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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

FORM 10-Q

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

For the quarterly period ended March 31, 2025

OR

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

For the transition period from to

Commission file number 001-32593

Global Partners LP

(Exact name of registrant as specified in its charter)

Delaware		74-3140887
(State or other jurisdiction of incorporation or organization)		(I.R.S. Employer Identification No.)

P.O. Box 9161
800 South Street
Waltham, Massachusetts 02454-9161
(Address of principal executive offices, including zip code)

(781) 894-8800
(Registrant’s telephone number, including area code)

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


Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Units representing limited partner interests	GLP	New York Stock Exchange

9.50% Series B Fixed Rate Cumulative Redeemable	GLP pr B	New York Stock Exchange
Perpetual Preferred Units representing limited partner interests

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.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 during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).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 ☒

The issuer had 33,995,563 common units outstanding as of May 6, 2025.

Table of Contents

TABLE OF CONTENTS

PART I. FINANCIAL INFORMATION

Item 1. Financial Statements (unaudited)		3

Consolidated Balance Sheets as of March 31, 2025 and December 31, 2024		3

Consolidated Statements of Operations for the three months ended March 31, 2025 and 2024		4

Consolidated Statements of Comprehensive Income (Loss) for the three months ended March 31, 2025 and 2024		5

Consolidated Statements of Cash Flows for the three months ended March 31, 2025 and 2024		6

Consolidated Statements of Partners’ Equity for the three months ended March 31, 2025 and 2024		7

Notes to Consolidated Financial Statements		8

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations		32

Item 3. Quantitative and Qualitative Disclosures About Market Risk		55

Item 4. Controls and Procedures		57

PART II. OTHER INFORMATION		58

Item 1. Legal Proceedings		58

Item 1A. Risk Factors		58

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds		58

Item 5. Other Information		58

Item 6. Exhibits		58

SIGNATURES		61

Table of Contents

Item 1.Financial Statements

GLOBAL PARTNERS LP

CONSOLIDATED BALANCE SHEETS

(In thousands, except unit data)

(Unaudited)


	March 31,		December 31,
	2025		2024
Assets
Current assets:
Cash and cash equivalents	$	7,478	$	8,208
Accounts receivable, net		577,514		472,591
Accounts receivable-affiliates		5,334		6,250
Inventories		517,432		594,072
Brokerage margin deposits		18,428		20,135
Derivative assets		15,895		13,710
Prepaid expenses and other current assets		101,186		92,414
Total current assets		1,243,267		1,207,380
Property and equipment, net		1,688,899		1,706,605
Right of use assets, net		299,203		302,199
Intangible assets, net		17,271		18,683
Goodwill		421,913		421,913
Equity method investments		106,793		92,709
Other assets		41,219		38,709
Total assets	$	3,818,565	$	3,788,198
Liabilities and partners’ equity
Current liabilities:
Accounts payable	$	520,405	$	509,975
Working capital revolving credit facility-current portion		254,700		129,500
Lease liability-current portion		56,191		56,780
Environmental liabilities-current portion		7,704		7,704
Trustee taxes payable		74,636		66,753
Accrued expenses and other current liabilities		145,621		223,304
Derivative liabilities		7,517		6,105
Total current liabilities		1,066,774		1,000,121
Working capital revolving credit facility-less current portion		100,000		100,000
Revolving credit facility		167,000		167,000
Senior notes		1,187,421		1,186,723
Lease liability-less current portion		249,069		251,745
Environmental liabilities-less current portion		90,495		91,367
Financing obligations		133,353		134,475
Deferred tax liabilities		60,872		63,548
Other long-term liabilities		68,085		76,606
Total liabilities		3,123,069		3,071,585
Partners’ equity
Series B preferred limited partners (3,000,000 units issued and outstanding at March 31, 2025 and December 31, 2024)		72,305		72,305
Common limited partners (33,995,563 units issued and 33,904,637 outstanding at March 31, 2025 and 33,995,563 units issued and 33,668,256 outstanding at December 31, 2024)		620,015		641,218
General partner interest (0.67% interest with 230,303 equivalent units outstanding at March 31, 2025 and December 31, 2024)		3,176		3,090
Total partners’ equity		695,496		716,613
Total liabilities and partners’ equity	$	3,818,565	$	3,788,198

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

Table of Contents

GLOBAL PARTNERS LP

CONSOLIDATED STATEMENTS OF OPERATIONS

(In thousands, except per unit data)

(Unaudited)


	Three Months Ended
	March 31,
	2025		2024
Sales	$	4,592,197	$	4,145,392
Cost of sales		4,336,956		3,930,257
Gross profit		255,241		215,135
Costs and operating expenses:
Selling, general and administrative expenses		73,717		69,781
Operating expenses		126,715		120,150
Amortization expense		1,412		1,869
Net gain on sale and disposition of assets		(2,490)		(2,501)
Total costs and operating expenses		199,354		189,299
Operating income		55,887		25,836
Other income (loss) and (expense):
Income (loss) from equity method investments		66		(1,379)
Interest expense		(36,039)		(29,696)
Income (loss) before income tax expense		19,914		(5,239)
Income tax expense		(1,230)		(363)
Net income (loss)		18,684		(5,602)
Less: General partner’s interest in net income (loss), including incentive distribution rights		4,412		3,136
Less: Preferred limited partner interest in net income		1,781		3,916
Net income (loss) attributable to common limited partners	$	12,491	$	(12,654)
Basic net income (loss) per common limited partner unit	$	0.37	$	(0.37)
Diluted net income (loss) per common limited partner unit	$	0.36	$	(0.37)
Basic weighted average common limited partner units outstanding		33,887		33,963
Diluted weighted average common limited partner units outstanding		34,299		33,963

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

Table of Contents

GLOBAL PARTNERS LP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)

(In thousands)

(Unaudited)


	Three Months Ended
	March 31,
	2025		2024
Net income (loss)	$	18,684	$	(5,602)
Other comprehensive loss:
Change in pension liability		—		(584)
Total other comprehensive loss		—		(584)
Comprehensive income (loss)	$	18,684	$	(6,186)

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

Table of Contents

GLOBAL PARTNERS LP

CONSOLIDATED STATEMENTS OF CASH FLOWS

(In thousands)

(Unaudited)


	Three Months Ended
	March 31,
	2025		2024
Cash flows from operating activities
Net income (loss)	$	18,684	$	(5,602)
Adjustments to reconcile net income (loss) to net cash used in operating activities:
Depreciation and amortization		35,905		32,486
Amortization of deferred financing fees		1,873		1,831
Bad debt expense		493		(172)
Unit-based compensation expense		3,455		2,596
Write-off of financing fees		—		1,440
Net gain on sale and disposition of assets		(2,490)		(2,501)
(Income) loss from equity method investments		(66)		1,379
Dividends received on equity method investments		—		204
Changes in operating assets and liabilities:
Accounts receivable		(105,416)		(9,998)
Accounts receivable-affiliate		916		2,500
Inventories		76,317		(7,257)
Broker margin deposits		1,707		(665)
Prepaid expenses, all other current assets and other assets		(12,249)		1,555
Accounts payable		10,430		(173,265)
Trustee taxes payable		7,883		521
Change in derivatives		(773)		11,153
Accrued expenses, all other current liabilities and other long-term liabilities		(88,259)		(38,907)
Net cash used in operating activities		(51,590)		(182,702)
Cash flows from investing activities
Equity method investments		(16,677)		(9,659)
Capital expenditures		(17,884)		(16,614)
Seller note issuances, net		(191)		(3,471)
Dividends received of equity method investments		2,659		14,304
Proceeds from sale of property and equipment, net		3,602		13,933
Net cash used in investing activities		(28,491)		(1,507)
Cash flows from financing activities
Net borrowings from working capital revolving credit facility		125,200		209,200
Net payments on revolving credit facility		—		(380,000)
Proceeds from senior notes, net		—		441,301
Repurchase of common units		(532)		—
LTIP units withheld for tax obligations		(10,810)		(1,818)
Distribution equivalent rights		(3,422)		(565)
Distributions to limited partners and general partner		(31,085)		(30,729)
Net cash provided by financing activities		79,351		237,389
Cash and cash equivalents
(Decrease) increase in cash and cash equivalents		(730)		53,180
Cash and cash equivalents at beginning of period		8,208		19,642
Cash and cash equivalents at end of period	$	7,478	$	72,822
Supplemental information
Cash paid during the period for interest	$	54,407	$	29,578

