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Redeemable Preferred Units | 9 Months Ended
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Sep. 30, 2024
Temporary Equity Disclosure [Abstract] |
Redeemable Preferred Units | 17. Redeemable Preferred Units The Partnership has designated three series of non-cumulative, non-voting, non-convertible Preferred Units that represent limited partnership interests in the Partnership consisting of the Series A Preferred Units, the Series A-1 Preferred Units, and the Series B Preferred Units. The Preferred Units have no stated maturity, are not subject to any sinking fund requirements, and will remain outstanding indefinitely unless redeemed by the Partnership or by the holder. If declared by the General Partner, distributions to the holders of Series A Preferred Units, Series A-1 Preferred Units, and Series B Preferred Units, are paid quarterly at annual fixed rates of 3.0%, 3.0% and 5.75%, respectively. In April 2024, the Partnership redeemed $10.0 million of Series A Preferred Units pursuant to a notice of redemption previously submitted by a Series A Preferred Unitholder. In January 2024, the Partnership issued $17.5 million Series B Preferred Units in exchange for previously issued Series A Preferred Units. In addition, in February 2024, the Partnership issued $5.0 million of Series B Preferred Units to a new investor. The following table summarizes the Partnership’s outstanding Preferred Units as of September 30, 2024 and December 31, 2023:
|  | September 30, 2024
Month Issued |  | Units |  |  | Purchase Price |  |  | Distribution Rate |  |  | Redemption Price per Unit |  |  | Earliest Redemption Date
Series A-1 Preferred Units |  |  |  |  |  |  |  |  |  |  |  |  |  |
April 2022 |  |  | 2,000,000 |  |  | $ | 20,000,000 |  |  |  | 3.00 | % |  | $ | 10.00 |  |  | April 2028
October 2022 |  |  | 1,000,000 |  |  |  | 10,000,000 |  |  |  | 3.00 | % |  |  | 10.00 |  |  | October 2028
February 2023 |  |  | 1,500,000 |  |  |  | 15,000,000 |  |  |  | 3.00 | % |  |  | 10.00 |  |  | February 2029
June 2023 |  |  | 1,000,000 |  |  |  | 10,000,000 |  |  |  | 3.00 | % |  |  | 10.00 |  |  | June 2029
Total Series A-1 Preferred Units |  |  | 5,500,000 |  |  |  | 55,000,000 |  |  |  |  |  |  |  |  |
Series B Preferred Units |  |  |  |  |  |  |  |  |  |  |  |  |  |
January 2024 |  |  | 1,750,000 |  |  | $ | 17,500,000 |  |  |  | 5.75 | % |  | $ | 10.00 |  |  | January 2030
February 2024 |  |  | 500,000 |  |  |  | 5,000,000 |  |  |  | 5.75 | % |  |  | 10.00 |  |  | February 2030
Total Series B Preferred Units |  |  | 2,250,000 |  |  |  | 22,500,000 |  |  |  |  |  |  |  |  |
Redeemable Preferred Units outstanding as of September 30, 2024 |  |  | 7,750,000 |  |  | $ | 77,500,000 |  |  |  |  |  |  |  |  |
|  | December 31, 2023 |
Month Issued |  | Units |  |  | Purchase Price |  |  | Distribution Rate |  |  | Redemption Price per Unit |
Series A Preferred Units |  |  |  |  |  |  |  |  |  |  |  |
March 2016 |  |  | 1,000,000 |  |  | $ | 10,000,000 |  |  |  | 3.00 | % |  | $ | 10.00 |
March 2017 |  |  | 1,000,000 |  |  |  | 10,000,000 |  |  |  | 3.00 | % |  |  | 10.00 |
October 2017 |  |  | 750,000 |  |  |  | 7,500,000 |  |  |  | 3.00 | % |  |  | 10.00 |
Total Series A Preferred Units |  |  | 2,750,000 |  |  |  | 27,500,000 |  |  |  |  |  |  |
Series A-1 Preferred Units |  |  |  |  |  |  |  |  |  |  |  |
April 2022 |  |  | 2,000,000 |  |  | $ | 20,000,000 |  |  |  | 3.00 | % |  | $ | 10.00 |
October 2022 |  |  | 1,000,000 |  |  |  | 10,000,000 |  |  |  | 3.00 | % |  |  | 10.00 |
February 2023 |  |  | 1,500,000 |  |  |  | 15,000,000 |  |  |  | 3.00 | % |  |  | 10.00 |
June 2023 |  |  | 1,000,000 |  |  |  | 10,000,000 |  |  |  | 3.00 | % |  |  | 10.00 |
Total Series A-1 Preferred Units |  |  | 5,500,000 |  |  |  | 55,000,000 |  |  |  |  |  |  |
Redeemable Preferred Units outstanding as of December 31, 2023 |  |  | 8,250,000 |  |  | $ | 82,500,000 |  |  |  |  |  |  |

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