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Equity
 9 Months Ended
Sep. 30, 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 net proceeds received from this offering (net of underwriting discounts, commissions and expenses) were $132.2 million and were used to repay a portion of the outstanding borrowings under the DKL Revolving Facility. Underwriting discounts totaled $5.5 million.
On October 10, 2024, we completed a public offering of its common units in which it sold 4,423,075 common units (including an overallotment option of 576,922 common units) to the underwriters of the offering at a price to the public of $39.00 per unit. The net proceeds received from this offering (net of underwriting discounts, commissions and expenses) were $165.3 million and were used to redeem the Preferred Units (defined below) and repay a portion of the outstanding borrowings under the DKL Revolving Facility. Underwriting discounts totaled $6.6 million.
Equity Activity
The table below summarizes the changes in the number of limited partner units outstanding from December 31, 2023 through September 30, 2024.
Common - Public
Common - Delek Holdings (1)
Total
Balance at December 31, 20239,299,763 34,311,278 43,611,041 
Unit-based compensation awards (2)
48,132 — 48,132 
Equity offering units issued3,584,416 — 3,584,416 
Redemption of units associated with BSR Marketing Agreement— (2,500,000)(2,500,000)
Issuance of units in connection with W2W Acquisition— 2,300,000 2,300,000 
Balance at September 30, 202412,932,311 34,111,278 47,043,589 
(1) As of September 30, 2024, Delek Holdings owned a 70.4% interest in the Partnership (on an as-converted basis).
(2) Unit-based compensation awards are presented net of 18,976 units withheld for taxes for nine months ended September 30, 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 EndedTotal Quarterly Distribution Per Limited Partner UnitTotal 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
March 31, 2024$1.070$50,521
June 30, 2024$1.090$51,263
September 30, 2024 (1)
$1.100$51,513
(1) On October 29, 2024, the board of directors of our general partner declared this quarterly cash distribution, payable on November 14, 2024, to unitholders of record on November 8, 2024. The total cash distribution is estimated based on the number of common units outstanding as of September 30, 2024.