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

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GLOBAL PARTNERS LP

CONSOLIDATED STATEMENTS OF PARTNERS’ EQUITY

(In thousands)

(Unaudited)


	Series B
	Preferred		Common		General		Total
	Limited		Limited		Partner		Partners’
Three months ended March 31, 2025	Partners		Partners		Interest		Equity
Balance at December 31, 2024	$	72,305	$	641,218	$	3,090	$	716,613
Net income (loss)		1,781		12,491		4,412		18,684
Distributions to limited partners and general partner		(1,781)		(25,157)		(4,326)		(31,264)
Unit-based compensation		—		3,455		—		3,455
Repurchase of common units		—		(532)		—		(532)
LTIP units withheld for tax obligations		—		(10,810)		—		(10,810)
Distribution equivalent rights		—		(829)		—		(829)
Dividends on repurchased units		—		179		—		179
Balance at March 31, 2025	$	72,305	$	620,015	$	3,176	$	695,496


	Series A		Series B						Accumulated
	Preferred		Preferred		Common		General		Other		Total
	Limited		Limited		Limited		Partner		Comprehensive		Partners’
Three months ended March 31, 2024	Partners		Partners		Partners		Interest		Income (Loss)		Equity
Balance at December 31, 2023	$	67,476	$	72,305	$	658,670	$	1,828	$	381	$	800,660
Net income (loss)		2,135		1,781		(12,654)		3,136		—		(5,602)
Distributions to limited partners and general partner		(2,135)		(1,781)		(23,797)		(3,037)		—		(30,750)
Unit-based compensation		—		—		2,596		—		—		2,596
Other comprehensive loss		—		—		—		—		(584)		(584)
LTIP units withheld for tax obligations		—		—		(1,818)		—		—		(1,818)
Distribution equivalent rights		—		—		(519)		—		—		(519)
Dividends on repurchased units		—		—		21		—		—		21
Balance at March 31, 2024	$	67,476	$	72,305	$	622,499	$	1,927	$	(203)	$	764,004

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

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GLOBAL PARTNERS LP

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

Note 1. Organization and Basis of Presentation

Organization

Global Partners LP (the “Partnership”) is a master limited partnership formed in March 2005. The Partnership owns, controls or has access to a large terminal network of refined petroleum products and renewable fuels—with connectivity to strategic rail, pipeline and marine assets—spanning from Maine to Florida and into the U.S. Gulf States. The Partnership is one of the largest independent owners, suppliers and operators of gasoline stations and convenience stores, primarily in Massachusetts, Maine, Connecticut, Vermont, New Hampshire, Rhode Island, New York, New Jersey and Pennsylvania (collectively, the “Northeast”) and Maryland and Virginia. As of March 31, 2025, the Partnership had a portfolio of 1,561 owned, leased and/or supplied gasoline stations, including 296 directly operated convenience stores, primarily in the Northeast, as well as 66 gasoline stations located in Texas that are operated or supplied by the Partnership’s joint venture, Spring Partners Retail LLC (“SPR”). The Partnership is also one of the largest distributors of gasoline, distillates, residual oil and renewable fuels to wholesalers, retailers and commercial customers in the New England states and New York. The Partnership engages in the purchasing, selling, gathering, blending, storing and logistics of transporting petroleum and related products, including gasoline and gasoline blendstocks (such as ethanol), distillates (such as home heating oil, diesel and kerosene), residual oil, renewable fuels, crude oil and propane and in the transportation of petroleum products and renewable fuels by rail from the mid-continent region of the United States and Canada.

Global GP LLC, the Partnership’s general partner (the “General Partner”), manages the Partnership’s operations and activities and employs its officers and substantially all of its personnel, except for most of its gasoline station and convenience store employees who are employed by Global Montello Group Corp. (“GMG”), a wholly owned subsidiary of the Partnership and for substantially all of the employees who primarily or exclusively provide services to SPR, who are employed by SPR Operator LLC (“SPR Operator”), also a wholly owned subsidiary of the Partnership.

The General Partner, which holds a 0.67% general partner interest in the Partnership, is owned by affiliates of the Slifka family. As of March 31, 2025, affiliates of the General Partner, including its directors and executive officers and their affiliates, owned 6,647,370 common units, and the General Partner held 90,926 common units on behalf of the Partnership pursuant to its repurchase program for future Long-Term Incentive Plan (“LTIP”) obligations, representing in the aggregate a 19.8% limited partner interest.

2025 Events

Amendment to the Credit Agreement—On March 20, 2025, the Partnership and certain of its subsidiaries entered into the eleventh amendment to the third amended and restated credit agreement which, among other things, (i) extended the maturity date from May 2, 2026 to March 20, 2028, (ii) increased the working capital revolving credit facility from $950.0 million to $1.0 billion, and (iii) decreased the revolving credit facility from $600.0 million to $500.0 million. See Note 6 for additional information on the credit agreement.

Investment in Real Estate—On January 23, 2025, the Partnership, through its wholly owned subsidiary, Global HQ 2 LLC, invested in BIG GRP 275 Grove JV LLC, a joint venture formed with unrelated third parties to acquire and operate an office building located in Newton, Massachusetts. Also on January 23, 2025, the Partnership signed a 12-year lease arrangement for space in this property that will serve as the Partnership’s principal executive office at the termination of its existing leased space in Waltham, Massachusetts in 2026. See Note 10 for additional information.

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GLOBAL PARTNERS LP

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

Basis of Presentation

The accompanying consolidated financial statements as of March 31, 2025 and December 31, 2024 and for the three months ended March 31, 2025 and 2024 reflect the accounts of the Partnership. Upon consolidation, all intercompany balances and transactions have been eliminated.

The accompanying unaudited consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) and reflect all adjustments (consisting of normal recurring adjustments) which are, in the opinion of management, necessary for a fair presentation of the financial condition and operating results for the interim periods. The interim financial information, which has been prepared pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”), should be read in conjunction with the consolidated financial statements for the year ended December 31, 2024 and notes thereto contained in the Partnership’s Annual Report on Form 10-K. The significant accounting policies described in Note 2, “Summary of Significant Accounting Policies,” of such Annual Report on Form 10-K are the same used in preparing the accompanying consolidated financial statements.

The results of operations for the three months ended March 31, 2025 are not necessarily indicative of the results of operations that will be realized for the entire year ending December 31, 2025. The consolidated balance sheet at December 31, 2024 has been derived from the audited consolidated financial statements included in the Partnership’s Annual Report on Form 10-K for the year ended December 31, 2024.

Concentration of Risk

Due to the nature of the Partnership’s businesses and its reliance, in part, on consumer travel and spending patterns, the Partnership may experience more demand for gasoline during the late spring and summer months than during the fall and winter months. Travel and recreational activities are typically higher in these months in the geographic areas in which the Partnership operates, increasing the demand for gasoline. Therefore, the Partnership’s volumes in gasoline are typically higher in the second and third quarters of the calendar year. As demand for some of the Partnership’s refined petroleum products, specifically home heating oil and residual oil for space heating purposes, is generally greater during the winter months, heating oil and residual oil volumes are generally higher during the first and fourth quarters of the calendar year. These factors may result in fluctuations in the Partnership’s quarterly operating results.

The following table presents the Partnership’s product sales and other revenues as a percentage of the consolidated sales for the periods presented:


	Three Months Ended
	March 31,
	2025		2024
Gasoline sales: gasoline and gasoline blendstocks (such as ethanol)	60	%	60	%
Distillates (home heating oil, diesel and kerosene), residual oil and crude oil sales	38	%	37	%
Convenience store and prepared food sales, rental income and sundries	2	%	3	%
Total	100	%	100	%

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GLOBAL PARTNERS LP

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

The following table presents the Partnership’s product margin by segment as a percentage of the consolidated product margin for the periods presented:


	Three Months Ended
	March 31,
	2025		2024
Wholesale segment	32	%	20	%
Gasoline Distribution and Station Operations segment	65	%	77	%
Commercial segment	3	%	3	%
Total	100	%	100	%

See Note 13, “Segment Reporting,” for additional information on the Partnership’s operating segments.

None of the Partnership’s customers accounted for greater than 10% of total sales for the three months ended March 31, 2025 and 2024.

