ALLIANCE RESOURCE PARTNERS LP 10-Q

ITEM 1. FINANCIAL STATEMENTS ​ ALLIANCE RESOURCE PARTNERS, L.P. AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS (In thousands, except unit data) (Unaudited) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, ​ December 31, ​ ​ ​ 2026 ​ ​ ​ 2025 ​ ASSETS ​ ​ ​ ​ ​ ​ ​ ​ CURRENT ASSETS: ​ ​ ​ ​ ​ ​ ​ Cash and cash equivalents ​ $ 28,869 ​ $ 71,212 ​ Trade receivables (net of allowance of $ 5,435 and $ 5,360 , respectively) ​ 166,573 ​ 129,686 ​ Other receivables ​ 1,079 ​ 1,992 ​ Inventories, net ​ 143,564 ​ 142,619 ​ Advance royalties ​ 10,410 ​ 10,496 ​ Digital assets ​ 42,210 ​ 51,834 ​ Prepaid expenses and other assets ​ ​ ​ 15,990 ​ ​ ​ 22,215 ​ Total current assets ​ 408,695 ​ 430,054 ​ PROPERTY, PLANT AND EQUIPMENT: ​ ​ ​ ​ ​ ​ ​ Property, plant and equipment ​ 4,412,583 ​ 4,502,648 ​ Less accumulated depreciation, depletion and amortization ​ ( 2,264,329 ) ​ ( 2,364,206 ) ​ Total property, plant and equipment, net ​ 2,148,254 ​ 2,138,442 ​ OTHER ASSETS: ​ ​ ​ ​ ​ ​ ​ Advance royalties ​ 77,652 ​ 72,412 ​ Equity method investments ​ 70,986 ​ 69,638 ​ Equity securities ​ ​ 86,353 ​ 82,466 ​ Operating lease right-of-use assets ​ ​ 14,332 ​ ​ 17,065 ​ Other long-term assets ​ 49,436 ​ 43,711 ​ Total other assets ​ 298,759 ​ 285,292 ​ TOTAL ASSETS ​ $ 2,855,708 ​ $ 2,853,788 ​ ​ ​ ​ ​ ​ ​ ​ ​ LIABILITIES AND PARTNERS' CAPITAL ​ ​ ​ ​ ​ ​ ​ CURRENT LIABILITIES: ​ ​ ​ ​ ​ ​ ​ Accounts payable ​ $ 94,642 ​ $ 81,809 ​ Accrued taxes other than income taxes ​ 20,597 ​ 20,319 ​ Accrued payroll and related expenses ​ 34,265 ​ 31,244 ​ Accrued interest ​ 10,906 ​ 2,012 ​ Workers' compensation and pneumoconiosis benefits ​ 15,901 ​ 15,901 ​ Other current liabilities ​ 34,197 ​ 29,495 ​ Current maturities, long-term debt, net ​ 69,806 ​ 23,646 ​ Total current liabilities ​ 280,314 ​ 204,426 ​ LONG-TERM LIABILITIES: ​ ​ ​ ​ ​ ​ ​ Long-term debt, excluding current maturities, net ​ 426,116 ​ 427,137 ​ Pneumoconiosis benefits ​ 101,743 ​ 100,740 ​ Workers' compensation ​ 37,684 ​ 37,742 ​ Asset retirement obligations ​ 162,543 ​ 153,247 ​ Long-term operating lease obligations ​ 11,868 ​ 14,591 ​ Deferred income tax liabilities ​ 27,091 ​ 27,732 ​ Other liabilities ​ 26,054 ​ 27,951 ​ Total long-term liabilities ​ 793,099 ​ 789,140 ​ Total liabilities ​ 1,073,413 ​ 993,566 ​ ​ ​ ​ ​ ​ ​ ​ ​ COMMITMENTS AND CONTINGENCIES - (NOTE 13) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ PARTNERS' CAPITAL: ​ ​ ​ ​ ​ ​ ​ ARLP Partners' Capital: ​ ​ ​ ​ ​ ​ ​ Limited Partners - Common Unitholders 128,658,801 and 128,428,024 units outstanding, respectively ​ 1,772,237 ​ 1,843,627 ​ Accumulated other comprehensive loss ​ ( 7,386 ) ​ ( 1,026 ) ​ Total ARLP Partners' Capital ​ 1,764,851 ​ 1,842,601 ​ Noncontrolling interest ​ ​ 17,444 ​ ​ 17,621 ​ Total Partners' Capital ​ ​ 1,782,295 ​ ​ 1,860,222 ​ TOTAL LIABILITIES AND PARTNERS' CAPITAL ​ $ 2,855,708 ​ $ 2,853,788 ​ ​ See notes to condensed consolidated financial statements. 1 Table of Contents ALLIANCE RESOURCE PARTNERS, L.P. AND SUBSIDIARIES ​ CONDENSED CONSOLIDATED STATEMENTS OF INCOME (In thousands, except unit and per unit data) (Unaudited) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ ​ ​ March 31, ​ ​ ​ ​ ​ 2026 ​ ​ ​ 2025 ​ ​ ​ SALES AND OPERATING REVENUES: ​ ​ ​ ​ ​ ​ ​ Coal sales ​ $ 443,282 ​ $ 468,511 ​ Oil & gas royalties ​ ​ 41,341 ​ ​ 36,084 ​ Transportation revenues ​ 8,643 ​ 10,200 ​ Other revenues ​ 22,751 ​ 25,673 ​ Total revenues ​ 516,017 ​ 540,468 ​ ​ ​ ​ ​ ​ ​ ​ ​ EXPENSES: ​ ​ ​ ​ ​ ​ ​ Operating expenses (excluding depreciation, depletion and amortization) ​ 341,298 ​ 339,436 ​ Transportation expenses ​ 8,643 ​ 10,200 ​ Outside coal purchases ​ — ​ 7,345 ​ General and administrative ​ 24,041 ​ 20,580 ​ Depreciation, depletion and amortization ​ 82,354 ​ 68,629 ​ Asset impairments ​ 37,820 ​ — ​ Total operating expenses ​ 494,156 ​ 446,190 ​ ​ ​ ​ ​ ​ ​ ​ ​ INCOME FROM OPERATIONS ​ 21,861 ​ 94,278 ​ ​ ​ ​ ​ ​ ​ ​ ​ Interest expense (net of interest capitalized of $ 913 and $ 4,488 , respectively) ​ ( 11,744 ) ​ ( 8,434 ) ​ Interest income ​ 318 ​ 867 ​ Net income (loss) on equity method investments ​ 4,286 ​ ( 2,006 ) ​ Change in fair value of digital assets ​ ( 11,629 ) ​ ( 5,574 ) ​ Other income ​ 10,340 ​ 611 ​ INCOME BEFORE INCOME TAXES ​ 13,432 ​ 79,742 ​ ​ ​ ​ ​ ​ ​ ​ ​ INCOME TAX EXPENSE ​ 2,685 ​ 4,182 ​ ​ ​ ​ ​ ​ ​ ​ ​ NET INCOME ​ ​ 10,747 ​ ​ 75,560 ​ ​ ​ ​ ​ ​ ​ ​ ​ LESS: NET INCOME ATTRIBUTABLE TO NONCONTROLLING INTEREST ​ ( 1,653 ) ​ ( 1,577 ) ​ ​ ​ ​ ​ ​ ​ ​ ​ NET INCOME ATTRIBUTABLE TO ARLP ​ $ 9,094 ​ $ 73,983 ​ ​ ​ ​ ​ ​ ​ ​ ​ EARNINGS PER LIMITED PARTNER UNIT - BASIC AND DILUTED ​ $ 0.07 ​ $ 0.57 ​ ​ ​ ​ ​ ​ ​ ​ ​ WEIGHTED-AVERAGE NUMBER OF UNITS OUTSTANDING – BASIC AND DILUTED ​ 128,538,284 ​ 128,265,338 ​ ​ See notes to condensed consolidated financial statements . 2 Table of Contents ALLIANCE RESOURCE PARTNERS, L.P. AND SUBSIDIARIES ​ CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (In thousands) (Unaudited) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ ​ ​ March 31, ​ ​ ​ ​ ​ 2026 ​ ​ ​ 2025 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ NET INCOME ​ $ 10,747 ​ $ 75,560 ​ ​ ​ ​ ​ ​ ​ ​ ​ OTHER COMPREHENSIVE INCOME (LOSS): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Defined benefit pension plan ​ ​ ​ ​ ​ ​ ​ Amortization of prior service cost (1) ​ ​ — ​ ​ 3 ​ Total defined benefit pension plan adjustments ​ — ​ 3 ​ ​ ​ ​ ​ ​ ​ ​ ​ Pneumoconiosis benefits ​ ​ ​ ​ ​ ​ ​ Amortization of net actuarial loss (1) ​ 116 ​ 232 ​ Other adjustments (2) ​ ​ ( 6,450 ) ​ ​ — ​ Total pneumoconiosis benefits adjustments ​ ( 6,334 ) ​ 232 ​ ​ ​ ​ ​ ​ ​ ​ ​ Foreign currency translation adjustment ​ ​ ( 26 ) ​ 35 ​ ​ ​ ​ ​ ​ ​ ​ ​ OTHER COMPREHENSIVE INCOME (LOSS) ​ ( 6,360 ) ​ 270 ​ ​ ​ ​ ​ ​ ​ ​ ​ COMPREHENSIVE INCOME ​ ​ 4,387 ​ ​ 75,830 ​ ​ ​ ​ ​ ​ ​ ​ ​ Less: Comprehensive income attributable to noncontrolling interest ​ ​ ( 1,653 ) ​ ​ ( 1,577 ) ​ ​ ​ ​ ​ ​ ​ ​ ​ COMPREHENSIVE INCOME ATTRIBUTABLE TO ARLP ​ $ 2,734 ​ $ 74,253 ​ (1) Amortization of prior service cost and net actuarial loss is included in the computation of net periodic benefit cost (credit) (see Notes 11 and 12 for additional details). (2) For more information on other adjustments please see Note 11. ​ See notes to condensed consolidated financial statements. 