C010308 2025-01-01 2025-12-31 C010308 2025-12-31 C010308 2024-01-01 2024-12-31 C010308 2024-12-31 C010308 2023-12-31 C010308 ScheduleCompaniesControlledByRespondentAbstract 2025-01-01 2025-12-31 C010308 ScheduleAppropriatedRetainedIncomeAbstract 2025-01-01 2025-12-31 C010308 ScheduleInvestmentsInAffiliatedCompaniesAbstract 2025-01-01 2025-12-31 C010308 ScheduleInvestmentsInCommonStocksOfAffiliatedCompaniesAbstract 2025-01-01 2025-12-31 C010308 ScheduleInvestInComStocksOfAffiliatedCoCoControlledDirectlyByRespOtherThanThroughTitleToSecuritiesAbstract 2025-01-01 2025-12-31 C010308 ScheduleUndividedJointInterestPropertyAbstract 2025-01-01 2025-12-31 C010308 ScheduleAccruedDepreciationUndividedJointInterestPropertyAbstract 2025-01-01 2025-12-31 C010308 ScheduleAmortizationBaseAndReserveAbstract 2025-01-01 2025-12-31 C010308 ScheduleNoncarrierPropertyAbstract 2025-01-01 2025-12-31 C010308 ScheduleOtherDeferredChargesAbstract 2025-01-01 2025-12-31 C010308 ScheduleLongTermDebtAbstract 2025-01-01 2025-12-31 C010308 ScheduleAnalysisOfFederalIncomeAndOtherTaxesDeferredAbstract 2025-01-01 2025-12-31 C010308 ScheduleCapitalStockAbstract 2025-01-01 2025-12-31 C010308 ScheduleCapitalStockChangesDuringTheYearAbstract 2025-01-01 2025-12-31 C010308 ScheduleIncomeFromNoncarrierPropertyAbstract 2025-01-01 2025-12-31 C010308 SchedulePaymentsForServicesRenderedByOtherThanEmployeesAbstract 2025-01-01 2025-12-31 C010308 ScheduleStatisticsOfOperationsOwnedByRespondentButOperatedByOthersAbstract 2025-01-01 2025-12-31 C010308 ferc:OtherAppropriationsMember 7 2025-01-01 2025-12-31 C010308 7 2025-01-01 2025-12-31 C010308 1 2025-01-01 2025-12-31 C010308 1 2024-01-01 2024-12-31 C010308 1 2025-01-01 2025-12-31 C010308 1 2024-01-01 2024-12-31 C010308 2 2025-01-01 2025-12-31 C010308 2 2024-01-01 2024-12-31 C010308 3 2025-01-01 2025-12-31 C010308 1 2025-01-01 2025-12-31 C010308 2 2025-01-01 2025-12-31 C010308 3 2025-01-01 2025-12-31 C010308 1 2025-01-01 2025-12-31 C010308 1 2024-01-01 2024-12-31 C010308 1 2025-01-01 2025-12-31 C010308 2 2025-01-01 2025-12-31 C010308 3 2025-01-01 2025-12-31 C010308 4 2025-01-01 2025-12-31 C010308 5 2025-01-01 2025-12-31 C010308 6 2025-01-01 2025-12-31 C010308 7 2025-01-01 2025-12-31 C010308 8 2025-01-01 2025-12-31 C010308 9 2025-01-01 2025-12-31 C010308 10 2025-01-01 2025-12-31 C010308 11 2025-01-01 2025-12-31 C010308 12 2025-01-01 2025-12-31 C010308 13 2025-01-01 2025-12-31 C010308 14 2025-01-01 2025-12-31 C010308 15 2025-01-01 2025-12-31 C010308 16 2025-01-01 2025-12-31 C010308 17 2025-01-01 2025-12-31 C010308 18 2025-01-01 2025-12-31 C010308 19 2025-01-01 2025-12-31 C010308 20 2025-01-01 2025-12-31 C010308 21 2025-01-01 2025-12-31 C010308 22 2025-01-01 2025-12-31 C010308 23 2025-01-01 2025-12-31 C010308 24 2025-01-01 2025-12-31 C010308 25 2025-01-01 2025-12-31 C010308 26 2025-01-01 2025-12-31 C010308 27 2025-01-01 2025-12-31 C010308 28 2025-01-01 2025-12-31 C010308 29 2025-01-01 2025-12-31 C010308 30 2025-01-01 2025-12-31 C010308 31 2025-01-01 2025-12-31 C010308 32 2025-01-01 2025-12-31 C010308 33 2025-01-01 2025-12-31 C010308 34 