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<div style="text-align:justify;text-indent:0.0px;"></div> <table border="0" cellspacing="0" cellpadding="0" style="border-collapse: collapse; border: none"> <tr> <td valign="bottom" style=" border:solid #000000 0.0px;width:258px;height:15px;"><div style="text-align:justify;text-indent:0.0px;"> </div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:16px;"><div style="text-align:justify;text-indent:0.0px;"> </div></td> <td valign="bottom" colspan="8" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:281px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><b>Year ended December 31,</b></font></div></td> </tr> <tr> <td valign="bottom" style=" border:solid #000000 0.0px;width:258px;height:15px;"><div style="text-align:justify;text-indent:0.0px;"> </div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:16px;"><div style="text-align:justify;text-indent:0.0px;"> </div></td> <td valign="bottom" colspan="2" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:91px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><b>2014</b></font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:14px;"><div style="text-align:center;text-indent:0.0px;"> </div></td> <td valign="bottom" colspan="2" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:79px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><b>2013</b></font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:14px;"><div style="text-align:center;text-indent:0.0px;"> </div></td> <td valign="bottom" colspan="2" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:79px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><b>2012</b></font></div></td> </tr> <tr> <td valign="bottom" style=" border:solid #000000 0.0px;width:258px;height:12px;background-color:#cceeff"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">Interest expense (Note 5)</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:16px;background-color:#cceeff"><div style="text-align:justify;text-indent:0.0px;"> </div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:21px;background-color:#cceeff"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">$</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:70px;background-color:#cceeff"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">13,338</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:14px;background-color:#cceeff"><div style="text-align:justify;text-indent:0.0px;"> </div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:21px;background-color:#cceeff"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">$</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:58px;background-color:#cceeff"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">8,248</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:14px;background-color:#cceeff"><div style="text-align:justify;text-indent:0.0px;"> </div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:21px;background-color:#cceeff"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">$</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:58px;background-color:#cceeff"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">8,551</font></div></td> </tr> <tr> <td valign="bottom" style=" border:solid #000000 0.0px;width:258px;height:12px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">Amortization and write-off of deferred financing fees</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:16px;"><div style="text-align:justify;text-indent:0.0px;"> </div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:21px;"><div style="text-align:justify;text-indent:0.0px;"> </div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:70px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">785</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:14px;"><div style="text-align:justify;text-indent:0.0px;"> </div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:21px;"><div style="text-align:justify;text-indent:0.0px;"> </div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:58px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">1,050</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:14px;"><div style="text-align:justify;text-indent:0.0px;"> </div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:21px;"><div style="text-align:justify;text-indent:0.0px;"> </div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:58px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">590</font></div></td> </tr> <tr> <td valign="bottom" style=" border:solid #000000 0.0px;width:258px;height:12px;background-color:#cceeff"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">Commitment fees (Note 5)</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:16px;background-color:#cceeff"><div style="text-align:justify;text-indent:0.0px;"> </div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:21px;background-color:#cceeff"><div style="text-align:justify;text-indent:0.0px;"> </div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:70px;background-color:#cceeff"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">360</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:14px;background-color:#cceeff"><div style="text-align:justify;text-indent:0.0px;"> </div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:21px;background-color:#cceeff"><div style="text-align:justify;text-indent:0.0px;"> </div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:58px;background-color:#cceeff"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">327</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:14px;background-color:#cceeff"><div style="text-align:justify;text-indent:0.0px;"> </div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:21px;background-color:#cceeff"><div style="text-align:justify;text-indent:0.0px;"> </div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:58px;background-color:#cceeff"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">372</font></div></td> </tr> <tr> <td valign="bottom" style=" border:solid #000000 0.0px;width:258px;height:12px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">Other</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:16px;"><div style="text-align:justify;text-indent:0.0px;"> </div></td> <td valign="bottom" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:21px;"><div style="text-align:justify;text-indent:0.0px;"> </div></td> <td valign="bottom" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:70px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">41</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:14px;"><div style="text-align:justify;text-indent:0.0px;"> </div></td> <td valign="bottom" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:21px;"><div style="text-align:justify;text-indent:0.0px;"> </div></td> <td valign="bottom" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:58px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">107</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:14px;"><div style="text-align:justify;text-indent:0.0px;"> </div></td> <td valign="bottom" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:21px;"><div style="text-align:justify;text-indent:0.0px;"> </div></td> <td valign="bottom" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:58px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">63</font></div></td> </tr> <tr> <td valign="bottom" style=" border:solid #000000 0.0px;width:258px;height:13px;background-color:#cceeff"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><b>Total</b></font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:16px;background-color:#cceeff"><div style="text-align:justify;text-indent:0.0px;"> </div></td> <td valign="bottom" style=" border-left:solid #000000 0.0px; border-top:solid #000000 1.0px; border-right:solid #000000 0.0px; border-bottom:double #000000 3.0px;width:21px;background-color:#cceeff"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><b>$</b></font></div></td> <td valign="bottom" style=" border-left:solid #000000 0.0px; border-top:solid #000000 1.0px; border-right:solid #000000 0.0px; border-bottom:double #000000 3.0px;width:70px;background-color:#cceeff"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><b>14,524</b></font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:14px;background-color:#cceeff"><div style="text-align:justify;text-indent:0.0px;"> </div></td> <td valign="bottom" style=" border-left:solid #000000 0.0px; border-top:solid #000000 1.0px; border-right:solid #000000 0.0px; border-bottom:double #000000 3.0px;width:21px;background-color:#cceeff"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><b>$</b></font></div></td> <td valign="bottom" style=" border-left:solid #000000 0.0px; border-top:solid #000000 1.0px; border-right:solid #000000 0.0px; border-bottom:double #000000 3.0px;width:58px;background-color:#cceeff"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><b>9,732</b></font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:14px;background-color:#cceeff"><div style="text-align:justify;text-indent:0.0px;"> </div></td> <td valign="bottom" style=" border-left:solid #000000 0.0px; border-top:solid #000000 1.0px; border-right:solid #000000 0.0px; border-bottom:double #000000 3.0px;width:21px;background-color:#cceeff"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><b>$</b></font></div></td> <td valign="bottom" style=" border-left:solid #000000 0.0px; border-top:solid #000000 1.0px; border-right:solid #000000 0.0px; border-bottom:double #000000 3.0px;width:58px;background-color:#cceeff"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><b>9,576</b></font></div></td> </tr> <tr> <td style="width:258px;"></td> <td style="width:16px;"></td> <td style="width:21px;"></td> <td style="width:70px;"></td> <td style="width:14px;"></td> <td style="width:21px;"></td> <td style="width:58px;"></td> <td style="width:14px;"></td> <td style="width:21px;"></td> <td style="width:58px;"></td> </tr> </table> <div></div> <div style="text-align:justify;text-indent:0.0px;"></div> <table border="0" cellspacing="0" cellpadding="0" style="border-collapse: collapse; border: none"> <tr> <td valign="bottom" style=" border:solid #000000 0.0px;width:258px;height:15px;"><div style="text-align:justify;text-indent:0.0px;"> </div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:15px;"><div style="text-align:justify;text-indent:0.0px;"> </div></td> <td valign="bottom" colspan="8" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:328px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><b>Year ended December 31,</b></font></div></td> </tr> <tr> <td valign="bottom" style=" border:solid #000000 0.0px;width:258px;height:15px;"><div style="text-align:justify;text-indent:0.0px;"> </div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:15px;"><div style="text-align:justify;text-indent:0.0px;"> </div></td> <td valign="bottom" colspan="2" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:105px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><b>2014</b></font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:14px;"><div style="text-align:center;text-indent:0.0px;"> </div></td> <td valign="bottom" colspan="2" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:96px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><b>2013</b></font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:14px;"><div style="text-align:center;text-indent:0.0px;"> </div></td> <td valign="bottom" colspan="2" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:96px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><b>2012</b></font></div></td> </tr> <tr> <td valign="bottom" style=" border:solid #000000 0.0px;width:258px;height:12px;background-color:#cceeff"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">Net income attributable to common unitholders</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:15px;background-color:#cceeff"><div style="text-align:justify;text-indent:0.0px;"> </div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:21px;background-color:#cceeff"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">$</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:84px;background-color:#cceeff"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">28,323</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:14px;background-color:#cceeff"><div style="text-align:justify;text-indent:0.0px;"> </div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:21px;background-color:#cceeff"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">$</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:75px;background-color:#cceeff"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">22,787</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:14px;background-color:#cceeff"><div style="text-align:justify;text-indent:0.0px;"> </div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:21px;background-color:#cceeff"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">$</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:75px;background-color:#cceeff"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">9,239</font></div></td> </tr> <tr> <td valign="bottom" style=" border:solid #000000 0.0px;width:258px;height:12px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">Earnings per common unit, basic and diluted</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:15px;"><div style="text-align:justify;text-indent:0.0px;"> </div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:21px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">$</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:84px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">1.58</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:14px;"><div style="text-align:justify;text-indent:0.0px;"> </div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:21px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">$</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:75px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">2.95</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:14px;"><div style="text-align:justify;text-indent:0.0px;"> </div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:21px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">$</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:75px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">1.37</font></div></td> </tr> <tr> <td valign="bottom" style=" border:solid #000000 0.0px;width:258px;height:12px;background-color:#cceeff"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">Weighted average number of common units outstanding, basic and diluted</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:15px;background-color:#cceeff"><div style="text-align:justify;text-indent:0.0px;"> </div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:21px;background-color:#cceeff"><div style="text-align:justify;text-indent:0.0px;"> </div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:84px;background-color:#cceeff"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">17,964,288</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:14px;background-color:#cceeff"><div style="text-align:justify;text-indent:0.0px;"> </div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:21px;background-color:#cceeff"><div style="text-align:justify;text-indent:0.0px;"> </div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:75px;background-color:#cceeff"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">7,729,521</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:14px;background-color:#cceeff"><div style="text-align:justify;text-indent:0.0px;"> </div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:21px;background-color:#cceeff"><div style="text-align:justify;text-indent:0.0px;"> </div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:75px;background-color:#cceeff"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">6,735,000</font></div></td> </tr> <tr> <td style="width:258px;"></td> <td style="width:15px;"></td> <td style="width:21px;"></td> <td style="width:84px;"></td> <td style="width:14px;"></td> <td style="width:21px;"></td> <td style="width:75px;"></td> <td style="width:14px;"></td> <td style="width:21px;"></td> <td style="width:75px;"></td> </tr> </table> <div></div> <div style="text-align:justify;text-indent:0.0px;"></div> <table border="0" cellspacing="0" cellpadding="0" style="border-collapse: collapse; border: none"> <tr> <td valign="bottom" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:188px;height:15px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:14.7px;color:#000000; "><b>Year ending December 31,</b></font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:16px;"><div style="text-align:justify;text-indent:0.0px;"> </div></td> <td valign="bottom" colspan="2" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:95px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:14.7px;color:#000000; "><b>Amount</b></font></div></td> </tr> <tr> <td valign="bottom" style=" border:solid #000000 0.0px;width:188px;height:15px;background-color:#cceeff"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:14.7px;color:#000000; ">2015 </font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:16px;background-color:#cceeff"><div style="text-align:justify;text-indent:0.0px;"> </div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:21px;background-color:#cceeff"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:14.7px;color:#000000; ">$</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:73px;background-color:#cceeff"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:14.7px;color:#000000; ">4,840</font></div></td> </tr> <tr> <td valign="bottom" style=" border:solid #000000 0.0px;width:188px;height:15px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:14.7px;color:#000000; ">2016</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:16px;"><div style="text-align:justify;text-indent:0.0px;"> </div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:21px;"><div style="text-align:justify;text-indent:0.0px;"> </div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:73px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:14.7px;color:#000000; ">4,999</font></div></td> </tr> <tr> <td valign="bottom" style=" border:solid #000000 0.0px;width:188px;height:15px;background-color:#cceeff"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:14.7px;color:#000000; ">2017</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:16px;background-color:#cceeff"><div style="text-align:justify;text-indent:0.0px;"> </div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:21px;background-color:#cceeff"><div style="text-align:justify;text-indent:0.0px;"> </div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:73px;background-color:#cceeff"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:14.7px;color:#000000; ">5,135</font></div></td> </tr> <tr> <td valign="bottom" style=" border:solid #000000 0.0px;width:188px;height:15px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:14.7px;color:#000000; ">2018</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:16px;"><div style="text-align:justify;text-indent:0.0px;"> </div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:21px;"><div style="text-align:justify;text-indent:0.0px;"> </div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:73px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:14.7px;color:#000000; ">5,289</font></div></td> </tr> <tr> <td valign="bottom" style=" border:solid #000000 0.0px;width:188px;height:15px;background-color:#cceeff"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:14.7px;color:#000000; ">2019</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:16px;background-color:#cceeff"><div style="text-align:justify;text-indent:0.0px;"> </div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:21px;background-color:#cceeff"><div style="text-align:justify;text-indent:0.0px;"> </div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:73px;background-color:#cceeff"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:14.7px;color:#000000; ">5,448</font></div></td> </tr> <tr> <td valign="bottom" style=" border:solid #000000 0.0px;width:188px;height:15px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:14.7px;color:#000000; ">Thereafter</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:16px;"><div style="text-align:justify;text-indent:0.0px;"> </div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:21px;"><div style="text-align:justify;text-indent:0.0px;"> </div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:73px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:14.7px;color:#000000; ">5,627</font></div></td> </tr> <tr> <td valign="bottom" style=" border:solid #000000 0.0px;width:188px;height:15px;"><div style="text-align:justify;text-indent:0.0px;"> </div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:16px;"><div style="text-align:justify;text-indent:0.0px;"> </div></td> <td valign="bottom" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:21px;"><div style="text-align:justify;text-indent:0.0px;"> </div></td> <td valign="bottom" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:73px;"><div style="text-align:right;text-indent:0.0px;"> </div></td> </tr> <tr> <td valign="bottom" style=" border:solid #000000 0.0px;width:188px;height:15px;background-color:#cceeff"><div style="text-align:justify;text-indent:0.0px;"> </div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:16px;background-color:#cceeff"><div style="text-align:justify;text-indent:0.0px;"> </div></td> <td valign="bottom" style=" border-left:solid #000000 0.0px; border-top:solid #000000 1.0px; border-right:solid #000000 0.0px; border-bottom:double #000000 3.0px;width:21px;background-color:#cceeff"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:14.7px;color:#000000; "><b>$</b></font></div></td> <td valign="bottom" style=" border-left:solid #000000 0.0px; border-top:solid #000000 1.0px; border-right:solid #000000 0.0px; border-bottom:double #000000 3.0px;width:73px;background-color:#cceeff"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:14.7px;color:#000000; "><b>31,338</b></font></div></td> </tr> <tr> <td style="width:188px;"></td> <td style="width:16px;"></td> <td style="width:21px;"></td> <td style="width:73px;"></td> </tr> </table> <div></div> <div style="text-align:justify;text-indent:0.0px;"></div> <table border="0" cellspacing="0" cellpadding="0" style="border-collapse: collapse; border: none"> <tr> <td valign="bottom" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:186px;height:15px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:14.7px;color:#000000; "><b>Year ending December 31,</b></font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:14px;"><div style="text-align:justify;text-indent:0.0px;"> </div></td> <td valign="bottom" colspan="2" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:96px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:14.7px;color:#000000; "><b>Amount</b></font></div></td> </tr> <tr> <td valign="bottom" style=" border:solid #000000 0.0px;width:186px;height:15px;background-color:#cceeff"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:14.7px;color:#000000; ">2015</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:14px;background-color:#cceeff"><div style="text-align:justify;text-indent:0.0px;"> </div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:21px;background-color:#cceeff"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:14.7px;color:#000000; ">$</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:74px;background-color:#cceeff"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:14.7px;color:#000000; ">145,611</font></div></td> </tr> <tr> <td valign="bottom" style=" border:solid #000000 0.0px;width:186px;height:15px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:14.7px;color:#000000; ">2016</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:14px;"><div style="text-align:justify;text-indent:0.0px;"> </div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:21px;"><div style="text-align:right;text-indent:0.0px;"> </div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:74px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:14.7px;color:#000000; ">147,114</font></div></td> </tr> <tr> <td valign="bottom" style=" border:solid #000000 0.0px;width:186px;height:15px;background-color:#cceeff"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:14.7px;color:#000000; ">2017</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:14px;background-color:#cceeff"><div style="text-align:justify;text-indent:0.0px;"> </div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:21px;background-color:#cceeff"><div style="text-align:right;text-indent:0.0px;"> </div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:74px;background-color:#cceeff"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:14.7px;color:#000000; ">115,821</font></div></td> </tr> <tr> <td valign="bottom" style=" border:solid #000000 0.0px;width:186px;height:15px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:14.7px;color:#000000; ">2018</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:14px;"><div style="text-align:justify;text-indent:0.0px;"> </div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:21px;"><div style="text-align:right;text-indent:0.0px;"> </div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:74px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:14.7px;color:#000000; ">56,893</font></div></td> </tr> <tr> <td valign="bottom" style=" border:solid #000000 0.0px;width:186px;height:15px;background-color:#cceeff"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:14.7px;color:#000000; ">2019</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:14px;background-color:#cceeff"><div style="text-align:justify;text-indent:0.0px;"> </div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:21px;background-color:#cceeff"><div style="text-align:right;text-indent:0.0px;"> </div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:74px;background-color:#cceeff"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:14.7px;color:#000000; ">24,273</font></div></td> </tr> <tr> <td valign="bottom" style=" border:solid #000000 0.0px;width:186px;height:15px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:14.7px;color:#000000; ">Thereafter</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:14px;"><div style="text-align:justify;text-indent:0.0px;"> </div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:21px;"><div style="text-align:right;text-indent:0.0px;"> </div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:74px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:14.7px;color:#000000; ">200,750</font></div></td> </tr> <tr> <td valign="bottom" style=" border:solid #000000 0.0px;width:186px;height:15px;background-color:#cceeff"><div style="text-align:justify;text-indent:0.0px;"> </div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:14px;background-color:#cceeff"><div style="text-align:justify;text-indent:0.0px;"> </div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:21px;background-color:#cceeff"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:14.7px;color:#000000; "><b>$</b></font></div></td> <td valign="bottom" style=" border-left:solid #000000 0.0px; border-top:solid #000000 1.0px; border-right:solid #000000 0.0px; border-bottom:double #000000 3.0px;width:74px;background-color:#cceeff"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:14.7px;color:#000000; "><b>690,462</b></font></div></td> </tr> <tr> <td style="width:186px;"></td> <td style="width:14px;"></td> <td style="width:21px;"></td> <td style="width:74px;"></td> </tr> </table> <div></div>

<div style="text-align:justify;text-indent:0.0px;"></div> <table border="0" cellspacing="0" cellpadding="0" style=" margin-left: 85.3px;pt;border-collapse: collapse; border: none"> <tr> <td valign="bottom" colspan="2" style=" border:solid #000000 0.0px;width:264px;height:12px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><b>Year ending December 31,</b></font></div></td> <td valign="bottom" colspan="2" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:92px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><b>Amount</b></font></div></td> </tr> <tr> <td valign="bottom" style=" border:solid #000000 0.0px;width:249px;height:12px;background-color:#cceeff"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">2015</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:14px;background-color:#cceeff"><div style="text-align:justify;text-indent:0.0px;"> </div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:21px;background-color:#cceeff"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">$</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:71px;background-color:#cceeff"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">20,000</font></div></td> </tr> <tr> <td valign="bottom" style=" border:solid #000000 0.0px;width:249px;height:12px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">2016</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:14px;"><div style="text-align:justify;text-indent:0.0px;"> </div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:21px;"><div style="text-align:right;text-indent:0.0px;"> </div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:71px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">20,000</font></div></td> </tr> <tr> <td valign="bottom" style=" border:solid #000000 0.0px;width:249px;height:12px;background-color:#cceeff"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">2017</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:14px;background-color:#cceeff"><div style="text-align:justify;text-indent:0.0px;"> </div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:21px;background-color:#cceeff"><div style="text-align:right;text-indent:0.0px;"> </div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:71px;background-color:#cceeff"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">20,000</font></div></td> </tr> <tr> <td valign="bottom" style=" border:solid #000000 0.0px;width:249px;height:12px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">2018</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:14px;"><div style="text-align:justify;text-indent:0.0px;"> </div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:21px;"><div style="text-align:right;text-indent:0.0px;"> </div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:71px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">20,000</font></div></td> </tr> <tr> <td valign="bottom" style=" border:solid #000000 0.0px;width:249px;height:12px;background-color:#cceeff"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">2019</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:14px;background-color:#cceeff"><div style="text-align:justify;text-indent:0.0px;"> </div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:21px;background-color:#cceeff"><div style="text-align:right;text-indent:0.0px;"> </div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:71px;background-color:#cceeff"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">270,000</font></div></td> </tr> <tr> <td valign="bottom" style=" border:solid #000000 0.0px;width:249px;height:12px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">2020 and thereafter</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:14px;"><div style="text-align:justify;text-indent:0.0px;"> </div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:21px;"><div style="text-align:right;text-indent:0.0px;"> </div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:71px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">225,000</font></div></td> </tr> <tr> <td valign="bottom" style=" border:solid #000000 0.0px;width:249px;height:13px;background-color:#cceeff"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><b>Total</b></font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:14px;background-color:#cceeff"><div style="text-align:justify;text-indent:0.0px;"> </div></td> <td valign="bottom" style=" border-left:solid #000000 0.0px; border-top:solid #000000 1.0px; border-right:solid #000000 0.0px; border-bottom:double #000000 3.0px;width:21px;background-color:#cceeff"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><b>$</b></font></div></td> <td valign="bottom" style=" border-left:solid #000000 0.0px; border-top:solid #000000 1.0px; border-right:solid #000000 0.0px; border-bottom:double #000000 3.0px;width:71px;background-color:#cceeff"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><b>575,000</b></font></div></td> </tr> <tr> <td style="width:249px;"></td> <td style="width:14px;"></td> <td style="width:21px;"></td> <td style="width:71px;"></td> </tr> </table> <div></div>

