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Secured Lines of Credit (Tables) | 3 Months Ended
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Mar. 31, 2025
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 March 31, 2025 and December 31, 2024:
Secured Lines of Credit |  | Outstanding as of March 31, 2025 |  |  | Total Commitment |  |  | Commitment Maturity |  | Variable / Fixed |  | Reset Frequency |  | Period End Rate |
General LOC |  | $ | 50,000,000 |  |  | $ | 50,000,000 |  |  | June 2025 (1) |  | Variable (2) |  | Monthly |  |  | 7.82 | %
Acquisition LOC |  |  | 8,500,000 |  |  |  | 50,000,000 |  |  | June 2025 (3) |  | Variable (4) |  | Monthly |  |  | 6.82 | %
|  | $ | 58,500,000 |  |  | $ | 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, 2024 |  |  | Total Commitment |  |  | Commitment Maturity |  | Variable / Fixed |  | Reset Frequency |  | Period End Rate |
General LOC |  | $ | 50,000,000 |  |  | $ | 50,000,000 |  |  | June 2025 (1) |  | Variable (2) |  | Monthly |  |  | 8.03 | %
Acquisition LOC |  |  | 18,852,000 |  |  |  | 50,000,000 |  |  | June 2025 (3) |  | Variable (4) |  | Monthly |  |  | 7.02 | %
|  | $ | 68,852,000 |  |  | $ | 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 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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