GLOBAL PARTNERS LP

Previous wording

We have three joint ventures that we account for as equity method investments. Under this method, our share of income and losses is included in equity method investments, as applicable, in the accompanying consolidated statements of operations of Global Partners LP, and our investment balances in the joint ventures are included in equity method investments in the accompanying consolidated balance sheets of Global Partners LP. See Note 10 of Notes to Consolidated Financial Statements. Except as otherwise specifically indicated, the information and discussion and analysis in this section does not otherwise take into account the financial condition and results of operations of our equity method investments.

Current wording

We have three joint ventures that we account for as equity method investments. Under this method, our share of income and losses, as applicable, is included in equity method investments in the accompanying consolidated statements of operations of Global Partners LP, and our investment balances in the joint ventures are included in equity method investments in the accompanying consolidated balance sheets of Global Partners LP. See Note 10 of Notes to Consolidated Financial Statements. Except as otherwise specifically indicated, the information and discussion and analysis in this section does not otherwise take into account the financial condition and results of operations of our equity method investments.

Previous wording

●Our businesses could be affected by a range of issues, such as changes in demand, commodity prices, energy conservation, competition, the global economic climate, movement of products between foreign locales and within the United States, tariffs and other controls on imports or exports, changes in refiner demand, weekly and monthly refinery output levels, changes in the rate of inflation or deflation, changes in local, domestic and worldwide inventory levels, a prolonged government shutdown, changes in health, safety and environmental regulations, including, without limitation, those related to climate change, additional government regulations related to the products we sell, failure to obtain permits, amend existing permits for expansion and/or to address changes to our assets and underlying operations, or renew existing permits on terms favorable to us, seasonality, supply, weather and logistics disruptions and other factors and uncertainties inherent in the transportation, storage, terminalling and marketing of refined products, gasoline blendstocks, renewable fuels, propane and crude oil.

Current wording

●Our businesses could be affected by a range of issues, such as changes in demand, commodity prices, energy conservation, competition, the global economic climate, movement of products between foreign locales and within the United States, tariffs and other controls on imports or exports, changes in refiner demand, weekly and monthly refinery output levels, changes in the rate of inflation or deflation, changes in local, domestic and worldwide inventory levels, changes in health, safety and environmental regulations, including, without limitation, those related to climate change, additional government regulations related to the products we sell, failure to obtain permits, amend existing permits for expansion and/or to address changes to our assets and underlying operations, or renew existing permits on terms favorable to us, seasonality, supply, weather and logistics disruptions and other factors and uncertainties inherent in the transportation, storage, terminalling and marketing of refined products, gasoline blendstocks, renewable fuels, propane and crude oil.

Previous wording

We are a master limited partnership formed in March 2005. We own, control or have access to a large terminal network of refined petroleum products and renewable fuels—with connectivity to strategic rail, pipeline and marine assets—spanning from Maine to Florida and into the U.S. Gulf States. We are one of the largest independent owners, suppliers and operators of gasoline stations and convenience stores, primarily in Massachusetts, Maine, Connecticut, Vermont, New Hampshire, Rhode Island, New York, New Jersey and Pennsylvania (collectively, the “Northeast”) and Maryland and Virginia. As of September 30, 2025, we had a portfolio of 1,540 owned, leased and/or supplied gasoline stations, including 290 directly operated convenience stores, primarily in the Northeast, as well as 67 gasoline stations located in Texas that are operated or supplied by our joint venture, Spring Partners Retail LLC (“SPR”). We are also one of the largest distributors of gasoline, distillates, residual oil and renewable fuels to wholesalers, retailers and commercial customers in the New England states and New York. We engage in the purchasing, selling, gathering, blending, storing and logistics of transporting petroleum and related products, including gasoline and gasoline blendstocks (such as ethanol), distillates (such as home heating oil, diesel and kerosene), residual oil, renewable fuels, crude oil and propane and in the transportation of petroleum products and renewable fuels by rail from the mid-continent region of the United States and Canada.

Current wording

We are a master limited partnership formed in March 2005. We own, control or have access to a large terminal network of refined petroleum products and renewable fuels—with connectivity to strategic rail, pipeline and marine assets—spanning from Maine to Florida and into the U.S. Gulf States. We are one of the largest independent owners, suppliers and operators of gasoline stations and convenience stores, primarily in Massachusetts, Maine, Connecticut, Vermont, New Hampshire, Rhode Island, New York, New Jersey and Pennsylvania (collectively, the “Northeast”) and Maryland and Virginia. As of March 31, 2026, we had a portfolio of 1,513 owned, leased and/or supplied gasoline stations, including 290 directly operated convenience stores, primarily in the Northeast, as well as 68 gasoline stations located in Texas that are operated or supplied by our joint venture, Spring Partners Retail LLC (“SPR”). We are also one of the largest distributors of gasoline, distillates, residual oil and renewable fuels to wholesalers, retailers and commercial customers in the New England states and New York. We engage in the purchasing, selling, gathering, blending, storing and logistics of transporting petroleum and related products, including gasoline and gasoline blendstocks (such as ethanol), distillates (such as home heating oil, diesel and kerosene), residual oil, renewable fuels, crude oil and propane and in the transportation of petroleum products and renewable fuels by rail from the mid-continent region of the United States and Canada.

