v3.26.1
Equity
 12 Months Ended
Mar. 31, 2026
Equity [Abstract]  
Equity Equity
Partnership Equity

The Partnership’s equity consists of a 0.1% GP interest and a 99.9% limited partner interest, which consists of common units. Our GP has the right, but not the obligation, to contribute a proportionate amount of capital to the Partnership to maintain its 0.1% GP interest. Our GP is not required to guarantee or pay any of our debts or obligations. At March 31, 2026, we own 8.69% of our GP.

General Partner Equity

In connection with the issuance of common units for the vesting of restricted units during the year ended March 31, 2024, we issued 586 notional units to our GP for less than $0.1 million in order to maintain its 0.1% interest in the Partnership.

In connection with the repurchase of common units (see below for further discussion), we repurchased notional units from our GP.

The following table summarizes the notional unit repurchases during the last two fiscal years:
Total Number ofAverage Price
GP Notional UnitsPaid PerAggregate Purchase
PeriodRepurchasedGP Notional UnitPrice
(in thousands)
July 1, 2024 - September 30, 2024500 $4.2329 $2 
April 1, 2025 - June 30, 20251,876 $4.2854 $8 
July 1, 2025 - September 30, 20254,421 $4.7349 $21 
October 1, 2025 - December 31, 20251,612 $9.7735 $16 
January 1, 2026 - March 31, 2026298 $9.5444 $3 

Common Unit Repurchase Program

On June 5, 2024, the board of directors of our GP authorized a common unit repurchase program, under which we may repurchase up to $50.0 million of our outstanding common units from time to time in the open market, including pursuant to a repurchase plan administrated in accordance with Rule 10b5-1 under the Exchange Act, or in other privately negotiated transactions. This program does not have a fixed expiration date. The common unit repurchase program authorization does not obligate us to repurchase any dollar amount or number of common units. As of March 31, 2026, $0.3 million remains unspent under this program.

On April 8, 2026, the board of directors of our GP authorized another common unit repurchase program, under which we may repurchase up to $100.0 million of our outstanding common units from time to time in the open market, including pursuant to a repurchase plan administrated in accordance with Rule 10b5-1 under the Exchange Act, or in other privately negotiated transactions. This program does not have a fixed expiration date. The common unit repurchase program authorization does not obligate us to repurchase any dollar amount or number of common units.
The following table summarizes our common unit repurchases during the last two fiscal years:
Total Number ofAverage Price
Common Units Paid PerAggregate Purchase
PeriodRepurchasedCommon UnitPrice with Commissions
(in thousands)
July 1, 2024 - September 30, 2024500,000 $4.2329 $2,126 
April 1, 2025 - June 30, 20251,873,838 $4.2854 $8,068 
July 1, 2025 - September 30, 20254,416,425 $4.7349 $21,000 
October 1, 2025 - December 31, 2025 (1)1,611,088 $9.7735 $15,746 
January 1, 2026 - March 31, 2026297,126 $9.5444 $2,835 
(1)    Included within the common units repurchases during the three months ended December 31, 2025, were 450,000 common units repurchased, from a member of management, in a privately negotiated transaction on November 22, 2025, for a per unit price of $9.86 and an aggregate purchase price of approximately $4.4 million. The price per unit was based on the closing price the day prior to the transaction date.

Since the inception of the program, we have repurchased 8,698,477 units for an aggregate price of $49.7 million, including commissions.

Common Unit and Preferred Unit Distributions

The board of directors of our GP temporarily suspended all distributions (common unit distributions which began with the quarter ended December 31, 2020 and preferred unit distributions which began with the quarter ended March 31, 2021) in order to deleverage our balance sheet and meet certain financial performance ratios.

On February 6, 2024, the board of directors of our GP declared a cash distribution of 50% of the outstanding distribution arrearages through December 31, 2023 to the preferred unitholders. The distributions were paid on February 27, 2024. See below for a further discussion.

On April 4, 2024 and April 9, 2024, the board of directors of our GP declared cash distributions of the remaining outstanding distributions through March 31, 2024 to the preferred unitholders. The distributions were paid on April 18, 2024 and April 25, 2024, respectively. See below for further discussion.

As of April 25, 2024, all preferred unit distributions in arrears had been paid.

Class B Preferred Units

As of March 31, 2026, there were 12,585,642 of our Class B Fixed-to-Floating Rate Cumulative Redeemable Perpetual Preferred Units (“Class B Preferred Units”) outstanding.

