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) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, ​ December 31, ​ ​ ​ 2026 ​ ​ ​ 2025 ​ ASSETS ​ ​ ​ ​ ​ ​ ​ ​ CURRENT ASSETS: ​ ​ ​ ​ ​ ​ ​ Cash and cash equivalents ​ $ 111,194 ​ $ 71,212 ​ Trade receivables (net of allowance of $ 5,659 and $ 5,360 , respectively) ​ 200,779 ​ 129,686 ​ Other receivables ​ 4,449 ​ 1,992 ​ Inventories, net ​ 125,131 ​ 142,619 ​ Advance royalties ​ 10,410 ​ 10,496 ​ Digital assets ​ 37,858 ​ 51,834 ​ Prepaid expenses and other assets ​ ​ ​ 18,752 ​ ​ ​ 22,215 ​ Total current assets ​ 508,573 ​ 430,054 ​ PROPERTY, PLANT AND EQUIPMENT: ​ ​ ​ ​ ​ ​ ​ Property, plant and equipment ​ 4,372,062 ​ 4,502,648 ​ Less accumulated depreciation, depletion and amortization ​ ( 2,234,362 ) ​ ( 2,364,206 ) ​ Total property, plant and equipment, net ​ 2,137,700 ​ 2,138,442 ​ OTHER ASSETS: ​ ​ ​ ​ ​ ​ ​ Advance royalties ​ 75,080 ​ 72,412 ​ Equity method investments ​ 71,276 ​ 69,638 ​ Equity securities ​ ​ 86,353 ​ 82,466 ​ Operating lease right-of-use assets ​ ​ 13,786 ​ ​ 17,065 ​ Other long-term assets ​ 49,024 ​ 43,711 ​ Total other assets ​ 295,519 ​ 285,292 ​ TOTAL ASSETS ​ $ 2,941,792 ​ $ 2,853,788 ​ ​ ​ ​ ​ ​ ​ ​ ​ LIABILITIES AND PARTNERS' CAPITAL ​ ​ ​ ​ ​ ​ ​ CURRENT LIABILITIES: ​ ​ ​ ​ ​ ​ ​ Accounts payable ​ $ 90,507 ​ $ 81,809 ​ Accrued taxes other than income taxes ​ 27,570 ​ 20,319 ​ Accrued payroll and related expenses ​ 37,438 ​ 31,244 ​ Accrued interest ​ 2,412 ​ 2,012 ​ Workers' compensation and pneumoconiosis benefits ​ 15,847 ​ 15,901 ​ Other current liabilities ​ 35,367 ​ 29,495 ​ Current maturities, long-term debt, net ​ 81,104 ​ 23,646 ​ Total current liabilities ​ 290,245 ​ 204,426 ​ LONG-TERM LIABILITIES: ​ ​ ​ ​ ​ ​ ​ Long-term debt, excluding current maturities, net ​ 498,484 ​ 427,137 ​ Pneumoconiosis benefits ​ 102,865 ​ 100,740 ​ Workers' compensation ​ 36,995 ​ 37,742 ​ Asset retirement obligations ​ 163,104 ​ 153,247 ​ Long-term operating lease obligations ​ 11,280 ​ 14,591 ​ Deferred income tax liabilities ​ 26,957 ​ 27,732 ​ Other liabilities ​ 25,466 ​ 27,951 ​ Total long-term liabilities ​ 865,151 ​ 789,140 ​ Total liabilities ​ 1,155,396 ​ 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 ​ 1,776,227 ​ 1,843,627 ​ Accumulated other comprehensive loss ​ ( 7,217 ) ​ ( 1,026 ) ​ Total ARLP Partners' Capital ​ 1,769,010 ​ 1,842,601 ​ Noncontrolling interest ​ ​ 17,386 ​ ​ 17,621 ​ Total Partners' Capital ​ ​ 1,786,396 ​ ​ 1,860,222 ​ TOTAL LIABILITIES AND PARTNERS' CAPITAL ​ $ 2,941,792 ​ $ 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 ​ Six Months Ended ​ ​ ​ June 30, ​ June 30, ​ ​ ​ ​ ​ 2026 ​ ​ ​ 2025 ​ ​ ​ 2026 ​ ​ ​ 2025 ​ ​ ​ SALES AND OPERATING REVENUES: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Coal sales ​ $ 469,544 ​ $ 485,469 ​ $ 912,826 ​ $ 953,980 ​ Oil & gas royalties ​ ​ 46,293 ​ ​ 35,473 ​ ​ 87,634 ​ ​ 71,557 ​ Transportation revenues ​ 7,510 ​ 8,558 ​ 16,153 ​ 18,758 ​ Other revenues ​ 28,213 ​ 17,963 ​ 50,964 ​ 43,636 ​ Total revenues ​ 551,560 ​ 547,463 ​ 1,067,577 ​ 1,087,931 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ EXPENSES: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Operating expenses (excluding depreciation, depletion and amortization) ​ 341,352 ​ 346,288 ​ 682,650 ​ 685,724 ​ Transportation expenses ​ 7,510 ​ 8,558 ​ 16,153 ​ 18,758 ​ Outside coal purchases ​ — ​ 7,179 ​ — ​ 14,524 ​ General and administrative ​ 25,836 ​ 20,380 ​ 49,877 ​ 40,960 ​ Depreciation, depletion and amortization ​ 81,277 ​ 76,340 ​ 163,631 ​ 144,969 ​ Asset impairments ​ — ​ — ​ 37,820 ​ — ​ Total operating expenses ​ 455,975 ​ 458,745 ​ 950,131 ​ 904,935 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ INCOME FROM OPERATIONS ​ 95,585 ​ 88,718 ​ 117,446 ​ 182,996 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Interest expense (net of interest capitalized for the three and six months ended June 30, 2026 and 2025 of $ 443 , $ 3,360 , $ 1,356 and $ 7,848 , respectively) ​ ( 12,553 ) ​ ( 9,252 ) ​ ( 24,297 ) ​ ( 17,686 ) ​ Interest income ​ 306 ​ 570 ​ 624 ​ 1,437 ​ Net income (loss) on equity method investments ​ 9,489 ​ ( 1,536 ) ​ 13,775 ​ ( 3,542 ) ​ Change in fair value of digital assets ​ ​ ( 6,345 ) ​ 12,856 ​ ( 17,974 ) ​ 7,282 ​ Impairment loss on investments - (Note 9) ​ ​ — ​ ( 25,000 ) ​ — ​ ( 25,000 ) ​ Other income ​ 1,307 ​ 17 ​ 11,647 ​ 628 ​ INCOME BEFORE INCOME TAXES ​ 87,789 ​ 66,373 ​ 101,221 ​ 146,115 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ INCOME TAX EXPENSE ​ 6,241 ​ 5,348 ​ 8,926 ​ 9,530 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ NET INCOME ​ ​ 81,548 ​ ​ 61,025 ​ ​ 92,295 ​ ​ 136,585 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ LESS: NET INCOME ATTRIBUTABLE TO NONCONTROLLING INTEREST ​ ​ ( 1,986 ) ​ ( 1,615 ) ​ ( 3,639 ) ​ ( 3,192 ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ NET INCOME ATTRIBUTABLE TO ARLP ​ $ 79,562 ​ $ 59,410 ​ $ 88,656 ​ $ 133,393 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ EARNINGS PER LIMITED PARTNER UNIT - BASIC AND DILUTED ​ $ 0.61 ​ $ 0.46 ​ $ 0.68 ​ $ 1.03 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ WEIGHTED-AVERAGE NUMBER OF UNITS OUTSTANDING – BASIC AND DILUTED ​ 128,658,801 ​ 128,428,024 ​ 128,598,875 ​ 128,347,131 ​ ​ 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 ​ Six Months Ended ​ ​ ​ ​ ​ June 30, ​ June 30, ​ ​ ​ 2026 ​ ​ ​ 2025 ​ ​ ​ 2026 ​ ​ ​ 2025 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ NET INCOME ​ $ 81,548 ​ $ 61,025 ​ $ 92,295 ​ $ 136,585 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ OTHER COMPREHENSIVE INCOME (LOSS): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Defined benefit pension plan ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Amortization of prior service cost (1) ​ ​ — ​ ​ 2 ​ ​ — ​ ​ 5 ​ Total defined benefit pension plan adjustments ​ — ​ 2 ​ — ​ 5 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Pneumoconiosis benefits ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Amortization of net actuarial loss (1) ​ 116 ​ 232 ​ 232 ​ 464 ​ Other adjustments (2) ​ ​ — ​ — ​ ​ ( 6,450 ) ​ ​ — ​ Total pneumoconiosis benefits adjustments ​ 116 ​ 232 ​ ( 6,218 ) ​ 464 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Foreign currency translation adjustment ​ ​ 53 ​ 41 ​ ​ 27 ​ 76 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Change in unrealized gains on debt securities (3) ​ ​ — ​ 10,919 ​ ​ — ​ 10,919 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ OTHER COMPREHENSIVE INCOME (LOSS) ​ 169 ​ 11,194 ​ ( 6,191 ) ​ 11,464 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ COMPREHENSIVE INCOME ​ ​ 