ALLIANCE RESOURCE PARTNERS LP

Equity Method Investments

The changes in our equity method investments were as follows:

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

Change in our share of net assets represents a reduction in our position in the investments due to additional capital contributions from other investors.

Infinitum

As of December 31, 2025 we have an investment in Infinitum of $82.5 million. 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. On September 8, 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 immaterial increase 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.

The value per share of the Series F Preferred Stock will not be determined until the funding round is completed in the first quarter of 2026. Additionally, the Series D and Series E Preferred Stock contain anti-dilution provisions such that we

will receive additional shares designed to maintain our original investments in each respective funding round. Because the value per share of the Series F Preferred Stock was not yet determined as of December 31, 2025, we are unable to determine if a remeasurement of our investment is warranted or how many additional Series D and Series E Preferred Stock shares we will receive.

Ascend

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

The $25.0 million impairment charge is a Level 3 fair value measurement and is included within our Other, Corporate and Elimination category. We determined the impairment charge using a combination of market approaches and option-pricing models. The underlying enterprise value was estimated using income and market approaches which utilize 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 common stock, expected exit scenarios, and volatility associated with such outcomes to arrive at a fair value. The following table presents quantitative information about certain significant unobservable inputs used in this fair value measurement:

We elected to participate in the June 2025 recapitalization of Ascend by purchasing $3.0 million of its convertible notes to enhance the seniority of our investment through a debt instrument and improve the potential recovery of a portion of our original investment. The convertible notes provide for a redemption intwo years for an amount equal to the greater of (a) a multiple of each stockholder’s investment in the convertible notes as determined by the level of participation and (b) the principal amount of each stockholder’s investment in the convertible notes plus an annual interest rate of 15%. Based on our level of participation, our convertible notes provide for a multiple of 12 times our funded commitment at redemption.

In December 2025, Ascend issued additional convertible notes senior to our convertible notes with similar multiples. As a result of this issuance and lack of visibility at year-end into Ascend’s financial condition and performance, we believe it is unlikely we will recover our $3.0 million convertible note investment and therefore fully impaired the investment in December 2025. This impairment charge represents a Level 3 fair value measurement and is included within our Other, Corporate and Elimination category. Because of the lack of visibility into Ascend’s financial condition and performance at year‑end, we were unable to utilize the market approaches or option‑pricing models that are discussed above. Instead, the impairment was based on qualitative factors, including the seniority of the subsequently issued convertible notes and the lack of observable inputs.