Distributions for Prior Fiscal Years

On February 6, 2024, the board of directors of our GP declared a cash distribution of 50% of the outstanding distribution arrearages through December 31, 2023 to the holders of the Class B Preferred Units. The distribution amount of $55.9 million was paid on February 27, 2024.

On April 4, 2024, the board of directors of our GP declared a cash distribution of $3.0224 which was 55.4% of the outstanding distribution arrearages through the quarter ended March 31, 2024 to the holders of the Class B Preferred Units. The distribution amount of $38.0 million was paid on April 18, 2024.

On April 9, 2024, the board of directors of our GP declared a cash distributions of $2.4750 which fully paid the remaining distribution arrearages and interest through the quarter ended March 31, 2024 to the holders of the Class B Preferred Units. The distribution amount of $31.1 million, which included a distribution of $9.9 million earned during the quarter ended March 31, 2024, was paid on April 25, 2024.
Current Fiscal Year Distributions

The current distribution rate for the Class B Preferred Units is the three-month CME Term SOFR interest rate, which is calculated and published by CME Group Benchmark Administration, Ltd., plus a spread of 7.213%. The Class B Preferred Units also have an additional tenor spread adjustment of 0.26161%, in accordance with the Adjustable Interest Rate (LIBOR) Act.

The following table summarizes the distributions declared for our Class B Preferred Units during the last two fiscal years:
Three-MonthDistributionAmount Paid to Class B
Date DeclaredRecord DatePayment DateSOFRRatePreferred Unitholders
(in thousands)
June 21, 2024July 1, 2024July 15, 20245.300 %$0.8153 $10,261 
September 19, 2024October 1, 2024October 15, 20245.332 %$0.8004 $10,073 
December 12, 2024January 1, 2025January 15, 20254.593 %$0.7542 $9,493 
March 19, 2025April 1, 2025April 15, 20254.329 %$0.7377 $9,284 
June 18, 2025July 1, 2025July 15, 20254.298 %$0.7358 $9,261 
September 18, 2025October 1, 2025October 15, 20254.291 %$0.7353 $9,255 
December 16, 2025January 1, 2026January 15, 20263.985 %$0.7162 $9,014 
March 18, 2026April 1, 2026April 15, 20263.661 %$0.6960 $8,759 

The distribution amount paid on April 15, 2026 is included in accrued expenses and other payables in our consolidated balance sheet at March 31, 2026.

Class C Preferred Units

As of March 31, 2026, there were 1,800,000 of our Class C Fixed-to-Floating Rate Cumulative Redeemable Perpetual Preferred Units (“Class C Preferred Units”) outstanding.

Distributions for Prior Fiscal Years

On February 6, 2024, the board of directors of our GP declared a cash distribution of 50% of the outstanding distribution arrearages through December 31, 2023 to the holders of the Class C Preferred Units. The distribution amount of $7.3 million was paid on February 27, 2024.

On April 4, 2024, the board of directors of our GP declared a cash distribution of $2.6790 which was 55.4% of the outstanding distribution arrearages through the quarter ended March 31, 2024 to the holders of Class C Preferred Units. The distribution amount of $4.8 million was paid on April 18, 2024.

On April 9, 2024, the board of directors of our GP declared a cash distribution of $2.1860 which fully paid the remaining distribution arrearages and interest through the quarter ended March 31, 2024 to the holders of the Class C Preferred Units. The distribution amount of $3.9 million, which included a distribution of $1.1 million earned during the quarter ended March 31, 2024, was paid on April 25, 2024.

Current Fiscal Year Distributions

The current distribution rate for the Class C Preferred Units is the three-month CME Term SOFR interest rate plus a spread of 7.384%.
The following table summarizes the distributions declared for our Class C Preferred Units during the last two fiscal years:
Three-MonthDistributionAmount Paid to Class C
Date DeclaredRecord DatePayment DateSOFRRatePreferred Unitholders
(in thousands)
June 21, 2024July 1, 2024July 15, 20245.300 %$0.7926 $1,426 
September 19, 2024October 1, 2024October 15, 20245.332 %$0.7947 $1,431 
December 12, 2024January 1, 2025January 15, 20254.593 %$0.7486 $1,347 
March 19, 2025April 1, 2025April 15, 20254.329 %$0.7320 $1,318 
June 18, 2025July 1, 2025July 15, 20254.298 %$0.7301 $1,314 
September 18, 2025October 1, 2025October 15, 20254.291 %$0.7297 $1,313 
December 16, 2025January 1, 2026January 15, 20263.985 %$0.7106 $1,279 
March 18, 2026April 1, 2026April 15, 20263.661 %$0.6903 $1,243 

The distribution amount paid on April 15, 2026 is included in accrued expenses and other payables in our consolidated balance sheet at March 31, 2026.

