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Equity | 12 Months Ended
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Dec. 31, 2023
Equity [Abstract] |
Equity | Equity We had 9,299,763 common limited partner units held by the public outstanding as of December 31, 2023. Additionally, as of December 31, 2023, Delek Holdings owned an 78.7% limited partner interest in us, consisting of 34,311,278 common limited partner units. On November 14, 2022, we entered into an Equity Distribution Agreement with RBC Capital Markets, LLC (the “Manager”) under which we may issue and sell, from time to time, to or through the Manager, as sales agent and/or principal, as applicable, common units representing limited partner interests, having an aggregate offering price of up to $100.0 million. The Equity Distribution Agreement provides us the right, but not the obligation, to sell common units in the future, at prices we deem appropriate. The net proceeds from any sales under this agreement will be used for general partnership purposes. For the year ended December 31, 2022, we sold 59,192 common units under the Equity Distribution Agreement for net proceeds of $3.1 million. Underwriting discounts were immaterial. On April 14, 2022, we filed a shelf registration statement with the SEC, which was declared effective on April 29, 2022, which provides the Partnership the ability to offer up to $200.0 million of our common limited partner units from time to time and through one or more methods of distribution, subject to market conditions and our capital needs. Equity Activity The table below summarizes the changes in the number of units outstanding from December 31, 2021 through December 31, 2023.
| Common - Public |  | Common - Delek Holdings |  | Total
Balance at December 31, 2020 | 8,697,468 |  |  | 34,745,868 |  |  | 43,443,336 |
Delek Holdings resale of units | 49,068 |  |  | (49,068) |  |  | — |
Unit-based compensation awards (1) | 27,517 |  |  | — |  |  | 27,517 |
Balance at December 31, 2021 | 8,774,053 |  |  | 34,696,800 |  |  | 43,470,853 |
Delek Holdings resale of units | 385,522 |  |  | (385,522) |  |  | — |
Unit-based compensation awards (1) | 38,538 |  |  | — |  |  | 38,538 |
Issuance of units pursuant to the Equity Distribution Agreement | 59,192 |  |  | — |  |  | 59,192 |
Balance at December 31, 2022 | 9,257,305 |  |  | 34,311,278 |  |  | 43,568,583 |
Unit-based compensation awards (1) | 42,458 |  |  | — |  |  | 42,458 |
Balance at December 31, 2023 | 9,299,763 |  |  | 34,311,278 |  |  | 43,611,041 |
(1) Unit-based compensation awards are presented net of 18,694, 12,224 and 5,315 units withheld for taxes as of December 31, 2023, 2022 and 2021, respectively.
Issuance of Additional Securities Our Partnership Agreement authorizes us to issue an unlimited number of additional partnership securities for the consideration and on the terms and conditions determined by our general partner without the approval of the unitholders. Costs associated with the issuance of securities are allocated to all unitholders' capital accounts based on their ownership interest at the time of issuance. Cash Distributions Our Partnership Agreement sets forth the calculation to be used to determine the amount and priority of available cash distributions that our limited partner unitholders will receive. Our distributions earned with respect to a given period are declared subsequent to quarter end. The table below summarizes the quarterly distributions related to our quarterly financial results:
Quarter Ended |  | Total Quarterly Distribution Per Limited Partner Unit |  | Total Cash Distribution (in thousands)
March 31, 2021 |  | $ | 0.920 |  |  | $ | 39,968 |
June 30, 2021 |  | $ | 0.940 |  |  | $ | 40,846 |
September 30, 2021 |  | $ | 0.950 |  |  | $ | 41,286 |
December 31, 2021 |  | $ | 0.975 |  |  | $ | 42,384 |
March 31, 2022 |  | $ | 0.980 |  |  | $ | 42,604 |
June 30, 2022 |  | $ | 0.985 |  |  | $ | 42,832 |
September 30, 2022 |  | $ | 0.990 |  |  | $ | 43,057 |
December 31, 2022 |  | $ | 1.020 |  |  | $ | 44,440 |
March 31, 2023 |  | $ | 1.025 |  |  | $ | 44,664 |
June 30, 2023 |  | $ | 1.035 |  |  | $ | 45,112 |
September 30, 2023 |  | $ | 1.045 |  |  | $ | 45,558 |
December 31, 2023 |  | $ | 1.055 |  |  | $ | 46,010 |

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