3 Table of Contents ALLIANCE RESOURCE PARTNERS, L.P. AND SUBSIDIARIES ​ CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (In thousands) (Unaudited) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ ​ ​ March 31, ​ ​ ​ ​ ​ 2026 ​ ​ ​ 2025 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ CASH FLOWS FROM OPERATING ACTIVITIES ​ $ 105,509 ​ $ 145,686 ​ ​ ​ ​ ​ ​ ​ ​ ​ CASH FLOWS FROM INVESTING ACTIVITIES: ​ ​ ​ ​ ​ ​ ​ Property, plant and equipment: ​ ​ ​ ​ ​ ​ ​ Capital expenditures ​ ( 95,690 ) ​ ( 86,776 ) ​ Change in accounts payable and accrued liabilities ​ 3,470 ​ ( 6,196 ) ​ Proceeds from sale of property, plant and equipment ​ 278 ​ 241 ​ Contributions to equity method investments ​ ( 586 ) ​ ( 878 ) ​ Oil & gas reserve business combinations ​ ( 14,525 ) ​ — ​ Oil & gas reserve asset acquisitions ​ ​ ( 1,724 ) ​ ​ ( 33 ) ​ Other ​ 945 ​ 580 ​ Net cash used in investing activities ​ ( 107,832 ) ​ ( 93,062 ) ​ ​ ​ ​ ​ ​ ​ ​ ​ CASH FLOWS FROM FINANCING ACTIVITIES: ​ ​ ​ ​ ​ ​ ​ Borrowings under securitization facility ​ ​ 56,000 ​ 4,000 ​ Payments under securitization facility ​ ​ ( 11,000 ) ​ ( 4,000 ) ​ Payments on equipment financings ​ ​ ( 3,387 ) ​ ( 3,118 ) ​ Borrowings under revolving credit facilities ​ 17,000 ​ — ​ Payments under revolving credit facilities ​ ( 17,000 ) ​ — ​ Borrowing under long-term debt ​ ​ 5,903 ​ — ​ Payments on long-term debt ​ ( 3,516 ) ​ ( 3,516 ) ​ Payments for tax withholdings related to settlements under deferred compensation plan ​ ( 4,142 ) ​ ( 7,082 ) ​ Distributions paid to Partners ​ ​ ( 78,009 ) ​ ( 90,891 ) ​ Other ​ ( 1,862 ) ​ ( 3,701 ) ​ Net cash used in financing activities ​ ( 40,013 ) ​ ( 108,308 ) ​ Effect of exchange rate changes on cash and cash equivalents ​ ​ ( 7 ) ​ 35 ​ NET CHANGE IN CASH AND CASH EQUIVALENTS ​ ( 42,343 ) ​ ( 55,649 ) ​ CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD ​ 71,212 ​ 136,962 ​ CASH AND CASH EQUIVALENTS AT END OF PERIOD ​ $ 28,869 ​ $ 81,313 ​ ​ ​ ​ ​ ​ ​ ​ ​ SUPPLEMENTAL NON-CASH ACTIVITY: ​ ​ ​ ​ ​ ​ Accounts payable for purchase of property, plant and equipment ​ $ 16,372 ​ $ 17,532 ​ Change in property, plant and equipment for reclamation assets ​ ​ 13,002 ​ ​ — ​ Right-of-use assets acquired by operating lease ​ $ — ​ $ 1,571 ​ Market value of common units issued under deferred compensation plan before tax withholding requirements ​ $ 9,766 ​ $ 17,068 ​ ​ See notes to condensed consolidated financial statements. 4 Table of Contents ​ ​ 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 March 31, 2026 and December 31, 2025 and the results of our operations, comprehensive income and cash flows for the three months ended March 31, 2026 and 2025. 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, 2025. ​ 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, 2026. ​ 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. ​ 5 Table of Contents 2. NEW ACCOUNTING STANDARDS ​ New Accounting Standards Issued and Not Yet Adopted ​ In November 2024, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“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 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. ​ 6 Table of Contents The following table presents the carrying amounts and classification of AllDale I & II’s assets and liabilities included in our condensed consolidated balance sheets: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, ​ December 31, ​ ​ ​ 2026 ​ ​ ​ 2025 ​ Assets (liabilities): ​ ​ ​ (in thousands) Cash and cash equivalents ​ $ 3,775 ​ $ 4,137 ​ Trade receivables ​ 14,650 ​ 11,194 ​ Total property, plant and equipment, net ​ 352,700 ​ 356,751 ​ Accounts payable ​ ​ ( 178 ) ​ ​ ( 236 ) ​ Due to affiliates ​ ( 649 ) ​ ​ — ​ Accrued taxes other than income taxes ​ ( 538 ) ​ ​ ( 970 ) ​ ​ AllDale III ​ AllDale Minerals III, LP (“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. ​ 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 March 31, 2026 and December 31, 2025, the carrying value of our investment in AllDale III was $ 20.5 million and $ 21.0 million, respectively. ​ NGP ET IV ​ We have committed to purchase $ 25.0 million of limited partner interests in NGP Energy Transition, L.P. (“NGP ET IV”), a private equity fund focused on investments that are part of the energy transition. This commitment represents a 3.6 % interest in NGP ET IV. As of March 31, 2026, we have $ 14.0 million of this commitment remaining. ​ 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 March 31, 2026 and December 31, 2025, the carrying value of our investment in NGP ET IV was $ 12.5 million and $ 13.4 million, respectively. ​ Gavin Generation ​ We have committed to invest up to $ 25.0 million of limited partner interests in Gavin Generation Holdings A, LP (“Gavin Generation”). 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 March 31, 2026, we have $ 7.7 million of this commitment remaining. 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. ​ 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. At March 31, 2026 and December 31, 2025, the carrying value of our investment in Gavin Generation was $ 38.0 million and $ 35.2 million, respectively. ​ 7 Table of Contents 4. ACQUISITIONS ​ Primavera Acquisition ​ On January 22, 2026 (the “Primavera Acquisition Date”), we acquired 177 oil & gas net royalty acres in the Delaware Basin from Primavera Resources, Inc. (“Primavera”) for a cash purchase price of $ 5.4 million which was funded with cash on hand (“Primavera Acquisition”). This acquisition further enhanced our ownership position in the Permian Basin. Because the mineral interests acquired in the Primavera Acquisition include royalty interests in both developed properties and undeveloped properties with different risk profiles, we have determined that the acquisition should be accounted for as a business combination and the underlying assets should be recorded at fair value as of the Primavera Acquisition Date on our condensed consolidated balance sheet. ​ The following table summarizes the fair value allocation of assets acquired as of the Primavera Acquisition Date: ​ ​ ​ ​ ​ ​ ​ ​ (in thousands) ​ ​ ​ ​ ​ Mineral interests in proved properties ​ $ 3,124 ​ Mineral interests in unproved properties ​ ​ 2,301 ​ ​ ​ $ 5,425 ​ ​ The fair value of the mineral interests was determined using an income approach consisting of a discounted cash flow model. The assumptions used in the discounted cash flow model included estimated production, projected cash flows, forward oil & gas prices and risk adjusted discount rates. Certain assumptions used are not observable in active markets; therefore, the fair value measurements represent Level 3 fair value measurements. ​ The amounts of revenue and earnings from the mineral interests acquired in the Primavera Acquisition included in our condensed consolidated statements of income from the Primavera Acquisition Date through March 31, 2026 are immaterial. ​ The following represents our supplemental pro forma revenues and net income for the three months ended March 31, 2026 and 2025 as if the mineral interests acquired in the Primavera Acquisition had been included in our consolidated results since January 1, 2025. These amounts have been calculated after applying our accounting policies. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ ​ ​ March 31, ​ ​ ​ ​ ​ 2026 ​ 2025 ​ ​ (in thousands) ​ Revenues ​ $ 516,040 ​ $ 540,563 ​ Net income ​ ​ 10,766 ​ ​ 75,642 ​ ​ Cole Acquisition ​ On March 12, 2026 (the “Cole Acquisition Date”), we acquired 397 oil & gas net royalty acres in the Midland Basin from S. Cole Holdings, LLC and other various sellers (“Cole”) for a cash purchase price of $ 9.1 million which was funded with cash on hand (“Cole Acquisition”). This acquisition further enhanced our ownership position in the Permian Basin. Because the mineral interests acquired in the Cole Acquisition include royalty interests in both developed properties and undeveloped properties with different risk profiles, we have determined that the acquisition should be accounted for as a business combination and the underlying assets should be recorded at fair value as of the Cole Acquisition Date on our condensed consolidated balance sheet. 8 Table of Contents ​ The following table summarizes the fair value allocation of assets acquired as of the Cole Acquisition Date: ​ ​ ​ ​ ​ ​ ​ ​ (in thousands) ​ ​ ​ ​ ​ Mineral interests in proved properties ​ $ 5,598 ​ Mineral interests in unproved properties ​ ​ 3,502 ​ ​ ​ $ 9,100 ​ ​ The fair value of the mineral interests was determined using an income approach consisting of a discounted cash flow model. The assumptions used in the discounted cash flow model included estimated production, projected cash flows, forward oil & gas prices and risk adjusted discount rates. Certain assumptions used are not observable in active markets; therefore, the fair value measurements represent Level 3 fair value measurements. ​ The amounts of revenue and earnings from the mineral interests acquired in the Cole Acquisition included in our condensed consolidated statements of income from the Cole Acquisition Date through March 31, 2026 are immaterial. ​ The following represents our supplemental pro forma revenues and net income for the three months ended March 31, 2026 and 2025 as if the mineral interests acquired in the Cole Acquisition had been included in our consolidated results since January 1, 2025. These amounts have been calculated after applying our accounting policies. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ ​ ​ March 31, ​ ​ ​ ​ ​ 2026 ​ 2025 ​ ​ (in thousands) ​ Revenues ​ $ 516,255 ​ $ 540,895 ​ Net income ​ ​ 10,958 ​ ​ 75,945 ​ ​ 5. 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) ​ March 31, 2026 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Recorded on a recurring basis: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Digital assets ​ $ 42,210 ​ $ 42,210 ​ $ — ​ $ — ​ Contingent consideration ​ $ 16,995 ​ $ — ​ $ — ​ $ 16,995 ​ Additional disclosures: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Long-term debt ​ $ 507,455 ​ $ — ​ $ 533,782 ​ $ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2025 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Recorded on a recurring basis: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Digital assets ​ $ 51,834 ​ $ 51,834 ​ $ — ​ $ — ​ Contingent consideration ​ $ 18,000 ​ $ — ​ $ — ​ $ 18,000 ​ Additional disclosures: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Long-term debt ​ $ 463,456 ​ $ — ​ $ 508,844 ​ $ — ​ ​ 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 7 – Digital Assets for more information on our digital assets. 9 Table of Contents ​ 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 $ 16.6 million under this contingent consideration agreement and $ 0.9 million under the overriding royalty agreement as of March 31, 2026. ​ 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 10 – 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 expected 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 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) ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, 2026 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Contingent Consideration ​ Option approach methodology simulation ​ Cost of Debt ​ 5.46 % - 8.35 % ​ ​ ​ ​ ​ Coal price volatility ​ 9.2 % ​ ​ ​ ​ ​ Market price of risk adjustment (annual) ​ 6.7 % ​ December 31, 2025 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Contingent Consideration ​ Option approach methodology simulation ​ Cost of Debt ​ 5.46 % - 8.35 % ​ ​ ​ ​ ​ Coal price volatility ​ 9.2 % ​ ​ ​ ​ ​ Market price of risk adjustment (annual) ​ 6.7 % ​ (a) Averages represent the arithmetic average of the inputs and is not weighted by a relative fair value or notional amount. ​ 10 Table of Contents The following table represents changes in our contingent consideration liability: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ ​ ​ March 31, ​ ​ ​ ​ ​ 2026 ​ 2025 ​ ​ (in thousands) ​ Beginning balance ​ $ 18,000 ​ $ 13,100 ​ Noncash changes in fair value (1) ​ ​ ( 491 ) ​ ​ — ​ Payments ​ ​ ( 514 ) ​ ​ ( 1,776 ) ​ Ending balance ​ $ 16,995 ​ $ 11,324 ​ (1) Noncash changes in the fair value of our contingent consideration liability are included in the Operating expenses (excluding depreciation, depletion and amortization) line item within our consolidated statements of income. ​ 6. INVENTORIES ​ Inventories consist of the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, ​ December 31, ​ ​ ​ 2026 ​ ​ ​ 2025 ​ ​ (in thousands) ​ Coal ​ $ 60,733 ​ $ 61,528 ​ Finished goods (net of reserve for obsolescence of $ 1,433 and $ 1,133 , respectively) ​ ​ 9,879 ​ ​ 9,732 ​ Work in process ​ ​ 