v3.25.2
Subsequent Events
 6 Months Ended
Jun. 30, 2025
Subsequent Events [Abstract]  
Subsequent Events [Text Block]

Note 8. Subsequent Events

 

In July 2025, the Board of Directors of the General Partner elected to suspend distributions to Partnership limited partners. The Partnership will accumulate unpaid distributions at an annualized return of seven percent (7%), and all accumulated distributions are required to be paid before final Payout occurs, as defined in the Partnership’s limited partnership agreement.

 

The Partnership and its Lender entered into an amendment (“First Amendment”) to the Loan Agreement, effective August 8, 2025 (“Effective Date”), that renewed and extended the Credit Facility for an additional year to March 1, 2027 (“Revised Maturity Date”). Key terms and conditions of the First Amendment include:

 

●As of the Effective Date, the borrowing base of the Credit Facility was, and remains, $10,000,000.

●The Partnership paid a loan renewal fee to the Lender associated with the First Amendment of $50,000.

  ● The Debt Service Coverage Ratio has been amended to be a quarter-based calculation, as opposed to a trailing 12-month calculation that was previously in effect, and will be effective starting with the quarter ended September 30, 2025.

●A negative covenant has been added that restricts the Partnership’s ability to make future distributions to its limited partners if that said distribution would create an event of default under the Loan Agreement.

 

All other terms and conditions of the BF Loan Agreement and its subsequent amendments remain in effect.