Partners' Capital and Distributions

12 Months Ended

Dec. 31, 2024

Note 8. Partners’ Capital and Distributions

Shares Outstanding

As of December 31, 2024, our Sponsors and their affiliates, including our general partner, collectively held 898,000 Class A Shares (economic and voting) and 113,927,226 Class B Shares (non-economic, voting only) representing limited partner interests in the Company, and 113,927,226 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, 2021 through December 31, 2024 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, 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
Equity-based compensation		69,253		-		69,253		-			69,253
Equity offering transaction - February 2024		11,500,000		-		11,500,000		(11,500,000	)		-
Repurchase Transaction - March 2024		-		-		-		(2,816,901	)		(2,816,901	)
Equity offering transaction - May 2024		11,500,000		-		11,500,000		(11,500,000	)		-
Repurchase Transaction - June 2024		-		-		-		(2,724,052	)		(2,724,052	)
Equity offering transaction - September 2024		12,650,000		-		12,650,000		(12,650,000	)		-
Repurchase Transaction - September 2024		-		-		-		(2,823,262	)		(2,823,262	)
Balance, December 31, 2024		103,188,900		898,000		104,086,900		113,927,226			218,014,126

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 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	February 8, 2024	February 14, 2024	$	0.6343
First Quarter 2024	May 2, 2024	May 14, 2024	$	0.6516
Second Quarter 2024	August 8, 2024	August 14, 2024	$	0.6677
Third Quarter 2024	November 7, 2024	November 14, 2024	$	0.6846
Fourth Quarter 2024(1)	February 6, 2025	February 14, 2025	$	0.7012

(1)

For more information, see Note 14, Subsequent Events.