81,717 ​ ​ 72,219 ​ ​ 86,104 ​ ​ 148,049 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Less: Comprehensive income attributable to noncontrolling interest ​ ​ ( 1,986 ) ​ ​ ( 1,615 ) ​ ​ ( 3,639 ) ​ ​ ( 3,192 ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ COMPREHENSIVE INCOME ATTRIBUTABLE TO ARLP ​ $ 79,731 ​ $ 70,604 ​ $ 82,465 ​ $ 144,857 ​ (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. (3) For more information on the change in unrealized gains please see Note 9. ​ 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) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Six Months Ended ​ ​ ​ June 30, ​ ​ ​ ​ ​ 2026 ​ ​ ​ 2025 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ CASH FLOWS FROM OPERATING ACTIVITIES ​ $ 258,520 ​ $ 297,379 ​ ​ ​ ​ ​ ​ ​ ​ ​ CASH FLOWS FROM INVESTING ACTIVITIES: ​ ​ ​ ​ ​ ​ ​ Property, plant and equipment: ​ ​ ​ ​ ​ ​ ​ Capital expenditures ​ ( 145,704 ) ​ ( 153,793 ) ​ Change in accounts payable and accrued liabilities ​ ( 3,282 ) ​ ( 11,840 ) ​ Proceeds from sale of property, plant and equipment ​ 411 ​ 709 ​ Contributions to equity method investments ​ ( 2,178 ) ​ ( 1,391 ) ​ Purchase of debt securities ​ ​ — ​ ( 2,127 ) ​ Oil & gas reserve business combinations ​ ( 21,965 ) ​ — ​ Oil & gas reserve asset acquisitions ​ ​ ( 9,370 ) ​ ​ ( 2,740 ) ​ Other ​ 938 ​ 2,929 ​ Net cash used in investing activities ​ ( 181,150 ) ​ ( 168,253 ) ​ ​ ​ ​ ​ ​ ​ ​ ​ CASH FLOWS FROM FINANCING ACTIVITIES: ​ ​ ​ ​ ​ ​ ​ Borrowings under securitization facility ​ ​ 151,000 ​ 39,000 ​ Payments under securitization facility ​ ​ ( 95,000 ) ​ ( 39,000 ) ​ Payments on equipment financings ​ ​ ( 6,845 ) ​ ( 6,303 ) ​ Borrowings under revolving credit facilities ​ 181,000 ​ — ​ Payments under revolving credit facilities ​ ( 102,500 ) ​ — ​ Borrowing under long-term debt ​ ​ 5,903 ​ — ​ Payments on long-term debt ​ ( 7,031 ) ​ ( 7,031 ) ​ Payments for tax withholdings related to settlements under deferred compensation plan ​ ( 4,142 ) ​ ( 7,082 ) ​ Distributions paid to Partners ​ ​ ( 155,856 ) ​ ( 181,630 ) ​ Other ​ ( 3,938 ) ​ ( 9,114 ) ​ Net cash used in financing activities ​ ( 37,409 ) ​ ( 211,160 ) ​ Effect of exchange rate changes on cash and cash equivalents ​ ​ 21 ​ 76 ​ NET CHANGE IN CASH AND CASH EQUIVALENTS ​ 39,982 ​ ( 81,958 ) ​ CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD ​ 71,212 ​ 136,962 ​ CASH AND CASH EQUIVALENTS AT END OF PERIOD ​ $ 111,194 ​ $ 55,004 ​ ​ ​ ​ ​ ​ ​ ​ ​ SUPPLEMENTAL NON-CASH ACTIVITY: ​ ​ ​ ​ ​ ​ Accounts payable for purchase of property, plant and equipment ​ $ 9,620 ​ $ 11,888 ​ 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. ​ AllDale III & IV Acquisition ​ On July 1, 2026, Alliance Minerals acquired certain general partner and limited partner interests in AllDale Minerals III, LP (“AllDale III”) & AllDale Minerals IV, LP ("AllDale IV", and collectively with AllDale III, "AllDale III & IV") for $ 206.2 million, subject to customary post-closing adjustments (the “AllDale III & IV Acquisition”). The AllDale III & IV Acquisition expands and diversifies the ARLP Partnership's portfolio of mineral and royalty interests through the acquisition of approximately 48,500 net royalty acres across premier basins and resource plays including the Permian, Anadarko, Bakken and Haynesville. See Note 3 – Variable Interest Entities, Note 4 – Acquisitions and Note 17 – Related Party Transactions for more information. ​ 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 June 30, 2026 and December 31, 2025, the results of our operations and comprehensive income for the three and six months ended June 30, 2026 and 2025 and cash flows for the six months ended June 30, 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. ​ 5 Table of Contents 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. ​ 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 evaluation of the impact of ASU 2024-03 on our results of operations, cash flows, financial condition and related disclosures including ongoing research as well as assessing our ability to accurately generate the information required for disclosure. ​ 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: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, ​ December 31, ​ ​ ​ 2026 ​ ​ ​ 2025 ​ Assets (liabilities): ​ ​ ​ (in thousands) Cash and cash equivalents ​ $ 5,518 ​ $ 4,137 ​ Trade receivables ​ 16,013 ​ 11,194 ​ Total property, plant and equipment, net ​ 348,933 ​ 356,751 ​ Accounts payable ​ ​ ( 195 ) ​ ​ ( 236 ) ​ Due to affiliates ​ ( 67 ) ​ ​ — ​ Accrued taxes other than income taxes ​ ( 807 ) ​ ​ ( 970 ) ​ ​ AllDale III ​ AllDale III owns oil & gas mineral interests in areas around the oil & gas mineral interests we own. As of June 30, 2026, Alliance Minerals owned a 13.9 % limited partner interest in AllDale III. Alliance Minerals’ investment in AllDale III was subject to a 25 % profits interest for the general partner that was 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 concluded that AllDale III was a VIE that we did 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 were not the primary beneficiary of AllDale III because we did not have the power to direct the activities that most significantly impact AllDale III’s economic performance. At June 30, 2026 and December 31, 2025, the carrying value of our investment in AllDale III was $ 20.1 million and $ 21.0 million, respectively. ​ As discussed in Note 1 – Organization and Presentation, on July 1, 2026, Alliance Minerals acquired certain general partner and limited partner interests in AllDale III & IV. At the same time, related parties of Mr. Craft also acquired limited partner interests in AllDale III. As the result of these acquisitions and the pre-existing ownership of interests in AllDale III by Alliance Minerals and related parties of Mr. Craft, all of the general partner and limited partner interests in AllDale III were owned by either Alliance Minerals or related parties of Mr. Craft. Following the acquisitions, the parties entered into Contribution and Exchange Agreements by which they exchanged those interests for limited partner interests in AllDale III, eliminated the pre-existing profits interest attributable to the general partner interests, and assigned a non-economic general partner interest to a subsidiary of ARLP. As a result, we hold 100 % of the non-economic general partner interest and 46.92 % of the limited partner interests in AllDale III. Beginning in the third quarter of 2026 we expect these transactions to lead us to start consolidating AllDale III as the primary beneficiary because we will have the power to direct the activities that most significantly impact the economic performance of AllDale III. See Note 17 – Related-Party Transactions for more information about the Contribution and Exchange Agreements. ​ 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 June 30, 2026, our commitment was $ 12.4 million, which include distributions we have received that may be recalled. ​ 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 June 30, 2026 and December 31, 2025, the carrying value of our investment in NGP ET IV was $ 18.0 million and $ 13.4 million, respectively. ​ 7 Table of Contents 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 June 30, 2026, our commitment was $ 17.4 million, which include distributions we have received that may be recalled. 