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Derivative Instruments | 6 Months Ended
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Jun. 30, 2025
Interest Rate Derivatives [Abstract] |
Derivative Instruments | 15. Derivative Instruments The Partnership’s derivative instruments are not designated as hedging instruments and are recorded at fair value. Changes in fair value are included in current period earnings as “Net result from derivative transactions” in the Partnership's condensed consolidated statements of operations, with gains reported as a reduction to expenses. The following tables are a summary of the realized and unrealized gains and losses of the Partnership's derivative instruments for the three and six months ended June 30, 2025 and 2024:
|  | For the Three Months ended June 30, 2025 |  |  | For the Six Months ended June 30, 2025 |
|  | 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 |  | $ | (763,561 | ) |  | $ | 2,142,777 |  |  | $ | 1,379,216 |  |  | $ | (1,610,620 | ) |  | $ | 6,025,973 |  |  | $ | 4,415,353 |
|  | For the Three Months ended June 30, 2024 |  |  | For the Six Months ended June 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 |  | $ | (1,674,351 | ) |  | $ | (210,618 | ) |  | $ | (1,884,969 | ) |  | $ | (3,337,800 | ) |  | $ | (4,815,063 | ) |  | $ | (8,152,863 | )
Interest rate cap |  |  | - |  |  |  | 35 |  |  |  | 35 |  |  |  | - |  |  |  | 265 |  |  |  | 265 |
Total |  | $ | (1,674,351 | ) |  | $ | (210,583 | ) |  | $ | (1,884,934 | ) |  | $ | (3,337,800 | ) |  | $ | (4,814,798 | ) |  | $ | (8,152,598 | )
The value of the Partnership’s interest rate swaps are subject to mark-to-market collateral posting provisions in conjunction with the Partnership’s respective ISDA master agreements with Mizuho and Barclays. See Note 20 for a description of the methodology and significant assumptions for determining the fair value of the derivatives. The derivative instruments are presented within “Other assets” and “Accounts payable, accrued expenses and other liabilities” in the Partnership's condensed consolidated balance sheets. Interest Rate Swap Agreements The Partnership has entered into multiple interest rate swap agreements to mitigate interest rate risk associated with variable rate TOB trust financings. No fees were paid to the counterparties upon closing of the interest rate swaps. The Partnership previously entered into an interest rate cap agreement to mitigate its exposure to interest rate risk associated with a variable rate debt financing facility. The following tables summarize the Partnership’s interest rate derivative agreements as of June 30, 2025 and December 31, 2024:
|  |  |  |  | Fair Value as of June 30, 2025 |  |  |  |
Contract Type |  | Notional Amount |  |  | Asset |  |  | Liability |  |  | Weighted Average Remaining Maturity (Years) |
Swaps |  |  |  |  |  |  |  |  |  |  |  |
SOFR |  |  | 303,390,207 |  |  | $ | 2,103,718 |  |  | $ | (1,906,605 | ) |  |  | 2.20 |
|  |  |  |  | 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 |
The following table summarizes the average notional amount and weighted average fixed rate by year for our interest rate swaps as of June 30, 2025:
Year |  | Average Notional |  |  | Weighted Average Fixed Rate Paid |
Remainder of 2025 |  | $ | 300,624,440 |  |  |  | 3.37 | %
2026 |  |  | 290,688,466 |  |  |  | 3.39 | %
2027 |  |  | 213,343,332 |  |  |  | 3.49 | %
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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