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Item 2. Management’s Discussion and Analysis

2026-08-05 compared with 2026-05-06 · 104 added, 58 removed, 228 unchanged (42% of the section changed)

67 unchanged sentences

Reconciliations for each of MLP distributable cash flow and EBITDA are included in the " Results of Operations" section below.

Recent Developments

On July 8, 2026, OpCo entered into the Third Amendment (the "OpCo Revolver Amendment") to the Amended and Restated Senior Unsecured Revolving Credit Agreement (as so amended, the "OpCo Revolver").

The OpCo Revolver Amendment extended the maturity date of the OpCo Revolver to July 11, 2031 and removed the 0.10% credit spread adjustment that had previously applied to the OpCo Revolver's SOFR-based interest rate.

Borrowings under the OpCo Revolver now bear interest at a variable rate of either (a) SOFR plus the Applicable Margin or, if SOFR is no longer available, (b) the Alternate Base Rate plus the Applicable Margin minus 1.0%.

The Applicable Margin under the OpCo Revolver is 1.75%.

On July 8, 2026, the Partnership entered into the Fifth Amendment (the "MLP Revolver Amendment") to the Senior Unsecured Revolving Credit Agreement (as so amended, the "MLP Revolver").

The MLP Revolver Amendment extended the maturity date of the MLP Revolver to July 11, 2031 and removed the 0.10% credit spread adjustment that had previously applied to the MLP Revolver's SOFR-based interest rate.

Borrowings under the MLP Revolver will now bear interest at a variable rate of either (a) SOFR plus the Applicable Margin or, if SOFR is no longer available, (b) the Alternate Base Rate plus the Applicable Margin minus 1.0%.

The Applicable Margin under the MLP Revolver varies between 1.75% and 2.75%, depending on the Partnership's Consolidated Leverage Ratio.

Results of Operations

Three Months Ended March 31,

Three Months Ended June 30, Six Months Ended June 30,

2026 2025 2026 2025

(in thousands of dollars)

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(2) See "Reconciliation of EBITDA to Net Income, Income from Operations and Net Cash Provided by Operating Activities" below.

Three Months Ended March 31, 2026

Three Months Ended June 30, 2026 Six Months Ended June 30, 2026

Sales Price Volume Average

Sales Price Volume

Net sales percentage change from prior-year period due to average sales price and volume -4.2 % +9.0 % -5.9 % +21.6 %

Three Months Ended March 31, 2026

Three Months Ended June 30, 2026 Six Months Ended June 30, 2026

Domestic US prices percentage change from prior-year period for fuel cost and feedstock

3 unchanged sentences

The following table presents reconciliations of MLP distributable cash flow to net income and net cash provided by operating activities, the most directly comparable GAAP financial measures, for each of the periods indicated.

Three Months Ended March 31,

Three Months Ended June 30, Six Months Ended June 30,

2026 2025 2026 2025

(in thousands of dollars)

10 unchanged sentences

The following table presents reconciliations of EBITDA to net income, income from operations and net cash provided by operating activities, the most directly comparable GAAP financial measures, for each of the periods indicated.

Three Months Ended March 31,

Three Months Ended June 30, Six Months Ended June 30,

2026 2025 2026 2025

(in thousands of dollars)

10 unchanged sentences

EBITDA $ 122,687 $ 124,391 $ 243,903 $ 199,412

For the quarter ended March 31, 2026, net income was $81.7 million on net sales of $305.7 million.

This represents an increase in net income of $39.4 million as compared to net income of $42.3 million on net sales of $237.6 million for the quarter ended March 31, 2025.

Net income attributable to the Partnership for the first quarter of 2026 was $14.2 million as compared to $4.9 million for the first quarter of 2025, an increase of $9.3 million .

Income from operations was $86.6 million for the first quarter of 2026 as compared to $46.6 million for the first quarter of 2025, an increase of $40.0 million.

Net sales for the first quarter of 2026 increased by $68.1 million as compared to the first quarter of 2025.

