Partners' Capital and Distributions

12 Months Ended

Dec. 31, 2021

Note 9. Partners’ Capital and Distributions

Shares Outstanding

Prior to the Restructuring, our partners’ capital included common and subordinated units representing limited partner interests in the Partnership. Pursuant to the Restructuring, 17,062,655 public common units of the Partnership outstanding as of December 16, 2019, were converted into Class A Shares of the Company (economic and voting) on a one-for-one basis, the Sponsors received 898,000 Class A Shares of the Company, 266,416,928 Class B Units representing noncontrolling limited partner interests in the Partnership and cash consideration of $601.8 million. In addition, our general partner purchased 266,416,928 Class B Shares of the Company (non-economic voting only) for a cash amount equal to $0.0001 per Class B Share. Class B Units of the Partnership together with the equal number of Class B Shares of the Company are convertible to Class A Shares of the Company on a one-for-one basis.

The changes in the number of shares outstanding from December 31, 2019 through December 31, 2021 are as follows:


	Class A Shares
	Public		Sponsors		Total Class A Shares		Class B Shares Sponsors			Total Class A and Class B Shares
Balance, December 31, 2019		17,062,655		898,000		17,960,655		266,416,928			284,377,583
Equity-based compensation		67,653		-		67,653		-			67,653
Balance, December 31, 2020		17,130,308		898,000		18,028,308		266,416,928			284,445,236
Equity-based compensation		118,760		-		118,760		-			118,760
Equity offering transaction - March 2021		6,900,000		-		6,900,000		(6,900,000	)		-
Equity offering transaction - October 2021		8,625,000		-		8,625,000		(8,625,000	)		-
Repurchase Transaction		-		-		-		(31,250,000	)		(31,250,000	)
Balance, December 31, 2021		32,774,068		898,000		33,672,068		219,641,928			253,313,996

Distributions

Our partnership agreement requires that, within 45 days after the end of each quarter, we distribute all of our available cash to shareholders of record on the applicable record date. The following table details the distributions declared and/or paid for the periods presented:


Period	Record Date	Distribution Date	Distribution per Class A share
First Quarter 2019	May 3, 2019	May 14, 2019	$	0.3833
Second Quarter 2019	August 5, 2019	August 13, 2019	$	0.3970
Third Quarter 2019	November 4, 2019	November 13, 2019	$	0.4112
Fourth Quarter 2019	February 6, 2020	February 14, 2020	$	0.4258
First Quarter 2020	May 4, 2020	May 14, 2020	$	0.4310
Second Quarter 2020	August 6, 2020	August 14, 2020	$	0.4363
Third Quarter 2020	November 5, 2020	November 13, 2020	$	0.4417
Fourth Quarter 2020	February 4, 2021	February 12, 2021	$	0.4471
First Quarter 2021	May 3, 2021	May 13, 2021	$	0.4526
Second Quarter 2021	August 9, 2021	August 13, 2021	$	0.5042
Third Quarter 2021	November 4, 2021	November 12, 2021	$	0.5104
Fourth Quarter 2021(1)	February 3, 2022	February 14, 2022	$	0.5167

(1)

For more information, see Note 16, Subsequent Events.