include a combination of the type of instrument, risks being hedged, notional amount, hedge designation, related hedged item, inception date, maturity date, or other relevant item. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 2 -SubTopic 10 -Topic 815 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-2 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 1A -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-1A Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 1B -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-1B Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 8 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-8 Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4B -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-4B Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 1 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-1 Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-4 Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 5 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-5 Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4C -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-4C + Details
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