These increases were primarily driven by higher ethylene production and resulting higher sales to Westlake in the first quarter of 2026 as compared to lower ethylene production due to the Petro 1 turnaround in the first quarter of 2025.

In addition, we had higher co-products sales volumes, which was partially offset by lower sales prices and lower ethylene sales volumes to third parties.

Higher income from operations, net income and net income attributable to the Partnership for the first quarter of 2026 as compared to the first quarter of 2025 due to higher sales to Westlake was partially offset by higher natural gas costs in the first quarter of 2026 compared to the first quarter of 2025.

RESULTS OF OPERATIO NS

First Quarter 2026 Compared with First Quarter 2025

Net sales increased by $68.1 million, or 28.7%, to $305.7 million in the first quarter of 2026 from $237.6 million in the first quarter of 2025.

The increase in net sales in the first quarter of 2026 as compared to the first quarter of 2025 was primarily due to higher ethylene sales volumes to Westlake as well as higher co‑products sales volumes, partially offset by lower sales prices and sales volumes to third parties.

Higher sales volumes in the first quarter of 2026 contributed to a 36.4% increase in net sales compared to the first quarter of 2025.

Lower average sales prices in the first quarter of 2026 contributed to a 7.7% decrease in net sales compared to the first quarter of 2025.

For the quarter ended June 30, 2026, net income was $82.4 million on net sales of $297.1 million.

This represents a decrease in net income of $3.4 million as compared to net income of $85.8 million on net sales of $297.1 million for the quarter ended June 30, 2025.

Net income attributable to the Partnership for the second quarter of 2026 was $14.2 million as compared to $14.6 million for the second quarter of 2025, a decrease of $0.4 million .

Income from operations was $87.3 million for the second quarter of 2026, as compared to $91.2 million for the second quarter of 2025, a decrease of $3.9 million.

Income from operations, net income and net income attributable to the partnership for the second quarter of 2026, as compared to the second quarter of 2025 were lower due to lower ethylene sales prices to Westlake in the second quarter of 2026, compared to the second quarter of 2025.

Net sales for the second quarter of 2026 remained consistent at $297.1 million as compared to the second quarter of 2025.

Net sales in the second quarter of 2025 included a buyer deficiency fee from Westlake of $13.6 million as a result of a forecasted annual production deficiency due to the Petro 1 turnaround extending into April 2025, which was later than the planned completion in March 2025.

Excluding the buyer deficiency fee effect, net sales for the second quarter of 2026 increased by $13.6 million as compared to the second quarter of 2025.

The increase in net sales from the prior‑year period was primarily due to higher ethylene sales volumes to Westlake and third parties, as well as higher co‑product sales volumes to third parties, partially offset by the effect of lower average sales prices to Westlak e, per the terms of the Ethylene Sales Agreement.

The increase in sales volumes in the second quarter of 2026, as compared to the second quarter of 2025 was due to increased production in the current period as the prior year comparative period production volume was negatively impacted by the Petro 1 turnaround.

For the six months ended June 30, 2026 , net income was $164.0 million on net sales of $602.8 million .

This represents an increase in net income of $35.9 million as compared to net income of $128.1 million on net sales of $534.7 million for the six months ended June 30, 2025.

Net income attributable to the Partnership for the six months ended June 30, 2026 was $28.4 million as compared to $19.5 million for the six months ended June 30, 2025, an increase of $8.9 million .

Income from operations was $173.9 million for the six months ended June 30, 2026 as compared to $137.8 million for the six months ended June 30, 2025, an increase of $36.1 million .

Income from operations, net income and net income attributable to the Partnership for the six months ended June 30, 2026 as compared to the six months ended June 30, 2025, were higher primarily due to the higher ethylene sales to Westlake and higher co-products sales during the six months ended June 30, 2026, as compared to the six months ended June 30, 2025.

Net sales for the six months ended June 30, 2026 increased by $68.1 million as compared to net sales for the six months ended June 30, 2025, mainly due to higher ethylene sales volumes to Westlake and third parties as well as higher co‑products sales volumes, partially offset by lower sales prices.