2,703 ​ ​ 2,660 ​ Raw materials ​ ​ 5,671 ​ ​ 6,106 ​ ​ ​ ​ 78,986 ​ ​ 80,026 ​ Supplies (net of reserve for obsolescence of $ 9,597 and $ 6,901 , respectively) ​ 64,578 ​ 62,593 ​ Total inventories, net ​ $ 143,564 ​ $ 142,619 ​ ​ The above coal inventory balances reflect lower of cost or net realizable value adjustments of $ 21.3 million and $ 4.9 million as of March 31, 2026 and December 31, 2025, respectively. The adjustment as of March 31, 2026 is primarily a result of higher cost per ton at the Hamilton mining complex due to lower production resulting from the planned extended longwall move, and at the Mettiki Coal, LLC and Mettiki Coal (WV), LLC (collectively “Mettiki”) mining complex due to reduced production following the decision to cease longwall production. The adjustment as of December 31, 2025 is the result of higher cost per ton at the Mettiki mining complex due to lower production and challenging geological conditions in the longwall panel that reduced coal recovery. ​ 7. DIGITAL ASSETS ​ The following table sets forth our digital assets as shown on the condensed consolidated balance sheet: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, 2026 ​ December 31, 2025 ​ ​ ​ Units ​ Cost Basis ​ Fair Value ​ Units ​ Cost Basis ​ Fair Value ​ Digital assets: ​ (in thousands, except unit data) ​ Bitcoin ​ ​ 618.26 ​ $ 31,942 ​ $ 42,210 ​ ​ 592.01 ​ $ 29,937 ​ $ 51,834 ​ Total ​ ​ ​ ​ $ 31,942 ​ $ 42,210 ​ ​ ​ ​ $ 29,937 ​ $ 51,834 ​ ​ ​ 8. LONG-LIVED ASSET IMPAIRMENT ​ On January 29, 2026, we announced our decision to cease longwall production at our Mettiki mining complex, which is primarily included in our Appalachia Coal Operations reportable segment. We concluded that as a result of this decision, along with uncertainty regarding future longwall production resumption and our evaluation of potential operation scenarios, we would not recover the carrying value of Mettiki’s assets. Accordingly, we adjusted the carrying value of 11 Table of Contents Mettiki’s assets from $ 95.3 million to its fair value of $ 57.5 million resulting in an impairment charge of $ 37.8 million. We continue to evaluate options concerning the mine’s future. ​ The fair value of the impaired assets was determined using an income approach, which represents a Level 3 fair value measurement under the fair value hierarchy. Our analysis considered two operating scenarios for Mettiki and reflected a probability-weighted discounted cash flow model based on these scenarios. Significant assumptions in the model included proprietary internal estimates of expected future sales volumes, realized coal sales prices, operating costs, capital requirements, the timing of cessation of operations, and a risk-adjusted discount rate. The following table presents quantitative information about certain significant unobservable inputs used in our nonrecurring fair value measurement. The use of significant unobservable inputs results in uncertainty as changes in these unobservable inputs could significantly impact the estimated fair value. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Valuation Technique(s) Unobservable Input Range/Amount (Average) (a) ​ ​ ​ ​ ​ ​ ​ ​ ​ Mettiki asset group ​ Income approach methodology ​ Discount rate ​ 5.98 % - 6.93 % ( 6.46 %) ​ ​ ​ ​ ​ Low case scenario probability ​ 70.0 % - 95.0 % ( 82.5 %) ​ ​ ​ ​ ​ High case scenario probability ​ 5.0 % - 30.0 % ( 17.5 %) ​ (a) Averages represent the arithmetic average of the inputs and is not weighted by a relative fair value or notional amount. ​ 9. INVESTMENT S ​ Equity Method Investments ​ The changes in our equity method investments were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ ​ ​ ​ March 31, ​ ​ ​ ​ ​ ​ ​ ​ 2026 ​ ​ ​ 2025 ​ ​ ​ ​ ​ ​ (in thousands) ​ Beginning balance ​ ​ $ 69,638 ​ $ 35,532 ​ Contributions ​ ​ ​ 586 ​ ​ 878 ​ Net income (loss) on equity method investments ​ ​ ​ 4,286 ​ ​ ( 2,006 ) ​ Distributions received ​ ​ ​ ( 3,524 ) ​ ​ ( 849 ) ​ Ending balance ​ ​ $ 70,986 ​ $ 33,555 ​ ​ Net income (loss) on equity method investments represents our share of the income or loss of the equity method investments. ​ Infinitum ​ As of March 31, 2026 we have an $ 86.4 million investment in Infinitum Electric, Inc. (“Infinitum”). Infinitum is a Texas-based startup developer and manufacturer of electric motors featuring printed circuit board stators. During 2022, we purchased shares of Series D Preferred Stock in Infinitum for $ 42.0 million. During 2023, we purchased shares of Series E Preferred Stock in Infinitum for $ 24.6 million at a slightly higher price per share than our Series D Preferred Stock, resulting in an increase of $ 1.0 million in the carrying value of our investment. On December 31, 2025, we purchased shares of Series F Preferred Stock (together with the Series D and Series E Preferred Stock, the “Infinitum Preferred Stock”) in Infinitum for $ 14.9 million. ​ The Infinitum Preferred Stock provides for non-cumulative dividends when and if declared by Infinitum’s board of directors and is convertible, at any time, at our option, into shares of common stock of Infinitum. We account for our investment 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 12 Table of Contents price for our ownership interests. Therefore, we use a measurement alternative other than fair value to account for our investment. ​ Infinitum completed its Series F Preferred Stock funding round in the first quarter of 2026 and finalized the value per share of this issuance. In addition to the shares of Series F Preferred Stock we purchased, we also received additional Series D and Series E Preferred Stock in accordance with anti-dilution provisions designed to maintain our initial investment value in those issuances. Some of the additional shares we received under the anti-dilution provisions had a share price that was lower than the Series F Preferred Stock. Infinitum's Series F Preferred Stock issuance represents an observable price change in an orderly transaction for an investment that is similar to our Series D and Series E Preferred Stock investments. We therefore remeasured our shares to reflect the Series F Preferred Stock share price increasing the carrying value of our investments by $ 3.8 million. We used the Series F Preferred Stock issuance price per share without adjustment to remeasure investments since the rights and