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Equity | 12 Months Ended
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Dec. 31, 2025
Equity [Abstract] |
Equity | Equity We had 19,643,923 common limited partner units held by the public outstanding as of December 31, 2025. Additionally, as of December 31, 2025, Delek Holdings owned an 63.3% limited partner interest in us, consisting of 33,868,203 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. Equity Activity The table below summarizes the changes in the number of units outstanding from December 31, 2023 through December 31, 2025.
| Common - Public |  | Common - Delek Holdings |  | Total
Balance at December 31, 2022 | 9,257,305 |  |  | 34,311,278 |  |  | 43,568,583 |
Unit-based compensation awards (1) | 42,458 |  |  | — |  |  | 42,458 |
Balance at December 31, 2023 | 9,299,763 |  |  | 34,311,278 |  |  | 43,611,041 |
Unit-based compensation awards (1) | 67,364 |  |  | — |  |  | 67,364 |
Equity offering units issued | 8,007,491 |  |  | — |  |  | 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, 2024 | 17,374,618 |  |  | 34,111,278 |  |  | 51,485,896 |
Unit-based compensation awards (1) | 94,096 |  |  | — |  |  | 94,096 |
Issuance of units in connection with Gravity Acquisition | 2,175,209 |  |  | — |  |  | 2,175,209 |
Unit repurchase | — |  |  | (243,075) |  |  | (243,075) |
Balance at December 31, 2025 | 19,643,923 |  |  | 33,868,203 |  |  | 53,512,126 |
(1) Unit-based compensation awards are presented net of 37,541, 24,056 and 18,694 units withheld for taxes as of December 31, 2025, 2024 and 2023, 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. 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 year ended December 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 year ended December 31, 2024. As of December 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 |  | $1.110 |  | $59,320 |  |  |  |
June 30, 2025 |  | $1.115 |  | $59,612 |  |  |  |
September 30, 2025 |  | $1.120 |  | $59,898 |  |  |  |
December 31, 2025 |  | $1.125 |  | $60,201 |  |  |  |

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