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Debt Financing (Tables)
 6 Months Ended
Jun. 30, 2024
Debt Financing [Abstract]  
Schedule of Total Debt Financing

The following tables summarize the Partnership’s debt financings, net of deferred financing costs, as of June 30, 2024 and December 31, 2023:

 

 

Outstanding Debt Financings
as of June 30, 2024, net

 

 

Restricted
Cash

 

 

Stated
Maturities

 

Interest Rate Type

 

Tax-Exempt Interest on Senior Securities (1)

 

Remarketing Senior
Securities Rate (2)

 

Facility Fees

 

Period End
Rates

 

TEBS Financings

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

M31 TEBS

(3)

$

65,947,462

 

 

$

4,999

 

 

2024

 

Variable

 

Yes

 

3.91%

 

1.35%

 

5.26%

 

M33 TEBS

 

 

28,518,298

 

 

 

2,606

 

 

2030

 

Fixed

 

Yes

 

N/A

 

N/A

 

3.24%

 

M45 TEBS

 

 

208,646,796

 

 

 

5,000

 

 

2034

 

Fixed

 

Yes

 

N/A

 

N/A

 

4.39%

 

Subtotal/Weighed Average Period End Rate

 

 

303,112,556

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

4.47%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

TEBS Residual Financing

 

$

60,282,673

 

 

$

18,000

 

 

2034

 

Fixed

 

Yes

 

N/A

 

N/A

 

7.16%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

TOB Trust Securitizations

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Mizuho Capital Markets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Southpark MRB

 

 

9,836,063

 

 

(4)

 

 

2024

 

Variable

 

Yes

 

4.20%

 

1.44%

 

5.64%

 

SoLa Impact Opportunity Zone Fund

 

 

23,433,061

 

 

(4)

 

 

2024

 

Variable

 

No

 

5.59%

 

1.78%

 

7.37%

 

Montevista - Series A

 

 

5,596,181

 

 

(4)

 

 

2025

 

Variable

 

Yes

 

4.20%

 

1.28%

 

5.48%

 

The Park at Sondrio - Series 2022A

 

 

30,418,077

 

 

(4)

 

 

2025

 

Variable

 

Yes

 

4.20%

 

1.43%

 

5.63%

 

The Park at Vietti - Series 2022A

 

 

21,539,334

 

 

(4)

 

 

2025

 

Variable

 

Yes

 

4.20%

 

1.43%

 

5.63%

 

Residency at the Entrepreneur MRBs

 

 

34,060,000

 

 

(4)

 

 

2025

 

Variable

 

Yes

 

4.20%

 

1.45%

 

5.65%

 

Legacy Commons at Signal Hills GIL

 

 

31,155,000

 

 

(4)

 

 

2025

 

Variable

 

Yes

 

4.20%

 

0.91%

 

5.11%

 

Osprey Village GIL

 

 

49,475,000

 

 

(4)

 

 

2025

 

Variable

 

Yes

 

4.20%

 

1.19%

 

5.39%

 

Residency at the Mayer Taxable MRB

 

 

824,656

 

 

(4)

 

 

2025

 

Variable

 

No

 

5.59%

 

1.17%

 

6.76%

 

Residency at Empire MRBs

 

 

29,847,760

 

 

(4)

 

 

2026

 

Variable

 

Yes

 

4.20%

 

1.42%

 

5.62%

 

The Ivy Apartments

 

 

24,347,506

 

 

(4)

 

 

2026

 

Variable

 

Yes

 

4.20%

 

1.44%

 

5.64%

 

Windsor Shores Apartments

 

 

17,196,987

 

 

(4)

 

 

2026

 

Variable

 

Yes

 

4.20%

 

1.44%

 

5.64%

 

Village at Hanford Square

 

 

7,768,683

 

 

(4)

 

 

2026

 

Variable

 

Yes

 

4.20%

 

1.44%

 

5.64%

 

MaryAlice Circle Apartments

 

