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Secured Line of Credit - Summary of Secured Line of Credit (Details) - Secured Line Of Credit Facility [Member] - USD ($)
12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Line of Credit Facility [Line Items]    
Lines of credit $ 33,400,000 $ 55,500,000
Total Commitment 90,000,000 90,000,000
Bank United General [Member]    
Line of Credit Facility [Line Items]    
Lines of credit 16,500,000 6,500,000
Total Commitment $ 40,000,000 $ 40,000,000
Commitment Maturity 2025-06 [1] 2023-06 [2]
Variable / Fixed Variable [3] Variable [4]
Reset Frequency Monthly Monthly
Line of credit facility, interest rate during period 8.85% 7.42%
Bankers Trust Acquisition [Member]    
Line of Credit Facility [Line Items]    
Lines of credit $ 16,900,000 $ 49,000,000
Total Commitment $ 50,000,000 $ 50,000,000
Commitment Maturity 2024-06 [5] 2024-06 [6]
Variable / Fixed Variable [7] Variable [8]
Reset Frequency Monthly Monthly
Line of credit facility, interest rate during period 7.85% 6.68%
[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 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.
[3] The variable rate is equal to SOFR + 3.50%, subject to an all-in floor of 3.75%.
[4] 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.
[5] The Partnership has two one-year extension options subject to certain conditions and payment of a $25,000 extension fee for each extension.
[6] The Partnership has two one-year extension options subject to certain conditions and payment of a $25,000 extension fee.
[7] 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”).
[8] 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”).