Exhibit 99.1

MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND

RESULTS OF OPERATIONS

The following is a discussion of the financial condition and results of operations of Dynagas LNG Partners LP for the six-month periods ended June 30, 2025 and 2024. Unless the context otherwise requires, references to the “Partnership,” “we,” “our,” and “us” or similar terms are to Dynagas LNG Partners LP and its wholly-owned subsidiaries; references to Dynagas LNG Partners LP are to Dynagas LNG Partners LP and not its subsidiaries; and references to our “Sponsor” are to Dynagas Holding Ltd. and its subsidiaries. Our Sponsor is beneficially owned by the chairman of our Board of Directors, Mr. Georgios Prokopiou, and members of his family. References to our “General Partner” are to Dynagas GP LLC, an entity owned and controlled by our Sponsor, and references to our “Manager” are to Dynagas Ltd., which is wholly owned by Mr. Georgios Prokopiou.

All references in this report to “SEFE,” “Equinor,” “Yamal,” and “NextDecade” refer to SEFE Marketing and Trading Singapore Pte Ltd (formerly known as Gazprom Marketing & Trading Singapore Pte Ltd), Equinor ASA (formerly named Statoil ASA), Yamal Trade Pte. Ltd., and NextDecade Corporation (Nasdaq:NEXT), respectively, and certain of their respective subsidiaries or affiliates, which are our current or prospective charterers. The “Yamal LNG Project” refers to the LNG production terminal on the Yamal Peninsula in Northern Russia. The terminal consists of three LNG trains with a total capacity of 16.5 million metric tons of LNG per year that require ice-class designated vessels to transport LNG from this facility, for which two of the vessels in our Fleet have been contracted. The Yamal LNG Project is a joint venture between NOVATEK (50.1%), TOTAL E&P Yamal (20%), China National Oil & Gas Exploration and Development Corporation (CNODC) (20%), and Yaym Limited (9.9%).

You should read the following discussion and analysis together with the unaudited interim condensed consolidated financial statements and related notes included elsewhere in this report. Amounts relating to percentage variations in period-on-period comparisons shown in this section are derived from such unaudited interim condensed consolidated financial statements. The following discussion contains forward-looking statements that reflect our future plans, estimates, beliefs, and expected performance. The forward-looking statements are dependent upon events, risks, and uncertainties that may be outside our control, which could cause actual events or conditions to differ materially from those currently anticipated, expressed, or implied by such forward-looking statements. Please see our Annual Report on Form 20-F for the year ended December 31, 2024, which was filed with the U.S. Securities and Exchange Commission, or the SEC, on April 10, 2025, and our other filings with the SEC, which contain additional information relating to our management’s discussion and analysis of financial condition and results of operation and a more complete discussion of the risks and uncertainties referenced in the preceding sentence.

Business Overview and Development of the Partnership

We are a limited partnership focused on the ownership and operation of liquefied natural gas (“LNG”) carriers. Our fleet currently consists of six vessels, five of which are assigned Ice Class notation 1A FS and are fully winterized (Arc-4 LNG carriers). Arc-4 LNG carriers are capable of operating both in conventional open water LNG trade routes and in ice-bound or harsh environment regions, withstanding temperatures as low as -30ºC. As such, in addition to serving standard LNG transportation needs, these vessels are also capable of supporting remote LNG production projects in regions with ice-bound or other harsh climatic conditions.

All of the vessels in our Fleet are currently employed or are contracted to be employed on multi-year time charters with international energy companies, including SEFE, Equinor, Yamal, and NextDecade, which we expect will provide us with the benefits of fixed-fee contracts, predictable cash flows, and high utilization rates.

We are currently focused on a disciplined capital allocation strategy that prioritizes maintaining balance sheet strength through the repayment of debt. Subject to the financial condition of the Partnership, we may also return capital to our common unitholders through cash distributions to our common unitholders, common unit repurchases and other initiatives that we believe support the long-term financial health of the Partnership. Our objective is to continue deleveraging, returning capital to our common unitholders in a sustainable manner and positioning the Partnership for potential future growth opportunities, while navigating an uncertain geopolitical landscape and an evolving environmental regulatory framework. We intend to pursue growth opportunities only to the extent they are expected to be accretive to the Partnership and can be financed on terms acceptable to us or are otherwise aligned with the long-term financial health of the Partnership. There can be no assurance, however, that any such opportunities will be available, completed, or result in favorable returns or enhanced unitholder value.

We may acquire additional vessels from our Sponsor, from entities associated with the shareholders of our Sponsor or from third-parties. We may also engage in investment opportunities in the general shipping industry or incidental to the LNG or energy industry. In connection with such plans for growth, we may enter into additional financing arrangements, refinance existing arrangements or arrangements that our Sponsor, its affiliates, or such third-party sellers may have in place for vessels and businesses that we may acquire, and, subject to favorable market conditions, we may raise capital in the public or private markets, including through incurring additional debt, debt or equity offerings of our securities, or other transactions. However, we cannot assure you that we will grow or maintain the size of our Fleet or that we will continue to pay the per unit distributions in the amounts that we have paid in the past or at all, or that we will be able to execute our plans for growth.

