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Common Unit Repurchase Plans and Retirement
 12 Months Ended
Sep. 30, 2025
Equity [Abstract]  
Common Unit Repurchase Plans and Retirement

5) Common Unit Repurchase Plans and Retirement

In July 2012, the Board adopted a plan to repurchase certain of the Company’s Common Units (the “Repurchase Plan”). Through May 2023, the Company had repurchased approximately 20.5 million Common Units under the Repurchase Plan. In May 2023, the Board authorized an increase of the number of Common Units that remained available for the Company to repurchase from 1.1 million to a total of 2.6 million, of which, 2.3 million were available for repurchase in open market transactions and 0.3 million were available for repurchase in privately-negotiated transactions. There is no guarantee of the number of units that will be purchased under the Repurchase Plan and the Company may discontinue purchases at any time. The Repurchase Plan does not have a time limit. The Board may also approve additional purchases of units from time to time in private transactions. The Company’s repurchase activities take into account SEC safe harbor rules and guidance for issuer repurchases. All of the Common Units purchased under the Repurchase Plan will be retired.

Under the credit agreement dated September 27, 2024, in order to repurchase Common Units we must maintain Availability (as defined in the credit agreement) of not less than the greater of (i) 15% of the Line Cap (lesser of the aggregate revolving commitment and the borrowing base) which was $25.7 million at September 30, 2025 and (ii) $40 million on a historical pro forma and forward-looking basis, and a fixed charge coverage ratio of not less than 1.15 measured as of the date of repurchase or distribution. (See Note 13—Long-Term Debt and Bank Facility Borrowings). The following table shows repurchases under the Repurchase Plan.

 

(in thousands, except per unit amounts)

 

 

 

 

 

 

 

 

 

 

 

 

 

Period

 

Total Number
of Units
Purchased

 

 

Average Price
Paid per Unit
(a)

 

 

Total Number
of Units
Purchased as
Part of
Publicly
Announced
Plans or
Programs

 

 

Maximum Number
of Units that May
Yet Be Purchased

 

 

Fiscal year 2012 to 2024 total

 

 

26,438

 

 

$

8.90

 

 

 

21,550

 

 

 

1,552

 

 

First quarter fiscal year 2025 total

 

 

13

 

 

$

11.20

 

 

 

13

 

 

 

1,539

 

 

Second quarter fiscal year 2025 total

 

 

6

 

 

$

11.24

 

 

 

6

 

 

 

1,533

 

 

Third quarter fiscal year 2025 total

 

 

817

 

 

$

12.01

 

 

 

117

 

 

 

1,416

 

(b)

July 2025

 

 

144

 

 

$

11.87

 

 

 

144

 

 

 

1,272

 

 

August 2025

 

 

172

 

 

$

11.74

 

 

 

172

 

 

 

1,100

 

 

September 2025

 

 

157

 

 

$

11.73

 

 

 

157

 

 

 

943

 

 

Fourth quarter fiscal year 2025 total

 

 

473

 

 

$

11.78

 

 

 

473

 

 

 

943

 

 

Fiscal year 2025 total

 

 

1,309

 

 

$

11.92

 

 

 

609

 

 

 

943

 

 

October 2025

 

 

234

 

 

$

11.87

 

 

 

234

 

 

 

709

 

(c)

November 2025

 

 

67

 

 

$

11.83

 

 

 

67

 

 

 

642

 

(d)

(a)
Amounts include repurchase costs.
(b)
In May 2025, the Company purchased 700,000 Common Units in a private transaction for aggregate consideration of approximately $8.4 million. The purchase was made outside the Company’s unit repurchase plan.
(c)
In October 2025, the Company purchased 138,600 Common Units in a private transaction for aggregate consideration of approximately $1.6 million. The purchase was made within the Company’s unit repurchase plan.
(d)
Of the total available for repurchase, approximately 0.5 million are available for repurchase in open market transactions and 0.1 million are available for repurchase in privately-negotiated transactions.