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.

In connection with the repurchase of common units (see below for further discussion), we repurchased notional units from our GP.


	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

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.


	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.

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.

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.

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.


	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.


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.