Partners' Equity | PARTNERS’ EQUITY Changes in partners’ equity are as follows (in thousands): Limited Partners General Partner Total Common Units- Common Units- Balance, December 31, 2021 $ 135,666 $ (133,420) $ 57 $ 2,303 Quarterly cash distributions to unitholders ($0.44 per unit) (5,122) (5,098) (209) (10,429) Net income 5,083 5,060 207 10,350 Unit-based compensation, including general partner net contributions 59 — — 59 Balance, March 31, 2022 $ 135,686 $ (133,458) $ 55 $ 2,283 Quarterly cash distributions to unitholders ($0.445 per unit) (5,180) (5,156) (211) (10,547) Net income 5,167 5,142 210 10,519 Unit-based compensation, including general partner net contributions 60 — — 60 Balance, June 30, 2022 $ 135,733 $ (133,472) $ 54 $ 2,315 Quarterly cash distributions to unitholders ($0.45 per unit) (5,247) (5,214) (213) (10,674) Net income 4,997 4,965 204 10,166 Unit-based compensation, including general partner net contributions 61 — — 61 Balance, September 30, 2022 $ 135,544 $ (133,721) $ 45 $ 1,868 Limited Partners General Partner Total Common Units- Common Units- Balance, December 31, 2020 $ 124,823 $ (170,368) $ (917) $ (46,462) Quarterly cash distributions to unitholders ($0.12 per unit) (1,395) (1,390) (57) (2,842) Net income 5,264 5,248 215 10,727 Ord disposition — 26,419 539 26,958 Unit-based compensation, including general partner net contributions 79 — — 79 Balance, March 31, 2021 $ 128,771 $ (140,091) $ (220) $ (11,540) Quarterly cash distributions to unitholders ($0.12 per unit) (1,395) (1,390) (57) (2,842) Net income 5,054 5,038 206 10,298 Unit-based compensation, including general partner net contributions 80 — — 80 Balance, June 30, 2021 $ 132,510 $ (136,443) $ (71) $ (4,004) Quarterly cash distributions to unitholders ($0.12 per unit) (1,397) (1,390) (57) (2,844) Net income 4,630 4,607 188 9,425 Unit-based compensation, including general partner net contributions 60 — 5 65 Balance, September 30, 2021 $ 135,803 $ (133,226) $ 65 $ 2,642 A roll forward of the number of common limited partner units outstanding is as follows: Common Units- Public Common Units- Green Plains Total Units, December 31, 2021 11,641,105 11,586,548 23,227,653 Units issued under the LTIP 19,707 — 19,707 Units surrendered for tax purposes (538) — (538) Units, September 30, 2022 11,660,274 11,586,548 23,246,822 Issuance of Additional Securities The partnership agreement authorizes the partnership to issue unlimited additional partnership interests on the terms and conditions determined by the general partner without unitholder approval. Cash Distribution Policy Quarterly distributions are made from available cash within 45 days after the end of each calendar quarter, assuming the partnership has available cash. Available cash generally means all cash and cash equivalents on hand at the end of that quarter less cash reserves established by the general partner, including those for future capital expenditures, future acquisitions and anticipated future debt service requirements, plus all or any portion of the cash on hand resulting from working capital borrowings made subsequent to the end of that quarter. The general partner also holds incentive distribution rights that entitle it to receive increasing percentages, up to 48%, of available cash distributed from operating surplus, as defined in the partnership agreement, in excess of $0.46 per unit per quarter. The maximum distribution of 48% does not include any distributions the general partner or its affiliates may receive on its general partner interest or common units. On February 11, 2022, the partnership distributed $10.4 million to unitholders of record as of February 4, 2022, related to the quarterly cash distribution of $0.44 per unit that was declared on January 20, 2022, for the quarter ended December 31, 2021. On May 13, 2022, the partnership distributed $10.5 million to unitholders of record as of May 6, 2022, related to the quarterly cash distribution of $0.445 per unit that was declared on April 21, 2022, for the quarter ended March 31, 2022. On August 12, 2022, the partnership distributed $10.7 million to unitholders of record as of August 5, 2022, related to the quarterly cash distribution of $0.45 per unit that was declared on July 21, 2022, for the quarter ended June 30, 2022. On October 20, 2022, the board of directors of the general partner declared a quarterly cash distribution of $0.455 per unit, or approximately $10.8 million, for the quarter ended September 30, 2022. The distribution is payable on November 14, 2022, to unitholders of record at the close of business on November 4, 2022. The total cash distributions declared for the three and nine months ended September 30, 2022 and 2021, are as follows (in thousands): Three Months Ended Nine Months Ended 2022 2021 2022 2021 General partner distributions $ 216 $ 206 $ 640 $ 320 Limited partner common units - public 5,305 5,064 15,733 7,856 Limited partner common units - Green Plains 5,272 5,040 15,642 7,820 Total distributions to limited partners 10,577 10,104 31,375 15,676 Total distributions declared $ 10,793 $ 10,310 $ 32,015 $ 15,996 |