Company: PAGP
Filing Date: 2025-11-07
Form Type: 10-Q
Source: 0001581990-25-000028
Chunk: 38

Company: PLAINS GP HOLDINGS LP
Filing Date: 2025-11-07
Form: 10-Q
Item: Part I, Item 1
Chunk 38
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 River Pipeline Company LLC (“Red River”).  Repurchase of PAA Series A Preferred UnitsOn January 31, 2025, PAA repurchased approximately 12.7 million of its outstanding Series A preferred units from EnCap Flatrock Midstream at the issue price of $26.25 per unit for a purchase price of approximately $333 million, plus accrued and unpaid distributions through January 30, 2025 of approximately $10 million. EnCap Flatrock Midstream is affiliated with EnCap Investments, L.P., an entity that is associated with a member of our board of directors. The repurchase also resulted in a reduction to the related Preferred Distribution Rate Reset Option liability. See Note 12 to our Consolidated Financial Statements included in Part IV of our 2024 Annual Report on Form 10-K for additional information regarding the Preferred Distribution Rate Reset Option.Subsidiary Distributions PAA Series A Preferred Unit Distributions. Distributions on PAA’s Series A preferred units accumulate and are payable quarterly within 45 days following the end of each quarter. See Note 11 to our Consolidated Financial Statements included in Part IV of our 2024 Annual Report on Form 10-K for additional information regarding PAA Series A preferred unit distributions. The following table details distributions to PAA’s Series A preferred unitholders paid during or pertaining to the first nine months of 2025 (in millions, except per unit data):Series A Preferred UnitholdersDistribution Payment DateRecord Date (1)Distribution PeriodCash DistributionDistribution per UnitNovember 14, 2025 (2)October 31, 2025July 1,  2025 through September 30, 2025$36 $0.615 August 14, 2025July 31, 2025April 1,  2025 through June 30, 2025$36 $0.615 May 15, 2025May 1, 2025January 1,  2025 through March 31, 2025$36 $0.615 February 14, 2025January 31, 2025October 1,  2024 through December 31, 2024$36 $0.615 (1)Payable to unitholders of record at the close of business on the applicable Record Date.(2)At September 30, 2025, such amount was accrued as distributions payable