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Equity
 12 Months Ended
Dec. 31, 2024
Equity [Abstract]  
Equity Equity
We had 17,374,618 common limited partner units held by the public outstanding as of December 31, 2024. Additionally, as of December 31, 2024, Delek Holdings owned an 66.3% limited partner interest in us, consisting of 34,111,278 common limited partner units.
On October 10, 2024, the Partnership 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 $165.6 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.
On April 25, 2024, we filed a shelf registration statement with the SEC, which provides the Partnership the ability to offer up to $500.0 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.
On March 12, 2024, the Partnership 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 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.
Equity Activity
The table below summarizes the changes in the number of units outstanding from December 31, 2022 through December 31, 2024.
Common - PublicCommon - Delek HoldingsTotal
Balance at December 31, 20218,774,053 34,696,800 43,470,853 
Delek Holdings resale of units385,522 (385,522)— 
Unit-based compensation awards (1)
38,538 — 38,538 
Issuance of units pursuant to the Equity Distribution Agreement59,192 — 59,192 
Balance at December 31, 20229,257,305 34,311,278 43,568,583 
Unit-based compensation awards (1)
42,458 — 42,458 
Balance at December 31, 20239,299,763 34,311,278 43,611,041 
Unit-based compensation awards (1)
67,364 — 67,364 
Equity offering units issued8,007,491 — 8,007,491 
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 December 31, 202417,374,618 34,111,278 51,485,896 
(1) Unit-based compensation awards are presented net of 24,056, 18,694 and 12,224 units withheld for taxes as of December 31, 2024, 2023 and 2022, 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 EndedTotal Quarterly Distribution Per Limited Partner UnitTotal Cash Distribution (in thousands)
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 
March 31, 2024$1.070 $50,521 
June 30, 2024$1.090 $51,263 
September 30, 2024$1.100 $56,613 
December 31, 2024$1.105 $59,302