XML 95 R84.htm IDEA: XBRL DOCUMENT v3.21.1
Debt Financing - Schedule of Total Debt Financing (Details) - USD ($)
3 Months Ended 12 Months Ended
Mar. 31, 2021
Dec. 31, 2020
Debt Instrument [Line Items]    
Debt financing $ 711,788,901 $ 673,957,640
Period End Rates 4.36%  
TEBS Financings [Member] | Fixed - M24 [Member]    
Debt Instrument [Line Items]    
Debt financing $ 39,710,422 39,825,019
Restricted Cash $ 4,000 $ 238,760
Year Acquired 2010 2010
Stated Maturities 2027-05 2027-05
Reset Frequency N/A N/A
Variable Rate Index N/A N/A
Period End Rates 3.05% 3.05%
TEBS Financings [Member] | Variable - M31 [Member]    
Debt Instrument [Line Items]    
Debt financing [1] $ 77,965,698 $ 78,272,018
Restricted Cash [1] $ 4,999 $ 4,999
Year Acquired [1] 2014 2014
Stated Maturities [1] 2024-07 2024-07
Reset Frequency [1] Weekly Weekly
Variable Rate Index [1] SIFMA SIFMA
Index Based Rates [1] 0.08% 0.12%
Spread/ Facility Fees [1] 1.36% 1.34%
Period End Rates [1] 1.44% 1.46%
TEBS Financings [Member] | Fixed - M33 [Member]    
Debt Instrument [Line Items]    
Debt financing $ 30,648,101 $ 30,796,097
Restricted Cash $ 2,606 $ 2,606
Year Acquired 2015 2015
Stated Maturities 2030-09 2030-09
Reset Frequency N/A N/A
Variable Rate Index N/A N/A
Period End Rates 3.24% 3.24%
TEBS Financings [Member] | Fixed - M45 [Member]    
Debt Instrument [Line Items]    
Debt financing [2] $ 215,362,292 $ 215,825,022
Restricted Cash [2] $ 5,000 $ 5,000
Year Acquired [2] 2018 2018
Stated Maturities [2] 2034-07 2034-07
Reset Frequency [2] N/A N/A
Variable Rate Index [2] N/A N/A
Period End Rates [2] 3.82% 3.82%
Secured Notes [Member] | Variable - Notes [Member]    
Debt Instrument [Line Items]    
Debt financing $ 103,016,551 $ 103,086,756
Restricted Cash $ 77,530,126 $ 77,500,000
Year Acquired 2020 2020
Stated Maturities 2025-09 2025-09
Reset Frequency Monthly Monthly
Variable Rate Index 3-month LIBOR 3-month LIBOR
Index Based Rates 0.18% 0.22%
Spread/ Facility Fees 9.00% 9.00%
Period End Rates [3] 9.18% 9.22%
TOB Trusts Securitization [Member] | Variable - TOB I [Member] | Mizuho Capital Markets [Member]    
Debt Instrument [Line Items]    
Debt financing $ 3,635,973 $ 1,765,167
Year Acquired 2020 2020
Stated Maturities 2022-07 2022-07
Reset Frequency Weekly Weekly
Variable Rate Index SIFMA SIFMA
Index Based Rates 0.25% 0.29%
Spread/ Facility Fees 0.89% 0.89%
Period End Rates 1.14% 1.18%
TOB Trusts Securitization [Member] | Variable - TOB II [Member] | Mizuho Capital Markets [Member]    
Debt Instrument [Line Items]    
Debt financing $ 7,873,144 $ 122,724,862
Year Acquired 2021 2019
Stated Maturities 2023-02 2023-07
Reset Frequency Weekly Weekly
Variable Rate Index SIFMA SIFMA
Index Based Rates 0.25%  
Spread/ Facility Fees 1.42%  
Period End Rates 1.67%  
TOB Trusts Securitization [Member] | Variable - TOB II [Member] | Mizuho Capital Markets [Member] | Minimum [Member]    
Debt Instrument [Line Items]    
Index Based Rates   0.29%
Spread/ Facility Fees   1.17%
Period End Rates   1.46%
TOB Trusts Securitization [Member] | Variable - TOB II [Member] | Mizuho Capital Markets [Member] | Maximum [Member]    
Debt Instrument [Line Items]    
