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Derivative Instruments (Tables) | 12 Months Ended
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Dec. 31, 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 realized and unrealized gains and losses of the Partnership's derivative instruments for the years ended December 31, 2024, 2023 and 2022:
|  | For the Year ended December 31, 2024 |
|  | Realized (gains) losses on derivatives, net |  |  | Unrealized (gains) losses on derivatives, net |  |  | Net result from derivative transactions |
Interest rate swaps |  | $ | (6,412,028 | ) |  | $ | (2,098,165 | ) |  | $ | (8,510,193 | )
Interest rate cap |  |  | 14,502 |  |  |  | 265 |  |  |  | 14,767 |
Total |  | $ | (6,397,526 | ) |  | $ | (2,097,900 | ) |  | $ | (8,495,426 | )
|  | For the Year ended December 31, 2023 |
|  | Realized (gains) losses on derivatives, net |  |  | Unrealized (gains) losses on derivatives, net |  |  | Net result from derivative transactions |
Interest rate swaps |  | $ | (6,043,273 | ) |  | $ | 3,082,035 |  |  | $ | (2,961,238 | )
Interest rate cap |  |  | - |  |  |  | 91,363 |  |  |  | 91,363 |
Total return swaps |  |  | (4,501,709 | ) |  |  | - |  |  |  | (4,501,709 | )
Total |  | $ | (10,544,982 | ) |  | $ | 3,173,398 |  |  | $ | (7,371,584 | )
|  | For the Year ended December 31, 2022 |
|  | Realized (gains) losses on derivatives, net |  |  | Unrealized (gains) losses on derivatives, net |  |  | Net result from derivative transactions |
Interest rate swaps |  | $ | (140,171 | ) |  | $ | (7,199,197 | ) |  | $ | (7,339,368 | )
Interest rate cap |  |  | - |  |  |  | (40,539 | ) |  |  | (40,539 | )
Total return swaps |  |  | (5,715,515 | ) |  |  | - |  |  |  | (5,715,515 | )
Total |  | $ | (5,855,686 | ) |  | $ | (7,239,736 | ) |  | $ | (13,095,422 | )
Summary of Partnership's Interest Rate derivative Agreements | The following table summarizes the Partnership’s interest rate derivative agreements as of December 31, 2024 and 2023
|  |  |  |  | Fair Value as of December 31, 2024 |  |  |  |
Contract Type |  | Notional Amount |  |  | Asset |  |  | Liability |  |  | Weighted Average Remaining Maturity (Years) |
Swaps |  |  |  |  |  |  |  |  |  |  |  |
SOFR |  |  | 416,989,686 |  |  | $ | 6,980,820 |  |  | $ | (609,766 | ) |  |  | 2.68 |
|  |  |  |  | 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 December 31, 2024:
Year |  | Average Notional |  |  | Weighted Average Fixed Rate Paid |
2025 |  | $ | 334,078,298 |  |  |  | 3.42 | %
2026 |  |  | 300,528,466 |  |  |  | 3.42 | %
2027 |  |  | 217,943,332 |  |  |  | 3.50 | %
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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