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 June 30, 2026, we owned 10.33% of our GP.

In connection with the issuance of common units for the vesting of restricted units during the three months ended June 30, 2026, we issued 1,001 notional units to our GP for less than $0.1 million in order to maintain its 0.1% interest in the Partnership.

On April 8, 2026, the board of directors of our GP authorized a 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. We did not repurchase any units under this program during the three months ended June 30, 2026.

As of June 30, 2026, there were 12,585,642 of our Class B Fixed-to-Floating Rate Cumulative Redeemable Perpetual Preferred Units (“Class B Preferred Units”) outstanding.

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.


			Three-Month		Distribution		Amount Paid to Class B
Date Declared	Record Date	Payment Date	SOFR		Rate		Preferred Unitholders
							(in thousands)
March 18, 2026	April 1, 2026	April 15, 2026	3.661	%	$	0.6960	$	8,759
June 17, 2026	July 1, 2026	July 15, 2026	3.692	%	$	0.6979	$	8,784

The distribution amount paid on July 15, 2026 is included in accrued expenses and other payables in our unaudited condensed consolidated balance sheet at June 30, 2026.

As of June 30, 2026, there were 1,800,000 of our Class C Fixed-to-Floating Rate Cumulative Redeemable Perpetual Preferred Units (“Class C Preferred Units”) outstanding.

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%.


			Three-Month		Distribution		Amount Paid to Class C
Date Declared	Record Date	Payment Date	SOFR		Rate		Preferred Unitholders
							(in thousands)
March 18, 2026	April 1, 2026	April 15, 2026	3.661	%	$	0.6903	$	1,243
June 17, 2026	July 1, 2026	July 15, 2026	3.692	%	$	0.6922	$	1,246

The distribution amount paid on July 15, 2026 is included in accrued expenses and other payables in our unaudited condensed consolidated balance sheet at June 30, 2026.

As of June 30, 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.


Issuance Date and Description	Number of Warrants	Exercise Price
October 31, 2019
Premium warrants	1,250,000	$	16.28
Par warrants	875,000	$	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.

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 Partnership Agreement plus a spread of 7.00%. The distribution rate for the Class D Preferred Units is 10.962% for the quarter ended June 30, 2026.


			Three-Month		Distribution		Amount Paid to Class D
Date Declared	Record Date	Payment Date	SOFR		Rate		Preferred Unitholders
							(in thousands)
March 18, 2026	April 1, 2026	April 15, 2026	3.661	%	$	27.74	$	8,751
June 17, 2026	July 1, 2026	July 15, 2026	3.692	%	$	27.82	$	8,776

The distribution amount paid on July 15, 2026 is included in accrued expenses and other payables in our unaudited condensed consolidated balance sheet at June 30, 2026.

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. Our GP has granted certain restricted units to employees, which vest in tranches, subject to the continued service of the recipients through the vesting date (“Service Awards”).


		Weighted-Average
		Grant Date
	Number of	Fair Value
	Units	Per Unit
Unvested Service Award units at March 31, 2026	2,080,000	$	11.71
Units vested and issued	(1,000,000)	$	11.71
Unvested Service Award units at June 30, 2026	1,080,000	$	11.71

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.

The following table summarizes the estimated future expense we expect to record on the unvested Service Awards at June 30, 2026 (in thousands):

As of June 30, 2026, there are approximately 7.9 million units remaining available for issuance under the 2025 Plan. On July 15, 2026, 1,396,000 Service Awards were granted at a fair value per unit of $15.28.