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Cash Distributions and Earnings per Unit
 6 Months Ended
Jun. 30, 2026
Cash Distributions And Earnings Per Unit  
Cash Distributions and Earnings per Unit

NOTE 13 – CASH DISTRIBUTIONS AND EARNINGS PER UNIT

The amount of distributions paid by Navios Partners and the decision to make any distribution is determined by the Company’s Board of Directors and will depend on, among other things, Navios Partners’ cash requirements as measured by market opportunities and restrictions under its credit agreements and other debt obligations and such other factors as the Board of Directors may deem advisable. There is no guarantee that the Company will pay the quarterly distribution on the common units in any quarter. The Company is prohibited from making any distributions to unitholders if it would cause an event of default, or an event of default exists, under its existing credit agreements and other debt obligations.

There are incentive distribution rights held by Navios GP L.L.C., which are analyzed as follows:

 

 

 

 

Marginal Percentage Interest in Distributions

 

 

Total Quarterly Distribution Target Amount

 

Common Unitholders

 

 

Incentive Distribution Right Holder

 

 

General Partner

 

Minimum Quarterly Distribution

 

up to $5.25

 

 

98

%

 

 

—

 

 

 

2

%

First Target Distribution

 

up to $6.0375

 

 

98

%

 

 

—

 

 

 

2

%

Second Target Distribution

 

above $6.0375 up to $6.5625

 

 

85

%

 

 

13

%

 

 

2

%

Third Target Distribution

 

above $6.5625 up to $7.875

 

 

75

%

 

 

23

%

 

 

2

%

Thereafter

 

above $7.875

 

 

50

%

 

 

48

%

 

 

2

%

 

 

The first 98% of the quarterly distribution is paid to all common unitholders. The incentive distribution rights (held by Navios GP L.L.C.) apply only after a minimum quarterly distribution of $6.0375 per unit.

 

The authorized quarterly cash distributions paid during the six month periods ended June 30, 2026 and 2025, as well as the quarterly cash distribution paid with respect to the quarter ended June 30, 2026 are presented below:

 

Date

Authorized
Quarterly Cash
Distribution for the
three months ended

Date of record
of Common and
General Partnership
unit Unitholders

Payment of
Distribution

 

$/ Unit

 

 

Amount of
the declared
distribution

 

January 2025

December 31, 2024

February 10, 2025

February 13, 2025

 

$

0.05

 

 

$

1,511

 

April 2025

March 31, 2025

May 9, 2025

May 14, 2025

 

$

0.05

 

 

$

1,493

 

January 2026

December 31, 2025

February 9, 2026

February 12, 2026

 

$

0.05

 

 

$

1,461

 

April 2026

March 31, 2026

May 11, 2026

May 14, 2026

 

$

0.06

 

 

$

1,743

 

July 2026

June 30, 2026

August 10, 2026

August 13, 2026

 

$

0.06

 

 

$

1,736

 

Navios Partners calculates earnings/ (losses) per unit by allocating reported net income/ (loss) for each period to each class of units based on the distribution waterfall for available cash specified in Navios Partners’ partnership agreement, net of the unallocated earnings/ (losses). Basic earnings/ (losses) per common unit is determined by dividing net income/ (loss) by the weighted average number of common units outstanding during the period. Diluted earnings per unit is calculated in the same manner as basic earnings per unit, except that the weighted average number of outstanding units increased to include the dilutive effect of outstanding unit options or phantom units. Net earnings/ (losses) per unit undistributed is determined by taking the distributions in excess of net income/ (loss) and allocating between common units and general partnership units on a 98%-2% basis. There were no options or phantom units outstanding during each of the six month periods ended June 30, 2026 and 2025.

The calculations of the basic and diluted earnings per unit are presented below.

 

Three Month Period Ended June 30, 2026

 

 

Three Month Period Ended June 30, 2025

 

 

Six Month
Period Ended June 30, 2026

 

 

Six Month
Period Ended June 30, 2025

 

Net income

 

$

167,919

 

 

$

69,947

 

 

$

274,263

 

 

$

111,674

 

Income attributable to:

 

 

 

 

 

 

 

 

 

 

 

 

Common unitholders

 

$

164,393

 

 

$

68,478

 

 

$

268,504

 

 

$

109,329

 

Weighted average units outstanding basic

 

 

 

 

 

 

 

 

 

 

 

 

Common unitholders

 

 

28,426,340

 

 

 

29,233,736

 

 

 

28,501,957

 

 

 

29,404,831

 

Earnings per unit basic:

 

 

 

 

 

 

 

 

 

 

 

 

Common unitholders

 

$

5.78

 

 

$

2.34

 

 

$

9.42

 

 

$

3.72

 

Weighted average units outstanding diluted

 

 

 

 

 

 

 

 

 

 

 

 

Common unitholders

 

 

28,426,340

 

 

 

29,233,736

 

 

 

28,501,957

 

 

 

29,404,831

 

Earnings per unit diluted:

 

 

 

 

 

 

 

 

 

 

 

 

Common unitholders

 

$

5.78

 

 

$

2.34

 

 

$

9.42

 

 

$

3.72

 

Earnings per unit distributed basic:

 

 

 

 

 

 

 

 

 

 

 

 

Common unitholders

 

$

0.06

 

 

$

0.05

 

 

$

0.12

 

 

$

0.10

 

Earnings per unit distributed diluted:

 

 

 

 

 

 

 

 

 

 

 

 

Common unitholders

 

$

0.06

 

 

$

0.05

 

 

$

0.12

 

 

$

0.10

 

 

No potential common units are included in the calculation of earnings per unit diluted for each of the six month periods ended June 30, 2026 and 2025.