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 June 30, 2026 and December 31, 2025, the carrying value of our investment in Gavin Generation was $ 33.2 million and $ 35.2 million, respectively. ​ 4. ACQUISITIONS ​ During the six months ended June 30, 2026, we acquired 881 oil & gas net royalty acres in the Permian Basin through a series of transactions for an aggregate cash purchase price of $ 22.0 million which was funded with cash on hand. These acquisitions further enhance our ownership position in the Permian Basin. Because the mineral interests acquired in these acquisitions include royalty interests in both developed properties and undeveloped properties with different risk profiles, we have determined that these acquisitions should be accounted for as business combinations and the underlying assets should be recorded at fair value on their respective acquisition dates on our condensed consolidated balance sheet. ​ The following table summarizes the fair value allocation of assets acquired: ​ ​ ​ ​ ​ ​ ​ ​ (in thousands) ​ ​ ​ ​ ​ Mineral interests in proved properties ​ $ 13,004 ​ Mineral interests in unproved properties ​ ​ 8,961 ​ ​ ​ $ 21,965 ​ ​ The fair value of the mineral interests was determined using an income approach consisting of discounted cash flow models. The assumptions used in the discounted cash flow models include estimated production, projected cash flows, forward oil & gas prices and risk adjusted discount rates. Certain assumptions used were not observable in active markets; therefore, the fair value measurements represent Level 3 fair value measurements. ​ The amounts of revenues and earnings from the mineral interests acquired included in our condensed consolidated statements of income from their respective acquisition dates through June 30, 2026 are immaterial. ​ The following table represents our supplemental pro forma revenues and net income for the three and six months ended June 30, 2026 and 2025 as if the mineral interests acquired had been included in our consolidated results since January 1, 2025. These amounts have been calculated after applying our accounting policies. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ Six Months Ended ​ ​ ​ June 30, ​ June 30, ​ ​ ​ 2026 ​ ​ ​ 2025 ​ ​ ​ 2026 ​ ​ ​ 2025 ​ ​ ​ (in thousands) ​ Revenue ​ $ 551,776 ​ $ 548,305 ​ $ 1,068,229 ​ $ 1,089,457 ​ Net Income ​ ​ 81,748 ​ ​ 61,784 ​ ​ 92,884 ​ 137,959 ​ 8 Table of Contents ​ AllDale III &IV Acquisition ​ On July 1, 2026, we acquired certain general partner and limited partner interests in AllDale III & IV for $ 206.2 million, subject to customary post-closing adjustments. We funded the AllDale III & IV Acquisition using a combination of cash on hand, and borrowings under both our revolving credit facility and the Minerals Term Loan. See Note 10 – Long-Term Debt for more information on the terms of the Credit Agreement and Minerals Term Loan. In connection with the AllDale III & IV Acquisition, certain entities related to Mr. Craft acquired, pursuant to separate definitive agreements, an aggregate of $ 100.0 million of limited partner interests in AllDale III. ​ Because the underlying mineral interests held by AllDale III & IV include royalty interests in both developed properties and undeveloped properties with different risk profiles, we have determined that the AllDale III & IV Acquisition should be accounted for as a business combination and the underlying assets and liabilities of AllDale III & IV will be recorded at their July 1, 2026 acquisition date fair values on our condensed consolidated balance sheet. ​ We are in the process of performing our valuation of our previously held equity method investment in AllDale III, the acquired assets and liabilities and the noncontrolling interest. Given the recent date of the acquisition, we have not finalized our determination of the fair value of the various measurements as we continue to gather information to determine the assumptions we intend to use in our valuation. ​ Prior to the AllDale III & IV Acquisition, we accounted for our investment in AllDale III as an equity method investment. We anticipate re-measuring our equity method investment immediately prior to the AllDale III & IV Acquisition using a discounted cash flow model. The assumptions to be used in the determination of the fair value measurement include estimated production, projected cash flows, forward oil & gas prices and a risk adjusted discount rate, among others. ​ We anticipate determining the fair value of the mineral interests by determining an entity-wide value using discounted expected cash flows based on estimated production, projected cash flows, forward oil & gas prices and risk adjusted discount rates. AllDale III & IV also hold certain commodity derivative instruments, and we anticipate determining the fair value of these instruments by observing similar transactions and developing a value that is then adjusted for counterparty risk. We anticipate using the carrying values for any acquired receivables, payables and cash, as this represents their fair value given their short-term nature. ​ We anticipate determining the fair value of the noncontrolling interests using a discounted cash flow model. The assumptions to be used in the determination of the fair value measurements include estimated production, projected cash flows, forward oil & gas prices and a risk adjusted discount rate, among others. ​ 9 Table of Contents 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) ​ June 30, 2026 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Recorded on a recurring basis: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Digital assets ​ $ 37,858 ​ $ 37,858 ​ $ — ​ $ — ​ Contingent consideration ​ $ 16,749 ​ $ — ​ $ — ​ $ 16,749 ​ Additional disclosures: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Long-term debt ​ $ 589,982 ​ $ — ​ $ 615,228 ​ $ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 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. ​ 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 $ 17.1 million under this contingent consideration agreement and $ 2.2 million under the overriding royalty agreement as of June 30, 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. ​ 10 Table of Contents ​ ​ ​ ​ ​ ​ ​ ​ ​ Valuation Technique(s) Unobservable Input Range/Amount (Average) (a) ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, 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. ​ The following table represents changes in our contingent consideration liability: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ Six Months Ended ​ ​ ​ June 30, ​ June 30, ​ ​ ​ ​ ​ 2026 ​ ​ ​ 2025 ​ ​ ​ 2026 ​ 2025 ​ ​ (in thousands) ​ Beginning balance ​ $ 16,995 ​ $ 11,324 ​ $ 18,000 ​ $ 13,100 ​ Noncash changes in fair value (1) ​ ​ 302 ​ ​ 2,005 ​ ​ ( 189 ) ​ ​ 2,005 ​ Payments ​ ​ ( 548 ) ​ ​ ( 2,652 ) ​ ​ ( 1,062 ) ​ ​ ( 4,428 ) ​ Ending balance ​ $ 16,749 ​ $ 10,677 ​ $ 16,749 ​ $ 10,677 ​ (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 condensed consolidated statements of income. ​ 6. INVENTORIES ​ Inventories consist of the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, ​ December 31, ​ ​ ​ 2026 ​ ​ ​ 2025 ​ ​ (in thousands) ​ Coal ​ $ 37,271 ​ $ 61,528 ​ Finished goods (net of reserve for obsolescence of $ 1,733 and $ 1,133 , respectively) ​ ​ 7,952 ​ ​ 9,732 ​ Work in process ​ ​ 169 ​ ​ 2,660 ​ Raw materials ​ ​ 8,716 ​ ​ 6,106 ​ ​ ​ ​ 54,108 ​ ​ 80,026 ​ Supplies (net of reserve for obsolescence of $ 9,998 and $ 6,901 , respectively) ​ 71,023 ​ 62,593 ​ Total inventories, net ​ $ 125,131 ​ $ 142,619 ​ ​ The above coal inventory balances reflect lower of cost or net realizable value adjustments of $ 9.7 million and $ 8.3 million as of June 30, 2026 and December 31, 2025, respectively. The adjustment as of June 30, 2026 is primarily a result of higher cost per ton at the Mettiki Coal, LLC and Mettiki Coal (WV), LLC (collectively “Mettiki”) mining complex due to reduced production following the decision to cease longwall production. The adjustment as of December 31, 2025 11 Table of Contents 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 cost basis and fair value as shown on the condensed consolidated balance sheet: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, 2026 ​ December 31, 2025 ​ ​ ​ Units ​ Cost Basis ​ Fair Value ​ Units ​ Cost Basis ​ Fair Value ​ Digital assets: ​ (in thousands, except unit data) ​ Bitcoin ​ ​ 645.96 ​ $ 33,955 ​ $ 37,858 ​ ​ 592.01 ​ $ 29,937 ​ $ 51,834 ​ Total ​ ​ ​ ​ $ 33,955 ​ $ 37,858 ​ ​ ​ ​ $ 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 Mettiki’s assets from $ 95.3 million to its fair value of $ 57.5 million resulting in an impairment charge of $ 37.8 million. While limited coal production is ongoing with continuous mining units, 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. ​ 12 Table of Contents 9. INVESTMENT S ​ Equity Method Investments ​ The changes in our equity method investments were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ Six Months Ended ​ ​ ​ June 30, ​ June 30, ​ ​ ​ ​ ​ 2026 ​ ​ ​ 2025 ​ ​ ​ 2026 ​ ​ ​ 2025 ​ ​ ​ ​ ​ (in thousands) ​ Beginning balance ​ $ 70,986 ​ $ 33,555 ​ $ 69,638 ​ $ 35,532 ​ Contributions ​ ​ 1,592 ​ ​ 513 ​ ​ 2,178 ​ ​ 1,391 ​ Net income (loss) on equity method investments ​ ​ 9,489 ​ ​ ( 1,536 ) ​ ​ 13,775 ​ ​ ( 3,542 ) ​ Distributions received ​ ​ ( 10,791 ) ​ ​ ( 2,904 ) ​ ​ ( 14,315 ) ​ ​ ( 3,753 ) ​ Ending balance ​ $ 71,276 ​ $ 29,628 ​ $ 71,276 ​ $ 29,628 ​ ​ Net income (loss) on equity method investments represents our share of the income or loss of the equity method investments. ​ Infinitum ​ As of June 30, 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 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. ​ Ascend ​ On August 22, 2023, we purchased shares of Series D Preferred Stock (the “Ascend Series D Preferred Stock”) in Ascend Elements, Inc. (“Ascend”) for $ 25.0 million which was accounted for as an equity investment without a readily determinable fair value because of the lack of quoted market prices. Ascend is a U.S.-based manufacturer and recycler of sustainable, engineered battery materials. In June 2025, Ascend raised new capital through a recapitalization utilizing the 13 Table of Contents issuance of convertible notes. Under the terms of the convertible notes and the resulting recapitalization, all shares of each outstanding series of preferred stock were converted into common stock on a 1 :1 basis for stockholders that participated in the convertible notes or on a 3 :1 basis if they did not participate. ​ We elected to participate in the recapitalization of Ascend with a $ 3.0 million commitment to purchase convertible notes. As of June 30, 2025, we had funded $ 2.1 million of this commitment. The convertible notes provided for a redemption in two years for an amount equal to the greater of (a) a multiple of each stockholder’s investment in the convertible notes as determined by their level of participation or (b) the principal amount of each stockholder’s investment in the convertible notes plus an annual interest rate of 15 %. Based on our level of participation, our convertible notes provided for a multiple of 12 times our funded commitment at redemption. We concluded that these convertible notes represented available-for-sale debt securities as we did not intend to sell the notes and believed that it was likely we would not be required to sell them before redemption. As a result of our participation in the recapitalization, our shares of Ascend Series D Preferred Stock converted into common stock on a 1 :1 basis. ​ The following table presents our debt securities holdings: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, 2025 ​ ​ ​ Cost Basis ​ Unrealized Gains (1) ​ Fair Value ​ ​ ​ (in thousands) ​ Debt Securities ​ $ 2,127 ​ $ 10,919 ​ $ 13,046 ​ (1) Unrealized gains in our debt securities are included in the Change in unrealized gains on debt securities line item within our condensed consolidated statements of comprehensive income. ​ We determined the fair value of the debt securities by using a combination of market approaches and option-pricing models which utilized significant inputs not observable in active markets representing a Level 3 fair value measurement under the fair value hierarchy. The underlying enterprise value was estimated using income and market approaches which utilized discounted cash flows and market participant values for assets in hypothetical sales scenarios. The enterprise