<div style="text-align:justify;text-indent:0.0px;"></div> <table border="0" cellspacing="0" cellpadding="0" style="border-collapse: collapse; border: none"> <tr> <td valign="bottom" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:113px;height:12px;background-color:#cceeff"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; "><b>Debt instruments</b></font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:14px;background-color:#cceeff"><div style="text-align:justify;text-indent:0.0px;"> </div></td> <td valign="bottom" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:273px;background-color:#cceeff"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; "><b>Borrowers-Issuers</b></font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:14px;background-color:#cceeff"><div style="text-align:justify;text-indent:0.0px;"> </div></td> <td valign="bottom" colspan="2" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:118px;background-color:#cceeff"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; "><b>2014</b></font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:18px;background-color:#cceeff"><div style="text-align:center;text-indent:0.0px;"> </div></td> <td valign="bottom" colspan="2" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:120px;background-color:#cceeff"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; "><b>2013</b></font></div></td> </tr> <tr> <td valign="bottom" style=" border:solid #000000 0.0px;width:113px;height:12px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; ">$262.1 Million Credit Suisse credit facility</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:14px;"><div style="text-align:justify;text-indent:0.0px;"> </div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:273px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; ">Pegasus-Lance-Seacrown</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:14px;"><div style="text-align:justify;text-indent:0.0px;"> </div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:20px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; ">$</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:98px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; "></font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:18px;"><div style="text-align:right;text-indent:0.0px;"> </div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:20px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; ">$</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:100px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; ">214,085</font></div></td> </tr> <tr> <td valign="bottom" style=" border:solid #000000 0.0px;width:113px;height:12px;background-color:#cceeff"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; ">$340.0 Million Credit Suisse credit facility</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:14px;background-color:#cceeff"><div style="text-align:justify;text-indent:0.0px;"> </div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:273px;background-color:#cceeff"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; ">Pegasus-Lance-Seacrown-Fareastern</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:14px;background-color:#cceeff"><div style="text-align:justify;text-indent:0.0px;"> </div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:20px;background-color:#cceeff"><div style="text-align:justify;text-indent:0.0px;"> </div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:98px;background-color:#cceeff"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; ">325,000</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:18px;background-color:#cceeff"><div style="text-align:right;text-indent:0.0px;"> </div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:20px;background-color:#cceeff"><div style="text-align:right;text-indent:0.0px;"> </div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:100px;background-color:#cceeff"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; "></font></div></td> </tr> <tr> <td valign="bottom" style=" border:solid #000000 0.0px;width:113px;height:12px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; ">$250.0 Million Senior Unsecured Notes</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:14px;"><div style="text-align:justify;text-indent:0.0px;"> </div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:273px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; ">Dynagas LNG Partners LP - Dynagas Finance Inc. </font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:14px;"><div style="text-align:justify;text-indent:0.0px;"> </div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:20px;"><div style="text-align:justify;text-indent:0.0px;"> </div></td> <td valign="bottom" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:98px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; ">250,000</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:18px;"><div style="text-align:right;text-indent:0.0px;"> </div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:20px;"><div style="text-align:right;text-indent:0.0px;"> </div></td> <td valign="bottom" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:100px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; "></font></div></td> </tr> <tr> <td valign="bottom" style=" border:solid #000000 0.0px;width:113px;height:12px;background-color:#cceeff"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; "><b>Total</b></font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:14px;background-color:#cceeff"><div style="text-align:justify;text-indent:0.0px;"> </div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:273px;background-color:#cceeff"><div style="text-align:justify;text-indent:0.0px;"> </div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:14px;background-color:#cceeff"><div style="text-align:justify;text-indent:0.0px;"> </div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:20px;background-color:#cceeff"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; "><b>$</b></font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:98px;background-color:#cceeff"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; "><b>575,000</b></font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:18px;background-color:#cceeff"><div style="text-align:right;text-indent:0.0px;"> </div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:20px;background-color:#cceeff"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; "><b>$</b></font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:100px;background-color:#cceeff"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; "><b>214,085</b></font></div></td> </tr> <tr> <td valign="bottom" style=" border:solid #000000 0.0px;width:113px;height:12px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; "><b>Less current portion</b></font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:14px;"><div style="text-align:justify;text-indent:0.0px;"> </div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:273px;"><div style="text-align:justify;text-indent:0.0px;"> </div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:14px;"><div style="text-align:justify;text-indent:0.0px;"> </div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:20px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; "><b>$</b></font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:98px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; "><b>20,000</b></font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:18px;"><div style="text-align:right;text-indent:0.0px;"> </div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:20px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; "><b>$</b></font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:100px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; "><b></b></font></div></td> </tr> <tr> <td valign="bottom" style=" border:solid #000000 0.0px;width:113px;height:12px;background-color:#cceeff"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; "><b>Long-term portion</b></font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:14px;background-color:#cceeff"><div style="text-align:justify;text-indent:0.0px;"> </div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:273px;background-color:#cceeff"><div style="text-align:justify;text-indent:0.0px;"> </div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:14px;background-color:#cceeff"><div style="text-align:justify;text-indent:0.0px;"> </div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:20px;background-color:#cceeff"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; "><b>$</b></font></div></td> <td valign="bottom" style=" border-left:solid #000000 0.0px; border-top:solid #000000 1.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:98px;background-color:#cceeff"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; "><b>555,000</b></font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:18px;background-color:#cceeff"><div style="text-align:right;text-indent:0.0px;"> </div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:20px;background-color:#cceeff"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; "><b>$</b></font></div></td> <td valign="bottom" style=" border-left:solid #000000 0.0px; border-top:solid #000000 1.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:100px;background-color:#cceeff"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; "><b>214,085</b></font></div></td> </tr> <tr> <td style="width:113px;"></td> <td style="width:14px;"></td> <td style="width:273px;"></td> <td style="width:14px;"></td> <td style="width:20px;"></td> <td style="width:98px;"></td> <td style="width:18px;"></td> <td style="width:20px;"></td> <td style="width:100px;"></td> </tr> </table> <div></div>

<div style="text-align:justify;text-indent:0.0px;"></div> <table border="0" cellspacing="0" cellpadding="0" style=" margin-left: 33.3px;pt;border-collapse: collapse; border: none"> <tr> <td valign="bottom" style=" border:solid #000000 0.0px;width:107px;height:12px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><b>Charterer</b></font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:14px;"><div style="text-align:justify;text-indent:0.0px;"> </div></td> <td valign="bottom" colspan="2" style=" border:solid #000000 0.0px;width:63px;"><div style="text-align:justify;text-indent:0.0px;"> </div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:14px;"><div style="text-align:justify;text-indent:0.0px;"> </div></td> <td valign="bottom" colspan="2" style=" border:solid #000000 0.0px;width:62px;"><div style="text-align:justify;text-indent:0.0px;"> </div></td> </tr> <tr> <td valign="bottom" style=" border:solid #000000 0.0px;width:107px;height:12px;"><div style="text-align:justify;text-indent:0.0px;"> </div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:14px;"><div style="text-align:justify;text-indent:0.0px;"> </div></td> <td valign="bottom" colspan="2" style=" border:solid #000000 0.0px;width:63px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><b>2014</b></font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:14px;"><div style="text-align:center;text-indent:0.0px;"> </div></td> <td valign="bottom" colspan="2" style=" border:solid #000000 0.0px;width:62px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><b>2013</b></font></div></td> </tr> <tr> <td valign="bottom" style=" border:solid #000000 0.0px;width:107px;height:12px;background-color:#cceeff"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">A</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:14px;background-color:#cceeff"><div style="text-align:justify;text-indent:0.0px;"> </div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:38px;background-color:#cceeff"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">50</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:25px;background-color:#cceeff"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">% </font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:14px;background-color:#cceeff"><div style="text-align:right;text-indent:0.0px;"> </div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:36px;background-color:#cceeff"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">61</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:25px;background-color:#cceeff"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">% </font></div></td> </tr> <tr> <td valign="bottom" style=" border:solid #000000 0.0px;width:107px;height:12px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">B</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:14px;"><div style="text-align:justify;text-indent:0.0px;"> </div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:38px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">36</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:25px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">% </font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:14px;"><div style="text-align:right;text-indent:0.0px;"> </div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:36px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">39</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:25px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">% </font></div></td> </tr> <tr> <td valign="bottom" style=" border:solid #000000 0.0px;width:107px;height:12px;background-color:#cceeff"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">C</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:14px;background-color:#cceeff"><div style="text-align:justify;text-indent:0.0px;"> </div></td> <td valign="bottom" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:38px;background-color:#cceeff"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">14</font></div></td> <td valign="bottom" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:25px;background-color:#cceeff"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">%</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:14px;background-color:#cceeff"><div style="text-align:right;text-indent:0.0px;"> </div></td> <td valign="bottom" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:36px;background-color:#cceeff"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "></font></div></td> <td valign="bottom" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:25px;background-color:#cceeff"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">%</font></div></td> </tr> <tr> <td valign="bottom" style=" border:solid #000000 0.0px;width:107px;height:12px;"><div style="text-align:justify;text-indent:0.0px;"> </div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:14px;"><div style="text-align:justify;text-indent:0.0px;"> </div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:38px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">100</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:25px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">% </font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:14px;"><div style="text-align:right;text-indent:0.0px;"> </div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:36px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">100</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:25px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">% </font></div></td> </tr> <tr> <td valign="bottom" style=" border:solid #000000 0.0px;width:107px;height:12px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> </font></div><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> </font></div><div style="text-align:justify;text-indent:0.0px;"></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:14px;"><div style="text-align:justify;text-indent:0.0px;"> </div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:38px;"><div style="text-align:justify;text-indent:0.0px;"> </div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:25px;"><div style="text-align:justify;text-indent:0.0px;"> </div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:14px;"><div style="text-align:justify;text-indent:0.0px;"> </div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:36px;"><div style="text-align:justify;text-indent:0.0px;"> </div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:25px;"><div style="text-align:justify;text-indent:0.0px;"> </div></td> </tr> <tr> <td style="width:107px;"></td> <td style="width:14px;"></td> <td style="width:38px;"></td> <td style="width:25px;"></td> <td style="width:14px;"></td> <td style="width:36px;"></td> <td style="width:25px;"></td> </tr> </table> <div></div>

<div style="text-align:justify;margin-left: 28.4px;margin-bottom:10.0px;line-height:1.15;text-indent:-28.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><i><b>(v)  </b></i></font><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><i><b> </b></i></font><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><i><b>Accounting for Financial Instruments and Derivatives:</b></i> The principal financial assets of the Partnership consist of cash and cash equivalents, restricted cash and trade receivables, net. The principal financial liabilities of the Partnership consist of trade and other payables, accrued liabilities and long-term debt and interest-rate swaps. Derivative financial instruments are used to manage risk related to fluctuations of interest rates. ASC 815, Derivatives and Hedging, requires all derivative contracts to be recorded at fair value, as determined in accordance with ASC 820, Fair Value Measurements and Disclosures (Note 6). The changes in fair value of a derivative contract are recognized in earnings unless specific hedging criteria are met.</font></div> <div style="text-align:justify;margin-left: 28.4px;margin-bottom:10.0px;line-height:1.15;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">At the inception of a hedge relationship, the Company formally designates and documents the hedge relationship to which the Partnership wishes to apply hedge accounting and the risk management objective and strategy undertaken for the hedge. The documentation includes identification of the hedging instrument, hedged item or transaction, the nature of the risk being hedged and how the entity will assess the hedging instrument's effectiveness in offsetting exposure to changes in the hedged item's cash flows attributable to the hedged risk. A cash flow hedge is a hedge of the exposure to variability in cash flows that is attributable to a particular risk associated with a recognized asset or liability, or a highly probable forecasted transaction that could affect profit or loss. Such hedges are expected to be highly effective in achieving offsetting changes in cash flows and are assessed on an ongoing basis to determine whether they actually have been highly effective throughout the financial reporting periods for which they were designated. All derivatives are recorded on the balance sheet as assets or liabilities and measured at fair value. For derivatives designated as cash flow hedges, the effective portion of the changes in fair value of the derivatives are recorded in Accumulated Other Comprehensive Income/ (Loss) and subsequently recognized in earnings when the hedged items impact earnings.</font></div> <div style="text-align:justify;margin-left: 28.4px;margin-bottom:10.0px;line-height:1.15;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">None of the Company's derivative instruments matured in 2012 met those hedging criteria and, therefore, the changes in fair value were recognized as an increase or decrease in statements of income.</font></div> <div style="text-align:justify;margin-left: 28.4px;margin-bottom:10.0px;line-height:1.15;text-indent:0.0px;"></div>

<div style="text-align:justify;margin-left: 28.4px;margin-bottom:10.0px;line-height:1.15;text-indent:-28.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><i><b> (u)</b></i></font><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><i><b>   </b></i></font><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><i><b>Variable Interest Entities:</b></i> ASC 810-10, addresses the consolidation of business enterprises (variable interest entities) to which the usual condition (ownership of a majority voting interest) of consolidation does not apply. The guidance focuses on financial interests that indicate control. It concludes that in the absence of clear control through voting interests, a Partnership's exposure (variable interest) to the economic risks and potential rewards from the variable interest entity's assets and activities are the best evidence of control. Variable interests are rights and obligations that convey economic gains or losses from changes in the value of the variable interest entity's assets and liabilities. Additionally, ASU 2009-17, Consolidations (Topic 810) Improvements to Financial Reporting by Enterprises Involved with Variable Interest Entities determines when an entity that is insufficiently capitalized or is not controlled through voting (or similar rights) should be consolidated. The determination of whether a reporting entity is required to consolidate another entity is based on, among other things, the other entity's purpose and design and the reporting entity's ability to direct the activities of the other entity that most significantly impact the other entity's economic performance. ASU 2009-17 also requires a reporting entity to provide additional disclosures about its involvement with variable interest entities and any significant changes in risk exposure due to that involvement. The Partnership evaluates financial instruments, service contracts, and other arrangements to determine if any variable interests relating to an entity exist, as the primary beneficiary would be required to include assets, liabilities, and the results of operations of the variable interest entity in its financial statements. The Partnership's evaluation did not result in an identification of variable interest entities as of December 31, 2014 and 2013.      </font></div> <div style="text-align:justify;margin-left: 28.4px;margin-bottom:10.0px;line-height:1.15;text-indent:-28.0px;"></div>

<div style="text-align:justify;margin-left: 28.4px;margin-bottom:10.0px;line-height:1.15;text-indent:-28.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><i> <b>(p)</b></i></font><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">  </font><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><i><b>Repairs and Maintenance:</b></i> All repair and maintenance expenses including underwater inspection expenses are expensed in the period incurred. Such costs are included in vessel operating expenses in the accompanying consolidated statements of income.</font></div> <div style="text-align:justify;margin-left: 28.4px;margin-bottom:10.0px;line-height:1.15;text-indent:-28.0px;"></div> <div style="text-align:justify;margin-left: 18.9px;margin-bottom:10.0px;line-height:1.15;text-indent:-18.7px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><i><b>(o)</b></i></font><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><i><b>Accounting for Revenues and Related Expenses:</b></i> The Partnership generates its revenues from charterers for the chartering of its vessels. All vessels are chartered under time charters, where a contract is entered into for the use of a vessel for a specific period of time and at a specified daily charter hire rate. If a charter agreement exists and collection of the related revenue is reasonably assured, revenue is recognized, as it is earned ratably over the duration of the period of the time charter. Furthermore, revenues from time chartering of vessels are accounted for as operating leases and are thus recognized on a straight line basis as the average minimum lease revenue over the rental periods of such charter agreements, as service is performed with the residual or excess from actually collected hire based on the time charter agreement for each period being classified as deferred revenue in the accompanying consolidated balance sheets. Unearned revenue includes cash received prior to the balance sheet date for which all criteria to recognize as revenue have not yet been met as at the balance sheet date and accordingly is related to revenue earned after such date. Commissions are always paid for by the Company while the remaining voyage expenses, primarily consisting of port, canal and bunker expenses that are unique to a particular charter, are paid for by the charterer under the time charter arrangements or by the Company during periods of off-hire. All voyage expenses are expensed as incurred, except for commissions. Commissions paid to brokers are deferred and amortized over the related charter period to the extent revenue has been deferred since commissions are earned as the Partnership's revenues are earned.</font></div> <div style="text-align:justify;margin-left: 18.9px;margin-bottom:10.0px;line-height:1.15;text-indent:-18.7px;"></div>