Note 2. Revenue from Contracts with Customers

Disaggregation of Revenue

The following table provides the disaggregation of revenue from contracts with customers and other sales by segment for the periods presented (in thousands):


	Three Months Ended March 31, 2025
Revenue from contracts with customers:	Wholesale		GDSO		Commercial		Total
Petroleum and related product sales	$	866,189	$	1,005,355	$	202,511	$	2,074,055
Station operations		—		100,354		—		100,354
Total revenue from contracts with customers		866,189		1,105,709		202,511		2,174,409
Other sales:
Revenue originating as physical forward sale contracts and exchange agreements		2,323,315		—		72,541		2,395,856
Revenue from leases		932		21,000		—		21,932
Total other sales		2,324,247		21,000		72,541		2,417,788
Total sales	$	3,190,436	$	1,126,709	$	275,052	$	4,592,197


	Three Months Ended March 31, 2024
Revenue from contracts with customers:	Wholesale		GDSO		Commercial		Total
Petroleum and related product sales	$	813,419	$	1,097,277	$	182,120	$	2,092,816
Station operations		—		109,832		—		109,832
Total revenue from contracts with customers		813,419		1,207,109		182,120		2,202,648
Other sales:
Revenue originating as physical forward sale contracts and exchange agreements		1,825,184		—		96,479		1,921,663
Revenue from leases		745		20,336		—		21,081
Total other sales		1,825,929		20,336		96,479		1,942,744
Total sales	$	2,639,348	$	1,227,445	$	278,599	$	4,145,392

Contract Balances

A receivable, which is included in accounts receivable, net in the accompanying consolidated balance sheets, is recognized in the period the Partnership provides services when its right to consideration is unconditional. In contrast, a contract asset will be recognized when the Partnership has fulfilled a contract obligation but must perform other

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

obligations before being entitled to payment. The Partnership had no significant contract assets at both March 31, 2025 and December 31, 2024.

The nature of the receivables related to revenue from contracts with customers and other revenue, as well as contract assets, are the same, given they are related to the same customers and have the same risk profile and securitization. Payment terms on invoiced amounts are typically 2 to 30 days.

A contract liability is recognized when the Partnership has an obligation to transfer goods or services to a customer for which the Partnership has received consideration (or the amount is due) from the customer. The Partnership had no significant contract liabilities at both March 31, 2025 and December 31, 2024.

Note 3. Inventories

The Partnership hedges substantially all of its petroleum and ethanol inventory using a variety of instruments, primarily exchange-traded futures contracts. These futures contracts are entered into when inventory is purchased and are either designated as fair value hedges against the inventory on a specific barrel basis for inventories qualifying for fair value hedge accounting or not designated and maintained as economic hedges against certain inventory of the Partnership on a specific barrel basis. Changes in fair value of these futures contracts, as well as the offsetting change in fair value on the hedged inventory, are recognized in earnings as an increase or decrease in cost of sales. All hedged inventory designated in a fair value hedge relationship is valued using the lower of cost, as determined by specific identification, or net realizable value, as determined at the product level. All petroleum and ethanol inventory not designated in a fair value hedging relationship is carried at the lower of historical cost, on a first-in, first-out basis, or net realizable value. Renewable Identification Numbers (“RINs”) inventory is carried at the lower of historical cost, on a first-in, first-out basis, or net realizable value. Convenience store inventory is carried at the lower of historical cost, based on a weighted average cost method, or net realizable value.

Inventories consisted of the following (in thousands):


	March 31,		December 31,
	2025		2024
Distillates: home heating oil, diesel and kerosene	$	134,833	$	234,486
Gasoline		198,608		222,092
Gasoline blendstocks		80,182		50,870
Residual oil		74,086		55,908
Renewable identification numbers (RINs)		3,546		3,313
Convenience store inventory		26,177		27,403
Total	$	517,432	$	594,072

In addition to its own inventory, the Partnership has exchange agreements for petroleum products and ethanol with unrelated third-party suppliers, whereby it may draw inventory from these other suppliers and suppliers may draw inventory from the Partnership. Positive exchange balances are accounted for as accounts receivable and amounted to $37.3 million and $1.6 million at March 31, 2025 and December 31, 2024, respectively. Negative exchange balances are accounted for as accounts payable and amounted to $13.0 million and $13.1 million at March 31, 2025 and December 31, 2024, respectively. Exchange transactions are valued using current carrying costs.

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GLOBAL PARTNERS LP

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

Note 4. Goodwill

Goodwill, all of which has been allocated to the Gasoline Distribution and Station Operations (“GDSO”) segment, was $421.9 million at both March 31, 2025 and December 31, 2024. There were no changes to goodwill during the three months ended March 31, 2025.

Note 5. Property and Equipment

Property and equipment consisted of the following (in thousands):


	March 31,		December 31,
	2025		2024
Buildings and improvements	$	1,959,173	$	1,948,849
Land		680,695		678,687
Fixtures and equipment		57,391		56,700
Idle plant assets		30,500		30,500
Construction in process		68,587		71,436
Capitalized internal use software		36,933		33,846
Total property and equipment		2,833,279		2,820,018
Less accumulated depreciation		1,144,380		1,113,413
Total	$	1,688,899	$	1,706,605

Property and equipment includes retail gasoline station assets held for sale of $5.3 million and $5.2 million at March 31, 2025 and December 31, 2024, respectively.

At March 31, 2025, the Partnership had a $38.1 million remaining net book value of long-lived assets at its West Coast facility, including $30.5 million related to the Partnership’s ethanol plant acquired in 2013. The Partnership would need to take certain measures to prepare the facility for ethanol production in order to place the plant into service and commence depreciation. Therefore, the $30.5 million related to the ethanol plant was included in property and equipment and classified as idle plant assets at both March 31, 2025 and December 31, 2024.

If the Partnership is unable to generate cash flows to support the recoverability of the plant and facility assets, this may become an indicator of potential impairment of the West Coast facility. The Partnership believes these assets are recoverable but continues to monitor the market for ethanol, the continued business development of this facility for ethanol or other product transloading, and the related impact this may have on the facility’s operating cash flows and whether this would constitute an impairment indicator.

Note 6. Debt and Financing Obligations

Credit Agreement

Certain subsidiaries of the Partnership, as borrowers, and the Partnership and certain of its subsidiaries, as guarantors, have a $1.50 billion senior secured credit facility (the “Credit Agreement”). The Credit Agreement matures on March 20, 2028.

On March 20, 2025, the Partnership and certain of its subsidiaries entered into the eleventh amendment to the third amended and restated credit agreement (the “Eleventh Amendment”) which, among other things, (i) extended the maturity date from May 2, 2026 to March 20, 2028, (ii) increased the working capital revolving credit facility from $950.0 million to $1.0 billion and (iii) decreased the revolving credit facility from $600.0 million to $500.0 million. All other material terms of the Credit Agreement remain substantially the same as disclosed in Note 9 of Notes to

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GLOBAL PARTNERS LP

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

Consolidated Financial Statements in the Partnership’s Annual Report on Form 10-K for the year ended December 31, 2024.

As of March 31, 2025, there were two facilities under the Credit Agreement:

●

a working capital revolving credit facility to be used for working capital purposes and letters of credit in the principal amount equal to the lesser of the Partnership’s borrowing base and $1.0 billion; and

●

a $500.0 million revolving credit facility to be used for general corporate purposes.

The Credit Agreement has an accordion feature whereby the Partnership may request on the same terms and conditions then applicable to the Credit Agreement, provided no Default (as defined in the Credit Agreement) then exists, an increase to the working capital revolving credit facility, the revolving credit facility, or both, by up to another $300.0 million, in the aggregate, for a total credit facility of up to $1.80 billion. Any such request for an increase must be in a minimum amount of $25.0 million. The Partnership cannot provide assurance, however, that its lending group and/or other lenders outside its lending group will agree to fund any request by the Partnership for additional amounts in excess of the total available commitments of $1.50 billion.

In addition, the Credit Agreement includes a swing line pursuant to which Bank of America, N.A., as the swing line lender, may make swing line loans in U.S. dollars in an aggregate amount equal to the lesser of (a) $100.0 million and (b) the Aggregate WC Commitments (as defined in the Credit Agreement). Swing line loans will bear interest at the Base Rate (as defined in the Credit Agreement). The swing line is a sub-portion of the working capital revolving credit facility and is not an addition to the total available commitments of $1.50 billion.

Availability under the working capital revolving credit facility is subject to a borrowing base which is redetermined from time to time and based on specific advance rates on eligible current assets. Availability under the borrowing base may be affected by events beyond the Partnership’s control, such as changes in petroleum product prices, collection cycles, counterparty performance, advance rates and limits and general economic conditions.