2025-01-01 2025-12-31 C010308 35 2025-01-01 2025-12-31 C010308 36 2025-01-01 2025-12-31 C010308 37 2025-01-01 2025-12-31 C010308 38 2025-01-01 2025-12-31 C010308 39 2025-01-01 2025-12-31 C010308 40 2025-01-01 2025-12-31 C010308 41 2025-01-01 2025-12-31 C010308 42 2025-01-01 2025-12-31 C010308 43 2025-01-01 2025-12-31 C010308 44 2025-01-01 2025-12-31 C010308 45 2025-01-01 2025-12-31 C010308 46 2025-01-01 2025-12-31 C010308 2 2025-01-01 2025-12-31 C010308 3 2025-01-01 2025-12-31 C010308 4 2025-01-01 2025-12-31 C010308 5 2025-01-01 2025-12-31 C010308 6 2025-01-01 2025-12-31 C010308 7 2025-01-01 2025-12-31 C010308 8 2025-01-01 2025-12-31 C010308 9 2025-01-01 2025-12-31 C010308 10 2025-01-01 2025-12-31 C010308 13 2025-01-01 2025-12-31 C010308 14 2025-01-01 2025-12-31 C010308 15 2025-01-01 2025-12-31 C010308 16 2025-01-01 2025-12-31 C010308 17 2025-01-01 2025-12-31 C010308 18 2025-01-01 2025-12-31 C010308 19 2025-01-01 2025-12-31 C010308 20 2025-01-01 2025-12-31 C010308 21 2025-01-01 2025-12-31 C010308 ferc:CrudeOilMember 2024-01-01 2024-12-31 C010308 ferc:CrudeOilMember 2025-01-01 2025-12-31 C010308 ferc:InterstateTransportationMember 2024-01-01 2024-12-31 C010308 ferc:InterstateTransportationMember 2025-01-01 2025-12-31 C010308 ferc:IntrastateTransportationMember 2024-01-01 2024-12-31 C010308 ferc:IntrastateTransportationMember 2025-01-01 2025-12-31 C010308 1 2025-01-01 2025-12-31 C010308 1 2025-12-31 C010308 2 2025-01-01 2025-12-31 C010308 2 2025-12-31 C010308 3 2025-01-01 2025-12-31 C010308 4 2025-01-01 2025-12-31 C010308 1 2025-01-01 2025-12-31 C010308 2 2025-01-01 2025-12-31 C010308 1 2025-01-01 2025-12-31 C010308 2 2025-01-01 2025-12-31 C010308 3 2025-01-01 2025-12-31 C010308 4 2025-01-01 2025-12-31 C010308 5 2025-01-01 2025-12-31 C010308 6 2025-01-01 2025-12-31 C010308 7 2025-01-01 2025-12-31 C010308 8 2025-01-01 2025-12-31 C010308 9 2025-01-01 2025-12-31 C010308 10 2025-01-01 2025-12-31 C010308 11 2025-01-01 2025-12-31 C010308 12 2025-01-01 2025-12-31 C010308 13 2025-01-01 2025-12-31 C010308 14 2025-01-01 2025-12-31 C010308 15 2025-01-01 2025-12-31 C010308 16 2025-01-01 2025-12-31 C010308 17 2025-01-01 2025-12-31 C010308 18 2025-01-01 2025-12-31 C010308 19 2025-01-01 2025-12-31 C010308 20 2025-01-01 2025-12-31 C010308 21 2025-01-01 2025-12-31 C010308 22 2025-01-01 2025-12-31 C010308 23 2025-01-01 2025-12-31 C010308 24 2025-01-01 2025-12-31 C010308 25 2025-01-01 2025-12-31 C010308 26 2025-01-01 2025-12-31 C010308 27 2025-01-01 2025-12-31 C010308 28 2025-01-01 2025-12-31 C010308 29 2025-01-01 2025-12-31 C010308 30 2025-01-01 2025-12-31 C010308 31 2025-01-01 2025-12-31 C010308 32 2025-01-01 2025-12-31 C010308 1 2025-01-01 2025-12-31 C010308 2 2025-01-01 2025-12-31 C010308 3 2025-01-01 2025-12-31 C010308 4 2025-01-01 2025-12-31 C010308 5 2025-01-01 2025-12-31 C010308 6 2025-01-01 2025-12-31 C010308 7 2025-01-01 2025-12-31 C010308 8 2025-01-01 2025-12-31 C010308 9 2025-01-01 2025-12-31 C010308 10 2025-01-01 2025-12-31 C010308 11 2025-01-01 2025-12-31 C010308 12 2025-01-01 2025-12-31 C010308 13 2025-01-01 2025-12-31 C010308 14 2025-01-01 