value was then utilized in market approach models and option-pricing models taking into account the rights and preferences of the convertible notes, expected exit scenarios as of June 30, 2025, and the volatility associated with those outcomes to arrive at a fair value. ​ Using the same models we used to value the debt securities on June 30, 2025, we determined that the common stock we received in the recapitalization had no value, resulting in a $ 25.0 million impairment charge included in our condensed consolidated statements of income. The impairment represented a Level 3 fair value measurement and is included within our Other, Corporate and Elimination category. ​ In December 2025, Ascend issued additional convertible notes senior to our convertible notes with similar multiples which significantly lowered the likelihood of recovery of a multiple of our principal investment. This lower likelihood of recovery of the multiple of our principal investment at redemption in addition to our lack of visibility into Ascend's financial condition and performance as of December 31, 2025, led us to conclude it was likely we would also not recover our principal investment of $ 3.0 million and fully impaired our debt securities as of December 31, 2025. ​ 14 Table of Contents 10. LONG-TERM DEBT ​ Long-term debt consists of the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Unamortized Discount and ​ ​ ​ Principal ​ Debt Issuance Costs ​ ​ ​ June 30, ​ December 31, ​ June 30, ​ December 31, ​ ​ ​ ​ ​ 2026 ​ ​ ​ 2025 ​ ​ ​ 2026 ​ ​ ​ 2025 ​ ​ (in thousands) ​ Revolving credit facility ​ $ 78,500 ​ $ — ​ $ ( 3,894 ) ​ $ ( 5,007 ) ​ Alliance Coal term loan ​ 24,610 ​ 31,640 ​ ( 687 ) ​ ( 884 ) ​ 8.625 % Senior notes due 2029 ​ ​ 400,000 ​ ​ 400,000 ​ ​ ( 5,813 ) ​ ​ ( 6,782 ) ​ Securitization facility ​ ​ 56,000 ​ ​ — ​ ​ — ​ ​ — ​ February 2024 equipment financing ​ ​ 24,970 ​ ​ 31,816 ​ ​ — ​ ​ — ​ Installment purchase arrangement ​ ​ 5,902 ​ ​ — ​ ​ — ​ ​ — ​ ​ ​ 589,982 ​ 463,456 ​ ( 10,394 ) ​ ( 12,673 ) ​ Less current maturities ​ ( 85,498 ) ​ ( 28,041 ) ​ 4,394 ​ 4,395 ​ Total long-term debt ​ $ 504,484 ​ $ 435,415 ​ $ ( 6,000 ) ​ $ ( 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 “Alliance Coal 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 Alliance Coal Term Loan advances are required to be repaid in full. Interest is payable quarterly, with principal on the Alliance Coal Term Loan due in quarterly installments equal to 6.25 % of the outstanding balance of the Alliance Coal 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 “Coal Subsidiary Guarantors”). The Credit Agreement also is secured by substantially all of the assets of the Coal Subsidiary Guarantors and Alliance Coal. Borrowings under the Credit Agreement bear interest, at our option, at either (i) an adjusted one-month, three-month or six-month term rate based on the secured overnight financing rate published by the Federal Reserve Bank of New York, plus the applicable margin or (ii) the base rate plus the applicable margin. The base rate is the highest of (i) the Overnight Bank Funding Rate plus 0.50 %, (ii) the Administrative Agent’s prime rate, and (iii) the Daily Simple Secured Overnight Financing Rate plus 100 basis points. The applicable margin for borrowings under the Credit Agreement are determined by reference to the Consolidated Debt to Consolidated Cash Flow Ratio. For borrowings under the Alliance Coal Term Loan, we elected the one-month term rate, with applicable margin, which was 7.23 % as of June 30, 2026. At June 30, 2026, we had $ 41.0 million of letters of credit outstanding with $ 305.5 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 15 Table of Contents debt of Alliance Coal and the Intermediate Partnership to cash flow ratio, and interest coverage ratio were 0.37 to 1.0, 1.16 to 1.0 and 41.98 to 1.0, respectively, for the trailing twelve months ended June 30, 2026. We were in compliance with the covenants of the Credit Agreement as of June 30, 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. The issuers may redeem all or a part of the 2029 Senior Notes at any time at the redemption prices set forth in the indenture, plus accrued and unpaid interest, if any, to, but excluding, the redemption date. ​ 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 June 30, 2026, we had $ 11.7 million of letters of credit outstanding with $ 7.3 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 June 30, 2026, we had a $ 56.0 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 June 30, 2026, we had a $ 5.9 million outstanding balance under this arrangement. ​ 16 Table of Contents Alliance Minerals Term Loan ​ On July 1, 2026 , Alliance Minerals, as borrower, entered into a term loan for an aggregate principal amount of $ 150.0 million (the "Alliance Minerals Term Loan") with Truist Bank, who is acting as administrative agent. The Alliance Minerals Term Loan matures on January 1, 2028 , at which time the aggregate outstanding principal amount of the Alliance Minerals Term Loan is required to be repaid in full. Interest is payable no less frequently than quarterly, with principal payments of $ 18.75 million due quarterly beginning with the quarter ending September 30, 2026 . ​ The Alliance Minerals Term Loan is guaranteed by ARLP, our Intermediate Partnership, certain of Alliance Minerals’ direct and indirect subsidiaries, and AllRoy GP, LLC and its subsidiaries (the "Minerals Subsidiary Guarantors"). The Alliance Minerals Term Loan also is secured by the equity interests in and personal property of Alliance Minerals and the Minerals Subsidiary Guarantors, and by the equity interests of Alliance Minerals and the Minerals Subsidiary Guarantors in the ARLP Partnership’s other oil & gas mineral entities. Borrowings under the Alliance Minerals Term Loan 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 Administrative Agent’s prime rate, (ii) the Federal Funds Rate plus 0.50 %, (iii) term secured overnight financing rate for an interest period of one month, plus 1.0 % and (iv) zero percent. The applicable margin for borrowings under the Alliance Minerals Term Loan is determined by reference to the principal amount outstanding. ​ The Alliance Minerals Term Loan contains various restrictive covenants applicable to Alliance Minerals and its subsidiaries, including limitations on indebtedness, liens, asset sales, investments, mergers and consolidations, and affiliate transactions, in each case subject to customary exceptions. In addition, the restrictions provide an aggregate limit of $ 575.0 million Notes Indebtedness as such term is defined in the Alliance