The average interest rates for the Credit Agreement were 6.6% and 7.4% for the three months ended March 31, 2025 and 2024, respectively.

The Partnership classifies a portion of its working capital revolving credit facility as a current liability and a portion as a long-term liability. The portion classified as a long-term liability represents the amounts expected to be outstanding throughout the next twelve months based on an analysis of historical daily borrowings under the working capital revolving credit facility, the seasonality of borrowings, forecasted future working capital requirements and forward product curves, and because the Partnership has a multi-year, long-term commitment from its bank group. Accordingly, at March 31, 2025, the Partnership estimated working capital revolving credit facility borrowings will equal or exceed $100.0 million over the next twelve months.

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GLOBAL PARTNERS LP

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

The table below presents the total borrowings and availability under the Credit Agreement (in thousands):


	March 31,		December 31,
	2025		2024
Total available commitments	$	1,500,000	$	1,550,000

Working capital revolving credit facility-current portion		254,700		129,500
Working capital revolving credit facility-less current portion		100,000		100,000
Revolving credit facility		167,000		167,000
Total borrowings outstanding		521,700		396,500

Less outstanding letters of credit		64,000		100,200

Total remaining availability for borrowings and letters of credit (1)	$	914,300	$	1,053,300

(1)	Subject to borrowing base limitations.

The Credit Agreement also includes certain baskets, including: (i) a $35.0 million general secured indebtedness basket, (ii) a $30.0 million general investment basket, (iii) a $100.0 million secured indebtedness basket to permit the borrowers to enter into a Contango Facility (as defined in the Credit Agreement), (iv) a Sale/Leaseback Transaction (as defined in the Credit Agreement) basket of $150.0 million, and (v) a basket of $150.0 million in an aggregate amount for the purchase of common units of the Partnership, provided that, among other things, no Default exists or would occur immediately following such purchase(s).

The Credit Agreement imposes financial covenants that require the Partnership to maintain certain minimum working capital amounts, a minimum combined interest coverage ratio, a maximum senior secured leverage ratio and a maximum total leverage ratio. The Partnership was in compliance with the foregoing covenants at March 31, 2025.

Please read Note 9 of Notes to Consolidated Financial Statements in the Partnership’s Annual Report on Form 10-K for the year ended December 31, 2024 for additional information on the Credit Agreement.

Supplemental cash flow information

The following table presents supplemental cash flow information related to the Credit Agreement for the periods presented (in thousands):


	Three Months Ended
	March 31,
	2025		2024
Borrowings from working capital revolving credit facility	$	767,900	$	653,700
Payments on working capital revolving credit facility		(642,700)		(444,500)
Net borrowings from working capital revolving credit facility	$	125,200	$	209,200
Borrowings from revolving credit facility	$	—	$	—
Payments on revolving credit facility		—		(380,000)
Net payments on revolving credit facility	$	—	$	(380,000)

Senior Notes

The Partnership had 7.00% senior notes due 2027, 6.875% senior notes due 2029 and 8.250% senior notes due 2032 outstanding at March 31, 2025 and December 31, 2024. Please read Note 9 of Notes to Consolidated Financial Statements in the Partnership’s Annual Report on Form 10-K for the year ended December 31, 2024 for additional information on these senior notes.

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GLOBAL PARTNERS LP

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

Financing Obligations

The Partnership had financing obligations outstanding at March 31, 2025 and December 31, 2024 associated with historical sale-leaseback transactions that did not meet the criteria for sale accounting. Please read Note 9 of Notes to Consolidated Financial Statements in the Partnership’s Annual Report on Form 10-K for the year ended December 31, 2024 for additional information on these financial obligations.

Deferred Financing Fees

The Partnership incurs bank fees related to its Credit Agreement and other financing arrangements. These deferred financing fees are capitalized and amortized over the life of the Credit Agreement or other financing arrangements. In connection with the Eleventh Amendment, the Partnership capitalized additional financing fees of $7.8 million. These expenses are included in interest expense in the accompanying consolidated statement of operations for the three months ended March 31, 2025. The Partnership had unamortized deferred financing fees of $25.8 million and $19.9 million at March 31, 2025 and December 31, 2024, respectively.

Unamortized fees related to the Credit Agreement are included in other current assets and other long-term assets and amounted to $12.8 million and $6.2 million at March 31, 2025 and December 31, 2024, respectively. Unamortized fees related to the senior notes are presented as a direct deduction from the carrying amount of that debt liability and amounted to $12.6 million and $13.3 million at March 31, 2025 and December 31, 2024, respectively. Unamortized fees related to the Partnership’s sale-leaseback transactions are presented as a direct deduction from the carrying amount of the financing obligation and amounted to $0.4 million at both March 31, 2025 and December 31, 2024.

Amortization expense of approximately $1.9 million and $1.8 million for the three months ended March 31, 2025 and 2024, respectively, is included in interest expense in the accompanying consolidated statements of operations.

Note 7. Derivative Financial Instruments

The Partnership principally uses derivative instruments, which include regulated exchange-traded futures and options contracts (collectively, “exchange-traded derivatives”) and physical and financial forwards and over-the-counter (“OTC”) swaps (collectively, “OTC derivatives”), to reduce its exposure to unfavorable changes in commodity market prices. The Partnership uses these exchange-traded and OTC derivatives to hedge commodity price risk associated with its inventory and undelivered forward commodity purchases and sales (“physical forward contracts”). The Partnership accounts for derivative transactions in accordance with ASC Topic 815, “Derivatives and Hedging,” (“ASC 815”) and recognizes derivatives instruments as either assets or liabilities in the consolidated balance sheets and measures those instruments at fair value. The changes in fair value of the derivative transactions are presented in earnings, unless specific hedge accounting criteria are met.

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GLOBAL PARTNERS LP

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

The following table summarizes the notional values related to the Partnership’s derivative instruments outstanding at March 31, 2025:


	Units (1)		Unit of Measure
Exchange-Traded Derivatives
Long		66,069	Thousands of barrels
Short		(69,453)	Thousands of barrels

OTC Derivatives (Petroleum/Ethanol)
Long		139,364	Thousands of barrels
Short		(8,930)	Thousands of barrels

(1)

Number of open positions and gross notional values do not measure the Partnership’s risk of loss, quantify risk or represent assets or liabilities of the Partnership, but rather indicate the relative size of the derivative instruments and are used in the calculation of the amounts to be exchanged between counterparties upon settlements.

Derivatives Accounted for as Hedges

Fair Value Hedges

The Partnership’s fair value hedges include exchange-traded futures contracts and OTC derivative contracts that are hedges against inventory with specific futures contracts matched to specific barrels. The change in fair value of these futures contracts and the change in fair value of the underlying inventory generally provide an offset to each other in the consolidated statements of operations.

The following table presents the gains and losses from the Partnership’s derivative instruments involved in fair value hedging relationships recognized in the consolidated statements of operations for the periods presented (in thousands):


	Location of Gain (Loss)	Three Months Ended
	Recognized in Income on	March 31,
	Derivatives	2025		2024
Derivatives in fair value hedging relationship
Exchange-traded futures contracts and OTC derivative contracts for petroleum commodity products	Cost of sales	$	2,622	$	172
Hedged items in fair value hedge relationship
Physical inventory	Cost of sales	$	(6,809)	$	(3,531)

Derivatives Not Accounted for as Hedges

The Partnership utilizes petroleum and ethanol commodity contracts to hedge price risk in certain commodity inventories and physical forward contracts.

The following table presents the gains and losses from the Partnership’s derivative instruments not involved in a hedging relationship recognized in the consolidated statements of operations for the periods presented (in thousands):


	Location of Gain (Loss)	Three Months Ended
Derivatives not designated as	Recognized in	March 31,
hedging instruments	Income on Derivatives	2025		2024
Commodity contracts	Cost of sales	$	(11,467)	$	593

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

The Partnership’s commodity contracts and other derivative activity include: (i) exchange-traded derivative contracts that are hedges against inventory and either do not qualify for hedge accounting or are not designated in a hedge accounting relationship, (ii) undelivered physical forward contracts, (iii) exchange-traded derivative contracts used to economically hedge physical forward contracts, (iv) financial forward and OTC swap agreements used to economically hedge physical forward contracts and (v) the derivative instruments under the Partnership’s controlled trading program. The Partnership does not take the normal purchase and sale exemption available under ASC 815 for any of its physical forward contracts.