 

4,690,419

 

 

(4)

 

 

2026

 

Variable

 

Yes

 

4.20%

 

1.44%

 

5.64%

 

Meadow Valley

 

 

22,039,174

 

 

(4)

 

 

2026

 

Variable

 

Yes

 

4.20%

 

1.44%

 

5.64%

 

40rty on Colony

 

 

4,445,678

 

 

(4)

 

 

2026

 

Variable

 

Yes

 

4.20%

 

1.44%

 

5.64%

 

Sandy Creek Apartments GIL

 

 

9,628,693

 

 

(4)

 

 

2026

 

Variable

 

Yes

 

4.20%

 

1.44%

 

5.64%

 

Residency at the Mayer MRBs

 

 

33,803,106

 

 

(4)

 

 

2026

 

Variable

 

Yes

 

4.20%

 

1.19%

 

5.39%

 

The Safford

 

 

15,286,911

 

 

(4)

 

 

2026

 

Variable

 

Yes

 

4.20%

 

1.44%

 

5.64%

 

Avistar at Wood Hollow - Series A

 

 

32,463,660

 

 

(4)

 

 

2027

 

Variable

 

Yes

 

4.20%

 

1.44%

 

5.64%

 

Live 929

 

 

53,092,000

 

 

(4)

 

 

2027

 

Variable

 

Yes

 

4.20%

 

1.18%

 

5.38%

 

Jackson Manor Apartments

 

 

4,100,000

 

 

(4)

 

 

2027

 

Variable

 

Yes

 

4.20%

 

1.29%

 

5.49%

 

Woodington Gardens - Series A-1

 

 

24,824,240

 

 

(4)

 

 

2027

 

Variable

 

Yes

 

4.20%

 

1.44%

 

5.64%

 

Aventine Apartments

 

 

7,551,963

 

 

(4)

 

 

2027

 

Variable

 

Yes

 

4.20%

 

1.44%

 

5.64%

 

Montecito at Williams Ranch - Series A

 

 

6,783,767

 

 

(4)

 

 

2027

 

Variable

 

Yes

 

4.20%

 

1.18%

 

5.38%

 

Vineyard Gardens - Series A

 

 

3,594,028

 

 

(4)

 

 

2027

 

Variable

 

Yes

 

4.20%

 

1.18%

 

5.38%

 

Avistar at Copperfield - Series A

 

 

11,304,585

 

 

(4)

 

 

2027

 

Variable

 

Yes

 

4.20%

 

1.68%

 

5.88%

 

Avistar at Wilcrest - Series A

 

 

4,280,584

 

 

(4)

 

 

2027

 

Variable

 

Yes

 

4.20%

 

1.68%

 

5.88%

 

Trust 2024-XF3219

(5)

 

31,294,815

 

 

(4)

 

 

2027

 

Variable

 

No

 

5.59%

 

1.79%

 

7.38%

 

Barclays Capital Inc.:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Trust 2021-XF2953

(6)

 

54,628,333

 

 

 

-

 

 

2025

 

Variable

 

No

 

5.47%

 

1.27%

 

6.74%

 

Poppy Grove I GIL

 

 

22,274,279

 

 

 

-

 

 

2025

 

Variable

 

Yes

 

5.10%

 

1.25%

 

6.35%

 

Poppy Grove II GIL

 

 

10,030,279

 

 

 

-

 

 

2025

 

Variable

 

Yes

 

5.10%

 

1.25%

 

6.35%

 

Poppy Grove III GIL

 

 

16,437,279

 

 

 

-

 

 

2025

 

Variable

 

Yes

 

5.10%

 

1.25%

 

6.35%

 

Village Point

 

 

18,389,543

 

 

 

-

 

 

2025

 

Variable

 

Yes

 

5.10%

 

1.61%

 

6.71%

 

Subtotal/Weighed Average Period End Rate

 

 

676,441,644

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

5.87%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Term TOB Trust Securitizations