As of the date of this report, we have outstanding 36,530,944 common units, 35,526 general partner units, and 3,000,000 9.00% Series A Cumulative Redeemable Preferred Units, or the “Series A Preferred Units.” Our Sponsor currently beneficially owns approximately 42.7% of the equity interests in the Partnership (excluding the Series A Preferred Units) and 100% of our General Partner, which owns a 0.1% General Partner interest in the Partnership and 100% of our incentive distribution rights. Our Sponsor does not own any Series A Preferred Units.

Recent Events

Full Redemption of Series B Preferred Units

On May 27, 2025, we exercised our option to redeem, in full, 2,200,000 of our 8.75% Series B Fixed to Floating Rate Cumulative Redeemable Perpetual Preferred Units (“Series B Preferred Units”), representing all of the Series B Preferred Units that were issued and outstanding. The Series B Preferred Units were redeemed on July 25, 2025 (the “Redemption Date”), at a price equal to $25.00 per redeemed Series B Preferred Unit, plus an amount equal to all accumulated and unpaid distributions thereon to the Redemption Date. Trading of the Series B Preferred Units on the New York Stock Exchange ceased prior to market open on the Redemption Date.

Series A Preferred Units Cash Distribution

On August 12, 2025, we paid a cash distribution of $0.5625 per unit on our Series A Preferred Units for the period from May 12, 2025 to August 11, 2025, to all Series A Preferred unitholders of record as of August 5, 2025.

Common Units Cash Distribution

On August 29, 2025, we paid a cash distribution of $0.049 per unit on our common units for the quarter ended June 30, 2025, to all common unitholders of record as of August 25, 2025.

Our Fleet and our Charters

As of September 18, 2025, our Fleet consisted of six LNG carriers with an average age of approximately 15.1 years. All six vessels in our Fleet are currently employed or are contracted to be employed on multi-year time charters with international energy companies, including SEFE, Equinor, Yamal and NextDecade. As of September 18, 2025, the estimated contracted revenue backlog of our Fleet was approximately $0.9 billion with average remaining contract duration of approximately 5.4 years. The estimated contracted revenue backlog of our Fleet excludes options to extend and assumes full utilization for the full term of the charter. The actual amount of revenues earned and the actual periods during which revenues are earned may differ from the amounts and periods described above due to, for example, off-hire for maintenance projects, downtime, scheduled or unscheduled dry-docking, cancellation or early termination of vessel employment agreements, variable hire rate adjustments, and other factors that may result in lower revenues than our average contract backlog per day.

The following table sets forth summary information about our Fleet and the existing time charters relating to the vessels in our Fleet as of September 18, 2025:

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* As used in this report, “TFDE” refers to tri-fuel diesel electric propulsion system.

The following table summarizes our estimated contracted charter revenues and contracted days for the vessels in our Fleet for the remaining period of 2025 (September 18, 2025 through December 31, 2025) and for each of the years ending December 31, 2026 and 2027:

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We may not be able to perform under these contracts due to events within or beyond our control, and our counterparties may seek to cancel or renegotiate our contracts for various reasons. In addition, as of June 30, 2025, we derived our revenues from three charterers, SEFE, Yamal, and Equinor, who accounted for 39%, 36% and 25% of our revenues, respectively. Our inability or the inability of any of our counterparties to perform the respective contractual obligations may affect our ability to realize the estimated contractual backlog discussed above and may have a material adverse effect on our financial position, results of operations and cash flows and our ability to realize the contracted revenues under these agreements. Specifically, in the six-month period ended as of June 30, 2025, we earned 36% of our revenues from Yamal, which trades primarily from Russian LNG ports. Due to the ongoing conflicts between Russia and Ukraine, the United States, European Union, Canada, and other western countries and organizations announced and enacted, from February 2022 to date, numerous sanctions against Russia, which have not affected LNG shipping in the main trading routes of our vessels. Our time charter contracts have therefore currently not been affected by the sanctions imposed to date due to the events in Russia and Ukraine. On April 4, 2022, SEFE Germania, the indirect parent of SEFE and all its subsidiaries, was placed under the control of the German government for an indefinite period of time and the vessels under the time charters with SEFE no longer trade from Russian LNG ports.

The recent war between Russia and Ukraine is, however, still ongoing, which may result in the imposition of further economic sanctions in addition to the ones already adopted by the United States, the European Union and the United Kingdom among other countries, which could adversely affect our charterers and our future revenues from our time charter contracts with Yamal. Additionally, our estimated contract backlog may be adversely affected if the Yamal LNG Project, in which certain of our vessels are contracted to be employed, is abandoned or underutilized for any reason, including, but not limited to, changes in the demand for LNG. Readers are cautioned not to place undue reliance on this information. Neither our independent auditors nor any other independent accountants have compiled, examined, or performed any procedures with respect to the information presented in the Estimated contract backlog table, nor have they expressed any opinion or any other form of assurance on such information or its achievability, and assume no responsibility for, and disclaim any association with, the information in the table.

Operating results

Selected Financial Information

The following tables present selected unaudited consolidated financial and other data of the Partnership, at the dates and for the periods presented. All amounts are expressed in thousands of United States Dollars, except for Fleet data, unit and per unit data and Other Financial Data.

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TCE. Time charter equivalent rates, or TCE rates, is a measure of the average daily revenue performance of a vessel. For time charters, the TCE rate is calculated by dividing total voyage revenues, less any voyage expenses, by the number of Available Days during that period. Under a time charter, the charterer pays substantially all the vessel voyage related expenses. However, we may incur voyage related expenses when positioning or repositioning vessels before or after the period of a time charter, during periods of commercial waiting time or while off-hire during dry-docking or due to other unforeseen circumstances. The TCE rate is not a measure of financial performance under U.S. GAAP (non-GAAP measure), and should not be considered as an alternative to voyage revenues, the most directly comparable GAAP measure, or any other measure of financial performance presented in accordance with U.S. GAAP. However, TCE rate is standard shipping industry performance measure used primarily to compare period-to-period changes in a company’s performance and assists our management in making decisions regarding the deployment and use of our vessels and in evaluating their financial performance. Our calculation of TCE rates may not be comparable to that reported by other companies. The following table reflects the calculation of our TCE rates for the periods presented (amounts in thousands of U.S. dollars, except for TCE rates, which are expressed in U.S. dollars and Available Days):

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ADJUSTED EBITDA. We define Adjusted EBITDA as earnings before interest and finance costs, net of interest income, gains/losses on derivative financial instruments (if any), taxes (when incurred), depreciation and amortization, class survey costs, and other non-recurring items. Adjusted EBITDA is used as a supplemental financial measure by external users of financial statements, such as investors, to assess our operating performance. We believe that Adjusted EBITDA assists our management and investors by providing useful information that increases the comparability of our performance operating from period to period and against the operating performance of other companies in our industry that provide Adjusted EBITDA information. This increased comparability is achieved by excluding the potentially disparate effects between periods or companies of interest, other financial items, depreciation and amortization and taxes, which items are affected by various and possibly changing financing methods, capital structure, and historical cost basis and which items may significantly affect net income between periods. We believe that including Adjusted EBITDA as a measure of operating performance benefits investors in (a) selecting between investing in us and other investment alternatives and (b) monitoring our ongoing financial and operational strength. Adjusted EBITDA is not a measure of financial performance under U.S. GAAP, does not represent and should not be considered as an alternative to net income, operating income, cash flow from operating activities or any other measure of financial performance presented in accordance with U.S. GAAP. Adjusted EBITDA excludes some, but not all, items that affect net income and these measures may vary among other companies. Therefore, Adjusted EBITDA, as presented below, may not be comparable to similarly titled measures of other companies. The following table reconciles Adjusted EBITDA to net income, the most directly comparable U.S. GAAP financial measure, for the periods presented:

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Principal Factors Affecting Our Results of Operations

The principal factors which have affected our results and are expected to affect our future results of operations and financial position, include:

Significant Accounting Policies and Critical Accounting Estimates

The discussion and analysis of our financial condition and results of operations is based upon our consolidated financial statements, which have been prepared in accordance with U.S. GAAP. The preparation of our financial statements requires us to make estimates and judgments in the application of our accounting policies that affect the reported amounts of assets and liabilities, revenues and expenses and related disclosure at the date of our consolidated financial statements. Because future events and their effects cannot be determined with certainty, actual results could differ from our assumptions and estimates, and such differences could be material. Actual results may differ from these estimates under different assumptions and conditions.

For a description of all our significant accounting policies, see Note 2 to our unaudited interim consolidated financial statements included elsewhere in this report.

Recent Accounting Pronouncements

For a discussion on Recent Accounting Pronouncements, see Note 2 to our unaudited interim consolidated financial statements included elsewhere in this report.

Results of Operations

Six months ended June 30, 2025 compared to the six months ended June 30, 2024

Voyage revenues

Voyage revenues increased by $2.0 million, or 2.6%, to $77.7 million in the six months ended June 30, 2025, compared to $75.7 million for the six months ended June 30, 2024. This increase is mainly attributable to (i) the non-cash effect of the amortization of deferred revenues and (ii) the value of the EU ETS emissions allowances (“EUAs”) due to the Partnership by the charterers of its vessels, pursuant to the terms of its time charter agreements (the corresponding value of the abovementioned EUAs, which the Partnership is obliged to surrender to the EU authorities, is included within Voyage expenses). The above increase in voyage revenues was partially offset by the decrease in cash revenues of the Arctic Aurora following its new time charter party agreement with Equinor ASA, which commenced in September 2023 and the fewer Calendar Days in the six months ended June 30, 2025, compared to the corresponding period in 2024.

Voyage expenses- including voyage expenses to related party

In the six months ended June 30, 2025, voyage expenses (including the commercial management fee equal to 1.25% of the gross charter hire we pay our Manager as compensation for the commercial services it provides to us) were $3.3 million, compared to $1.7 million for the six months ended June 30, 2024, representing an increase of $1.6 million or 94.1%. The increase is primarily associated with the corresponding value of the EUAs, mentioned above, which we are obliged to surrender to the EU authorities.

Vessel operating expenses

Vessel operating expenses were $16.5 million, which corresponds to a daily rate of $15,173 per LNG carrier in the six-month period ended June 30, 2025, as compared to $15.4 million, or a daily rate of $14,122 per LNG carrier in the six-month period ended June 30, 2024. This increase is mainly attributable to increased planned technical maintenance on two of the Partnership’s vessels in the six - month period ended June 30, 2025, compared to the corresponding period in 2024.

