The Partnership leases its office space at 3838 Oak Lawn Avenue, Suite 300, Dallas, Texas (the “Office Lease”). The third amendment to the Office Lease was executed in April 2017 for a term of 129 months, beginning June 1, 2018 and expiring February 28, 2029. At lease commencement, the Partnership concluded the Office Lease was an operating lease. Under the third amendment to the Office Lease, monthly rental payments range from approximately $25,000 to $30,000.

In May 2026, the Partnership executed the fourth amendment to the Office Lease, extending the lease term for an additional 86 months, beginning March 1, 2029 and expiring April 30, 2036. Monthly rental payments under the fourth amendment range from approximately $45,000 to $52,000.

Upon commencement of the fourth amendment, the Partnership concluded that the amendment constituted a lease modification and did not represent a separate contract under ASC 842 as the amendment did not grant the Partnership additional right of use not included in the existing Office Lease. As the fourth amendment did not represent a separate contract and extended the contractual term of the existing Office Lease, the Partnership reassessed the classification of the Office Lease and concluded that it continues to be an operating lease. Therefore, upon the effective date of the modification, the Partnership remeasured the operating lease liability using a discount rate of 7% and recognized a corresponding adjustment to the operating lease right-of-use asset. As the Office Lease does not provide an implicit rate of return and as the Partnership is precluded from incurring any borrowings above a nominal amount under its partnership agreement, the Partnership used a discount rate commensurate with the incremental borrowing rate of a group of peers based on information available at the application date in determining the present value of lease payments. The modification was accounted for as a non-cash exchange in which the Partnership obtained additional operating lease right-of-use asset in exchange for the remeasured operating lease liability. The non-cash exchange resulted in an increase of $2.8 million to both the operating lease right-of-use asset and operating lease liability on the condensed consolidated balance sheet.

Maturities of lease liabilities under the fourth amendment to the Office Lease are as follows: