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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended September 30, 2025

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from ________________to________________

Commission File No.: 0-26823

ALLIANCE RESOURCE PARTNERS, L.P.

(Exact name of registrant as specified in its charter)

Delaware

73-1564280

(State or other jurisdiction of

incorporation or organization)

(IRS Employer Identification No.)

1717 South Boulder Avenue, Suite 400, Tulsa, Oklahoma 74119

(Address of principal executive offices and zip code)

(918) 295-7600

(Registrant’s telephone number, including area code)

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. [X] Yes [ ] No

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). [X] Yes [ ] No

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.


Large Accelerated Filer ☒	Accelerated Filer ☐	Non-Accelerated Filer ☐	Smaller Reporting Company ☐
Emerging Growth Company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. [ ]

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). ☐ Yes ☒ No

Securities registered pursuant to Section 12(b) of the Act:


Title of each class	Trading Symbol	Name of each exchange on which registered
Common units representing limited partner interests	ARLP	NASDAQ Global Select Market

As of November 7, 2025, 128,428,024 common units are outstanding.

Table of Contents

TABLE OF CONTENTS

PART I

FINANCIAL INFORMATION


		Page

ITEM 1.	Financial Statements (Unaudited)
	ALLIANCE RESOURCE PARTNERS, L.P. AND SUBSIDIARIES
	Condensed Consolidated Balance Sheets as of September 30, 2025 and December 31, 2024	1
	Condensed Consolidated Statements of Income for the three and nine months ended September 30, 2025 and 2024	2
	Condensed Consolidated Statements of Comprehensive Income for the three and nine months ended September 30, 2025 and 2024	3
	Condensed Consolidated Statements of Cash Flows for the nine months ended September 30, 2025 and 2024	4
	Notes to Condensed Consolidated Financial Statements	5
	1. Organization and Presentation	5
	2. New Accounting Standards	6
	3. Variable Interest Entities	7
	4. Fair Value Measurements	9
	5. Inventories	11
	6. Digital Assets	12
	7. Investments	12
	8. Long-Term Debt	14
	9. Workers’ Compensation and Pneumoconiosis	16
	10. Components of Pension Plan Net Periodic Benefit Cost	17
	11. Contingencies	17
	12. Partners’ Capital	18
	13. Common Unit-Based Compensation Plan	21
	14. Revenue from Contracts with Customers	22
	15. Income Taxes	23
	16. Earnings per Limited Partner Unit	23
	17. Segment Information	24
ITEM 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	29
ITEM 3.	Quantitative and Qualitative Disclosures about Market Risk	40
ITEM 4.	Controls and Procedures	41
	Forward-Looking Statements	43

PART II
OTHER INFORMATION

ITEM 1.	Legal Proceedings	45
ITEM 1A.	Risk Factors	45
ITEM 2.	Unregistered Sales of Equity Securities and Use of Proceeds	45
ITEM 3.	Defaults Upon Senior Securities	45
ITEM 4.	Mine Safety Disclosures	46
ITEM 5.	Other Information	46
ITEM 6.	Exhibits	46

Table of Contents

PART I

FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS

ALLIANCE RESOURCE PARTNERS, L.P. AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

(In thousands, except unit data)

(Unaudited)


	September 30,		December 31,
	2025		2024
ASSETS
CURRENT ASSETS:
Cash and cash equivalents	$	94,481	$	136,962
Trade receivables (net of allowance of $5,260 and $2,087, respectively)		169,883		166,829
Other receivables		2,272		10,158
Inventories, net		130,636		120,661
Advance royalties		9,537		11,422
Digital assets		64,809		45,037
Prepaid expenses and other assets		14,494		22,161
Total current assets		486,112		513,230
PROPERTY, PLANT AND EQUIPMENT:
Property, plant and equipment		4,511,236		4,435,535
Less accumulated depreciation, depletion and amortization		(2,347,584)		(2,269,265)
Total property, plant and equipment, net		2,163,652		2,166,270
OTHER ASSETS:
Advance royalties		75,788		70,264
Equity method investments		54,582		35,532
Equity securities		67,541		92,541
Debt securities		13,193		—
Operating lease right-of-use assets		17,631		15,871
Other long-term assets		29,842		22,022
Total other assets		258,577		236,230
TOTAL ASSETS	$	2,908,341	$	2,915,730

LIABILITIES AND PARTNERS' CAPITAL
CURRENT LIABILITIES:
Accounts payable	$	103,757	$	98,188
Accrued taxes other than income taxes		24,566		21,051
Accrued payroll and related expenses		36,318		26,946
Accrued interest		10,660		1,821
Workers' compensation and pneumoconiosis benefits		14,815		14,838
Other current liabilities		42,131		48,023
Current maturities, long-term debt, net		23,361		22,275
Total current liabilities		255,608		233,142
LONG-TERM LIABILITIES:
Long-term debt, excluding current maturities, net		433,117		450,885
Pneumoconiosis benefits		124,794		120,152
Workers' compensation		38,943		37,177
Asset retirement obligations		157,753		155,156
Long-term operating lease obligations		15,068		13,638
Deferred income tax liabilities		27,417		29,353
Other liabilities		24,584		22,694
Total long-term liabilities		821,676		829,055
Total liabilities		1,077,284		1,062,197

COMMITMENTS AND CONTINGENCIES - (NOTE 11)

PARTNERS' CAPITAL:
ARLP Partners' Capital:
Limited Partners - Common Unitholders 128,428,024 and 128,061,981 units outstanding, respectively		1,836,401		1,867,850
Accumulated other comprehensive loss		(24,039)		(35,103)
Total ARLP Partners' Capital		1,812,362		1,832,747
Noncontrolling interest		18,695		20,786
Total Partners' Capital		1,831,057		1,853,533
TOTAL LIABILITIES AND PARTNERS' CAPITAL	$	2,908,341	$	2,915,730

See notes to condensed consolidated financial statements.

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ALLIANCE RESOURCE PARTNERS, L.P. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF INCOME

(In thousands, except unit and per unit data)

(Unaudited)


	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2025		2024		2025		2024
SALES AND OPERATING REVENUES:
Coal sales	$	511,593	$	532,647	$	1,465,573	$	1,607,185
Oil & gas royalties		32,055		34,448		103,612		107,907
Transportation revenues		7,701		24,617		26,459		82,071
Other revenues		20,018		21,857		63,654		61,453
Total revenues		571,367		613,569		1,659,298		1,858,616

EXPENSES:
Operating expenses (excluding depreciation, depletion and amortization)		354,604		384,844		1,040,328		1,100,308
Transportation expenses		7,701		24,617		26,459		82,071
Outside coal purchases		4,514		8,192		19,038		27,912
General and administrative		21,373		21,878		62,333		64,569
Depreciation, depletion and amortization		78,211		72,971		223,180		204,974
Total operating expenses		466,403		512,502		1,371,338		1,479,834

INCOME FROM OPERATIONS		104,964		101,067		287,960		378,782

Interest expense (net of interest capitalized of $1,658, $3,521, $9,506 and $8,605, respectively)		(11,033)		(9,527)		(28,719)		(26,553)
Interest income		682		2,175		2,119		5,535
Net income (loss) on equity method investments		4,487		(2,327)		945		(3,032)
Change in fair value of digital assets		3,739		332		11,021		8,437
Impairment loss on investments - (Note 7)		—		—		(25,000)		—
Other income (expense)		(135)		(681)		493		(2,245)
INCOME BEFORE INCOME TAXES		102,704		91,039		248,819		360,924

INCOME TAX EXPENSE		5,886		4,123		15,416		12,932

NET INCOME		96,818		86,916		233,403		347,992

LESS: NET INCOME ATTRIBUTABLE TO NONCONTROLLING INTEREST		(1,714)		(635)		(4,906)		(3,467)

NET INCOME ATTRIBUTABLE TO ARLP	$	95,104	$	86,281	$	228,497	$	344,525

EARNINGS PER LIMITED PARTNER UNIT - BASIC AND DILUTED	$	0.73	$	0.66	$	1.76	$	2.64

WEIGHTED-AVERAGE NUMBER OF UNITS OUTSTANDING – BASIC AND DILUTED		128,428,024		128,061,981		128,374,391		127,932,095

See notes to condensed consolidated financial statements.

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ALLIANCE RESOURCE PARTNERS, L.P. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(In thousands)

(Unaudited)


	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2025		2024		2025		2024

NET INCOME	$	96,818	$	86,916	$	233,403	$	347,992

OTHER COMPREHENSIVE INCOME:

Defined benefit pension plan
Amortization of prior service cost (1)		2		47		7		140
Amortization of net actuarial loss (1)		—		136		—		245
Total defined benefit pension plan adjustments		2		183		7		385

Pneumoconiosis benefits
Amortization of net actuarial loss (1)		232		839		696		2,517
Total pneumoconiosis benefits adjustments		232		839		696		2,517

Foreign currency translation adjustment		51		—		127		—

Change in unrealized gains on debt securities (2)		(685)		—		10,234		—

OTHER COMPREHENSIVE INCOME (LOSS)		(400)		1,022		11,064		2,902

COMPREHENSIVE INCOME		96,418		87,938		244,467		350,894

Less: Comprehensive income attributable to noncontrolling interest		(1,714)		(635)		(4,906)		(3,467)

COMPREHENSIVE INCOME ATTRIBUTABLE TO ARLP	$	94,704	$	87,303	$	239,561	$	347,427

(1)	Amortization of prior service cost and net actuarial loss is included in the computation of net periodic benefit cost (credit) (see Notes 9 and 10 for additional details).

(2)	For more information on the change in unrealized gains please see Note 4.

See notes to condensed consolidated financial statements.

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ALLIANCE RESOURCE PARTNERS, L.P. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(In thousands)

(Unaudited)


	Nine Months Ended
	September 30,
	2025		2024

CASH FLOWS FROM OPERATING ACTIVITIES	$	507,260	$	634,711

CASH FLOWS FROM INVESTING ACTIVITIES:
Property, plant and equipment:
Capital expenditures		(218,521)		(335,586)
Change in accounts payable and accrued liabilities		(5,555)		9,191
Proceeds from sale of property, plant and equipment		2,110		1,385
Contributions to equity method investments		(24,265)		(1,398)
Purchase of debt securities		(2,959)		—
Oil & gas reserve asset acquisitions		(3,485)		(15,176)
Other		1,706		4,151
Net cash used in investing activities		(250,969)		(337,433)
CASH FLOWS FROM FINANCING ACTIVITIES:
Borrowings under securitization facility		74,000		75,000
Payments under securitization facility		(74,000)		(75,000)
Proceeds from equipment financings		—		54,626
Payments on equipment financings		(9,552)		(8,926)
Borrowings under revolving credit facilities		—		20,000
Payments under revolving credit facilities		—		(20,000)
Borrowing under long-term debt		—		400,000
Payments on long-term debt		(10,547)		(296,327)
Payment of debt issuance costs		—		(11,442)
Payments for tax withholdings related to settlements under deferred compensation plan		(7,082)		(15,544)
Distributions paid to Partners		(259,406)		(272,707)
Other		(12,251)		(11,342)
Net cash used in financing activities		(298,838)		(161,662)
Effect of exchange rate changes on cash and cash equivalents		66		—
NET CHANGE IN CASH AND CASH EQUIVALENTS		(42,481)		135,616
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD		136,962		59,813
CASH AND CASH EQUIVALENTS AT END OF PERIOD	$	94,481	$	195,429

SUPPLEMENTAL CASH FLOW INFORMATION:
Cash paid for interest	$	25,931	$	24,263
Cash paid for income taxes	$	16,294	$	16,509

SUPPLEMENTAL NON-CASH ACTIVITY:
Accounts payable for purchase of property, plant and equipment	$	18,173	$	23,777
Right-of-use assets acquired by operating lease	$	3,730	$	716
Market value of common units issued under deferred compensation plans before tax withholding requirements	$	17,068	$	34,880

See notes to condensed consolidated financial statements.

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ALLIANCE RESOURCE PARTNERS, L.P. AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

1.ORGANIZATION AND PRESENTATION

Significant Relationships Referenced in Notes to Condensed Consolidated Financial Statements

●

References to “we,” “us,” “our” or “ARLP Partnership” mean the business and operations of Alliance Resource Partners, L.P., the parent company, as well as its consolidated subsidiaries.

●

References to “ARLP” mean Alliance Resource Partners, L.P., individually as the parent company, and not on a consolidated basis.

●

References to “MGP” mean Alliance Resource Management GP, LLC, ARLP’s general partner.

●

References to “Mr. Craft” mean Joseph W. Craft III, the Chairman, President and Chief Executive Officer of MGP.

●

References to “Intermediate Partnership” mean Alliance Resource Operating Partners, L.P., the intermediate partnership of Alliance Resource Partners, L.P.

●

References to “Alliance Coal” mean Alliance Coal, LLC, an indirect wholly owned subsidiary of ARLP.

●

References to “Alliance Minerals” mean Alliance Minerals, LLC, an indirect wholly owned subsidiary of ARLP.

●

References to “Alliance Resource Properties” mean Alliance Resource Properties, LLC, an indirect wholly owned subsidiary of ARLP.

Organization

ARLP is a Delaware limited partnership listed on the NASDAQ Global Select Market under the ticker symbol “ARLP.” ARLP was formed in May 1999 and completed its initial public offering on August 19, 1999 when it acquired substantially all of the coal production and marketing assets of Alliance Resource Holdings, Inc., a Delaware corporation, and its subsidiaries. We are managed by our general partner, MGP, a Delaware limited liability company which holds a non-economic general partner interest in ARLP.

Basis of Presentation

The accompanying condensed consolidated financial statements include the accounts and operations of the ARLP Partnership and present our financial position as of September 30, 2025 and December 31, 2024, the results of our operations and comprehensive income for the three and nine months ended September 30, 2025 and 2024 and cash flows for the nine months ended September 30, 2025 and 2024. All intercompany transactions and accounts have been eliminated.