General and Administrative Expenses- including related party costs

During the six-month periods ended June 30, 2025, and 2024, we incurred general and administrative expenses of $1.0 million and $1.1 million, respectively. The $0.1 million, or 9.1%, decrease in the six-month period ended June 30, 2025, as compared to the same period in 2024, was mainly associated with decreased D&O insurance and legal expenses, as part of our recurring business. General and administrative expenses are comprised of legal, consultancy, audit, executive services, administrative services and Board of Directors remuneration fees, as well as other miscellaneous expenditures, essential to conduct our business.

Management fees- related party

During the six-month periods ended June 30, 2025 and 2024, we incurred management fees of $3.4 million and $3.3 million, respectively, or a daily fee of $3,095 and $3,005 per vessel per day, respectively. The 3.0% increase in the management fees in the six-month period ended June 30, 2025, as compared to the same period in 2024, is consistent with the annual daily rate increase prescribed in our management agreement.

Depreciation

Depreciation expense decreased by 0.6%, or $0.1 million, to $15.9 million in the six-month period ended June 30, 2025, from $16.0 million during the same period in 2024, due to fewer calendar days in the six - month period ended June 30, 2025, as compared to the same period in 2024.

Interest and finance costs

For the six-month periods ended June 30, 2025 and 2024, interest and finance costs were $11.2 million and $18.4 million, respectively. The decrease in the interest and finance costs of $7.2 million, or 39.1%, in the six-month period ended June 30, 2025, as compared to the same period in 2024 was mainly due to (i) the reduction in interest-bearing debt, resulting from the refinancing of the Partnership’s indebtedness in June 2024 and (ii) the decrease in the weighted average interest rate from 8.43% in the six months ended June 30, 2024, to 6.51% in the six months ended June 30, 2025. The above decrease in interest and finance costs was partially offset by the dividends attributable to the Series B Preferred Units, accrued from May 27, 2025, and up to June 30, 2025.

Interest Income

Interest income decreased by 31.3%, or $0.5 million, to $1.1 million during six months ended June 30, 2025, from $1.6 million during the six months ended June 30, 2024. The decrease is attributable to the decrease in interest rates during the six months ended June 30, 2025, as compared to the corresponding period of 2024.

Gain on derivative instruments, net

On May 7, 2020, we entered into a floating to fixed interest rate swap transaction effective from June 29, 2020. It provided a fixed 3-month SOFR rate of 0.41% based on notional values that reflect the amortization schedule of 100% of our debt then outstanding under our 5-year syndicated $675 million senior secured term loan (the “$675 Million Credit Facility”). The swap agreement expired in September 2024. The interest rate swap did not qualify for hedge accounting and during the six-month periods ended June 30, 2025 and 2024, we recognized a gain on the derivative financial instruments, net of nil and $1.7 million, respectively.

Loss on debt extinguishment

Loss on debt extinguishment decreased by 100%, or $0.3 million, to nil during the six months ended June 30, 2025, from $0.3 million loss during the corresponding period in 2024. This decrease of Loss on debt extinguishment is mainly attributable to the write-off of $0.3 million of the unamortized deferred financing fees attributable to the portion of the $675 Million Credit Facility that was extinguished in six months ended June 30, 2024, due to the full prepayment of the outstanding amount thereunder of $408.6 million, as described in our unaudited interim condensed consolidated financial statements.

Other Expense

Other Expense decreased to nil during the six months ended June 30, 2025, from $0.1 during the corresponding period in 2024. Other expense includes income from claims from hull and machinery and loss of hire insurance for damages incurred by our vessels in previous years.

Other, net

Other, net increased to $0.3 million during the six months ended June 30, 2025, from $0.1 during the corresponding period in 2024. Other, net includes expenses due to exchange differences.

Liquidity and Capital Resources

We operate in a capital-intensive industry and we expect to finance the purchase of additional vessels and other capital expenditures through a combination of borrowings from debt transactions, cash generated from operations and equity financings. Our liquidity requirements relate to servicing the principal and interest on our debt, paying distributions, when, as and if declared by our Board of Directors and funding capital expenditures and working capital. Our funding and treasury activities are intended to maximize investment returns while maintaining appropriate liquidity.

For the six-month period ended June 30, 2025, our principal sources of funds were our operating cash. We frequently monitor our capital needs by projecting our fixed income, expenses, and debt obligations and seek to maintain adequate cash reserves to compensate for any budget overruns.

Our short-term liquidity requirements relate to servicing the principal and interest on our debt, making at least the required distribution on our Series A Preferred Units in accordance with our Partnership Agreement, and funding of our normal working capital requirements, including vessel operating expenses and payments under our vessel management agreement with our Manager.

As of September 18, 2025, we believe our sources of funds (assuming the current contracted rates are earned from our existing charters) are sufficient to meet our normal working capital and other cash requirements for our current business for at least the next twelve months.

