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Derivative Instruments (Tables)

12 Months Ended

Dec. 31, 2023

Summary of Unrealized and Realized Gains and Losses of Partnership's Derivative Instruments

The following tables are a summary of the unrealized and realized gains and losses of the Partnership's derivative instruments for the years ended December 31, 2023 and 2022:


	For the Year ended December 31, 2023
	Realized gains on derivatives, net			Unrealized losses on derivatives, net		Net result from derivative transactions
Interest rate swaps	$	(6,043,273	)	$	3,082,035	$	(2,961,238	)
Interest rate cap		-			91,363		91,363
Total return swaps		(4,501,709	)		-		(4,501,709	)
Total	$	(10,544,982	)	$	3,173,398	$	(7,371,584	)


	For the Year ended December 31, 2022
	Realized gains on derivatives, net			Unrealized gains on derivatives, net			Net result from derivative transactions
Interest rate swaps	$	(140,171	)	$	(7,199,197	)	$	(7,339,368	)
Interest rate cap		-			(40,539	)		(40,539	)
Total return swaps		(5,715,515	)		-			(5,715,515	)
Total	$	(5,855,686	)	$	(7,239,736	)	$	(13,095,422	)

Summary of Partnership's Derivative Instruments

In January 2024, the Partnership entered into an additional interest rate swap agreement to mitigate interest rate risk associated with its variable rate TOB trust financings. The following table summarizes the terms of the interest rate swap agreement:

        Trade Date

        Notional Amount

        Effective Date

        Termination Date

        Fixed Rate Paid

        Variable Rate Index Received

        Variable Debt
Financing Hedged

        Counterparty

January 2024

$

38,660,000

2/1/2024

2/1/2027

3.906%

Compounded SOFR

TOB Trusts

Mizuho Capital Markets

Interest Rate Swaption [Member]

Derivative [Line Items]

Summary of Partnership's Derivative Instruments


Trade Date	Notional Amount			Effective Date	Termination Date	Fixed Rate Paid			Period End Variable Rate Received			Variable Rate Index	Variable Debt Financing Hedged	Counterparty	Fair Value as of December 31, 2023
February 2022		55,990,000		2/9/2022	2/1/2024		1.40	%		5.35	%	Compounded SOFR	TOB Trusts	Mizuho Capital Markets	$	398,093
March 2022		47,850,000		3/3/2022	3/1/2027		1.65	%		5.35	%	Compounded SOFR	TOB Trusts	Mizuho Capital Markets		3,062,500
October 2022		55,622,192	(1)	4/1/2023	4/1/2025		3.92	%		5.35	%	Compounded SOFR	TOB Trusts	Mizuho Capital Markets		628,765
December 2022		23,380,234	(2)	1/1/2023	12/1/2029		3.27	%		5.35	%	Compounded SOFR	TOB Trusts	Mizuho Capital Markets		418,477
December 2022		45,500,000		1/3/2023	1/1/2030		3.47	%		5.35	%	Compounded SOFR	TOB Trusts	Mizuho Capital Markets		153,711
January 2023		12,065,200		1/19/2023	1/1/2030		3.35	%		5.35	%	Compounded SOFR	TOB Trusts	Mizuho Capital Markets		115,960
January 2023		8,027,600		2/1/2023	2/1/2030		3.29	%		5.35	%	Compounded SOFR	TOB Trusts	Mizuho Capital Markets		83,952
March 2023		12,017,000	(3)	4/1/2023	6/1/2029		3.37	%		5.35	%	Compounded SOFR	TOB Trusts	Mizuho Capital Markets		115,187
April 2023		4,508,000		5/1/2023	5/1/2033		3.49	%		5.35	%	Compounded SOFR	TOB Trusts	Mizuho Capital Markets		33,306
May 2023		9,170,000		6/1/2023	6/1/2030		3.15	%		5.35	%	Compounded SOFR	TOB Trusts	Mizuho Capital Markets		194,988
June 2023		12,800,000		6/1/2023	6/1/2028		3.46	%		5.21	%	SOFR	TOB Trusts	Barclays Bank PLC		49,459
July 2023		6,240,000		8/1/2023	6/1/2030		3.65	%		5.35	%	Compounded SOFR	TOB Trusts	Mizuho Capital Markets		(46,375	)
August 2023		11,000,000		8/8/2023	2/1/2025		5.05	%		5.35	%	Compounded SOFR	TOB Trusts	Mizuho Capital Markets		(49,464	)
September 2023		25,000,000		9/19/2023	3/19/2024		5.54	%		5.35	%	CME Term SOFR	TOB Trusts	Raymond James Bank		(14,438	)
October 2023		4,080,000	(4)	10/10/2023	4/1/2027		4.72	%		5.35	%	Compounded SOFR	TOB Trusts	Mizuho Capital Markets		(595,417	)
		333,250,226													$	4,548,704

