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DERIVATIVE FINANCIAL INSTRUMENTS | 3 Months Ended
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Mar. 31, 2023
DERIVATIVE FINANCIAL INSTRUMENTS |
DERIVATIVE FINANCIAL INSTRUMENTS | NOTE 13. DERIVATIVE FINANCIAL INSTRUMENTS Cash Flow Hedges of Interest Rate Risk The Partnership’s objectives in using rate derivatives are to manage its exposure to interest rate movements. To accomplish this objective, the Partnership uses interest rate swaps as part of its interest rate risk management strategy. Interest rate swaps designated as cash flow hedges involve the receipt of variable amounts from a counterparty in exchange for the Partnership making fixed-rate payments over the life of the agreements without exchange of the underlying notional amount. The changes in the fair value of derivatives designated and that qualify as cash flow hedges is recorded in accumulated other comprehensive income and subsequently reclassified into earnings in the period that the hedged forecasted transaction affects earnings. Amounts reported in accumulated other comprehensive income related to derivatives will be reclassified to interest expense as interest payments are made on the Partnership’s variable rate debt. During the next 12 months, the Partnership estimates $114,000 will be reclassified as a decrease to interest expense. As of March 31, 2023, the Partnership had one interest rate swap outstanding with a notional amount of approximately $129,000 designated as cash flow hedges of interest rate risk. As of March 31,2023, the Partnership did not have any interest rate derivatives in a net liability position. The table below presents the fair value of the Company’s derivative financial instruments as well as their classification on the consolidated balance sheets as of March 31, 2023 and 2022. ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Fair Value
Asset Derivatives designated | ​ | March 31, | ​ | March 31, | ​ | ​
as hedging instruments |  | 2023 |  | 2022 |  | Balance sheet location
Interest rate swaps | ​ | $ | 129,044 | ​ | $ | — | ​ | Prepaid Expenses and Other Assets
​ The table below presents the effect the Company’s derivative financial instruments on the consolidated statements of income for the quarters ended March 31, 2023 and 2022. ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Derivatives in Cash Flow Hedging Relationships | ​ | Amount of Gain or (Loss) Recognized in OCI on Derivative | ​ | Location of Gain or (Loss) Reclassified from Accumulated OCI Into Income | ​ | Amount of Gain or (Loss) Reclassified from Accumulated OCI into Income | ​ | Location of Gain or (Loss) Recognized in Income on Derivative | ​ | Total Amount of Interest Expense presented in the consolidated statements of operations
Quarter Ended March 31, |  | 2023 |  | 2022 |  |  | ​ |  | 2023 |  | 2022 |  |  | ​ |  | 2023 |  | 2022 |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Interest rate swaps | ​ | $ | (165,887) | ​ | $ | — | ​ | ​ | Interest expense | ​ | $ | — | ​ | $ | — | ​ | ​ | Interest and other investment income (loss) | ​ | $ | (3,899,240) | ​ | $ | (3,454,635) | ​
​

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- Definition The entire disclosure for derivative instruments and hedging activities including, but not limited to, risk management strategies, non-hedging derivative instruments, assets, liabilities, revenue and expenses, and methodologies and assumptions used in determining the amounts. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -URI https://asc.fasb.org/topic&trid=2229140 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 40 -Section 50 -Paragraph 5 -Subparagraph (f) -URI https://asc.fasb.org/extlink&oid=126731327&loc=d3e90205-114008 + Details
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