Partners' Capital |
6 Months Ended |
|---|---|
Jun. 30, 2026 | |
| Temporary Equity Disclosure [Abstract] | |
| Partners' Capital | Partners’ Capital On May 22, 2026, the Company entered into an equity distribution agreement (the “Equity Distribution Agreement”) by and among the Company, the General Partner, and Morgan Stanley & Co. LLC, as sales agent (the “Agent”). Pursuant to the Equity Distribution Agreement, the Company may issue and sell, from time to time, the Company’s common units, having an aggregate offering price of up to $100.0 million through the Agent. Under the Equity Distribution Agreement, the Company will set the parameters for the sale of the common units, including the number of units to be sold, the time period during which sales are requested to be made and any price below which sales may not be made. Subject to the terms and conditions of the Equity Distribution Agreement and such parameters, the Agent may sell such common units by any method deemed to be an “at the market offering” as defined by Rule 415 under the Securities Act including sales made directly on or through The New York Stock Exchange. During the three months ended June 30, 2026, the Company issued 129.4 thousand of it’s common units at an average price to the public of $13.41 per common unit, less commissions and fees. The sale of the Company’s common units resulted in gross proceeds of $1.73 million and net proceeds of $1.69 million. On April 8, 2026, certain selling unitholders of the Company completed an underwritten public secondary offering (the “April 2026 Secondary Offering”) of 9.0 million common units at a price to the public of $13.05 per common unit. The Company did not sell any of its common units as part of this offering and did not receive any proceeds from the sale of the units sold by the selling unitholders. On September 16, 2025, the Company closed the IKAV Acquisition and Sabinal Acquisition, which included the issuance of 30.6 million and 19.2 million common units, respectively, as part of the total consideration for each transaction. As of September 15, 2025, the IKAV Unit Consideration and the Sabinal Unit Consideration had a value of approximately $409.9 million and $256.9 million, respectively. On February 7, 2025, the Company completed a public offering of 12.9 million common units at a price to the public of $15.50 per common unit, less underwriting discounts and commissions (the “February 2025 Offering”). On February 12, 2025, the underwriters of the public offering fully exercised their option to purchase an additional 1.9 million common units at a price to the public of $15.50 per common unit, less underwriting discounts and commissions. The sale of the Company’s common units resulted in gross proceeds of $230.0 million and net proceeds of $221.1 million, after deducting underwriting fees and offering expenses. Proceeds from the offering were used to repay a portion of the Term Loan Credit Agreement and Revolving Credit Agreement. As of June 30, 2026 and December 31, 2025, the Company had 166.9 million and 168.4 million common units outstanding, respectively. On May 15, 2026, the Company and the IKAV Sellers agreed to cancel 1.4 million common units as part of post closing adjustments associated with the IKAV Acquisition, which reduced total reported units outstanding on the Statement of Partners’ Capital as of March 31, 2026. On February 7, 2026, 0.2 million common units were cancelled as part of post closing adjustments associated with the Sabinal Acquisition, which reduced total reported units outstanding on the Statement of Partners’ Capital as of December 31, 2025. The Company distributed $0.64 and $0.79 per unit for total cash distributions of $106.8 million and $93.5 million for the three months ended June 30, 2026 and 2025, respectively. The Company distributed $1.17 and $1.29 per unit for total cash distributions of $195.9 million and $152.7 million for the six months ended June 30, 2026 and 2025, respectively. These cash distributions paid during the three and six months ended June 30, 2026 and 2025, are representative of the results of our operations for the preceding quarter.
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