These condensed consolidated financial statements and notes are prepared pursuant to the rules and regulations of the Securities and Exchange Commission for interim reporting and do not include all the information normally included with financial statements prepared in accordance with generally accepted accounting principles (“GAAP”) of the United States. These financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto included in our Annual Report on Form 10-K for the year ended December 31, 2024.

These condensed consolidated financial statements and notes are unaudited. However, in the opinion of management, these condensed consolidated financial statements reflect all normal recurring adjustments necessary for a fair presentation of the results for the periods presented. Results for interim periods are not necessarily indicative of results to be expected for the full year ending December 31, 2025.

Use of Estimates

The preparation of the ARLP Partnership’s condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts and disclosures in our condensed consolidated financial statements. Actual results could differ from those estimates.

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Investments

Our investments and ownership interests in equity securities without readily determinable fair values in entities in which we do not have a controlling financial interest or significant influence are accounted for using a measurement alternative other than fair value. The measurement alternative is historical cost minus impairment, if any, plus or minus changes resulting from observable price changes in orderly transactions for identical or similar investments of the same entity. Distributions received on those investments are recorded as income unless those distributions are considered a return on investment, in which case the historical cost is reduced. We account for our ownership interests in Infinitum Electric, Inc. (“Infinitum”) and Ascend Elements, Inc. (“Ascend”) as equity securities without readily determinable fair values. See Note 7 – Investments for further discussion of these investments.

Our investments and ownership interests in entities in which we do not have a controlling financial interest are accounted for under the equity method of accounting if we have the ability to exercise significant influence over the entity. Investments accounted for under the equity method are initially recorded at cost, and the difference between the basis of our investment and the underlying equity in the net assets of the entity at the investment date, if any, is amortized over the lives of the related assets that gave rise to the difference.

In the event our ownership requires the recording of income or loss such that our capital accounts reflect what we would receive in liquidation, we use the hypothetical liquidation at book value (“HLBV”) method to determine the appropriate allocation of income or loss. Under the HLBV method, income or loss of the investee is allocated based on hypothetical amounts that each investor would be entitled to receive if the net assets held were liquidated at book value at the end of each period, adjusted for any contributions made and distributions received during the period.

We hold equity method investments in AllDale Minerals III, LP (“AllDale III”), NGP Energy Transition, L.P. (“NGP ET IV”) and Gavin Generation Holdings A, LP (“Gavin Generation”). See Note 3 – Variable Interest Entities for further discussion of our equity method investments.

We review our investments for impairment whenever events or changes in circumstances indicate a loss in the value of the investment may be other-than-temporary.

Our investments in debt securities classified as available-for-sale are reported at fair value with unrealized gains and losses included in other comprehensive income in partners’ capital. Credit losses, if any, are recorded as an expense. Upon maturity or conversion, any associated unrealized gain or loss will be reclassified from other comprehensive income to our condensed consolidated income statement as a realized gain or loss. We hold debt securities in Ascend. See Note 7 – Investments for further discussion of this investment.

2.NEW ACCOUNTING STANDARDS

New Accounting Standards Issued and Not Yet Adopted

In December 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures (“ASU 2023-09”). ASU 2023-09 primarily requires enhanced disclosures to (1) disclose specific categories in the rate reconciliation, (2) disclose the amount of income taxes paid and expensed disaggregated by federal, state, and foreign taxes, with further disaggregation by individual jurisdictions if certain criteria are met, and (3) disclose income (loss) from continuing operations before income tax (benefit) disaggregated between domestic and foreign. ASU 2023-09 may be adopted on a prospective or retrospective basis and is effective for fiscal years beginning after December 15, 2024, with early adoption permitted. We do not expect ASU 2023-09 to have a material effect on our results of operations, cash flows and financial condition but will result in the enhanced disclosures described above.

In November 2024, the FASB issued ASU 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40) (“ASU 2024-03”). ASU 2024-03 requires the disclosure of additional information about specific expense categories in the notes to the financial statements to provide enhanced transparency into the nature and function of expenses. ASU 2024-03 is effective for fiscal years beginning after December 15, 2026, and interim periods within fiscal years beginning after December 15, 2027, on a prospective basis, with early

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adoption permitted. We continue to evaluate the impact of ASU 2024-03 on our results of operations, cash flows, financial condition and related disclosures.

In September 2025, the FASB issued ASU 2025-06, Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software (“ASU 2025-06”). ASU 2025-06 improves the accounting for software development costs by removing references to software development stages so that the accounting is neutral to different software development methods. ASU 2025-06 is effective for fiscal years beginning after December 15, 2027 and interim periods within those fiscal years, with early adoption permitted. ASU 2025-06 can be applied on a prospective basis, a modified basis for in-process projects or a retrospective basis. We are evaluating the impact of ASU 2025-06 on our results of operations, cash flows, financial condition and related disclosures.

3.VARIABLE INTEREST ENTITIES

AllDale I & II and Cavalier Minerals

We own the general partner interests and, including the limited partner interests we hold through our ownership in Cavalier Minerals JV, LLC (“Cavalier Minerals”), approximately 97% of the limited partner interests in AllDale Minerals LP (“AllDale I”) and AllDale Minerals II, LP (“AllDale II”, and collectively with AllDale I, “AllDale I & II”). As the general partner of AllDale I & II, we are entitled to receive 20.0% of all distributions from AllDale I & II with the remaining 80.0% allocated to limited partners based upon ownership percentages.

Cavalier Minerals owns approximately 72% of the limited partner interests in AllDale I & II. We own the managing member interest and a 96% member interest in Cavalier Minerals. Bluegrass Minerals Management, LLC (“Bluegrass Minerals”) owns a 4% member interest in Cavalier Minerals and a profits interest which entitles it to receive distributions equal to 25% of all distributions (including in liquidation).

We have concluded that AllDale I, AllDale II and Cavalier Minerals are variable interest entities (“VIEs”) which we consolidate as the primary beneficiary because we have the power to direct the activities that most significantly impact the economic performance of AllDale I, AllDale II and Cavalier Minerals in addition to having substantial equity ownership.

Our share of Cavalier Minerals’ investment in AllDale I & II is eliminated in consolidation and Bluegrass Minerals’ investment in Cavalier Minerals is accounted for as noncontrolling ownership interest on our condensed consolidated balance sheets. Additionally, earnings attributable to Bluegrass Minerals are recognized as noncontrolling interest in our condensed consolidated statements of income.

The following table presents the carrying amounts and classification of AllDale I & II’s assets and liabilities included in our condensed consolidated balance sheets:


	September 30,		December 31,
	2025		2024

Assets (liabilities):	(in thousands)
Cash and cash equivalents	$	4,266	$	5,154
Trade receivables		12,587		11,209
Total property, plant and equipment, net		360,758		373,093
Accounts payable		(240)		(221)
Due to affiliates		(113)		—
Accrued taxes other than income taxes		(878)		(870)

AllDale III

AllDale III owns oil & gas mineral interests in areas around the oil & gas mineral interests we own. Alliance Minerals owns a 13.9% limited partner interest in AllDale III. Alliance Minerals’ investment in AllDale III is subject to a 25% profits interest for the general partner that is subject to a return hurdle equal to the greater of 125% of cumulative capital contributions and a 10% internal rate of return, and following an 80/20 “catch-up” provision for the general partner.

