Table of Contents
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
FORM 10-Q
(Mark One)
☒
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended March 31, 2026
OR
☐
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from to
Commission file number 001-32593
Global Partners LP
(Exact name of registrant as specified in its charter)
Delaware
74-3140887
(State or other jurisdiction of incorporation or organization)
(I.R.S. Employer Identification No.)
P.O. Box 9161800 South StreetWaltham, Massachusetts 02454-9161(Address of principal executive offices, including zip code)
(781) 894-8800(Registrant’s telephone number, including area code)
Securities registered pursuant to Section 12(b) of the Act:
Title of each class
Trading Symbol(s)
Name of each exchange on which registered
Common Units representing limited partner interests
GLP
New York Stock Exchange
9.50% Series B Fixed Rate Cumulative Redeemable
GLP pr B
Perpetual Preferred Units representing limited partner interests
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.Yes ☒ No ☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).Yes ☒ No ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer ☒
Accelerated filer ☐
Non-accelerated filer ☐
Smaller reporting company ☐
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒
The issuer had 33,995,563 common units outstanding as of May 6, 2026.
TABLE OF CONTENTS
PART I. FINANCIAL INFORMATION
Item 1. Financial Statements (unaudited)
3
Consolidated Balance Sheets as of March 31, 2026 and December 31, 2025
Consolidated Statements of Operations for the three months ended March 31, 2026 and 2025
4
Consolidated Statements of Cash Flows for the three months ended March 31, 2026 and 2025
5
Consolidated Statements of Partners’ Equity for the three months ended March 31, 2026 and 2025
6
Notes to Consolidated Financial Statements
7
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations
29
Item 3. Quantitative and Qualitative Disclosures About Market Risk
51
Item 4. Controls and Procedures
53
PART II. OTHER INFORMATION
54
Item 1. Legal Proceedings
Item 1A. Risk Factors
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
Item 5. Other Information
Item 6. Exhibits
SIGNATURES
56
Item 1.Financial Statements
GLOBAL PARTNERS LP
CONSOLIDATED BALANCE SHEETS
(In thousands, except unit data)
(Unaudited)
March 31,
December 31,
2026
2025
Assets
Current assets:
Cash and cash equivalents
$
18,373
12,243
Accounts receivable, net
772,949
530,142
Accounts receivable-affiliates
5,245
2,627
Inventories
736,144
549,118
Brokerage margin deposits
41,311
17,804
Derivative assets
41,532
17,067
Prepaid expenses and other current assets
92,361
98,486
Total current assets
1,707,915
1,227,487
Property and equipment, net
1,653,221
1,657,444
Right of use assets, net
364,949
378,358
Intangible assets, net
12,081
13,350
Goodwill
421,913
Equity method investments
115,919
113,755
Other assets
36,491
38,410
Total assets
4,312,489
3,850,717
Liabilities and partners’ equity
Current liabilities:
Accounts payable
749,817
573,202
Working capital revolving credit facility-current portion
308,300
126,100
Lease liability-current portion
74,437
73,775
Environmental liabilities-current portion
7,443
7,193
Trustee taxes payable
75,121
83,801
Accrued expenses and other current liabilities
189,688
207,580
Derivative liabilities
118,651
4,540
Total current liabilities
1,523,457
1,076,191
Working capital revolving credit facility-less current portion
100,000
Revolving credit facility
103,500
Senior notes
1,233,466
1,232,723
Lease liability-less current portion
298,289
311,429
Environmental liabilities-less current portion
87,436
88,772
Financing obligations
127,175
128,505
Deferred tax liabilities
64,734
64,534
Other long-term liabilities
62,654
69,520
Total liabilities
3,600,711
3,175,174
Partners’ equity
Series B preferred limited partners (3,000,000 units issued and outstanding at March 31, 2026 and December 31, 2025)
72,305
Common limited partners (33,995,563 units issued and 33,971,410 outstanding at March 31, 2026 and 33,995,563 units issued and 33,765,290 outstanding at December 31, 2025)
635,476
599,662
General partner interest (0.67% interest with 230,303 equivalent units outstanding at March 31, 2026 and December 31, 2025)
3,997
3,576
Total partners’ equity
711,778
675,543
Total liabilities and partners’ equity
The accompanying notes are an integral part of these consolidated financial statements.
CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per unit data)
Three Months Ended
Sales
5,321,800
4,592,197
Cost of sales
4,989,633
4,336,956
Gross profit
332,167
255,241
Costs and operating expenses:
Selling, general and administrative expenses
99,350
73,717
Operating expenses
129,234
126,715
Amortization expense
1,270
1,412
Net gain on sale and disposition of assets
(3,426)
(2,490)
Total costs and operating expenses
226,428
199,354
Operating income
105,739
55,887
Other income (expense):
Income from equity method investments
739
66
Interest expense
(35,503)
(36,039)
Income before income tax expense
70,975
19,914
Income tax expense
(839)
(1,230)
Net income
70,136
18,684
Less: General partner’s interest in net income, including incentive distribution rights
5,393
4,412
Less: Preferred limited partner interest in net income
1,781
Net income attributable to common limited partners
62,962
12,491
Basic net income per common limited partner unit
1.86
0.37
Diluted net income per common limited partner unit
1.85
0.36
Basic weighted average common limited partner units outstanding
33,888
33,887
Diluted weighted average common limited partner units outstanding
34,048
34,299
CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands)
Cash flows from operating activities
Adjustments to reconcile net income to net cash used in operating activities:
Depreciation and amortization
35,589
35,905
Amortization of deferred financing fees
1,870
1,873
Bad debt expense
851
493
Unit-based compensation expense
7,373
3,455
(739)
(66)
Changes in operating assets and liabilities:
Accounts receivable
(243,658)
(105,416)
Accounts receivable-affiliate
(2,618)
916
(187,027)
76,317
Broker margin deposits
(23,507)
1,707
Prepaid expenses, all other current assets and other assets
6,195
(12,249)
176,615
10,430
(8,680)
7,883
Change in derivatives
89,646
(773)
Accrued expenses, all other current liabilities and other long-term liabilities
(23,320)
(88,259)
Net cash used in operating activities
(104,700)
(51,590)
Cash flows from investing activities
(4,518)
(16,677)
Capital expenditures
(31,857)
(17,884)
Seller note issuances, net
(5)
(191)
Dividends received of equity method investments
3,093
2,659
Proceeds from sale of property and equipment, net
5,174
3,602
Net cash used in investing activities
(28,113)
(28,491)
Cash flows from financing activities
Net borrowings from working capital revolving credit facility
182,200
125,200
Repurchase of common units
—
(532)
LTIP units withheld for tax obligations
(7,521)
(10,810)
Distribution equivalent rights
(3,262)
(3,422)
Distributions to limited partners and general partner
(32,474)
(31,085)
Net cash provided by financing activities
138,943
79,351
Increase (decrease) in cash and cash equivalents
6,130
(730)
Cash and cash equivalents at beginning of period
8,208
Cash and cash equivalents at end of period
7,478
Supplemental information
Cash paid during the period for interest
36,378
54,407
CONSOLIDATED STATEMENTS OF PARTNERS’ EQUITY
Series B
Preferred
Common
General
Total
Limited
Partner
Partners’
Three months ended March 31, 2026
Partners
Interest
Equity
Balance at December 31, 2025
(1,781)
(25,836)
(4,972)
(32,589)
Unit-based compensation
(1,279)
Dividends on repurchased units
115
Balance at March 31, 2026
Three months ended March 31, 2025
Balance at December 31, 2024
641,218
3,090
716,613
(25,157)
(4,326)
(31,264)
(829)
179
Balance at March 31, 2025
620,015
3,176
695,496
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
Note 1. Organization and Basis of Presentation
Organization
Global Partners LP (the “Partnership”) is a master limited partnership formed in March 2005. The Partnership owns, controls or has 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. The Partnership is 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, the Partnership 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 the Partnership’s joint venture, Spring Partners Retail LLC (“SPR”). The Partnership is 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. The Partnership engages 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.
Global GP LLC, the Partnership’s general partner (the “General Partner”), manages the Partnership’s operations and activities and employs its officers and substantially all of its personnel, except for most of its gasoline station and convenience store employees who are employed by Global Montello Group Corp. (“GMG”), a wholly owned subsidiary of the Partnership and for substantially all of the employees who primarily or exclusively provide services to SPR, who are employed by SPR Operator LLC (“SPR Operator”), also a wholly owned subsidiary of the Partnership.
The General Partner, which holds a 0.67% general partner interest in the Partnership, is owned by affiliates of the Slifka family. As of March 31, 2026, affiliates of the General Partner, including its directors and executive officers and their affiliates, owned 4,264,831 common units, and the General Partner held 24,153 common units on behalf of the Partnership pursuant to its repurchase program for future Long-Term Incentive Plan (“LTIP”) obligations, representing in the aggregate a 12.6% limited partner interest.
2026 Event
Credit Agreement Accordion Exercise—On March 13, 2026, the Partnership and the lenders under the Partnership’s credit agreement agreed to, pursuant to the terms of the credit agreement, (i) exercise the accordion feature included in the credit agreement, and (ii) increase the aggregate working capital interim commitments as provided in the credit agreement to $300.0 million for a period not to exceed 364 days, after which the aggregate working capital interim commitments will automatically be reduced to $0. The exercise of the accordion feature increased the Partnership’s total commitment under the credit agreement from $1.5 billion to $1.8 billion. See Note 6 for additional information on the credit agreement.
Basis of Presentation
The accompanying consolidated financial statements as of March 31, 2026 and December 31, 2025 and for the three months ended March 31, 2026 and 2025 reflect the accounts of the Partnership. Upon consolidation, all intercompany balances and transactions have been eliminated.
The Partnership had no other comprehensive income (loss) for the periods presented, resulting in comprehensive income (loss) equaling net income (loss) in the accompanying consolidated statements of operations. Accordingly, the consolidated statements of other comprehensive income (loss) are not presented.