2025-12-31 C010308 15 2025-01-01 2025-12-31 C010308 16 2025-01-01 2025-12-31 C010308 17 2025-01-01 2025-12-31 C010308 18 2025-01-01 2025-12-31 C010308 19 2025-01-01 2025-12-31 C010308 20 2025-01-01 2025-12-31 C010308 1 2025-01-01 2025-12-31 C010308 1 2025-01-01 2025-12-31 C010308 1 2025-01-01 2025-12-31 C010308 1 2025-01-01 2025-12-31 C010308 1 2025-01-01 2025-12-31 C010308 1 2025-12-31 C010308 2 2025-01-01 2025-12-31 C010308 3 2025-01-01 2025-12-31 C010308 4 2025-01-01 2025-12-31 C010308 5 2025-01-01 2025-12-31 C010308 6 2025-01-01 2025-12-31 C010308 2 2025-01-01 2025-12-31 C010308 3 2025-01-01 2025-12-31 C010308 6 2025-01-01 2025-12-31 C010308 7 2025-01-01 2025-12-31 C010308 10 2025-01-01 2025-12-31 C010308 11 2025-01-01 2025-12-31 C010308 14 2025-01-01 2025-12-31 C010308 15 2025-01-01 2025-12-31 C010308 18 2025-01-01 2025-12-31 C010308 19 2025-01-01 2025-12-31 C010308 23 2025-01-01 2025-12-31 C010308 24 2025-01-01 2025-12-31 C010308 1 2025-01-01 2025-12-31 C010308 2 2025-01-01 2025-12-31 C010308 1 2025-01-01 2025-12-31 C010308 2 2025-01-01 2025-12-31 C010308 3 2025-01-01 2025-12-31 C010308 4 2025-01-01 2025-12-31 C010308 5 2025-01-01 2025-12-31 C010308 6 2025-01-01 2025-12-31 C010308 1 2025-01-01 2025-12-31 C010308 2 2025-01-01 2025-12-31 C010308 1 2025-01-01 2025-12-31 C010308 1 2025-12-31 C010308 2 2025-01-01 2025-12-31 C010308 3 2025-01-01 2025-12-31 C010308 2 2025-01-01 2025-12-31 C010308 5 2025-01-01 2025-12-31 C010308 8 2025-01-01 2025-12-31 C010308 11 2025-01-01 2025-12-31 C010308 14 2025-01-01 2025-12-31 C010308 2 2025-01-01 2025-12-31 C010308 3 2025-01-01 2025-12-31 C010308 6 2025-01-01 2025-12-31 C010308 7 2025-01-01 2025-12-31 C010308 10 2025-01-01 2025-12-31 C010308 11 2025-01-01 2025-12-31 C010308 12 2025-01-01 2025-12-31 C010308 1 2025-01-01 2025-12-31 C010308 2 2025-01-01 2025-12-31 C010308 1 2025-01-01 2025-12-31 C010308 1 2025-01-01 2025-12-31 C010308 ferc:CrudeOilTrunkMember 2025-01-01 2025-12-31 C010308 2 2025-01-01 2025-12-31 C010308 3 2025-01-01 2025-12-31 C010308 4 2025-01-01 2025-12-31 C010308 5 2025-01-01 2025-12-31 C010308 1 2025-01-01 2025-12-31 C010308 2 2025-01-01 2025-12-31 C010308 3 2025-01-01 2025-12-31 C010308 4 2025-01-01 2025-12-31 C010308 5 2025-01-01 2025-12-31 C010308 6 2025-01-01 2025-12-31 C010308 7 2025-01-01 2025-12-31 C010308 8 2025-01-01 2025-12-31 C010308 9 2025-01-01 2025-12-31 C010308 10 2025-01-01 2025-12-31 C010308 2 2025-01-01 2025-12-31 C010308 3 2025-01-01 2025-12-31 C010308 6 2025-01-01 2025-12-31 C010308 7 2025-01-01 2025-12-31 C010308 10 2025-01-01 2025-12-31 C010308 11 2025-01-01 2025-12-31 C010308 14 2025-01-01 2025-12-31 C010308 15 2025-01-01 2025-12-31 C010308 18 2025-01-01 2025-12-31 C010308 19 2025-01-01 2025-12-31 C010308 22 2025-01-01 2025-12-31 C010308 23 2025-01-01 2025-12-31 C010308 1 2025-01-01 2025-12-31 C010308 2 2025-01-01 2025-12-31 C010308 3 2025-01-01 2025-12-31 C010308 4 2025-01-01 2025-12-31 C010308 5 2025-01-01 2025-12-31 C010308 6 2025-01-01 2025-12-31 C010308 7 2025-01-01 2025-12-31 C010308 8 2025-01-01 2025-12-31 C010308 9 2025-01-01 2025-12-31 C010308 10 