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We have concluded that AllDale III is a VIE that we do not consolidate. AllDale III is structured as a limited partnership with the limited partners (1) not having the ability to remove the general partner and (2) not participating significantly in operational decisions. We are not the primary beneficiary of AllDale III because we do not have the power to direct the activities that most significantly impact AllDale III’s economic performance. At September 30, 2025 and December 31, 2024, the carrying value of our investment in AllDale III was $21.3 million and $22.5 million, respectively.

NGP ET IV

On June 2, 2022, we committed to purchase $25.0 million of limited partner interests in NGP ET IV, a private equity fund sponsored by NGP and focused on investments that are part of the global transition toward a lower carbon economy. This commitment represents a 3.6% interest in NGP ET IV. As of September 30, 2025, we have funded $11.2 million of this commitment.

We have concluded that NGP ET IV is a VIE that we do not consolidate. NGP ET IV is structured as a limited partnership with limited partners (i) not having the ability to remove the general partner and (ii) not participating significantly in operational decisions. We are not the primary beneficiary of NGP ET IV because we do not have the power to direct the activities that most significantly impact NGP ET IV’s economic performance. At September 30, 2025 and December 31, 2024, the carrying value of our investment in NGP ET IV was $10.7 million and $8.8 million, respectively.

Gavin Generation

In February 2025, we committed to invest up to $25.0 million of limited partner interests in Gavin Generation, which is sponsored by a private equity firm. Gavin Generation owns, indirectly, an interest in a joint venture holding company formed with a third party that indirectly owns and operates a coal-fired power plant. This commitment represents an interest of 5.4% in Gavin Generation (based on total commitments). As of September 30, 2025, we have funded $22.1 million of this commitment. Our investment in Gavin Generation is subject to a customary profit interest in favor of the general partner after the return of capital to the limited partners and the investment generating a specified internal rate of return in favor of the limited partners. At September 30, 2025, the carrying value of our investment in Gavin Generation was $22.6 million.

We have concluded that Gavin Generation is a VIE that we do not consolidate. Gavin Generation is structured as a limited partnership with the limited partners (1) not having the ability to remove the general partner and (2) not participating significantly in operational decisions. We are not the primary beneficiary of Gavin Generation because we do not have the power to direct the activities that most significantly impact Gavin Generation's economic performance.

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4.FAIR VALUE MEASUREMENTS

The following table summarizes certain fair value measurements within the hierarchy:


			Fair Value
	Carrying Value		Level 1		Level 2		Level 3

	(in thousands)
September 30, 2025
Recorded on a recurring basis:
Digital assets	$	64,809	$	64,809	$	—	$	—
Contingent consideration	$	13,592	$	—	$	—	$	13,592
Debt securities	$	13,193	$	—	$	—	$	13,193
Additional disclosures:
Long-term debt	$	470,289	$	—	$	506,676	$	—

December 31, 2024
Recorded on a recurring basis:
Digital assets	$	45,037	$	45,037	$	—	$	—
Contingent consideration	$	13,100	$	—	$	—	$	13,100
Additional disclosures:
Long-term debt	$	490,387	$	—	$	523,461	$	—

The carrying amounts for cash equivalents, accounts receivable, accounts payable, accrued and other liabilities approximate fair value due to the short maturity of those instruments.

The fair value of our digital assets is based on an exchange quoted price. See Note 6 – Digital Assets for more information on our digital assets.

The fair value measurement of our contingent consideration liability is determined using an option approach methodology simulation based on significant inputs not observable in active markets representing a Level 3 fair value measurement under the fair value hierarchy. Our contingent consideration liability is associated with our acquisition of our Hamilton County Coal, LLC (“Hamilton”) mine in 2015 wherein we agreed to pay the seller additional consideration for the acquisition if the average quarterly sales price exceeds a defined threshold price in any future quarters subject to a maximum of $110.0 million reduced for any payments made under an overriding royalty agreement with the sellers relating to mineral interests controlled by our Hamilton mine. We have paid $15.5 million under this contingent consideration agreement and $0.5 million under the overriding royalty agreement as of September 30, 2025.

The fair value measurement of our debt securities is determined using a combination of market approaches and option-pricing models which utilize significant inputs not observable in active markets representing a Level 3 fair value measurement under the fair value hierarchy. See Note 7 – Investments for additional information on our debt securities.

The estimated fair value of our long-term debt, including current maturities, is based on interest rates that we believe are currently available to us in active markets for issuance of debt with similar terms and remaining maturities. See Note 8 – Long-Term Debt for additional information on our long-term debt.

Quantitative Information about Level 3 Fair Value Measurements

Contingent Consideration

Our option approach methodology simulation for contingent consideration generates an expected payment for each quarter in Hamilton’s mine life by using proprietary internal estimates of our uncommitted coal sales prices and generating a simulated uncommitted coal sales price by applying unobservable inputs through a million simulations. This simulated coal sales price is then used in a calculation of the expected future payments using our proprietary committed coal sales prices and production for each quarter. We then calculate the present value of the estimated future payments. The following table presents quantitative information about certain significant unobservable inputs used in the fair value

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measurement for our contingent consideration liability. The use of significant unobservable inputs results in uncertainty as of the reporting date, as changes in these unobservable inputs could significantly raise or lower the estimated fair value.


	Valuation Technique(s)	Unobservable Input	Range/Amount (Average) (a)

September 30, 2025

Contingent Consideration	Option approach methodology simulation	Cost of Debt	6.51% - 8.56%
		Coal price volatility	6.2%
		Market price of risk adjustment (annual)	6.2%
December 31, 2024

Contingent Consideration	Option approach methodology simulation	Cost of Debt	6.51% - 8.56%
		Coal price volatility	6.2%
		Market price of risk adjustment (annual)	6.2%

(a)

Averages represent the arithmetic average of the inputs and is not weighted by a relative fair value or notional amount.

The following table represents changes in our contingent consideration liability:


	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2025		2024		2025		2024

	(in thousands)
Beginning balance	$	10,677	$	6,089	$	13,100	$	9,900
Noncash changes in fair value (1)		4,359		—		6,364		—
Payments		(1,444)		(1,637)		(5,872)		(5,448)
Ending balance	$	13,592	$	4,452	$	13,592	$	4,452

(1)

Noncash changes in the fair value of our continent consideration liability are included in the Operating expenses (excluding depreciation, depletion and amortization) line item within our condensed consolidated statements of income.

Debt Securities

The fair value of our debt securities is determined using a combination of market approaches and option-pricing models. The underlying enterprise value is estimated using income and market approaches which utilize discounted cash flows and market participant values for assets in hypothetical sales scenarios. The enterprise value is then utilized in market approach models and option-pricing models taking into account the rights and preferences of the convertible notes, expected exit scenarios, and volatility associated with such outcomes to arrive at a fair value. The following table presents quantitative information about certain significant unobservable inputs used in the fair value measurement. The use of significant unobservable inputs results in uncertainty as of the reporting date, as changes in these unobservable inputs could significantly raise or lower the estimated fair value.

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	Valuation Technique(s)	Unobservable Input	Range/Amount (Average) (a)

September 30, 2025

Debt securities	Option-pricing approach methodology	Industry volatility	38.1% – 64.8% (48.0%)
		Estimated time to exit	1.75 - 3.75 (2.75) years
	Income approach methodology	Forecasted future cash flow	$906.6 - $1,285.9 ($1,096.3) million
		Cost of capital	14.67% - 19.51% (16.58%)

(a)

Averages represent the arithmetic average of the inputs and is not weighted by a relative fair value or notional amount.

The following table represents changes in our debt securities:


	Three Months Ended		Nine Months Ended
	September 30,		September 30,
	2025		2025

	(in thousands)
Beginning balance	$	13,046	$	—
Noncash changes in fair value (1)		(685)		10,234
Payments		832		2,959
Ending balance	$	13,193	$	13,193

(1)

Noncash changes in the fair value of our debt securities are included in the Change in unrealized gains (losses) on debt securities line item within our condensed consolidated statements of comprehensive income.

5.INVENTORIES

Inventories consist of the following:


	September 30,		December 31,
	2025		2024

	(in thousands)
Coal	$	48,208	$	37,290
Finished goods (net of reserve for obsolescence of $1,180 and $2,481, respectively)		13,095		14,197
Work in process		1,074		1,560
Raw materials		6,634		7,192
		69,011		60,239
Supplies (net of reserve for obsolescence of $7,311 and $6,409, respectively)		61,625		60,422
Total inventories, net	$	130,636	$	120,661

The above balances reflect lower of cost or net realizable value adjustments to our coal inventories of $3.4 million and $24.6 million as of September 30, 2025 and December 31, 2024, respectively. The adjustment as of September 30, 2025 is primarily a result of higher cost per ton at the Mettiki Coal, LLC and Mettiki Coal (WV), LLC (collectively “Mettiki”) mining complex due to lower production and challenging geological conditions in the longwall panel that reduced coal recovery. The adjustment as of December 31, 2024 is the result of lower coal sale prices and higher cost per ton primarily due to a longwall move at the Hamilton mining complex, lower production at Mettiki and MC Mining, LLC (“MC Mining”) mining complexes, and ongoing development activities at the Henderson County mine at our River View Coal, LLC (“River View”) mining complex.

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6.DIGITAL ASSETS

The following table sets forth our digital assets as shown on the condensed consolidated balance sheet:


	September 30, 2025						December 31, 2024
	Units		Cost Basis		Fair Value		Units		Cost Basis		Fair Value

Digital assets:	(in thousands, except unit data)
Bitcoin		567.90	$	27,537	$	64,809		481.89	$	18,748	$	45,037
Total			$	27,537	$	64,809			$	18,748	$	45,037

7. INVESTMENTS

Equity Method Investments

The changes in our equity method investments were as follows:


	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2025		2024		2025		2024

	(in thousands)
Beginning balance	$	29,628	$	45,088	$	35,532	$	46,503
Contributions		22,874		108		24,265		1,398
Net income (loss) on equity method investments		4,487		(2,327)		945		(3,032)
Distributions received		(2,407)		(849)		(6,160)		(2,849)
Change in our share of net assets		—		(5,118)		—		(5,118)
Ending balance	$	54,582	$	36,902	$	54,582	$	36,902

Net income (loss) on equity method investments represents our share of the income or loss of the equity method investments.

Infinitum

During 2022, we purchased shares of Series D Preferred Stock (“Series D Preferred Stock”) in Infinitum for $42.0 million. Infinitum is a Texas-based startup developer and manufacturer of electric motors featuring printed circuit board stators. On September 8, 2023, we purchased shares of Series E Preferred Stock (“Series E Preferred Stock” and, together with the “Series D Preferred Stock,” the “Infinitum Preferred Stock”) in Infinitum for $24.6 million. The Infinitum Preferred Stock provides for non-cumulative dividends when and if declared by Infinitum’s board of directors. Each share of Infinitum Preferred Stock is convertible, at any time, at our option, into shares of common stock of Infinitum. We account for our ownership interest in Infinitum as an equity investment without a readily determinable fair value. Absent an observable price change, it is not practicable to estimate the fair value of our investment in Infinitum because of the lack of a quoted market price for our ownership interests. Therefore, we use a measurement alternative other than fair value to account for our investment.

As a development-stage company, Infinitum periodically may initiate new funding rounds to raise capital. Should Infinitum initiate a new round of funding at a valuation less than the carrying amount of our Infinitum Preferred Stock, an impairment in our investment could be necessary in future periods.

Ascend

On August 22, 2023, we purchased shares of Series D Preferred Stock (the “Ascend Series D Preferred Stock”) in Ascend for $25.0 million which was accounted for as an equity investment without a readily determinable fair value because of the lack of quoted market prices. Ascend is a U.S.-based manufacturer and recycler of sustainable, engineered battery materials for electric vehicles. In June 2025, Ascend raised new capital through a convertible note financing. Under the terms of the convertible note and the resulting recapitalization, all existing shares of each outstanding series of preferred stock were converted into common stock on a 1:1 basis for stockholders that participated in the convertible note purchase, or on a 3:1 basis if they did not participate.

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We elected to participate in the recapitalization of Ascend with a $3.0 million commitment to purchase convertible debt. We have funded $2.9 million of this commitment as of September 30, 2025. The convertible notes provide for a redemption in two years for an amount equal to the greater of (a) a multiple of each stockholder’s investment in the convertible notes as determined by the level of participation or (b) the principal amount of each stockholder’s investment in the convertible notes plus an annual interest rate of 15%. Based on our level of participation, our convertible notes provide for a multiple of 12 times our funded commitment at redemption. We concluded that these convertible notes represent available-for-sale debt securities. We do not intend to sell our debt securities (which are subject to certain transfer restrictions) and believe it is likely that we will not be required to sell them before redemption. As a result of our participation in the recapitalization, our shares of Ascend Series D Preferred Stock converted into common stock on a 1:1 basis.

The following table reflects our debt securities holdings:

(1)	Unrealized gains in our debt securities are included in the Change in unrealized gains (losses) on debt securities line item within our condensed consolidated statements of comprehensive income.

As discussed in Note 4 – Fair Value Measurements, we determined the fair value of the debt securities was $13.2 million as of September 30, 2025.

During the second quarter of 2025, we determined that the common stock we hold in Ascend as a result of the conversion had no value using the same models used to determine the fair value of our debt securities. This resulted in an impairment charge of $25.0 million included in our condensed consolidated statements of income. The $25.0 million impairment charge is a Level 3 fair value measurement and is included within our Other, Corporate and Elimination category.