The accompanying unaudited consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) and reflect all adjustments (consisting of normal recurring adjustments) which are, in the opinion of management, necessary for a fair presentation of the financial condition and operating results for the interim periods. The interim financial information, which has been prepared pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”), should be read in conjunction with the consolidated financial statements for the year ended December 31, 2025 and notes thereto contained in the Partnership’s Annual Report on Form 10-K.
The results of operations for the three months ended March 31, 2026 are not necessarily indicative of the results of operations that will be realized for the entire year ending December 31, 2026. The consolidated balance sheet at December 31, 2025 has been derived from the audited consolidated financial statements included in the Partnership’s Annual Report on Form 10-K for the year ended December 31, 2025.
The significant accounting policies described in Note 2, “Summary of Significant Accounting Policies,” of the Partnership’s Annual Report on Form 10-K for the year ended December 31, 2025 are the same used in preparing the accompanying consolidated financial statements, including the following:
Leases
The Partnership, as lessee, has gasoline station and convenience store leases, primarily of land and buildings. The Partnership has terminal and dedicated storage facility lease arrangements with various petroleum terminals and third parties, of which certain arrangements have minimum usage requirements. The Partnership leases barges through various time charter lease arrangements and railcars through various lease arrangements. The Partnership also has leases for office space, computer and convenience store equipment and automobiles. The Partnership’s lease arrangements have various expiration dates with options to extend.
Supplemental Information Related to Lessee Lease Arrangements
The following table presents supplemental information related to leases for the periods presented (in thousands):
Cash paid for amounts included in the measurement of lease liabilities
25,196
19,906
Right-of-use assets obtained in exchange for new lease liabilities
6,660
11,290
Concentration of Risk
Due to the nature of the Partnership’s businesses and its reliance, in part, on consumer travel and spending patterns, the Partnership may experience more demand for gasoline during the late spring and summer months than during the fall and winter months. Travel and recreational activities are typically higher in these months in the geographic areas in which the Partnership operates, increasing the demand for gasoline. Therefore, the Partnership’s volumes in gasoline are typically higher in the second and third quarters of the calendar year. As demand for some of the Partnership’s refined petroleum products, specifically home heating oil and residual oil for space heating purposes, is generally greater during the winter months, heating oil and residual oil volumes are generally higher during the first and fourth quarters of the calendar year. These factors may result in fluctuations in the Partnership’s quarterly operating results.
8
The following table presents the Partnership’s product sales and other revenues as a percentage of the consolidated sales for the periods presented:
Gasoline sales: gasoline and gasoline blendstocks (such as ethanol)
55
%
60
Distillates (home heating oil, diesel and kerosene), residual oil and crude oil sales
43
38
Convenience store and prepared food sales, rental income and sundries
2
100
The following table presents the Partnership’s product margin by segment as a percentage of the consolidated product margin for the periods presented:
Wholesale segment
42
32
Gasoline Distribution and Station Operations segment
65
Commercial segment
See Note 13, “Segment Reporting,” for additional information on the Partnership’s operating segments and a reconciliation of product margin on a combined basis to gross profit, a directly comparable GAAP measure.
None of the Partnership’s customers accounted for greater than 10% of total sales for the three months ended March 31, 2026 and 2025.
Note 2. Revenue from Contracts with Customers
Disaggregation of Revenue
The following table provides the disaggregation of revenue from contracts with customers and other sales by segment for the periods presented (in thousands):
Three Months Ended March 31, 2026
Revenue from contracts with customers:
Wholesale
GDSO
Commercial
Petroleum and related product sales
1,054,787
982,763
249,030
2,286,580
Station operations
100,819
Total revenue from contracts with customers
1,083,582
2,387,399
Other sales:
Revenue originating as physical forward sale contracts and exchange agreements
2,793,920
118,325
2,912,245
Revenue from leases
894
21,262
22,156
Total other sales
2,794,814
2,934,401
Total sales
3,849,601
1,104,844
367,355
9
Three Months Ended March 31, 2025
866,189
1,005,355
202,511
2,074,055
100,354
1,105,709
2,174,409
2,323,315
72,541
2,395,856
932
21,000
21,932
2,324,247
2,417,788
3,190,436
1,126,709
275,052
Contract Balances
A receivable, which is included in accounts receivable, net in the accompanying consolidated balance sheets, is recognized in the period the Partnership provides services when its right to consideration is unconditional. In contrast, a contract asset will be recognized when the Partnership has fulfilled a contract obligation but must perform other obligations before being entitled to payment. The Partnership had no significant contract assets at both March 31, 2026 and December 31, 2025.
The nature of the receivables related to revenue from contracts with customers and other revenue, as well as contract assets, are the same, given they are related to the same customers and have the same risk profile and securitization. Payment terms on invoiced amounts are typically 2 to 30 days.
A contract liability is recognized when the Partnership has an obligation to transfer goods or services to a customer for which the Partnership has received consideration (or the amount is due) from the customer. The Partnership had no significant contract liabilities at both March 31, 2026 and December 31, 2025.
