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Net Income Per Common Unit (Tables)

3 Months Ended

Mar. 31, 2025

Earnings Per Share [Abstract]

Reconciliation of Net Income and Weighted-Average Units Used in Computing Basic and Diluted Net Income Per Common Unit

The following table provides a reconciliation of net income and weighted-average units used in computing basic and diluted net income per common unit for the following periods (in thousands, except unit and per unit amounts):

		Three Months Ended March 31,
		2025				2024
Numerator:
Distributions paid on common units		$	19,981			$	19,941
Allocation of distributions in excess of net income			(27,761	)			(38,138	)
Limited partners’ interest in net loss - basic and diluted			(7,780	)			(18,197	)
Denominator:
Weighted-average common units outstanding - basic			38,073,986				37,994,285
Adjustment for phantom and phantom performance units (a)			—				—
Weighted-average common units outstanding - diluted			38,073,986				37,994,285
Net loss per common unit - basic		$	(0.20	)		$	(0.48	)
Net loss per common unit - diluted		$	(0.20	)		$	(0.48	)
Distributions paid per common unit		$	0.5250			$	0.5250
Distributions declared (with respect to each respective period) per common unit		$	0.5250			$	0.5250

(a)For the three months ended March 31, 2025, 164,962 potentially dilutive units related to the phantom units and phantom performance units and 1,245,272 potentially dilutive units related to the preferred membership interests were excluded from the calculation of diluted earnings per unit because including them would have been antidilutive.

For the three months ended March 31, 2024, 133,341 potentially dilutive units related to the phantom units and phantom performance units and 1,230,559 potentially dilutive units related to the preferred membership interests were excluded from the calculation of diluted earnings per unit because including them would have been antidilutive.

Distributions Made to Limited Partner, by Distribution

Distribution activity for 2025 is as follows:

Quarter Ended

Record Date

Payment Date

Cash Distribution (per unit)

Cash Distribution (in thousands)

December 31, 2024

February 3, 2025

February 13, 2025

0.5250

19,981

March 31, 2025

May 5, 2025

May 15, 2025

0.5250

20,001

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- Definition

Tabular disclosure of information related to dividends declared, including paid and unpaid dividends.

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- Definition

Tabular disclosure of an entity's basic and diluted earnings per share calculations, including a reconciliation of numerators and denominators of the basic and diluted per-share computations for income from continuing operations.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482662/260-10-50-1

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