We reserve cash from operations for future maintenance capital expenditures, normal working capital requirements and other matters. Our future capital expenditure requirements principally relate to vessel drydocks including costs related to voyages to and from the drydocking yard that will depend on the distance from the vessel’s ordinary trading area to the drydocking yard. No scheduled vessel drydocks are expected in 2025 and 2026. As of June 30, 2025, we have no other material capital expenditure commitments for the next twelve months.

On November 21, 2024, our Board of Directors authorized the Common Unit Repurchase Program, which authorizes the repurchase of up to an aggregate of $10 million of our outstanding common units over 12 months. Repurchases of common units under the Common Unit Repurchase Program may be made, from time to time, in privately negotiated transactions, in open market transactions, or by other means, including through trading plans intended to qualify under Rule 10b-18 and/or Rule 10b5-1 of the Exchange Act. The amount and timing of any repurchases made under the Common Unit Repurchase Program will be in our management team’s sole discretion, and will depend on a variety of factors, including legal requirements, market conditions, other investment opportunities, available liquidity, and the prevailing market price of the common units. The Common Unit Repurchase Program does not obligate us to repurchase any dollar amount or number of common units, and the Common Unit Repurchase Program may be suspended or discontinued at any time at our discretion. During the six-month period ended June 30, 2025, we re-purchased 216,185 common units for a total amount of $0.8 million.

On July 25, 2025, we redeemed all of the issued and outstanding Series B Preferred Units. The number of Series B Preferred Units redeemed was 2,200,000. Following completion of the Redemption, no Series B Preferred Units remain outstanding. The aggregate redemption payment consisted of the amount of $55.0 million (representing $25.00 per Series B Preferred Unit) plus an amount equal to all accumulated and unpaid distributions thereon to the Redemption Date, whether or not declared. The Redemption was funded by internal cash reserves and did not involve raising additional debt. For additional information, please see “Full Redemption of Series B Preferred Units” in Note 8 to our unaudited interim consolidated financial statements included elsewhere in this report.

Our long-term liquidity requirements relate primarily to funding capital expenditures, including the potential acquisition of additional vessels, and repaying our other financial liabilities.

In accordance with our business strategy, other liquidity needs may relate to funding potential investments and maintaining cash reserves against fluctuations in operating cash flows. We expect that we will rely upon external financing sources, including bank borrowings, other financing arrangements and the issuance of debt and equity securities, to fund acquisitions and other expansion capital expenditures.

Working capital position

Working capital is equal to current assets minus current liabilities, including the current portion of long-term debt. As of June 30, 2025, we had a working capital deficit of $50.9 million, as compared to the working capital deficit of $21.1 million as of June 30, 2024. Our working capital deficit was mainly due to the current portion of our other financial liabilities, as well as to the Redemption.

We believe that our anticipated sources of funds, as mentioned above and those that we anticipate to internally generate for a period of at least the next twelve months, will be sufficient to fund the operations of our Fleet, and to meet our normal working capital requirements, service our principal and interest debt, and make at least the required distribution on our Series A Preferred Units in accordance with our Partnership Agreement.

War between Russia and Ukraine

In the six-month period ended as of June 30, 2025, we earned 36% of our revenues from Yamal, which traded primarily from Russian LNG ports. Due to the ongoing war between Russia and the Ukraine, the United States, European Union, the United Kingdom, Canada, and other western countries and organizations announced and enacted, from February 2022 until the date of this report, numerous sanctions against Russia, which have not affected LNG shipping in the main trading routes of the Partnership’s vessels. Therefore, currently our time charter contracts have not been affected by the events in Russia and Ukraine sanctions imposed to date.

The terms of two of our charter parties with counterparties owned or controlled by Russian entities provide that, following a sanctions event (as defined in the relevant charter parties which is not triggered by the currently imposed sanctions), the parties may enter into discussions to evaluate certain options to remedy a sanctions event, provided it remains lawful for us to enter into such discussions, and for a suspension period of up to two years, provided always that these options would not be contrary to the sanctions. During such suspension period, we have the right to trade the vessel for its own account provided that we shall seek the charterers’ consent on fixtures for a duration of longer than six months, and the charterers have an option to purchase the vessel at a purchase price as agreed within the charter party, provided that the execution of such purchase option would not be contrary to the sanctions.

As there is currently uncertainty regarding the global impact of the ongoing war, it is possible that further developments in sanctions or escalation of the conflict will affect the Partnership’s ability to continue to employ two of its six vessels to their current charterers and the suspension, termination, or cancellation of such charter parties could thus adversely affect our results of operations, cash flows, and financial condition.

Despite the continuing uncertainty, we believe that, in the event of suspension, termination, or cancellation of any of these charters, we will be able to enter into time charters with terms that will be acceptable to the lenders. Thus, we believe that we will be in a position to maintain sufficient cash generating capacity to cover our working capital needs and pay our installment obligations under our Lease Financing or other debt agreements for the period ending one year after the issuance of our consolidated financial statements.

Capital Expenditures

We reserve cash from operations for future maintenance capital expenditures, normal working capital requirements and other matters.

Our future capital expenditure requirements principally relate to vessel drydocks including costs related to voyages to and from the drydocking yard that will depend on the distance from the vessel’s ordinary trading area to the drydocking yard. No scheduled vessel drydocks are expected in 2025 and 2026. As at June 30, 2025, we have no other material capital expenditure commitments for the next twelve months.