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Morgan Stanley:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Village at Avalon

 

$

12,689,225

 

 

 

-

 

 

2025

 

Fixed

 

Yes

 

N/A

 

N/A

 

6.33%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Debt Financings

 

$

1,052,526,098

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 
(1)
The tax treatment of interest paid to the trust senior trust securities is dependent on the structure of the trust financing. Debt financings designated as “tax-exempt” in the table above are such that the Partnership expects and believes the interest on the senior securities is exempt from federal income taxes, which typically requires a lower remarketing rate to place the senior securities at each weekly reset.
(2)
The remarketing senior securities rate is the market interest rate determined by the remarketing agent to ensure all senior securities tendered by holder for weekly remarketing are purchased at par.
(3)
Facility fees have a variable component. The stated maturity date in July 2024 is the expiration of the liquidity commitment rate from Freddie Mac. On that date, Freddie Mac will either extend the liquidity commitment, reset the liquidity commitment fee rate, or require the conversion to a fixed rate mode at a rate dependent on market conditions on that date. Freddie Mac cannot require redemption of the outstanding Class A Certificates on that date. The Partnership also has the right to terminate the facility and obtain alternative debt financing.
(4)
The Partnership has restricted cash totaling approximately $16.8 million related to its total net position with Mizuho.
(5)
The TOB trust is securitized by seven MRBs, nine taxable MRBs, and one property loan.
(6)
The TOB trust is securitized by the Willow Place GIL & supplemental GIL, Lutheran Gardens MRB, Magnolia Heights GIL and property loan, Poppy Grove I taxable GIL, Poppy Grove II taxable GIL and Poppy Grove III taxable GIL.

 

 

 

Outstanding Debt Financings
as of December 31, 2023, net

 

 

Restricted
Cash

 

 

Stated
Maturities

 

Interest Rate Type

 

Tax-Exempt Interest on Senior Securities (1)

 

Remarketing Senior
Securities Rate (2)

 

Facility Fees

 

Period End
Rates

 

TEBS Financings

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

M31 TEBS

(3)

$

66,621,825

 

 

$

4,999

 

 

2024

 

Variable

 

Yes

 

3.90%

 

1.31%

 

5.21%

 

M33 TEBS

 

 

28,870,624

 

 

 

2,606

 

 

2030

 

Fixed

 

Yes

 

N/A

 

N/A

 

3.24%

 

M45 TEBS

 

 

209,769,942

 

 

 

5,000

 

 

2034

 

Fixed

 

Yes

 

N/A

 

N/A

 

4.39%

 

Subtotal/Weighed Average Period End Rate

 

 

305,262,391

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

4.46%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

TEBS Residual Financing

 

$

60,322,317

 

 

$

-

 

 

2034

 

Fixed

 

Yes

 

N/A

 

N/A

 

7.16%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

TOB Trust Securitizations

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Mizuho Capital Markets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Hope on Avalon GIL

 

 

18,711,665

 

 

(4)

 

 

2024

 

Variable

 

Yes

 

4.24%

 

1.44%

 

5.68%

 

Jackson Manor Apartments

 

 

4,100,000

 

 

(4)

 

 

2024

 

Variable

 

Yes

 

4.24%

 

1.29%

 

5.53%

 

Trust 2021-XF2926

(5)

 

38,496,952

 

 

(4)

 

 

2024

 

Variable

 

No

 

5.59%

 

0.90%

 

6.49%

 

SoLa Impact Opportunity Zone Fund

 

 

23,741,122

 

 

(4)

 

 

2024

 

Variable

 

No

 

5.59%

 

1.78%

 

7.37%

 

Montevista - Series A

 

 

5,618,833

 

 

(4)

 

 

2025

 

Variable

 

Yes

 

4.24%

 

1.28%

 

5.52%

 

Montecito at Williams Ranch - Series A

 

 

6,813,244

 

 

(4)

 

 

2025

 

