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.

Infinitum

As of March 31, 2026 we have an $86.4 million investment in Infinitum Electric, Inc. (“Infinitum”). Infinitum is a Texas-based startup developer and manufacturer of electric motors featuring printed circuit board stators. During 2022, we purchased shares of Series D Preferred Stock in Infinitum for $42.0 million. During 2023, we purchased shares of Series E Preferred Stock in Infinitum for $24.6 million at a slightly higher price per share than our Series D Preferred Stock, resulting in an increase of $1.0 million in the carrying value of our investment. On December 31, 2025, we purchased shares of Series F Preferred Stock (together with the Series D and Series E Preferred Stock, the “Infinitum Preferred Stock”) in Infinitum for $14.9 million.

The Infinitum Preferred Stock provides for non-cumulative dividends when and if declared by Infinitum’s board of directors and is convertible, at any time, at our option, into shares of common stock of Infinitum. We account for our investment in Infinitum as an equity investment without a readily determinable fair value. Absent an observable price change, it is not practicable to estimate the fair value of our investment in Infinitum because of the lack of a quoted market

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.