Minerals Term Loan at our Intermediate Partnership. The Alliance Minerals Term Loan requires us to maintain (a) total consolidated secured debt of Alliance Minerals to consolidated EBITDA of Alliance Minerals ratio of not more than 2.0 to 1.0, and (b) a total consolidated debt of Alliance Minerals to consolidated Alliance Minerals cash flow ratio of not more than 2.5 to 1.0, during the four most recently ended fiscal quarters. ​ 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 ​ Six Months Ended ​ ​ June 30, ​ June 30, ​ ​ ​ 2026 ​ ​ ​ 2025 ​ ​ ​ 2026 ​ ​ ​ 2025 ​ ​ ​ (in thousands) ​ Beginning balance ​ $ 49,320 ​ $ 48,511 ​ $ 49,378 ​ $ 47,870 ​ Changes in accruals ​ 3,258 ​ 3,419 ​ 6,602 ​ 6,795 ​ Payments ​ ( 3,926 ) ​ ( 3,762 ) ​ ( 7,866 ) ​ ( 7,064 ) ​ Interest accretion ​ 539 ​ 570 ​ 1,077 ​ 1,137 ​ Valuation loss (gain) (1) ​ ( 614 ) ​ ​ 496 ​ ( 614 ) ​ ​ 496 ​ Ending balance ​ $ 48,577 ​ $ 49,234 ​ $ 48,577 ​ $ 49,234 ​ (1) Our estimate of the liability for the present value of current workers′ compensation benefits is based on our actuarial calculations. Our actuarial calculations are based on a blend of actuarial projection methods and numerous assumptions including claims development patterns, mortality, medical costs and interest rates. The valuation gain in 2026 is due to an increase in the discount rate from 4.78 % on December 31, 2025 to 5.10 % on June 30, 2026. The valuation loss in 2025 is due to a decrease in the discount rate from 5.17 % on December 31, 2024 to 4.92 % on June 30, 2025. ​ 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 June 30, 2026 are $ 4.1 million and are included in Other long-term assets on our condensed consolidated balance sheet. 17 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 ​ Six Months Ended ​ ​ ​ June 30, ​ June 30, ​ ​ ​ 2026 ​ ​ ​ 2025 ​ ​ ​ 2026 ​ ​ ​ 2025 ​ ​ (in thousands) ​ Service cost ​ $ 723 ​ $ 889 ​ $ 1,443 ​ $ 1,748 Interest cost (1) ​ 1,399 ​ 1,686 ​ 2,797 ​ 3,352 ​ Amortization of net actuarial loss (1) ​ 116 ​ 232 ​ 232 ​ 464 ​ Other adjustments (1) (2) ​ ​ — ​ ​ — ​ ​ ( 6,450 ) ​ ​ — ​ Net periodic benefit cost ​ $ 2,238 ​ $ 2,807 ​ $ ( 1,978 ) ​ $ 5,564 ​ (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 ​ Six Months Ended ​ ​ ​ June 30, ​ June 30, ​ ​ ​ 2026 ​ ​ ​ 2025 ​ ​ ​ 2026 ​ ​ ​ 2025 ​ ​ ​ ​ ​ (in thousands) ​ Interest cost ​ $ 1,268 ​ $ 1,310 ​ $ 2,537 ​ $ 2,620 ​ Expected return on plan assets ​ ( 1,486 ) ​ ( 1,709 ) ​ ( 2,972 ) ​ ( 3,418 ) ​ Amortization of prior service cost ​ ​ — ​ ​ 2 ​ ​ — ​ ​ 5 ​ Net periodic benefit credit (1) ​ $ ( 218 ) ​ $ ( 397 ) ​ $ ( 435 ) ​ $ ( 793 ) ​ (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. ​ 18 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 ​ ​ 0.60 ​ ​ 77,847 ​ August 14, 2026 (1) ​ ​ 0.60 ​ ​ ​ ​ Total ​ $ 1.80 ​ $ 155,856 ​ ​ (1) On July 27, 2026, we declared this quarterly distribution payable on August 14, 2026 to all unitholders of record as of August 7, 2026. ​ Change in Partners’ Capital ​ The following tables present the quarterly change in Partners' Capital for the three and six months ended June 30, 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 ​ Comprehensive income: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net income — ​ 79,562 ​ — ​ ​ 1,986 81,548 ​ Other comprehensive income — ​ — ​ 169 ​ — 169 ​ Total comprehensive income ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 81,717 ​ Common unit-based compensation — ​ 2,275 ​ ​ — ​ ​ — ​ ​ 2,275 ​ Distributions on deferred common unit-based compensation — ​ ( 652 ) ​ ​ — ​ ​ — ​ ​ ( 652 ) ​ Distributions from consolidated company to noncontrolling interest ​ — ​ ​ — ​ ​ — ​ ​ ( 2,044 ) ​ ​ ( 2,044 ) ​ Distributions to Partners — ​ ​ ( 77,195 ) ​ ​ — ​ ​ — ​ ​ ( 77,195 ) ​ Balance at June 30, 2026 ​ 128,658,801 ​ $ 1,776,227 ​ $ ( 7,217 ) ​ $ 17,386 ​ $ 1,786,396 ​ ​ 19 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 ​ Comprehensive income: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net income — ​ 59,410 ​ — ​ ​ 1,615 61,025 ​ Other comprehensive income — ​ — ​ 11,194 ​ — 11,194 ​ Total comprehensive income ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 72,219 ​ Common unit-based compensation — ​ 2,281 ​ ​ — ​ ​ — ​ ​ 2,281 ​ Distributions on deferred common unit-based compensation — ​ ( 841 ) ​ ​ — ​ ​ — ​ ​ ( 841 ) ​ Distributions from consolidated company to noncontrolling interest ​ — ​ ​ — ​ ​ — ​ ​ ( 2,731 ) ​ ​ ( 2,731 ) ​ Distributions to Partners — ​ ​ ( 89,898 ) ​ ​ — ​ ​ — ​ ​ ( 89,898 ) ​ Balance at June 30, 2025 128,428,024 ​ $ 1,816,776 ​ $ ( 23,639 ) ​ $ 19,353 ​ $ 1,812,490 ​ ​ ​ 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) 431,501 ​ ​ 25.80 ​ ​ ​ ​ Vested (2) ( 400,722 ) ​ 21.54 ​ ​ ​ ​ Forfeited ( 91,086 ) ​ 23.34 ​ ​ ​ ​ Non-vested grants at June 30, 2026 1,131,936 ​ 24.12 ​ ​ 27,144 ​ (1) The restricted units granted during 2026 have certain minimum-value guarantees per unit, regardless of whether the awards vest. (2) During the six months ended June 30, 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 $ 2.3 million for each of the three months ended June 30, 2026 and 2025 and $ 4.0 million and $ 4.2 million for the six months ended June 30, 2026 and 2025, respectively. The total obligation associated with LTIP grants of restricted units as of June 30, 2026 was $ 12.2 million and is included in the partners’ capital Limited partners-common unitholders line item on our condensed consolidated balance sheets. As of June 30, 2026, there was $ 15.1 million in total unrecognized compensation expense related to the non-vested LTIP restricted unit grants that are expected to vest. That expense is expected to be recognized over a weighted-average period of 1.5 years. ​ 20 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 June 30, 2026 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Coal sales ​ $ 330,272 ​ $ 139,272 ​ $ — ​ $ — ​ $ — ​ $ 469,544 ​ Oil & gas royalties ​ ​ — ​ ​ — ​ ​ 46,293 ​ ​ — ​ ​ — ​ ​ 46,293 ​ Coal royalties ​ ​ — ​ ​ — ​ ​ — ​ ​ 22,723 ​ ​ ( 22,723 ) ​ ​ — ​ Transportation revenues ​ ​ 6,083 ​ ​ 1,427 ​ ​ — ​ ​ — ​ ​ — ​ ​ 7,510 ​ Other revenues ​ ​ 3,117 ​ ​ 11,198 ​ ​ 234 ​ ​ — ​ ​ 13,664 ​ ​ 28,213 ​ Total revenues ​ $ 339,472 ​ $ 151,897 ​ $ 46,527 ​ $ 22,723 ​ $ ( 9,059 ) ​ $ 551,560 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended June 30, 2025 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Coal sales ​ $ 343,841 ​ $ 141,628 ​ $ — ​ $ — ​ $ — ​ $ 485,469 ​ Oil & gas royalties ​ ​ — ​ ​ — ​ ​ 35,473 ​ ​ — ​ ​ — ​ ​ 35,473 ​ Coal royalties ​ ​ — ​ ​ — ​ ​ — ​ ​ 17,612 ​ ​ ( 17,612 ) ​ ​ — ​ Transportation revenues ​ ​ 4,829 ​ ​ 3,729 ​ ​ — ​ ​ — ​ ​ — ​ ​ 8,558 ​ Other revenues ​ ​ 1,577 ​ ​ 626 ​ ​ 28 ​ ​ — ​ ​ 15,732 ​ ​ 17,963 ​ Total revenues ​ $ 350,247 ​ $ 145,983 ​ $ 35,501 ​ $ 17,612 ​ $ ( 1,880 ) ​ $ 547,463 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Six Months Ended June 30, 2026 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Coal sales ​ $ 640,027 ​ $ 272,799 ​ $ — ​ $ — ​ $ — ​ $ 912,826 ​ Oil & gas royalties ​ ​ — ​ ​ — ​ ​ 87,634 ​ ​ — ​ ​ — ​ ​ 87,634 ​ Coal royalties ​ ​ — ​ ​ — ​ ​ — ​ ​ 41,823 ​ ​ ( 41,823 ) ​ ​ — ​ Transportation revenues ​ ​ 12,260 ​ ​ 3,893 ​ ​ — ​ ​ — ​ ​ — ​ ​ 16,153 ​ Other revenues ​ ​ 6,147 ​ ​ 15,308 ​ ​ 677 ​ ​ 291 ​ ​ 28,541 ​ ​ 50,964 ​ Total revenues ​ $ 658,434 ​ $ 292,000 ​ $ 88,311 ​ $ 42,114 ​ $ ( 13,282 ) ​ $ 1,067,577 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Six Months Ended June 30, 2025 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Coal sales ​ $ 677,075 ​ $ 276,905 ​ $ — ​ $ — ​ $ — ​ $ 953,980 ​ Oil & gas royalties ​ ​ — ​ ​ — ​ ​ 71,557 ​ ​ — ​ ​ — ​ ​ 71,557 ​ Coal royalties ​ ​ — ​ ​ — ​ ​ — ​ ​ 33,407 ​ ​ ( 33,407 ) ​ ​ — ​ Transportation revenues ​ ​ 11,692 ​ ​ 7,066 ​ ​ — ​ ​ — ​ ​ — ​ ​ 18,758 ​ Other revenues ​ ​ 4,475 ​ ​ 1,508 ​ ​ 857 ​ ​ — ​ ​ 36,796 ​ ​ 43,636 ​ Total revenues ​ $ 693,242 ​ $ 285,479 ​ $ 72,414 ​ $ 33,407 ​ $ 3,389 ​ $ 1,087,931 ​ ​ The following table illustrates the beginning and ending balances of our trade receivables: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ Six Months Ended ​ ​ ​ June 30, ​ June 30, ​ ​ ​ 2026 ​ ​ ​ 2025 ​ ​ ​ 2026 ​ ​ ​ 2025 ​ ​ (in thousands) ​ Beginning balance ​ $ 166,573 ​ $ 177,467 ​ $ 129,686 ​ $ 166,829 Ending balance ​ $ 200,779 ​ $ 177,659 ​ $ 200,779 ​ $ 177,659 ​ ​ 21 Table of Contents 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 June 30, 2026 and disaggregated by segment and contract duration. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2029 and ​ ​ ​ ​ ​ ​ 2026 ​ ​ ​ 2027 ​ ​ ​ 2028 ​ ​ ​ Thereafter ​ ​ ​ Total ​ ​ (in thousands) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Illinois Basin Coal Operations coal revenues ​ $ 713,153 ​ $ 1,008,907 ​ $ 549,623 ​ $ 405,380 ​ $ 2,677,063 Appalachia Coal Operations coal revenues ​ ​ 250,072 ​ ​ 380,968 ​ ​ 289,856 ​ ​ 37,800 ​ ​ 958,696 Total coal revenues ​ $ 963,225 ​ $ 1,389,875 ​ $ 839,479 ​ $ 443,180 ​ $ 3,635,759 ​ ​ 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. ​ Contribution and Exchange Agreements ​ In connection with the AllDale III & IV Acquisition on July 1, 2026 as discussed in Note 1 – Organization and Presentation, the ARLP Partnership entered into Contribution and Exchange Agreements with the related parties who held general and limited partner interests in AllDale III & IV prior to the AllDale III & IV Acquisition and the related parties who acquired limited partner interests in AllDale III (collectively the “Craft Related Parties”). Pursuant to the Contribution and Exchange Agreements, the parties effected a series of coordinated transactions to restructure the ownership and governance of AllDale III & IV, including exchanging the existing general partner interests held by Alliance Minerals and certain Craft Related Parties for limited partner interests in AllDale III & IV, eliminating the pre-existing profits interests attributable to those general partner interests and assigning the non-economic general partner interests to AllRoy GP, LLC, a wholly owned subsidiary of the ARLP Partnership. ​ Following the closing, we hold 100 % of the non-economic general partner interests in AllDale III & IV, a 46.92 % limited partner interest in AllDale III, and a 78.57 % limited partner interest in AllDale IV while the Craft Related Parties hold a 53.08 % limited partner interest in AllDale III and a 21.43 % limited parter interest in AllDale IV. 22 Table of Contents 18. INCOME TAXES ​ Components of income tax expense are as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ Six Months Ended ​ ​ ​ June 30, ​ June 30, ​ ​ ​ 2026 ​ ​ ​ 2025 ​ ​ ​ 2026 ​ ​ ​ 2025 ​ ​ ​ ​ ​ (in thousands) ​ Current: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Federal ​ $ 6,289 ​ $ 4,340 ​ $ 12,293 ​ $ 9,063 ​ State ​ 437 ​ 285 ​ 849 ​ 605 ​ Foreign ​ ​ ( 60 ) ​ ​ — ​ ​ ( 83 ) ​ ​ — ​ ​ ​ 6,666 ​ 4,625 ​ 13,059 ​ 9,668 ​ Deferred: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Federal ​ ( 371 ) ​ 593 ​ ( 3,552 ) ​ ( 184 ) ​ State ​ ( 54 ) ​ 130 ​ ( 581 ) ​ 46 ​ ​ ​ ( 425 ) ​ 723 ​ ( 4,133 ) ​ ( 138 ) ​ Income tax expense ​ $ 6,241 ​ $ 5,348 ​ $ 8,926 ​ $ 9,530 ​ ​ The effective income tax rates for our income tax expense for the three and six months ended June 30, 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. ​ 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 ​ Six Months Ended ​ ​ ​ June 30, ​ June 30, ​ ​ ​ ​ ​ 2026 ​ ​ ​ 2025 ​ ​ ​ 2026 ​ ​ ​ 2025 ​ ​ ​ ​ ​ (in thousands, except per unit data) ​ Net income attributable to ARLP ​ $ 79,562 ​ $ 59,410 ​ $ 88,656 ​ $ 133,393 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Less: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Distributions to participating securities ​ ( 679 ) ​ ( 719 ) ​ ( 1,339 ) ​ ( 1,545 ) ​ Undistributed earnings attributable to participating securities ​ ( 15 ) ​ — ​ — ​ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net income attributable to ARLP available to limited partners ​ $ 78,868 ​ $ 58,691 ​ $ 87,317 ​ $ 131,848 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted-average limited partner units outstanding – basic and diluted ​ 128,659 ​ 128,428 ​ 128,599 ​ 128,347 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Earnings per limited partner unit - basic and diluted (1) ​ $ 0.61 ​ $ 0.46 ​ $ 0.68 ​ $ 1.03 ​ (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 and six months ended June 30, 2026, participating securities of 495 and 582 , respectively, were considered anti-dilutive under the treasury stock method. For the three and six months ended June 23 Table of Contents 30, 2025, participating securities of 605 and 715 , 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 across premier basins and resource plays including the Permian, Anadarko, Bakken, and after the AllDale III & IV Acquisition on July 1, 2026, Haynesville. 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 and prior to the AllDale III & IV Acquisition on July 1, 2026, our equity method investment in AllDale III. See Note 3 – Variable Interest Entities and Note 4 – Acquisitions for more information. ​ 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. ​ 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. ​ 24 Table of Contents Reportable segment results are presented below. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Coal Operations ​ Royalties ​ ​ ​ ​ ​ Illinois ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Basin ​ ​ ​ Appalachia ​ ​ ​ Oil & Gas ​ ​ ​ Coal ​ ​ ​ Total ​ ​ (in thousands) Three Months Ended June 30, 2026 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Revenues - Outside ​ $ 337,888 ​ $ 151,897 ​ $ 46,527 ​ $ — ​ $ 536,312 ​ Revenues - Intercompany ​ ​ 1,584 ​ ​ — ​ ​ — ​ ​ 22,723 ​ ​ 24,307 ​ Total revenues (1) ​ ​ 339,472 ​ ​ 151,897 ​ ​ 46,527 ​ ​ 22,723 ​ ​ 560,619 ​ Less: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Segment Adjusted EBITDA Expense (2) ​ 229,177 ​ 101,277 ​ 7,224 ​ 9,754 ​ 347,432 ​ Transportation expenses ​ ​ 6,083 ​ ​ 1,427 ​ ​ — ​ ​ — ​ ​ 7,510 ​ Other segment items (3) ​ ​ — ​ ​ — ​ ​ 1,291 ​ ​ — ​ ​ 1,291 ​ Segment Adjusted EBITDA (4) ​ 104,212 ​ 49,193 ​ 38,012 ​ 12,969 ​ 204,386 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Capital expenditures (6) ​ 37,466 ​ 9,579 ​ — ​ — ​ 47,045 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended June 30, 2025 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Revenues - Outside ​ $ 350,247 ​ $ 145,983 ​ $ 35,501 ​ $ — ​ $ 531,731 ​ Revenues - Intercompany ​ ​ — ​ ​ — ​ ​ — ​ ​ 17,612 ​ ​ 17,612 ​ Total revenues (1) ​ ​ 350,247 ​ ​ 145,983 ​ ​ 35,501 ​ ​ 17,612 ​ ​ 549,343 ​ Less: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Segment Adjusted EBITDA Expense (2) ​ 231,189 ​ 112,829 ​ 4,558 ​ 5,795 ​ 354,371 ​ Transportation expenses ​ ​ 4,829 ​ ​ 3,729 ​ ​ — ​ ​ — ​ ​ 8,558 ​ Other segment items (3) ​ ​ — ​ ​ — ​ ​ 1,060 ​ ​ — ​ ​ 1,060 ​ Segment Adjusted EBITDA (4) ​ 114,229 ​ ​ 29,425 ​ ​ 29,883 ​ ​ 11,817 ​ 185,354 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Capital expenditures (6) ​ 50,072 ​ 15,226 ​ — ​ 102 ​ 65,400 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Six Months Ended June 30, 2026 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Revenues - Outside ​ $ 656,850 ​ $ 292,000 ​ $ 88,311 ​ $ 291 ​ $ 1,037,452 ​ Revenues - Intercompany ​ ​ 1,584 ​ ​ — ​ ​ — ​ ​ 41,823 ​ ​ 43,407 ​ Total revenues (1) ​ ​ 658,434 ​ ​ 292,000 ​ ​ 88,311 ​ ​ 42,114 ​ ​ 1,080,859 ​ Less: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Segment Adjusted EBITDA Expense (2) ​ 442,763 ​ ​ 212,729 ​ ​ 13,188 ​ ​ 16,878 ​ 685,558 ​ Transportation expenses ​ ​ 12,260 ​ ​ 3,893 ​ ​ — ​ ​ — ​ ​ 16,153 ​ Other segment items (3) ​ ​ — ​ ​ — ​ ​ 2,504 ​ ​ — ​ ​ 2,504 ​ Segment Adjusted EBITDA (4) ​ 203,411 ​ ​ 75,378 ​ ​ 72,619 ​ ​ 25,236 ​ 376,644 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total assets (5) ​ 1,070,838 ​ ​ 420,593 ​ ​ 920,383 ​ ​ 308,896 ​ 2,720,710 ​ Capital expenditures (6) ​ 94,360 ​ ​ 31,127 ​ ​ — ​ ​ 15,500 ​ 140,987 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Six Months Ended June 30, 2025 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Revenues - Outside ​ $ 693,242 ​ $ 285,479 ​ $ 72,414 ​ $ — ​ $ 1,051,135 ​ Revenues - Intercompany ​ ​ — ​ ​ — ​ ​ — ​ ​ 33,407 ​ ​ 33,407 ​ Total revenues (1) ​ ​ 693,242 ​ ​ 285,479 ​ ​ 72,414 ​ ​ 33,407 ​ ​ 1,084,542 ​ Less: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Segment Adjusted EBITDA Expense (2) ​ 441,148 ​ ​ 233,397 ​ ​ 10,279 ​ ​ 12,195 ​ 697,019 ​ Transportation expenses ​ ​ 11,692 ​ ​ 7,066 ​ ​ — ​ ​ — ​ ​ 18,758 ​ Other segment items (3) ​ ​ — ​ ​ — ​ ​ 2,368 ​ ​ — ​ ​ 2,368 ​ Segment Adjusted EBITDA (4) ​ 240,402 ​ ​ 45,016 ​ ​ 59,767 ​ ​ 21,212 ​ 366,397 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total assets (5) ​ 1,076,634 ​ ​ 472,142 ​ ​ 847,300 ​ ​ 308,959 ​ 2,705,035 ​ Capital expenditures (6) ​ 102,657 ​ ​ 46,054 ​ ​ — ​ ​ 147 ​ 148,858 ​ 25 Table of Contents (1) The following is a reconciliation of our total segment revenues to total consolidated revenues: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ Six Months Ended ​ ​ ​ June 30, ​ June 30, ​ ​ ​ 2026 ​ ​ ​ 2025 ​ 2026 ​ ​ ​ 2025 ​ ​ ​ (in thousands) ​ Total segment revenues ​ $ 560,619 ​ $ 549,343 ​ $ 1,080,859 ​ $ 1,084,542 ​ Other, Corporate and Elimination revenues - Outside ​ ​ 15,248 ​ ​ 15,732 ​ ​ 30,125 ​ ​ 36,796 ​ Other, Corporate and Elimination revenues - Intercompany ​ ​ ( 24,307 ) ​ ​ ( 17,612 ) ​ ​ ( 43,407 ) ​ ​ ( 33,407 ) ​ Total consolidated revenues ​ $ 551,560 ​ $ 547,463 ​ $ 1,067,577 ​ $ 1,087,931 ​ ​ 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 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. ​ 26 Table of Contents The following is a reconciliation of total Segment Adjusted EBITDA for our segments to consolidated income before income taxes: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ Six Months Ended ​ ​ ​ June 30, ​ June 30, ​ ​ ​ 2026 ​ ​ ​ 2025 2026 ​ ​ ​ 2025 ​ ​ (in thousands) ​ Segment Adjusted EBITDA – total segments ​ $ 204,386 ​ $ 185,354 ​ $ 376,644 ​ $ 366,397 ​ Other, Corporate and Elimination profit (loss) ​ ​ 7,122 ​ ( 3,050 ) ​ ​ 13,913 ​ ( 3,578 ) ​ General and administrative ​ ​ ( 25,836 ) ​ ( 20,380 ) ​ ( 49,877 ) ​ ( 40,960 ) ​ Depreciation, depletion and amortization ​ ​ ( 81,277 ) ​ ( 76,340 ) ​ ( 163,631 ) ​ ( 144,969 ) ​ Asset impairments ​ ​ — ​ ​ — ​ ​ ( 37,820 ) ​ ​ — ​ Interest expense, net ​ ​ ( 12,247 ) ​ ( 8,682 ) ​ ( 23,673 ) ​ ( 16,249 ) ​ Change in fair value of digital assets ​ ​ ( 6,345 ) ​ ​ 12,856 ​ ​ ( 17,974 ) ​ ​ 7,282 ​ Impairment loss on investments ​ ​ — ​ ​ ( 25,000 ) ​ ​ — ​ ​ ( 25,000 ) ​ Noncontrolling interest ​ ​ 1,986 ​ ​ 1,615 ​ ​ 3,639 ​ ​ 3,192 ​ Income before income taxes ​ $ 87,789 ​ $ 66,373 ​ $ 101,221 ​ $ 146,115 ​ ​ 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: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, ​ ​ ​ 2026 ​ ​ ​ 2025 ​ ​ ​ (in thousands) ​ Total segment assets ​ $ 2,720,710 ​ $ 2,705,035 ​ Other, Corporate and Elimination total assets ​ ​ 221,082 ​ ​ 164,411 ​ Total consolidated assets ​ $ 2,941,792 ​ $ 2,869,446 ​ ​ (6) Capital expenditures excludes $ 15.1 million and $ 31.3 million paid towards oil & gas reserve acquisitions for the three and six months ended June 30, 2026, respectively, and $ 2.7 million paid towards oil & gas reserve acquisitions for the six months ended June 30, 2025. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ Six Months Ended ​ ​ ​ June 30, ​ June 30, ​ ​ ​ 2026 ​ ​ ​ 2025 ​ 2026 ​ ​ ​ 2025 ​ ​ ​ (in thousands) ​ Total segment capital expenditures ​ $ 47,045 ​ $ 65,400 ​ $ 140,987 ​ $ 148,858 ​ Other, Corporate and Elimination capital expenditures ​ ​ 2,969 ​ ​ 1,617 ​ ​ 4,717 ​ ​ 4,935 ​ Total consolidated capital expenditures ​ $ 50,014 ​ $ 67,017 ​ $ 145,704 ​ $ 153,793 ​ ​ ​ ​ 27 Table of Contents