(1)

The notional amount increases according to a schedule up to a maximum notional amount of $99.6 million.

(2)

The notional amount increases according to a schedule up to a maximum notional amount of $47.8 million.

(3)

The notional amount increases according to a schedule up to a maximum notional amount of $21.6 million.

(4)

The notional amount increases according to a schedule up to a maximum notional amount of $24.1 million.


Trade Date	Notional Amount			Effective Date	Termination Date	Fixed Rate Paid			Period End Variable Rate Received			Variable Rate Index	Variable Debt Financing Hedged	Counterparty	Fair Value as of December 31, 2022
February 2022		55,990,000		2/9/2022	2/1/2024		1.40	%		4.09	%	Compounded SOFR	TOB Trusts	Mizuho Capital Markets	$	2,205,130
March 2022		47,850,000		3/3/2022	3/1/2027		1.65	%		4.09	%	Compounded SOFR	TOB Trusts	Mizuho Capital Markets		4,048,961
October 2022		34,436,088	(1)	4/1/2023	4/1/2025		3.92	%	N/A			Compounded SOFR	TOB Trusts	Mizuho Capital Markets		131,427
December 2022		10,880,000	(2)	1/1/2023	12/1/2029		3.27	%	N/A			Compounded SOFR	TOB Trusts	Mizuho Capital Markets		370,342
December 2022		45,500,000		1/3/2023	1/1/2030		3.47	%	N/A			Compounded SOFR	TOB Trusts	Mizuho Capital Markets		443,339
		194,656,088													$	7,199,199

(1)

The notional amount increases according to a schedule up to a maximum notional amount of $99.6 million.

(2)

The notional amount increases according to a schedule up to a maximum notional amount of $47.8 million.

Total Return Swaps [Member]

Derivative [Line Items]

Summary of Partnership's Derivative Instruments

The following table summarizes the terms of the Partnership’s total return swap as of December 31, 2022:

        Trade Date

        Notional
Amount

        Effective
Date

        Termination Date

        Period End
Variable
Rate
Paid

        Period End
Variable
Rate
Received

        Variable Rate
Index

        Counterparty

        Fair Value as of 
December 31, 2022

December 2022

102,690,670

December 2022

Sept 2025

7.80

%

(1)

13.05

%

(2)

SOFR

Mizuho Capital Markets

$

239,612

(1)

Variable rate equal to SOFR + 4.00%, subject to an all-in floor of 4.25%.

(2)

Variable rate equal to SOFR + 9.25%.

Interest Rate Cap Agreement [Member]

Derivative [Line Items]

Summary of Partnership's Derivative Instruments

        Purchase Date

        Notional Amount

        Maturity
Date

        Effective
Capped 
Rate

        Index

        Variable Debt
Financing
Hedged

        Counterparty

        Fair Value as of 
December 31, 2023

August 2019

73,393,729

Aug 2024

4.5

%

SIFMA

M31 TEBS

Barclays Bank PLC

$

265

        Purchase Date

        Notional Amount

        Maturity
Date

        Effective
Capped 
Rate

        Index

        Variable Debt
Financing
Hedged

        Counterparty

        Fair Value as of 
December 31, 2022

August 2019

75,014,903

Aug 2024

4.5

%

SIFMA

M31 TEBS

Barclays Bank PLC

$

91,627

- Definition

Tabular disclosure of pertinent information about a derivative or group of derivatives on a disaggregated basis, such as for individual instruments, or small groups of similar instruments. May include a combination of the type of instrument, risks being hedged, notional amount, hedge designation, related hedged item, inception date, maturity date, or other relevant item.

+ References + Details