The following table presents quantitative information about certain significant unobservable inputs used in this fair value measurement:


	Valuation Technique(s)	Unobservable Input	Range/Amount (Average) (a)

Common Stock	Option-pricing approach methodology	Industry volatility	29.10% - 70.86% (49.98%)
		Estimated time to exit	2.0 - 4.0 (3.0) years
	Income approach methodology	Forecasted future cash flow	$906.6 - $1,285.9 ($1,096.3) million
		Cost of capital	11.25% - 16.58% (13.92%)

(a)

Averages represent the arithmetic average of the inputs and is not weighted by a relative fair value or notional amount.

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8.LONG-TERM DEBT

Long-term debt consists of the following:


					Unamortized Discount and
	Principal				Debt Issuance Costs
	September 30,		December 31,		September 30,		December 31,
	2025		2024		2025		2024

	(in thousands)
Revolving credit facility	$	—	$	—	$	(5,563)	$	(7,231)
Term loan		35,156		45,703		(982)		(1,276)
8.625% Senior notes due 2029		400,000		400,000		(7,266)		(8,720)
Securitization facility		—		—		—		—
February 2024 equipment financing		35,133		44,684		—		—
		470,289		490,387		(13,811)		(17,227)
Less current maturities		(27,755)		(26,669)		4,394		4,394
Total long-term debt	$	442,534	$	463,718	$	(9,417)	$	(12,833)

Credit Facility

On January 13, 2023, Alliance Coal, as borrower, entered into a Credit Agreement with various financial institutions which was amended on June 12, 2024 (the “Credit Agreement”). The Credit Agreement provides for a $425.0 million revolving credit facility which includes a sublimit of $15.0 million for swingline borrowings and permits the issuance of letters of credit up to the full amount of the Credit Facility (the “Revolving Credit Facility”), and for a term loan in an aggregate principal amount of $75.0 million (the “Term Loan”). The Revolving Credit Facility also includes an incremental facility providing for an increase of $100.0 million at our option subject to lenders agreeing to participate in such incremental facility. The Credit Agreement matures on March 9, 2028, at which time the aggregate outstanding principal amount of all Revolving Credit Facility advances and all Term Loan advances are required to be repaid in full. Interest is payable quarterly, with principal on the Term Loan due in quarterly installments equal to 6.25% of the outstanding balance of the Term Loan on the Credit Agreement amendment date beginning with the quarter ended June 30, 2024.

The Credit Agreement is guaranteed by ARLP and certain of its subsidiaries, including the Intermediate Partnership and most of the direct and indirect subsidiaries of Alliance Coal (the “Subsidiary Guarantors”). The Credit Agreement also is secured by substantially all of the assets of the Subsidiary Guarantors and Alliance Coal. Borrowings under the Credit Agreement bear interest, at our option, at either (i) an adjusted one-month, three-month or six-month term rate based on the secured overnight financing rate published by the Federal Reserve Bank of New York, plus the applicable margin or (ii) the base rate plus the applicable margin. The base rate is the highest of (i) the Overnight Bank Funding Rate plus 0.50%, (ii) the Administrative Agent’s prime rate, and (iii) the Daily Simple Secured Overnight Financing Rate plus 100 basis points. The applicable margin for borrowings under the Credit Agreement are determined by reference to the Consolidated Debt to Consolidated Cash Flow Ratio. For borrowings under the Term Loan, we elected the one-month term rate, with applicable margin, which was 7.92% as of September 30, 2025. At September 30, 2025, we had $41.0 million of letters of credit outstanding with $384.0 million available for borrowing under the Revolving Credit Facility. We incur an annual commitment fee of 0.50% on the undrawn portion of the Revolving Credit Facility. We utilize the Credit Agreement, as appropriate, for working capital requirements, capital expenditures and investments, scheduled debt payments and distribution payments.

The Credit Agreement contains various restrictions affecting Alliance Coal and its subsidiaries, including, among other things, restrictions on incurrence of additional indebtedness and liens, sale of assets, investments, mergers and consolidations and transactions with affiliates. In each case, these restrictions are subject to various exceptions. In addition, restrictions apply to cash distributions by Alliance Coal to the Intermediate Partnership if such distribution would result in exceeding the debt of Alliance Coal to cash flow ratio (as determined in the Credit Agreement) being more than 1.0 to 1.0 or in Alliance Coal having liquidity of less than $200 million. The Credit Agreement requires us to maintain (a) a debt of Alliance Coal to cash flow ratio of not more than 1.5 to 1.0, (b) a consolidated debt of Alliance Coal and the Intermediate Partnership to cash flow ratio of not more than 2.5 to 1.0 and (c) an interest coverage ratio of not less than 3.0 to 1.0, in each case, during the four most recently ended fiscal quarters. The debt of Alliance Coal to cash flow ratio, consolidated debt of Alliance Coal and the Intermediate Partnership to cash flow ratio, and interest coverage ratio were 0.15 to 1.0, 0.97

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to 1.0 and 36.97 to 1.0, respectively, for the trailing twelve months ended September 30, 2025. We were in compliance with the covenants of the Credit Agreement as of September 30, 2025 and anticipate remaining in compliance with the covenants.

8.625% Senior Notes due 2029

On June 12, 2024, the Intermediate Partnership and Alliance Resource Finance Corporation (as co-issuer), a wholly owned subsidiary of the Intermediate Partnership (“Alliance Finance”), issued an aggregate principal amount of $400.0 million of senior unsecured notes due 2029 (the “2029 Senior Notes”) in a private placement to qualified institutional buyers. The 2029 Senior Notes have a term of five years, maturing on June 15, 2029 and accrue interest at an annual rate of 8.625%. Interest is payable semi-annually in arrears on each June 15 and December 15. The 2029 Senior Notes are guaranteed, jointly and severally, on a senior unsecured basis by ARLP, certain of ARLP’s wholly owned oil and gas and coal royalties subsidiaries and each of ARLP’s subsidiaries that guarantee obligations under the Credit Agreement. The indenture governing the 2029 Senior Notes contains customary terms, events of default and covenants relating to, among other things, the incurrence of debt, the payment of distributions or similar restricted payments, undertaking transactions with affiliates and limitations on asset sales.

At any time prior to June 15, 2026, the issuers may redeem up to 35% of the aggregate principal amount of the 2029 Senior Notes at a redemption price equal to 108.625% of the principal amount redeemed, plus accrued and unpaid interest, if any, to, but excluding, the redemption date, with an amount of cash not greater than the net proceeds from one or more equity offerings. The issuers may also redeem all or a part of the 2029 Senior Notes at any time on or after June 15, 2026, at the redemption prices set forth in the indenture, plus accrued and unpaid interest, if any, to, but excluding, the redemption date. At any time prior to June 15, 2026, the issuers may redeem the 2029 Senior Notes at a redemption price equal to the principal amount plus a “make-whole” premium, plus accrued and unpaid interest, if any, to, but excluding, the redemption date.