Note 3. Inventories
The Partnership hedges substantially all of its petroleum and ethanol inventory using a variety of instruments, primarily exchange-traded futures contracts. These futures contracts are entered into when inventory is purchased and are either designated as fair value hedges against the inventory on a specific barrel basis for inventories qualifying for fair value hedge accounting or not designated and maintained as economic hedges against certain inventory of the Partnership on a specific barrel basis. Changes in fair value of these futures contracts, as well as the offsetting change in fair value on the hedged inventory, are recognized in earnings as an increase or decrease in cost of sales. All hedged inventory designated in a fair value hedge relationship is valued using the lower of cost, as determined by specific identification, or net realizable value, as determined at the product level. All petroleum and ethanol inventory not designated in a fair value hedging relationship is carried at the lower of historical cost, on a first-in, first-out basis, or net realizable value. Renewable Identification Numbers (“RINs”) inventory is carried at the lower of historical cost, on a first-in, first-out basis, or net realizable value. Convenience store inventory is carried at the lower of historical cost, based on a weighted average cost method, or net realizable value.
10
Inventories consisted of the following (in thousands):
Distillates: home heating oil, diesel and kerosene
181,306
201,496
Gasoline
341,902
181,135
Gasoline blendstocks
98,620
58,117
Residual oil
80,373
77,449
Renewable identification numbers (RINs)
5,419
1,614
Convenience store inventory
28,524
29,307
In addition to its own inventory, the Partnership has exchange agreements for petroleum products and ethanol with unrelated third-party suppliers, whereby it may draw inventory from these other suppliers and suppliers may draw inventory from the Partnership. Positive exchange balances are accounted for as accounts receivable and amounted to $20.5 million and $0.8 million at March 31, 2026 and December 31, 2025, respectively. Negative exchange balances are accounted for as accounts payable and amounted to $9.0 million and $17.1 million at March 31, 2026 and December 31, 2025, respectively. Exchange transactions are valued using current carrying costs.
Note 4. Goodwill
Goodwill, all of which has been allocated to the Gasoline Distribution and Station Operations (“GDSO”) segment, was $421.9 million at both March 31, 2026 and December 31, 2025. There were no changes to goodwill during the three months ended March 31, 2026.
Note 5. Property and Equipment
Property and equipment consisted of the following (in thousands):
Buildings and improvements
2,047,415
2,019,890
Land
684,277
679,263
Fixtures and equipment
64,441
63,747
Idle plant assets
30,500
Construction in process
66,996
71,340
Capitalized internal use software
37,608
Total property and equipment
2,931,237
2,902,348
Less accumulated depreciation
1,278,016
1,244,904
Property and equipment includes retail gasoline station assets held for sale of $0.7 million and $5.3 million at March 31, 2026 and December 31, 2025, respectively.
At March 31, 2026, the Partnership had a $37.2 million remaining net book value of long-lived assets at its West Coast facility, including $30.5 million related to the Partnership’s ethanol plant acquired in 2013. The Partnership would need to take certain measures to prepare the facility for ethanol production in order to place the plant into service and commence depreciation. Therefore, the $30.5 million related to the ethanol plant was included in property and equipment and classified as idle plant assets at both March 31, 2026 and December 31, 2025.
11
If the Partnership is unable to generate cash flows to support the recoverability of the plant and facility assets, this may become an indicator of potential impairment of the West Coast facility. The Partnership believes these assets are recoverable but continues to monitor the market for ethanol, the continued business development of this facility for ethanol or other product transloading, and the related impact this may have on the facility’s operating cash flows and whether this would constitute an impairment indicator.
Note 6. Debt and Financing Obligations
Credit Agreement
Certain subsidiaries of the Partnership, as borrowers, and the Partnership and certain of its subsidiaries, as guarantors, have a $1.8 billion senior secured credit facility (the “Credit Agreement”). As discussed below, effective March 13, 2026, the total commitment under the Credit Agreement was increased from $1.5 billion to $1.8 billion. The Credit Agreement matures on March 20, 2028.
On March 13, 2026, the Partnership and the lenders under the Credit Agreement agreed to, pursuant to the terms of the Credit Agreement, (i) exercise the accordion feature included in the Credit Agreement, and (ii) increase the aggregate working capital interim commitments as provided in the Credit Agreement to $300.0 million for a period not to exceed 364 days, after which the aggregate working capital interim commitments will automatically be reduced to $0.
As of March 31, 2026, there were two facilities under the Credit Agreement:
Availability under the working capital revolving credit facility is subject to a borrowing base which is redetermined from time to time and based on specific advance rates on eligible current assets. Availability under the borrowing base may be affected by events beyond the Partnership’s control, such as changes in petroleum product prices, collection cycles, counterparty performance, advance rates and limits and general economic conditions.
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.
The Partnership classifies a portion of its working capital revolving credit facility as a current liability and a portion as a long-term liability. The portion classified as a long-term liability represents the amounts expected to be outstanding throughout the next twelve months based on an analysis of historical daily borrowings under the working capital revolving credit facility, the seasonality of borrowings, forecasted future working capital requirements and forward product curves, and because the Partnership has a multi-year, long-term commitment from its bank group. Accordingly, at March 31, 2026, the Partnership estimated working capital revolving credit facility borrowings will equal or exceed $100.0 million over the next twelve months.
