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Energy Transfer owns 100% of the membership interests in the General Partner and, as of February 12, 2026, beneficially owns approximately 32% of our outstanding common units.
−Removed: As of February 6, 2025, we had 180,000 Preferred Units outstanding representing limited partner interests in the Partnership, all of which were held by EIG Veteran Equity Aggregator LP and FSSL Finance BB AssetCo LLC (collectively, the “Preferred Unitholders”).
−Removed: The Preferred Units rank senior to our common units with respect to distributions and liquidation rights.
−Removed: The holders of the Preferred Units are entitled to receive cumulative quarterly cash distributions equal to $24.375 per Preferred Unit.
−Removed: The Preferred Units are convertible, at the option of the holder, into common units in accordance with the terms of our Second Amended and Restated Agreement of Limited Partnership (the “Partnership Agreement”).
−Removed: We have the option to redeem all or any portion of the Preferred Units outstanding, subject to certain minimum redemption threshold amounts, for a redemption price set forth in the Partnership Agreement.
−Removed: On or after April 2, 2028, each holder of the Preferred Units will have the right to require us to redeem all or a portion of their Preferred Units, subject to certain minimum redemption threshold amounts, for a redemption price set forth in the Partnership Agreement, which we may elect to pay up to 50% in common units, subject to certain additional limits.
Our common units, which represent limited partner interests in us, are listed on the NYSE under the symbol “USAC.”
−Removed: There is no established public trading market for the Preferred Units, all of which are owned by the Preferred Unitholders.
−Removed: Please read Part II, Item 8 “Financial Statements and Supplementary Data – Note 11 – Preferred Units and – Note 12 – Partners’ Deficit”.
At the close of business on February 12, 2026, based on information received from the transfer agent of the common units, we had 65 holders of record of our common units.
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Available Cash
−Removed: The Partnership Agreement requires that, within 45 days after the end of each quarter, we distribute all of our available cash to unitholders of record on the applicable record date, first to the holders of the Preferred Units and then to the common unitholders.
+Added: The Partnership Agreement requires that, within 45 days after the end of each quarter, we distribute all of our available cash to unitholders of record on the applicable record date.
The Partnership Agreement generally defines available cash, for each quarter, as cash on hand at the end of a quarter plus cash on hand resulting from working capital borrowings made after the end of the quarter less the amount of reserves established by the General Partner to provide for the proper conduct of our business, comply with applicable law, the Credit Agreement or other agreements;
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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.