Investment in DSM Semichem LLC

12 Months Ended

Dec. 31, 2024

INVESTMENT IN DSM SEMICHEM LLC

On October 19, 2022, Martin ELSA Investment LLC, the Partnership's affiliate, entered into definitive agreements with Samsung C&T America, Inc. and Dongjin USA, Inc., an affiliate of Dongjin Semichem Co., Ltd., to form DSM Semichem LLC (“DSM”). DSM will produce and distribute electronic level sulfuric acid (“ELSA”). By leveraging the Partnership's existing assets located in Plainview, Texas and installing additional facilities (the “ELSA Facility”) as required, DSM will produce ELSA that meets the strict quality standards required by the recent advances in semiconductor manufacturing. In addition to owning a 10% non-controlling interest in DSM, the Partnership will be the exclusive provider of feedstock to the ELSA Facility. The Partnership, through its affiliate MTI, will also provide land transportation services for the ELSA produced by DSM. On April 1, 2024, the Partnership contributed $6,500 in cash to DSM, which represents the cash contribution required pursuant to DSM's limited liability agreement for the Partnership's 10% non-controlling interest. Also, in conjunction with the formation of DSM, we contributed approximately 22 acres of land. The Partnership recognizes its 10% interest in DSM as "Investment in DSM Semichem LLC" on its Consolidated Balance Sheets. The Partnership accounts for its ownership interest in DSM under the equity method of accounting.

Selected financial information for DSM is as follows:


	As of December 31,						Year ended December 31,
	Total Assets		Long-Term Debt		Members' Equity/Partners' Capital		Revenues	Net Income (Loss)

2024
DSM Semichem LLC	$	105,773	$	31,700	$	68,513	$—	$(6,240)