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v3.25.1

Equity | 3 Months Ended
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Mar. 31, 2025
Equity [Abstract] |
Equity | Equity Equity Activity The table below summarizes the changes in the number of limited partner units outstanding from December 31, 2024 through March 31, 2025.
| Common - Public |  | Common - Delek Holdings (1) |  | Total
Balance at December 31, 2024 | 17,374,618 |  |  | 34,111,278 |  |  | 51,485,896 |
Unit-based compensation awards (2) | 14,934 |  |  | — |  |  | 14,934 |
Issuance of units in connection with Gravity Acquisition | 2,175,209 |  |  | — |  |  | 2,175,209 |
Unit repurchase | — |  |  | (243,075) |  |  | (243,075) |
Balance at March 31, 2025 | 19,564,761 |  |  | 33,868,203 |  |  | 53,432,964 |
(1) As of March 31, 2025, Delek Holdings owned a 63.4% interest in the Partnership. (2) Unit-based compensation awards are presented net of 6,976 units withheld for taxes for three months ended March 31, 2025.
Unit Repurchase On February 24, 2025, the Partnership and Delek Holdings entered into a Common Unit Purchase Agreement (the “Common Unit Purchase Agreement”) whereby the Partnership may repurchase common units from time to time from Delek Holdings in one or more transactions for an aggregate purchase price of up to $150.0 million through December 31, 2026 (each such repurchase, a “Repurchase”). The purchase price per common unit in each Repurchase will be the 30-day volume weighted average price of the common units at the close of trading on the day prior to the closing date subject to certain limitations set forth in the Common Unit Purchase Agreement. The Partnership may fund Repurchases using cash on hand or borrowings under its existing credit facility, subject to compliance with applicable covenants. During the three months ended March 31, 2025, 243,075 common units were repurchased from Delek Holdings and cancelled at the time of the transaction for a total of $10.0 million. No common units were repurchased for the three months ended March 31, 2024. As of March 31, 2025, there was $140.0 million of authorization remaining under the Common Unit Repurchase Agreement. 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) |  |  |  |
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 |  |  |  |
March 31, 2025 (1) |  | $1.110 |  | $59,311 |  |  |  |
(1) On April 28, 2025, the board of directors of our general partner declared this quarterly cash distribution, payable on May 15, 2025, to unitholders of record on May 8, 2025. The total cash distribution is estimated based on the number of common units outstanding as of March 31, 2025.

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