The following table presents the fair value of each classification of the Partnership’s derivative instruments and its location in the consolidated balance sheets at March 31, 2025 and December 31, 2024 (in thousands):


		March 31, 2025
		Derivatives		Derivatives Not
		Designated as		Designated as
		Hedging		Hedging
	Balance Sheet Location	Instruments		Instruments		Total
Asset Derivatives:
Exchange-traded derivative contracts	Broker margin deposits	$	(7,134)	$	71,739	$	64,605
Forward derivative contracts (1)	Derivative assets		—		15,895		15,895
Total asset derivatives		$	(7,134)	$	87,634	$	80,500

Liability Derivatives:
Exchange-traded derivative contracts	Broker margin deposits	$	—	$	(84,105)	$	(84,105)
Forward derivative contracts (1)	Derivative liabilities		—		(7,517)		(7,517)
Total liability derivatives		$	—	$	(91,622)	$	(91,622)


		December 31, 2024
		Derivatives		Derivatives Not
		Designated as		Designated as
		Hedging		Hedging
	Balance Sheet Location	Instruments		Instruments		Total
Asset Derivatives:
Exchange-traded derivative contracts	Broker margin deposits	$	(9,355)	$	38,483	$	29,128
Forward derivative contracts (1)	Derivative assets		—		13,710		13,710
Total asset derivatives		$	(9,355)	$	52,193	$	42,838

Liability Derivatives:
Exchange-traded derivative contracts	Broker margin deposits	$	—	$	(30,936)	$	(30,936)
Forward derivative contracts (1)	Derivative liabilities		—		(6,105)		(6,105)
Total liability derivatives		$	—	$	(37,041)	$	(37,041)

(1)	Forward derivative contracts include the Partnership’s petroleum and ethanol physical and financial forwards and OTC swaps.

Credit Risk

The Partnership’s derivative financial instruments do not contain credit risk related to other contingent features that could cause accelerated payments when these financial instruments are in net liability positions.

The Partnership is exposed to credit loss in the event of nonperformance by counterparties to the Partnership’s exchange-traded and OTC derivative contracts, but the Partnership has no current reason to expect any material nonperformance by any of these counterparties. Exchange-traded derivative contracts, the primary derivative instrument utilized by the Partnership, are traded on regulated exchanges, greatly reducing potential credit risks. The Partnership utilizes major financial institutions as its clearing brokers for all New York Mercantile Exchange (“NYMEX”), Chicago

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Mercantile Exchange (“CME”) and Intercontinental Exchange (“ICE”) derivative transactions and the right of offset exists with these financial institutions under master netting agreements. Accordingly, the fair value of the Partnership’s exchange-traded derivative instruments is presented on a net basis in the consolidated balance sheets. Exposure on OTC derivatives is limited to the amount of the recorded fair value as of the balance sheet dates.

Please read Note 2 of Notes to Consolidated Financial Statements in the Partnership’s Annual Report on Form 10-K for the year ended December 31, 2024 for additional information on derivative financial instruments.

Note 8. Fair Value Measurements

The following tables present, by level within the fair value hierarchy, the Partnership’s financial assets and liabilities that were measured at fair value on a recurring basis as of March 31, 2025 and December 31, 2024 (in thousands):


	Fair Value at March 31, 2025
					Cash Collateral
	Level 1		Level 2		Netting		Total
Assets:
Forward derivative contracts (1)	$	—	$	15,895	$	—	$	15,895
Exchange-traded/cleared derivative instruments (2)		(19,500)		—		37,929		18,429
Total assets	$	(19,500)	$	15,895	$	37,929	$	34,324

Liabilities:
Forward derivative contracts (1)	$	—	$	(7,517)	$	—	$	(7,517)


	Fair Value at December 31, 2024
					Cash Collateral
	Level 1		Level 2		Netting		Total
Assets:
Forward derivative contracts (1)	$	—	$	13,710	$	—	$	13,710
Exchange-traded/cleared derivative instruments (2)		(1,808)		—		21,943		20,135
Pension plans		3,936		—		—		3,936
Total assets	$	2,128	$	13,710	$	21,943	$	37,781

Liabilities:
Forward derivative contracts (1)	$	—	$	(6,105)	$	—	$	(6,105)

(1)	Forward derivative contracts include the Partnership’s petroleum and ethanol physical and financial forwards and OTC swaps.

(2)	Amount includes the effect of cash balances on deposit with clearing brokers.

This table excludes cash on hand and assets and liabilities that are measured at historical cost or any basis other than fair value. The carrying amounts of certain of the Partnership’s financial instruments, including cash equivalents, accounts receivable, accounts payable and other accrued liabilities approximate fair value due to their short maturities. The carrying value of the credit facility approximates fair value due to the variable rate nature of these financial instruments.

The determination of the fair values above incorporates factors including not only the credit standing of the counterparties involved, but also the impact of the Partnership’s nonperformance risks on its liabilities.

The Partnership estimates the fair values of its senior notes using a combination of quoted market prices for similar financing arrangements and expected future payments discounted at risk-adjusted rates, which are considered

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Level 2 inputs. The fair values of the senior notes, estimated by observing market trading prices of the respective senior notes, were as follows (in thousands):


	March 31, 2025				December 31, 2024
	2025				2024
	Face		Fair		Face		Fair
	Value		Value		Value		Value
7.00% senior notes due 2027	$	400,000	$	397,000	$	400,000	$	400,500
6.875% senior notes due 2029	$	350,000	$	348,250	$	350,000	$	347,813
8.250% senior notes due 2032	$	450,000	$	460,688	$	450,000	$	464,063

Non-Recurring Fair Value Measurements

Certain nonfinancial assets and liabilities are measured at fair value on a non-recurring basis and are subject to fair value adjustments in certain circumstances, such as acquired assets and liabilities, losses related to firm non-cancellable purchase commitments or long-lived assets subject to impairment. For assets and liabilities measured on a non-recurring basis during the period, accounting guidance requires quantitative disclosures about the fair value measurements separately for each major category.

Note 9. Environmental Liabilities

The following table presents a summary roll forward of the Partnership’s environmental liabilities at March 31, 2025 (in thousands):


	Balance at				Other		Balance at
	December 31,		Payments		Adjustments		March 31,
Environmental Liability Related to:	2024		2025		2025		2025
Retail gasoline stations	$	58,344	$	(727)	$	100	$	57,717
Terminals		40,727		(272)		27		40,482
Total environmental liabilities	$	99,071	$	(999)	$	127	$	98,199
Current portion	$	7,704					$	7,704
Long-term portion		91,367						90,495
Total environmental liabilities	$	99,071					$	98,199

In addition to environmental liabilities related to the Partnership’s retail gasoline stations, the Partnership retains some of the environmental obligations associated with certain gasoline stations that the Partnership has sold.

The Partnership’s estimates used in these environmental liabilities are based on all known facts at the time and its assessment of the ultimate remedial action outcomes. Among the many uncertainties that impact the Partnership’s estimates are the necessary regulatory approvals for, and potential modification of, its remediation plans, the amount of data available upon initial assessment of the impact of soil or water contamination, changes in costs associated with environmental remediation services and equipment, relief of obligations through divestitures of sites and the possibility of existing legal claims giving rise to additional claims. Dispositions generally represent relief of legal obligations through the sale of the related property with no retained obligation. Other adjustments generally represent changes in estimates for existing obligations or obligations associated with new sites. Therefore, although the Partnership believes that these environmental liabilities are adequate, no assurances can be made that any costs incurred in excess of these environmental liabilities or outside of indemnifications or not otherwise covered by insurance would not have a material adverse effect on the Partnership’s financial condition, results of operations or cash flows.

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Note 10. Equity Method Investments

BIG GRP 275 Grove JV LLC

On January 23, 2025, the Partnership, through its wholly owned subsidiary, Global HQ 2 LLC, invested in BIG GRP 275 Grove JV LLC (“BGRP”), a joint venture formed with unrelated third parties to acquire and operate an office building located in Newton, Massachusetts. Also on January 23, 2025, the Partnership signed a 12-year lease arrangement for space in this property that will serve as the Partnership’s principal executive office at the termination of its existing leased space in Waltham, Massachusetts in 2026.

