v3.25.4

Equity (Tables)

9 Months Ended

Dec. 31, 2025

Equity

Schedule of general partner notional unit repurchases

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

Schedule of common unit repurchases

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.

Schedule of Class D preferred unit repurchases

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.

Schedule of outstanding warrants

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

Series B Preferred Stock

Equity

Schedule of distributions declared

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

Series C Preferred Stock

Equity

Schedule of distributions declared

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

Series D Preferred Stock

Equity

Schedule of distributions declared

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

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+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-3

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