Previous wording

Collectively, we sold $4.5 billion and $13.5 billion of refined petroleum products, gasoline blendstocks, renewable fuels and crude oil for the three and nine months ended September 30, 2025, respectively. In addition, we had other revenues of $0.2 billion and $0.4 billion for the three and nine months ended September 30, 2025, respectively, from convenience store and prepared food sales at our directly operated stores, rental income from dealer leased and commissioned agent leased gasoline stations and from cobranding arrangements, and sundries.

Current wording

Collectively, we sold $5.2 billion of refined petroleum products, gasoline blendstocks, renewable fuels and crude oil for the three months ended March 31, 2026. In addition, we had other revenues of $0.1 billion for the three months ended March 31, 2026 from convenience store and prepared food sales at our directly operated stores, rental income from dealer leased and commissioned agent leased gasoline stations and from cobranding arrangements, and sundries.

Previous wording

In our Wholesale segment, we engage in the logistics of selling, gathering, blending, storing and transporting refined petroleum products, gasoline blendstocks, renewable fuels, crude oil and propane. We transport these products by railcars, barges, trucks and/or pipelines pursuant to spot or long-term contracts. We sell home heating oil, branded and unbranded gasoline and gasoline blendstocks, diesel, kerosene and residual oil to retail and wholesale distributors. Generally, customers use their own vehicles or contract carriers to take delivery of the gasoline, distillates and propane at bulk terminals and inland storage facilities that we own or control or at which we have throughput or exchange arrangements. Ethanol is shipped primarily by rail and by barge.

Current wording

In our Wholesale segment, we engage in the logistics of selling, gathering, blending, storing and transporting refined petroleum products, gasoline blendstocks, renewable fuels, crude oil and propane. We transport these products by railcars, barges, trucks and/or pipelines pursuant to spot or long-term contracts. We sell home heating oil, branded and unbranded gasoline and gasoline blendstocks, diesel, kerosene and residual oil to retail and wholesale distributors.

Previous wording

At our company-operated stores, we operate the gasoline stations and convenience stores with our employees, and we set the retail price of gasoline at the station. At commissioned agent locations, we own the gasoline inventory, and we set the retail price of gasoline at the station and pay the commissioned agent a fee related to the gallons sold. We receive rental income from commissioned agent leased gasoline stations for the leasing of the convenience store premises, repair bays and/or other businesses that may be conducted by the commissioned agent. At dealer-leased locations, the dealer purchases gasoline from us, and the dealer sets the retail price of gasoline at the dealer’s station. We

Current wording

At our company-operated stores, we operate the gasoline stations and convenience stores with our employees, and we set the retail price of gasoline at the station. At commissioned agent locations, we own the gasoline inventory, and we set the retail price of gasoline at the station and pay the commissioned agent a fee related to the gallons sold. We receive rental income from commissioned agent leased gasoline stations for the leasing of the convenience store premises, repair bays and/or other businesses that may be conducted by the commissioned agent. At dealer-leased locations, the dealer purchases gasoline from us, and the dealer sets the retail price of gasoline at the dealer’s station. We also receive rental income from (i) dealer-leased gasoline stations and (ii)cobranding arrangements. We also supply gasoline to locations owned and/or leased by independent contract dealers. Additionally, we have contractual relationships with distributors in certain New England states pursuant to which we source and supply these distributors’ gasoline stations with Exxon- or Mobil-branded gasoline.

Previous wording

●*Our gasoline, convenience store and prepared food sales could be significantly reduced by a reduction in demand due to higher prices and inflation in general and new technologies and alternative fuel sources, such as electric, hybrid, battery powered, hydrogen or other alternative fuel-powered motor vehicles and changing consumer preferences and driving habits.*Technological advances and alternative fuel sources, such as electric, hybrid, battery powered, hydrogen or other alternative fuel-powered motor vehicles, may adversely affect the demand for gasoline. We could face additional competition from alternative energy sources as a result of future government-mandated controls or regulations which promote the use of alternative fuel sources. A number of new legal incentives and regulatory requirements, and executive initiatives, including various government subsidies including the extension of certain tax credits for renewable energy, have made these alternative forms of energy more competitive. Changing consumer preferences or driving habits could lead to new forms of fueling destinations or potentially fewer customer visits to our sites, resulting in a decrease in gasoline sales and/or sales of food, sundries and other on-site services. In addition, higher prices, including as result of tariffs and other controls on imports or exports of goods, and inflation in general could reduce the demand for gasoline and the products and services we offer at our convenience stores and adversely impact our sales. A reduction in our sales could have an adverse effect on our financial condition, results of operations and cash available for distribution to our unitholders.