Variable

 

Yes

 

4.24%

 

1.18%

 

5.42%

 

Vineyard Gardens - Series A

 

 

3,593,615

 

 

(4)

 

 

2025

 

Variable

 

Yes

 

4.24%

 

1.18%

 

5.42%

 

The Park at Sondrio - Series 2022A

 

 

30,396,222

 

 

(4)

 

 

2025

 

Variable

 

Yes

 

4.24%

 

1.43%

 

5.67%

 

The Park at Vietti - Series 2022A

 

 

21,522,158

 

 

(4)

 

 

2025

 

Variable

 

Yes

 

4.24%

 

1.43%

 

5.67%

 

Avistar at Copperfield - Series A

 

 

11,370,985

 

 

(4)

 

 

2025

 

Variable

 

Yes

 

4.24%

 

1.68%

 

5.92%

 

Avistar at Wilcrest - Series A

 

 

4,303,984

 

 

(4)

 

 

2025

 

Variable

 

Yes

 

4.24%

 

1.68%

 

5.92%

 

Residency at the Entrepreneur MRBs

 

 

23,040,000

 

 

(4)

 

 

2025

 

Variable

 

Yes

 

4.24%

 

1.45%

 

5.69%

 

Legacy Commons at Signal Hills GIL

 

 

31,155,000

 

 

(4)

 

 

2025

 

Variable

 

Yes

 

4.24%

 

0.91%

 

5.15%

 

Osprey Village GIL

 

 

49,475,000

 

 

(4)

 

 

2025

 

Variable

 

Yes

 

4.24%

 

1.19%

 

5.43%

 

Trust 2021-XF2939

(6)

 

21,821,644

 

 

(4)

 

 

2025

 

Variable

 

No

 

5.59%

 

1.17%

 

6.76%

 

Residency at Empire MRBs

 

 

18,267,048

 

 

(4)

 

 

2026

 

Variable

 

Yes

 

4.24%

 

1.42%

 

5.66%

 

The Ivy Apartments

 

 

24,330,930

 

 

(4)

 

 

2026

 

Variable

 

Yes

 

4.24%

 

1.44%

 

5.68%

 

Windsor Shores Apartments

 

 

17,183,983

 

 

(4)

 

 

2026

 

Variable

 

Yes

 

4.24%

 

1.44%

 

5.68%

 

Village at Hanford Square

 

 

7,760,141

 

 

(4)

 

 

2026

 

Variable

 

Yes

 

4.24%

 

1.44%

 

5.68%

 

MaryAlice Circle Apartments

 

 

4,682,351

 

 

(4)

 

 

2026

 

Variable

 

Yes

 

4.24%

 

1.44%

 

5.68%

 

Meadow Valley

 

 

15,438,915

 

 

(4)

 

 

2026

 

Variable

 

Yes

 

4.24%

 

1.44%

 

5.68%

 

40rty on Colony

 

 

4,440,847

 

 

(4)

 

 

2026

 

Variable

 

Yes

 

4.24%

 

1.44%

 

5.68%

 

Sandy Creek Apartments GIL

 

 

9,616,853

 

 

(4)

 

 

2026

 

Variable

 

Yes

 

4.24%

 

1.44%

 

5.68%

 

Residency at the Mayer - Series A

 

 

24,335,000

 

 

(4)

 

 

2026

 

Variable

 

Yes

 

4.24%

 

1.19%

 

5.43%

 

The Safford

 

 

5,911,780

 

 

(4)

 

 

2026

 

Variable

 

Yes

 

4.24%

 

1.44%

 

5.68%

 

Avistar at Wood Hollow - Series A

 

 

32,673,300

 

 

(4)

 

 

2027

 

Variable

 

Yes

 

4.24%

 

1.44%

 

5.68%

 

Live 929

 

 

53,092,000

 

 

(4)

 

 

2027

 

Variable

 

Yes

 

4.24%

 

1.18%

 