12
The table below presents the total borrowings and availability under the Credit Agreement (in thousands):
Total available commitments
1,800,000
1,500,000
Total borrowings outstanding
511,800
329,600
Less outstanding letters of credit
159,200
138,900
Total remaining availability for borrowings and letters of credit (1)
1,129,000
1,031,500
The Credit Agreement imposes financial covenants that require the Partnership to maintain certain minimum working capital amounts, a minimum combined interest coverage ratio, a maximum senior secured leverage ratio and a maximum total leverage ratio. The Partnership was in compliance with the foregoing covenants at March 31, 2026.
Please read Note 9 of Notes to Consolidated Financial Statements in the Partnership’s Annual Report on Form 10-K for the year ended December 31, 2025 for additional information on the Credit Agreement.
Supplemental cash flow information
The following table presents supplemental cash flow information related to the Credit Agreement for the periods presented (in thousands):
Borrowings from working capital revolving credit facility
932,600
767,900
Payments on working capital revolving credit facility
(750,400)
(642,700)
Borrowings from revolving credit facility
Payments on revolving credit facility
(100,000)
Net borrowings from (payments on) revolving credit facility
Senior Notes
The Partnership had 6.875% senior notes due 2029, 8.250% senior notes due 2032 and 7.125% senior notes due 2033 outstanding at March 31, 2026 and December 31, 2025. Please read Note 9 of Notes to Consolidated Financial Statements in the Partnership’s Annual Report on Form 10-K for the year ended December 31, 2025 for additional information on these senior notes.
Financing Obligations
The Partnership had financing obligations outstanding at March 31, 2026 and December 31, 2025 associated with historical sale-leaseback transactions that did not meet the criteria for sale accounting. Please read Note 9 of Notes to Consolidated Financial Statements in the Partnership’s Annual Report on Form 10-K for the year ended December 31, 2025 for additional information on these financial obligations.
13
Deferred Financing Fees
The Partnership incurs bank fees related to its Credit Agreement and other financing arrangements. These deferred financing fees are capitalized and amortized over the life of the Credit Agreement or other financing arrangements. In 2026, the Partnership capitalized additional financing fees of $0.8 million in connection with the accordion exercise in March 2026. These expenses are included in interest expense in the accompanying consolidated statement of operations for the three months ended March 31, 2026. The Partnership had unamortized deferred financing fees of $26.5 million and $27.7 million at March 31, 2026 and December 31, 2025, respectively.
Unamortized fees related to the Credit Agreement are included in other current assets and other long-term assets and amounted to $9.7 million and $10.0 million at March 31, 2026 and December 31, 2025, respectively. Unamortized fees related to the senior notes are presented as a direct deduction from the carrying amount of that debt liability and amounted to $16.5 million and $17.3 million at March 31, 2026 and December 31, 2025, respectively. Unamortized fees related to the Partnership’s sale-leaseback transactions are presented as a direct deduction from the carrying amount of the financing obligation and amounted to $0.3 million and $0.4 million at March 31, 2026 and December 31, 2025, respectively.
Amortization expense of $1.9 million for each of the three months ended March 31, 2026 and 2025 is included in interest expense in the accompanying consolidated statements of operations.
Note 7. Derivative Financial Instruments
The Partnership principally uses derivative instruments, which may include regulated exchange-traded futures and options contracts (collectively, “exchange-traded derivatives”), physical and financial forwards and over-the-counter (“OTC”) swaps (collectively, “OTC derivatives”), to reduce its exposure to unfavorable changes in commodity market prices. The Partnership uses these exchange-traded and OTC derivatives to hedge commodity price risk associated with its inventory and undelivered forward commodity purchases and sales (“physical forward contracts”). The Partnership accounts for derivative transactions in accordance with ASC Topic 815, “Derivatives and Hedging,” (“ASC 815”) and recognizes derivatives instruments as either assets or liabilities in the consolidated balance sheets and measures those instruments at fair value. The changes in fair value of the derivative transactions are presented in earnings, unless specific hedge accounting criteria are met.
The following table summarizes the notional values related to the Partnership’s derivative instruments outstanding at March 31, 2026:
Units (1)
Unit of Measure
Exchange-Traded Derivatives
Long
101,301
Thousands of barrels
Short
(104,106)
OTC Derivatives (Petroleum/Ethanol)
9,513
(8,892)
14
Derivatives Accounted for as Hedges
Fair Value Hedges
The Partnership’s fair value hedges include exchange-traded futures contracts and OTC derivative contracts that are hedges against inventory with specific futures contracts matched to specific barrels. The change in fair value of these futures contracts and the change in fair value of the underlying inventory generally provide an offset to each other in the consolidated statements of operations.