Current wording

●*Our gasoline, convenience store and prepared food sales could be significantly reduced by a reduction in demand due to higher prices and inflation in general and new technologies and alternative fuel sources, such as electric, hybrid, battery powered, hydrogen or other alternative fuel-powered motor vehicles and changing consumer preferences and driving habits.*Technological advances and alternative fuel sources, such as electric, hybrid, battery powered, hydrogen or other alternative fuel-powered motor vehicles, may adversely affect the demand for gasoline. We could face additional competition from alternative energy sources as a result of future government-mandated controls or regulations which promote the use of alternative fuel sources. A number of legal incentives and regulatory requirements, and executive initiatives, including various government subsidies including the extension of certain tax credits for renewable energy, have made these alternative forms of energy more competitive. Changing consumer preferences or driving habits could lead to new forms of fueling destinations or potentially fewer customer visits to our sites, resulting in a decrease in gasoline sales and/or sales of food, sundries and other on-site services. In addition, higher prices, including as result of tariffs and other controls on imports or exports of goods, and inflation in general could reduce the demand for gasoline and the products and services we offer at our convenience stores and adversely impact our sales. A reduction in our sales could have an adverse effect on our financial condition, results of operations and cash available for distribution to our unitholders.

Previous wording

Our management uses a variety of financial and operational measurements to analyze our performance. These measurements include: (1) product margin, (2) gross profit, (3) earnings before interest, taxes, depreciation and amortization (“EBITDA”) and adjusted EBITDA, (4) distributable cash flow and adjusted distributable cash flow, (5) selling, general and administrative expenses (“SG&A”), (6) operating expenses and (7) degree days.

Current wording

Our management uses a variety of financial and operational measurements to analyze our performance. These measurements include: (1) product margin, (2) gross profit, (3) earnings before interest, taxes, depreciation and

Previous wording

A “degree day” is an industry measurement of temperature designed to evaluate energy demand and consumption. Degree days are based on how far the average temperature departs from a human comfort level of 65°F. Each degree of temperature above 65°F is counted as one cooling degree day, and each degree of temperature below 65°F is counted as one heating degree day. Degree days are accumulated each day over the course of a year and can be compared to a monthly or a long-term (multi-year) average, or normal, to see if a month or a year was warmer or cooler than usual. Degree days are officially observed by the National Weather Service and officially archived by the National Climatic Data Center. For purposes of evaluating our results of operations, we use the normal heating degree day amount as reported by the National Weather Service at its Logan International Airport station in Boston, Massachusetts.

Current wording

A “degree day” is an industry measurement of temperature designed to evaluate energy demand and consumption. Degree days are based on how far the average temperature departs from a human comfort level of 65°F. Each degree of temperature above 65°F is counted as one cooling degree day, and each degree of temperature below 65°F is counted as one heating degree day. Degree days are accumulated each day over the course of a year and can be compared to a monthly or a long-term (multi-year) average, or normal, to see if a month or a year was warmer or cooler than usual. Degree days are officially observed by the National Weather Service and officially archived by the National Climatic

Previous wording

Our total sales were $4.7 billion and $4.4 billion for the three months ended September 30, 2025 and 2024, respectively, increasing $272.2 million, or 6%, primarily due to an increase in volume sold, partially offset by a decrease in prices. Our aggregate volume of product sold was 1.9 billion gallons and 1.7 billion gallons for the three months ended September 30, 2025 and 2024, respectively, increasing 218 million gallons from the prior-year period (consisting of increases of 214 million gallons and 26 million gallons in our Wholesale and Commercial segments, respectively, offset by a decrease of 22 million gallons in our GDSO segment).

Current wording

Our total sales were $5.3 billion and $4.6 billion for the three months ended March 31, 2026 and 2025, respectively, increasing $729.6 million, or 16%, primarily due to increases in prices and in volume sold. Our aggregate volume of product sold was 2.1 billion gallons and 1.9 billion gallons for the three months ended March 31, 2026 and 2025, respectively, increasing 210 million gallons from the prior-year period (consisting of increases of 194 million

Previous wording

Our gross profit was $271.4 million and $286.0 million for the three months ended September 30, 2025 and 2024, respectively, a decrease of $14.6 million, or 5%. In our Wholesale segment, our product margin from gasoline and gasoline blendstocks increased primarily due to more favorable market conditions in gasoline, while our product margin from distillates and other oils decreased due to less favorable market conditions in residual oil. In our GDSO segment, our gasoline distribution product margin decreased primarily due to lower fuel margins (cents per gallon), and our station operations product margin increased due in part to an increase in sundries. Our Commercial segment product margin decreased in part due to less favorable market conditions in bunkering.

