v3.26.1
Distributions and Net Income Per Limited Partner Unit (Tables)
 6 Months Ended
Jun. 30, 2026
Earnings Per Share [Abstract]  
Schedule of Incentive Distributions Made to Managing Members or General Partners by Distribution
Distributions are declared subsequent to quarter end; therefore, the table below represents total cash distributions declared from earnings of the related periods pertaining to such distributions.
Three Months Ended June 30,Six Months Ended June 30,
2026202520262025
Net income attributable to the Partnership$14,238 $14,558 $28,407 $19,506 
Less:
Limited partners' distribution declared on common units16,615 16,612 33,230 33,223 
Distribution in excess of net income
$(2,377)$(2,054)$(4,823)$(13,717)
Schedule of Earnings Per Share, Basic and Diluted
Net income per unit applicable to common limited partner units is computed by dividing the respective limited partners' interest in net income by the weighted-average number of common units outstanding for the period. Because the Partnership has more than one class of participating securities, it uses the two-class method when calculating the net income per unit applicable to limited partners. The classes of participating securities include common units and incentive distribution rights. Net income attributable to the Partnership is allocated to the unitholders in accordance with their respective ownership percentages in preparation of the consolidated statements of changes in equity. However, in the event distributions related to the incentive distribution rights are made, net income equal to the amount of those distributions would first be allocated to the general partner before the remaining net income would be allocated to the unitholders based on their respective ownership percentages. Basic and diluted net income per unit is the same because the Partnership does not have any potentially dilutive units outstanding for the periods presented.
Three Months Ended June 30, 2026
Limited Partners' Common UnitsIncentive Distribution RightsTotal
Net income attributable to the Partnership:
Distribution$16,615 $— $16,615 
Distribution in excess of net income
(2,377)— (2,377)
Net income$14,238 $— $14,238 
Weighted average units outstanding:
Basic and diluted35,245,879 35,245,879 
Net income per limited partner unit:
Basic and diluted$0.40 
Three Months Ended June 30, 2025
Limited Partners' Common UnitsIncentive Distribution RightsTotal
Net income attributable to the Partnership:
Distribution$16,612 $— $16,612 
Distribution in excess of net income
(2,054)— (2,054)
Net income$14,558 $— $14,558 
Weighted average units outstanding:
Basic and diluted35,238,556 35,238,556 
Net income per limited partner unit:
Basic and diluted$0.41 
Six Months Ended June 30, 2026
Limited Partners' Common UnitsIncentive Distribution RightsTotal
Net income attributable to the Partnership:
Distribution$33,230 $— $33,230 
Distribution in excess of net income
(4,823)— (4,823)
Net income$28,407 $— $28,407 
Weighted average units outstanding:
Basic and diluted35,245,879 35,245,879 
Net income per limited partner unit:
Basic and diluted$0.81 
Six Months Ended June 30, 2025
Limited Partners' Common UnitsIncentive Distribution RightsTotal
Net income attributable to the Partnership:
Distribution$33,223 $— $33,223 
Distribution in excess of net income
(13,717)— (13,717)
Net income$19,506 $— $19,506 
Weighted average units outstanding:
Basic and diluted35,238,556 35,238,556 
Net income per limited partner unit:
Basic and diluted$0.55 
Distributions Made to Limited Partner, by Distribution If cash distributions to the Partnership's unitholders exceed $1.2938 per common unit in any quarter, the Partnership's unitholders and Westlake, as the holder of the Partnership's incentive distribution rights, will receive distributions according to the following percentage allocations:
Marginal Percentage Interest in Distributions
UnitholdersIDR Holders
Above $1.2938 up to $1.4063
85.0 %
15.0 %
Above $1.4063 up to $1.6875
75.0 %
25.0 %
Above $1.6875
50.0 %
50.0 %
Distributions per common unit for the three and six months ended June 30, 2026 and 2025 were as follows:
Three Months Ended June 30,Six Months Ended June 30,
2026202520262025
Distributions per common unit$0.4714 $0.4714 $0.9428 $0.9428