v3.26.1
Net Income Per Common Unit (Tables)
3 Months Ended
Mar. 31, 2026
Earnings Per Share [Abstract]  
Reconciliation of Net Income and Weighted-Average Units Used in Computing Basic and Diluted Net Income Per Common Unit

The following table provides a reconciliation of net income and weighted-average units used in computing basic and diluted net income per common unit for the following periods (in thousands, except unit and per unit amounts):

 

 

 

Three Months Ended March 31,

 

 

 

2026

 

 

2025

 

Numerator:

 

 

 

 

 

 

Distributions paid on common units

 

$

20,021

 

 

$

19,981

 

Allocation of distributions in excess of net income

 

 

(10,056

)

 

 

(27,761

)

Limited partners’ interest in net income (loss) - basic and diluted

 

 

9,965

 

 

 

(7,780

)

Denominator:

 

 

 

 

 

 

Weighted-average common units outstanding - basic

 

 

38,142,565

 

 

 

38,073,986

 

Adjustment for phantom and phantom performance units (a)

 

 

159,317

 

 

 

 

Weighted-average common units outstanding - diluted

 

 

38,301,882

 

 

 

38,073,986

 

Net income (loss) per common unit - basic

 

$

0.26

 

 

$

(0.20

)

Net income (loss) per common unit - diluted

 

$

0.26

 

 

$

(0.20

)

 

 

 

 

 

 

 

Distributions paid per common unit

 

$

0.5250

 

 

$

0.5250

 

Distributions declared (with respect to each respective period) per common unit

 

$

0.5250

 

 

$

0.5250

 

 

(a)
For the three months ended March 31, 2026, 1,299,880 potentially dilutive units related to the preferred membership interests were excluded from the calculation of diluted earnings per unit because including them would have been antidilutive.

For the three months ended March 31, 2025, 164,962 potentially dilutive units related to the phantom units and phantom performance units and 1,245,272 potentially dilutive units related to the preferred membership interests were excluded from the calculation of diluted earnings per unit because including them would have been antidilutive.

Summary of Distribution Activity

Distribution activity for 2026 is as follows:

Quarter Ended

 

Record Date

 

Payment Date

 

Cash
Distribution
(per unit)

 

 

Cash
Distribution
(in thousands)

 

December 31, 2025

 

February 2, 2026

 

February 12, 2026

 

 

0.5250

 

 

 

20,021

 

March 31, 2026

 

May 4, 2026

 

May 14, 2026

 

 

0.5250

 

 

 

20,031