obligations of the securities are substantially the same. This remeasurement represents a Level 2 fair value measurement as it is based on a quoted price for a similar security in a market that is not active. ​ We have made $ 4.8 million cumulative upward fair value adjustments to the carrying amount of our investments in Infinitum since our initial investment in 2022. ​ 10. LONG-TERM DEBT ​ Long-term debt consists of the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Unamortized Discount and ​ ​ ​ Principal ​ Debt Issuance Costs ​ ​ ​ March 31, ​ December 31, ​ March 31, ​ December 31, ​ ​ ​ ​ ​ 2026 ​ ​ ​ 2025 ​ ​ ​ 2026 ​ ​ ​ 2025 ​ ​ (in thousands) ​ Revolving credit facility ​ $ — ​ $ — ​ $ ( 4,450 ) ​ $ ( 5,007 ) ​ Term loan ​ 28,125 ​ 31,640 ​ ( 785 ) ​ ( 884 ) ​ 8.625 % Senior notes due 2029 ​ ​ 400,000 ​ ​ 400,000 ​ ​ ( 6,298 ) ​ ​ ( 6,782 ) ​ Securitization facility ​ ​ 45,000 ​ ​ — ​ ​ — ​ ​ — ​ February 2024 equipment financing ​ ​ 28,428 ​ ​ 31,816 ​ ​ — ​ ​ — ​ Installment purchase arrangement ​ ​ 5,902 ​ ​ — ​ ​ — ​ ​ — ​ ​ ​ 507,455 ​ 463,456 ​ ( 11,533 ) ​ ( 12,673 ) ​ Less current maturities ​ ( 74,200 ) ​ ( 28,041 ) ​ 4,394 ​ 4,395 ​ Total long-term debt ​ $ 433,255 ​ $ 435,415 ​ $ ( 7,139 ) ​ $ ( 8,278 ) ​ ​ 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 13 Table of Contents 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 7.02 % as of March 31, 2026. At March 31, 2026, 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 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 0.20 to 1.0, 1.00 to 1.0 and 42.20 to 1.0, respectively, for the trailing twelve months ended March 31, 2026. We were in compliance with the covenants of the Credit Agreement as of March 31, 2026 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. ​ 14 Table of Contents 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”). 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 March 31, 2026, we had $ 11.7 million of letters of credit outstanding with $ 18.3 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. In January 2026, we extended the term of the Securitization Facility to January 2027. At March 31, 2026, we had a $ 45.0 million outstanding balance under the Securitization Facility. ​ 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. ​ Craft Foundation Installment Purchase Arrangement ​ On January 29, 2026, Alliance Resource Properties, as borrower, entered into an installment purchase arrangement with The Joseph W. Craft III Foundation, an entity controlled by Mr. Craft, for $ 5.9 million pursuant to the purchase of certain coal reserves. The installment purchase arrangement contains customary terms and events of default and provides for six annual payments of $ 1.2 million each, with an interest rate of 5.0 %, beginning on January 1, 2027 and maturing on January 1, 2032. Alliance Resource Properties has the right at its option, as well as the obligation if demanded by The Joseph W. Craft III Foundation, to prepay all unpaid purchase price installments (together with accrued and unpaid interest thereon) at any time without penalty or premium. As of March 31, 2026, we had a $ 5.9 million outstanding balance under this arrangement. ​ 11. 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 ​ ​ March 31, ​ ​ ​ 2026 ​ ​ ​ 2025 ​ ​ ​ (in thousands) ​ Beginning balance ​ $ 49,378 ​ $ 47,870 ​ Changes in accruals ​ 3,344 ​ 3,376 ​ Payments ​ ( 3,940 ) ​ ( 3,302 ) ​ Interest accretion ​ 538 ​ 567 ​ Ending balance ​ $ 49,320 ​ $ 48,511 ​ ​ 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 March 31, 2026 are $ 4.1 million and are included in Other long-term assets on our condensed consolidated balance sheet. ​ 15 Table of Contents 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 ​ ​ ​ March 31, ​ ​ ​ 2026 ​ ​ ​ 2025 ​ ​ ​ ​ ​ ​ ​ ​ Service cost ​ $ 720 ​ $ 859 Interest cost (1) ​ 1,398 ​ 1,672 ​ Amortization of net actuarial loss (1) ​ 116 ​ 226 ​ Other adjustments (1) (2) ​ ​ ( 6,450 ) ​ ​ — ​ Net periodic benefit cost ​ $ ( 4,216 ) ​ $ 2,757 ​ (1) Interest cost, amortization of net actuarial loss and other adjustments are included in the Other income line item within our condensed consolidated statements of income. (2) This line item includes an immaterial adjustment related to the correction of actuarial assumptions for terminated employees in the prior period. ​ 12. 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 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 ​ ​ ​ March 31, ​ ​ ​ 2026 ​ ​ ​ 2025 ​ ​ ​ ​ ​ (in thousands) ​ Interest cost ​ $ 1,269 ​ $ 1,310 ​ Expected return on plan assets ​ ( 1,486 ) ​ ( 1,709 ) ​ Amortization of prior service cost ​ ​ — ​ ​ 3 ​ Net periodic benefit credit (1) ​ $ ( 217 ) ​ $ ( 396 ) ​ (1) Net periodic benefit credit for the Pension Plan is included in the Other income line item within our condensed consolidated statements of income. ​ We do not expect to make material contributions to the Pension Plan during 2026. ​ 13. CONTINGENCIES ​ We have various lawsuits, claims and regulatory proceedings incidental to our business that are pending against us. 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. ​ 16 Table of Contents 14. PARTNERS’ CAPITAL ​ Distributions ​ Distributions paid or declared during 2025 and 2026 were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ Payment Date ​ ​ ​ Per Unit Cash Distribution Total Cash Distribution ​ ​ ​ ​ ​ (in thousands) ​ ​ ​ ​ ​ ​ ​ ​ ​ February 14, 2025 ​ $ 0.70 ​ $ 90,891 ​ May 15, 2025 ​ ​ 0.70 ​ ​ 90,739 ​ August 14, 2025 ​ ​ 0.60 ​ ​ 77,776 ​ November 14, 2025 ​ ​ 0.60 ​ ​ 77,772 ​ Total ​ $ 2.60 ​ $ 337,178 ​ ​ ​ ​ ​ ​ ​ ​ ​ February 13, 2026 ​ $ 0.60 ​ $ 78,009 ​ May 15, 2026 (1) ​ ​ 0.60 ​ ​ ​ ​ Total ​ $ 1.20 ​ $ 78,009 ​ ​ (1) On April 27, 2026, we declared this quarterly distribution payable on May 15, 2026 to all unitholders of record as of May 8, 2026. ​ Change in Partners’ Capital ​ The following tables present the quarterly change in Partners' Capital for the three months ended March 31, 2026 and 2025: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 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, 2026 128,428,024 ​ $ 1,843,627 ​ $ ( 1,026 ) ​ $ 17,621 ​ $ 1,860,222 ​ Comprehensive income: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net income — ​ 9,094 ​ — ​ ​ 1,653 10,747 ​ Other comprehensive loss — ​ — ​ ( 6,360 ) ​ — ( 6,360 ) ​ Total comprehensive income ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 4,387 ​ Settlement of deferred compensation plans ​ 230,777 ​ ​ ( 4,142 ) ​ ​ — ​ ​ — ​ ​ ( 4,142 ) ​ Common unit-based compensation — ​ 1,667 ​ ​ — ​ ​ — ​ ​ 1,667 ​ Distributions on deferred common unit-based compensation — ​ ( 953 ) ​ ​ — ​ ​ — ​ ​ ( 953 ) ​ Distributions from consolidated company to noncontrolling interest ​ — ​ ​ — ​ ​ — ​ ​ ( 1,830 ) ​ ​ ( 1,830 ) ​ Distributions to Partners — ​ ​ ( 77,056 ) ​ ​ — ​ ​ — ​ ​ ( 77,056 ) ​ Balance at March 31, 2026 ​ 128,658,801 ​ ​ 1,772,237 ​ ​ ( 7,386 ) ​ ​ 17,444 ​ ​ 1,782,295 ​ ​ 17 Table of Contents ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 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 ​ ​ ​ 15. 