<div style="text-align:justify;margin-left: 18.9px;margin-bottom:10.0px;line-height:1.15;text-indent:-18.7px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><i><b>(n)</b></i> <i><b>Concentration of Credit Risk:</b></i> Financial instruments, which potentially subject the Partnership to significant concentrations of credit risk, consist principally of cash and cash equivalents and trade receivables. The maximum exposure to loss due to credit risk is the book value at the balance sheet date. The Partnership places its cash and cash equivalents, consisting mostly of deposits, with high credit qualified financial institutions. The Partnership performs periodic evaluations of the relative credit standing of those financial institutions. The Partnership limits its credit risk with accounts receivable by performing ongoing credit evaluations of its customers' financial condition and generally does not require collateral for its accounts receivable.</font></div> <div style="text-align:justify;margin-bottom:10.0px;line-height:1.15;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">During the years ended December 31, 2014 and 2013, charterers that individually accounted for more than 10% of the Partnership's revenues were as follows:</font></div> <div style="text-align:justify;margin-bottom:10.0px;line-height:1.15;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> </font></div> <div style="text-align:justify;text-indent:0.0px;"></div> <table border="0" cellspacing="0" cellpadding="0" style=" margin-left: 33.3px;pt;border-collapse: collapse; border: none"> <tr> <td valign="bottom" style=" border:solid #000000 0.0px;width:107px;height:12px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><b>Charterer</b></font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:14px;"><div style="text-align:justify;text-indent:0.0px;"> </div></td> <td valign="bottom" colspan="2" style=" border:solid #000000 0.0px;width:63px;"><div style="text-align:justify;text-indent:0.0px;"> </div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:14px;"><div style="text-align:justify;text-indent:0.0px;"> </div></td> <td valign="bottom" colspan="2" style=" border:solid #000000 0.0px;width:62px;"><div style="text-align:justify;text-indent:0.0px;"> </div></td> </tr> <tr> <td valign="bottom" style=" border:solid #000000 0.0px;width:107px;height:12px;"><div style="text-align:justify;text-indent:0.0px;"> </div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:14px;"><div style="text-align:justify;text-indent:0.0px;"> </div></td> <td valign="bottom" colspan="2" style=" border:solid #000000 0.0px;width:63px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><b>2014</b></font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:14px;"><div style="text-align:center;text-indent:0.0px;"> </div></td> <td valign="bottom" colspan="2" style=" border:solid #000000 0.0px;width:62px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><b>2013</b></font></div></td> </tr> <tr> <td valign="bottom" style=" border:solid #000000 0.0px;width:107px;height:12px;background-color:#cceeff"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">A</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:14px;background-color:#cceeff"><div style="text-align:justify;text-indent:0.0px;"> </div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:38px;background-color:#cceeff"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">50</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:25px;background-color:#cceeff"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">% </font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:14px;background-color:#cceeff"><div style="text-align:right;text-indent:0.0px;"> </div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:36px;background-color:#cceeff"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">61</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:25px;background-color:#cceeff"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">% </font></div></td> </tr> <tr> <td valign="bottom" style=" border:solid #000000 0.0px;width:107px;height:12px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">B</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:14px;"><div style="text-align:justify;text-indent:0.0px;"> </div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:38px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">36</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:25px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">% </font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:14px;"><div style="text-align:right;text-indent:0.0px;"> </div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:36px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">39</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:25px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">% </font></div></td> </tr> <tr> <td valign="bottom" style=" border:solid #000000 0.0px;width:107px;height:12px;background-color:#cceeff"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">C</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:14px;background-color:#cceeff"><div style="text-align:justify;text-indent:0.0px;"> </div></td> <td valign="bottom" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:38px;background-color:#cceeff"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">14</font></div></td> <td valign="bottom" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:25px;background-color:#cceeff"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">%</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:14px;background-color:#cceeff"><div style="text-align:right;text-indent:0.0px;"> </div></td> <td valign="bottom" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:36px;background-color:#cceeff"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "></font></div></td> <td valign="bottom" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:25px;background-color:#cceeff"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">%</font></div></td> </tr> <tr> <td valign="bottom" style=" border:solid #000000 0.0px;width:107px;height:12px;"><div style="text-align:justify;text-indent:0.0px;"> </div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:14px;"><div style="text-align:justify;text-indent:0.0px;"> </div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:38px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">100</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:25px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">% </font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:14px;"><div style="text-align:right;text-indent:0.0px;"> </div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:36px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">100</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:25px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">% </font></div></td> </tr> <tr> <td valign="bottom" style=" border:solid #000000 0.0px;width:107px;height:12px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> </font></div><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> </font></div><div style="text-align:justify;text-indent:0.0px;"></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:14px;"><div style="text-align:justify;text-indent:0.0px;"> </div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:38px;"><div style="text-align:justify;text-indent:0.0px;"> </div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:25px;"><div style="text-align:justify;text-indent:0.0px;"> </div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:14px;"><div style="text-align:justify;text-indent:0.0px;"> </div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:36px;"><div style="text-align:justify;text-indent:0.0px;"> </div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:25px;"><div style="text-align:justify;text-indent:0.0px;"> </div></td> </tr> <tr> <td style="width:107px;"></td> <td style="width:14px;"></td> <td style="width:38px;"></td> <td style="width:25px;"></td> <td style="width:14px;"></td> <td style="width:36px;"></td> <td style="width:25px;"></td> </tr> </table> <div></div>

<div style="text-align:justify;margin-left: 18.9px;margin-bottom:10.0px;line-height:1.15;text-indent:-18.7px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><i><b>(m)</b></i> <i><b>Financing Costs:</b></i> Costs associated with new loans including fees paid to lenders or required to be paid to third parties on the lender's behalf for obtaining new loans or refinancing existing ones are recorded as deferred charges. Such fees are deferred and amortized to interest and finance costs during the life of the related debt using the effective interest method. Unamortized fees are presented in the accompanied balance sheets as deferred charges. Unamortized fees relating to loans repaid or refinanced as debt extinguishments and loan commitment fees are expensed as interest and finance costs in the period incurred in the accompanying statements of income.</font></div> <div style="text-align:justify;margin-left: 18.9px;margin-bottom:10.0px;line-height:1.15;text-indent:-18.7px;"></div>

<div style="text-align:justify;margin-left: 18.9px;margin-bottom:10.0px;line-height:1.15;text-indent:-18.7px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><i><b>(l)</b></i> <i><b>Accounting for Special Survey and Dry-Docking Costs:</b></i> The Partnership follows the direct expense method of accounting for dry-docking and special survey costs where such are expensed in the period incurred. The vessels undergo dry-dock or special survey approximately every five years during the first fifteen years of their life and every two and a half years within their following useful life. Costs relating to routine repairs and maintenance are also expensed as</font><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">incurred. Three of the Partnership's fleet vessels completed their initial scheduled special survey repairs in 2012.</font></div> <div style="text-align:justify;margin-left: 18.9px;margin-bottom:10.0px;line-height:1.15;text-indent:-18.7px;"></div>

<div style="text-align:justify;margin-left: 18.9px;margin-bottom:10.0px;line-height:1.15;text-indent:-18.7px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><i><b>(k)</b></i> <i><b>Impairment of Long-Lived Assets:</b></i> The Partnership follows ASC 360-10-40 Impairment or Disposals of Long-Lived Assets, which addresses financial accounting and reporting for the impairment or disposal of long-lived assets. The standard requires that long-lived assets and certain identifiable intangibles held and used by an entity be reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of the assets may not be recoverable. When the estimate of undiscounted projected operating cash flows, excluding interest charges, expected to be generated by the use of the asset is less than its carrying amount, the Partnership should evaluate the asset for an impairment loss. Measurement of the impairment loss is based on the fair value of the asset. The fair values are determined through Level 2 inputs of the fair value hierarchy as defined in ASC 820 Fair value measurements and disclosures based on management's estimates and assumptions and by making use of available market data and taking into consideration third party valuations and other market observable data that allow value to be determined. The Partnership reviews its long-lived assets for impairment whenever events or changes in circumstances, such as undiscounted projected operating cash flows, business plans to dispose a vessel earlier than the end of its useful life and prevailing market conditions, indicate that the carrying amount of the assets may not be recoverable. The Partnership determines undiscounted projected net operating cash flows, for each vessel and compares it to the vessel's carrying value. In developing estimates of future cash flows, the Partnership must make assumptions about future charter rates, vessel operating expenses, fleet utilization, and the estimated remaining useful life of the vessels. These assumptions are based on historical trends as well as future expectations. The projected net operating cash flows are determined by considering the charter revenues from existing time charters for the fixed fleet days and an estimated charter rate for the unfixed days. Expected outflows for scheduled vessels' maintenance and vessel operating expenses are based on historical data, and adjusted annually assuming an average annual inflation rate prevailing at the time of test. An estimate is also applied to effective fleet utilization, taking into account the period(s) each vessel is expected to undergo her scheduled maintenance (dry-docking and special surveys) and vessels loss of hire from repositioning or other conditions. Estimates for the remaining estimated useful lives of the current fleet and scrap values are identical with those employed as part of the Partnership's depreciation policy. As of December 31, 2014, 2013 and 2012, the Partnership concluded that there were no events or changes in circumstances indicating that the carrying amount of its vessels may not be recoverable and accordingly no impairment loss was recorded these years.</font></div> <div style="text-align:justify;margin-left: 18.9px;margin-bottom:10.0px;line-height:1.15;text-indent:-18.7px;"></div>

<div style="text-align:justify;margin-left: 18.9px;margin-bottom:10.0px;line-height:1.15;text-indent:-18.7px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><i><b>(j)</b></i> <i><b>Vessels, Net:</b></i> Vessels are stated at cost, which consists of the contract price and any material expenses incurred upon delivery (initial repairs, improvements and delivery expenses, interest expense and on-site supervision costs incurred during the construction periods). Subsequent expenditures for conversions and major improvements are also capitalized when they appreciably extend the life, increase the earning capacity or improve the efficiency or safety of the vessels; otherwise these amounts are charged to expense as incurred. The cost of each of the Partnership's vessels is depreciated beginning when the vessel is ready for her intended use, on a straight-line basis over the vessel's remaining economic useful life, after considering the estimated residual value. With effect from October 1, 2014, the Partnership revised its' initial scrap rate estimate (Note 4). Management estimates the useful life of the Partnership's vessels to be 35 years from the date of initial delivery from the shipyard. When regulations place limitations over the ability of a vessel to trade on a worldwide basis, its remaining useful life is adjusted at the date such regulations are adopted.  </font></div> <div style="text-align:justify;margin-left: 18.9px;margin-bottom:10.0px;line-height:1.15;text-indent:-18.7px;"></div> <div style="text-align:justify;margin-left: 18.9px;margin-bottom:10.0px;line-height:1.15;text-indent:-18.7px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><i><b>(i)</b></i> <i><b>Insurance Claims:</b></i> The Partnership records insurance claim recoveries for insured losses incurred on damage to fixed assets, loss of hire and for insured crew medical expenses. Insurance claim recoveries are recorded, net of any deductible amounts, at the time the Partnership's vessels suffer insured damages or when crew medical expenses are incurred, when recovery is probable under the related insurance policies, the Partnership can make an estimate of the amount to be reimbursed following submission of the insurance claim and when the claim is not subject to litigation.</font></div> <div style="text-align:justify;margin-left: 18.9px;margin-bottom:10.0px;line-height:1.15;text-indent:-18.7px;"></div>

<div style="text-align:justify;margin-left: 18.9px;margin-bottom:10.0px;line-height:1.15;text-indent:-18.7px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><i><b>(g)</b></i> <i><b>Trade Receivables, net:</b></i> The amount shown as trade receivables, net, at each balance sheet date, includes receivables from charterers for hire net of any provision for doubtful accounts. At each balance sheet date, all potentially uncollectible accounts are assessed individually for purposes of determining the appropriate provision for doubtful accounts primarily based on the aging of such balances and any amounts in disputes. Provision for doubtful accounts as of December 31, 2014 and 2013 was nil and $63, respectively.</font></div> <div style="text-align:justify;margin-left: 18.9px;margin-bottom:10.0px;line-height:1.15;text-indent:-18.7px;"></div>

<div style="text-align:justify;margin-left: 18.9px;margin-bottom:10.0px;line-height:1.15;text-indent:-18.7px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><i><b>(f)</b></i> <i><b>Restricted cash:</b></i> Restricted cash comprises of minimum liquidity collateral requirements or minimum required cash deposits, as defined in the Partnership's loan agreements.</font></div> <div style="text-align:justify;margin-left: 18.9px;margin-bottom:10.0px;line-height:1.15;text-indent:-18.7px;"></div>

<div style="text-align:justify;margin-left: 18.9px;margin-bottom:10.0px;line-height:1.15;text-indent:-18.7px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><i><b>(d)</b></i></font><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><i><b>Foreign Currency Translation:</b></i> The functional currency of the Partnership is the U.S. Dollar because the Partnership's vessels operate in international shipping markets, and therefore primarily transact business in U.S. Dollars. The Partnership's books of accounts are maintained in U.S. Dollars. Transactions involving other currencies during the year are converted into U.S. Dollars using the exchange rates in effect at the time of the transactions. At the balance sheet date, monetary assets and liabilities, which are denominated in other currencies, are translated into U.S. Dollars using the balance sheet date exchange rates. Resulting gains or losses are included in Other, net in the accompanying consolidated statements of income.</font></div> <div style="text-align:justify;margin-left: 18.9px;margin-bottom:10.0px;line-height:1.15;text-indent:-18.7px;"></div>

<div style="text-align:justify;margin-left: 18.9px;margin-bottom:10.0px;line-height:1.15;text-indent:-18.7px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><i><b>(c)</b></i> <i><b>Other Comprehensive Income:</b></i> The Partnership follows the provisions of Financial Accounting Standards Board (FASB) Accounting Standard Codification (ASC) 220, Comprehensive Income which requires separate presentation of certain transactions, which are recorded directly as components of equity. The Partnership has no such transactions which affect other comprehensive income and, accordingly, for the years ended December 31, 2014, 2013 and 2012 comprehensive income equals net income.</font></div> <div style="text-align:justify;margin-left: 18.9px;margin-bottom:10.0px;line-height:1.15;text-indent:-18.7px;"></div>

<div style="margin-bottom:10.0px;line-height:1.15;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><i><b>(b)</b></i> <i><b>Use of Estimates:</b></i> The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.</font></div>

<div style="text-align:justify;margin-bottom:10.0px;line-height:1.15;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><b>12. Subsequent Events:  </b></font></div> <div style="text-align:justify;margin-bottom:10.0px;line-height:1.15;text-indent:46.7px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">On January 14, 2015 the Partnership's Board of Directors approved its increased over the previous quarter cash distribution, for the quarter ended December 31, 2014 of $0.4225 per unit, or $15.0 million, which was paid on February 12, 2015, to all unitholders of record as of February 5, 2015.</font></div> <div style="text-align:justify;margin-bottom:10.0px;line-height:1.15;text-indent:46.7px;"></div>

<div style="text-align:justify;margin-bottom:10.0px;line-height:1.15;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><b>11. Taxes:</b></font></div> <div style="text-align:justify;margin-bottom:10.0px;line-height:1.15;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> </font></div> <div style="text-align:justify;margin-bottom:10.0px;line-height:1.15;text-indent:46.7px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">Under the laws of the countries of the companies' incorporation and / or vessels' registration, the companies are not subject to tax on international shipping income; however, they are subject to registration and tonnage taxes, which are included in Vessel operating expenses in the accompanying consolidated statements of income. In addition, effective January 1, 2013, each foreign flagged vessel managed in Greece by Greek or foreign ship management companies is subject to Greek tonnage tax, under the laws of the Greek Republic. The technical manager of the Partnership's vessel's, Dynagas Ltd an affiliate (Note 3(a)) which is established in Greece under Greek Law 89/67 is responsible for the filing and payment of the respective tonnage tax on behalf the Partnership. These tonnage taxes for the years ended December 31, 2014 and 2013 amounted to $245 and $96, respectively, and have also been included in Vessel operating expenses in the accompanying consolidated statements of income.</font></div> <div style="text-align:justify;margin-bottom:10.0px;line-height:1.15;text-indent:46.7px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">Pursuant to the Internal Revenue Code of the United States (the Code), U.S. source income from the international operations of ships is generally exempt from U.S. tax if the Partnership operating the ships meets both of the following requirements, (a) the Partnership is organized in a foreign country that grants an equivalent exception to corporations organized in the United States and exempts the type of income earned by the vessel owing Partnership and (b) either (i) more than 50% of the value of the Partnership's stock is owned, directly or indirectly, by individuals who are residents of the Partnership's country of organization or of another foreign country that grants an equivalent exemption to corporations organized in the United States (50% Ownership Test) or (ii) the Partnership's stock is primarily and regularly traded on an established securities market in its country of organization, in another country that grants an equivalent exemption to United States corporations, or in the United States (Publicly-Traded Test). Additionally, the Partnership must meet all of the documentation requirements as outlined in the regulations. </font></div> <div style="text-align:justify;margin-bottom:10.0px;line-height:1.15;text-indent:46.7px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">The Partnership and each of its subsidiaries expects to qualify for this statutory tax exemption for the 2014, 2013 and 2012 taxable years, and the Partnership takes this position for United States federal income tax return reporting purposes. In the absence of an exemption under Section 883, based on its U.S. source Shipping Income, the Partnership would be subject to U.S. federal income tax approximately nil for the years ended December 31, 2013 and 2012 and $15 for the year ended December 31, 2014.</font></div> <div style="text-align:justify;margin-bottom:10.0px;line-height:1.15;text-indent:46.7px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000;"> </font></div> <div style="text-align:justify;margin-bottom:10.0px;line-height:1.15;text-indent:46.7px;"></div>

<div style="text-align:justify;margin-bottom:10.0px;line-height:1.15;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><b>10. Interest and Finance Costs: </b></font></div> <div style="text-align:justify;margin-bottom:10.0px;line-height:1.15;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">The amounts in the accompanying consolidated statements of income are analyzed as follows:</font></div> <div style="text-align:justify;margin-bottom:10.0px;line-height:1.15;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> </font></div> <div style="text-align:justify;margin-bottom:10.0px;line-height:1.15;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> </font></div> <div style="text-align:justify;text-indent:0.0px;"></div> <table border="0" cellspacing="0" cellpadding="0" style="border-collapse: collapse; border: none"> <tr> <td valign="bottom" style=" border:solid #000000 0.0px;width:258px;height:15px;"><div style="text-align:justify;text-indent:0.0px;"> </div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:16px;"><div style="text-align:justify;text-indent:0.0px;"> </div></td> <td valign="bottom" colspan="8" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:281px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><b>Year ended December 31,</b></font></div></td> </tr> <tr> <td valign="bottom" style=" border:solid #000000 0.0px;width:258px;height:15px;"><div style="text-align:justify;text-indent:0.0px;"> </div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:16px;"><div style="text-align:justify;text-indent:0.0px;"> </div></td> <td valign="bottom" colspan="2" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:91px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><b>2014</b></font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:14px;"><div style="text-align:center;text-indent:0.0px;"> </div></td> <td valign="bottom" colspan="2" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:79px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><b>2013</b></font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:14px;"><div style="text-align:center;text-indent:0.0px;"> </div></td> <td valign="bottom" colspan="2" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:79px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><b>2012</b></font></div></td> </tr> <tr> <td valign="bottom" style=" border:solid #000000 0.0px;width:258px;height:12px;background-color:#cceeff"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">Interest expense (Note 5)</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:16px;background-color:#cceeff"><div style="text-align:justify;text-indent:0.0px;"> </div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:21px;background-color:#cceeff"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">$</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:70px;background-color:#cceeff"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">13,338</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:14px;background-color:#cceeff"><div style="text-align:justify;text-indent:0.0px;"> </div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:21px;background-color:#cceeff"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">$</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:58px;background-color:#cceeff"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">8,248</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:14px;background-color:#cceeff"><div style="text-align:justify;text-indent:0.0px;"> </div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:21px;background-color:#cceeff"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">$</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:58px;background-color:#cceeff"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">8,551</font></div></td> </tr> <tr> <td valign="bottom" style=" border:solid #000000 0.0px;width:258px;height:12px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">Amortization and write-off of deferred financing fees</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:16px;"><div style="text-align:justify;text-indent:0.0px;"> </div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:21px;"><div style="text-align:justify;text-indent:0.0px;"> </div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:70px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">785</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:14px;"><div style="text-align:justify;text-indent:0.0px;"> </div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:21px;"><div style="text-align:justify;text-indent:0.0px;"> </div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:58px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">1,050</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:14px;"><div style="text-align:justify;text-indent:0.0px;"> </div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:21px;"><div style="text-align:justify;text-indent:0.0px;"> </div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:58px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">590</font></div></td> </tr> <tr> <td valign="bottom" style=" border:solid #000000 0.0px;width:258px;height:12px;background-color:#cceeff"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">Commitment fees (Note 5)</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:16px;background-color:#cceeff"><div style="text-align:justify;text-indent:0.0px;"> </div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:21px;background-color:#cceeff"><div style="text-align:justify;text-indent:0.0px;"> </div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:70px;background-color:#cceeff"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">360</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:14px;background-color:#cceeff"><div style="text-align:justify;text-indent:0.0px;"> </div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:21px;background-color:#cceeff"><div style="text-align:justify;text-indent:0.0px;"> </div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:58px;background-color:#cceeff"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">327</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:14px;background-color:#cceeff"><div style="text-align:justify;text-indent:0.0px;"> </div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:21px;background-color:#cceeff"><div style="text-align:justify;text-indent:0.0px;"> </div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:58px;background-color:#cceeff"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">372</font></div></td> </tr> <tr> <td valign="bottom" style=" border:solid #000000 0.0px;width:258px;height:12px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">Other</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:16px;"><div style="text-align:justify;text-indent:0.0px;"> </div></td> <td valign="bottom" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:21px;"><div style="text-align:justify;text-indent:0.0px;"> </div></td> <td valign="bottom" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:70px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">41</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:14px;"><div style="text-align:justify;text-indent:0.0px;"> </div></td> <td valign="bottom" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:21px;"><div style="text-align:justify;text-indent:0.0px;"> </div></td> <td valign="bottom" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:58px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">107</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:14px;"><div style="text-align:justify;text-indent:0.0px;"> </div></td> <td valign="bottom" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:21px;"><div style="text-align:justify;text-indent:0.0px;"> </div></td> <td valign="bottom" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:58px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">63</font></div></td> </tr> <tr> <td valign="bottom" style=" border:solid #000000 0.0px;width:258px;height:13px;background-color:#cceeff"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><b>Total</b></font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:16px;background-color:#cceeff"><div style="text-align:justify;text-indent:0.0px;"> </div></td> <td valign="bottom" style=" border-left:solid #000000 0.0px; border-top:solid #000000 1.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:21px;background-color:#cceeff"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><b>$</b></font></div></td> <td valign="bottom" style=" border-left:solid #000000 0.0px; border-top:solid #000000 1.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:70px;background-color:#cceeff"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><b>14,524</b></font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:14px;background-color:#cceeff"><div style="text-align:justify;text-indent:0.0px;"> </div></td> <td valign="bottom" style=" border-left:solid #000000 0.0px; border-top:solid #000000 1.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:21px;background-color:#cceeff"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><b>$</b></font></div></td> <td valign="bottom" style=" border-left:solid #000000 0.0px; border-top:solid #000000 1.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:58px;background-color:#cceeff"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><b>9,732</b></font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:14px;background-color:#cceeff"><div style="text-align:justify;text-indent:0.0px;"> </div></td> <td valign="bottom" style=" border-left:solid #000000 0.0px; border-top:solid #000000 1.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:21px;background-color:#cceeff"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><b>$</b></font></div></td> <td valign="bottom" style=" border-left:solid #000000 0.0px; border-top:solid #000000 1.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:58px;background-color:#cceeff"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><b>9,576</b></font></div></td> </tr> <tr> <td style="width:258px;"></td> <td style="width:16px;"></td> <td style="width:21px;"></td> <td style="width:70px;"></td> <td style="width:14px;"></td> <td style="width:21px;"></td> <td style="width:58px;"></td> <td style="width:14px;"></td> <td style="width:21px;"></td> <td style="width:58px;"></td> </tr> </table> <div align="justify"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> </font></div> <div style="text-align:justify;margin-bottom:10.0px;line-height:1.15;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000;"> </font></div> <div style="text-align:justify;margin-bottom:10.0px;line-height:1.15;text-indent:0.0px;"></div>