The increase in sales volumes in the six months ended June 30, 2026 , as compared to the six months ended June 30, 2025 was due to increased production in the current period as the prior year comparative period production volume was negatively impacted by the Petro 1 turnaround.

RESULTS OF OPERATIONS

Second Quarter 2026 Compared with Second Quarter 2025

Net sales remained consistent at $297.1 million in the second quarter of 2026, compared to $297.1 million in the second quarter of 2025.

Net sales in the second quarter of 2025 included a buyer deficiency fee from Westlake of $13.6 million.

Excluding the effect of the buyer deficiency fee, net sales increased by $13.6 million, or 4.8%, in the second quarter of 2026 as compared to the second quarter of 2025.

Higher sales volumes in the second quarter of 2026 contributed to a 9.0% increase in net sales compared to the second quarter of 2025, while lower average sales prices in the second quarter of 2026 contributed to a 4.2% decrease in net sales compared to the second quarter of 2025.

Gross Profit.

Gross profit increased to $93.8 million in the first quarter of 2026 from $54.1 million in the first quarter of 2025.

Gross profit margin in the first quarter of 2026 was 30.7%, as compared to 22.8% in the first quarter of 2025.

The higher gross profit margin was primarily due to higher production and sales in the first quarter of 2026 as compared to the first quarter of 2025 due to the Petro 1 turnaround in the first quarter of 2025, partially offset by higher natural gas costs in the first quarter of 2026 compared to the first quarter of 2025.

Gross profit decreased to $94.8 million in the second quarter of 2026 from $97.5 million in the second quarter of 2025.

Gross profit margin in the second quarter of 2026 was 31.9%, as compared to 32.8% in the second quarter of 2025.

The marginally lower gross profit margin was primarily due to lower sales prices in the second quarter of 2026 as compared to the second quarter of 2025, offset by lower feedstock and fuel costs.

Selling, General and Administrative Expenses.

Selling, general and administrative expenses remained relatively consistent at $7.2 million in the first quarter of 2026 as compared to $7.5 million in the first quarter of 2025.

Selling, general and administrative expenses increased by $1.2 million or 19.0% to $7.5 million in the second quarter of 2026 as compared to $6.3 million in the second quarter of 2025.

The increase was mainly attributable to higher service costs in the second quarter of 2026 as compared to the second quarter of 2025.

Interest Expense—Westlake.

Interest expense of $5.1 million in the first quarter of 2026 decreased from $5.5 million in the first quarter of 2025 mainly due to lower interest rates on the outstanding debt in the first quarter of 2026 as compared to the first quarter of 2025.

Interest expense of $5.1 million in the second quarter of 2026 decreased from $5.9 million in the second quarter of 2025 mainly du e to lower interest rates on the outstanding debt in the second quarter of 2026 as compared to the second quarter of 2025.

Other Income, net .

Other income, net decreased to $0.3 million in the first quarter of 2026 from $1.3 million in the first quarter of 2025, primarily due to a decrease in interest earned on investments with Westlake under the Investment Management Agreement due to a lower average amount of cash invested and lower interest rates in the first quarter of 2026 as compared to the first quarter of 2025.

Other income, net decreased to $0.3 million in the second quarter of 2026 from $0.7 million in the second quarter of 2025, primarily due to a decrease in interest earned on investments with Westlake under the Investment Management Agreement due to a lower average amount of cash invested and lower interest rates in the second quarter of 2026 as compared to the second quarter of 2025.

MLP Distributable Cash Flow.

MLP distributable cash flow increased by $13.2 million to $17.9 million in the first quarter of 2026 from $4.7 million in the first quarter of 2025.

The increase in the first quarter of 2026, as compared to the prior-year period, was primarily attributable to increased earnings at OpCo and lower maintenance capital expenditures in the first quarter of 2026.

EBITDA increased by $46.2 million to $121.2 million in the first quarter of 2026 from $75.0 million in the first quarter of 2025.