Current wording

Our gross profit was $332.2 million and $255.2 million for the three months ended March 31, 2026 and 2025, respectively, an increase of $77.0 million, or 30%. In our Wholesale segment, our product margins increased primarily due to more favorable market conditions, largely in gasoline and residual oil. In our GDSO segment, our gasoline distribution product margin increased primarily due to higher fuel margins (cents per gallon), and our station operations product margin increased due in part to an increase in sundries. Our Commercial segment product margin increased primarily due to more favorable market conditions.

Previous wording

Gasoline and Gasoline Blendstocks. Sales from wholesale gasoline and gasoline blendstocks were $2.1 billion and $1.8 billion for the three months ended September 30, 2025 and 2024, respectively, increasing $297.7 million, or 17%, primarily due to an increase in volume sold, partially offset by a decrease in prices. Our gasoline and gasoline blendstocks product margin was $61.5 million and $43.0 million for the three months ended September 30, 2025 and 2024, respectively, an increase of $18.5 million, or 43%, primarily due to more favorable market conditions in gasoline.

Current wording

Gasoline and Gasoline Blendstocks. Sales from wholesale gasoline and gasoline blendstocks were $1.9 billion and $1.7 billion for the three months ended March 31, 2026 and 2025, respectively, increasing $182.9 million, or 11%, primarily due to increases in prices and in volume sold. Our gasoline and gasoline blendstocks product margin was $101.2 million and $57.1 million for the three months ended March 31, 2026 and 2025, respectively, an increase of $44.1 million, or 77%, primarily due to more favorable market conditions, largely in gasoline.

Previous wording

Distillates and Other Oils. Sales from distillates and other oils (primarily residual oil and crude oil) were $1.0 billion and $0.9 billion for the three months ended September 30, 2025 and 2024, respectively, increasing $95.9 million, or 10%, primarily due to an increase in volume sold, partially offset by a decrease in prices. Our product margin from distillates and other oils was $16.5 million and $28.1 million for the three months ended September 30, 2025 and 2024, respectively, a decrease of $11.6 million, or 41%, primarily due to less favorable market conditions in residual oil.

Current wording

Distillates and Other Oils. Sales from distillates and other oils (primarily residual oil and crude oil) were $1.9 billion and $1.5 billion for the three months ended March 31, 2026 and 2025, respectively, increasing $476.3 million, or 32%, primarily due to increases in prices and in volume sold. Our product margin from distillates and other oils was $52.9 million and $36.5 million for the three months ended March 31, 2026 and 2025, respectively, an increase of $16.4 million, or 45%, primarily due to more favorable market conditions, largely in residual oil.

Previous wording

Gasoline Distribution. Sales from gasoline distribution were $1.1 billion and $1.2 billion for the three months ended September 30, 2025 and 2024, respectively, decreasing $143.1 million, or 11%, primarily due to decreases in prices and in volume sold. Our product margin from gasoline distribution was $144.8 million and $164.1 million for the three months ended September 30, 2025 and 2024, respectively, a decrease of $19.3 million, or 12%, primarily due to lower fuel margins (cents per gallon) compared to the same period in 2024.

Current wording

Gasoline Distribution. Sales from gasoline distribution were $1.0 billion for each of the three months ended March 31, 2026 and 2025, decreasing $22.6 million, or 2%, primarily due to a decrease in volume sold, partially offset by an increase in prices. Our product margin from gasoline distribution was $136.7 million and $125.8 million for the three months ended March 31, 2026 and 2025, respectively, an increase of $10.9 million, or 9%, primarily due to higher fuel margins (cents per gallon) compared to the same period in 2025.

Previous wording

Station Operations. Our station operations, which include (i) convenience store and prepared food sales at our directly operated stores, (ii) rental income from gasoline stations leased to dealers or from commissioned agents and from cobranding arrangements and (iii) sale of sundries, such as car wash sales and lottery and ATM commissions, collectively generated revenues of $151.9 million and $150.9 million for the three months ended September 30, 2025 and 2024, respectively, an increase of $1.0 million, or 1%. Our product margin from station operations was $74.1 million and $73.6 million for the three months ended September 30, 2025 and 2024, respectively, an increase of $0.5 million, or 1%, due in part to an increase in sundries.

Current wording

Station Operations. Our station operations, which include (i) convenience store and prepared food sales at our directly operated stores, (ii) rental income from gasoline stations leased to dealers or from commissioned agents and from cobranding arrangements and (iii) sale of sundries, such as car wash sales and lottery and ATM commissions, collectively generated revenues of $122.1 million and $121.4 million for the three months ended March 31, 2026 and 2025, respectively, an increase of $0.7 million, or 1%. Our product margin from station operations was $62.6 million and $62.1 million for the three months ended March 31, 2026 and 2025, respectively, an increase of $0.5 million, or 1%. The increases in sales and product margin are due in part to an increase in sundries.

Previous wording

SG&A expenses were $224.8 million and $212.6 million for the nine months ended September 30, 2025 and 2024, respectively, an increase of $12.2 million, or 6%, including increases of $8.8 million in wages and benefits, $2.8 million in professional fees, $2.6 million in dues and subscriptions, $1.7 million in license fees and $5.7 million in various other SG&A expenses. The increase in SG&A expenses was offset by decreases of $5.6 million in expenses associated with the sale of the Revere Terminal (see Note 11 of Notes to Consolidated Financial Statements), $2.8 million in acquisition costs and $1.0 million in accrued discretionary incentive compensation.

Current wording

incentive compensation, $2.8 million in wages and benefits, $0.9 million in dues and subscriptions and $0.8 million in various other SG&A expenses.

Previous wording

Operating expenses were $132.5 million and $137.1 million for the three months ended September 30, 2025 and 2024, respectively, a decrease of $4.6 million, or 3%, including decreases of $4.0 million in operating expenses associated with our terminals operations, primarily in maintenance and repairs, and $0.6 million in operating expenses related to our GDSO operations.

Current wording

Operating expenses were $129.2 million and $126.7 million for the three months ended March 31, 2026 and 2025, respectively, an increase of $2.5 million, or 2%, including increases of $1.4 million in operating expenses related to our GDSO operations and $1.1 million in operating expenses associated with our terminals operations.

Previous wording

Amortization expense related to intangible assets was $1.3 million and $2.3 million for the three months ended September 30, 2025 and 2024, respectively, and $4.1 million and $6.1 million for the nine months ended September 30, 2025 and 2024, respectively.

Current wording

Amortization expense related to intangible assets was $1.3 million and $1.4 million for the three months ended March 31, 2026 and 2025, respectively.

Previous wording

Net gain on sale and disposition of assets was $0.1 million and $7.8 million for the three months ended September 30, 2025 and 2024, respectively, and $2.4 million and $10.6 million for the nine months ended September 30, 2025 and 2024, respectively, primarily due to the sale of GDSO sites.

Current wording

Net gain on sale and disposition of assets was $3.4 million and $2.5 million for the three months ended March 31, 2026 and 2025, respectively, primarily due to the sale of GDSO sites.

Previous wording

Income (loss) from equity method investments was $0.7 million and ($0.1 million) for the three months ended September 30, 2025 and 2024, respectively, and $3.1 million and ($1.9 million) for the nine months ended September 30, 2025 and 2024, respectively, representing our proportional share of income (loss) from our equity method investments in our joint ventures. See Note 10 of Notes to Consolidated Financial Statements for information on our equity method investments.

Current wording

Income from equity method investments was $0.7 million and $0.1 million for the three months ended March 31, 2026 and 2025, respectively, representing our proportional share of income from our equity method investments in our joint ventures. See Note 10 of Notes to Consolidated Financial Statements for information on our equity method investments.

Previous wording

Interest expense was $33.3 million and $35.1 million for the three months ended September 30, 2025 and 2024, respectively, a decrease of $1.8 million, or 5%, in part due to lower average balances on our credit facilities.

Current wording

Interest expense was $35.5 million and $36.0 million for the three months ended March 31, 2026 and 2025, respectively, a decrease of $0.5 million, or 1%, in part due to lower average balances on our credit facilities.

Previous wording

Income tax benefit (expense) was $0.4 million and ($2.3 million) for the three months ended September 30, 2025 and 2024, respectively, and ($0.7 million) and ($4.5 million) for the nine months ended September 30, 2025 and 2024, respectively, which predominantly reflects the income tax expense from the operating results of GMG, which is a taxable entity for federal and state income tax purposes.

Current wording

Income tax expense was $0.8 million and $1.2 million for the three months ended March 31, 2026 and 2025, respectively, which predominantly reflects the income tax expense from the operating results of GMG, which is a taxable entity for federal and state income tax purposes.

