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Equity | 3 Months Ended
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Mar. 31, 2024
Equity [Abstract] |
Equity | Equity On March 12, 2024, we completed a public offering of its common units in which it sold 3,584,416 common units (including an overallotment option of 467,532 common units) to the underwriters of the offering at a price to the public of $38.50 per unit. The proceeds received from this offering (net of underwriting discounts, commissions and expenses) were $132.3 million and were used to repay a portion of the outstanding borrowings under the DKL Revolving Facility. Underwriting discounts totaled $5.5 million. Equity Activity The table below summarizes the changes in the number of limited partner units outstanding from December 31, 2023 through March 31, 2024.
| Common - Public |  | Common - Delek Holdings (1) |  | Total
Balance at December 31, 2023 | 9,299,763 |  |  | 34,311,278 |  |  | 43,611,041 |
Unit-based compensation awards (2) | 14,074 |  |  | — |  |  | 14,074 |
Units issued | 3,584,416 |  |  | — |  |  | 3,584,416 |
Balance at March 31, 2024 | 12,898,253 |  |  | 34,311,278 |  |  | 47,209,531 |
(1) As of March 31, 2024, Delek Holdings owned a 72.7% limited partner interest in the Partnership. (2) Unit-based compensation awards are presented net of 6,711 units withheld for taxes as of March 31, 2024. 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, 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 |  |  |  |
March 31, 2024 |  | $1.070 |  | $50,514 |  |  |  |

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