The increase was primarily due to higher ethylene sales to Westlake and higher co-products sales, partially offset by higher natural gas costs in the first quarter of 2026 compared to the first quarter of 2025.

CASH FLOW DISCUSSION FOR THE THREE MONTHS ENDED MARCH 31, 2026 AND 2025

MLP distributable cash flow increased by $2.6 million to $17.6 million in the second quarter of 2026 from $15.0 million in the second quarter of 2025.

The increase was primarily attributable to higher production and sales volumes and lower maintenance capital expenditures in the second quarter of 2026 as a result of the prior year’s Petro 1 turnaround.

EBITDA decreased by $1.7 million to $122.7 million in the second quarter of 2026 from $124.4 million in the second quarter of 2025.

The decrease was primarily due to lower ethylene sales prices to Westlake in the second quarter of 2026 compared to the second quarter of 2025.

Six Months Ended June 30, 2026 Compared with Six Months Ended June 30, 2025

Net sales increased by $68.1 million, or 12.7%, to $602.8 million in the six months ended June 30, 2026 from $534.7 million in the six months ended June 30, 2025 .

The increase in net sales in the six months ended June 30, 2026 as compared to the six months ended June 30, 2025 was primarily due to higher ethylene sales volumes to Westlake and third parties as well as higher co‑products sales volumes, partially offset by lower sales prices.

Net sales in the six months ended June 30, 2025 included a buyer deficiency fee from Westlake of $13.6 million .

Excluding the effect of the buyer deficiency fee, the higher sales volumes in the six months ended June 30, 2026 contributed to a 21.6% increase in net sales compared to the six months ended June 30, 2025.

Lower average sales prices in the six months ended June 30, 2026 contributed to a 5.9% decrease in net sales compared to the six months ended June 30, 2025.

Gross Profit.

Gross profit increased to $188.6 million in the six months ended June 30, 2026 from $151.6 million in the six months ended June 30, 2025.

Gross profit margin in the six months ended June 30, 2026 was 31.3%, as compared to 28.4% in the six months ended June 30, 2025 .

The higher gross profit margin was primarily due to higher production and sales in the six months ended June 30, 2026 as compared to the six months ended June 30, 2025, and lower feedstock costs, partially offset by higher fuel costs.

Selling, General and Administrative Expenses.

Selling, general and administrative expen ses in creased by $0.9 million or 6.5% to $14.7 million in the six months ended June 30, 2026 as compared to $13.8 million in the six months ended June 30, 2025.

The increase was mainly attributable to higher service costs in the six months ended June 30, 2026 as compared to the six months ended June 30, 2025.

Interest Expense—Westlake.

Interest expense of $10.2 million in the six months ended June 30, 2026 decreased from $11.4 million in the six months ended June 30, 2025 mainly due to lower interest rates on the outstanding debt in the six months ended June 30, 2026 as compared to the six months ended June 30, 2025.

Other Income, net .

Other income, net decreased to $0.7 million in the six months ended June 30, 2026 from $2.0 million in the six months ended June 30, 2025, primarily due to a decrease in interest earned on investments with Westlake under the Investment Management Agreement due to a lower average amount of cash invested and lower interest rates in the six months ended June 30, 2026 as compared to the six months ended June 30, 2025.

MLP Distributable Cash Flow.

MLP distributable cash flow increased by $15.8 million to $35.5 million in the six months ended June 30, 2026 from $19.7 million in the six months ended June 30, 2025 .

The increase was primarily attributable to higher production and sales volumes and lower maintenance capital expenditures in the six months ended June 30, 2026 as a result of the prior year’s Petro 1 turnaround.

EBITDA increased by $44.5 million to $243.9 million in the six months ended June 30, 2026 from $199.4 million in the six months ended June 30, 2025.

The increase was primarily due to higher ethylene sales to Westlake and higher co-products sales in the six months ended June 30, 2026 compared to the six months ended June 30, 2025.