Previous wording

Working capital was $200.2 million and $207.2 million at September 30, 2025 and December 31, 2024, respectively, a decrease of $7.0 million. Changes in current assets and current liabilities decreasing our working capital primarily include, in part, decreases of $115.6 million in inventories due to carrying lower levels of inventory during the period and $10.1 million in prepaids and other current assts and an increase of $11.1 million in the current portion of our working capital revolving credit facility. The decrease in working capital was offset by decreases in accrued expenses and other current liabilities and accounts payable of $56.1 million and $23.6 million, respectively, and an increase in accounts receivable of $48.9 million.

Current wording

Working capital was $184.5 million and $151.3 million at March 31, 2026 and December 31, 2025, respectively, an increase of $33.2 million. Changes in current assets and current liabilities increasing our working capital include, in part, increases of $242.8 million and $187.0 million in accounts receivable and inventories, respectively, due in part to an increase in prices. The increase in working capital was offset by increases of $182.2 million in the current portion of our working capital revolving credit facility and $176.6 million and $114.1 million in accounts payable and derivative liabilities, respectively, also due in part to an increase in prices.

Previous wording

During 2025, we paid the following cash distributions to our common unitholders and our general partner:

Current wording

During 2026, we paid the following cash distribution to our common unitholders and our general partner:

Previous wording

In addition, on October 28, 2025, the board of directors of our general partner declared a quarterly cash distribution of $0.7550 per unit ($3.02 per unit on an annualized basis) on our common units for the period from July 1, 2025 through September 30, 2025 to our common unitholders of record as of the close of business on November 10, 2025. We expect to pay the total cash distribution of $30.5 million on November 14, 2025.

Current wording

In addition, on April 30, 2026, the board of directors of our general partner declared a quarterly cash distribution of $0.7650 per unit ($3.06 per unit on an annualized basis) on our common units for the period from January 1, 2026 through March 31, 2026 to our common unitholders of record as of the close of business on May 11, 2026. We expect to pay the total cash distribution of $31.1 million on May 15, 2026.

Previous wording

During 2025, we paid the following cash distributions to holders of the Series B Preferred Units:

Current wording

During 2026, we paid the following cash distribution to holders of the Series B Preferred Units:

Previous wording

Our operations require investments to maintain, expand, upgrade and enhance existing operations and to meet environmental and operational regulations. We categorize our capital requirements as either maintenance capital expenditures or expansion capital expenditures. Maintenance capital expenditures represent capital expenditures to repair or replace partially or fully depreciated assets to maintain the operating capacity of, or revenues generated by, existing assets and extend their useful lives. Maintenance capital expenditures also include expenditures required to maintain equipment reliability, tank and pipeline integrity and safety and to address certain environmental regulations. We anticipate that maintenance capital expenditures will be funded with cash generated by operations. We had $34.1 million and $31.9 million in maintenance capital expenditures for the nine months ended September 30, 2025 and 2024, respectively, which are included in capital expenditures in the accompanying consolidated statements of cash flows, of which $24.1 million and $25.4 million for the nine months ended September 30, 2025 and 2024, respectively, are related to our investments in our gasoline station business. Repair and maintenance expenses associated with existing assets that are minor in nature and do not extend the useful life of existing assets are charged to operating expenses as incurred.

Current wording

Our operations require investments to maintain, expand, upgrade and enhance existing operations and to meet environmental and operational regulations. We categorize our capital requirements as either maintenance capital expenditures or expansion capital expenditures. Maintenance capital expenditures represent capital expenditures to repair or replace partially or fully depreciated assets to maintain the operating capacity of, or revenues generated by, existing assets and extend their useful lives. Maintenance capital expenditures also include expenditures required to maintain equipment reliability, tank and pipeline integrity and safety and to address certain environmental regulations. We anticipate that maintenance capital expenditures will be funded with cash generated by operations. We had $10.0 million and $9.6 million in maintenance capital expenditures for the three months ended March 31, 2026 and 2025, respectively, which are included in capital expenditures in the accompanying consolidated statements of cash flows, of which $7.2 million and $7.9 million for the three months ended March 31, 2026 and 2025, respectively, are related to our investments in our gasoline station business. Repair and maintenance expenses associated with existing assets that are minor in nature and do not extend the useful life of existing assets are charged to operating expenses as incurred.

Previous wording

Expansion capital expenditures include expenditures to acquire assets to grow our businesses or expand our existing facilities, such as projects that increase our operating capacity or revenues by, for example, increasing dock capacity and tankage, diversifying product availability, investing in raze and rebuilds and new-to-industry gasoline stations and convenience stores, increasing storage flexibility at various terminals and by adding terminals to our storage

Current wording

Expansion capital expenditures include expenditures to acquire assets to grow our businesses or expand our existing facilities, such as projects that increase our operating capacity or revenues by, for example, increasing dock capacity and tankage, diversifying product availability, investing in raze and rebuilds and new-to-industry gasoline stations and convenience stores, increasing storage flexibility at various terminals and by adding terminals to our storage network. We have the ability to fund our expansion capital expenditures through cash from operations or our credit agreement or by issuing debt securities or additional equity. We had $21.9 million and $8.3 million in expansion capital expenditures, excluding acquired property and equipment, for the three months ended March 31, 2026 and 2025, respectively, primarily related to investments in our gasoline station and terminal businesses.