<div style="text-align:justify;margin-bottom:10.0px;line-height:1.15;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><b>9. Earnings per Unit:</b></font></div> <div style="text-align:justify;margin-bottom:10.0px;line-height:1.15;text-indent:46.7px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">The Partnership calculates earnings per unit by allocating distributed and undistributed net income for each period to each class of units. Any undistributed earnings for the period are allocated to the various unitholders based on the distribution waterfall for cash available for distribution specified in Dynagas Partners' partnership agreement, as generally prescribed in Note 8 above. Where distributions relating to the period are in excess of earnings, the deficit is also allocated according to the cash distribution model.</font></div> <div style="text-align:justify;margin-bottom:10.0px;line-height:1.15;text-indent:46.7px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">The sum of the distributed amounts and the allocation of the undistributed earnings or deficit to each class of unitholders is divided by the weighted average number of units outstanding during the period. Diluted earnings per unit, if applicable, reflects the potential dilution that could occur if potentially dilutive instruments were exercised, resulting in the issuance of additional units that would then share in the Partnership's net earnings.</font></div> <div style="text-align:justify;margin-bottom:10.0px;line-height:1.15;text-indent:46.7px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">The calculations of the basic and diluted earnings per unit, are presented below:</font></div> <div style="text-align:justify;margin-bottom:10.0px;line-height:1.15;text-indent:46.7px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> </font></div> <div style="text-align:justify;margin-bottom:10.0px;line-height:1.15;text-indent:46.7px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> </font></div> <div style="text-align:justify;text-indent:0.0px;"></div> <table border="0" cellspacing="0" cellpadding="0" style="border-collapse: collapse; border: none"> <tr> <td valign="bottom" style=" border:solid #000000 0.0px;width:258px;height:15px;"><div style="text-align:justify;text-indent:0.0px;"> </div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:15px;"><div style="text-align:justify;text-indent:0.0px;"> </div></td> <td valign="bottom" colspan="8" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:328px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><b>Year ended December 31,</b></font></div></td> </tr> <tr> <td valign="bottom" style=" border:solid #000000 0.0px;width:258px;height:15px;"><div style="text-align:justify;text-indent:0.0px;"> </div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:15px;"><div style="text-align:justify;text-indent:0.0px;"> </div></td> <td valign="bottom" colspan="2" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:105px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><b>2014</b></font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:14px;"><div style="text-align:center;text-indent:0.0px;"> </div></td> <td valign="bottom" colspan="2" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:96px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><b>2013</b></font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:14px;"><div style="text-align:center;text-indent:0.0px;"> </div></td> <td valign="bottom" colspan="2" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:96px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><b>2012</b></font></div></td> </tr> <tr> <td valign="bottom" style=" border:solid #000000 0.0px;width:258px;height:12px;background-color:#cceeff"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">Net income attributable to common unitholders</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:15px;background-color:#cceeff"><div style="text-align:justify;text-indent:0.0px;"> </div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:21px;background-color:#cceeff"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">$</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:84px;background-color:#cceeff"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">28,323</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:14px;background-color:#cceeff"><div style="text-align:justify;text-indent:0.0px;"> </div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:21px;background-color:#cceeff"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">$</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:75px;background-color:#cceeff"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">22,787</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:14px;background-color:#cceeff"><div style="text-align:justify;text-indent:0.0px;"> </div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:21px;background-color:#cceeff"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">$</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:75px;background-color:#cceeff"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">9,239</font></div></td> </tr> <tr> <td valign="bottom" style=" border:solid #000000 0.0px;width:258px;height:12px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">Earnings per common unit, basic and diluted</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:15px;"><div style="text-align:justify;text-indent:0.0px;"> </div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:21px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">$</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:84px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">1.58</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:14px;"><div style="text-align:justify;text-indent:0.0px;"> </div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:21px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">$</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:75px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">2.95</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:14px;"><div style="text-align:justify;text-indent:0.0px;"> </div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:21px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">$</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:75px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">1.37</font></div></td> </tr> <tr> <td valign="bottom" style=" border:solid #000000 0.0px;width:258px;height:12px;background-color:#cceeff"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">Weighted average number of common units outstanding, basic and diluted</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:15px;background-color:#cceeff"><div style="text-align:justify;text-indent:0.0px;"> </div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:21px;background-color:#cceeff"><div style="text-align:justify;text-indent:0.0px;"> </div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:84px;background-color:#cceeff"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">17,964,288</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:14px;background-color:#cceeff"><div style="text-align:justify;text-indent:0.0px;"> </div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:21px;background-color:#cceeff"><div style="text-align:justify;text-indent:0.0px;"> </div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:75px;background-color:#cceeff"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">7,729,521</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:14px;background-color:#cceeff"><div style="text-align:justify;text-indent:0.0px;"> </div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:21px;background-color:#cceeff"><div style="text-align:justify;text-indent:0.0px;"> </div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:75px;background-color:#cceeff"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">6,735,000</font></div></td> </tr> <tr> <td style="width:258px;"></td> <td style="width:15px;"></td> <td style="width:21px;"></td> <td style="width:84px;"></td> <td style="width:14px;"></td> <td style="width:21px;"></td> <td style="width:75px;"></td> <td style="width:14px;"></td> <td style="width:21px;"></td> <td style="width:75px;"></td> </tr> </table> <div align="justify"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> </font></div> <div style="text-align:justify;margin-bottom:10.0px;line-height:1.15;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> </font></div> <div style="text-align:justify;margin-bottom:10.0px;line-height:1.15;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000;"> </font></div> <div style="text-align:justify;margin-bottom:10.0px;line-height:1.15;text-indent:0.0px;"></div>

<div style="text-align:justify;margin-bottom:10.0px;line-height:1.15;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><b>8. Partners' Equity: </b></font></div> <div style="text-align:justify;margin-bottom:10.0px;line-height:1.15;text-indent:46.7px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><i><b>a) Issuance of units:</b></i> As described in Note 1, on October 29, 2013, the Partnership issued i) to Dynagas Holding Ltd, 6,735,000 common units and 14,985,000 subordinated units and ii) to Dynagas GP LLC (the General Partner), a Company owned and controlled by Dynagas Holding Ltd, 30,000 General Partner Units and all of its incentive distribution rights, which entitle the General Partner to increasing percentages of the cash the Partnership's distributable cash; in exchange for their beneficial ownership interest in the predecessor companies. The unit and per unit data included in the accompanying consolidated financial statements have been restated to reflect the issuance of the above units, for all periods presented.</font></div> <div style="text-align:justify;margin-bottom:10.0px;line-height:1.15;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><i><b> </b></i></font></div> <div style="text-align:justify;margin-bottom:10.0px;line-height:1.15;text-indent:46.7px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><i><b>b) Initial Public Offering:</b></i> On November 18, 2013, the Partnership completed its initial public offering of 8,250,000 common units at a price of $18.00 per unit on the NASDAQ Global Market and raised gross proceeds of $148.5million. The net IPO proceeds amounted to$136.9 million, after deducting underwriting commission of $8.9 million and equity raising expenditures of $2.7 million. The IPO expenditures were fully settled up to December 31, 2014.Concurrently with the sale of the Partnership's common units and at the same price per unit, Dynagas Holding Ltd. sold 4,250,000 common units. The Partnership did not receive any proceeds from this sale. On December 5, 2013, the underwriters exercised their over-allotment option granted to them by Dynagas Holding, following which, the Sponsor offered 1,875,000 additional common units to the public on the same terms as in the initial offering. The Partnership did not receive any proceeds from the sale of these additional common units.  </font></div> <div style="text-align:justify;margin-bottom:10.0px;line-height:1.15;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> </font></div> <div style="text-align:justify;margin-bottom:10.0px;line-height:1.15;text-indent:46.7px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><i><b>c) Follow-on offering:</b></i> On June 18, 2014, the Partnership completed a follow on public offering of 5,520,000 common units, including the full exercise of the underwriters' over-allotment option to purchase up to 720,000 common units. The net proceeds from the offering amounted to $120.5 million, after deducting the underwriting discount of $4.7 million and offering expenses incurred of $0.6 million and were used to fund the acquisition of the Arctic Aurora (Note 3(c)). As of December 31, 2014, the Partnership had fully settled these offering expenses. Simultaneously with the closing of this offering, the Partnership issued $5,526 General Partner units to the Sponsor to allow it to maintain its 0.1% general partner interest for which the Partnership received $126. </font></div> <div style="text-align:justify;margin-bottom:10.0px;line-height:1.15;text-indent:46.7px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><i><b>d) Distributions and preferential deemed dividend:</b></i> The partnership agreement provides for minimum quarterly distributions of a specified dollar amount to the extent there is sufficient cash from operations after establishment of cash reserves and payment of fees and expenses, including payments to the General Partner. In general, the Partnership pays quarterly cash distributions in the following manner:</font></div> <div style="text-align:justify;margin-left: 56.7px;margin-bottom:10.0px;line-height:1.15;text-indent:-9.3px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> <i>first,</i> 99.9% to the holders of common units and 0.1% to the General Partner, until each common unit has received a minimum quarterly distribution of a specified dollar amount plus any arrearages from prior quarters</font></div> <div style="text-align:justify;margin-left: 56.7px;margin-bottom:10.0px;line-height:1.15;text-indent:-9.3px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> <i>second,</i> 99.9% to the holders of subordinated units and 0.1% to the General Partner, until each subordinated unit has received a minimum quarterly distribution of a specified dollar amount; and</font></div> <div style="text-align:justify;margin-bottom:10.0px;line-height:1.15;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> </font></div> <div style="text-align:justify;margin-left: 56.7px;margin-bottom:10.0px;line-height:1.15;text-indent:-9.3px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> <i>third</i>, 99.9% to all unitholders, pro rata, and 0.1% to the General Partner, until each unit has received an aggregate distribution of a specified dollar amount</font></div> <div style="text-align:justify;margin-bottom:10.0px;line-height:1.15;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> </font></div> <div style="text-align:justify;margin-bottom:10.0px;line-height:1.15;text-indent:46.7px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">Thereafter, the percentage allocations of the additional available cash from operating surplus among the unitholders, the General Partner and the holders of the incentive distribution rights up to the various target distribution levels are as follows: </font></div> <div style="text-align:justify;margin-bottom:10.0px;line-height:1.15;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> </font></div> <div style="text-align:justify;text-indent:0.0px;"></div> <table border="0" cellspacing="0" cellpadding="0" style="border-collapse: collapse; border: none"> <tr> <td valign="bottom" style=" border:solid #000000 0.0px;width:178px;height:39px;"><div style="text-align:justify;text-indent:0.0px;"> </div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:14px;"><div style="text-align:justify;text-indent:0.0px;"> </div></td> <td valign="bottom" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:160px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><b>Total Quarterly<br/>Distribution Target<br/>Amount</b></font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:14px;"><div style="text-align:justify;text-indent:0.0px;"> </div></td> <td valign="bottom" colspan="2" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:82px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><b>Unitholders</b></font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:14px;"><div style="text-align:justify;text-indent:0.0px;"> </div></td> <td valign="bottom" colspan="2" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:60px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><b>General<br/>Partner</b></font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:14px;"><div style="text-align:justify;text-indent:0.0px;"> </div></td> <td valign="bottom" colspan="2" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:64px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><b>Holders<br/>of IDRs</b></font></div></td> </tr> <tr> <td valign="bottom" style=" border:solid #000000 0.0px;width:178px;height:12px;background-color:#cceeff"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">Minimum Quarterly Distribution</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:14px;background-color:#cceeff"><div style="text-align:justify;text-indent:0.0px;"> </div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:160px;background-color:#cceeff"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">$0.365</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:14px;background-color:#cceeff"><div style="text-align:justify;text-indent:0.0px;"> </div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:54px;background-color:#cceeff"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">99.9</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:28px;background-color:#cceeff"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">% </font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:14px;background-color:#cceeff"><div style="text-align:justify;text-indent:0.0px;"> </div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:34px;background-color:#cceeff"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">0.1</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:26px;background-color:#cceeff"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">% </font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:14px;background-color:#cceeff"><div style="text-align:right;text-indent:0.0px;"> </div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:38px;background-color:#cceeff"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">0.0</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:25px;background-color:#cceeff"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">% </font></div></td> </tr> <tr> <td valign="bottom" style=" border:solid #000000 0.0px;width:178px;height:12px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">First Target Distribution</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:14px;"><div style="text-align:justify;text-indent:0.0px;"> </div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:160px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">up to $0.420</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:14px;"><div style="text-align:justify;text-indent:0.0px;"> </div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:54px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">99.9</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:28px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">% </font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:14px;"><div style="text-align:justify;text-indent:0.0px;"> </div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:34px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">0.1</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:26px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">% </font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:14px;"><div style="text-align:right;text-indent:0.0px;"> </div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:38px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">0.0</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:25px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">% </font></div></td> </tr> <tr> <td valign="bottom" style=" border:solid #000000 0.0px;width:178px;height:12px;background-color:#cceeff"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">Second Target Distribution</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:14px;background-color:#cceeff"><div style="text-align:justify;text-indent:0.0px;"> </div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:160px;background-color:#cceeff"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">above $0.420 up to $0.456</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:14px;background-color:#cceeff"><div style="text-align:justify;text-indent:0.0px;"> </div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:54px;background-color:#cceeff"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">85.0</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:28px;background-color:#cceeff"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">% </font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:14px;background-color:#cceeff"><div style="text-align:justify;text-indent:0.0px;"> </div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:34px;background-color:#cceeff"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">0.1</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:26px;background-color:#cceeff"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">% </font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:14px;background-color:#cceeff"><div style="text-align:right;text-indent:0.0px;"> </div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:38px;background-color:#cceeff"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">14.9</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:25px;background-color:#cceeff"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">% </font></div></td> </tr> <tr> <td valign="bottom" style=" border:solid #000000 0.0px;width:178px;height:12px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">Third Target Distribution</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:14px;"><div style="text-align:justify;text-indent:0.0px;"> </div></td> <td valign="bottom" colspan="2" style=" border:solid #000000 0.0px;width:175px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">Above $0.456 up to $0.548</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:54px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">75.0</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:28px;"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">% </font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:14px;"><div style="text-align:justify;text-indent:0.0px;"> </div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:34px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">0.1</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:26px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">% </font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:14px;"><div style="text-align:right;text-indent:0.0px;"> </div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:38px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">24.9</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:25px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">% </font></div></td> </tr> <tr> <td valign="bottom" style=" border:solid #000000 0.0px;width:178px;height:12px;background-color:#cceeff"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">Thereafter</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:14px;background-color:#cceeff"><div style="text-align:justify;text-indent:0.0px;"> </div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:160px;background-color:#cceeff"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">above $0.548</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:14px;background-color:#cceeff"><div style="text-align:justify;text-indent:0.0px;"> </div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:54px;background-color:#cceeff"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">50.0</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:28px;background-color:#cceeff"><div style="text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">% </font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:14px;background-color:#cceeff"><div style="text-align:justify;text-indent:0.0px;"> </div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:34px;background-color:#cceeff"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">0.1</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:26px;background-color:#cceeff"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">% </font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:14px;background-color:#cceeff"><div style="text-align:right;text-indent:0.0px;"> </div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:38px;background-color:#cceeff"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">49.9</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:25px;background-color:#cceeff"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">% </font></div></td> </tr> <tr> <td style="width:178px;"></td> <td style="width:14px;"></td> <td style="width:160px;"></td> <td style="width:14px;"></td> <td style="width:54px;"></td> <td style="width:28px;"></td> <td style="width:14px;"></td> <td style="width:34px;"></td> <td style="width:26px;"></td> <td style="width:14px;"></td> <td style="width:38px;"></td> <td style="width:25px;"></td> </tr> </table> <div align="justify"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> </font></div> <div style="text-align:justify;margin-bottom:10.0px;line-height:1.15;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> </font></div> <div style="text-align:justify;margin-bottom:10.0px;line-height:1.15;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> </font></div> <div style="text-align:justify;margin-bottom:10.0px;line-height:1.15;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> </font></div> <div style="text-align:justify;margin-bottom:10.0px;line-height:1.15;text-indent:46.7px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">Under the partnership agreement, the holder of the incentive distribution rights in the Partnership, which is currently the General Partner, assuming that there are no cumulative arrearages on common unit distributions, has the right to receive an increasing percentage of cash distributions after the first target distribution.</font></div> <div style="text-align:justify;margin-bottom:10.0px;line-height:1.15;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> </font></div> <div style="text-align:justify;margin-bottom:10.0px;line-height:1.15;text-indent:46.7px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">There were no distributions to the partners during the year ended December 31, 2013. On February 14, 2014 the Partnership paid a cash distribution for the fourth quarter of 2013 of $0.1746 per unit, pro-rated from the Offering closing date through December 31, 2013, which amounted to $5.2 million, to all unitholders on record as of February 10, 2014, pursuant to a decision taken by the Board of Directors on January 31, 2014.</font></div> <div style="text-align:justify;margin-bottom:10.0px;line-height:1.15;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> </font></div> <div style="text-align:justify;margin-bottom:10.0px;line-height:1.15;text-indent:46.7px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> On April 25, 2014 the Partnership's Board of Directors, approved its cash distribution for the three month period ended March 31, 2014 of $0.365 per unit, or $11.0 million, which was paid on May 12, 2014, to all unitholders of record as of May 5, 2014. </font></div> <div style="text-align:justify;margin-bottom:10.0px;line-height:1.15;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> </font></div> <div style="text-align:justify;margin-bottom:10.0px;line-height:1.15;text-indent:46.7px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">On July 21, 2014 the Partnership's Board of Directors further approved its cash distribution for the quarter ended June 30, 2014 of $0.365 per unit, or $13.0 million, which was paid on August 12, 2014, to all unitholders of record as of August 5, 2014. </font></div> <div style="text-align:justify;margin-bottom:10.0px;line-height:1.15;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> </font></div> <div style="text-align:justify;margin-bottom:10.0px;line-height:1.15;text-indent:46.7px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">On July 31, 2014, following the <i>Arctic Aurora</i> acquisition, the Partnership's Board of Directors approved the Management's recommendation for an increase in the quarterly cash distribution paid to common, subordinated and general partner unitholders by $0.025 per unit (an annualized increase of $0.10 per unit), which became effective with respect to the third quarter 2014 distribution. On November 12, 2014, the Partnership paid in this respect, an amount of $13.8 million, or $0.39 per unit, to all unitholders of record as of November 5, 2014. </font></div> <div style="text-align:justify;margin-bottom:10.0px;line-height:1.15;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> </font></div> <div style="text-align:justify;margin-bottom:10.0px;line-height:1.15;text-indent:46.7px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">On January 14 2015, following the Yenisei River acquisition, the Partnership's Board of Directors approved a quarterly cash distribution for the fourth quarter of 2014 of $0.4225 per unit which will initially become effective for the Partnership's distribution with respect to the quarter ended December 31, 2014 (Note 12). </font></div> <div style="text-align:justify;margin-bottom:10.0px;line-height:1.15;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> </font></div> <div style="text-align:justify;margin-bottom:10.0px;line-height:1.15;text-indent:46.7px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">In addition, upon acquisition from the Partneship's Sponsor of the <i>Arctic Aurora </i>and the <i>Yenisei</i> <i>River</i>, the purchase price in excess of the vessels' book value at the date of each transaction, aggregating to $88.1 million, was considered a preferential deemed dividend to the Sponsor and was allocated to Partner's equity in accordance with the number of units held by the Sponsor.</font></div> <div style="text-align:justify;margin-bottom:10.0px;line-height:1.15;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> </font></div> <div style="text-align:justify;margin-bottom:10.0px;line-height:1.15;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000;"> </font></div> <div style="text-align:justify;margin-bottom:10.0px;line-height:1.15;text-indent:0.0px;"></div>