The following table presents the gains and losses from the Partnership’s derivative instruments involved in fair value hedging relationships recognized in the consolidated statements of operations for the periods presented (in thousands):
Location of Gain (Loss)
Recognized in Income on
Derivatives
Derivatives in fair value hedging relationship
Exchange-traded futures contracts and OTC derivative contracts for petroleum commodity products
(30,396)
2,622
Hedged items in fair value hedge relationship
Physical inventory
31,674
(6,809)
Derivatives Not Accounted for as Hedges
The Partnership utilizes petroleum and ethanol commodity contracts to hedge price risk in certain commodity inventories and physical forward contracts.
The following table presents the gains and losses from the Partnership’s derivative instruments not involved in a hedging relationship recognized in the consolidated statements of operations for the periods presented (in thousands):
Derivatives not designated as
Recognized in
hedging instruments
Income on Derivatives
Commodity contracts
(251,069)
(11,467)
The Partnership’s commodity contracts and other derivative activity include: (i) exchange-traded derivative contracts that are hedges against inventory and either do not qualify for hedge accounting or are not designated in a hedge accounting relationship, (ii) undelivered physical forward contracts, (iii) exchange-traded derivative contracts used to economically hedge physical forward contracts, (iv) financial forward and OTC swap agreements used to economically hedge physical forward contracts and (v) the derivative instruments under the Partnership’s controlled trading program. The Partnership does not take the normal purchase and sale exemption available under ASC 815 for any of its physical forward contracts.
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The following table presents the fair value of each classification of the Partnership’s derivative instruments and its location in the consolidated balance sheets at March 31, 2026 and December 31, 2025 (in thousands):
March 31, 2026
Derivatives Not
Designated as
Hedging
Balance Sheet Location
Instruments
Asset Derivatives:
Exchange-traded derivative contracts
253,901
Forward derivative contracts (1)
Total asset derivatives
295,433
Liability Derivatives:
(11,818)
(315,070)
(326,888)
(118,651)
Total liability derivatives
(433,721)
(445,539)
December 31, 2025
2,408
49,750
52,158
66,817
69,225
(48,932)
(4,540)
(53,472)
Credit Risk
The Partnership’s derivative financial instruments do not contain credit risk related to other contingent features that could cause accelerated payments when these financial instruments are in net liability positions.
The Partnership is exposed to credit loss in the event of nonperformance by counterparties to the Partnership’s exchange-traded and OTC derivative contracts, but the Partnership has no current reason to expect any material nonperformance by any of these counterparties. Exchange-traded derivative contracts, the primary derivative instrument utilized by the Partnership, are traded on regulated exchanges, greatly reducing potential credit risks. The Partnership utilizes major financial institutions as its clearing brokers for all New York Mercantile Exchange (“NYMEX”), Chicago Mercantile Exchange (“CME”) and Intercontinental Exchange (“ICE”) derivative transactions and the right of offset exists with these financial institutions under master netting agreements. Accordingly, the fair value of the Partnership’s exchange-traded derivative instruments is presented on a net basis in the consolidated balance sheets. Exposure on OTC derivatives is limited to the amount of the recorded fair value as of the balance sheet dates.
Please read Note 2 of Notes to Consolidated Financial Statements in the Partnership’s Annual Report on Form 10-K for the year ended December 31, 2025 for additional information on derivative financial instruments.
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Note 8. Fair Value Measurements
The following tables present, by level within the fair value hierarchy, the Partnership’s financial assets and liabilities that were measured at fair value on a recurring basis as of March 31, 2026 and December 31, 2025 (in thousands):
Fair Value at March 31, 2026
Cash Collateral
Level 1
Level 2
Netting
Assets:
Exchange-traded/cleared derivative instruments (2)
(72,987)
114,298
82,843
Liabilities:
Fair Value at December 31, 2025
3,226
14,578
34,871
This table excludes cash on hand and assets and liabilities that are measured at historical cost or any basis other than fair value. The carrying amounts of certain of the Partnership’s financial instruments, including cash equivalents, accounts receivable, accounts payable and other accrued liabilities approximate fair value due to their short maturities. The carrying value of the credit facility approximates fair value due to the variable rate nature of these financial instruments.
The determination of the fair values above incorporates factors including not only the credit standing of the counterparties involved, but also the impact of the Partnership’s nonperformance risks on its liabilities.
The Partnership estimates the fair values of its senior notes using a combination of quoted market prices for similar financing arrangements and expected future payments discounted at risk-adjusted rates, which are considered
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Level 2 inputs. The fair values of the senior notes, estimated by observing market trading prices of the respective senior notes, were as follows (in thousands):
Face
Fair
Value
6.875% senior notes due 2029
350,000
348,688
353,500
8.250% senior notes due 2032
450,000
462,375
471,375
7.125% senior notes due 2033
448,875
455,625
Non-Recurring Fair Value Measurements
Certain nonfinancial assets and liabilities are measured at fair value on a non-recurring basis and are subject to fair value adjustments in certain circumstances, such as acquired assets and liabilities, losses related to firm non-cancellable purchase commitments or long-lived assets subject to impairment. For assets and liabilities measured on a non-recurring basis during the period, accounting guidance requires quantitative disclosures about the fair value measurements separately for each major category.
