Partners' Capital and Distributions

12 Months Ended

Dec. 31, 2023

Note 8. Partners’ Capital and Distributions

Shares Outstanding

As of December 31, 2023, our Sponsors and their affiliates, including our general partner, collectively held 898,000 Class A Shares (economic and voting) and 157,941,441 Class B Shares (non-economic, voting only) representing limited partner interests in the Company, and 157,941,441 Class B Units of the Partnership representing limited partner interests in the Partnership. 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 of the Company outstanding from December 31, 2020 through December 31, 2023 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, 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
Equity-based compensation		95,778		-		95,778		-			95,778
Equity offering transaction - April 2022		10,235,000		-		10,235,000		(10,235,000	)		-
Repurchase Transaction		-		-		-		(13,559,322	)		(13,559,322	)
Balance, December 31, 2022		43,104,846		898,000		44,002,846		195,847,606			239,850,452
Equity-based compensation		99,801		-		99,801		-			99,801
Repurchase Transaction - March 2023		-		-		-		(3,619,254	)		(3,619,254	)
Equity offering transaction - May 2023		12,765,000		-		12,765,000		(12,765,000	)		-
Repurchase Transaction - June 2023		-		-		-		(3,350,084	)		(3,350,084	)
Equity offering transaction - August 2023		11,500,000		-		11,500,000		(11,500,000	)		-
Repurchase Transaction - September 2023		-		-		-		(3,301,420	)		(3,301,420	)
Repurchase Transaction - November 2023		-		-		-		(3,370,407	)		(3,370,407	)
Balance, December 31, 2023		67,469,647		898,000		68,367,647		157,941,441			226,309,088

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 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	February 3, 2022	February 14, 2022	$	0.5167
First Quarter 2022	May 5, 2022	May 13, 2022	$	0.5492
Second Quarter 2022	August 4, 2022	August 12, 2022	$	0.5559
Third Quarter 2022	November 3, 2022	November 14, 2022	$	0.5627
Fourth Quarter 2022	February 2, 2023	February 13, 2023	$	0.5696
First Quarter 2023	May 4, 2023	May 12, 2023	$	0.5851
Second Quarter 2023	August 3, 2023	August 14, 2023	$	0.6011
Third Quarter 2023	November 2, 2023	November 14, 2023	$	0.6175
Fourth Quarter 2023(1)	February 8, 2024	February 14, 2024	$	0.6343

(1)

For more information, see Note 14, Subsequent Events.