<div style="text-align:justify;margin-bottom:10.0px;line-height:1.15;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><b>7. Commitments and Contingencies: </b></font></div> <div style="text-align:justify;margin-bottom:10.0px;line-height:1.15;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> </font></div> <div style="text-align:justify;margin-bottom:10.0px;line-height:1.15;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><b>(a) Long-term time charters:</b></font></div> <div style="text-align:justify;margin-bottom:10.0px;line-height:1.15;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">On April 17, 2014, the Partnership entered into a new 13-year time-charter contract with Gazprom Marketing & Trading Singapore Pte. Ltd (Gazprom) for the <i>Clean Force</i>. In addition, the Partnership entered into an agreement with BG Group Plc., the current charterer of the <i>Clean Force</i>, to amend, at no cost to the Partnership, the expiration date of the current time-charter contract from the third quarter of 2016 to July 2015, at which time the new Gazprom contract will take effect. Following the conclusion of the new Gazprom charter and the acceleration of the current charter with BG Group, the Partnership incurred one off non-cash charges of $908 that are presented contra to voyage revenues in the accompanying 2014 consolidated statement of income.</font></div> <div style="text-align:justify;margin-bottom:10.0px;line-height:1.15;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">The Partnership's future minimum contractual charter revenues under its non-cancelable long-term time charter contracts as of December 31, 2014, gross of brokerage commissions, without taking into</font><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">consideration any assumed off-hire (including those arising out of periodical class survey requirements), are as analyzed below:</font></div> <div style="text-align:justify;margin-bottom:10.0px;line-height:1.15;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> </font></div> <div style="text-align:justify;text-indent:0.0px;"></div> <table border="0" cellspacing="0" cellpadding="0" style="border-collapse: collapse; border: none"> <tr> <td valign="bottom" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:186px;height:15px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:14.7px;color:#000000; "><b>Year ending December 31,</b></font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:14px;"><div style="text-align:justify;text-indent:0.0px;"> </div></td> <td valign="bottom" colspan="2" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:96px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:14.7px;color:#000000; "><b>Amount</b></font></div></td> </tr> <tr> <td valign="bottom" style=" border:solid #000000 0.0px;width:186px;height:15px;background-color:#cceeff"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:14.7px;color:#000000; ">2015</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:14px;background-color:#cceeff"><div style="text-align:justify;text-indent:0.0px;"> </div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:21px;background-color:#cceeff"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:14.7px;color:#000000; ">$</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:74px;background-color:#cceeff"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:14.7px;color:#000000; ">145,611</font></div></td> </tr> <tr> <td valign="bottom" style=" border:solid #000000 0.0px;width:186px;height:15px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:14.7px;color:#000000; ">2016</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:14px;"><div style="text-align:justify;text-indent:0.0px;"> </div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:21px;"><div style="text-align:right;text-indent:0.0px;"> </div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:74px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:14.7px;color:#000000; ">147,114</font></div></td> </tr> <tr> <td valign="bottom" style=" border:solid #000000 0.0px;width:186px;height:15px;background-color:#cceeff"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:14.7px;color:#000000; ">2017</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:14px;background-color:#cceeff"><div style="text-align:justify;text-indent:0.0px;"> </div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:21px;background-color:#cceeff"><div style="text-align:right;text-indent:0.0px;"> </div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:74px;background-color:#cceeff"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:14.7px;color:#000000; ">115,821</font></div></td> </tr> <tr> <td valign="bottom" style=" border:solid #000000 0.0px;width:186px;height:15px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:14.7px;color:#000000; ">2018</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:14px;"><div style="text-align:justify;text-indent:0.0px;"> </div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:21px;"><div style="text-align:right;text-indent:0.0px;"> </div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:74px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:14.7px;color:#000000; ">56,893</font></div></td> </tr> <tr> <td valign="bottom" style=" border:solid #000000 0.0px;width:186px;height:15px;background-color:#cceeff"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:14.7px;color:#000000; ">2019</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:14px;background-color:#cceeff"><div style="text-align:justify;text-indent:0.0px;"> </div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:21px;background-color:#cceeff"><div style="text-align:right;text-indent:0.0px;"> </div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:74px;background-color:#cceeff"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:14.7px;color:#000000; ">24,273</font></div></td> </tr> <tr> <td valign="bottom" style=" border:solid #000000 0.0px;width:186px;height:15px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:14.7px;color:#000000; ">Thereafter</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:14px;"><div style="text-align:justify;text-indent:0.0px;"> </div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:21px;"><div style="text-align:right;text-indent:0.0px;"> </div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:74px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:14.7px;color:#000000; ">200,750</font></div></td> </tr> <tr> <td valign="bottom" style=" border:solid #000000 0.0px;width:186px;height:15px;background-color:#cceeff"><div style="text-align:justify;text-indent:0.0px;"> </div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:14px;background-color:#cceeff"><div style="text-align:justify;text-indent:0.0px;"> </div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:21px;background-color:#cceeff"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:14.7px;color:#000000; "><b>$</b></font></div></td> <td valign="bottom" style=" border-left:solid #000000 0.0px; border-top:solid #000000 1.0px; border-right:solid #000000 0.0px; border-bottom:double #000000 3.0px;width:74px;background-color:#cceeff"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:14.7px;color:#000000; "><b>690,462</b></font></div></td> </tr> <tr> <td style="width:186px;"></td> <td style="width:14px;"></td> <td style="width:21px;"></td> <td style="width:74px;"></td> </tr> </table> <div align="justify"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> </font></div> <div style="text-align:justify;margin-bottom:10.0px;line-height:1.15;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><i><b>(b)</b></i><b> </b><i><b>Other:</b></i></font></div> <div style="text-align:justify;margin-bottom:10.0px;line-height:1.15;text-indent:85.3px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">Various claims, suits, and complaints, including those involving government regulations and product liability, arise in the ordinary course of the shipping business. In addition, losses may arise from disputes with charterers, agents, insurance and other claims with suppliers relating to the operations of the Partnership's vessels. Currently, management is not aware of any such claims not covered by insurance or </font></div> <div style="text-align:justify;margin-bottom:10.0px;line-height:1.15;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">contingent liabilities, which should be disclosed, or for which a provision should be established in the accompanying consolidated financial statements. The Partnership accrues for the cost of environmental liabilities when management becomes aware that a liability is probable and is able to reasonably estimate the probable exposure. Currently, management is not aware of any such claims or contingent liabilities, which should be disclosed, or for which a provision should be established in the accompanying consolidated financial statements. The Partnership is covered for liabilities associated with the individual vessels' actions to the maximum limits as provided by Protection and Indemnity (P&I) Clubs, members of the International Group of P&I Clubs.</font></div> <div style="text-align:justify;margin-bottom:10.0px;line-height:1.15;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><i><b>(c) Technical and Commercial Management Agreement:</b></i></font></div> <div style="text-align:justify;margin-bottom:10.0px;line-height:1.15;text-indent:85.3px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">As further disclosed in Note 3 the Partnership has contracted the commercial, administrative and technical management of its vessels to Dynagas Ltd. For the commercial services provided under this agreement the Partnership pays a commission of 1.25% over the charter-hire revenues arranged by the Manager, which will survive the termination of the agreement under all circumstances until the termination of each charter party in force at the time of termination. The estimated commission payable to the Manager over the minimum contractual charter revenues, discussed under (a) above, is $8,631. For administrative and technical management fees the Partnership currently pays a daily management fee of $2.6 per vessel (Note 3(a)). Such management fees for the period from January 1, 2015 to the expiration of the agreements on December 31, 2020, adjusted for 3% inflation as per agreement, are estimated to be $31,338 and are analyzed as follows:</font></div> <div style="text-align:justify;margin-bottom:10.0px;line-height:1.15;text-indent:85.3px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> </font></div> <div style="text-align:justify;text-indent:0.0px;"></div> <table border="0" cellspacing="0" cellpadding="0" style="border-collapse: collapse; border: none"> <tr> <td valign="bottom" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:188px;height:15px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:14.7px;color:#000000; "><b>Year ending December 31,</b></font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:16px;"><div style="text-align:justify;text-indent:0.0px;"> </div></td> <td valign="bottom" colspan="2" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:95px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:14.7px;color:#000000; "><b>Amount</b></font></div></td> </tr> <tr> <td valign="bottom" style=" border:solid #000000 0.0px;width:188px;height:15px;background-color:#cceeff"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:14.7px;color:#000000; ">2015 </font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:16px;background-color:#cceeff"><div style="text-align:justify;text-indent:0.0px;"> </div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:21px;background-color:#cceeff"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:14.7px;color:#000000; ">$</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:73px;background-color:#cceeff"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:14.7px;color:#000000; ">4,840</font></div></td> </tr> <tr> <td valign="bottom" style=" border:solid #000000 0.0px;width:188px;height:15px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:14.7px;color:#000000; ">2016</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:16px;"><div style="text-align:justify;text-indent:0.0px;"> </div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:21px;"><div style="text-align:justify;text-indent:0.0px;"> </div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:73px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:14.7px;color:#000000; ">4,999</font></div></td> </tr> <tr> <td valign="bottom" style=" border:solid #000000 0.0px;width:188px;height:15px;background-color:#cceeff"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:14.7px;color:#000000; ">2017</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:16px;background-color:#cceeff"><div style="text-align:justify;text-indent:0.0px;"> </div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:21px;background-color:#cceeff"><div style="text-align:justify;text-indent:0.0px;"> </div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:73px;background-color:#cceeff"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:14.7px;color:#000000; ">5,135</font></div></td> </tr> <tr> <td valign="bottom" style=" border:solid #000000 0.0px;width:188px;height:15px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:14.7px;color:#000000; ">2018</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:16px;"><div style="text-align:justify;text-indent:0.0px;"> </div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:21px;"><div style="text-align:justify;text-indent:0.0px;"> </div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:73px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:14.7px;color:#000000; ">5,289</font></div></td> </tr> <tr> <td valign="bottom" style=" border:solid #000000 0.0px;width:188px;height:15px;background-color:#cceeff"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:14.7px;color:#000000; ">2019</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:16px;background-color:#cceeff"><div style="text-align:justify;text-indent:0.0px;"> </div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:21px;background-color:#cceeff"><div style="text-align:justify;text-indent:0.0px;"> </div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:73px;background-color:#cceeff"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:14.7px;color:#000000; ">5,448</font></div></td> </tr> <tr> <td valign="bottom" style=" border:solid #000000 0.0px;width:188px;height:15px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:14.7px;color:#000000; ">Thereafter</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:16px;"><div style="text-align:justify;text-indent:0.0px;"> </div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:21px;"><div style="text-align:justify;text-indent:0.0px;"> </div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:73px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:14.7px;color:#000000; ">5,627</font></div></td> </tr> <tr> <td valign="bottom" style=" border:solid #000000 0.0px;width:188px;height:15px;background-color:#cceeff"><div style="text-align:justify;text-indent:0.0px;"> </div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:16px;background-color:#cceeff"><div style="text-align:justify;text-indent:0.0px;"> </div></td> <td valign="bottom" style=" border-left:solid #000000 0.0px; border-top:solid #000000 1.0px; border-right:solid #000000 0.0px; border-bottom:double #000000 3.0px;width:21px;background-color:#cceeff"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:14.7px;color:#000000; "><b>$</b></font></div></td> <td valign="bottom" style=" border-left:solid #000000 0.0px; border-top:solid #000000 1.0px; border-right:solid #000000 0.0px; border-bottom:double #000000 3.0px;width:73px;background-color:#cceeff"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:14.7px;color:#000000; "><b>31,338</b></font></div></td> </tr> <tr> <td style="width:188px;"></td> <td style="width:16px;"></td> <td style="width:21px;"></td> <td style="width:73px;"></td> </tr> </table> <div align="justify"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> </font></div> <div style="text-align:justify;margin-bottom:10.0px;line-height:1.15;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> </font></div> <div style="text-align:justify;margin-bottom:10.0px;line-height:1.15;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000;"> </font></div> <div style="text-align:justify;margin-bottom:10.0px;line-height:1.15;text-indent:0.0px;"></div>

<div style="text-align:justify;margin-bottom:10.0px;line-height:1.15;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><b>6. Fair Value Measurements:</b></font></div> <div style="text-align:justify;margin-bottom:10.0px;line-height:1.15;text-indent:85.3px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">The carrying amounts of cash and cash equivalents, trade receivables and trade payables reported in the consolidated balance sheets approximate their respective fair values because of the short-term nature of these accounts. The fair values of long-term bank loans and restricted cash approximate the recorded values due to the variable interest rates payable. The Notes have a fixed rate, and their estimated fair value, determined through Level 2 inputs of the fair value hierarchy (quoted price in the over-the counter-market), is approximately $236.3 million as of December 31, 2014 compared to its carrying value of $250.0 million. The fair value of loan from related party as of December 31, 2013 is not practicable to be estimated due to the absence of the fixed repayment terms. The fair value of non-current portion of amounts due from related party, determined through Level 3 inputs of the fair value hierarchy by discounting future cash flows using the Partnership's estimated cost of capital, is $780 as of December 31, 2014 compared to its' carrying value of $1,125. Additionally, the Partnership considers its creditworthiness in determining the fair value of the credit facilities. </font></div> <div style="text-align:justify;margin-bottom:10.0px;line-height:1.15;text-indent:85.3px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">The guidance for fair value measurements applies to all assets and liabilities that are being measured and reported on a fair value basis. This guidance enables the reader of the financial statements to assess the inputs used to develop those measurements by establishing a hierarchy for ranking the quality and reliability of the information used to determine fair values. The statement requires that assets and liabilities carried at fair value be classified and disclosed in one of the following three categories: </font></div> <div style="text-align:justify;margin-bottom:10.0px;line-height:1.15;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">Level 1: Quoted market prices in active markets for identical assets or liabilities. </font></div> <div style="text-align:justify;margin-bottom:10.0px;line-height:1.15;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">Level 2: Observable market-based inputs or unobservable inputs that are corroborated by market data. </font></div> <div style="text-align:justify;margin-bottom:10.0px;line-height:1.15;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">Level 3: Unobservable inputs that are not corroborated by market data.</font></div> <div style="text-align:justify;margin-bottom:10.0px;line-height:1.15;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> </font></div> <div style="text-align:justify;margin-bottom:10.0px;line-height:1.15;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000;"> </font></div> <div style="text-align:justify;margin-bottom:10.0px;line-height:1.15;text-indent:0.0px;"></div>