In addition, if prior to June 15, 2026, a Specified Minerals Disposition (as defined in the indenture governing the 2029 Senior Notes and which involves oil and gas mineral interests) occurs, the issuers will be required to make an offer to purchase up to 40% of the aggregate principal amount of 2029 Senior Notes then outstanding at an offer price in cash in an amount equal to 108.625% of the principal amount thereof, plus accrued and unpaid interest, if any, to the date of purchase.

Accounts Receivable Securitization

Certain direct and indirect wholly owned subsidiaries of our Intermediate Partnership are party to a $75.0 million accounts receivable securitization facility (“Securitization Facility”) which matures in January 2026. Under the Securitization Facility, certain subsidiaries sell certain trade receivables on an ongoing basis to our Intermediate Partnership, which then sells the trade receivables to AROP Funding, LLC (“AROP Funding”), a wholly owned bankruptcy-remote special purpose subsidiary of our Intermediate Partnership, which in turn borrows on a revolving basis up to $75.0 million secured by the trade receivables. After the sale, Alliance Coal, as servicer of the assets, collects the receivables on behalf of AROP Funding. The Securitization Facility bears interest based on a short-term bank yield index. On September 30, 2025, we had $11.7 million of letters of credit outstanding with $63.3 million available for borrowing under the Securitization Facility. The agreement governing the Securitization Facility contains customary terms and conditions, including limitations with regards to certain customer credit ratings.

February 2024 Equipment Financing

On February 28, 2024, Alliance Coal entered into an equipment financing arrangement accounted for as debt, wherein Alliance Coal received $54.6 million in exchange for conveying its interest in certain equipment owned indirectly by Alliance Coal and entering into a master lease agreement for that equipment (the “February 2024 Equipment Financing”). The February 2024 Equipment Financing contains customary terms and events of default and provides for forty-eight monthly payments with an implicit interest rate of 8.29%, maturing on February 28, 2028. Upon maturity, the equipment will revert to Alliance Coal.

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9.WORKERS’ COMPENSATION AND PNEUMOCONIOSIS

The changes in the workers’ compensation liability, including current and long-term liability balances, for each of the periods presented were as follows:


	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2025		2024		2025		2024

	(in thousands)
Beginning balance	$	49,234	$	47,194	$	47,870	$	47,975
Changes in accruals		3,418		3,658		10,213		10,148
Payments		(3,608)		(3,784)		(10,672)		(11,278)
Interest accretion		569		509		1,706		1,527
Valuation loss (gain) (1)		—		—		496		(795)
Ending balance	$	49,613	$	47,577	$	49,613	$	47,577

(1)

Our estimate of the liability for the present value of current workers′ compensation benefits is based on our actuarial calculations. Our actuarial calculations are based on a blend of actuarial projection methods and numerous assumptions including claims development patterns, mortality, medical costs and interest rates. The valuation loss in 2025 is due to a decrease in the discount rate from 5.17% on December 31, 2024 to 4.92% on June 30, 2025. The valuation gain in 2024 is due to an increase in the discount rate from 4.66% on December 31, 2023 to 5.18% on June 30, 2024.

We limit our exposure to traumatic injury claims by purchasing a high deductible insurance policy that starts paying benefits after deductibles for a claim have been met. The deductible level may vary by claim year. Our workers’ compensation liability above is presented on a gross basis and does not include our expected receivables from our insurance policy. Our receivables for traumatic injury claims under this policy as of September 30, 2025 are $3.7 million and are included in Other long-term assets on our condensed consolidated balance sheet.

Certain of our mine operating entities are liable under state statutes and the Federal Coal Mine Health and Safety Act of 1969, as amended, to pay pneumoconiosis, or black lung, benefits to eligible employees and former employees and their dependents. Components of the net periodic benefit cost for each of the periods presented are as follows:


	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2025		2024		2025		2024

	(in thousands)
Service cost	$	864	$	864	$	2,612	$	2,583
Interest cost (1)		1,677		1,558		5,029		4,674
Net amortization (1)		232		839		696		2,517
Net periodic benefit cost	$	2,773	$	3,261	$	8,337	$	9,774

(1)	Interest cost and net amortization are included in the Other income (expense) line item within our condensed consolidated statements of income.

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10.COMPONENTS OF PENSION PLAN NET PERIODIC BENEFIT COSTS

Eligible employees at certain of our mining operations participate in a defined benefit plan (the “Pension Plan”) that we sponsor. The Pension Plan is currently closed to new applicants and participants in the Pension Plan are no longer receiving benefit accruals for service. The benefit formula for the Pension Plan is a fixed dollar unit based on years of service. Components of the net periodic benefit credit for each of the periods presented are as follows:


	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2025		2024		2025		2024

	(in thousands)
Interest cost	$	1,311	$	1,289	$	3,931	$	3,817
Expected return on plan assets		(1,713)		(1,752)		(5,131)		(5,278)
Amortization of prior service cost		2		47		7		140
Amortization of net loss		—		136		—		245
Net periodic benefit credit (1)	$	(400)	$	(280)	$	(1,193)	$	(1,076)

(1)

Net periodic benefit credit for the Pension Plan is included in the Other income (expense) line item within our condensed consolidated statements of income.

We do not expect to make material contributions to the Pension Plan during 2025.

11.CONTINGENCIES

Certain of our subsidiaries are party to litigation in which the plaintiffs allege violations of the Fair Labor Standards Act and state law due to alleged failure to compensate for time “donning” and “doffing” equipment and to account for certain bonuses in the calculation of overtime rates and pay. The plaintiffs in these cases sought class and collective action certification, which we opposed. In April 2024, we entered into a settlement agreement with the plaintiffs pursuant to which we agreed to settle such litigation for $15.3 million. Following preliminary approval of the settlement on July 10, 2025, we paid $15.3 million into an escrow account. On October 23, 2025, a hearing was held, at which the court considered final approval of the settlement. On November 3, 2025, the court entered an order approving the parties’ settlement, subject to plaintiff’s counsel submitting an updated motion for costs and the settlement administrator’s proper and timely administration of the settlement funds. We believe our ultimate exposure, if any should litigation resume, will not be material to our results of operations or financial position; however, if our current belief as to the merit of the claims is not upheld and if litigation were to resume, it is reasonably possible that the ultimate resolution of these matters could result in a potential loss that may be material to our results of operations.

We also have various other lawsuits, claims and regulatory proceedings incidental to our business that are pending against the ARLP Partnership. We record an accrual for a potential loss related to these matters when, in management’s opinion, such loss is probable and reasonably estimable. Based on known facts and circumstances, we believe the ultimate outcome of these outstanding lawsuits, claims and regulatory proceedings will not have a material adverse effect on our financial condition, results of operations or liquidity. However, if the results of these matters are different from management’s current expectations and in amounts greater than our accruals, such matters could have a material adverse effect on our business and operations.