Note 9. Environmental Liabilities
The following table presents a summary roll forward of the Partnership’s environmental liabilities at March 31, 2026 (in thousands):
Balance at
Payments
Environmental Liability Related to:
Retail gasoline stations
56,356
(661)
55,695
Terminals
39,609
(425)
39,184
Total environmental liabilities
95,965
(1,086)
94,879
Current portion
Long-term portion
In addition to environmental liabilities related to the Partnership’s retail gasoline stations, the Partnership retains some of the environmental obligations associated with certain gasoline stations that the Partnership has sold.
The Partnership’s estimates used in these environmental liabilities are based on all known facts at the time and its assessment of the ultimate remedial action outcomes. Among the many uncertainties that impact the Partnership’s estimates are the necessary regulatory approvals for, and potential modification of, its remediation plans, the amount of data available upon initial assessment of the impact of soil or water contamination, changes in costs associated with environmental remediation services and equipment, relief of obligations through divestitures of sites and the possibility of existing legal claims giving rise to additional claims. Dispositions generally represent relief of legal obligations through the sale of the related property with no retained obligation. Other adjustments generally represent changes in estimates for existing obligations or obligations associated with new sites. Therefore, although the Partnership believes that these environmental liabilities are adequate, no assurances can be made that any costs incurred in excess of these environmental liabilities or outside of indemnifications or not otherwise covered by insurance would not have a material adverse effect on the Partnership’s financial condition, results of operations or cash flows.
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Note 10. Equity Method Investments
BIG GRP 275 Grove JV LLC
On January 23, 2025, the Partnership, through its wholly owned subsidiary, Global HQ 2 LLC, invested in BIG GRP 275 Grove JV LLC (“BGRP”), a joint venture formed with unrelated third parties to acquire and operate an office building located in Newton, Massachusetts. Also on January 23, 2025, the Partnership signed a 12-year lease arrangement for space in this property that will serve as the Partnership’s principal executive office at the termination of its existing leased space in Waltham, Massachusetts in 2026.
The Partnership accounts for its less than 20% interest in BGRP as an equity method investment. Under this method with regard to BGRP, the investment is carried originally at cost, increased by any allocated share of the investee’s net income and contributions made, and decreased by any allocated share of the investee’s net losses and distributions received. The investee’s allocated share of income and losses is based on the rights and priorities outlined in the joint venture agreement.
The Partnership recognized income of $0.1 million for each of the three months ended March 31, 2026 and 2025, which is included in income from equity method investments in the accompanying consolidated statements of operations. The Partnership’s investment balance in the joint venture was $12.1 million and $12.0 million at March 31, 2026 and December 31, 2025, respectively, which is included in equity method investments in the accompanying consolidated balance sheets.
Everett Landco GP, LLC
On October 23, 2023, the Partnership, through its wholly owned subsidiary, Global Everett Landco, LLC, entered into a Limited Liability Company Agreement (the “Everett LLC Agreement”) of Everett Landco GP, LLC (“Everett”), a Delaware limited liability company formed as a joint venture with Everett Investor LLC (the “Everett Investor”), an entity controlled by an affiliate of The Davis Companies, a company primarily involved in the acquisition, development, management and sale of commercial real estate. In accordance with the Everett LLC Agreement, the Partnership agreed to invest up to $30.0 million for an initial 30% ownership interest in the joint venture.
The joint venture was formed to invest, directly or indirectly, in Everett Landco, LLC, (“Landco”), an entity formed to acquire from ExxonMobil Corporation (“ExxonMobil”) specified real estate (formerly operated as a refined products terminal), consisting of, in part, multiple facilities used to store and transport petroleum products including oil storage tanks and related facilities located in Everett, Massachusetts (the “Project Site”) and thereafter proceed with certain decommissioning, demolition, environmental remediation, entitlement, horizontal development, and other development activities with respect to the Project Site in one or more phases.
Everett is a variable interest entity for which the Partnership is not the primary beneficiary and, therefore, is not consolidated in the Partnership’s consolidated financial statements. The Partnership accounts for its investment in Everett as an equity method investment as the Partnership has significant influence, but not a controlling interest in the investee.
The Partnership recognized $0 for each of the three months ended March 31, 2026 and 2025. The Partnership’s investment balance in the joint venture was $25.4 million and $24.0 million at March 31, 2026 and December 31, 2025, respectively, which is included in equity method investments in the accompanying consolidated balance sheets.
On December 5, 2023, Landco completed the purchase of the Project Site. In addition, the Partnership provided certain financial guarantees of Everett’s performance pursuant to a Terminal Demolition and Remediation Responsibilities Agreement (“TDRRA”) between Landco and ExxonMobil (the “Remediation Guaranty”). The
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Remediation Guaranty was executed at the closing of the Project Site purchase, concurrently with Landco’s execution of the TDRRA. The Remediation Guaranty was provided to ExxonMobil to provide security for Landco’s obligations to perform and complete the demolition and remediation responsibilities set forth in the TDRRA. The maximum amount of financial assurances liability of the Partnership under the Remediation Guaranty is $75.0 million (the “Guaranty Threshold”). The Guaranty Threshold will be reduced on a dollar-for-dollar basis as Landco undertakes demolition and remediation activities under the TDRRA. Through March 31, 2026, Everett expended $60.4 million on such demolition and remediation activities, which reduced the Guaranty Threshold to $14.6 million.
