v3.25.1
Preferred Units
 3 Months Ended
Mar. 31, 2025
Preferred Units and Warrants  
Preferred Units Preferred Units
The Preferred Units have a face value of $1,000 and rank senior to our common units with respect to distributions and liquidation rights. The holders of the Preferred Units are entitled to receive cumulative quarterly cash distributions equal to $24.375 per Preferred Unit.
The change in Preferred Units outstanding was as follows:
Preferred Units Outstanding
Number of Preferred Units outstanding, December 31, 2024180,000 
Number of Preferred Units outstanding, March 31, 2025180,000 
Redemption and Conversion Features
The Preferred Units are convertible, at the option of the holder, into common units in accordance with the terms of our Second Amended and Restated Agreement of Limited Partnership (the “Partnership Agreement”). The conversion rate for the Preferred Units is the quotient of (i) the sum of (a) $1,000, plus (b) any unpaid cash distributions on the applicable Preferred Unit, divided by (ii) $20.0115 for each Preferred Unit.
We have the option to redeem all or any portion of the Preferred Units then outstanding, subject to certain minimum redemption threshold amounts, for a redemption price set forth in the Partnership Agreement. On or after April 2, 2028, each holder of the Preferred Units will have the right to require us to redeem all or a portion of their Preferred Units, subject to certain minimum redemption threshold amounts, for a redemption price set forth in the Partnership Agreement, which we may elect to pay up to 50% in common units, subject to certain additional limits.
Cash Distributions
We have declared and paid per-unit quarterly cash distributions to the holders of the Preferred Units of record as follows:
Payment DateDistribution per Preferred Unit
February 2, 2024$24.375 
May 3, 202424.375 
August 2, 202424.375 
November 1, 202424.375 
Total 2024 distributions
$97.50 
February 7, 2025$24.375 
Announced Quarterly Distribution
On April 17, 2025, we declared a cash distribution of $24.375 per unit on our Preferred Units. The distribution will be paid on May 9, 2025, to the holders of the Preferred Units of record as of the close of business on April 28, 2025.
Changes in the Preferred Units’ balance are as follows (in thousands):
Preferred Units
Balance as of December 31, 2024$168,809 
Cash distributions on Preferred Units(4,388)
Net income allocated to Preferred Units4,388 
Balance as of March 31, 2025$168,809