The Partnership’s equity consists of a 0.1% GP interest and a 99.9% limited partner interest, which consists of common units. Our GP has the right, but not the obligation, to contribute a proportionate amount of capital to the Partnership to maintain its 0.1% GP interest. Our GP is not required to guarantee or pay any of our debts and obligations. At September 30, 2025, we owned 8.69% of our GP.

In connection with the repurchase of common units (see below for further discussion), we repurchased 1,876 notional units during the three months ended June 30, 2025 from our GP for less than $0.1 million. We repurchased 4,421 notional units during the three months ended September 30, 2025 from our GP for less than $0.1 million.

On June 5, 2024, the board of directors of our GP authorized a common unit repurchase program, under which we may repurchase up to $50.0 million of our outstanding common units from time to time in the open market, including pursuant to a repurchase plan administrated in accordance with Rule 10b5-1 under the Exchange Act, or in other privately negotiated transactions. This program does not have a fixed expiration date. The common unit repurchase program authorization does not obligate us to repurchase any dollar amount or number of our common units.


	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

Since the inception of the program, we have repurchased 6,790,263 units for an aggregate price of $31.2 million, including commissions.

As of September 30, 2025, there were 12,585,642 of our Class B Fixed-to-Floating Rate Cumulative Redeemable Perpetual Preferred Units (“Class B Preferred Units”) outstanding.

The current distribution rate for the Class B Preferred Units is the three-month CME Term SOFR interest rate, which is calculated and published by CME Group Benchmark Administration, Ltd., plus a spread of 7.213%. The Class B Preferred Units also have an additional tenor spread adjustment of 0.26161%, in accordance with the Adjustable Interest Rate (LIBOR) Act.

The following table summarizes the distributions declared on our Class B Preferred Units during the last three 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

The distribution amount paid on October 15, 2025 is included in accrued expenses and other payables in our unaudited condensed consolidated balance sheet at September 30, 2025.

As of September 30, 2025, there were 1,800,000 of our Class C Fixed-to-Floating Rate Cumulative Redeemable Perpetual Preferred Units (“Class C Preferred Units”) outstanding.

The current distribution rate for the Class C Preferred Units is the three-month CME Term SOFR interest rate plus a spread of 7.384%.

The following table summarizes the distributions declared on our Class C Preferred Units during the last three 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

The distribution amount paid on October 15, 2025 is included in accrued expenses and other payables in our unaudited condensed consolidated balance sheet at September 30, 2025.

On May 19, 2025, we redeemed 20,000 of the Class D Preferred Units. The applicable Class D Preferred Unit redemption premium on the date of redemption was $1,394.04, calculated at 134.30% of $1,037.98 (the Class D Preferred Unit price), and distributions of $15.96. The amount per Class D Preferred Unit paid to each Class D preferred unitholder was $1,410.00 for a total payment of $28.2 million.

On June 23, 2025, we redeemed 50,000 of the Class D Preferred Units. The applicable Class D Preferred Unit redemption premium on the date of redemption was $1,442.57, calculated at 138.98% of $1,037.98 (the Class D Preferred Unit price), and distributions of $27.43. The amount per Class D Preferred Unit paid to each Class D preferred unitholder was $1,470.00 for a total payment of $73.5 million.

As of September 30, 2025, there were 530,000 preferred units (“Class D Preferred Units”) and warrant exercisable to purchase an aggregate of 2,125,000 common units outstanding.


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

All outstanding warrants are currently exercisable and any unexercised warrants will expire on the tenth anniversary of the date of issuance. The warrants will not participate in cash distributions.

The holders of our Class D Preferred Units have elected, which they are allowed to do so from time to time, for the distributions to be calculated based on the three-month CME Term SOFR interest rate in accordance with our amended and restated limited partnership agreement plus a spread of 7.00%. Each variable rate election shall be effective for at least four quarters following such election. This variable rate election is effective until September 30, 2025. The distribution rate for the Class D Preferred Units is 11.291% for the quarter ended September 30, 2025.

The following table summarizes the distributions declared on our Class D Preferred Units during the last three 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

The distribution amount paid on October 15, 2025 is included in accrued expenses and other payables in our unaudited condensed consolidated balance sheet at September 30, 2025.