Net Income Per Common Unit (Tables)

6 Months Ended

Jun. 30, 2026

Reconciliation of Net Income and Weighted-Average Units Used in Computing Basic and Diluted Net Income Per Common Unit

The following table provides a reconciliation of net income and weighted-average units used in computing basic and diluted net income per common unit for the following periods (in thousands, except unit and per unit amounts):


	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026			2025
Numerator:
Distributions paid on common units	$	20,031	$	20,001	$	40,052		$	39,982
Allocation of distributions in excess of net income		71		4,487		(9,985	)		(23,274	)
Limited partners’ interest in net income - basic		20,102		24,488		30,067			16,708
Accretion of preferred membership interests (a)		—		680		—			—
Limited partners’ interest in net income - diluted	$	20,102	$	25,168	$	30,067		$	16,708
Denominator:
Weighted-average common units outstanding - basic		38,154,331		38,097,513		38,148,481			38,085,815
Adjustment for phantom and phantom performance units		169,625		174,674		169,586			175,093
Adjustment for preferred membership interests (a)		—		1,273,291		—			—
Weighted-average common units outstanding - diluted		38,323,956		39,545,478		38,318,067			38,260,908
Net income per common unit - basic	$	0.53	$	0.64	$	0.79		$	0.44
Net income per common unit - diluted	$	0.52	$	0.64	$	0.78		$	0.44

Distributions paid per common unit	$	0.5250	$	0.5250	$	1.0500		$	1.0500
Distributions declared (with respect to each respective period) per common unit	$	0.5250	$	0.5250	$	1.0500		$	1.0500

For the three and six months ended June 30, 2026, 1,329,127 potentially dilutive units related to the preferred membership interests were excluded from the calculation of diluted earnings per unit because including them would have been antidilutive.

For the three months ended June 30, 2025, dilutive units related to the preferred membership interests were included in the denominator of the calculation of diluted earnings per unit. Similarly, the accretion of the preferred membership interests was added back in the numerator of the calculation as if the preferred membership interests had been converted to common units at the beginning of the period, in which case no accretion would have been recorded.

For the six months ended June 30, 2025, 1,273,291 potentially dilutive units related to the preferred membership interests were excluded from the calculation of diluted earnings per unit because including them would have been antidilutive.

Summary of Distribution Activity

Distribution activity for 2026 is as follows:

         Quarter Ended

         Record Date

         Payment Date

         Cash
Distribution
(per unit)

         Cash
Distribution
(in thousands)

December 31, 2025

February 2, 2026

February 12, 2026

0.5250

20,021

March 31, 2026

May 4, 2026

May 14, 2026

0.5250

20,031

June 30, 2026

August 3, 2026

August 13, 2026

0.5250

20,041