5.42%

 

Barclays Capital Inc.:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Trust 2021-XF2953

(7)

 

69,694,599

 

 

 

-

 

 

2024

 

Variable

 

No

 

5.48%

 

1.27%

 

6.75%

 

Poppy Grove I GIL

 

 

15,872,163

 

 

 

-

 

 

2024

 

Variable

 

Yes

 

4.40%

 

1.25%

 

5.65%

 

Poppy Grove II GIL

 

 

7,628,163

 

 

 

-

 

 

2024

 

Variable

 

Yes

 

4.40%

 

1.25%

 

5.65%

 

Poppy Grove III GIL

 

 

13,235,163

 

 

 

-

 

 

2024

 

Variable

 

Yes

 

4.40%

 

1.25%

 

5.65%

 

Village Point

 

 

18,381,720

 

 

 

-

 

 

2024

 

Variable

 

Yes

 

4.43%

 

1.61%

 

6.04%

 

Subtotal/Weighed Average Period End Rate

 

 

636,705,380

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

5.87%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Term TOB Trust Securitizations

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Morgan Stanley:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Village at Avalon

 

$

12,739,978

 

 

 

-

 

 

2024

 

Fixed

 

Yes

 

N/A

 

N/A

 

1.98%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Debt Financings

 

$

1,015,030,066

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 
(1)
The tax treatment of interest paid to the trust senior trust securities is dependent on the structure of the trust financing. Debt financings designated as “tax-exempt” in the table above are such that the Partnership expects and believes the interest on the senior securities is exempt from federal income taxes, which typically requires a lower remarketing rate to place the senior securities at each weekly reset.
(2)
The remarketing senior securities rate is the market interest rate determined by the remarketing agent to ensure all senior securities tendered by holder for weekly remarketing are purchased at par.
(3)
Facility fees have a variable component. The stated maturity date in July 2024 is the expiration of the liquidity commitment rate from Freddie Mac. On that date, Freddie Mac will either extend the liquidity commitment, reset the liquidity commitment fee rate, or require the conversion to a fixed rate mode at a rate dependent on market conditions on that date. Freddie Mac cannot require redemption of the outstanding Class A Certificates on that date. The Partnership also has the right to terminate the facility and obtain alternative debt financing.
(4)
The Partnership has restricted cash totaling approximately $9.6 million related to its total net position with Mizuho.
(5)
The TOB trust is securitized by the Legacy Commons at Signal Hills property loan and the Hope on Avalon taxable GIL.
(6)
The TOB trust is securitized by the Residency at the Mayer taxable MRB and Osprey Village property loan.
(7)
The TOB trust is securitized by the Willow Place GIL, property loan & supplemental GIL, Lutheran Gardens MRB, Magnolia Heights GIL and property loan, Poppy Grove I taxable GIL, Poppy Grove II taxable GIL and Poppy Grove III taxable GIL.
Summary of TOB Trust Financings

The following is a summary of the new TOB trust financings that were entered into during the six months ended June 30, 2024:

 

TOB Trust Securitization

 

Initial TOB
Trust Financing

 

 

Stated Maturity

 

Interest Rate Type

 

Tax-Exempt Interest on Senior Securities

 

Facility Fees

Southpark MRB

 

$

9,840,000

 

 

June 2024

 

Variable

 

Yes

 

1.44%

Trust 2024-XF3219

 

 

21,795,000

 

 

February 2027

 

Variable

 

No

 

1.79%

Woodington Gardens - Series A-1

 

 

24,920,000

 

 

April 2027

 

Variable

 

Yes

 

1.44%

Aventine Apartments

 

 

7,600,000

 

 

June 2027

 

Variable

 

Yes

 

1.44%

Total TOB Trust Financings

 

$

64,155,000

 

 

 

 

 

 

 

 

 

The following is a summary of the new TOB trust financings that were entered into during the six months ended June 30, 2023:

 

TOB Trusts Securitization

 

