Income (Loss) Per Common Unit

The following table presents our calculation of basic and diluted weighted average common units outstanding for the periods indicated:


	Three Months Ended June 30,
	2026	2025
Weighted average common units outstanding during the period:
Common units - Basic	124,803,300	131,747,544
Effect of Dilutive Securities:
Class D par warrants	111,693	—
Service awards (See Note 8)	309,689	—
Partial redemption of Class D Preferred Units (1)	2,861,198	—
Common units - Diluted	128,085,880	131,747,544

(1) Under the if-converted method, amount represents the number of common units that would be issued to partially redeem outstanding Class D Preferred Units. Per the amended and restated limited partnership agreement (the “Partnership Agreement”), the Partnership can redeem up to 50% of the outstanding Class D Preferred Units, but is limited in the number of common units that can be used (the lower of 15% of the outstanding common units or 10 times the 30-day average daily trading volume) for the redemption.

Our income (loss) per common unit is as follows for the periods indicated:


	Three Months Ended June 30,
	2026		2025
	(in thousands, except per unit amounts)
Income from continuing operations	$	80,046	$	30,265
Less: Net income from continuing operations attributable to nonredeemable noncontrolling interests	(1,377)		(705)
Less: Net loss (income) from continuing operations attributable to redeemable noncontrolling interests	28		(17)
Net income from continuing operations attributable to NGL Energy Partners LP	78,697		29,543
Less: Distributions to preferred unitholders (1)	(18,806)		(63,600)
Less: Net (income) loss from continuing operations allocated to GP (2)	(60)		33
Net income (loss) from continuing operations allocated to common unitholders	$	59,831	$	(34,024)

Net income from discontinued operations, net of tax	$	35	$	39,379
Less: Net income from discontinued operations allocated to GP (2)	—		(39)
Net income from discontinued operations allocated to common unitholders	$	35	$	39,340

Net income allocated to common unitholders - basic	$	59,866	$	5,316
Plus: Distributions to preferred unitholders (3)	1,347		—
Less: Net income from continuing operations allocated to GP - diluted (2)	(1)		—
Net income allocated to common unitholders - diluted	$	61,212	$	5,316

Basic and diluted income (loss) per common unit
Income (loss) from continuing operations	$	0.48	$	(0.26)
Income from discontinued operations, net of tax	—		0.30
Net income	$	0.48	$	0.04

(1) Includes distributions earned and declared for the three months ended June 30, 2026 and 2025 and the excess of the Class D Preferred Units (as defined herein) repurchase price over the carrying value of the units for the three months ended June 30, 2025.

(2) Net (income) loss allocated to the GP includes distributions to which it is entitled as the holder of incentive distribution rights.

(3) Under the if-converted method, amount represents the Class D Preferred Unit distributions that would be eliminated due to the partial redemption of the Class D Preferred Units.