Our Borrowing Activities

CDBL Lease Financing

On June 19, 2024, we entered into sale and leaseback agreements with China Development Bank Financial Leasing Co. Ltd. (“CDBL”) for four of our vessels, the Ob River, the Clean Energy, the Amur River, and the Arctic Aurora for the amounts of $71.2 million, $53.6 million, $73.1 million and $147.0 million, respectively (together, the “Lease Financing”). The Lease Financing closed on June 27, 2024.

Under the terms of the Lease Financing, we sold and simultaneously chartered back on a bareboat basis the OB River, the Clean Energy and the Amur River for a five-year period and the Arctic Aurora for a ten- year period, commencing on June 27, 2024. The charterhire principal is scheduled to be repaid in 20 consecutive quarterly installments paid in arrears for the OB River, the Clean Energy and the Amur River and 40 consecutive quarterly installments paid in arrears for the Arctic Aurora. The financing’s applicable interest rate is three-month Term SOFR plus a margin. Following the first anniversary of each bareboat charter, we will have the option at any time to repurchase the respective vessel at a predetermined price, as set forth in each respective agreement. At the end of the applicable bareboat charter period, we will have the obligation to repurchase such vessel at a price equal to the 20% of the financing amount with respect to the OB River, the Clean Energy and the Amur River and the 15% of the financing amount with respect to the Arctic Aurora. We will be required to maintain a minimum market value of each vessel of at least 120% of the respective outstanding principal balance throughout the charter period.

As of June 30, 2025, our outstanding borrowings relate to the Lease Financing from CBDL. For further information relating to our long- term debt and other financial liabilities, please see Note 5 to our unaudited interim condensed consolidated financial statement included elsewhere in this report.

Distributions

Distributions on Common Units

On February 27, 2025, we paid a cash distribution for the fourth quarter of 2024 of $0.049 per common unit, to all common unitholders of record as of February 24, 2025.

On May 23, 2025, we paid a cash distribution for the first quarter of 2025 of $0.049 per common unit, to all common unitholders of record as of May 19, 2025.

Distributions on Series A Preferred Units

On February 12, 2025, we paid a cash distribution of $0.5625 per unit on our Series A Preferred Units for the period from November 12, 2024 to February 11, 2025, to all Series A Preferred Unitholders of record as of February 5, 2025.

On May 11, 2025, we paid a cash distribution of $0.5625 per unit on our Series A Preferred Units for the period from February 12, 2025 to May 11, 2025, to all Series A Preferred Unitholders of record as of May 5, 2025.

On August 12, 2025, we paid a cash distribution of $0.5625 per unit on our Series A Preferred Units for the period from May 12, 2025 to August 11, 2025, to all Series A Preferred Unitholders of record as of August 5, 2025.

Distributions on Series B Preferred Units

On February 24, 2025, we paid a cash distribution of $0.677286319 per unit on our Series B Preferred Units for the period from November 22, 2024 to February 23, 2025, to all Series B Preferred Unitholders of record as of February 14, 2025.

On May 22, 2025, we paid a cash distribution of $0.614808 per unit on our Series B Preferred Units for the period from February 24, 2025 to May 21, 2025, to all Series B Preferred Unitholders of record as of May 15, 2025.

On July 25, 2025, the Partnership paid $0.45258267 per unit on our Series B Preferred Units, for the period from May 22, 2025 to July 25, 2025.

Distributions on General Partner Units

During the six-month periods ended June 30, 2025, and 2024, our Board of Directors approved two quarterly cash distributions to our General Partner and holder of the incentive distribution rights in the Partnership, of amount of $2 thousand and nil, respectively.

Cash Flows

The following table summarizes our net cash flows from/ (used in) operating, investing and financing activities and our cash and cash equivalents for the six-month periods ended June 30, 2025 and 2024:

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Operating Activities

Net cash provided by operating activities amounted to $42.4 million for the six-month period ended June 30, 2025, as compared to $34.1 million for the same period in 2024. This increase in net cash provided by operating activities was mainly attributable to working capital changes and the increase in net income.

Investing Activities

Net cash used in investing activities amounted to nil for the six-month periods ended June 30, 2025 and June 30, 2024.

Financing Activities

Net cash used in financing activities was $32.7 million during the six-month period ended June 30, 2025, as compared to $72.3 million for the same period in 2024, and consisted of: (i) $22.1 million of regular principal payments under the CDBL Lease Financing, (ii) distributions of $9.8 million paid to our common and preferred unitholders during the period (see “Distributions” above) and (iii) $0.8 million paid for the repurchase of common units.

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DYNAGAS LNG PARTNERS LP

INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

JUNE 30, 2025 (UNAUDITED)

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DYNAGAS LNG PARTNERS LP

INDEX TO UNAUDITED INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

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DYNAGAS LNG PARTNERS LP

Unaudited Condensed Consolidated Balance Sheets

As of June 30, 2025 and December 31, 2024

(Expressed in thousands of U.S. Dollars — except for unit data)

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The accompanying notes are an integral part of these unaudited interim condensed consolidated financial statements

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DYNAGAS LNG PARTNERS LP

Unaudited Interim Condensed Consolidated Statements of Comprehensive Income

For the six month periods ended June 30, 2025 and 2024

(Expressed in thousands of U.S. Dollars—except for unit and per unit data)

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The accompanying notes are an integral part of these unaudited interim condensed consolidated financial statements

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DYNAGAS LNG PARTNERS LP

Unaudited Interim Consolidated Statements of Partners’ Equity

For the six month periods ended June 30, 2025 and 2024

(Expressed in thousands of U.S. Dollars—except for unit data)

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The accompanying notes are an integral part of these unaudited interim condensed consolidated financial statements.