Previous wording

We currently expect maintenance capital expenditures of approximately $45.0 million to $55.0 million and expansion capital expenditures, excluding acquisitions, of approximately $40.0 million to $50.0 million in 2025, relating primarily to investments in our gasoline station and terminal businesses. These current estimates depend, in part, on the timing of completion of projects, availability of equipment and workforce, weather and unanticipated events or opportunities requiring additional maintenance or investments.

Current wording

We expect maintenance capital expenditures of approximately $60.0 million to $70.0 million and expansion capital expenditures, excluding acquisitions, of approximately $75.0 million to $85.0 million in 2026, relating primarily to investments in our gasoline station and terminal businesses. These current estimates depend, in part, on the timing of completion of projects, availability of equipment and workforce, weather and unanticipated events or opportunities requiring additional maintenance or investments.

Previous wording

Net cash provided by (used) in operating activities was $183.7 million and ($35.6 million) for the nine months ended September 30, 2025 and 2024, respectively, for a period-over-period increase in cash flow from operating activities of $219.3 million.

Current wording

Net cash used in operating activities was $104.7 million and $51.6 million for the three months ended March 31, 2026 and 2025, respectively, for a period-over-period decrease in cash flow from operating activities of $53.1 million.

Previous wording

For the nine months ended September 30, 2024, the decreases in accounts receivable and accounts payable are due in part to timing of sales and payments and to a decrease in prices. The increase in inventories is due in part to the inventory acquired from Gulf Oil, partially offset by a decrease in prices.

Current wording

For the three months ended March 31, 2026, the increases in accounts receivable and accounts payable are due in part to timing of sales and payments and to an increase in prices. The increase in inventories is also due in part to an increase in prices, partially offset from carrying lower levels of inventory during the period.

Previous wording

For the nine months ended September 30, 2025, the above changes include: (i) an increase in accounts receivable due in part to timing of sales, partially offset by a decrease in prices, (ii) a decrease in inventories due in part to carrying lower levels of inventory during the period and to a decrease in prices, and (iii) a decrease in accounts payable due in part to timing of payments and a decrease in prices.

Current wording

For the three months ended March 31, 2025, the increases in accounts receivable and accounts payable are due in part to timing of sales and payments. The decrease in inventories is due in part to carrying lower levels of inventory during the period.

Previous wording

Net cash used in investing activities was $230.4 million for the nine months ended September 30, 2024 and included $215.0 million related to the acquisition of the terminals from Gulf Oil, $56.5 million in capital expenditures, $13.9 million in expenditures associated with our equity method investments (see Note 10 of Notes to Consolidated Financial Statements) and $7.9 million in seller note issuances which represent notes we received from buyers in connection with the sale of certain of our gasoline stations, offset by loan repayments. Net cash used in investing activities for the nine months ended September 30, 2024 was offset by $46.0 million in proceeds from the sale of property and equipment and $16.9 million in dividends received of equity method investments.

Current wording

Net cash used in investing activities was $28.1 million for the three months ended March 31, 2026 and included $31.9 million in capital expenditures and $4.5 million in expenditures associated with our equity method investments (see Note 10 of Notes to Consolidated Financial Statements). Net cash used in investing activities for the three months ended March 31, 2026 was offset by $5.2 million in proceeds from the sale of property and equipment and $3.1 million in dividends received of equity method investments.

Previous wording

Net cash used in investing activities was $64.8 million for the nine months ended September 30, 2025 and included $52.6 million in capital expenditures and $24.9 million in expenditures associated with our equity method investments (see Note 10 of Notes to Consolidated Financial Statements). Net cash used in investing activities for the nine months ended September 30, 2025 was offset by $7.7 million in dividends received of equity method investments, $4.5 million in proceeds from the sale of property and equipment and $0.5 million in seller note issuances which represent notes we received from buyers in connection with the sale of certain of our gasoline stations, offset by loan repayments.

Current wording

Net cash used in investing activities was $28.5 million for the three months ended March 31, 2025 and included $17.9 million in capital expenditures, $16.7 million in expenditures associated with our equity method investments (see Note 10 of Notes to Consolidated Financial Statements) and $0.2 million in seller note issuances which represent notes we received from buyers in connection with the sale of certain of our gasoline stations, offset by loan repayments. Net cash used in investing activities for the three months ended March 31, 2025 was offset by $3.6 million in proceeds from the sale of property and equipment and $2.7 million in dividends received of equity method investments.