<div style="text-align:justify;margin-bottom:10.0px;line-height:1.15;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><b>5. Long-Term Debt:</b></font></div> <div style="text-align:justify;margin-bottom:10.0px;line-height:1.15;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> </font></div> <div style="text-align:justify;margin-bottom:10.0px;line-height:1.15;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">The amounts shown in the accompanying consolidated balance sheets are analyzed as follows:  </font></div> <div style="text-align:justify;margin-bottom:10.0px;line-height:1.15;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> </font></div> <div style="text-align:justify;margin-bottom:10.0px;line-height:1.15;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> </font></div> <div style="text-align:justify;text-indent:0.0px;"></div> <table border="0" cellspacing="0" cellpadding="0" style="border-collapse: collapse; border: none"> <tr> <td valign="bottom" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:121px;height:12px;background-color:#cceeff"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; "><b>Debt instruments</b></font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:15px;background-color:#cceeff"><div style="text-align:justify;text-indent:0.0px;"> </div></td> <td valign="bottom" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:280px;background-color:#cceeff"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; "><b>Borrowers-Issuers</b></font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:19px;background-color:#cceeff"><div style="text-align:justify;text-indent:0.0px;"> </div></td> <td valign="bottom" colspan="2" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:118px;background-color:#cceeff"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; "><b>2014</b></font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:18px;background-color:#cceeff"><div style="text-align:center;text-indent:0.0px;"> </div></td> <td valign="bottom" colspan="2" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:90px;background-color:#cceeff"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; "><b>2013</b></font></div></td> </tr> <tr> <td valign="bottom" style=" border:solid #000000 0.0px;width:121px;height:12px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; ">$262.1 Million Credit Suisse credit facility</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:15px;"><div style="text-align:justify;text-indent:0.0px;"> </div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:280px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; ">Pegasus-Lance-Seacrown</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:19px;"><div style="text-align:justify;text-indent:0.0px;"> </div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:20px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; ">$</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:98px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; "></font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:18px;"><div style="text-align:right;text-indent:0.0px;"> </div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:20px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; ">$</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:70px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; ">214,085</font></div></td> </tr> <tr> <td valign="bottom" style=" border:solid #000000 0.0px;width:121px;height:12px;background-color:#cceeff"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; ">$340.0 Million Credit Suisse credit facility</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:15px;background-color:#cceeff"><div style="text-align:justify;text-indent:0.0px;"> </div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:280px;background-color:#cceeff"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; ">Pegasus-Lance-Seacrown-Fareastern</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:19px;background-color:#cceeff"><div style="text-align:justify;text-indent:0.0px;"> </div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:20px;background-color:#cceeff"><div style="text-align:justify;text-indent:0.0px;"> </div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:98px;background-color:#cceeff"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; ">325,000</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:18px;background-color:#cceeff"><div style="text-align:right;text-indent:0.0px;"> </div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:20px;background-color:#cceeff"><div style="text-align:right;text-indent:0.0px;"> </div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:70px;background-color:#cceeff"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; "></font></div></td> </tr> <tr> <td valign="bottom" style=" border:solid #000000 0.0px;width:121px;height:12px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; ">$250.0 Million Senior Unsecured Notes</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:15px;"><div style="text-align:justify;text-indent:0.0px;"> </div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:280px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; ">Dynagas LNG Partners LP - Dynagas Finance Inc. </font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:19px;"><div style="text-align:justify;text-indent:0.0px;"> </div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:20px;"><div style="text-align:justify;text-indent:0.0px;"> </div></td> <td valign="bottom" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:98px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; ">250,000</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:18px;"><div style="text-align:right;text-indent:0.0px;"> </div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:20px;"><div style="text-align:right;text-indent:0.0px;"> </div></td> <td valign="bottom" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:70px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; "></font></div></td> </tr> <tr> <td valign="bottom" style=" border:solid #000000 0.0px;width:121px;height:12px;background-color:#cceeff"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; "><b>Total</b></font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:15px;background-color:#cceeff"><div style="text-align:justify;text-indent:0.0px;"> </div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:280px;background-color:#cceeff"><div style="text-align:justify;text-indent:0.0px;"> </div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:19px;background-color:#cceeff"><div style="text-align:justify;text-indent:0.0px;"> </div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:20px;background-color:#cceeff"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; "><b>$</b></font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:98px;background-color:#cceeff"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; "><b>575,000</b></font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:18px;background-color:#cceeff"><div style="text-align:right;text-indent:0.0px;"> </div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:20px;background-color:#cceeff"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; "><b>$</b></font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:70px;background-color:#cceeff"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; "><b>214,085</b></font></div></td> </tr> <tr> <td valign="bottom" style=" border:solid #000000 0.0px;width:121px;height:12px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; "><b>Less current portion</b></font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:15px;"><div style="text-align:justify;text-indent:0.0px;"> </div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:280px;"><div style="text-align:justify;text-indent:0.0px;"> </div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:19px;"><div style="text-align:justify;text-indent:0.0px;"> </div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:20px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; "><b>$</b></font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:98px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; "><b>20,000</b></font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:18px;"><div style="text-align:right;text-indent:0.0px;"> </div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:20px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; "><b>$</b></font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:70px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; "><b></b></font></div></td> </tr> <tr> <td valign="bottom" style=" border:solid #000000 0.0px;width:121px;height:12px;background-color:#cceeff"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; "><b>Long-term portion</b></font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:15px;background-color:#cceeff"><div style="text-align:justify;text-indent:0.0px;"> </div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:280px;background-color:#cceeff"><div style="text-align:justify;text-indent:0.0px;"> </div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:19px;background-color:#cceeff"><div style="text-align:justify;text-indent:0.0px;"> </div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:20px;background-color:#cceeff"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; "><b>$</b></font></div></td> <td valign="bottom" style=" border-left:solid #000000 0.0px; border-top:solid #000000 1.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:98px;background-color:#cceeff"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; "><b>555,000</b></font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:18px;background-color:#cceeff"><div style="text-align:right;text-indent:0.0px;"> </div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:20px;background-color:#cceeff"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; "><b>$</b></font></div></td> <td valign="bottom" style=" border-left:solid #000000 0.0px; border-top:solid #000000 1.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:70px;background-color:#cceeff"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:12.0px;color:#000000; "><b>214,085</b></font></div></td> </tr> <tr> <td style="width:121px;"></td> <td style="width:15px;"></td> <td style="width:280px;"></td> <td style="width:19px;"></td> <td style="width:20px;"></td> <td style="width:98px;"></td> <td style="width:18px;"></td> <td style="width:20px;"></td> <td style="width:70px;"></td> </tr> </table> <div align="justify"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> </font></div> <div style="text-align:justify;margin-bottom:10.0px;line-height:1.15;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> </font></div> <div style="text-align:justify;margin-bottom:10.0px;line-height:1.15;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><i><b><u>$262.1 million Credit Suisse Senior Secured Revolving Credit Facility:</u></b></i></font></div> <div style="text-align:justify;margin-bottom:10.0px;line-height:1.15;text-indent:85.3px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">On November 14, 2013, the Partnership entered, on a joint and several basis, into a Senior Secured Revolving Credit Facility (the Revolving Credit Facility or Facility) with an affiliate of Credit Suisse for $262,125 in order to partially refinance its existing indebtedness of $346.1 that was outstanding on November 18, 2013, soon after the successful completion of the Partnership's IPO. Of this amount, $214,085 was drawn on November 18, 2013 and, together with part of the net proceeds of the initial public offering discussed in Note 8, was used to fully repay the then outstanding principal and interest of the three loans outstanding at that time. The Revolving Credit Facility was guaranteed by the Partnership and was</font></div> <div style="text-align:justify;margin-bottom:10.0px;line-height:1.15;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">secured by, among other things, a first priority or preferred cross-collateralized mortgage on each of the <i>Clean</i> <i>Force</i>, the <i>OB Rive</i>r and the <i>Clean Energy</i> and bore interest at LIBOR plus margin. The amount available under the Facility would be reduced each quarter for 14 consecutive quarters by $5,000 for the first 13 quarters and by approximately $197,125 for the fourteenth quarter ending on June 30, 2017. On June 23, 2014, the then outstanding balance of $214.1 million due under respective facility was fully repaid from the proceeds of a new senior secured credit facility concluded on June 19, 2014, discussed below.</font></div> <div style="text-align:justify;margin-bottom:10.0px;line-height:1.15;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><i><b><u>New $340 million Credit Suisse Senior Secured Revolving Credit Facility:</u></b></i></font></div> <div style="text-align:justify;margin-bottom:10.0px;line-height:1.15;text-indent:85.3px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">On June 19, 2014, certain subsidiaries of the Partnership entered, on a joint and several basis, into a new Senior Secured Revolving Credit Facility (the New Facility) with an affiliate of Credit Suisse for $340.0 million to refinance the $214.1 million outstanding under the Revolving Credit Facility and to fund a portion of the purchase price for the <i>Arctic Aurora</i> acquisition. On June 23, 2014, the Partnership drew down in full the amount available under the respective facility, a part of which, along with the net proceeds from the follow on public common units offering (Note 8), was utilized to fund the acquisition of the <i>Arctic Aurora</i> (Note 3(c)).The remainder of the amount drawn under the facility was used to fully repay the then outstanding principal and interest of the Revolving Credit Facility. The New Facility is guaranteed by the Partnership, Dynagas Equity Holding Ltd. and Dynagas Operating LP and is secured by a first priority or preferred cross-collateralized mortgage on each of the <i>Clean Force</i>, the <i>OB River</i>, the <i>Clean Energ</i>y and the <i>Arctic Aurora</i>, a specific assignment of the existing charters and a first assignment of earnings and insurances in relation to the vessels. The facility bears interest at LIBOR plus a margin and is payable in 28 consecutive equal quarterly installments of $5.0 million each and a balloon payment of $200.0 million at maturity in March 2021.</font></div> <div style="text-align:justify;margin-bottom:10.0px;line-height:1.15;text-indent:85.3px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> </font></div> <div style="text-align:justify;margin-bottom:10.0px;line-height:1.15;text-indent:85.3px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> </font></div> <div style="text-align:justify;margin-bottom:10.0px;line-height:1.15;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">The New Facility contains financial and other covenants similar to those of the refinanced facility that require the Partnership to:</font></div> <div style="text-align:justify;margin-bottom:10.0px;line-height:1.15;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">      maintain total consolidated liabilities of less than 65% of the Partnership's consolidated market  value adjusted total assets</font></div> <div style="text-align:justify;margin-bottom:10.0px;line-height:1.15;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">      maintain an interest coverage ratio of at least 3.0 times</font></div> <div style="text-align:justify;margin-bottom:10.0px;line-height:1.15;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">      maintain minimum liquidity equal to at least $24.0 million </font></div> <div style="text-align:justify;margin-bottom:10.0px;line-height:1.15;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">      employ at least three vessels in the fleet on charters with a minimum initial term of at least three years at above breakeven costs and </font></div> <div style="text-align:justify;margin-bottom:10.0px;line-height:1.15;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">      maintain a hull cover ratio, being the ratio of the aggregate of the vessels' market values and the net realizable value of any additional security over the outstanding amount of the facility, no less than 130%</font></div> <div style="text-align:justify;margin-bottom:10.0px;line-height:1.15;text-indent:85.3px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">In addition, during the security period, the Sponsor, will be required to own, directly or indirectly, at least 30% of the outstanding voting interests of the Partnership (which shall include common and subordinated units of the Partnership) and 100% of the outstanding voting interests and limited liability company interests in the General Partner. Finally, the New Facility similarly restricts the Partnership from paying any distributions if an event of default occurs.</font></div> <div style="text-align:justify;margin-bottom:10.0px;line-height:1.15;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><i><b><u>$250 Million Senior Unsecured Notes due 2019</u></b></i></font></div> <div style="text-align:justify;margin-bottom:10.0px;line-height:1.15;text-indent:85.3px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">On September 15, 2014 the Partnership completed a public offering of $250.0 million aggregate principal amount Senior Unsecured Notes offering due October 30, 2019 (the Notes) with the purpose of funding the majority of the purchase price related to the <i>Yenisei River</i> acquisition. On September 25, 2014, consistent with their intended use, the net proceeds from this offering of approximately $244.9 million along with cash on hand funded the entire purchase price of the <i>Yenisei River</i> (Note 3(c)). The Notes bear interest from the date of the original issue until maturity at a rate of 6.25% per year, payable quarterly in arrears on January 30, April 30, July 30 and October 30 of each year. As per the provisions of the Notes and the Indenture, the Partnership may issue from time to time, unlimited as to principal amount senior unsecured debentures, to be issued in one or more series. The Notes are unsubordinated unsecured obligations of the Partnership and are not redeemable at its option prior to maturity. </font></div> <div style="text-align:justify;margin-bottom:10.0px;line-height:1.15;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> </font></div> <div style="text-align:justify;margin-bottom:10.0px;line-height:1.15;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">The Notes contain financial covenants that require the Partnership to:</font></div> <div style="text-align:justify;margin-bottom:10.0px;line-height:1.15;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">      maintain aggregate free liquidity, which includes the minimum liquidity held under the New $340 million Credit Suisse Senior Secured Revolving Credit Facility, of at least $20.0 million </font></div> <div style="text-align:justify;margin-bottom:10.0px;line-height:1.15;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">      the ratio of total borrowings to total assets expressed as a percentage shall not exceed 75%</font></div> <div style="text-align:justify;margin-bottom:10.0px;line-height:1.15;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">      maintain minimum net worth of no less than $250.0 million</font></div> <div style="text-align:justify;margin-bottom:10.0px;line-height:1.15;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">On terms similar with the New Facility, the Notes restrict the Partnership from declaring or making any distributions if an event of default occurs.</font></div> <div style="text-align:justify;margin-bottom:10.0px;line-height:1.15;text-indent:85.3px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">As of December 31, 2014, the Partnership was in compliance with all financial debt covenants under the Notes and the New Facility.</font></div> <div style="text-align:justify;margin-bottom:10.0px;line-height:1.15;text-indent:85.3px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> </font></div> <div style="text-align:justify;margin-bottom:10.0px;line-height:1.15;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">The annual principal payments for the Partnership's outstanding debt arrangements as at December 31, 2014 required to be made after the balance sheet date were as follows:</font></div> <div style="text-align:justify;margin-bottom:10.0px;line-height:1.15;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> </font></div> <div style="text-align:justify;text-indent:0.0px;"></div> <table border="0" cellspacing="0" cellpadding="0" style=" margin-left: 85.3px;pt;border-collapse: collapse; border: none"> <tr> <td valign="bottom" colspan="2" style=" border:solid #000000 0.0px;width:264px;height:12px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><b>Year ending December 31,</b></font></div></td> <td valign="bottom" colspan="2" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:92px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><b>Amount</b></font></div></td> </tr> <tr> <td valign="bottom" style=" border:solid #000000 0.0px;width:249px;height:12px;background-color:#cceeff"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">2015</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:14px;background-color:#cceeff"><div style="text-align:justify;text-indent:0.0px;"> </div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:21px;background-color:#cceeff"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">$</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:71px;background-color:#cceeff"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">20,000</font></div></td> </tr> <tr> <td valign="bottom" style=" border:solid #000000 0.0px;width:249px;height:12px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">2016</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:14px;"><div style="text-align:justify;text-indent:0.0px;"> </div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:21px;"><div style="text-align:right;text-indent:0.0px;"> </div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:71px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">20,000</font></div></td> </tr> <tr> <td valign="bottom" style=" border:solid #000000 0.0px;width:249px;height:12px;background-color:#cceeff"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">2017</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:14px;background-color:#cceeff"><div style="text-align:justify;text-indent:0.0px;"> </div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:21px;background-color:#cceeff"><div style="text-align:right;text-indent:0.0px;"> </div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:71px;background-color:#cceeff"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">20,000</font></div></td> </tr> <tr> <td valign="bottom" style=" border:solid #000000 0.0px;width:249px;height:12px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">2018</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:14px;"><div style="text-align:justify;text-indent:0.0px;"> </div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:21px;"><div style="text-align:right;text-indent:0.0px;"> </div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:71px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">20,000</font></div></td> </tr> <tr> <td valign="bottom" style=" border:solid #000000 0.0px;width:249px;height:12px;background-color:#cceeff"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">2019</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:14px;background-color:#cceeff"><div style="text-align:justify;text-indent:0.0px;"> </div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:21px;background-color:#cceeff"><div style="text-align:right;text-indent:0.0px;"> </div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:71px;background-color:#cceeff"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">270,000</font></div></td> </tr> <tr> <td valign="bottom" style=" border:solid #000000 0.0px;width:249px;height:12px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">2020 and thereafter</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:14px;"><div style="text-align:justify;text-indent:0.0px;"> </div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:21px;"><div style="text-align:right;text-indent:0.0px;"> </div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:71px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">225,000</font></div></td> </tr> <tr> <td valign="bottom" style=" border:solid #000000 0.0px;width:249px;height:13px;background-color:#cceeff"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><b>Total</b></font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:14px;background-color:#cceeff"><div style="text-align:justify;text-indent:0.0px;"> </div></td> <td valign="bottom" style=" border-left:solid #000000 0.0px; border-top:solid #000000 1.0px; border-right:solid #000000 0.0px; border-bottom:double #000000 3.0px;width:21px;background-color:#cceeff"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><b>$</b></font></div></td> <td valign="bottom" style=" border-left:solid #000000 0.0px; border-top:solid #000000 1.0px; border-right:solid #000000 0.0px; border-bottom:double #000000 3.0px;width:71px;background-color:#cceeff"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><b>575,000</b></font></div></td> </tr> <tr> <td style="width:249px;"></td> <td style="width:14px;"></td> <td style="width:21px;"></td> <td style="width:71px;"></td> </tr> </table> <div align="justify"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> </font></div> <div style="text-align:justify;margin-bottom:10.0px;line-height:1.15;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> </font></div> <div style="text-align:justify;margin-bottom:10.0px;line-height:1.15;text-indent:85.3px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">The Partnership's weighted average interest rate on its long-term debt for the years ended December 31, 2014 and 2013 was 3.8% and 2.4%, respectively. </font></div> <div style="text-align:justify;margin-bottom:10.0px;line-height:1.15;text-indent:85.3px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">Total interest incurred on long-term debt for the years ended December 31, 2014, 2013 and 2012 amounted to $13,338, $8,248 and $8,551, respectively, and, is included in Interest and finance costs (Note 10) in the accompanying consolidated statements of income.</font></div> <div style="text-align:justify;margin-bottom:10.0px;line-height:1.15;text-indent:85.3px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">As of December 31, 2014, the Partnership had no unused borrowing capacity under the New Facility. As of December 31, 2014, the Partnership incurred $360 of commitment fees in connection with the undrawn amounts under the refinanced and the new Credit Suisse facilities. Commitment fees incurred for 2013 and 2012 amounted to $327 and $372, respectively. Such fees are included in Interest and finance costs (Note 10) in the accompanying consolidated statements of income. </font></div> <div style="text-align:justify;margin-bottom:10.0px;line-height:1.15;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> </font></div> <div style="text-align:justify;margin-bottom:10.0px;line-height:1.15;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000;"> </font></div> <div style="text-align:justify;margin-bottom:10.0px;line-height:1.15;text-indent:0.0px;"></div>

<div style="text-align:justify;margin-bottom:10.0px;line-height:1.15;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><b>4. Vessels, net: </b></font></div> <div style="text-align:justify;margin-bottom:10.0px;line-height:1.15;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> </font></div> <div style="text-align:justify;margin-bottom:10.0px;line-height:1.15;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">The amounts in the accompanying consolidated balance sheets are analyzed as follows:</font></div> <div style="text-align:justify;text-indent:0.0px;"></div> <table border="0" cellspacing="0" cellpadding="0" style="border-collapse: collapse; border: none"> <tr> <td valign="bottom" style=" border:solid #000000 0.0px;width:174px;height:26px;background-color:#cceeff"><div style="text-align:justify;text-indent:0.0px;"> </div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:14px;background-color:#cceeff"><div style="text-align:justify;text-indent:0.0px;"> </div></td> <td valign="bottom" colspan="2" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:79px;background-color:#cceeff"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><b>Vessel<br/>Cost</b></font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:14px;background-color:#cceeff"><div style="text-align:center;text-indent:0.0px;"> </div></td> <td valign="bottom" colspan="2" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:101px;background-color:#cceeff"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><b>Accumulated<br/>Depreciation</b></font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:14px;background-color:#cceeff"><div style="text-align:center;text-indent:0.0px;"> </div></td> <td valign="bottom" colspan="2" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:88px;background-color:#cceeff"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><b>Net Book<br/>Value</b></font></div></td> </tr> <tr> <td valign="bottom" style=" border:solid #000000 0.0px;width:174px;height:12px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><b>Balance December 31, 2012</b></font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:14px;"><div style="text-align:justify;text-indent:0.0px;"> </div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:21px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><b>$</b></font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:58px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><b>540,454</b></font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:14px;"><div style="text-align:right;text-indent:0.0px;"> </div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:22px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><b>$</b></font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:78px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><b>(73.700)</b></font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:14px;"><div style="text-align:right;text-indent:0.0px;"> </div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:21px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><b>$</b></font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:67px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><b>466,754</b></font></div></td> </tr> <tr> <td valign="bottom" style=" border:solid #000000 0.0px;width:174px;height:12px;background-color:#cceeff"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">Depreciation</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:14px;background-color:#cceeff"><div style="text-align:justify;text-indent:0.0px;"> </div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:21px;background-color:#cceeff"><div style="text-align:justify;text-indent:0.0px;"> </div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:58px;background-color:#cceeff"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><b></b></font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:14px;background-color:#cceeff"><div style="text-align:right;text-indent:0.0px;"> </div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:22px;background-color:#cceeff"><div style="text-align:right;text-indent:0.0px;"> </div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:78px;background-color:#cceeff"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><b>(13,579)</b></font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:14px;background-color:#cceeff"><div style="text-align:right;text-indent:0.0px;"> </div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:21px;background-color:#cceeff"><div style="text-align:right;text-indent:0.0px;"> </div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:67px;background-color:#cceeff"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><b>(13,579)</b></font></div></td> </tr> <tr> <td valign="bottom" style=" border:solid #000000 0.0px;width:174px;height:12px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><b>Balance December 31, 2013</b></font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:14px;"><div style="text-align:justify;text-indent:0.0px;"> </div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:21px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><b>$</b></font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:58px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><b>540,454</b></font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:14px;"><div style="text-align:right;text-indent:0.0px;"> </div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:22px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><b>$</b></font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:78px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><b>(87,279)</b></font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:14px;"><div style="text-align:right;text-indent:0.0px;"> </div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:21px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><b>$</b></font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:67px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><b>453,175</b></font></div></td> </tr> <tr> <td valign="bottom" style=" border:solid #000000 0.0px;width:174px;height:12px;background-color:#cceeff"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">Acquisitions (Note 3(c))</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:14px;background-color:#cceeff"><div style="text-align:justify;text-indent:0.0px;"> </div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:21px;background-color:#cceeff"><div style="text-align:justify;text-indent:0.0px;"> </div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:58px;background-color:#cceeff"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><b>404,530</b></font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:14px;background-color:#cceeff"><div style="text-align:right;text-indent:0.0px;"> </div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:22px;background-color:#cceeff"><div style="text-align:right;text-indent:0.0px;"> </div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:78px;background-color:#cceeff"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><b></b></font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:14px;background-color:#cceeff"><div style="text-align:right;text-indent:0.0px;"> </div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:21px;background-color:#cceeff"><div style="text-align:right;text-indent:0.0px;"> </div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:67px;background-color:#cceeff"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><b>404,530</b></font></div></td> </tr> <tr> <td valign="bottom" style=" border:solid #000000 0.0px;width:174px;height:12px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">Depreciation</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:14px;"><div style="text-align:justify;text-indent:0.0px;"> </div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:21px;"><div style="text-align:justify;text-indent:0.0px;"> </div></td> <td valign="bottom" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:58px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><b></b></font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:14px;"><div style="text-align:right;text-indent:0.0px;"> </div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:22px;"><div style="text-align:right;text-indent:0.0px;"> </div></td> <td valign="bottom" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:78px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><b>(17,822)</b></font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:14px;"><div style="text-align:right;text-indent:0.0px;"> </div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:21px;"><div style="text-align:right;text-indent:0.0px;"> </div></td> <td valign="bottom" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:67px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><b>(17,822)</b></font></div></td> </tr> <tr> <td valign="bottom" style=" border:solid #000000 0.0px;width:174px;height:13px;background-color:#cceeff"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><b>Balance December 31, 2014</b></font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:14px;background-color:#cceeff"><div style="text-align:justify;text-indent:0.0px;"> </div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:21px;background-color:#cceeff"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><b>$</b></font></div></td> <td valign="bottom" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:double #000000 3.0px;width:58px;background-color:#cceeff"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><b>944,984</b></font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:14px;background-color:#cceeff"><div style="text-align:right;text-indent:0.0px;"> </div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:22px;background-color:#cceeff"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><b>$</b></font></div></td> <td valign="bottom" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:double #000000 3.0px;width:78px;background-color:#cceeff"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><b>(105,101)</b></font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:14px;background-color:#cceeff"><div style="text-align:right;text-indent:0.0px;"> </div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:21px;background-color:#cceeff"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><b>$</b></font></div></td> <td valign="bottom" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:double #000000 3.0px;width:67px;background-color:#cceeff"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><b>839,883</b></font></div></td> </tr> <tr> <td style="width:174px;"></td> <td style="width:14px;"></td> <td style="width:21px;"></td> <td style="width:58px;"></td> <td style="width:14px;"></td> <td style="width:22px;"></td> <td style="width:78px;"></td> <td style="width:14px;"></td> <td style="width:21px;"></td> <td style="width:67px;"></td> </tr> </table> <div align="justify"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> </font></div> <div style="text-align:justify;margin-bottom:10.0px;line-height:1.15;text-indent:48.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">Effective October 1, 2014, the Partnership revised its' scrap rate estimate, used to calculate the value of scrap steel for the purpose of estimating the residual values of vessels, from an average fleet scrap rate of $0.717 per lightweight ton (or a vessel specific of 12% of the initial vessel cost) to $0.685 per lightweight ton per LNG carrier.  The Partnership assessed this scrap rate based on current and historical market trends. The effect of this change in accounting estimate, which did not require retrospective adoption as per ASC 250 "Accounting Changes and Error Corrections," was to decrease net income for the year ended December 31, 2014 by $38 and had an immaterial impact on earnings per common unit, basic and diluted.  </font></div> <div style="text-align:justify;margin-bottom:10.0px;line-height:1.15;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">As of December 31, 2014, apart from the <i>Yenisei River</i>, the remainder of the Partnership's fleet was first priority mortgaged as collateral to secure the New $340.0 million Credit Suisse Revolving Credit Facility discussed in Note 5.</font></div> <div style="text-align:justify;margin-bottom:10.0px;line-height:1.15;text-indent:0.0px;"></div>

