v3.25.3
Leases
9 Months Ended
Sep. 30, 2025
Leases [Abstract]  
Leases
(5) Leases
Balance Sheet Summary as of September 30, 2025 and December 31, 2024
The following table summarizes the right-of-use (“ROU”) asset and lease liability balances for the Partnership’s operating and finance leases at September 30, 2025 and December 31, 2024:
(in thousands)September 30, 2025December 31, 2024
Operating LeasesFinance LeasesOperating LeasesFinance Leases
ROU asset, net
Equipment, real estate and other$2,025 $24,744 $1,794 $24,995 
Railcars15,348 — 16,357 — 
Lease liability
Equipment, real estate and other$628 $21,600 $231 $21,003 
Railcars15,040 — 16,168 — 
Lease Expense Summary for the Three and Nine Months Ended September 30, 2025 and 2024
We recognize operating lease expense within Cost of materials and other and Direct operating expenses (exclusive of depreciation and amortization) and finance lease expense within Depreciation and amortization, on a straight-line basis over the
lease term. For the three and nine months ended September 30, 2025 and 2024, we recognized lease expense comprised of the following components:
Three Months Ended
September 30,
Nine Months Ended
September 30,
(in thousands)2025202420252024
Operating lease expense$1,482 $1,450 $4,703 $4,026 
Finance lease expense:
Amortization of ROU asset260 — 719 — 
Interest expense on lease liability706 — 1,760 — 
Short-term lease expense630 684 1,791 2,186 
Leases
(5) Leases
Balance Sheet Summary as of September 30, 2025 and December 31, 2024
The following table summarizes the right-of-use (“ROU”) asset and lease liability balances for the Partnership’s operating and finance leases at September 30, 2025 and December 31, 2024:
(in thousands)September 30, 2025December 31, 2024
Operating LeasesFinance LeasesOperating LeasesFinance Leases
ROU asset, net
Equipment, real estate and other$2,025 $24,744 $1,794 $24,995 
Railcars15,348 — 16,357 — 
Lease liability
Equipment, real estate and other$628 $21,600 $231 $21,003 
Railcars15,040 — 16,168 — 
Lease Expense Summary for the Three and Nine Months Ended September 30, 2025 and 2024
We recognize operating lease expense within Cost of materials and other and Direct operating expenses (exclusive of depreciation and amortization) and finance lease expense within Depreciation and amortization, on a straight-line basis over the
lease term. For the three and nine months ended September 30, 2025 and 2024, we recognized lease expense comprised of the following components:
Three Months Ended
September 30,
Nine Months Ended
September 30,
(in thousands)2025202420252024
Operating lease expense$1,482 $1,450 $4,703 $4,026 
Finance lease expense:
Amortization of ROU asset260 — 719 — 
Interest expense on lease liability706 — 1,760 — 
Short-term lease expense630 684 1,791 2,186