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Consolidated Statements of Income and Comprehensive Income - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Net revenues        
Net revenues $ 261,277 $ 214,070 $ 757,557 $ 730,773
Cost of sales:        
Operating expenses (excluding depreciation and amortization presented below) 43,472 27,746 121,627 88,895
Depreciation and amortization 34,128 19,969 86,505 67,882
Total cost of sales 207,324 165,225 586,269 536,039
Operating expenses related to wholesale business (excluding depreciation and amortization presented below) 381 174 1,285 569
General and administrative expenses 4,520 15,745 22,328 26,624
Depreciation and amortization 671 1,235 3,107 4,024
Other operating expense (income), net 3,013 (117) (835) (1,294)
Total operating costs and expenses 215,909 182,262 612,154 565,962
Operating income 45,368 31,808 145,403 164,811
Interest income (26,716) (23,470) (72,801) (23,498)
Interest expense 47,991 37,022 130,803 112,547
Income from equity method investments (21,878) (15,602) (42,564) (31,974)
Other expense (income), net 67 34 26 (177)
Total non-operating expenses, net (536) (2,016) 15,464 56,898
Income before income tax expense 45,904 33,824 129,939 107,913
Income tax expense 344 150 771 533
Net income 45,560 33,674 129,168 107,380
Comprehensive income $ 45,560 $ 33,674 $ 129,168 $ 107,380
Net income per limited partner unit:        
Basic (in dollars per unit) $ 0.85 $ 0.71 $ 2.41 $ 2.32
Diluted (in dollars per unit) $ 0.85 $ 0.71 $ 2.41 $ 2.32
Weighted average common units outstanding:        
Basic (in units) 53,467,306 47,109,008 53,505,419 46,248,003
Diluted (in units) 53,519,572 47,135,101 53,540,795 46,269,423
Affiliated Entity        
Net revenues        
Net revenues [1] $ 131,016 $ 114,899 $ 371,420 $ 411,352
Cost of sales:        
Cost of materials and other [1] 85,486 84,015 259,863 279,962
Nonrelated Party        
Net revenues        
Net revenues 130,261 99,171 386,137 319,421
Cost of sales:        
Cost of materials and other $ 44,238 $ 33,495 $ 118,274 $ 99,300
[1] See Note 3 for a description of our material affiliate revenue and purchases transactions.