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SUBSEQUENT EVENTS | 12 Months Ended
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Dec. 31, 2025
SUBSEQUENT EVENTS |
SUBSEQUENT EVENTS | NOTE 16—SUBSEQUENT EVENTS The Partnership has evaluated events that occurred subsequent to December 31, 2025 in the preparation of its consolidated financial statements. Distributions On February 26, 2026, the Board of Directors declared a quarterly cash distribution of $0.37 per common unit and $0.357502 per OpCo common unit for the quarter ended December 31, 2025. The Partnership intends to pay this distribution on March 25, 2026 to common unitholders and OpCo common unitholders of record as of the close of business on March 18, 2026. As to the Partnership, $0.012498 excluded from the OpCo common unit distribution corresponds to a tax refund received by the Partnership in the fourth quarter of 2025. Under the limited liability company agreement of the Operating Company, the Partnership does not reimburse the Operating Company for federal income tax refunds received by the Partnership. The Partnership will pay a quarterly cash distribution on the Series A preferred units of approximately $2.5 million for the quarter ended December 31, 2025. The Partnership intends to pay the distribution subsequent to February 26, 2026 and prior to the distribution on the common units and OpCo common units. Executive Bonus and LTIP Issuance On February 24, 2026, the Conflicts and Compensation Committee of the Board of Directors approved short-term incentive cash bonuses for executive officers of approximately $2.4 million and the issuance of 1,216,990 restricted units to its employees and directors.

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- Definition The entire disclosure for significant events or transactions that occurred after the balance sheet date through the date the financial statements were issued or the date the financial statements were available to be issued. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, catastrophic loss, significant foreign exchange rate changes, loans to insiders or affiliates, and transactions not in the ordinary course of business. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 855 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/855/tableOfContent Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 855 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147483399/855-10-50-2 + Details
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