The cash flow picture tells a more complicated story, especially in 2025, when the operating cash flow of $237.1M barely covered dividend payouts of $238.1M, resulting in a coverage ratio of essentially 1.0x. Capital expenditures of $267.8M exceeded operating cash flow entirely and were funded through capital markets. At the quarterly level, Q4 2025 was starker: operating cash flow of $31M covered only about half the $59.9M in distributions paid that quarter. The Q4 2025 adjusted distributable cash flow cov ...