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Redeemable Preferred Units (Tables)
12 Months Ended
Dec. 31, 2022
Temporary Equity Disclosure [Abstract]  
Summary of Issuances of Preferred Units

The following table summarizes the outstanding Preferred Units as of December 31, 2022 and 2021:

 

 

 

December 31, 2022

Month Issued

 

Units

 

 

Purchase Price

 

 

Distribution
Rate

 

 

Redemption
Price per Unit

 

 

Earliest Redemption
Date

Series A Preferred Units

 

 

 

 

 

 

 

 

 

 

 

 

 

 

March 2016

 

 

1,000,000

 

 

$

10,000,000

 

 

 

3.00

%

 

$

10.00

 

 

March 2024 (1)

December 2016

 

 

700,000

 

 

 

7,000,000

 

 

 

3.00

%

 

 

10.00

 

 

December 2023 (1)

March 2017

 

 

1,000,000

 

 

 

10,000,000

 

 

 

3.00

%

 

 

10.00

 

 

March 2024 (1)

August 2017

 

 

2,000,000

 

 

 

20,000,000

 

 

 

3.00

%

 

 

10.00

 

 

August 2023 (2)

October 2017

 

 

1,750,000

 

 

 

17,500,000

 

 

 

3.00

%

 

 

10.00

 

 

October 2023

Total Series A Preferred Units

 

 

6,450,000

 

 

 

64,500,000

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Series A-1 Preferred Units

 

 

 

 

 

 

 

 

 

 

 

 

 

 

April 2022

 

 

2,000,000

 

 

$

20,000,000

 

 

 

3.00

%

 

 

10.00

 

 

April 2028

October 2022

 

 

1,000,000

 

 

 

10,000,000

 

 

 

3.00

%

 

 

10.00

 

 

October 2028

Total Series A-1 Preferred Units

 

 

3,000,000

 

 

 

30,000,000

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Redeemable Preferred Units
   outstanding as of December 31, 2022

 

 

9,450,000

 

 

$

94,500,000

 

 

 

 

 

 

 

 

 

(1)
The holder did not provide a notice of its intent to redeem prior to the date 180 days before the most recent optional redemption date. Accordingly, the holder's next optional redemption date is on the next anniversary of the sale of the Series A Preferred Units.
(2)
In February 2023, the holder provided notice of its intent to redeem its Series A Preferred Units in August 2023.

 

 

 

December 31, 2021

 

Month Issued

 

Units

 

 

Purchase Price

 

 

Distribution
Rate

 

 

Redemption
Price per Unit

 

Series A Preferred Units

 

 

 

 

 

 

 

 

 

 

 

 

March 2016

 

 

1,000,000

 

 

$

10,000,000

 

 

 

3.00

%

 

$

10.00

 

May 2016

 

 

1,386,900

 

 

 

13,869,000

 

 

 

3.00

%

 

 

10.00

 

September 2016

 

 

1,000,000

 

 

 

10,000,000

 

 

 

3.00

%

 

 

10.00

 

December 2016

 

 

700,000

 

 

 

7,000,000

 

 

 

3.00

%

 

 

10.00

 

March 2017

 

 

1,613,100

 

 

 

16,131,000

 

 

 

3.00

%

 

 

10.00

 

August 2017

 

 

2,000,000

 

 

 

20,000,000

 

 

 

3.00

%

 

 

10.00

 

October 2017

 

 

1,750,000

 

 

 

17,500,000

 

 

 

3.00

%

 

 

10.00

 

Redeemable Preferred Units
   outstanding as of December 31, 2021

 

 

9,450,000

 

 

$

94,500,000