Class D Preferred Units

On November 22, 2024, we purchased 23,375,000 of our outstanding warrants for $6.9 million.

As of March 31, 2026, there were 315,489 preferred units (“Class D Preferred Units”) and warrants exercisable to purchase an aggregate of 2,125,000 common units outstanding.

The following table summarizes the Class D Preferred Units repurchases during the current fiscal year:
Total Number of
Class D PreferredAverage Price Paid PerAggregate Purchase
Date RedeemedUnits RepurchasedClass D Preferred UnitPrice with Distributions
(in thousands)
May 19, 2025 (1)20,000 $1,410.00 $28,200 
June 23, 2025 (2)50,000 $1,470.00 $73,500 
October 17, 2025 (3)18,506 $1,474.48 $27,287 
March 18, 2026 (4)196,005 $1,530.58 $300,002 
(1)    The redemption price was $1,394.04, calculated at 134.30% of $1,037.98 (the Class D Preferred Unit Price), plus distributions of $15.96.
(2)    The redemption price was $1,442.57, calculated at 138.98% of $1,037.98 (the Class D Preferred Unit Price), plus distributions of $27.43.
(3)    The redemption price was $1,469.08, calculated at 141.53% of $1,037.98 (the Class D Preferred Unit Price), plus distributions of $5.40.
(4)    The redemption price was $1,506.86, calculated at 145.17% of $1,037.98 (the Class D Preferred Unit Price), plus distributions of $23.72.

The following table summarizes the outstanding warrants at March 31, 2026:
Issuance Date and DescriptionNumber of WarrantsExercise Price
October 31, 2019
Premium warrants1,250,000 $16.28 
Par warrants875,000 $13.56 

All outstanding warrants are currently exercisable and any unexercised warrants will expire on the tenth anniversary of the date of issuance. The warrants will not participate in cash distributions.
Distributions for Prior Fiscal Years

On February 6, 2024, the board of directors of our GP declared a cash distribution of 50% of the outstanding distribution arrears through December 31, 2023 to the holders of the Class D Preferred Units. The distribution amount of $115.0 million was paid on February 27, 2024.

On April 4, 2024, the board of directors of our GP declared a cash distribution of 55.4% of the outstanding distribution arrearages through the quarter ended March 31, 2024 to the holders of the Class D Preferred Units. The distribution amount of $77.1 million was paid on April 18, 2024.

On April 9, 2024, the board of directors of our GP declared a cash distribution which fully paid the remaining distribution arrearages and interest through the quarter ended March 31, 2024 to the holders of the Class D Preferred Units. The quarterly distribution of $63.0 million, which included a distribution of $16.4 million earned during the quarter ended March 31, 2024, was paid on April 25, 2024.

Current Fiscal Year Distributions

The holders of our Class D Preferred Units have elected, which they are allowed to do so from time to time, for the distributions to be calculated based on the three-month CME Term SOFR interest rate in accordance with our amended and restated limited partnership agreement (“Partnership Agreement”) plus a spread of 7.00%. The distribution rate for the Class D Preferred Units is 10.661% for the quarter ended March 31, 2026.

The following table summarizes the distributions declared on our Class D Preferred Units during the last two fiscal years:
Three-MonthDistributionAmount Paid to Class D
Date DeclaredRecord DatePayment DateSOFRRatePreferred Unitholders
(in thousands)
June 21, 2024 (1)July 1, 2024July 15, 2024$26.01 $15,825 
September 19, 2024October 1, 2024October 15, 20245.332 %$32.08 $19,248 
December 12, 2024January 1, 2025January 15, 20254.593 %$30.16 $18,095 
March 19, 2025April 1, 2025April 15, 20254.329 %$32.07 $19,243 
June 18, 2025July 1, 2025July 15, 20254.298 %$29.39 $15,578 
September 18, 2025October 1, 2025October 15, 20254.291 %$29.37 $15,568 
December 16, 2025January 1, 2026January 15, 20263.985 %$28.58 $14,619 
March 18, 2026April 1, 2026April 15, 20263.661 %$27.74 $8,751 
(1)     The distribution rate was 10.00% (equal to $100.00 per every 1,000 in unit value per year).