2025-01-01 2025-12-31 C010308 ferc:CrudeOilMember 2 2025-01-01 2025-12-31 C010308 ferc:CrudeOilMember 3 2025-01-01 2025-12-31 C010308 2 2025-01-01 2025-12-31 C010308 3 2025-01-01 2025-12-31 C010308 4 2025-01-01 2025-12-31 C010308 5 2025-01-01 2025-12-31 C010308 6 2025-01-01 2025-12-31 C010308 7 2025-01-01 2025-12-31 C010308 8 2025-01-01 2025-12-31 C010308 9 2025-01-01 2025-12-31 C010308 10 2025-01-01 2025-12-31 C010308 11 2025-01-01 2025-12-31 C010308 12 2025-01-01 2025-12-31 C010308 13 2025-01-01 2025-12-31 C010308 16 2025-01-01 2025-12-31 C010308 17 2025-01-01 2025-12-31 C010308 18 2025-01-01 2025-12-31 C010308 19 2025-01-01 2025-12-31 C010308 20 2025-01-01 2025-12-31 C010308 21 2025-01-01 2025-12-31 C010308 22 2025-01-01 2025-12-31 C010308 23 2025-01-01 2025-12-31 C010308 24 2025-01-01 2025-12-31 C010308 25 2025-01-01 2025-12-31 C010308 26 2025-01-01 2025-12-31 C010308 27 2025-01-01 2025-12-31 C010308 28 2025-01-01 2025-12-31 C010308 29 2025-01-01 2025-12-31 C010308 30 2025-01-01 2025-12-31 C010308 31 2025-01-01 2025-12-31 C010308 32 2025-01-01 2025-12-31 C010308 33 2025-01-01 2025-12-31 C010308 34 2025-01-01 2025-12-31 C010308 35 2025-01-01 2025-12-31 C010308 36 2025-01-01 2025-12-31 C010308 ferc:WhollyOwnedAndOperatedByRespondentMember 2 2025-01-01 2025-12-31 C010308 ferc:WhollyOwnedAndOperatedByRespondentMember 2025-01-01 2025-12-31 C010308 2 2025-01-01 2025-12-31 C010308 5 2025-01-01 2025-12-31 C010308 8 2025-01-01 2025-12-31 C010308 11 2025-01-01 2025-12-31 C010308 ferc:WhollyOwnedAndOperatedByRespondentMember 3 2025-01-01 2025-12-31 C010308 ferc:WhollyOwnedAndOperatedByRespondentMember 4 2025-01-01 2025-12-31 C010308 ferc:WhollyOwnedAndOperatedByRespondentMember 5 2025-01-01 2025-12-31 C010308 3 2025-01-01 2025-12-31 C010308 4 2025-01-01 2025-12-31 C010308 14 2025-01-01 2025-12-31 C010308 11 2025-01-01 2025-12-31 xbrli:pure utr:bbl utr:in utr:mi iso4217:USD <div><p>1) None</p> <p>2) None&#160;&#160;</p> <p>3) None&#160;&#160;</p> <p>4) None&#160;&#160;</p> <p>5) None</p></div> N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A Not Prepared 1 2 Other Appropriations (Specify) 7 Gross Additions to Nonutility Plant (Less) Allowance for Other Funds Used During Construction Other (provide details in footnote): 1 2 3 1 1 1 1 Member Distributions -240382000 -257539000 1 2 3 6 7 10 11 14 15 18 19 23 24 1 2 2481246 2481246 191421339 157182 157182 157182 191578521 248593216 909420 909420 909420 249502636 24971575 1409357 1409357 1409357 26380932 497928170 5413525 5413525 5413525 503341695 10759286 10759286 36237662 173034 173034 173034 36410696 72979 72979 72979 72979 126765701 2351005 2351005 2351005 129116706 35599998 35599998 1174758193 10486502 10486502 10486502 1185244695 1232372 -904262 -904262 -904262 328110 1232372 -904262 -904262 -904262 328110 1175990565 9582240 9582240 9582240 1185572805 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 1 2 3 4 5 6 1 2 2 5 8 11 14 2 3 4 5 6 7 8 9 10 13 14 15 16 17 18 19 20 21 Class A Common Stock Class B Common Stock Preferred Stock A Preferred Stock B 2 3 6 7 10 11 12 1 2 1 1 2 3 4 5 6 7 