v3.25.2
Equity
 6 Months Ended
Jun. 30, 2025
Equity [Abstract]  
Equity Equity
Equity Activity
The table below summarizes the changes in the number of limited partner units outstanding from December 31, 2024, through June 30, 2025.
Common - Public
Common - Delek Holdings (1)
Total
Balance at December 31, 202417,374,618 34,111,278 51,485,896 
Unit-based compensation awards (2)
45,566 — 45,566 
Issuance of units in connection with Gravity Acquisition2,175,209 — 2,175,209 
Unit repurchase— (243,075)(243,075)
Balance at June 30, 202519,595,393 33,868,203 53,463,596 
(1) As of June 30, 2025, Delek Holdings owned a 63.3% interest in the Partnership.
(2) Unit-based compensation awards are presented net of 16,654 units withheld for taxes for the six months ended June 30, 2025.
Unit Repurchase
On February 24, 2025, the Partnership and Delek Holdings entered into a Common Unit Purchase Agreement (the “Common Unit Purchase Agreement”) whereby the Partnership may repurchase common units from time to time from Delek Holdings in one or more transactions for an aggregate purchase price of up to $150.0 million through December 31, 2026 (each such repurchase, a “Repurchase”). The purchase price per common unit in each Repurchase will be the 30-day volume weighted-average price of the common units at the close of trading on the day prior to the closing date subject to certain limitations set forth in the Common Unit Purchase Agreement. The Partnership may fund Repurchases using cash on hand or borrowings under its existing credit facility, subject to compliance with applicable covenants. During the six months ended June 30, 2025, 243,075 common units were repurchased from Delek Holdings and cancelled at the time of the transaction for a total of $10.0 million. No common units were repurchased for the six months ended June 30, 2024. As of June 30, 2025, there was $140.0 million of authorization remaining under the Common Unit Repurchase Agreement.
Cash Distributions
Our Partnership Agreement sets forth the calculation to be used to determine the amount and priority of available cash distributions that our limited partner unitholders will receive. Our distributions earned with respect to a given period are declared subsequent to quarter end.
The table below summarizes the quarterly distributions related to our quarterly financial results:
Quarter EndedTotal Quarterly Distribution Per Limited Partner UnitTotal Cash Distribution (in thousands)
December 31, 2023$1.055$46,010
March 31, 2024$1.070$50,521
June 30, 2024$1.090$51,263
September 30, 2024$1.100$56,613
December 31, 2024$1.105$59,302
March 31, 2025$1.110$59,320
June 30, 2025 (1)
$1.115$59,612
(1) On July 29, 2025, the board of directors of our general partner declared this quarterly cash distribution, payable on August 14, 2025, to unitholders of record on August 8, 2025. The total cash distribution is estimated based on the number of common units outstanding as of June 30, 2025.