CASH FLOW DISCUSSION FOR THE SIX MONTHS ENDED JUNE 30, 2026 AND 2025

Operating Activities

Operating activities provided cash of $110.2 million in the first three months of 2026 compared to cash provided by operating activities of $45.8 million in the first three months of 2025.

The $64.4 million increase in cash flows from operating activities was mainly due to higher income from operations in the first three months of 2026 as compared to the first three months of 2025 and a favorable impact in the first three months of 2026 as compared to the first three months of 2025 when significant cash was used in connection with the 2025 Petro 1 turnaround, offset by a decrease in cash provided by working capital changes.

Changes in components of working capital resulted in cash use of $5.4 million in the first three months of 2026 as compared to $81.7 million of cash provided in the first three months of 2025, resulting in an overall unfavorable change of $87.1 million.

The unfavorable change in working capital was mainly attributable to unfavorable changes in accounts payable—third parties and accrued and other liabilities.

This unfavorable change was partially offset by a favorable change in net accounts receivable—Westlake in the first three months of 2026.

Operating activities provided cash of $240.0 million in the first six months of 2026 compared to cash provided by operating activities of $54.9 million in the first six months of 2025.

The $185.1 million increase in cash flows from operating activities was mainly due to higher income from operations in the first six months of 2026 as compared to the first six months of 2025 and a favorable impact in the first six months of 2026 as compared to the first six months of 2025 when significant cash was used in connection with the 2025 Petro 1 turnaround and an increase in cash provided by working capital changes.

Changes in components of working capital resulted in cash inflow of $3.3 million in the first six months of 2026 as compared to $10.6 million of cash used in the first six months of 2025, resulting in an overall favorable change of $13.9 million.

The favorable change in working capital was mainly attributable to a favorable change in net accounts receivable—Westlake.

This favorable change was partially offset by unfavorable changes in accounts payable—third parties and accrued and other liabilities in the first six months of 2026.

Investing Activities

Net cash used for investing activities in the first three months of 2026 was $18.6 million as compared to net cash provided by investing activities of $14.0 million in the first three months of 2025, resulting in an overall unfavorable change of $32.6 million in investing cash flows.

During the first three months of 2026, there were investments of $13.0 million with Westlake and no maturities of inv estments with Westlake under the Investment Management Agreement, whereas during the first three months of 2025, there were no investments with Westlake and there were maturities of $30.0 million.

Capital expenditures decreased to $5.6 million in the first three months of 2026 as compared to $16.0 million in the first three months of 2025 due to the 2025 Petro 1 turnaround.

Capital expenditures in the first three months of 2026 and 2025 were primarily related to projects to increase production capacity or reduce costs, maintenance costs and safety and environmental projects at our facilities.

Net cash used for investing activities in the first six months of 2026 was $38.0 million as compared to net cash provided by investing activities of $49.7 million in the first six months of 2025, resulting in an overall unfavorable change of $87.7 million in investing cash flows.

During the first six months of 2026, there were investments of $20.0 million with Westlake and no maturities of inv estments with Westlake under the Investment Management Agreement, whereas during the first six months of 2025, there were no investments with Westlake and there were maturities of $90.0 million.

Capital expenditures decreased to $18.0 million in the first six months of 2026 as compared to $40.3 million in the first six months of 2025 due to the 2025 Petro 1 turnaround.

Capital expenditures in the first six months of 2026 and 2025 were primarily related to projects to increase production capacity or reduce costs, maintenance costs and safety and environmental projects at our facilities.

Financing Activities

Net cash used for financing activities in the first three months of 2026 was $91.6 million as compared to net cash used for financing activities of $68.5 million in the first three months of 2025.

The cash outflows in the first three months of 2026 were related to distributions of $75.0 million to the noncontrolling interest retained in OpCo by Westlake and of $16.6 million to unitholders by the Partnership.

The cash outflows in the first three months of 2025 were related to distributions of $51.9 million to the noncontrolling interest retained in OpCo by Westlake and of $16.6 million to unitholders by the Partnership.