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DYNAGAS LNG PARTNERS LP

Unaudited Interim Consolidated Statements of Cash Flows

For the six month periods ended June 30, 2025 and 2024

(Expressed in thousands of U.S. Dollars)

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The accompanying notes are an integral part of these unaudited interim condensed consolidated financial statements.

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1. Basis of Presentation and General Information:

Dynagas LNG Partners LP (“Dynagas Partners” or the “Partnership”) was incorporated as a limited partnership on May 30, 2013, under the laws of the Republic of the Marshall Islands. On November 18, 2013, the Partnership successfully completed its initial public offering (the “IPO”), pursuant to which, the Partnership offered and sold 8,250,000 common units to the public at $18.00 per common unit, and in connection with the closing of the IPO, the Partnership’s Sponsor, Dynagas Holding Ltd., a company beneficially wholly owned by Mr. Georgios Prokopiou, the Partnership’s Chairman and major unitholder and certain of his close family members, offered and sold 4,250,000 common units to the public at $18.00 per common unit. In connection with the IPO, the Partnership entered into certain agreements including: (i) an omnibus agreement with the Sponsor, as amended, (the “Omnibus Agreement”) and, (ii) a $30 million interest free revolving credit facility with its Sponsor (the “$30 Million Sponsor Facility”) (Note 3(b)), which was extended on November 14, 2018 until November 2023, to be used for general Partnership purposes.

The Partnership earned in the six months ended as of June 30, 2025, 36% (2024: 34%) of its revenues from Yamal Trade Pte. Ltd. (“Yamal”), which traded primarily from Russian LNG ports. Due to the recent Russian conflicts with Ukraine, the United States, European Union, Canada and other western countries and organizations announced and enacted from February 2022 to date, numerous sanctions against Russia which have not affected LNG shipping in the main trading routes of the Partnership’s vessels. The Partnership’s time charter contracts have therefore currently not been affected by the sanctions imposed to date due to the events in Russia and Ukraine.

As there is currently uncertainty regarding the global impact of the conflict, which is ongoing, it is possible that further developments in sanctions or escalation of the conflict will affect the Partnership’s ability to continue to employ two out of its six vessels to the current charterers and the suspension, termination, or cancellation of such charter parties, could thus adversely affect the Partnership’s results of operation, cash flows and financial condition. The Partnership believes that despite the continuing uncertainty, in the event of suspension, termination, cancellation of any of these charters, it will be able to enter into replacement time charters acceptable to the lenders.

As of June 30, 2025, the Partnership reported cash and cash equivalents of $77.9 million had a working capital deficit of $50.9 million, which is mainly due to the current portion of its other financial liabilities, as well as to the Series B Preferred Units which are due to be redeemed on July 25, 2025. The Partnership believes that current sources of funds and those that the Partnership anticipates to internally generate for a period of at least the next twelve months, will be sufficient to fund the operations of its fleet, and to meet the Partnership’s normal working capital requirements, service principal and interest of debt and other financial liabilities, make at least the required distribution on Series A Preferred Units and the redemption of the Series B Preferred Units, in accordance with the Partnership’s Agreement. Accordingly, the Partnership continues to adopt the going concern basis in preparing its financial statements.

The Partnership is engaged in the seaborne transportation industry through the ownership and operation of high specification LNG vessels and is the sole owner (directly or indirectly) of all outstanding shares or units of the following subsidiaries as of June 30, 2025:

Vessel Owning Subsidiaries:

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1. Basis of Presentation and General Information (continued):

Non-Vessel Owning Subsidiaries:

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Since the Partnership’s inception, the technical, administrative, and commercial management of the Partnership’s fleet is performed by Dynagas Ltd. (“Dynagas” or the “Manager”), a related company, wholly owned by the Partnership’s Chairman (Note 3(a)).

As of June 30, 2025, the Partnership’s Sponsor owned 42.7% of the outstanding equity interests in the Partnership (excluding the Series A Preferred Units and the Series B Preferred Units, both of which, generally, have no voting rights), including the 0.1% general partner interest retained by it, as the General Partner, through Dynagas GP LLC, which is owned and controlled by the Sponsor.

The accompanying unaudited interim condensed consolidated financial statements have been prepared in accordance with Generally Accepted Accounting Principles in the United States of America (“U.S. GAAP”) and applicable rules and regulations of the U.S Securities and Exchange Commission (the “SEC”) for interim financial reporting. The unaudited interim condensed consolidated financial statements include the accounts of Dynagas Partners and its wholly owned subsidiaries, referred to above. All intercompany balances and transactions have been eliminated upon consolidation.