The Partnership accounts for its less than 20% interest in BGRP as an equity method investment. Under this method with regard to BGRP, the investment is carried originally at cost, increased by any allocated share of the investee’s net income and contributions made, and decreased by any allocated share of the investee’s net losses and distributions received. The investee’s allocated share of income and losses is based on the rights and priorities outlined in the joint venture agreement.

The Partnership recognized income of $0.1 million for the three months ended March 31, 2025 which is included in income (loss) from equity method investments in the accompanying consolidated statement of operations. The Partnership’s investment balance in the joint venture was $12.5 million at March 31, 2025 which is included in equity method investments in the accompanying consolidated balance sheet.

Everett Landco GP, LLC

On October 23, 2023, the Partnership, through its wholly owned subsidiary, Global Everett Landco, LLC, entered into a Limited Liability Company Agreement (the “Everett LLC Agreement”) of Everett Landco GP, LLC (“Everett”), a Delaware limited liability company formed as a joint venture with Everett Investor LLC (the “Everett Investor”), an entity controlled by an affiliate of The Davis Companies, a company primarily involved in the acquisition, development, management and sale of commercial real estate. In accordance with the Everett LLC Agreement, the Partnership agreed to invest up to $30.0 million for an initial 30% ownership interest in the joint venture.

The joint venture was formed to invest, directly or indirectly, in Everett Landco, LLC, (“Landco”), an entity formed to acquire from ExxonMobil Corporation (“ExxonMobil”) specified real estate (formerly operated as a refined products terminal), consisting of, in part, multiple facilities used to store and transport petroleum products including oil storage tanks and related facilities located in Everett, Massachusetts (the “Project Site”) and thereafter proceed with certain decommissioning, demolition, environmental remediation, entitlement, horizontal development, and other development activities with respect to the Project Site in one or more phases.

Everett is a variable interest entity for which the Partnership is not the primary beneficiary and, therefore, is not consolidated in the Partnership’s consolidated financial statements. The Partnership accounts for its investment in Everett as an equity method investment as the Partnership has significant influence, but not a controlling interest in the investee.

The Partnership recognized income of $0 and $0.2 million for the three months ended March 31, 2025 and 2024, respectively, which is included in income (loss) from equity method investments in the accompanying consolidated statements of operations. The Partnership’s investment balance in the joint venture was $18.9 million and $17.2 million at March 31, 2025 and December 31, 2024, respectively, which is included in equity method investments in the accompanying consolidated balance sheets.

On December 5, 2023, Landco completed the purchase of the Project Site. In addition, the Partnership provided certain financial guarantees of Everett’s performance pursuant to a Terminal Demolition and Remediation

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Responsibilities Agreement (“TDRRA”) between Landco and ExxonMobil (the “Remediation Guaranty”). The Remediation Guaranty was executed at the closing of the Project Site purchase, concurrently with Landco’s execution of the TDRRA. The Remediation Guaranty was provided to ExxonMobil to provide security for Landco’s obligations to perform and complete the demolition and remediation responsibilities set forth in the TDRRA. The maximum amount of financial assurances liability of the Partnership under the Remediation Guaranty is $75.0 million (the “Guaranty Threshold”). The Guaranty Threshold will be reduced on a dollar-for-dollar basis as Landco undertakes demolition and remediation activities under the TDRRA. Through March 31, 2025, Everett expended approximately $12.1 million on such demolition and remediation activities, which reduced the Guaranty Threshold to $62.9 million.

The Partnership received financial assurances from the Everett Investor and certain of its affiliates that allow the Partnership to recover 70% of any amounts paid under the Remediation Guaranty, up to $52.5 million. The Partnership’s loss exposure for the Everett investment is limited to the Partnership’s investment in the joint venture and any amounts due under the Remediation Guaranty. The Partnership recognized its performance obligation under the Remediation Guaranty at fair value, which was immaterial at both March 31, 2025 and December 31, 2024.

Spring Partners Retail LLC

On March 1, 2023, the Partnership entered into a Limited Liability Company Agreement, as amended (the “SPR LLC Agreement”) of SPR, a Delaware limited liability company formed as a joint venture with ExxonMobil for the purpose of engaging in the business of operating retail locations in the state of Texas and such other states as may be approved by SPR’s board of managers. In accordance with the SPR LLC Agreement, the Partnership invested approximately $69.5 million in cash for a 49.99% ownership interest. ExxonMobil has the remaining 50.01% ownership interest in SPR. SPR is managed by a two-person board of managers, one of whom is designated by the Partnership. The day-to-day activities of SPR are operated by SPR Operator, a wholly owned subsidiary of the Partnership. SPR Operator provides administrative and support functions, such as operations and management support, accounting, legal and human resources and information technology services and systems to SPR for an annual fixed fee.

The Partnership accounts for its investment in SPR as an equity method investment as the Partnership has significant influence, but not a controlling interest in the investee. Under this method with regard to SPR, the investment is carried originally at cost, increased by any allocated share of the investee’s net income and contributions made, and decreased by any allocated share of the investee’s net losses and distributions received. The investee’s allocated share of income and losses is based on the rights and priorities outlined in the joint venture agreement.

On June 1, 2023, SPR acquired a portfolio of 64 Houston-area convenience and fueling facilities from Landmark Industries, LLC and its related entities. The portfolio included 66 sites as of March 31, 2025.

The Partnership recognized an immaterial loss for the three months ended March 31, 2025 and a loss of $1.6 million for the three months ended March 31, 2024, which is included in income (loss) from equity method investments in the accompanying consolidated statements of operations. The Partnership’s investment balance in the joint venture was $75.4 million and $75.5 million at March 31, 2025 and December 31, 2024, respectively, which is included in equity method investments in the accompanying consolidated balance sheets.

Note 11. Related Party Transactions

Services Agreement—The Partnership is a party to a services agreement with various entities which own limited partner interests in the Partnership and interests in the General Partner and which are 100% owned by members of the Slifka family (the “Slifka Entities Services Agreement”), pursuant to which the Partnership provides certain tax, accounting, treasury, and legal support services and such Slifka entities pay the Partnership an annual services fee of $20,000, and which Slifka Entities Services Agreement has been approved by the Conflicts Committee of the board of directors of the General Partner. The Slifka Entities Services Agreement is for an indefinite term and any party may

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terminate some or all of the services upon ninety (90) days’ advance written notice. As of March 31, 2025, no such notice of termination had been given by any party to the Slifka Entities Services Agreement.

General Partner—Affiliates of the Slifka family own 100% of the ownership interests in the General Partner. The General Partner employs substantially all of the Partnership’s employees, except for most of its gasoline station and convenience store employees, who are employed by GMG, and for substantially all of the employees who primarily or exclusively provide services to SPR, who are employed by SPR Operator. The Partnership reimburses the General Partner for expenses incurred in connection with these employees. These expenses, including bonus, payroll and payroll taxes, were $77.6 million and $59.5 million for the three months ended March 31, 2025 and 2024, respectively. The Partnership also reimburses the General Partner for its contributions under the General Partner’s 401(k) Savings and Profit Sharing Plan.

Spring Partners Retail LLC—The Partnership, through its subsidiary, SPR Operator, is party to an operations and maintenance agreement with the Partnership’s joint venture, SPR (see Note 10). Pursuant to this agreement, certain employees of the Partnership provide SPR with services including administrative and support functions, such as operations and management support, accounting, legal and human resources and information technology services and systems to SPR for which SPR pays SPR Operator, and therefore the Partnership, an annual fixed fee. The Partnership received approximately $0.7 million and $1.0 million from SPR associated with the operations and management agreement for the three months ended March 31, 2025 and 2024, respectively, which are included in selling, general and administrative expenses in the accompanying consolidated statements of operations. In addition, SPR Operator employs substantially all of the employees who primarily or exclusively provide services to the Partnership’s joint venture. SPR reimburses the Partnership for direct expenses incurred in connection with these employees, which amounted to $3.6 million and $4.5 million for the three months ended March 31, 2025 and 2024, respectively.

Accounts receivable–affiliates consisted of the following (in thousands):


	March 31,		December 31,
	2025		2024
Receivables from the General Partner (1)	$	3,882	$	5,156
Receivables from Spring Partners Retail LLC (2)		1,452		1,094
Total	$	5,334	$	6,250

(1)	Receivables from the General Partner reflect the Partnership’s prepayment of payroll taxes and payroll accruals to the General Partner and are due to the timing of the payroll obligations.

(2)	Receivables from SPR reflect the Partnership’s payment of direct expenditures on behalf of SPR under the operations and maintenance agreement.

