Derivative Instruments

3 Months Ended

Mar. 31, 2025

Interest Rate Derivatives [Abstract]

Derivative Instruments

15. Derivative Instruments

The Partnership’s derivative instruments are not designated as hedging instruments and are recorded at fair value. Changes in fair value are included in current period earnings as “Net result from derivative transactions” in the Partnership's condensed consolidated statements of operations, with gains reported as a reduction to expenses. The following tables are a summary of the realized and unrealized gains and losses of the Partnership's derivative instruments for the three months ended March 31, 2025 and 2024:

	For the Three Months ended March 31, 2025
	Realized (gains) losses on derivatives, net			Unrealized (gains) losses on derivatives, net		Net result from derivative transactions
Interest rate swaps	$	(847,059	)	$	3,883,196	$	3,036,137

	For the Three Months ended March 31, 2024
	Realized (gains) losses on derivatives, net			Unrealized (gains) losses on derivatives, net			Net result from derivative transactions
Interest rate swaps	$	(1,663,449	)	$	(4,604,445	)	$	(6,267,894	)
Interest rate cap		-			230			230
Total	$	(1,663,449	)	$	(4,604,215	)	$	(6,267,664	)

The value of the Partnership’s interest rate swaps are subject to mark-to-market collateral posting provisions in conjunction with the Partnership’s respective ISDA master agreements with Mizuho and Barclays. See Note 20 for a description of the methodology and significant assumptions for determining the fair value of the derivatives. The derivative instruments are presented within “Other assets” and “Accounts payable, accrued expenses and other liabilities” in the Partnership's condensed consolidated balance sheets.

Interest Rate Swap Agreements

The Partnership has entered into multiple interest rate swap agreements to mitigate interest rate risk associated with variable rate TOB trust financings. No fees were paid to the counterparties upon closing of the interest rate swaps. The Partnership previously entered into an interest rate cap agreement to mitigate its exposure to interest rate risk associated with a variable rate debt financing facility.

The following tables summarize the Partnership’s interest rate derivative agreements as of March 31, 2025 and December 31, 2024:

			Fair Value as of March 31, 2025
Contract Type	Notional Amount		Asset		Liability			Weighted Average Remaining Maturity (Years)
Swaps
SOFR		412,171,424	$	3,831,729	$	(1,400,096	)		2.44

			Fair Value as of December 31, 2024
Contract Type	Notional Amount		Asset		Liability			Weighted Average Remaining Maturity (Years)
Swaps
SOFR		416,989,686	$	6,980,820	$	(609,766	)		2.68

The following table summarizes the average notional amount and weighted average fixed rate by year for our interest rate swaps as of March 31, 2025:

Year	Average Notional		Weighted Average Fixed Rate Paid
Remainder of 2025	$	307,461,918		3.38	%
2026		300,528,466		3.42	%
2027		217,943,332		3.50	%
2028		155,697,132		3.55	%
2029		119,142,299		3.47	%
2030		19,392,800		3.77	%
2031		11,799,667		3.79	%
2032		9,583,000		3.71	%
2033		6,577,667		3.84	%
2034		2,537,500		3.91	%