The distribution amount paid on April 15, 2026 is included in accrued expenses and other payables in our consolidated balance sheet at March 31, 2026.

At any time after July 2, 2019 (“Closing Date”), the Partnership shall have the right to redeem all of the outstanding Class D Preferred Units at a price per Class D Preferred Unit equal to the sum of the then-unpaid accumulations with respect to such Class D Preferred Unit and the greater of either the applicable multiple on invested capital or the applicable redemption price based on an applicable internal rate of return, as more fully described in our Partnership Agreement. At any time on or after the eighth anniversary of the Closing Date, each Class D Preferred Unitholder will have the right to require the Partnership to redeem on a date not prior to the 180th day after such anniversary all or a portion of the Class D Preferred Units then held by such preferred unitholder for the then-applicable redemption price, which may be paid in cash or, at the Partnership’s election, a combination of cash and a number of common units not to exceed one-half of the aggregate then- applicable redemption price, as more fully described in our Partnership Agreement. Upon a Class D Change of Control (as defined in our Partnership Agreement), each Class D Preferred Unitholder will have the right to require the Partnership to redeem the Class D Preferred Units then held by such Preferred Unitholder at a price per Class D Preferred Unit equal to the applicable redemption price. The Class D Preferred Units generally will not have any voting rights, except with respect to certain matters which require the vote of the Class D Preferred Units. The Class D Preferred Units generally do not have any voting rights, except that the Class D Preferred Units shall be entitled to vote as a separate class on any matter on which unitholders are entitled to vote that adversely affects the rights, powers, privileges or preferences of the Class D Preferred Units in relation to other classes of Partnership Interests (as defined in our Partnership Agreement) or as required by law. The consent of a majority of the then-outstanding
Class D Preferred Units, with one vote per Class D Preferred Unit, shall be required to approve any matter for which the preferred unitholders are entitled to vote as a separate class or the consent of the representative of the Class D Preferred Unitholders, as applicable.

Equity-Based Incentive Compensation

On December 9, 2025, the board of directors of our GP approved the 2025 Long-Term Incentive Plan (“2025 Plan”), and unitholder approval was received on February 9, 2026. The Partnership may grant options, unit appreciation rights, restricted units, phantom units (including any tandem distribution equivalent rights granted with respect to a phantom unit), other unit-based awards, and unit awards to employees, directors of our GP, consultants or subsidiaries. The 2025 Plan shall continue until the earliest of (i) the date the 2025 Plan is terminated by the board of directors of our GP; (ii) all units available under the 2025 Plan have been paid to participants; or (iii) the tenth anniversary of the effective date. The maximum number of units that may be issued pursuant to the 2025 Plan is 10,000,000. Under the 2025 Plan, awards that are forfeited, cancelled, or otherwise expire without the actual delivery of the units, shall be available for future issuance, but units surrendered or withheld to pay either the exercise price of an award or to withhold taxes with respect to an award shall not become available for issuance in the future.

During the year ended March 31, 2026, certain employees were awarded 2,080,000 restricted units, which vest in tranches, subject to the continued service of the recipients (“Service Awards”). The weighted average grant price for these awards was $11.71, and none of these awards vested or were forfeited during the year ended March 31, 2026.

The following table summarizes the scheduled vesting of our unvested Service Awards at March 31, 2026:
Year Ending March 31,
20271,013,334 
202826,667 
20291,026,666 
203013,333 
Total2,080,000 

Service Awards are valued at the average of the high/low sales prices as of the grant date. We record the expense for each Service Award on a straight-line basis over the requisite period for the entire award (that is, over the requisite service period of the last separately vesting portion of the award), ensuring that the amount of compensation cost recognized at any date at least equals the portion of the grant-date value of the award that is vested at that date. Forfeitures of Service Awards are accounted for when they occur.

During the year ended March 31, 2026, we recorded compensation expense related to Service Awards of $11.2 million.

The following table summarizes the estimated future expense we expect to record on the unvested Service Awards at March 31, 2026 (in thousands):
Year Ending March 31,
2027$6,508 
20286,170 
2029329 
2030133 
Total$13,140 

As of March 31, 2026, there are approximately 7.9 million units remaining available for issuance under the 2025 Plan.

Our GP adopted a long-term incentive plan (“LTIP”) with the completion of our initial public offering, which allowed for the issuance of equity-based compensation. The LTIP expired on May 10, 2021. During the year ended March 31, 2024, we recorded compensation expense of $1.1 million related to awards granted under this our expired LTIP.