These unaudited interim condensed consolidated financial statements and accompanying notes should be read in conjunction with the Partnership’s audited consolidated financial statements for the year ended December 31, 2024 and notes thereto included in its Annual Report on Form 20-F, filed with the SEC on April 10, 2025. In the opinion of the Partnership’s management, all adjustments, which include only normal recurring adjustments, necessary for a fair presentation of the financial position, operating results, and cash flows have been included in the financial statements for the periods presented. Interim results are not necessarily indicative of the results that may be expected for the year ending December 31, 2025.

1. Basis of Presentation and General Information (continued):

Concentration of Credit Risk

During the six-month periods ended June 30, 2025 and 2024, charterers that individually accounted for more than 10% of the Partnership’s revenues were as follows:

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The maximum aggregate amount of loss due to credit risk, net of related allowances, that the Partnership would have incurred if the aforementioned charterers failed completely to perform according to the terms of their respective charter parties, amounted to $526 and $1,201 as of June 30, 2025 and December 31, 2024, respectively.

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Provision for Credit Losses

The amount shown as trade accounts receivable at each balance sheet date, mainly includes receivables from charterers for hire from lease agreements, net of any provision for doubtful accounts, if any. 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 dispute. Operating lease receivables under ASC 842 are not in scope of ASC 326 for assessment of credit loss. ASC 842 requires lessors to evaluate the collectability of all lease payments. If collection of all operating lease payments, plus any amount necessary to satisfy a residual value guarantee, is not probable (either at lease commencement or after the commencement date), lease income is constrained to the lesser of cash collected or lease income reflected on a straight-line or another systematic basis, plus variable rent when it becomes accruable. Provision for doubtful accounts as of June 30, 2025 and December 31, 2024, was nil. Financial instruments, which may potentially subject the Partnership to significant concentrations of credit risk, consist principally of cash and cash equivalents and trade accounts receivable. 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 trade accounts receivable by performing ongoing credit evaluations of each of its charterer’s financial condition and generally does not require collateral for its trade accounts receivable. The Partnership is exposed to credit risk in the event of non-performance by the counterparty to the derivative instrument; however, the Partnership limits its exposure by entering into transactions with counterparties with high credit ratings. No allowance was recorded on insurance claims as of June 30, 2025 and December 31, 2024.

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2. Significant Accounting Policies and Recent Accounting Pronouncements:

The Partnership has determined that it operates as a single reportable segment, vessel operations. The Partnership’s CODM, its Chief Executive Officer, evaluates performance and allocates resources based on consolidated net income and total consolidated assets.

A summary of the Partnership’s significant accounting policies can be found in the Partnership’s consolidated financial statements included in the Annual Report on Form 20-F for the year ended December 31, 2024, filed with the SEC on April 10, 2025. There have been no material changes to these policies during the six-month period ended June 30, 2025, except as described below.

Preferred Shares Classification and Reclassification

The Partnership follows the provisions of ASC 480, “Distinguishing Liabilities from Equity,” and ASC 815, “Derivatives and Hedging” to determine the classification of preferred units as permanent equity, temporary equity, or liability.

2. Significant Accounting Policies and Recent Accounting Pronouncements (continued):

A unit that must be redeemed upon or after an event not certain to occur is not accounted for as a liability under ASC 480. Once the event becomes certain, the instrument is reclassified as a liability.

If preferred units become mandatorily redeemable, the Partnership reclassifies them at fair value from equity to liability. The difference between the carrying amount and fair value is treated as a deemed dividend and charged to net income available to common stockholders.

The guidance in ASC 260-10-S99-2 also applies. It states that if an equity-classified preferred stock is subsequently reclassified as a liability, the equity instrument is considered redeemed through the issuance of a debt instrument. Accordingly, the difference between the carrying amount in equity and the fair value as a liability is treated as a dividend for earnings per unit purposes.

Recent Accounting Pronouncements - Not Yet Adopted

In July 2025, the FASB issued ASU 2025-05, “Financial Instruments-Credit Losses (Topic 326): Measurement of Credit Losses for Accounts Receivable and Contract Assets”. The amendments in this Update affect entities that apply the practical expedient when estimating expected credit losses on current accounts receivable and/or current contract assets arising from transactions under Topic 606, including those assets acquired in a transaction accounted for under Topic 805, Business Combinations. In developing reasonable and supportable forecasts as part of estimating expected credit losses, all entities may elect a practical expedient that assumes that current conditions as of the balance sheet date do not change for the remaining life of the asset. The amendments are expected to provide decision-useful information to investors and other financial statement users while reducing the time and effort necessary to analyze and estimate credit losses for current accounts receivable and current contract assets. An entity that elects the practical expedient, should apply the amendments in this Update prospectively. The amendments will be effective for annual reporting periods beginning after December 15, 2025, and interim reporting periods within those annual reporting periods. Early adoption is permitted in both interim and annual reporting periods in which financial statements have not yet been issued or made available for issuance. The Partnership is currently assessing the impact this standard will have on its consolidated financial statements and related disclosures.

3. Transactions with related parties:

During the six-month periods ended June 30, 2025 and 2024, the Partnership incurred the following charges in connection with related party transactions, which are included in the accompanying unaudited interim condensed consolidated statements of comprehensive income:

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