8 9 10 1 2 3 4 5 6 7 8 9 10 3 4 7 8 19 20 23 24 Plains Marketing, L.P. Transportation services 5079452 1 2 3 4 5 6 Plains Pipeline, L.P. Various operating and general expenses 5149135 1 2 3 1 26 131 TAFT GARDENDALE N. Cactus II Pipeline LLC - TX 26 161 GARDENDALE LOOP MARCELLE Cactus II Pipeline LLC - TX 26 139 MARCELLE LOOP MCCAMEY Cactus II Pipeline LLC - TX 26 22 INGLESIDE TAFT Cactus II Pipeline LLC - TX 453 2 3 4 5 8 11 14 220827442 235129560 61701702 58121091 282529144 293250651 220827442 235129560 61701702 58121091 282529144 293250651 Cactus II Pipeline LLC 2017-11-09 Delaware No Vince Paradis - Enbridge's Designated Manager 915 N. Eldridge Parkway, Suite 1100, Houston, TX, 77079 Colby Wilson - Plains' Designated Manager 333 Clay Street, Suite 1600, Houston, TX, 77002 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 Enbridge's Designated Manager Vince Paradis 915 N. Eldridge Parkway, Suite 1100, Houston, TX, 77079 Plains' Designated Manager Colby Wilson 333 Clay Street, Suite 1600,Houston, TX, 77002 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 5930870 3733227 9664097 0.0195 8025417 5049519 13074936 0.0203 806163 511694 1317857 0.0203 16069816 10126257 26196073 0.0203 582793 274362 857155 0.0255 2597543 1312069 3909612 0.0362 4865 4865 0.050 5207478 3281690 8489168 0.0258 1149288 722680 1871968 0.0203 40369368 25016363 65385731 40369368 25016363 65385731 1387976 1387976 Net Increase (Decrease) in Related Party 4707842 599139 1 3556085 3556085 3556085 1933176 1933176 1933176 1743797 1743797 1743797 45349831 45349831 45349831 -680494 -680494 -680494 240732 240732 240732 577335 577335 577335 52720462 52720462 52720462 75728 75728 75728 1834586 1834586 1834586 75492215 75492215 75492215 662813 662813 662813 6299 6299 6299 45465 45465 45465 14542031 14542031 14542031 8262 8262 8262 92667399 92667399 92667399 145387861 145387861 145387861 Texas 14542031 2 3 4 5 11 996038 Write-off of construction in progress 660 996038 2 3 6 7 10 11 14 15 18 19 22 23 Texas 239068578 3863990 242932568 Delivered Out 243274351 243274351 239068578 0 3863990 242932568 243274351 0 0 243274351 239068578 0 3863990 242932568 243274351 0 0 243274351 126020445223 243031390 2 5 6 9 10 11 12 13 16 17 18 21 22 25 26 27 28 29 30 31 32 33 34 35 36 Enbridge Inc. CAN Enbridge Cactus II, LLC TX 0.30 PAA GP Holdings LLC DE Plains Pipeline, L.P. TX 0.70 1 2 3 4 28800571 41356405 5079452 8566959 20328675 22281545 1298387 1912276 3067 2857 55510152 74120042 1185572805 1175990565 65385731 40369368 1120187074 1135621197 1120187074 1135621197 624908501 624908501 184849062 134373210 440059439 490535291 1615756665 1700276530 5149135 3928800 3378918 2555832 12431105 9397600 20959158 15882232 15443659 40057373 15443659 40057373 36402817 55939605 1579353848 1644336925 1579353848 1644336925 1615756665 1700276530 211794714 211794714 175398923 175398923 175398923 211794714 175398923 211794714 175398923 211794714 175398923 211794714 Net Increase (Decrease) in Deferred Revenue -24613714 -19573439 Net (Increase) Decrease in Prepaids and Other Assets -210 6292 Capital project