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, 2026 ​ 1,192,243 ​ $ 22.58 ​ $ 27,696 ​ Granted (1) 395,443 ​ ​ 25.89 ​ ​ ​ ​ Vested (2) ( 400,722 ) ​ 21.54 ​ ​ ​ ​ Forfeited ( 86,618 ) ​ 23.52 ​ ​ ​ ​ Non-vested grants at March 31, 2026 1,100,346 ​ 24.08 ​ ​ 30,425 ​ (1) The restricted units granted during 2026 have certain minimum-value guarantees per unit, regardless of whether the awards vest. (2) During the three months ended March 31, 2026, we issued 230,777 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 $ 1.7 million and $ 2.0 million for the three months ended March 31, 2026 and 2025, respectively. The total obligation associated with LTIP grants of restricted units as of March 31, 2026 was $ 9.9 million and is included in the partners’ capital Limited partners-common unitholders line item on our condensed consolidated balance sheets. As of March 31, 2026, there was $ 16.6 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 1.7 years. ​ 18 Table of Contents 16. 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 20 – Segment Information. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Coal Operations ​ Royalties ​ Other, ​ ​ ​ ​ ​ ​ Illinois ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Corporate and ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Basin ​ ​ ​ Appalachia ​ ​ ​ Oil & Gas ​ ​ ​ Coal ​ ​ ​ Elimination ​ ​ ​ Consolidated ​ ​ ​ (in thousands) ​ Three Months Ended March 31, 2026 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Coal sales ​ $ 309,755 ​ $ 133,527 ​ $ — ​ $ — ​ $ — ​ $ 443,282 ​ Oil & gas royalties ​ ​ — ​ ​ — ​ ​ 41,341 ​ ​ — ​ ​ — ​ ​ 41,341 ​ Coal royalties ​ ​ — ​ ​ — ​ ​ — ​ ​ 19,100 ​ ​ ( 19,100 ) ​ ​ — ​ Transportation revenues ​ ​ 6,177 ​ ​ 2,466 ​ ​ — ​ ​ — ​ ​ — ​ ​ 8,643 ​ Other revenues ​ ​ 3,030 ​ ​ 4,110 ​ ​ 443 ​ ​ 291 ​ ​ 14,877 ​ ​ 22,751 ​ Total revenues ​ $ 318,962 ​ $ 140,103 ​ $ 41,784 ​ $ 19,391 ​ $ ( 4,223 ) ​ $ 516,017 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31, 2025 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Coal sales ​ $ 333,234 ​ $ 135,277 ​ $ — ​ $ — ​ $ — ​ $ 468,511 ​ Oil & gas royalties ​ ​ — ​ ​ — ​ ​ 36,084 ​ ​ — ​ ​ — ​ ​ 36,084 ​ Coal royalties ​ ​ — ​ ​ — ​ ​ — ​ ​ 15,795 ​ ​ ( 15,795 ) ​ ​ — ​ Transportation revenues ​ ​ 6,863 ​ ​ 3,337 ​ ​ — ​ ​ — ​ ​ — ​ ​ 10,200 ​ Other revenues ​ ​ 2,898 ​ ​ 882 ​ ​ 829 ​ ​ — ​ ​ 21,064 ​ ​ 25,673 ​ Total revenues ​ $ 342,995 ​ $ 139,496 ​ $ 36,913 ​ $ 15,795 ​ $ 5,269 ​ $ 540,468 ​ ​ The following table illustrates the beginning and ending balances of our trade receivables: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ ​ ​ March 31, ​ ​ ​ 2026 ​ ​ ​ 2025 ​ ​ (in thousands) ​ Beginning balance ​ $ 129,686 ​ $ 166,829 Ending balance ​ $ 166,573 ​ $ 177,467 ​ ​ The following table illustrates the amount of our transaction price for all coal supply contracts allocated to performance obligations that are unsatisfied or partially unsatisfied as of March 31, 2026 and disaggregated by segment and contract duration. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2029 and ​ ​ ​ ​ ​ ​ 2026 ​ ​ ​ 2027 ​ ​ ​ 2028 ​ ​ ​ Thereafter ​ ​ ​ Total ​ ​ (in thousands) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Illinois Basin Coal Operations coal revenues ​ $ 995,292 ​ $ 858,548 ​ $ 487,531 ​ $ 375,880 ​ $ 2,717,251 Appalachia Coal Operations coal revenues ​ ​ 359,043 ​ ​ 316,310 ​ ​ 232,431 ​ ​ 18,000 ​ ​ 925,784 Total coal revenues ​ $ 1,354,335 ​ $ 1,174,858 ​ $ 719,962 ​ $ 393,880 ​ $ 3,643,035 ​ ​ 19 Table of Contents 17 . RELATED-PARTY TRANSACTIONS ​ Craft Foundations ​ In January 2005, we acquired Tunnel Ridge from Alliance Resource Holdings, Inc., a wholly owned subsidiary of ARLP. In connection with this acquisition, we assumed a coal lease and surface land lease with Alliance Resource GP, LLC, an entity indirectly wholly owned by Mr. Craft and Kathleen S. Craft until it was dissolved in December 2020. In December 2018, the property subject to the leases was transferred to The Joseph W. Craft III Foundation and The Kathleen S. Craft Foundation (the “Craft Foundations”). ​ On January 29, 2026, Alliance Resource Properties purchased all of the ownership interests in the coal reserves and surface rights located in Ohio County, West Virginia and Washington County, Pennsylvania that were subject to the leases from the Craft Foundations for $ 15.5 million in the aggregate. The entire purchase price of $ 7.75 million payable to The Kathleen S. Craft Foundation was paid in full at the closing, while The Joseph W. Craft III Foundation was paid approximately $ 1.8 million at closing with the balance of the purchase price to be paid over the next six years . See Note 10 – Long-Term Debt for more information on the installment purchase arrangement. ​ 18. INCOME TAXES ​ Components of income tax expense are as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ ​ ​ March 31, ​ ​ ​ 2026 ​ ​ ​ 2025 ​ ​ ​ ​ ​ (in thousands) ​ Current: ​ ​ ​ ​ ​ ​ ​ Federal ​ $ 6,004 ​ $ 4,723 ​ State ​ 412 ​ 320 ​ Foreign ​ ​ ( 23 ) ​ ​ — ​ ​ ​ 6,393 ​ 5,043 ​ Deferred: ​ ​ ​ ​ ​ ​ ​ Federal ​ ( 3,181 ) ​ ( 777 ) ​ State ​ ( 527 ) ​ ( 84 ) ​ ​ ​ ( 3,708 ) ​ ( 861 ) ​ Income tax expense (benefit) ​ $ 2,685 ​ $ 4,182 ​ ​ The effective income tax rates for our income tax expense for the three months ended March 31, 2026 and 2025 are less than the federal statutory rate, primarily due to the portion of income not subject to income taxes. ​ Our 2020 through 2025 tax years remain open to examination by tax authorities, and lower-tier partnership income tax returns for the tax