Secured Line of Credit (Tables)

3 Months Ended

Mar. 31, 2023

Secured Line Of Credit Facility [Member]

Line of Credit Facility [Line Items]

Summary of Lines of Credit

The following tables summarize the Partnership's secured lines of credit ("LOC" or "LOCs") as of March 31, 2023 and December 31, 2022:

Secured Lines of Credit	Outstanding as of March 31, 2023		Total Commitment		Commitment Maturity	Variable / Fixed	Reset Frequency	Period End Rate
BankUnited General LOC	$	6,500,000	$	40,000,000	June 2023 (1)	Variable (2)	Monthly		7.95	%
Bankers Trust Acquisition LOC		-		50,000,000	June 2024 (3)	Variable (4)	Monthly		7.16	%
	$	6,500,000	$	90,000,000

(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, N.A. (“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 LIBOR + 3.25%, subject to an all-in floor of 3.50%. The secured credit agreement contains terms for selecting an alternative index if LIBOR is no longer available.

(3)The Partnership has two one-year extension options 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 1-month forward looking term Secured Overnight Financing Rate as published by CME Group Benchmark Administration Limited (“Term SOFR”).

Secured Lines of Credit	Outstanding as of December 31, 2022		Total Commitment		Commitment Maturity	Variable / Fixed	Reset Frequency	Period End Rate
BankUnited General LOC	$	6,500,000	$	40,000,000	June 2023 (1)	Variable (2)	Monthly		7.42	%
Bankers Trust Acquisition LOC		49,000,000		50,000,000	June 2024 (3)	Variable (4)	Monthly		6.68	%
	$	55,500,000	$	90,000,000

(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, N.A. (“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 LIBOR + 3.25%, subject to an all-in floor of 3.50%. The secured credit agreement contains terms for selecting an alternative index if LIBOR is no longer available.

(3)The Partnership has two one-year extension options 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 1-month forward looking term Secured Overnight Financing Rate as published by CME Group Benchmark Administration Limited (“Term SOFR”).