BIG GRP 275 Grove JV LLC—On January 23, 2025, the Partnership, through its wholly owned subsidiary, Global HQ 2 LLC, entered into a Limited Liability Company Agreement, as amended, of BGRP, a Delaware limited liability company formed as a joint venture with unrelated third parties to acquire and operate an office building located in Newton, Massachusetts. Also on January 23, 2025, the Partnership signed a 12-year lease arrangement for space in this property that will serve as the Partnership’s principal executive office at the termination of its existing leased space in Waltham, Massachusetts in 2026. See Note 10.

Everett Landco GP, LLC—On October 23, 2023, the Partnership, through its wholly owned subsidiary, Global Everett Landco, LLC, entered into the Everett LLC Agreement of Everett, a Delaware limited liability company formed as a joint venture with the Everett Investor, an entity controlled by an affiliate of The Davis Companies, a company primarily involved in the acquisition, development, management and sale of commercial real estate. See Note 10.

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Sale of the Revere Terminal—On June 28, 2022, the Partnership completed the sale of its terminal located on Boston Harbor in Revere, Massachusetts (the “Revere Terminal”) to Revere MA Owner LLC (the “Revere Buyer”) for a purchase price of $150.0 million in cash. In connection with closing under the purchase agreement between the Partnership and the Revere Buyer, the Partnership entered into a leaseback agreement, which meets the criteria for sale accounting, with the Revere Buyer pursuant to which the Partnership leases back key infrastructure at the Revere Terminal, including certain tanks, dock access rights, and loading rack infrastructure, to allow the Partnership to continue business operations at the Revere Terminal. The Partnership terminated the leaseback agreement on September 30, 2024.

Pursuant to the terms of the purchase agreement the Partnership entered into with affiliates of the Slifka family (the “Initial Sellers”), related parties, in 2015 to acquire the Revere Terminal, the Initial Sellers were entitled to an amount equal to fifty percent of the net proceeds (as defined in the 2015 purchase agreement) (the “Initial Sellers Share”) from the sale of the Revere Terminal. At the time of the 2022 closing, the preliminary calculation of the Initial Sellers Share was approximately $44.3 million, which amount was subject to future revisions.

The final calculation of the Initial Sellers Share, including a sharing of any additional expenses in order to satisfy outstanding obligations under the Partnership’s then current government storage contract at the Revere Terminal and potential operating losses or profits relating to the operation of the Revere Terminal during the initial leaseback term, was expected to occur upon the expiration of such storage contract. The Partnership recorded $0 and approximately $21.5 million of such additional expenses due to the Initial Sellers which are included in accrued expenses and other current liabilities in the accompanying consolidated balance sheets as of March 31, 2025 and December 31, 2024, respectively.

On January 17, 2025, the Partnership preliminarily settled its obligations under the purchase agreement and the storage contract at the Revere Terminal and paid an additional $22.1 million relating to the final calculation of the Initial Sellers Share, as adjusted for shared expenses and potential operating losses or profits. On May 6, 2025, the final calculation of the Initial Sellers share was determined and resulted in an amount due from the Initial Sellers of $0.7 million which will be reimbursed to the Partnership.

Note 12. Partners’ Equity and Cash Distributions

Partners’ Equity

Common Units and General Partner Interest

At March 31, 2025, there were 33,995,563 common units issued, including 6,647,370 common units held by affiliates of the General Partner, including directors and executive officers, and 90,926 common units held by the General Partner on behalf of the Partnership pursuant to its repurchase program for future LTIP obligations, collectively representing a 99.33% limited partner interest in the Partnership, and 230,303 general partner units representing a 0.67% general partner interest in the Partnership. There were no changes to common units or the general partner interest during the three months ended March 31, 2025.

Series A Preferred Units

On April 15, 2024 the Partnership redeemed all 2,760,000 of its Series A Fixed-to-Floating Rate Cumulative Redeemable Perpetual Preferred Units (the “Series A Preferred Units”) at a redemption price of $25.00 per unit, plus a $0.514275 per unit cash distribution for the period from February 15, 2024 through April 14, 2024. Effective April 15, 2024, the Series A Preferred Units are no longer outstanding.

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Series B Preferred Units

At March 31, 2025, there were 3,000,000 9.50% Series B Fixed Rate Cumulative Redeemable Perpetual Preferred Units issued representing limited partners interests (the “Series B Preferred Units”) for $25.00 per Series B Preferred Unit outstanding. There were no changes to the Series B Preferred Units during the three months ended March 31, 2025.

Cash Distributions

Common Units

The Partnership intends to make cash distributions to common unitholders on a quarterly basis, although there is no assurance as to the future cash distributions since they are dependent upon future earnings, capital requirements, financial condition and other factors. The Credit Agreement prohibits the Partnership from making cash distributions if any potential default or Event of Default, as defined in the Credit Agreement, occurs or would result from the cash distribution. The indentures governing the Partnership’s outstanding senior notes also limit the Partnership’s ability to make distributions to its common unitholders in certain circumstances.

Within 45 days after the end of each quarter, the Partnership will distribute all of its Available Cash (as defined in its partnership agreement) to common unitholders of record on the applicable record date.

The Partnership will make distributions of Available Cash from distributable cash flow for any quarter in the following manner: 99.33% to the common unitholders, pro rata, and 0.67% to the General Partner, until the Partnership distributes for each outstanding common unit an amount equal to the minimum quarterly distribution for that quarter; and thereafter, cash in excess of the minimum quarterly distribution is distributed to the common unitholders and the General Partner based on the percentages as provided below.

As holder of the IDRs, the General Partner is entitled to incentive distributions if the amount that the Partnership distributes with respect to any quarter exceeds specified target levels shown below:


			Marginal Percentage
	Total Quarterly Distribution		Interest in Distributions
	Target Amount		Unitholders		General Partner
First Target Distribution		up to $0.4625	99.33	%	0.67	%
Second Target Distribution		above $0.4625 up to $0.5375	86.33	%	13.67	%
Third Target Distribution		above $0.5375 up to $0.6625	76.33	%	23.67	%
Thereafter		above $0.6625	51.33	%	48.67	%

The Partnership paid the following cash distributions to common unitholders during 2025 (in thousands, except per unit data):

For the

Per Unit

Cash Distribution

Quarter

Cash

Common

General

Incentive

Total Cash

Payment Date

Ended

Distribution

Units

Partner

Distribution

2/14/2025 (1)

12/31/24

0.7400

25,157

198

4,128

29,483

(1)	This distribution resulted in the Partnership exceeding its third target level distribution for this quarter. As a result, the General Partner, as the holder of the IDRs, received an incentive distribution.

In addition, on April 25, 2025, the board of directors of the General Partner declared a quarterly cash distribution of $0.7450 per unit ($2.98 per unit on an annualized basis) on all of its outstanding common units for the period from

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January 1, 2025 through March 31, 2025. On May 15, 2025, the Partnership will pay this cash distribution to its common unitholders of record as of the close of business on May 9, 2025.

Series A Preferred Units

Prior to the April 15, 2024 redemption of the Series A Preferred Units discussed above, distributions on the Series A Preferred Units were cumulative from August 7, 2018, the original issue date of the Series A Preferred Units, and were payable quarterly in arrears on February 15, May 15, August 15 and November 15 of each year (each, a “Series A Distribution Payment Date”), commencing on November 15, 2018, to holders of record as of the opening of business on the February 1, May 1, August 1 or November 1 next preceding the Series A Distribution Payment Date, in each case, when, as, and if declared by the General Partner out of legally available funds for such purpose. Distributions on the Series A Preferred Units were paid out of Available Cash with respect to the quarter immediately preceding the applicable Series A Distribution Payment Date.

Series B Preferred Units

Distributions on the Series B Preferred Units are cumulative from March 24, 2021, the original issue date of the Series B Preferred Units, and payable quarterly in arrears on February 15, May 15, August 15 and November 15 of each year (each, a “Series B Distribution Payment Date”), commencing on May 15, 2021, to holders of record as of the opening of business on the February 1, May 1, August 1 or November 1 next preceding the Series B Distribution Payment Date, in each case, when, as, and if declared by the General Partner out of legally available funds for such purpose. Distributions on the Series B Preferred Units will be paid out of Available Cash with respect to the quarter immediately preceding the applicable Series B Distribution Payment Date.

