v3.25.4

Equity | 9 Months Ended
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Dec. 31, 2025
Equity [Abstract] |
Equity | Equity Partnership Equity The Partnership’s equity consists of a 0.1% GP interest and a 99.9% limited partner interest, which consists of common units. Our GP has the right, but not the obligation, to contribute a proportionate amount of capital to the Partnership to maintain its 0.1% GP interest. Our GP is not required to guarantee or pay any of our debts and obligations. At December 31, 2025, we owned 8.69% of our GP. General Partner Equity In connection with the repurchase of common units (see below for further discussion), we repurchased notional units from our GP. The following table summarizes the notional unit repurchases during our current fiscal year:
|  | Total Number of |  | Average Price |  |
|  | GP Notional Units |  | Paid Per |  | Aggregate Purchase
Period |  | Repurchased |  | GP Notional Unit |  | Price
|  |  |  |  |  | (in thousands)
April 1, 2025 - June 30, 2025 |  | 1,876 |  |  | $ | 4.2854 |  |  | $ | 8 |
July 1, 2025 - September 30, 2025 |  | 4,421 |  |  | $ | 4.7349 |  |  | $ | 21 |
October 1, 2025 - December 31, 2025 |  | 1,612 |  |  | $ | 9.7735 |  |  | $ | 16 |
January 1, 2026 - January 31, 2026 |  | 298 |  |  | $ | 9.5444 |  |  | $ | 3 |
Common Unit Repurchase Program On June 5, 2024, the board of directors of our GP authorized a common unit repurchase program, under which we may repurchase up to $50.0 million of our outstanding common units from time to time in the open market, including pursuant to a repurchase plan administrated in accordance with Rule 10b5-1 under the Exchange Act, or in other privately negotiated transactions. This program does not have a fixed expiration date. The common unit repurchase program authorization does not obligate us to repurchase any dollar amount or number of our common units. The following table summarizes our common unit repurchases during our current fiscal year:
|  | Total Number of |  | Average Price |  |
|  | Common Units |  | Paid Per |  | Aggregate Purchase
Period |  | Repurchased |  | Common Unit |  | Price with Commissions
|  |  |  |  |  | (in thousands)
April 1, 2025 - June 30, 2025 |  | 1,873,838 |  |  | $ | 4.2854 |  |  | $ | 8,068 |
July 1, 2025 - September 30, 2025 |  | 4,416,425 |  |  | $ | 4.7349 |  |  | $ | 21,000 |
October 1, 2025 - December 31, 2025 (1) |  | 1,611,088 |  |  | $ | 9.7735 |  |  | $ | 15,746 |
January 1, 2026 - January 31, 2026 |  | 297,126 |  |  | $ | 9.5444 |  |  | $ | 2,836 |
(1) Included within the common units repurchases during the three months ended December 31, 2025, were 450,000 common units repurchased, from a member of management, in a privately negotiated transaction on November 22, 2025, for a per unit price of $9.86 and an aggregate purchase price of approximately $4.4 million. The price per unit was based on the closing unit price the day prior to the transaction date. Since the inception of the program, we have repurchased 8,698,477 units for an aggregate price of $49.7 million, including commissions. Class B Preferred Units As of December 31, 2025, there were 12,585,642 of our Class B Fixed-to-Floating Rate Cumulative Redeemable Perpetual Preferred Units (“Class B Preferred Units”) outstanding. The current distribution rate for the Class B Preferred Units is the three-month CME Term SOFR interest rate, which is calculated and published by CME Group Benchmark Administration, Ltd., plus a spread of 7.213%. The Class B Preferred Units also have an additional tenor spread adjustment of 0.26161%, in accordance with the Adjustable Interest Rate (LIBOR) Act. The following table summarizes the distributions declared on our Class B Preferred Units during the last four quarters:
|  |  |  |  |  | Three-Month |  | Distribution |  | Amount Paid to Class B
Date Declared |  | Record Date |  | Payment Date |  | SOFR |  | Rate |  | Preferred Unitholders
|  |  |  |  |  |  |  |  |  | (in thousands)
March 19, 2025 |  | April 1, 2025 |  | April 15, 2025 |  | 4.329 | % |  | $ | 0.7377 |  |  | $ | 9,284 |
June 18, 2025 |  | July 1, 2025 |  | July 15, 2025 |  | 4.298 | % |  | $ | 0.7358 |  |  | $ | 9,261 |
September 18, 2025 |  | October 1, 2025 |  | October 15, 2025 |  | 4.291 | % |  | $ | 0.7353 |  |  | $ | 9,255 |
December 16, 2025 |  | January 1, 2026 |  | January 15, 2026 |  | 3.985 | % |  | $ | 0.7162 |  |  | $ | 9,014 |
The distribution amount paid on January 15, 2026 is included in accrued expenses and other payables in our unaudited condensed consolidated balance sheet at December 31, 2025. Class C Preferred Units As of December 31, 2025, there were 1,800,000 of our Class C Fixed-to-Floating Rate Cumulative Redeemable Perpetual Preferred Units (“Class C Preferred Units”) outstanding. The current distribution rate for the Class C Preferred Units is the three-month CME Term SOFR interest rate plus a spread of 7.384%. The following table summarizes the distributions declared on our Class C Preferred Units during the last four quarters:
|  |  |  |  |  | Three-Month |  | Distribution |  | Amount Paid to Class C
Date Declared |  | Record Date |  | Payment Date |  | SOFR |  | Rate |  | Preferred Unitholders
|  |  |  |  |  |  |  |  |  | (in thousands)
March 19, 2025 |  | April 1, 2025 |  | April 15, 2025 |  | 4.329 | % |  | $ | 0.7320 |  |  | $ | 1,318 |
June 18, 2025 |  | July 1 2025 |  | July 15, 2025 |  | 4.298 | % |  | $ | 0.7301 |  |  | $ | 1,314 |
September 18, 2025 |  | October 1, 2025 |  | October 15, 2025 |  | 4.291 | % |  | $ | 0.7297 |  |  | $ | 1,313 |
December 16, 2025 |  | January 1, 2026 |  | January 15, 2026 |  | 3.985 | % |  | $ | 0.7106 |  |  | $ | 1,279 |
The distribution amount paid on January 15, 2026 is included in accrued expenses and other payables in our unaudited condensed consolidated balance sheet at December 31, 2025. Class D Preferred Units As of December 31, 2025, there were 511,494 preferred units (“Class D Preferred Units”) and warrants exercisable to purchase an aggregate of 2,125,000 common units outstanding. The following table summarizes the Class D Preferred Units repurchases during our current fiscal year:
|  | Total Number of |  |  |  |
|  | Class D Preferred |  | Average Price Paid Per |  | Aggregate Purchase
Date Redeemed |  | Units Repurchased |  | Class D Preferred Unit |  | Price with Distributions
|  |  |  |  |  | (in thousands)
May 19, 2025 (1) |  | 20,000 |  |  | $ | 1,410.00 |  |  | $ | 28,200 |
June 23, 2025 (2) |  | 50,000 |  |  | $ | 1,470.00 |  |  | $ | 73,500 |
October 17, 2025 (3) |  | 18,506 |  |  | $ | 1,474.48 |  |  | $ | 27,287 |
(1) The redemption premium price was $1,394.04, calculated at 134.30% of $1,037.98 (the Class D Preferred Unit price), plus distributions of $15.96. (2) The redemption premium price was $1,442.57, calculated at 138.98% of $1,037.98 (the Class D Preferred Unit price), plus distributions of $27.43. (3) The redemption premium price was $1,469.08, calculated at 141.53% of $1,037.98 (the Class D Preferred Unit price), plus distributions of $5.40. The following table summarizes the outstanding warrants at December 31, 2025:
Issuance Date and Description |  | Number of Warrants |  | Exercise Price
October 31, 2019 |  |  |  |
Premium warrants |  | 1,250,000 |  |  | $ | 16.28 |
Par warrants |  | 875,000 |  |  | $ | 13.56 |
All outstanding warrants are currently exercisable and any unexercised warrants will expire on the tenth anniversary of the date of issuance. The warrants will not participate in cash distributions. The holders of our Class D Preferred Units have elected, which they are allowed to do so from time to time, for the distributions to be calculated based on the three-month CME Term SOFR interest rate in accordance with our amended and restated limited partnership agreement plus a spread of 7.00%. The distribution rate for the Class D Preferred Units is 10.985% for the quarter ended December 31, 2025. The following table summarizes the distributions declared on our Class D Preferred Units during the last four quarters:
|  |  |  |  |  | Three-Month |  | Distribution |  | Amount Paid to Class D
Date Declared |  | Record Date |  | Payment Date |  | SOFR |  | Rate |  | Preferred Unitholders
|  |  |  |  |  |  |  |  |  | (in thousands)
March 19, 2025 |  | April 1, 2025 |  | April 15, 2025 |  | 4.329 | % |  | $ | 32.07 |  |  | $ | 19,243 |
June 18, 2025 |  | July 1, 2025 |  | July 15, 2025 |  | 4.298 | % |  | $ | 29.39 |  |  | $ | 15,578 |
September 18, 2025 |  | October 1, 2025 |  | October 15, 2025 |  | 4.291 | % |  | $ | 29.37 |  |  | $ | 15,568 |
December 16, 2025 |  | January 1, 2026 |  | January 15, 2026 |  | 3.985 | % |  | $ | 28.58 |  |  | $ | 14,619 |
The distribution amount paid on January 15, 2026 is included in accrued expenses and other payables in our unaudited condensed consolidated balance sheet at December 31, 2025.

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- Definition The entire disclosure for the formation, structure, control and ownership of the partnership. Disclosures related to accounts comprising partners' capital. Includes balances of general partners' capital account, limited partners' capital account, preferred partners' capital account and total partners' capital account and units outstanding; accumulated other comprehensive income; amount and nature of changes to amount of partner's capital and units outstanding by class, rights and privileges for each class of units; distribution policies and distributions paid by unit class; impact of and correction of an error in previously issued financial statements; limitations of partners' liability; redemption, conversion and distribution policies; and deferred compensation related to the issuance of units. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 505 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/505/tableOfContent + Details
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