<div style="text-align:justify;margin-left: 47.3px;margin-bottom:10.0px;line-height:1.15;text-indent:-46.7px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><b>3. Transactions with related parties: </b></font></div> <div style="text-align:justify;margin-left: 47.3px;margin-bottom:10.0px;line-height:1.15;text-indent:-46.7px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><b>(a) Dynagas Ltd.</b></font></div> <div style="text-align:justify;margin-bottom:10.0px;line-height:1.15;text-indent:46.7px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">Dynagas Ltd. (or the Manager), is a company beneficially owned by the Partnership's Chairman. With effect from January 1, 2013, following the expiration of its previous agreements, the Manager entered into an eight year term separate management agreement with each vessel-owning entity of the Partnership in order to provide technical and administrative management services to the Partnership in exchange for a daily management fee of $2.5. Beginning on the first calendar year after the commencement of the vessel management agreements and each calendar year thereafter, these fees will be adjusted upwards by 3% until expiration of the management agreement, subject to further annual increases to reflect material unforeseen costs of providing the management services, by an amount to be agreed between the Partnership and the Manager, which amount will be reviewed and approved by the Partnership's conflicts committee. For 2014 and 2013, each vessel was charged the basic daily management fee of $2.6 and $2.5, respectively, whereas, for the year ended December 31, 2012, daily management fees per vessel ranged from $2.3 to $2.4. The management agreements also provide for: (i) a commission of 1.25% over charter-hire agreements arranged by the Manager and (ii) a lump sum new-building supervision fee of $700 for the services rendered by the Manager in respect of the construction of the vessel plus out of pocket expenses. The agreements will terminate automatically after a change of control of the owners and/or of the owners' ultimate parent, in which case an amount equal to the estimated remaining fees but in any case not less than for a period of at the least 36 months and not more than 60 months, will become payable to the Manager. As of December 31, 2014, based on the maximum period prescribed in the management agreements and the basic daily fee in effect during 2014, such termination fee would be approximately $23,510.</font></div> <div style="text-align:justify;margin-left: 47.3px;margin-bottom:10.0px;line-height:1.15;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> </font></div> <div style="text-align:justify;margin-bottom:10.0px;line-height:1.15;text-indent:46.7px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">Fees charged for the years ended December 31, 2014, 2013 and 2012 for technical and administrative services under the agreement amounted to $3,566, $2,737 and $2,638, respectively, and are separately reflected as Management fees-related party in the accompanying consolidated statements of income. During the years ended December 31, 2014, 2013 and 2012, the Partnership further incurred $1,363, $1,011 and $981, respectively, in connection with the commercial services under the agreement, which are separately reflected as Voyage expenses-related party in the accompanying consolidated statements of income. As of December 31, 2014 and 2013, the Partnership had granted to the Manager excess working capital advances of $889 and $1,456, respectively, which are separately reflected in Current Assets, Due from related party in the accompanying consolidated balance sheets.</font></div> <div style="text-align:justify;margin-bottom:10.0px;line-height:1.15;text-indent:46.7px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">The management agreements also provide for an advance equal to three months daily management fee. In the case of termination of the management agreements, prior to their eight year term, by any reason other than Manager's default, the advance is not refundable. Such advances as of December 31, 2014 and 2013 amounted to $1,125 and $675, respectively, and are separately reflected in Non-Current Assets as Due from related party in the accompanying consolidated balance sheets.</font></div> <div style="text-align:justify;margin-bottom:10.0px;line-height:1.15;text-indent:46.7px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> </font></div> <div style="text-align:justify;margin-left: 47.3px;margin-bottom:10.0px;line-height:1.15;text-indent:-46.7px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><b>(b) Loan from related party</b></font></div> <div style="text-align:justify;margin-bottom:10.0px;line-height:1.15;text-indent:46.7px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">On November 18, 2013, concurrently with the completion of its initial public offering, the Partnership entered into an interest free $30.0 million revolving credit facility with its Sponsor, Dynagas Holding, with an original term of five years from the closing date, to be used for general Partnership purposes including working capital. The loan may be drawn and be prepaid in whole or in part at any time during the life of the facility. As of December 31, 2013, $5.5 million were drawn down under the facility, which are separately reflected in Current Liabilities, Loan from related party in the accompanying consolidated balance sheets. In January 2014, the total amount drawn under the respective facility was repaid. No amounts were drawn under the respective facility since then.</font></div> <div style="text-align:justify;margin-bottom:10.0px;line-height:1.15;text-indent:46.7px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> </font></div> <div style="text-align:justify;margin-bottom:10.0px;line-height:1.15;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><b>(c) Omnibus Agreement -Vessel acquisitions from our Sponsor </b></font></div> <div style="text-align:justify;margin-bottom:10.0px;line-height:1.15;text-indent:48.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">On November 18, 2013, the Partnership entered into an agreement with its Sponsor (the Omnibus Agreement) to govern among other things i) the terms and the extent the Partnership and the Sponsor may compete each other, ii) the procedures to be followed for the exercise of Partnership's options to acquire certain offered optional vessels by its Sponsor, iii) certain rights of first offer to the Sponsor for the acquisition of LNG carriers from the Partnership and iv) Sponsor's provisions of certain indemnities to the Partnership.  On April 17, 2014 and September 22, 2014, the Partnership entered into two separate Share Purchase Agreements to purchase from its Sponsor 100% of the ownership interests in the entities that own and operate the <i>Arctic Aurora</i> and the <i>Yenisei River</i>, two sister, 2013 built, ice class, liquefied natural gas carriers, for an aggregate purchase price of $492.5 million. On June 23, 2014 and September 25, 2014, within the context of these transactions, the Partnership completed the acquisition of the respective vessels and the related time charters. All of the other assets and liabilities relating to the Sponsor entities that owned the respective vessels did not form part of the purchase price and remained with the seller. The purchase price related to the <i>Arctic Aurora</i> acquisition was financed with a portion of the proceeds drawn under a new $340.0 million senior secured revolving credit facility (Note 5) and the net proceeds from a follow on public offering of common units contemplated in June 2014 (Note 8), whereas, the <i>Yenisei River</i> acquisition was funded at its greatest extent with the net proceeds of a $250.0 million Senior Unsecured Notes offering completed on September 15, 2014 (Note 5) and cash on hand. Both acquisitions from our Sponsor were similarly accounted for as transactions between entities under common control with the amount in excess of the vessel book value aggregating $88.1 million considered a preferential deemed dividend (Note 8).</font></div> <div style="text-align:justify;margin-bottom:10.0px;line-height:1.15;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><b>(d) Executive Services Agreement</b></font></div> <div style="text-align:justify;margin-bottom:10.0px;line-height:1.15;text-indent:48.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">On March 21, 2014, the Partnership entered into an executive services agreement with the Manager with retroactive effect from the IPO closing date, pursuant to which the Manager provides the Partnership the services of its executive officers, who report directly to the Board of Directors. Under the agreement, the Manager is entitled to an executive services fee of 538,000 per annum (or $654 on the basis of a Eur/US Dollar exchange rate of 1.0000/$1.2156 at December 31, 2014), payable in equal monthly</font><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">installments. The agreement has an initial term of five years and automatically renews for successive five year terms unless terminated earlier. During the year ended December 31, 2014, the Partnership incurred $803 in connection with this agreement which is included in General and administrative expenses-related party in the accompanying 2014 consolidated statement of income.</font></div> <div style="text-align:justify;margin-bottom:10.0px;line-height:1.15;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><b>(e) Administrative Services Agreement</b></font></div> <div style="text-align:justify;margin-bottom:10.0px;line-height:1.15;text-indent:48.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">On December 30, 2014 and effective as of the IPO closing date, the Partnership entered into an administrative services agreement with its Manager, according to which the Partnership is provided with certain financial, accounting, reporting, secretarial and information technology services, for a monthly fee of $10, plus expenses, payable in quarterly installments. The Agreement can be terminated upon 120 days' notice granted either by the Partnership's Board or by Dynagas as per the provisions of the agreement. During the year ended December 31, 2014, the Partnership incurred $134 in connection with this agreement which is included in General and administrative expenses- related party in the accompanying 2014 consolidated statement of income. Up to December 31, 2014, the amount due under the agreement ($134) remained unsettled and is included in Current Liabilities as Due to related party in the accompanying 2014 consolidated balance sheet.</font></div> <div style="text-align:justify;margin-bottom:10.0px;line-height:1.15;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> </font></div> <div style="text-align:justify;margin-bottom:10.0px;line-height:1.15;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000;"> </font></div> <div style="text-align:justify;margin-bottom:10.0px;line-height:1.15;text-indent:0.0px;"></div>