years ended December 31, 2020 and 2021 are being audited by the Internal Revenue Service. ​ 19 . EARNINGS PER LIMITED PARTNER UNIT ​ We utilize the two-class method in calculating basic and diluted earnings per limited partner unit (“EPU”). Net income attributable to ARLP is allocated to limited partners and participating securities with nonforfeitable distributions or distribution equivalents, while net losses attributable to ARLP are allocated only to limited partners but not to participating securities. Our participating securities represent outstanding restricted unit awards under our LTIP. ​ 20 Table of Contents The following is a reconciliation of net income attributable to ARLP used for calculating basic and diluted earnings per unit and the weighted-average units used in computing EPU: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ ​ ​ March 31, ​ ​ ​ ​ ​ 2026 ​ ​ ​ 2025 ​ ​ ​ ​ ​ (in thousands, except per unit data) ​ Net income attributable to ARLP ​ $ 9,094 ​ $ 73,983 ​ ​ ​ ​ ​ ​ ​ ​ ​ Less: ​ ​ ​ ​ ​ ​ ​ Distributions to participating securities ​ ( 660 ) ​ ( 826 ) ​ ​ ​ ​ ​ ​ ​ ​ ​ Net income attributable to ARLP available to limited partners ​ $ 8,434 ​ $ 73,157 ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted-average limited partner units outstanding – basic and diluted ​ 128,538 ​ 128,265 ​ ​ ​ ​ ​ ​ ​ ​ ​ Earnings per limited partner unit - basic and diluted (1) ​ $ 0.07 ​ $ 0.57 ​ (1) Diluted EPU gives effect to all potentially dilutive common units outstanding during the period using the treasury stock method. Diluted EPU excludes all potentially dilutive units calculated under the treasury stock method if their effect is anti-dilutive. For the three months ended March 31, 2026 and 2025, participating securities of 648 and 817 , respectively, were considered anti-dilutive under the treasury stock method. ​ 20. SEGMENT INFORMATION ​ We operate in the United States as a diversified natural resource company that generates operating and royalty income from the production and marketing of coal to major domestic utilities, industrial users and international customers as well as royalty income from oil & gas mineral interests located in key producing regions across the United States. We aggregate multiple operating segments into four reportable segments, Illinois Basin Coal Operations, Appalachia Coal Operations, Oil & Gas Royalties and Coal Royalties. We also have an “all other” category referred to as Other, Corporate and Elimination. Our two coal operations reportable segments correspond to major coal producing regions in the eastern United States with similar economic characteristics including coal quality, geology, coal marketing opportunities, mining and transportation methods and regulatory issues. The two coal operations reportable segments include seven mining complexes operating in Illinois, Indiana, Kentucky, Maryland, Pennsylvania, and West Virginia and a coal loading terminal on the Ohio River in Indiana. Our Oil & Gas Royalties reportable segment includes our oil & gas mineral interests which are located primarily in the Permian (Delaware and Midland), Anadarko (SCOOP/STACK) and Williston (Bakken) basins. The operations within our Oil & Gas Royalties reportable segment primarily include receiving royalties and lease bonuses for our oil & gas mineral interests. Our Coal Royalties reportable segment includes coal mineral reserves and resources owned or leased by Alliance Resource Properties, which are either (a) leased to our mining complexes or (b) near our coal mining operations and external mining operations but not yet leased. ​ The Illinois Basin Coal Operations reportable segment includes (a) the Gibson County Coal, LLC mining complex, (b) the Warrior Coal, LLC mining complex, (c) the River View Coal, LLC mining complex, which includes the River View and Henderson County mines and (d) the Hamilton mining complex. The segment also includes activity associated with support services and our non-operating mining complexes. ​ The Appalachia Coal Operations reportable segment includes (a) the Mettiki mining complex, (b) the Tunnel Ridge, LLC mining complex and (c) the MC Mining, LLC mining complex. ​ The Oil & Gas Royalties reportable segment includes oil & gas mineral interests held by Alliance Minerals through its consolidated subsidiaries as well as equity interests held in AllDale III (Note 3 – Variable Interest Entities). ​ The Coal Royalties reportable segment includes coal mineral reserves and resources owned or leased by Alliance Resource Properties that are (a) leased to certain of our mining complexes in the Illinois Basin and Appalachia Basin or (b) located near our operations and external mining operations. ​ 21 Table of Contents Other, Corporate and Elimination includes marketing and administrative activities, certain of our subsidiaries, primarily consisting of Matrix Design Group, LLC, its subsidiaries, and Alliance Design Group, LLC (collectively referred to as "Matrix Group"), Bitiki KY, LLC, which holds our crypto-mining activities (see Note 7 – Digital Assets), our non-oil & gas equity investments (see Note 3 – Variable Interest Entities and Note 9 – Investments), Wildcat Insurance, LLC which assists the ARLP Partnership with its insurance requirements, and AROP Funding and Alliance Finance (both discussed in Note 10 – Long-Term Debt). The eliminations included in Other, Corporate and Elimination primarily represent the intercompany coal royalty transactions described above between our Coal Royalties reportable segment and our coal operations’ mines. ​ Reportable segment results are presented below. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Coal Operations ​ Royalties ​ ​ ​ ​ ​ Illinois ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Basin ​ ​ ​ Appalachia ​ ​ ​ Oil & Gas ​ ​ ​ Coal ​ ​ ​ Total ​ ​ (in thousands) Three Months Ended March 31, 2026 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Revenues - Outside ​ $ 318,962 ​ $ 140,103 ​ $ 41,784 ​ $ 291 ​ $ 501,140 ​ Revenues - Intercompany ​ ​ — ​ ​ — ​ ​ — ​ ​ 19,100 ​ ​ 19,100 ​ Total revenues (1) ​ ​ 318,962 ​ ​ 140,103 ​ ​ 41,784 ​ ​ 19,391 ​ ​ 520,240 ​ Less: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Segment Adjusted EBITDA Expense (2) ​ 213,586 ​ ​ 111,452 ​ ​ 5,964 ​ ​ 7,124 ​ 338,126 ​ Transportation expenses ​ ​ 6,177 ​ ​ 2,466 ​ ​ — ​ ​ — ​ ​ 8,643 ​ Other segment items (3) ​ ​ — ​ ​ — ​ ​ 1,213 ​ ​ — ​ ​ 1,213 ​ Segment Adjusted EBITDA (4) ​ 99,199 ​ ​ 26,185 ​ ​ 34,607 ​ ​ 12,267 ​ 172,258 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total assets (5) ​ 1,062,831 ​ ​ 430,640 ​ ​ 902,544 ​ ​ 315,013 ​ 2,711,028 ​ Capital expenditures (6) ​ 56,894 ​ ​ 21,548 ​ ​ — ​ ​ 15,500 ​ 93,942 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31, 2025 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Revenues - Outside ​ $ 342,995 ​ $ 139,496 ​ $ 36,913 ​ $ — ​ $ 519,404 ​ Revenues - Intercompany ​ ​ — ​ ​ — ​ ​ — ​ ​ 15,795 ​ ​ 15,795 ​ Total revenues (1) ​ ​ 342,995 ​ ​ 139,496 ​ ​ 36,913 ​ ​ 15,795 ​ ​ 535,199 ​ Less: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Segment Adjusted EBITDA Expense (2) ​ 209,959 ​ ​ 120,568 ​ ​ 5,721 ​ ​ 6,400 ​ 342,648 ​ Transportation expenses ​ ​ 6,863 ​ ​ 3,337 ​ ​ — ​ ​ — ​ ​ 10,200 ​ Other segment items (3) ​ ​ — ​ ​ — ​ ​ 1,308 ​ ​ — ​ ​ 1,308 ​ Segment Adjusted EBITDA (4) ​ 126,173 ​ ​ 15,591 ​ ​ 29,884 ​ ​ 9,395 ​ 181,043 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total assets (5) ​ 1,072,545 ​ ​ 472,957 ​ ​ 834,854 ​ ​ 312,950 ​ 2,693,306 ​ Capital expenditures (6) ​ 52,585 ​ ​ 30,828 ​ ​ — ​ ​ 45 ​ 83,458 ​ (1) The following is a reconciliation of our total segment revenues to total consolidated revenues: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ ​ ​ March 31, ​ ​ ​ 2026 ​ ​ ​ 2025 ​ ​ ​ (in thousands) ​ Total segment revenues ​ $ 520,240 ​ $ 535,199 ​ Other, Corporate and Elimination revenues - Outside ​ ​ 14,877 ​ ​ 21,064 ​ Other, Corporate and Elimination revenues - Intercompany ​ ​ ( 19,100 ) ​ ​ ( 15,795 ) ​ Total consolidated revenues ​ $ 516,017 ​ $ 540,468 ​ ​ Revenues included in Other, Corporate and Elimination are attributable to intercompany eliminations, which are primarily intercompany coal royalties eliminations, outside revenues at the Matrix Group and other outside miscellaneous sales and revenue activities. ​ (2) Segment Adjusted EBITDA Expense includes operating expenses, coal purchases, if applicable, and other income or expense as adjusted to remove certain items from operating expenses that we characterize as unrepresentative of our ongoing operations. Segment Adjusted EBITDA Expense is used as a financial measure by our management to assess 22 Table of Contents the operating performance of our segments. Segment Adjusted EBITDA Expense is a key component of Segment Adjusted EBITDA in addition to coal sales, royalty revenues and other revenues. The exclusion of corporate general and administrative expenses from Segment Adjusted EBITDA Expense allows management to focus solely on the evaluation of segment operating performance as it primarily relates to our operating expenses. ​ (3) Other segment items include: Oil & Gas Royalties – equity method investment income from AllDale III and income allocated to noncontrolling interest ​ (4) Segment Adjusted EBITDA is defined as net income attributable to ARLP before net interest expense, income taxes, depreciation, depletion and amortization and general and administrative expenses adjusted for certain items that we characterize as unrepresentative of our ongoing operations. Segment Adjusted EBITDA is used as a financial measure by Mr. Craft, who is also our chief operating decision maker (“CODM”), other management and by external users of our financial statements such as investors, commercial banks, research analysts and others. Our CODM uses Segment Adjusted EBITDA in assessing segment performance and deciding how to allocate resources. Segment Adjusted EBITDA provides useful information to our CODM and investors regarding our performance and results of operations because Segment Adjusted EBITDA (i) provides additional information about our core operating performance and ability to generate and distribute cash flow, (ii) provides investors with the financial analytical framework upon which we base financial, operational, compensation and planning decisions, (iii) presents a measurement that investors, rating agencies and debt holders have indicated is useful in assessing us and our results of operations and (iv) allows our CODM and management to focus solely on the evaluation of segment operating profitability as it relates to our revenues and operating expenses, which are primarily controlled by our segments. ​ The following is a reconciliation of total Segment Adjusted EBITDA for our segments to consolidated income before income taxes: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ ​ ​ March 31, ​ ​ 2026 ​ ​ ​ 2025 ​ ​ (in thousands) ​ Segment Adjusted EBITDA – total segments ​ $ 172,258 ​ $ 181,043 ​ Other, Corporate and Elimination profit (loss) ​ ​ 6,791 ​ ( 528 ) ​ General and administrative ​ ( 24,041 ) ​ ( 20,580 ) ​ Depreciation, depletion and amortization ​ ( 82,354 ) ​ ( 68,629 ) ​ Asset impairments ​ ​ ( 37,820 ) ​ ​ — ​ Interest expense, net ​ ( 11,426 ) ​ ( 7,567 ) ​ Change in fair value of digital assets ​ ​ ( 11,629 ) ​ ​ ( 5,574 ) ​ Noncontrolling interest ​ ​ 1,653 ​ ​ 1,577 ​ Income before income taxes ​ $ 13,432 ​ $ 79,742 ​ ​ Other, Corporate and Elimination profit (loss) represents profit (loss) from operating segments below the quantitative thresholds when determining our reportable segments as well as the elimination of intersegment profit (loss) between our reportable segments. The operating segments included are those described as part of our Other, Corporate and Eliminations category. ​ (5) The following is a reconciliation of our total segment assets to total consolidated assets: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, ​ ​ ​ 2026 ​ ​ ​ 2025 ​ ​ ​ (in thousands) ​ Total segment assets ​ $ 2,711,028 ​ $ 2,693,306 ​ Other, Corporate and Elimination total assets ​ ​ 144,680 ​ ​ 209,429 ​ Total consolidated assets ​ $ 2,855,708 ​ $ 2,902,735 ​ ​ 23 Table of Contents (6) Capital expenditures exclude $ 16.2 million paid towards oil & gas reserve acquisitions for the three months ended March 31, 2026. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ ​ ​ March 31, ​ ​ ​ 2026 ​ ​ ​ 2025 ​ ​ ​ (in thousands) ​ Total segment capital expenditures ​ $ 93,942 ​ $ 83,458 ​ Other, Corporate and Elimination capital expenditures ​ ​ 1,748 ​ ​ 3,318 ​ Total consolidated capital expenditures ​ $ 95,690 ​ $ 86,776 ​ ​ ​ 24 Table of Contents