Index Based Rates   0.39%
Spread/ Facility Fees   1.67%
Period End Rates   2.06%
TOB Trusts Securitization [Member] | Variable - TOB III [Member] | Mizuho Capital Markets [Member]    
Debt Instrument [Line Items]    
Debt financing $ 122,615,475 $ 62,992,845
Year Acquired 2019 2020
Stated Maturities 2023-07 2023-09
Reset Frequency Weekly Weekly
Variable Rate Index SIFMA OBFR
Index Based Rates   0.33%
Spread/ Facility Fees   0.89%
Period End Rates   1.22%
TOB Trusts Securitization [Member] | Variable - TOB III [Member] | Mizuho Capital Markets [Member] | Minimum [Member]    
Debt Instrument [Line Items]    
Index Based Rates 0.25%  
Spread/ Facility Fees 1.17%  
Period End Rates 1.42%  
TOB Trusts Securitization [Member] | Variable - TOB III [Member] | Mizuho Capital Markets [Member] | Maximum [Member]    
Debt Instrument [Line Items]    
Index Based Rates 0.30%  
Spread/ Facility Fees 1.67%  
Period End Rates 1.97%  
TOB Trusts Securitization [Member] | Variable - TOB IV [Member] | Mizuho Capital Markets [Member]    
Debt Instrument [Line Items]    
Debt financing $ 76,533,047 $ 5,668,324
Year Acquired 2020 2020
Stated Maturities 2023-09 2023-12
Reset Frequency Weekly Weekly
Variable Rate Index OBFR SIFMA
Index Based Rates 0.32% 0.29%
Spread/ Facility Fees 0.89% 1.27%
Period End Rates 1.21% 1.56%
TOB Trusts Securitization [Member] | Variable - TOB V [Member] | Mizuho Capital Markets [Member]    
Debt Instrument [Line Items]    
Debt financing $ 5,680,127  
Year Acquired 2020  
Stated Maturities 2023-12  
Reset Frequency Weekly  
Variable Rate Index SIFMA  
Index Based Rates 0.25%  
Spread/ Facility Fees 1.27%  
Period End Rates 1.52%  
TOB Trusts Securitization [Member] | Variable - TOB VI [Member] | Mizuho Capital Markets [Member]    
Debt Instrument [Line Items]    
Debt financing $ 15,761,909  
Year Acquired 2021  
Stated Maturities 2024-01  
Reset Frequency Weekly  
Variable Rate Index OBFR  
Index Based Rates 0.32%  
Spread/ Facility Fees 0.89%  
Period End Rates 1.21%  
TOB Trusts Securitization [Member] | Fixed - Term TOB [Member] | Morgan Stanley Bank [Member]    
Debt Instrument [Line Items]    
Debt financing $ 12,986,162 $ 13,001,530
Year Acquired 2019 2019
Stated Maturities 2022-05 2022-05
Reset Frequency N/A N/A
Variable Rate Index N/A N/A
Period End Rates 3.53% 3.53%
[1] Facility fees have a variable component
[2] The M45 TEBS has an initial interest rate of 3.82% through July 31, 2023. From August 1, 2023 through the stated maturity date, the interest rate is 4.39%. These rates are inclusive of credit enhancement fees payable to Freddie Mac.
[3] The Partnership has entered into two total return swap transactions with the Secured Notes as the reference security and notional amounts totaling the outstanding principal on the Secured Notes. The total return swaps effectively net down the interest rate on the Secured Notes. Considering the effect of the total return swaps, the effective net interest rate is 4.25% for approximately $39.9 million of the Secured Notes and 1.00% for approximately $63.5 million of the Secured Notes as of March 31, 2021. See Note 17 for further information on the total return swaps.