<div style="text-align:justify;margin-bottom:10.0px;line-height:1.15;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><b>2. Significant Accounting Policies and Recent Accounting Pronouncements: </b></font></div> <div style="text-align:justify;margin-bottom:10.0px;line-height:1.15;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> </font></div> <div style="text-align:justify;margin-left: 18.9px;margin-bottom:10.0px;line-height:1.15;text-indent:-18.7px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><i><b>(a)</b></i> <i><b>Principles of Consolidation:</b></i> The accompanying consolidated financial statements have been prepared in accordance with Generally Accepted Accounting Principles in the United States of America (U.S. GAAP). The consolidated financial statements include the accounts of Dynagas Partners and its wholly-owned subsidiaries, on the basis of the reorganization referred to in Note 1, assuming that Dynagas Partners and the predecessor companies were consolidated for all periods presented. All intercompany balances and transactions have been eliminated upon consolidation.</font></div> <div style="text-align:justify;margin-left: 18.9px;margin-bottom:10.0px;line-height:1.15;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><i><b>  (b)</b></i> <i><b>Use of Estimates:</b></i> The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.</font></div> <div style="text-align:justify;margin-left: 18.9px;margin-bottom:10.0px;line-height:1.15;text-indent:-18.7px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><i><b>(c)</b></i> <i><b>Other Comprehensive Income:</b></i> The Partnership follows the provisions of Financial Accounting Standards Board (FASB) Accounting Standard Codification (ASC) 220, Comprehensive Income which requires separate presentation of certain transactions, which are recorded directly as components of equity. The Partnership has no such transactions which affect other comprehensive income and, accordingly, for the years ended December 31, 2014, 2013 and 2012 comprehensive income equals net income.</font></div> <div style="text-align:justify;margin-left: 18.9px;margin-bottom:10.0px;line-height:1.15;text-indent:-18.7px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><i><b>(d)</b></i></font><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><i><b>Foreign Currency Translation:</b></i> The functional currency of the Partnership is the U.S. Dollar because the Partnership's vessels operate in international shipping markets, and therefore primarily transact business in U.S. Dollars. The Partnership's books of accounts are maintained in U.S. Dollars. Transactions involving other currencies during the year are converted into U.S. Dollars using the exchange rates in effect at the time of the transactions. At the balance sheet date, monetary assets and liabilities, which are denominated in other currencies, are translated into U.S. Dollars using the balance sheet date exchange rates. Resulting gains or losses are included in Other, net in the accompanying consolidated statements of income.</font></div> <div style="text-align:justify;margin-left: 18.9px;margin-bottom:10.0px;line-height:1.15;text-indent:-18.7px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><i><b>(e)</b></i> <i><b>Cash and Cash Equivalents:</b></i> The Partnership considers highly liquid investments such as time deposits with an original maturity of three months or less to be cash equivalents.</font></div> <div style="text-align:justify;margin-left: 18.9px;margin-bottom:10.0px;line-height:1.15;text-indent:-18.7px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><i><b>(f)</b></i> <i><b>Restricted cash:</b></i> Restricted cash comprises of minimum liquidity collateral requirements or minimum required cash deposits, as defined in the Partnership's loan agreements.</font></div> <div style="text-align:justify;margin-left: 18.9px;margin-bottom:10.0px;line-height:1.15;text-indent:-18.7px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><i><b>(g)</b></i> <i><b>Trade Receivables, net:</b></i> The amount shown as trade receivables, net, at each balance sheet date, includes receivables from charterers for hire net of any provision for doubtful accounts. At each balance sheet date, all potentially uncollectible accounts are assessed individually for purposes of determining the appropriate provision for doubtful accounts primarily based on the aging of such balances and any amounts in disputes. Provision for doubtful accounts as of December 31, 2014 and 2013 was nil and $63, respectively.</font></div> <div style="text-align:justify;margin-left: 18.9px;margin-bottom:10.0px;line-height:1.15;text-indent:-18.7px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><i><b>(h)</b></i> <i><b>Inventories:</b></i> Inventories consist of lubricants which are stated at the lower of cost or market. Cost is determined by the first in, first out method. Inventories may also consist of bunkers that are also stated at the lower of cost or market and cost is determined by the first in, first out method.</font></div> <div style="text-align:justify;margin-left: 18.9px;margin-bottom:10.0px;line-height:1.15;text-indent:-18.7px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><i><b>(i)</b></i> <i><b>Insurance Claims:</b></i> The Partnership records insurance claim recoveries for insured losses incurred on damage to fixed assets, loss of hire and for insured crew medical expenses. Insurance claim recoveries are recorded, net of any deductible amounts, at the time the Partnership's vessels suffer insured damages or when crew medical expenses are incurred, when recovery is probable under the related insurance policies, the Partnership can make an estimate of the amount to be reimbursed following submission of the insurance claim and when the claim is not subject to litigation.</font></div> <div style="text-align:justify;margin-left: 18.9px;margin-bottom:10.0px;line-height:1.15;text-indent:-18.7px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><i><b>(j)</b></i> <i><b>Vessels, Net:</b></i> Vessels are stated at cost, which consists of the contract price and any material expenses incurred upon delivery (initial repairs, improvements and delivery expenses, interest expense and on-site supervision costs incurred during the construction periods). Subsequent expenditures for conversions and major improvements are also capitalized when they appreciably extend the life, increase the earning capacity or improve the efficiency or safety of the vessels; otherwise these amounts are charged to expense as incurred. The cost of each of the Partnership's vessels is depreciated beginning when the vessel is ready for her intended use, on a straight-line basis over the vessel's remaining economic useful life, after considering the estimated residual value. With effect from October 1, 2014, the Partnership revised its' initial scrap rate estimate (Note 4). Management estimates the useful life of the Partnership's vessels to be 35 years from the date of initial delivery from the shipyard. When regulations place limitations over the ability of a vessel to trade on a worldwide basis, its remaining useful life is adjusted at the date such regulations are adopted.  </font></div> <div style="text-align:justify;margin-left: 18.9px;margin-bottom:10.0px;line-height:1.15;text-indent:-18.7px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><i><b>(k)</b></i> <i><b>Impairment of Long-Lived Assets:</b></i> The Partnership follows ASC 360-10-40 Impairment or Disposals of Long-Lived Assets, which addresses financial accounting and reporting for the impairment or disposal of long-lived assets. The standard requires that long-lived assets and certain identifiable intangibles held and used by an entity be reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of the assets may not be recoverable. When the estimate of undiscounted projected operating cash flows, excluding interest charges, expected to be generated by the use of the asset is less than its carrying amount, the Partnership should evaluate the asset for an impairment loss. Measurement of the impairment loss is based on the fair value of the asset. The fair values are determined through Level 2 inputs of the fair value hierarchy as defined in ASC 820 Fair value measurements and disclosures based on management's estimates and assumptions and by making use of available market data and taking into consideration third party valuations and other market observable data that allow value to be determined. The Partnership reviews its long-lived assets for impairment whenever events or changes in circumstances, such as undiscounted projected operating cash flows, business plans to dispose a vessel earlier than the end of its useful life and prevailing market conditions, indicate that the carrying amount of the assets may not be recoverable. The Partnership determines undiscounted projected net operating cash flows, for each vessel and compares it to the vessel's carrying value. In developing estimates of future cash flows, the Partnership must make assumptions about future charter rates, vessel operating expenses, fleet utilization, and the estimated remaining useful life of the vessels. These assumptions are based on historical trends as well as future expectations. The projected net operating cash flows are determined by considering the charter revenues from existing time charters for the fixed fleet days and an estimated charter rate for the unfixed days. Expected outflows for scheduled vessels' maintenance and vessel operating expenses are based on historical data, and adjusted annually assuming an average annual inflation rate prevailing at the time of test. An estimate is also applied to effective fleet utilization, taking into account the period(s) each vessel is expected to undergo her scheduled maintenance (dry-docking and special surveys) and vessels loss of hire from repositioning or other conditions. Estimates for the remaining estimated useful lives of the current fleet and scrap values are identical with those employed as part of the Partnership's depreciation policy. As of December 31, 2014, 2013 and 2012, the Partnership concluded that there were no events or changes in circumstances indicating that the carrying amount of its vessels may not be recoverable and accordingly no impairment loss was recorded these years.</font></div> <div style="text-align:justify;margin-left: 18.9px;margin-bottom:10.0px;line-height:1.15;text-indent:-18.7px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><i><b>(l)</b></i> <i><b>Accounting for Special Survey and Dry-Docking Costs:</b></i> The Partnership follows the direct expense method of accounting for dry-docking and special survey costs where such are expensed in the period incurred. The vessels undergo dry-dock or special survey approximately every five years during the first fifteen years of their life and every two and a half years within their following useful life. Costs relating to routine repairs and maintenance are also expensed as</font><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">incurred. Three of the Partnership's fleet vessels completed their initial scheduled special survey repairs in 2012.</font></div> <div style="text-align:justify;margin-left: 18.9px;margin-bottom:10.0px;line-height:1.15;text-indent:-18.7px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><i><b>(m)</b></i> <i><b>Financing Costs:</b></i> Costs associated with new loans including fees paid to lenders or required to be paid to third parties on the lender's behalf for obtaining new loans or refinancing existing ones are recorded as deferred charges. Such fees are deferred and amortized to interest and finance costs during the life of the related debt using the effective interest method. Unamortized fees are presented in the accompanied balance sheets as deferred charges. Unamortized fees relating to loans repaid or refinanced as debt extinguishments and loan commitment fees are expensed as interest and finance costs in the period incurred in the accompanying statements of income.</font></div> <div style="text-align:justify;margin-left: 18.9px;margin-bottom:10.0px;line-height:1.15;text-indent:-18.7px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><i><b>(n)</b></i> <i><b>Concentration of Credit Risk:</b></i> Financial instruments, which potentially subject the Partnership to significant concentrations of credit risk, consist principally of cash and cash equivalents and trade receivables. The maximum exposure to loss due to credit risk is the book value at the balance sheet date. The Partnership places its cash and cash equivalents, consisting mostly of deposits, with high credit qualified financial institutions. The Partnership performs periodic evaluations of the relative credit standing of those financial institutions. The Partnership limits its credit risk with accounts receivable by performing ongoing credit evaluations of its customers' financial condition and generally does not require collateral for its accounts receivable.</font></div> <div style="text-align:justify;margin-bottom:10.0px;line-height:1.15;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">During the years ended December 31, 2014 and 2013, charterers that individually accounted for more than 10% of the Partnership's revenues were as follows:</font></div> <div style="text-align:justify;margin-bottom:10.0px;line-height:1.15;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> </font></div> <div style="text-align:justify;text-indent:0.0px;"></div> <table border="0" cellspacing="0" cellpadding="0" style=" margin-left: 33.3px;pt;border-collapse: collapse; border: none"> <tr> <td valign="bottom" style=" border:solid #000000 0.0px;width:107px;height:12px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><b>Charterer</b></font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:14px;"><div style="text-align:justify;text-indent:0.0px;"> </div></td> <td valign="bottom" colspan="2" style=" border:solid #000000 0.0px;width:63px;"><div style="text-align:justify;text-indent:0.0px;"> </div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:14px;"><div style="text-align:justify;text-indent:0.0px;"> </div></td> <td valign="bottom" colspan="2" style=" border:solid #000000 0.0px;width:62px;"><div style="text-align:justify;text-indent:0.0px;"> </div></td> </tr> <tr> <td valign="bottom" style=" border:solid #000000 0.0px;width:107px;height:12px;"><div style="text-align:justify;text-indent:0.0px;"> </div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:14px;"><div style="text-align:justify;text-indent:0.0px;"> </div></td> <td valign="bottom" colspan="2" style=" border:solid #000000 0.0px;width:63px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><b>2014</b></font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:14px;"><div style="text-align:center;text-indent:0.0px;"> </div></td> <td valign="bottom" colspan="2" style=" border:solid #000000 0.0px;width:62px;"><div style="text-align:center;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><b>2013</b></font></div></td> </tr> <tr> <td valign="bottom" style=" border:solid #000000 0.0px;width:107px;height:12px;background-color:#cceeff"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">A</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:14px;background-color:#cceeff"><div style="text-align:justify;text-indent:0.0px;"> </div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:38px;background-color:#cceeff"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">50</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:25px;background-color:#cceeff"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">% </font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:14px;background-color:#cceeff"><div style="text-align:right;text-indent:0.0px;"> </div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:36px;background-color:#cceeff"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">61</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:25px;background-color:#cceeff"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">% </font></div></td> </tr> <tr> <td valign="bottom" style=" border:solid #000000 0.0px;width:107px;height:12px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">B</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:14px;"><div style="text-align:justify;text-indent:0.0px;"> </div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:38px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">36</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:25px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">% </font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:14px;"><div style="text-align:right;text-indent:0.0px;"> </div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:36px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">39</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:25px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">% </font></div></td> </tr> <tr> <td valign="bottom" style=" border:solid #000000 0.0px;width:107px;height:12px;background-color:#cceeff"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">C</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:14px;background-color:#cceeff"><div style="text-align:justify;text-indent:0.0px;"> </div></td> <td valign="bottom" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:38px;background-color:#cceeff"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">14</font></div></td> <td valign="bottom" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:25px;background-color:#cceeff"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">%</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:14px;background-color:#cceeff"><div style="text-align:right;text-indent:0.0px;"> </div></td> <td valign="bottom" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:36px;background-color:#cceeff"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "></font></div></td> <td valign="bottom" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:25px;background-color:#cceeff"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">%</font></div></td> </tr> <tr> <td valign="bottom" style=" border:solid #000000 0.0px;width:107px;height:12px;"><div style="text-align:justify;text-indent:0.0px;"> </div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:14px;"><div style="text-align:justify;text-indent:0.0px;"> </div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:38px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">100</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:25px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">% </font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:14px;"><div style="text-align:right;text-indent:0.0px;"> </div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:36px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">100</font></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:25px;"><div style="text-align:right;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">% </font></div></td> </tr> <tr> <td valign="bottom" style=" border:solid #000000 0.0px;width:107px;height:12px;"><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> </font></div><div style="text-align:justify;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> </font></div><div style="text-align:justify;text-indent:0.0px;"></div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:14px;"><div style="text-align:justify;text-indent:0.0px;"> </div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:38px;"><div style="text-align:justify;text-indent:0.0px;"> </div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:25px;"><div style="text-align:justify;text-indent:0.0px;"> </div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:14px;"><div style="text-align:justify;text-indent:0.0px;"> </div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:36px;"><div style="text-align:justify;text-indent:0.0px;"> </div></td> <td valign="bottom" style=" border:solid #000000 0.0px;width:25px;"><div style="text-align:justify;text-indent:0.0px;"> </div></td> </tr> <tr> <td style="width:107px;"></td> <td style="width:14px;"></td> <td style="width:38px;"></td> <td style="width:25px;"></td> <td style="width:14px;"></td> <td style="width:36px;"></td> <td style="width:25px;"></td> </tr> </table> <div align="justify"><font style="font-family:Calibri;font-size:14.7px;color:#000000;"> </font></div> <div style="text-align:justify;margin-left: 18.9px;margin-bottom:10.0px;line-height:1.15;text-indent:-18.7px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><i><b>(o)</b></i></font><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><i><b>Accounting for Revenues and Related Expenses:</b></i> The Partnership generates its revenues from charterers for the chartering of its vessels. All vessels are chartered under time charters, where a contract is entered into for the use of a vessel for a specific period of time and at a specified daily charter hire rate. If a charter agreement exists and collection of the related revenue is reasonably assured, revenue is recognized, as it is earned ratably over the duration of the period of the time charter. Furthermore, revenues from time chartering of vessels are accounted for as operating leases and are thus recognized on a straight line basis as the average minimum lease revenue over the rental periods of such charter agreements, as service is performed with the residual or excess from actually collected hire based on the time charter agreement for each period being classified as deferred revenue in the accompanying consolidated balance sheets. Unearned revenue includes cash received prior to the balance sheet date for which all criteria to recognize as revenue have not yet been met as at the balance sheet date and accordingly is related to revenue earned after such date. Commissions are always paid for by the Company while the remaining voyage expenses, primarily consisting of port, canal and bunker expenses that are unique to a particular charter, are paid for by the charterer under the time charter arrangements or by the Company during periods of off-hire. All voyage expenses are expensed as incurred, except for commissions. Commissions paid to brokers are deferred and amortized over the related charter period to the extent revenue has been deferred since commissions are earned as the Partnership's revenues are earned.</font></div> <div style="text-align:justify;margin-left: 28.4px;margin-bottom:10.0px;line-height:1.15;text-indent:-28.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><i> <b>(p)</b></i></font><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">  </font><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><i><b>Repairs and Maintenance:</b></i> All repair and maintenance expenses including underwater inspection expenses are expensed in the period incurred. Such costs are included in vessel operating expenses in the accompanying consolidated statements of income.</font></div> <div style="text-align:justify;margin-left: 28.4px;margin-bottom:10.0px;line-height:1.15;text-indent:-28.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><b> </b><i><b>(q)</b></i></font><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">  </font><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><i><b>Earnings Per Unit:</b></i> The Partnership consists of common units, subordinated units, a general partner interest and incentive distribution rights. Our incentive distribution rights are a separate class of non-voting interests that are currently held by our general partner but, subject to certain restrictions, may be transferred or sold apart from general partner's interest. In this respect the Partnership calculates basic earnings per unit by allocating earnings to the General Partner, limited partners and incentive distribution rights holder using the two-class method and by utilizing the contractual terms of the partnership agreement. Basic earnings per unit are computed by dividing net income available to each class of unitholders by the weighted average number of each class of units outstanding during the year. Diluted earnings per unit reflect the potential dilution that could occur if securities or other contracts to issue units were exercised, if any. The Partnership had no dilutive securities outstanding during the three-year period ended December 31, 2014.</font></div> <div style="text-align:justify;margin-left: 28.4px;margin-bottom:10.0px;line-height:1.15;text-indent:-28.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> <i><b>(r)</b></i></font><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><i><b>  </b></i></font><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><i><b>Segment Reporting:</b></i> The Partnership has determined that it operates under one reportable segment relating to its operations as it operates solely LNG vessels. The Partnership reports financial information and evaluates its operations and operating results by type of vessel and not by the length or type of ship employment for its customers. The Partnership's management does not use discrete financial information to evaluate operating results for each type of charter. Although revenue can be identified according to these types of charters or for charters with different duration, management cannot and does not identify expenses, profitability or other financial information for these charters. Furthermore, when the Partnership charters a vessel to a charterer, the charterer is free to trade the vessel worldwide and, as a result, the disclosure of geographic information is impracticable.</font></div> <div style="text-align:justify;margin-left: 28.4px;margin-bottom:10.0px;line-height:1.15;text-indent:-28.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> <i><b>(s)</b></i></font><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><i><b>  </b></i></font><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><i><b>Fair Value Measurements:</b></i> The Partnership adopted ASC 820, Fair Value Measurements and Disclosures, which defines, and provides guidance as to the measurement of fair value. This guidance creates a fair value hierarchy of measurement and indicates that, when possible, fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants in the market in which the reporting entity transacts. The fair value hierarchy gives the highest priority to quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable data that are not corroborated by market data (Level 3), for example, the reporting entity's own data. Observable market based inputs or unobservable inputs that are corroborated by market data are classified under Level 2 of the fair value hierarchy. Under the standard, fair value measurements would be separately disclosed by level within the fair value hierarchy. ASC 820 applies when assets or liabilities in the financial statements are to be measured at fair value, but does not require additional use of fair value beyond the requirements in other accounting principles. Upon issuance of guidance on the fair value option in 2007, the Partnership elected not to report the then existing financial assets or liabilities at fair value that were not already reported as such.</font></div> <div style="text-align:justify;margin-left: 28.4px;margin-bottom:10.0px;line-height:1.15;text-indent:-28.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><i><b> (t)</b></i></font><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><i><b>    </b></i></font><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><i><b>Commitments and Contingencies:</b></i> Commitments are recognized when the Partnership has a present legal or constructive obligation as a result of past events and it is probable that an outflow of resources embodying economic benefits will be required to settle this obligation, and a reliable estimate of the amount of the obligation can be made. Provisions are reviewed at each balance sheet date and adjusted to reflect the present value of the expenditure expected to be required to settle the obligation. Contingent liabilities are not recognized in the financial statements but are disclosed unless the possibility of an outflow of resources embodying economic benefits is remote. Contingent assets are not recognized in the financial statements but are disclosed when an inflow of economic benefits is probable.      </font></div> <div style="text-align:justify;margin-left: 28.4px;margin-bottom:10.0px;line-height:1.15;text-indent:-28.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><i><b> (u)</b></i></font><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><i><b>   </b></i></font><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><i><b>Variable Interest Entities:</b></i> ASC 810-10, addresses the consolidation of business enterprises (variable interest entities) to which the usual condition (ownership of a majority voting interest) of consolidation does not apply. The guidance focuses on financial interests that indicate control. It concludes that in the absence of clear control through voting interests, a Partnership's exposure (variable interest) to the economic risks and potential rewards from the variable interest entity's assets and activities are the best evidence of control. Variable interests are rights and obligations that convey economic gains or losses from changes in the value of the variable interest entity's assets and liabilities. Additionally, ASU 2009-17, Consolidations (Topic 810) Improvements to Financial Reporting by Enterprises Involved with Variable Interest Entities determines when an entity that is insufficiently capitalized or is not controlled through voting (or similar rights) should be consolidated. The determination of whether a reporting entity is required to consolidate another entity is based on, among other things, the other entity's purpose and design and the reporting entity's ability to direct the activities of the other entity that most significantly impact the other entity's economic performance. ASU 2009-17 also requires a reporting entity to provide additional disclosures about its involvement with variable interest entities and any significant changes in risk exposure due to that involvement. The Partnership evaluates financial instruments, service contracts, and other arrangements to determine if any variable interests relating to an entity exist, as the primary beneficiary would be required to include assets, liabilities, and the results of operations of the variable interest entity in its financial statements. The Partnership's evaluation did not result in an identification of variable interest entities as of December 31, 2014 and 2013.      </font></div> <div style="text-align:justify;margin-left: 28.4px;margin-bottom:10.0px;line-height:1.15;text-indent:-28.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "> <i><b>(v) Accounting for Financial Instruments and Derivatives:</b></i> The principal financial assets of the Partnership consist of cash and cash equivalents, restricted cash and trade receivables, net. The principal financial liabilities of the Partnership consist of trade and other payables, accrued liabilities and long-term debt and interest-rate swaps. Derivative financial instruments are used to manage risk related to fluctuations of interest rates. ASC 815, Derivatives and Hedging, requires all derivative contracts to be recorded at fair value, as determined in accordance with ASC 820, Fair Value Measurements and Disclosures (Note 6). The changes in fair value of a derivative contract are recognized in earnings unless specific hedging criteria are met.</font></div> <div style="text-align:justify;margin-left: 28.4px;margin-bottom:10.0px;line-height:1.15;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">At the inception of a hedge relationship, the Company formally designates and documents the hedge relationship to which the Partnership wishes to apply hedge accounting and the risk management objective and strategy undertaken for the hedge. The documentation includes identification of the hedging instrument, hedged item or transaction, the nature of the risk being hedged and how the entity will assess the hedging instrument's effectiveness in offsetting exposure to changes in the hedged item's cash flows attributable to the hedged risk. A cash flow hedge is a hedge of the exposure to variability in cash flows that is attributable to a particular risk associated with a recognized asset or liability, or a highly probable forecasted transaction that could affect profit or loss. Such hedges are expected to be highly effective in achieving offsetting changes in cash flows and are assessed on an ongoing basis to determine whether they actually have been highly effective throughout the financial reporting periods for which they were designated. All derivatives are recorded on the balance sheet as assets or liabilities and measured at fair value. For derivatives designated as cash flow hedges, the effective portion of the changes in fair value of the derivatives are recorded in Accumulated Other Comprehensive Income/ (Loss) and subsequently recognized in earnings when the hedged items impact earnings.</font></div> <div style="text-align:justify;margin-left: 28.4px;margin-bottom:10.0px;line-height:1.15;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">None of the Company's derivative instruments matured in 2012 met those hedging criteria and, therefore, the changes in fair value were recognized as an increase or decrease in statements of income.</font></div> <div style="text-align:justify;margin-bottom:10.0px;line-height:1.15;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; "><b>Recent Accounting Pronouncements: </b></font></div> <div style="text-align:justify;margin-bottom:10.0px;line-height:1.15;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">ASU 2014-15: In August 2014, the FASB issued Accounting Standards Update (ASU) 2014-15, Presentation of Financial Statements- Going Concern (Subtopic 205-40): Disclosure of uncertainties about an entity's ability to continue as a going concern which provides guidance in GAAP about management's responsibility to evaluate whether there is substantial doubt about an entity's ability to continue as a going concern and to provide related footnote disclosures. In connection with preparing financing for each annual and interim reporting period, an entity's management should evaluate whether there are conditions or events, considered in aggregate, that raise substantial doubt about the entity's ability to continue as a going concern within one year after the date the financial statements are issued (or are available to be issued). In case substantial doubt about an entity's ability to continue as a going concern is substantiated, the entity should disclose information that enables users of the financial statements to understand the conditions that raised substantial doubt about the entity's ability to continue as a going concern, management's evaluation of the significance of those conditions and management's plans that either alleviated or are intended to mitigate the arising events and conditions. The amendments in this Update are effective for the annual period ending after December 15, 2016 and for annual period and interim periods thereafter. Early application is permitted.</font></div> <div style="text-align:justify;margin-bottom:10.0px;line-height:1.15;text-indent:0.0px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000; ">ASU 2015-02: In February 2015, the FASB issued Accounting Standards Update (ASU) 2015-02, Amendments to the Consolidation Analysis- Consolidation (Topic 810). The amendments in this Update change the analysis that a reporting entity must perform to determine whether it should consolidate certain types of legal entities and are effective for public entities for fiscal years, and for interim periods within those fiscal years, beginning after December 15, 2015. Early adoption is permitted, including adoption in an interim period. The Company has not yet evaluated the impact, if any, of the adoption of this standards update.  </font></div> <div style="text-align:justify;margin-left: 47.3px;margin-bottom:10.0px;line-height:1.15;text-indent:-46.7px;"><font style="font-family:Times New Roman;font-size:13.3px;color:#000000;"> </font></div> <div style="text-align:justify;margin-left: 47.3px;margin-bottom:10.0px;line-height:1.15;text-indent:-46.7px;"></div>

30000000

0 720000 1875000

244900000

8551000

8248000

13338000

0.12

88122000 720000 1875000

5500000

-5500000

-60000

-29000

201000

1.37

2.95

1.58

-184000

178000

250000

590000

1050000

785000

23510000

134000

-13579000

466754000

-73700000

540454000

214100000

937000 0 0 5500000 340000000 214085000 134000 803000

15000000

0.4225

2015-02-05 2015-02-12

0.0625

The Notes bear interest from the date of the original issue until maturity at a rate of 6.25% per year, payable quarterly in arrears on January 30, April 30, July 30 and October 30 of each year.

0.001

30000

As of December 31, 2014, the Partnership was in compliance with all financial debt covenants under the Notes and the New Facility.

250000000

200000000

5000000

LIBOR

The facility bears interest at LIBOR plus a margin and is payable in 28 consecutive equal quarterly installments of $5.0 million each and a balloon payment of $200.0 million at maturity in March 2021.

The amount available under the Facility would be reduced each quarter for 14 consecutive quarters by $5,000 for the first 13 quarters and by approximately $197,125 for the fourteenth quarter ending on June 30, 2017.

LIBOR

10000

Initial term of five years and automatically renews for successive five year terms unless terminated earlier.

492500000

2013 2013 0

346100000

236300000

250000000

88122000 84483000 3439000 200000

126000

6735000 1.37

690462000

654000 538000

340000000

5526

600000 2700000

0.4225

0.1 0.025

13800000

0.39

2014-11-12 2014-11-05 120500000

0.1746

13000000

0.365

5200000

2014-02-14 2014-02-10 8250000 4250000 2014-08-12 2014-08-05 2014-05-12 2014-05-05

11000000

0.365

600000

4700000

5520000 5520000

908000

780000

200750000

24273000

56893000

115821000

147114000

145611000

250000000

340000000

0.685 0.717

The Notes contain financial covenants that require the Partnership to: -maintain aggregate free liquidity, which includes the minimuliquidity held under the New $340 million Credit Suisse Senior Secured Revolving Credit Facility, of at least $20.0 million -the ratio of total borrowings to total assets expressed as a percentage shall not exceed 75% -maintain minimum net worth of no less than $250.0 million On terms similar with the New Facility, the Notes restrict the Partnership from declaring or making any distributions if an event of default occurs.

The New Facility contains financial and other covenants similar to those of the refinanced facility that require the Partnership to: -maintain total consolidated liabilities of less than 65% of the Partnership's consolidated market value adjusted total assets -maintain an interest coverage ratio of at least 3.0 times -maintain minimum liquidity equal to at least $24.0 million -employ at least three vessels in the fleet on charters with a minimum initial term of at least three years at above breakeven costs and -maintain a hull cover ratio, being the ratio of the aggregate of the vessels' market values and the net realizable value of any additional security over the outstanding amount of the facility, no less than 130%. In addition, during the security period, the Sponsor, will be required to own, directly or indirectly, at least 30% of the outstanding voting interests of the Partnership (which shall include common and subordinated units of the Partnership) and 100% of the outstanding voting interests and limited liability company interests in the General Partner. Finally, the New Facility similarly restricts the Partnership from paying any distributions if an event of default occurs.

The agreement can be terminated upon 120 days notice granted either by the Partnership's Board or by Dynagas as per the provisions of the agreement.

22.79

0.001

340000000

325000000

214085000

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270000000

96000

404530000

1.2156

1.58

1125000

2500 July 2013 July 2013 2013 2013 155000 155000

100000

-7131000 304729000

136904000

43010000

19398000

23568000

44000

126000

5526

404530000

357000

0.548

43010000

0 0 88122000 0 0 126000

1938000

136904000

8250000

2008 2007 2007

30000

DLNG 5000000

197125000

0.548 0.456 0.456 0.42 0.42 0.365 Five-year term revolving credit facility

30000000

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29836000

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182969000

23278000

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20505000

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14985000

6735000

45339000

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737000

14985000 20505000 No

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35526

14985000 0

13616000

13579000

17822000

Accelerated Filer Yes No --12-31 FY 2014 false 2014-12-31 20-F 0001578453 Dynagas LNG Partners LP 0.001 0.001 0.001 0.001 0.001 149700 149700 149700

372000

327000

360000

245000 15

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22787000

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22170000

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214085000

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30000000

0.03 700000 0.0125 The agreements will terminate automatically after a change of control of the owners and/or of the owner's ultimate parent, in which case an amount equal to the estimated remaining fees but in any case not less than for a period of at the least 36 months and not more than 60 months, will become payable to the Manager. 8 years

0.14

0.39

0.36

0.61

0.5

every 2.5 years every 5 years

P35Y

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14985000 14985000 14985000