| Redeemable Preferred Units |
17. Redeemable Preferred Units The Partnership has designated three series of non-cumulative, non-voting, non-convertible Preferred Units that represent limited partnership interests in the Partnership consisting of the Series A Preferred Units, the Series A-1 Preferred Units, and the Series B Preferred Units. The Preferred Units have no stated maturity, are not subject to any sinking fund requirements, and will remain outstanding indefinitely unless redeemed by the Partnership or by the holder. If declared by the General Partner, distributions to the holders of Series A Preferred Units, Series A-1 Preferred Units, and Series B Preferred Units, are paid quarterly at annual fixed rates of 3.0%, 3.0% and 5.75%, respectively. The Partnership did not have any outstanding Series A Preferred Units as of March 31, 2026 and does not expect to issue any new Series A Preferred Units in the future. The Partnership filed a registration statement on Form S-3 for the registration of up to 10,000,000 of Series B Preferred Units, which was declared effective by the SEC on September 27, 2024. The Partnership has issued 2,500,000 Series B Preferred Units under this offering as of March 31, 2026. The following table summarizes the Partnership’s outstanding Preferred Units as of March 31, 2026 and December 31, 2025:
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March 31, 2026 |
Month Issued |
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Units |
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Purchase Price |
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Distribution
Rate |
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Redemption
Price per Unit |
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Earliest Optional Redemption
Date |
Series A-1 Preferred Units |
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April 2022 |
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2,000,000 |
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$ |
20,000,000 |
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3.00 |
% |
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$ |
10.00 |
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April 2028 |
October 2022 |
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1,000,000 |
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10,000,000 |
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3.00 |
% |
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10.00 |
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October 2028 |
February 2023 |
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1,500,000 |
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15,000,000 |
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3.00 |
% |
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10.00 |
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February 2029 |
June 2023 |
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1,000,000 |
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10,000,000 |
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3.00 |
% |
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10.00 |
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June 2029 |
Total Series A-1 Preferred Units |
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5,500,000 |
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55,000,000 |
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Series B Preferred Units |
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January 2024 |
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1,750,000 |
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$ |
17,500,000 |
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5.75 |
% |
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$ |
10.00 |
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January 2030 |
February 2024 |
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500,000 |
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5,000,000 |
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5.75 |
% |
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10.00 |
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February 2030 |
March 2025 |
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2,000,000 |
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20,000,000 |
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5.75 |
% |
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10.00 |
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March 2031 |
October 2025 |
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500,000 |
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5,000,000 |
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5.75 |
% |
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10.00 |
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October 2031 |
Total Series B Preferred Units |
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4,750,000 |
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47,500,000 |
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Unamortized equity issuance costs |
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$ |
(83,121 |
) |
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Redeemable Preferred Units
outstanding as of March 31, 2026 |
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10,250,000 |
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$ |
102,416,879 |
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December 31, 2025 |
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Month Issued |
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Units |
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Purchase Price |
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Distribution
Rate |
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Redemption
Price per Unit |
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Series A-1 Preferred Units |
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April 2022 |
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2,000,000 |
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$ |
20,000,000 |
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3.00 |
% |
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$ |
10.00 |
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October 2022 |
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1,000,000 |
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10,000,000 |
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3.00 |
% |
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10.00 |
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February 2023 |
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1,500,000 |
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15,000,000 |
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3.00 |
% |
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10.00 |
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June 2023 |
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1,000,000 |
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10,000,000 |
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3.00 |
% |
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10.00 |
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Total Series A-1 Preferred Units |
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5,500,000 |
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55,000,000 |
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Series B Preferred Units |
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January 2024 |
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1,750,000 |
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$ |
17,500,000 |
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5.75 |
% |
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10.00 |
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February 2024 |
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500,000 |
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5,000,000 |
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5.75 |
% |
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10.00 |
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March 2025 |
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2,000,000 |
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20,000,000 |
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5.75 |
% |
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10.00 |
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October 2025 |
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500,000 |
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5,000,000 |
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5.75 |
% |
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10.00 |
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Total Series B Preferred Units |
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4,750,000 |
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47,500,000 |
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Unamortized equity issuance costs |
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$ |
(89,493 |
) |
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Redeemable Preferred Units
outstanding as of December 31, 2025 |
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10,250,000 |
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$ |
102,410,507 |
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