Previous wording

Please read “—Capital Expenditures” for a discussion of our capital expenditures for the nine months ended September 30, 2025 and 2024.

Current wording

Please read “—Capital Expenditures” for a discussion of our capital expenditures for the three months ended March 31, 2026 and 2025.

Previous wording

Net cash provided by financing activities was $266.9 million for the nine months ended September 30, 2024 and included $441.3 million in proceeds in connection with the issuance of the 2032 Notes and $202.4 million in net borrowings from our working capital revolving credit facility. Net cash provided by financing activities was offset by $203.0 million in net payments on our revolving credit facility, $91.2 million in cash distributions to our limited partners (preferred and common unitholders) and our general partner, $69.0 million in cash paid in connection with the redemption of the Series A Preferred Units (see Note 12 of Notes to Consolidated Financial Statements), $11.2 million in the repurchase of common units pursuant to our repurchase program for future satisfaction of our LTIP obligations, $1.8 million in LTIP units withheld for tax obligations and $0.6 million paid pursuant to distribution equivalent rights previously granted under our LTIP.

Current wording

Net cash provided by financing activities was $138.9 million for the three months ended March 31, 2026 and included $182.2 million in net borrowings from our working capital revolving credit facility. Net cash provided by financing activities was offset by $32.5 million in cash distributions to our limited partners (preferred and common unitholders) and our general partner, $7.5 million in LTIP units withheld for tax obligations and $3.3 million paid pursuant to distribution equivalent rights previously granted under our LTIP.

Previous wording

Net cash used in financing activities was $109.2 million for the nine months ended September 30, 2025 and included $400.0 million in repayments in connection with the redemption of the 2027 Notes, $94.5 million in cash distributions to our limited partners (preferred and common unitholders) and our general partner, $42.2 million in net payments on our revolving credit facility, $13.4 million in LTIP units withheld for tax obligations, $7.4 million in the repurchase of common units pursuant to our repurchase program for future satisfaction of our LTIP obligations and $4.0 million paid pursuant to distribution equivalent rights previously granted under our LTIP. Net cash used in financing activities was offset by $441.2 million in proceeds in connection with the issuance of the 2033 Notes and $11.1 million in net borrowings from our working capital revolving credit facility.

Current wording

financing activities was offset by $31.1 million in cash distributions to our limited partners (preferred and common unitholders) and our general partner, $10.8 million in LTIP units withheld for tax obligations, $3.4 million paid pursuant to distribution equivalent rights previously granted under our LTIP and $0.5 million in the repurchase of common units pursuant to our repurchase program for future satisfaction of our LTIP obligations.

Previous wording

Certain subsidiaries of ours, as borrowers, and we and certain of our subsidiaries, as guarantors, have a $1.50 billion senior secured credit facility. We repay amounts outstanding and reborrow funds based on our working capital requirements and, therefore, classify as a current liability the portion of the working capital revolving credit

Current wording

Certain subsidiaries of ours, as borrowers, and we and certain of our subsidiaries, as guarantors, have a $1.8 billion senior secured credit facility. As discussed below, effective March 13, 2026, the total commitment under the credit agreement was increased from $1.5 billion to $1.8 billion. We repay amounts outstanding and reborrow funds based on our working capital requirements and, therefore, classify as a current liability the portion of the working capital revolving credit facility we expect to pay down during the course of the year. The long-term portion of the working capital revolving credit facility is the amount we expect to be outstanding during the entire year. The credit agreement expires on March 20, 2028.

Previous wording

The average interest rates for the credit agreement were 6.6% and 7.6% for the three months ended September 30, 2025 and 2024, respectively, and 6.6% and 7.6% for the nine months ended September 30, 2025 and 2024, respectively.

Current wording

The average interest rates for the credit agreement were 6.0% and 6.6% for the three months ended March 31, 2026 and 2025, respectively.

Previous wording

As of September 30, 2025, we had $240.6 million outstanding on the working capital revolving credit facility and $124.8 million outstanding on the revolving credit facility. In addition, we had outstanding letters of credit of $64.9 million. Subject to borrowing base limitations, the total remaining availability for borrowings and letters of credit was $1.07 billion and $1.05 billion at September 30, 2025 and December 31, 2024, respectively.

Current wording

As of March 31, 2026, we had $408.3 million outstanding on the working capital revolving credit facility and $103.5 million outstanding on the revolving credit facility. In addition, we had outstanding letters of credit of $159.2 million. Subject to borrowing base limitations, the total remaining availability for borrowings and letters of credit was $1.13 billion and $1.03 billion at March 31, 2026 and December 31, 2025, respectively.