The distribution rate for the Series B Preferred Units is 9.50% per annum of the $25.00 liquidation preference per Series B Preferred Unit (equal to $2.375 per Series B Preferred Unit per annum).

At any time on or after May 15, 2026, the Partnership may redeem, in whole or in part, the Series B Preferred Units at a redemption price in cash of $25.00 per Series B Preferred Unit plus an amount equal to all accumulated and unpaid distributions thereon to, but excluding, the date of redemption, whether or not declared. The Partnership must provide not less than 30 days’ and not more than 60 days’ advance written notice of any such redemption.

The Partnership paid the following cash distributions on the Series B Preferred Units during 2025 (in thousands, except per unit data):


	For the	Per Unit
Cash Distribution	Quarterly Period	Cash		Total Cash
Payment Date	Covering	Distribution		Distribution
2/18/2025	11/15/24 - 2/14/25	$	0.59375	$	1,781

On April 14, 2025, the board of directors of the General Partner declared a quarterly cash distribution of $0.59375 per unit ($2.375 per unit on an annualized basis) on the Series B Preferred Units for the period from February 15, 2025 through May 14, 2025. This distribution will be payable on May 15, 2025 to holders of record as of the opening of business on May 1, 2025.

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Note 13. Segment Reporting

Summarized financial information for the Partnership’s reportable segments is presented in the table below (in thousands):


	Three Months Ended
	March 31,
	2025		2024
Wholesale Segment:
Sales
Gasoline and gasoline blendstocks	$	1,721,420	$	1,373,592
Distillates and other oils (1)		1,469,016		1,265,756
Total	$	3,190,436	$	2,639,348
Product margin
Gasoline and gasoline blendstocks	$	57,169	$	29,761
Distillates and other oils (1)		36,471		19,659
Total	$	93,640	$	49,420
Gasoline Distribution and Station Operations Segment:
Sales
Gasoline	$	1,005,355	$	1,097,277
Station operations (2)		121,354		130,168
Total	$	1,126,709	$	1,227,445
Product margin
Gasoline	$	125,751	$	121,630
Station operations (2)		62,112		66,087
Total	$	187,863	$	187,717
Commercial Segment:
Sales	$	275,052	$	278,599
Product margin	$	7,145	$	6,968
Combined sales and Product margin:
Sales	$	4,592,197	$	4,145,392
Product margin (3)	$	288,648	$	244,105
Depreciation allocated to cost of sales		(33,407)		(28,970)
Combined gross profit	$	255,241	$	215,135

(1)	Distillates and other oils (primarily residual oil and crude oil).

(2)	Station operations consist of convenience store and prepared food sales, rental income and sundries.

(3)	Product margin is a non-GAAP financial measure used by management and external users of the Partnership’s consolidated financial statements to assess its business. The table above includes a reconciliation of product margin on a combined basis to gross profit, a directly comparable GAAP measure.

Approximately 107 million gallons and 99 million gallons of the GDSO segment’s sales for the three months ended March 31, 2025 and 2024, respectively, were supplied from petroleum products and renewable fuels sourced by the Wholesale segment. The Commercial segment’s sales were predominantly sourced by the Wholesale segment. These intra-segment sales are not reflected as sales in the Wholesale segment as they are eliminated.

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The following tables provide the Partnership’s significant segment operating expenses for each reportable segment, as well as a reconciliation of the totals reported for the reportable segments to the applicable line items in the accompanying consolidated financial statements for the periods presented (in thousands):


	Three Months Ended March 31, 2025
	Wholesale		GDSO		Commercial		Consolidated
Sales	$	3,190,436	$	1,126,709	$	275,052	$	4,592,197
Cost of products		3,096,796		938,846		267,907		4,303,549
Product margin		93,640		187,863		7,145		288,648
Operating expenses allocated to operating segments:
Wages and benefits (1)		11,878		29,410		—		41,288
Occupancy costs (2)		5,923		26,374		—		32,297
Transactional operating costs (3)		—		20,712		—		20,712
Maintenance (4)		11,648		11,454		—		23,102
Other segment operating expenses		4,186		5,130		—		9,316
Total operating expenses allocated to operating segments	$	33,635	$	93,080	$	—		126,715
Operating expenses not allocated to operating segments:
Depreciation allocated to cost of sales								33,407
Selling, general and administrative expenses								73,717
Amortization expense								1,412
Net gain on sale and disposition of assets								(2,490)
Total operating expenses not allocated to operating expenses								106,046
Operating income								55,887
Income from equity method investments								66
Interest expense								(36,039)
Income tax expense								(1,230)
Net income							$	18,684

(1)	Includes salary and wages, payroll taxes, fringe benefits and other employee expenses

(2)	Includes rent and leases expenses, property taxes and utilities

(3)	Includes commissions and credit card fees

(4)	Includes maintenance and repairs, environmental and seasonal site maintenance expenses

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GLOBAL PARTNERS LP

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)


	Three Months Ended March 31, 2024
	Wholesale		GDSO		Commercial		Consolidated
Sales	$	2,639,348	$	1,227,445	$	278,599	$	4,145,392
Cost of products		2,589,928		1,039,728		271,631		3,901,287
Product margin		49,420		187,717		6,968		244,105
Operating expenses allocated to operating segments:
Wages and benefits (1)		10,519		31,353		—		41,872
Occupancy costs (2)		5,569		25,569		—		31,138
Transactional operating costs (3)		—		20,946		—		20,946
Maintenance (4)		6,441		11,577		—		18,018
Other segment operating expenses		3,324		4,852		—		8,176
Total operating expenses allocated to operating segments	$	25,853	$	94,297	$	—		120,150
Operating expenses not allocated to operating segments:
Depreciation allocated to cost of sales								28,970
Selling, general and administrative expenses								69,781
Amortization expense								1,869
Net gain on sale and disposition of assets								(2,501)
Total operating expenses not allocated to operating expenses								98,119
Operating income								25,836
Loss from equity method investments								(1,379)
Interest expense								(29,696)
Income tax expense								(363)
Net income							$	(5,602)

(1)	Includes salary and wages, payroll taxes, fringe benefits and other employee expenses

(2)	Includes rent and leases expenses, property taxes and utilities

(3)	Includes commissions and credit card fees

(4)	Includes maintenance and repairs, environmental and seasonal site maintenance expenses

The Partnership’s foreign assets and foreign sales were immaterial as of and for the three months ended March 31, 2025 and 2024.

Segment Assets

The Partnership’s terminal assets are allocated to the Wholesale segment, and its retail gasoline stations are allocated to the GDSO segment. Due to the commingled nature and uses of the remainder of the Partnership’s assets, it is not reasonably possible for the Partnership to allocate these assets among its reportable segments.

The table below presents total assets by reportable segment at March 31, 2025 and December 31, 2024 (in thousands):


		Wholesale		GDSO		Commercial		Unallocated (1)		Total
March 31, 2025	$	1,240,606	$	1,845,026	$	—	$	732,933	$	3,818,565
December 31, 2024	$	1,333,102	$	1,859,417	$	—	$	595,679	$	3,788,198

(1)	Includes the Partnership’s equity method investments (see Note 10).

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GLOBAL PARTNERS LP

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

Note 14. Net Income (Loss) Per Common Limited Partner Unit

Under the Partnership’s partnership agreement, for any quarterly period, the incentive distribution rights (“IDRs”) participate in net income only to the extent of the amount of cash distributions actually declared, thereby excluding the IDRs from participating in the Partnership’s undistributed net income or losses. Accordingly, the Partnership’s undistributed net income or losses is assumed to be allocated to the common unitholders and to the General Partner’s general partner interest.

Common units outstanding as reported in the accompanying consolidated financial statements at March 31, 2025 and December 31, 2024 excludes 90,926 and 327,307 common units, respectively, held on behalf of the Partnership pursuant to its repurchase program. These units are not deemed outstanding for purposes of calculating net income (loss) per common limited partner unit (basic and diluted). For all periods presented below, the Partnership’s preferred units are not potentially dilutive securities based on the nature of the conversion feature.

The following table provides a reconciliation of net income (loss) and the assumed allocation of net loss to the common limited partners (after deducting amounts allocated to preferred unitholders) for purposes of computing net income per common limited partner unit for the periods presented (in thousands, except per unit data):

Three Months Ended March 31, 2025

Three Months Ended March 31, 2024

Common

General

Common

General

Limited

Partner

Limited

Partner

GLOBAL PARTNERS LP 10-Q