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12.PARTNERS’ CAPITAL

Distributions

Distributions paid or declared during 2024 and 2025 were as follows:


Payment Date	Per Unit Cash Distribution		Total Cash Distribution
			(in thousands)

February 14, 2024	$	0.70	$	91,246
May 15, 2024		0.70		90,736
August 14, 2024		0.70		90,725
November 14, 2024		0.70		90,723
Total	$	2.80	$	363,430

February 14, 2025	$	0.70	$	90,891
May 15, 2025		0.70		90,739
August 14, 2025		0.60		77,776
November 14, 2025 (1)		0.60
Total	$	2.60	$	259,406

(1)	On October 27, 2025, we declared this quarterly distribution payable on November 14, 2025 to all unitholders of record as of November 7, 2025.

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Change in Partners’ Capital

The following tables present the quarterly change in Partners' Capital for the nine months ended September 30, 2025 and 2024:


				Accumulated
	Number of	Limited		Other
	Limited Partner	Partners'		Comprehensive		Noncontrolling		Total Partners'
	Units	Capital		Income (Loss)		Interest		Capital

	(in thousands, except unit data)
Balance at January 1, 2025	128,061,981	$	1,867,850	$	(35,103)	$	20,786	$	1,853,533
Comprehensive income:
Net income	—		73,983		—		1,577		75,560
Other comprehensive income	—		—		270		—		270
Total comprehensive income									75,830
Settlement of deferred compensation plans	366,043		(7,082)		—		—		(7,082)
Common unit-based compensation	—		1,964		—		—		1,964
Distributions on deferred common unit-based compensation	—		(1,247)		—		—		(1,247)
Distributions from consolidated company to noncontrolling interest	—		—		—		(1,894)		(1,894)
Distributions to Partners	—		(89,644)		—		—		(89,644)
Balance at March 31, 2025	128,428,024		1,845,824		(34,833)		20,469		1,831,460
Comprehensive income:
Net income	—		59,410		—		1,615		61,025
Other comprehensive income	—		—		11,194		—		11,194
Total comprehensive income									72,219
Common unit-based compensation	—		2,281		—		—		2,281
Distributions on deferred common unit-based compensation	—		(841)		—		—		(841)
Distributions from consolidated company to noncontrolling interest	—		—		—		(2,731)		(2,731)
Distributions to Partners	—		(89,898)		—		—		(89,898)
Balance at June 30, 2025	128,428,024	$	1,816,776	$	(23,639)	$	19,353	$	1,812,490
Comprehensive income:
Net income	—		95,104		—		1,714		96,818
Other comprehensive income	—		—		(400)		—		(400)
Total comprehensive income									96,418
Common unit-based compensation	—		2,297		—		—		2,297
Distributions on deferred common unit-based compensation	—		(718)		—		—		(718)
Distributions from consolidated company to noncontrolling interest	—		—		—		(2,372)		(2,372)
Distributions to Partners	—		(77,058)		—		—		(77,058)
Balance at September 30, 2025	128,428,024	$	1,836,401	$	(24,039)	$	18,695	$	1,831,057

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				Accumulated
	Number of	Limited		Other
	Limited Partner	Partners'		Comprehensive		Noncontrolling		Total Partners'
	Units	Capital		Income (Loss)		Interest		Capital

	(in thousands, except unit data)
Balance at January 1, 2024	127,125,437	$	1,896,027	$	(61,525)	$	24,095	$	1,858,597
Cumulative-effect adjustment	—		6,232		—		—		6,232
Comprehensive income:
Net income	—		158,057		—		1,510		159,567
Actuarially determined long-term liability adjustments	—		—		923		—		923
Total comprehensive income									160,490
Settlement of deferred compensation plans	936,544		(13,292)		—		—		(13,292)
Common unit-based compensation	—		2,604		—		—		2,604
Distributions on deferred common unit-based compensation	—		(2,261)		—		—		(2,261)
Distributions from consolidated company to noncontrolling interest	—		—		—		(1,981)		(1,981)
Distributions to Partners	—		(88,985)		—		—		(88,985)
Balance at March 31, 2024	128,061,981		1,958,382		(60,602)		23,624		1,921,404
Comprehensive income:
Net income	—		100,187		—		1,322		101,509
Actuarially determined long-term liability adjustments	—		—		957		—		957
Total comprehensive income									102,466
Common unit-based compensation	—		2,926		—		—		2,926
Distributions on deferred common unit-based compensation	—		(1,091)		—		—		(1,091)
Distributions from consolidated company to noncontrolling interest	—		—		—		(1,942)		(1,942)
Distributions to Partners	—		(89,645)		—		—		(89,645)
Balance at June 30, 2024	128,061,981	$	1,970,759	$	(59,645)	$	23,004	$	1,934,118
Comprehensive income:
Net income	—		86,281		—		635		86,916
Actuarially determined long-term liability adjustments	—		—		1,022		—		1,022
Total comprehensive income									87,938
Settlement of deferred compensation plans			(2,252)		—		—		(2,252)
Common unit-based compensation	—		3,032		—		—		3,032
Distributions on deferred common unit-based compensation	—		(1,082)		—		—		(1,082)
Distributions from consolidated company to noncontrolling interest	—		—		—		(1,883)		(1,883)
Distributions to Partners	—		(89,643)		—		—		(89,643)
Other	—		(5,118)		—		—		(5,118)
Balance at September 30, 2024	128,061,981	$	1,961,977	$	(58,623)	$	21,756	$	1,925,110

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13.COMMON UNIT-BASED COMPENSATION PLAN

Long-Term Incentive Plan

A summary of non-vested Long-Term Incentive Plan (“LTIP”) grants of restricted units is as follows:


	Number of units	Weighted average grant date fair value per unit		Intrinsic value
				(in thousands)

Non-vested grants at January 1, 2025	1,458,564	$	17.60	$	38,346
Granted (1)	376,853		26.92
Vested (2)	(625,649)		13.62
Forfeited	(17,525)		21.39
Non-vested grants at September 30, 2025	1,192,243		22.58		30,140

(1)	The restricted units granted during 2025 have certain minimum-value guarantees per unit, regardless of whether the awards vest.

(2)	During the nine months ended September 30, 2025, we issued 366,043 unrestricted common units to the LTIP participants. The remaining vested units were withheld to satisfy tax withholdings.

LTIP expense for grants of restricted units was $2.3 million and $2.4 million for the three months ended September 30, 2025 and 2024, respectively, and $6.5 million and $6.8 million for the nine months ended September 30, 2025 and 2024, respectively. The total obligation associated with LTIP grants of restricted units as of September 30, 2025 was $14.9 million and is included in the partners’ capital Limited partners-common unitholders line item on our condensed consolidated balance sheets. As of September 30, 2025, there was $12.1 million in total unrecognized compensation expense related to the non-vested LTIP restricted unit grants that are expected to vest. That expense is expected to be recognized over a weighted-average period of 1.2 years.

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14.REVENUE FROM CONTRACTS WITH CUSTOMERS

The following table illustrates the disaggregation of our revenues by type, including a reconciliation to our segment presentation as presented in Note 17 – Segment Information.

Coal Operations

Royalties

Other,

Illinois

September 30, 2025

Cost Basis

Unrealized Gains (1)

Fair Value

(in thousands)

Debt Securities