write-offs 994154 -23619770 -19567147 1 2 3 25016363 18637217 50475852 55127395 -1952870 437236 -613889 943122 4167486 -963647 238713455 264247313 10887289 497155 10887289 497155 -10887289 -497155 -240382000 -257539000 -12555834 6211158 41356405 35145247 28800571 293250651 32018504 32018504 -4395606 -4395606 320873549 320873549 337685601 126921332 175485688 210764269 1387976 1572065 3100 391938 1568965 175877626 212333234 478703 538520 175398923 211794714 175398923 211794714 64983077 282529144 33519535 33519535 21636922 21636922 337685601 63132877 46728201 19293508 13977522 1387668 1006353 1143177 862048 861925834 853935598 74461027 60003388 936386861 913938986 0.4593 0.3936 0.5407 0.6064 0.0492 0.0480 0.0912 0.1005 0.0719 0.0798 21160058 17266866 46174959 55698366 67335017 72965232 3882015 4585197 0.0732 0.0732 156174262 140124553 264068558 250363795 219656890 191131228 113820017176 97236625910 Russ Montgomery Vice President & Controller Russ Montgomery 2026-04-16 6 Cactus II Pipeline LLC C010308 2025 Q4 333 Clay Street, Suite 1600, Houston, Texas, 77002 Douglas Pearson Manager of Joint Venture Accounting 333 Clay Street, Suite 1600, Houston, Texas 77002 713-993-5275 O 2026-04-16 IRIS Carbon The management of the business and affairs of Cactus II Pipeline LLC ("the Company") is fully vested in the Members. To facilitate the management of the Company, the Members as as a "committee of the whole" referred to as the "Board." Each Member has appointed one Manager to the Board. The Designated Managers are listed on pages 104 & 105. The management of the business and affairs of Cactus II Pipeline LLC ("the Company") is fully vested in the Members. To facilitate the management of the Company, the Members as as a "committee of the whole" referred to as the "Board." Each Member has appointed one Manager to the Board. The Designated Managers are listed on pages 104 & 105. Chain of Ownership: Enbridge Inc. - CAN Enbridge US Holdings Inc. - CAN Enbridge (US) Inc. - DE Enbridge Midstream Operating, LLC - DE Enbridge Ingleside Holdings, LLC - DE Enbridge Ingleside Energy Center, LLC - DE Enbridge Ingleside, LLC - DE Enbridge Ingleside Cactus II Holdings, LLC - TX Enbridge Cactus II, LLC - TX Chain of Ownership: PAA GP Holdings LLC - DE Plains GP Holdings, L.P. - DE Plains All American GP LLC - DE Plains AAP, L.P. - DE PAA GP LLC - DE Plains All American Pipeline, L.P. - DE Plains GP LLC. - TX Plains Pipeline, L.P. - TX Current year distributions were $240,382,000, which exceeded the positive balance in unappropriated retained income by $64,983,077 as of December 31, 2025. Such excess was recorded against additional paid-in capital. Current year distributions were $240,382,000, which exceeded the positive balance in unappropriated retained income by $64,983,077 as of December 31, 2025. Such excess was recorded against additional paid-in capital. During 2025, the Company updated the estimated timing of revenue recognition related to a committed shipper's deficiency credits, which resulted in a credit of $4,395,606 for the year ended December 31, 2025.