Net cash used for financing activities in the first six months of 2026 was $197.0 million as compared to net cash used for financing activities of $126.3 million in the first six months of 2025.

The cash outflows in the first six months of 2026 were related to distributions of $163.7 million to the noncontrolling interest retained in OpCo by Westlake and of $33.2 million to unitholders by the Partnership.

The cash outflows in the first six months of 2025 were related to distributions of $93.0 million to the noncontrolling interest retained in OpCo by Westlake and of $33.2 million to unitholders by the Partnership.

LIQUIDITY AND CAPITAL RESOURCES

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The Partnership intends to use the net proceeds of sales of the common units, if any, for general partnership purposes, which may include the funding of potential drop-downs and other acquisitions.

No common units had been issued under the ATM Program as of March 31, 2026.

No common units had been issued under the ATM Program as of June 30, 2026.

Based on the terms of our cash distribution policy, we expect that we will distribute to our partners most of the excess cash generated by our operations.

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Per the terms of the Investment Management Agreement, cash invested with Westlake earns a market return plus five basis points and Westlake provides daily availability of the invested cash to meet any liquidity needs of the Partnership or OpCo.

On May 4, 2026, the board of directors of Westlake Chemical Partners GP LLC, our general partner, approved a quarterly distribution of $0.4714 per common unit payable on June 1, 2026 to unitholders of record as of May 14, 2026, which equates to a total amount of approximately $16.6 million per quarter, or approximately $66.5 million per year in aggregate, based on the number of common units outstanding on March 31, 2026.

On August 3, 2026, the board of directors of Westlake Chemical Partners GP LLC, our general partner, approved a quarterly distribution of $0.4714 per common unit payable on August 28, 2026 to unitholders of record as of August 13, 2026, which equates to a total amount of approximately $16.6 million per quarter, or approximately $66.5 million per year in aggregate, based on the number of common units outstanding on June 30, 2026.

We do not have a legal or contractual obligation to pay distributions on a quarterly basis or any other basis at our minimum quarterly distribution rate or any other rate.

1 unchanged sentence

Westlake has historically funded expansion capital expenditures related to Lake Charles Olefins and Calvert City Olefins.

No such funding was required by OpCo during the three months ended March 31, 2026 and 2025.

Total capital expenditures for the three months ended March 31, 2026 and 2025 were $5.6 million and $16.0 million, respectively.

No such funding was required by OpCo during the six months ended June 30, 2026 and 2025.

Total capital expenditures for the six months ended June 30, 2026 and 2025 were $18.0 million and $40.3 million, respectively.

We expect that Westlake will loan additional cash to OpCo to fund its expansion capital expenditures in the future, but Westlake is under no obligation to do so.

Cash and Cash Equivalents

As of March 31, 2026, our cash and cash equivalents totaled $44.3 million.

As of June 30, 2026, our cash and cash equivalents totaled $49.3 million.

In addition, we have cash invested under the Investment Management Agreement (as described below) and a revolving credit facility with Westlake available to supplement cash if needed, as described under "Indebtedness" below.

1 unchanged sentence

Per the terms of the Investment Management Agreement, the Partnership earns a market return plus five basis points and Westlake provides daily availability of the invested cash to meet any liquidity needs of the Partnership or OpCo.

The Partnership had $36.4 million of cash invested under the Investment Management Agreement at March 31, 2026.

The Partnership had $43.6 million of cash invested under the Investment Management Agreement at June 30, 2026.

OpCo Revolver

In connection with the IPO, OpCo entered into a $600.0 million revolving credit facility with an affiliate of Westlake, as amended in June 2017, September 2018 and July 2022 (the "OpCo Revolver") that may be used to fund growth projects and working capital needs.

In connection with the IPO, OpCo entered into a $600.0 million revolving credit facility with an affiliate of Westlake, as amended in June 2017, September 2018, July 2022 and July 2026 (the "OpCo Revolver") that may be used to fund growth projects and working capital needs.

The OpCo Revolver is scheduled to mature on July 11, 2031.

