S.       Net loss per Unitholders’ interest

Below is a calculation of the basic and diluted net loss per Class A Unitholders’ interest in the consolidated statements of operations for the periods indicated. In accordance with guidance issued by the FASB regarding participating securities and the two-class method, Ferrellgas calculates net loss per Class A Unitholders’ interest for each period presented according to distributions declared and participation rights in undistributed earnings, as if all of the earnings or loss for the period had been distributed. Due to the seasonality of Ferrellgas’ business, the dilutive effect of the two-class method typically impacts only the three months ended January 31.

There was not a dilutive effect resulting from this guidance on basic and diluted net loss per Class A Unitholders’ interest for fiscal 2026, 2025 and 2024.

In periods with net losses, the allocation of the net losses to the limited partners and the general partner will be determined based on the same allocation basis specified in Ferrellgas Partners’ partnership agreement that would apply to periods in which there were no undistributed earnings. Additionally, in periods with net losses, there are no dilutive securities.

Calculation of basic and diluted net loss per Class A Units

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Class B Units considerations

The Class B Units met the definition of a participating security, and the two-class method was required. For any periods in which earnings were recognized, the earnings were first allocated 100% to the Class B Units until the allocation equaled the cumulative amount of all distributions paid to the Class B Units. Any remaining undistributed net earnings were allocated between the Class B Units and the Class A Units on a six-to-one basis as if all undistributed earnings had been distributed to each class of units in accordance with their distribution rights. For any periods in which losses were recognized, no effect was given to the Class B Units as they did not contractually participate in the losses of Ferrellgas.

On March 4, 2026, the board of directors of the general partner declared an aggregate cash distribution of approximately $107.0 million to the holders of Class B Units and approved Ferrellgas Partners’ intent to elect to convert the Class B Units into Class A Units. The distribution was paid on March 13, 2026 and all Class B Units were converted to Class A Units on March 16, 2026. See Note I “Equity (Deficit)” for more information.