3 unchanged sentences
We may satisfy our obligation to pay distributions to the preferred unitholders through the issuance, in whole or in part, of additional preferred units (referred to as paid-in-kind or “PIK” distributions), with the remainder in cash, subject to certain rights of a holder to elect all cash and other conditions as described in our partnership agreement.
−Removed: The Partnership made quarterly PIK distributions to preferred unitholders in the first, second and third quarters of 2025 of 20,965, 21,345 and 21,732 preferred units, respectively.
−Removed: With the exception of 95, 97 and 99 preferred units distributed to an unaffiliated third party in the first, second and third quarters of 2025 , respectively, all of the PIK distributions made during the nine months ended September 30, 2025 were to OTA Holdings, Inc.
+Added: The Partnership made quarterly PIK distributions to preferred unitholders in the first quarter of 2026 of 22,424 preferred unit s.
+Added: All PIK distributions made during the first quarter of 2026 were to OTA Holdings, Inc.
(“OTA”), an indirect, wholly owned subsidiary of the Partnership.
1 unchanged sentence
For additional information regarding the preferred units, see Note 8 of the Notes to Unaudited Condensed Consolidated Financial Statements included under Part I, Item 1 of this quarterly report.
−Removed: The issuances of preferred units as PIK distributions during the three and nine months ended September 30, 2025 were undertaken in reliance upon an exemption from the registration requirements of the Securities Act of 1933, as amended, pursuant to Section 4(a)(2) thereof.
−Removed: Other than as described above, there were no sales of unregistered equity securities during the third quarter of 2025 .
+Added: The issuances of preferred units as PIK distributions during the first quarter of 2026 were undertaken in reliance upon an exemption from the registration requirements of the Securities Act of 1933, as amended, pursuant to Section 4(a)(2) thereof.
+Added: Other than as described above, there were no sales of unregistered equity securities during the first quarter of 2026 .
Issuer Purchases of Equity Securities
−Removed: The following table summarizes our equity repurchase activity during the third quarter of 2025 :
+Added: The following table summarizes our equity repurchase activity during the first quarter of 2026 :
Period Total Number
8 unchanged sentences
– $ – – $ 3,562,647
+Added: February 2026
914,299 $ 35.18 914,299 $ 3,530,483
−Removed: September 2025
2,209,893 $ 37.43 2,209,893 $ 3,447,761
Vesting of phantom unit awards:
−Removed: July 2025 (2)
−Removed: 217 $ 31.16 n/a n/a
−Removed: August 2025 (3)
+Added: February 2026 (2)
2,254,919 $ 36.62 n/a n/a
−Removed: September 2025 (4)
+Added: March 2026 (3)
1,080 $ 36.14 n/a n/a
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Units repurchased under this program are cancelled immediately upon acquisition.
−Removed: (2) Of the 9,250 phantom unit awards that vested in July 2025 and converted to common units, 217 units were sold back to us by employees to cover related withholding tax requirements.
−Removed: These repurchases are not part of any announced program.
−Removed: We cancelled these units immediately upon acquisition.
−Removed: (3) Of the 144,020 phantom unit awards that vested in August 2025 and converted to common units, 41,736 units were sold back to us by employees to cover related withholding tax requirements.
+Added: (2) Of the 7,118,344 phantom unit awards that vested in February 2026 and converted to common units, 2,254,919 units were sold back to us by employees to cover related withholding tax requirements.
These repurchases are not part of any announced program.
We cancelled these units immediately upon acquisition.
−Removed: (4) Of the 2,530 phantom unit awards that vested in September 2025 and converted to common units, 750 units were sold back to us by employees to cover related withholding tax requirements.
+Added: (3) Of the 4,075 phantom unit awards that vested in March 2026 and converted to common units, 1,080 units were sold back to us by employees to cover related withholding tax requirements.
These repurchases are not part of any announced program.
4 unchanged sentences
Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.