Redeemable Preferred Units (Tables)

3 Months Ended

Mar. 31, 2023

Temporary Equity Disclosure [Abstract]

Summary of Issuances of Preferred Units

The following table summarizes the outstanding Preferred Units as of March 31, 2023 and December 31, 2022:

	March 31, 2023
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)
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 (3)
Total Series A Preferred Units		5,750,000		57,500,000
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
February 2023		1,500,000		15,000,000		3.00	%		10.00	February 2028
Total Series A-1 Preferred Units		4,500,000		45,000,000
Redeemable Preferred Units    outstanding as of March 31, 2023		10,250,000	$	102,500,000

(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.

(3)In April 2023, the holder of $10.0 million of Series A Preferred Units provided notice of its intent to redeem its investment in October 2023.

	December 31, 2022
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
December 2016		700,000		7,000,000		3.00	%		10.00
March 2017		1,000,000		10,000,000		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
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
October 2022		1,000,000		10,000,000		3.00	%		10.00
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