Distributions and Net Income Per Limited Partner Unit (Tables)

3 Months Ended

Mar. 31, 2025

Schedule of Incentive Distributions Made to Managing Members or General Partners by Distribution

Distributions are declared subsequent to quarter end; therefore, the table below represents total cash distributions declared from earnings of the related periods pertaining to such distributions.


	Three Months Ended March 31,
	2025		2024
Net income attributable to the Partnership	$	4,948	$	14,833
Less:
Limited partners' distribution declared on common units	16,611		16,607


Distribution in excess of net income	$	(11,663)	$	(1,774)

Schedule of Earnings Per Share, Basic and Diluted

Net income per unit applicable to common limited partner units is computed by dividing the respective limited partners' interest in net income by the weighted-average number of common units outstanding for the period. Because the Partnership has more than one class of participating securities, it uses the two-class method when calculating the net income per unit applicable to limited partners. The classes of participating securities include common units and incentive distribution rights. Net income attributable to the Partnership is allocated to the unitholders in accordance with their respective ownership percentages in preparation of the consolidated statements of changes in equity. However, when distributions related to the incentive distribution rights are made, net income equal to the amount of those distributions is first allocated to the general partner before the remaining net income is allocated to the unitholders based on their respective ownership percentages. Basic and diluted net income per unit is the same because the Partnership does not have any potentially dilutive units outstanding for the periods presented.


	Three Months Ended March 31, 2025
	Limited Partners' Common Units		Incentive Distribution Rights		Total
Net income attributable to the Partnership:
Distribution	$	16,611	$	—	$	16,611
Distribution in excess of net income	(11,663)		—		(11,663)
Net income	$	4,948	$	—	$	4,948
Weighted average units outstanding:
Basic and diluted	35,238,556				35,238,556
Net income per limited partner unit:
Basic and diluted	$	0.14


	Three Months Ended March 31, 2024
	Limited Partners' Common Units		Incentive Distribution Rights		Total
Net income attributable to the Partnership:
Distribution	$	16,607	$	—	$	16,607
Distribution in excess of net income	(1,774)		—		(1,774)
Net income	$	14,833	$	—	$	14,833
Weighted average units outstanding:
Basic and diluted	35,228,134				35,228,134
Net income per limited partner unit:
Basic and diluted	$	0.42

Distributions Made to Limited Partner, by Distribution

If cash distributions to the Partnership's unitholders exceed $1.2938 per common unit in any quarter, the Partnership's unitholders and Westlake, as the holder of the Partnership's incentive distribution rights, will receive distributions according to the following percentage allocations:


	Marginal Percentage Interest in Distributions
Total Quarterly Distribution Per Unit	Unitholders		IDR Holders
Above $1.2938 up to $1.4063	85.0	%	15.0	%
Above $1.4063 up to $1.6875	75.0	%	25.0	%
Above $1.6875	50.0	%	50.0	%

Distributions per common unit for the three months ended March 31, 2025 and 2024 were as follows:


	Three Months Ended March 31,
	2025		2024
Distributions per common unit	$	0.4714	$	0.4714