Initial TOB
Trust Financing

 

 

Stated Maturity

 

Interest Rate Type

 

Tax-Exempt Interest on Senior Securities

 

Facility Fees

Residency at Empire MRB

 

$

14,400,000

 

 

January 2026

 

Variable

 

Yes

 

1.42%

Windsor Shores MRB

 

 

17,236,000

 

 

January 2026

 

Variable

 

Yes

 

1.44%

SoLa Impact Opportunity Zone Fund

 

 

27,300,000

 

 

December 2024

 

Variable

 

No

 

1.78%

The Ivy Apartments MRB

 

 

24,400,000

 

 

February 2026

 

Variable

 

Yes

 

1.44%

Village at Hanford Square MRB

 

 

7,800,000

 

 

May 2026

 

Variable

 

Yes

 

1.44%

MaryAlice Circle MRB

 

 

4,720,000

 

 

May 2026

 

Variable

 

Yes

 

1.44%

Meadow Valley MRB

 

 

8,606,000

 

 

June 2026

 

Variable

 

Yes

 

1.44%

Village Point MRB

 

 

18,400,000

 

 

June 2024

 

Variable

 

Yes

 

1.61%

Total TOB Trust Financings

 

$

122,862,000

 

 

 

 

 

 

 

 

 
Summary of TOB Trust Financings Were Repaid in Connection With Redemption or Sale of Underlying Assets

The following is a summary of the debt financing principal payments made in connection with the redemption of underlying assets during the six months ended June 30, 2024:

Debt Financing

 

Debt Facility

 

Month

 

Paydown Applied

 

Hope on Avalon GIL

 

TOB Trust

 

January 2024

 

$

18,712,000

 

Trust 2021-XF2926 - Hope on Avalon taxable GIL

 

TOB Trust

 

January 2024

 

 

9,515,000

 

Trust 2021-XF2939 - Osprey Village property loan

 

TOB Trust

 

February 2024

 

 

12,365,000

 

Trust 2021-XF2939 - Osprey Village Supplemental property loan

 

TOB Trust

 

February 2024

 

 

3,795,000

 

Trust 2021-XF2953 - Willow Place property loan

 

TOB Trust

 

February 2024

 

 

15,080,000

 

Trust 2021-XF2926 - Legacy Commons at Signal Hills property loan

 

TOB Trust

 

February 2024

 

 

28,985,000

 

Trust 2021-XF2939 - Residency at the Mayer Series A-T

 

TOB Trust

 

March 2024

 

 

9,480,000

 

SoLa Impact Opportunity Zone Fund

 

TOB Trust

 

March 2024

 

 

350,000

 

 

 

 

 

 

 

$

98,282,000

 

The following is a summary of the debt trust financing repaid in connection with the redemption of the underlying asset during the six months ended June 30, 2023:

Debt Financing

 

Debt Facility

 

Month

 

Paydown Applied

 

Greens of Pine Glen

 

M31 TEBS

 

February 2023

 

$

7,579,000

 

Oasis at Twin Lakes GIL

 

TOB Trust

 

June 2023

 

 

30,600,000

 

Trust 2021-XF2926 - Oasis at Twin Lakes property loan

 

TOB Trust

 

June 2023

 

 

21,600,000

 

 

 

 

 

 

 

$

59,779,000

 
Schedule of Contractual Maturities of Borrowings

The Partnership’s contractual maturities of borrowings as of June 30, 2024 for the twelve-month periods ending December 31st for the next five years and thereafter are as follows:

Remainder of 2024

 

$

125,160,933

 

2025

 

 

318,247,785

 

2026

 

 

180,576,526

 

2027

 

 

169,928,219

 

2028

 

 

4,518,577

 

Thereafter

 

 

257,086,608

 

Total

 

 

1,055,518,648

 

Unamortized deferred financing costs and debt premium

 

 

(2,992,550

)

Total debt financing, net

 

$

1,052,526,098