On July 12, 2022, OpCo entered into the Second Amendment (the "OpCo Revolver Amendment") to the OpCo Revolver.

The OpCo Revolver Amendment, among other things, extended the maturity date to July 12, 2027 and provided for the replacement of the London Interbank Offered Rate ("LIBOR") with the Secured Overnight Financing Rate, as administered by the Federal Reserve Bank of New York ("SOFR").

Borrowings under the OpCo Revolver bear interest at a variable rate of either (a) SOFR plus the Applicable Margin plus a 0.10% credit spread adjustment or, if SOFR is no longer available, (b) the Alternate Base Rate plus the Applicable Margin minus 1.0%.

On July 8, 2026, OpCo entered into the Third Amendment (the "OpCo Revolver Amendment") to the OpCo Revolver.

The OpCo Revolver Amendment extended the maturity date to July 11, 2031 and removed the 0.10% credit spread adjustment that had previously applied to the OpCo Revolver's SOFR-based interest rate.

The Applicable Margin under the OpCo Revolver is 1.75%.

As of March 31, 2026, outstanding borrowings under the OpCo Revolver totaled $22.6 million and bore interest at SOFR plus the Applicable Margin and credit spread adjustment, which is accrued in arrears quarterly.

In 2015, we entered into a senior, unsecured revolving credit agreement with an affiliate of Westlake, as amended in August and November 2017, March 2020 and July 2022 (the "MLP Revolver").

As of June 30, 2026, outstanding borrowings under the OpCo Revolver totaled $22.6 million and bore interest at SOFR plus the Applicable Margin and credit spread adjustment, which is accrued in arrears quarterly.

In 2015, we entered into a senior, unsecured revolving credit agreement with an affiliate of Westlake, as amended in August and November 2017, March 2020, July 2022 and July 2026 (the "MLP Revolver").

The MLP Revolver has a borrowing capacity of $600.0 million and is scheduled to mature on July 11, 2031.

On July 12, 2022, the Partnership entered into the Fourth Amendment (the "MLP Revolver Amendment") to the MLP Revolver.

The MLP Revolver Amendment, among other things, extended the maturity date to July 12, 2027 and provided for the replacement of LIBOR with SOFR as the reference rate.

Borrowings under the MLP Revolver bear interest at a variable rate of either (a) SOFR plus the Applicable Margin plus a 0.10% credit spread adjustment or, if SOFR is no longer available, (b) the Alternate Base Rate plus the Applicable Margin minus 1.0%.

On July 8, 2026, the Partnership entered into the Fifth Amendment (the "MLP Revolver Amendment") to the MLP Revolver.

The MLP Revolver Amendment extended the maturity date to July 11, 2031 and removed the 0.10% credit spread adjustment that had previously applied to the MLP Revolver's SOFR-based interest rate.

Borrowings under the MLP Revolver now bear interest at a variable rate of either (a) SOFR plus the Applicable Margin or, if SOFR is no longer available, (b) the Alternate Base Rate plus the Applicable Margin minus 1.0%.

The Applicable Margin under the MLP Revolver varies between 1.75% and 2.75%, depending on the Partnership's Consolidated Leverage Ratio.

3 unchanged sentences

The repayment of borrowings under the MLP Revolver is subject to acceleration upon the occurrence of an event of default.

As of March 31, 2026, outstanding borrowings under the MLP Revolver totaled $377.1 million and bore interest at SOFR plus the Applicable Margin and credit spread adjustment, which is accrued in arrears quarterly.

As of June 30, 2026, outstanding borrowings under the MLP Revolver totaled $377.1 million and bore interest at SOFR plus the Applicable Margin and credit spread adjustment, which is accrued in arrears quarterly.

We intend to use the MLP Revolver to purchase additional limited partnership interests in OpCo in the future, in the event OpCo desires to sell such additional interests to us, for other acquisitions and for general partnership purposes.

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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.

What changed 10-Q

Item 2. Management’s Discussion and Analysis