The Partnership received financial assurances from the Everett Investor and certain of its affiliates that allow the Partnership to recover 70% of any amounts paid under the Remediation Guaranty, up to $52.5 million. The Partnership’s loss exposure for the Everett investment is limited to the Partnership’s investment in the joint venture and any amounts due under the Remediation Guaranty. The Partnership recognized its performance obligation under the Remediation Guaranty at fair value, which was immaterial at both March 31, 2026 and December 31, 2025.
Spring Partners Retail LLC
On March 1, 2023, the Partnership entered into a Limited Liability Company Agreement, as amended (the “SPR LLC Agreement”) of SPR, a Delaware limited liability company formed as a joint venture with ExxonMobil for the purpose of engaging in the business of operating retail locations in the state of Texas and such other states as may be approved by SPR’s board of managers. In accordance with the SPR LLC Agreement, the Partnership invested $69.5 million in cash for a 49.99% ownership interest. ExxonMobil has the remaining 50.01% ownership interest in SPR. SPR is managed by a two-person board of managers, one of whom is designated by the Partnership. The day-to-day activities of SPR are operated by SPR Operator, a wholly owned subsidiary of the Partnership. SPR Operator provides administrative and support functions, such as operations and management support, accounting, legal and human resources and information technology services and systems to SPR for an annual fixed fee.
The Partnership accounts for its investment in SPR as an equity method investment as the Partnership has significant influence, but not a controlling interest in the investee. Under this method with regard to SPR, the investment is carried originally at cost, increased by any allocated share of the investee’s net income and contributions made, and decreased by any allocated share of the investee’s net losses and distributions received. The investee’s allocated share of income and losses is based on the rights and priorities outlined in the joint venture agreement.
On June 1, 2023, SPR acquired a portfolio of 64 Houston-area convenience and fueling facilities from Landmark Industries, LLC and its related entities. The portfolio included 68 sites as of March 31, 2026.
The Partnership recognized income of $0.6 million and an immaterial loss for the three months ended March 31, 2026 and 2025, respectively, which is included in income from equity method investments in the accompanying consolidated statements of operations. The Partnership’s investment balance in the joint venture was $78.4 million and $77.8 million at March 31, 2026 and December 31, 2025, respectively, which is included in equity method investments in the accompanying consolidated balance sheets.
Note 11. Related Party Transactions
Services Agreement—The Partnership is a party to a services agreement with various entities which own limited partner interests in the Partnership and interests in the General Partner and which are 100% owned by members of the Slifka family (the “Slifka Entities Services Agreement”), pursuant to which the Partnership provides certain tax, accounting, treasury, and legal support services and such Slifka entities pay the Partnership an annual services fee of $20,000, and which Slifka Entities Services Agreement has been approved by the Conflicts Committee of the board of directors of the General Partner. The Slifka Entities Services Agreement is for an indefinite term and any party may
20
terminate some or all of the services upon ninety (90) days’ advance written notice. As of March 31, 2026, no such notice of termination had been given by any party to the Slifka Entities Services Agreement.
General Partner—Affiliates of the Slifka family own 100% of the ownership interests in the General Partner. The General Partner employs substantially all of the Partnership’s employees, except for most of its gasoline station and convenience store employees, who are employed by GMG, and for substantially all of the employees who primarily or exclusively provide services to SPR, who are employed by SPR Operator. The Partnership reimburses the General Partner for expenses incurred in connection with these employees. These expenses, including bonus, payroll and payroll taxes, were $98.4 million and $77.6 million for the three months ended March 31, 2026 and 2025, respectively. The Partnership also reimburses the General Partner for its contributions under the General Partner’s 401(k) Savings and Profit Sharing Plan.
Spring Partners Retail LLC—The Partnership, through its subsidiary, SPR Operator, is party to an operations and maintenance agreement with the Partnership’s joint venture, SPR (see Note 10). Pursuant to this agreement, certain employees of the Partnership provide SPR with services including administrative and support functions, such as operations and management support, accounting, legal and human resources and information technology services and systems to SPR for which SPR pays SPR Operator, and therefore the Partnership, an annual fixed fee. The Partnership received $0.8 million and $0.7 million from SPR associated with the operations and management agreement for the three months ended March 31, 2026 and 2025, respectively, which are included in selling, general and administrative expenses in the accompanying consolidated statements of operations. In addition, SPR Operator employs substantially all of the employees who primarily or exclusively provide services to the Partnership’s joint venture. SPR reimburses the Partnership for direct expenses incurred in connection with these employees, which amounted to $3.3 million and $3.6 million for the three months ended March 31, 2026 and 2025, respectively.
Accounts receivable–affiliates consisted of the following (in thousands):
Receivables from the General Partner (1)
4,837
2,545
Receivables from Spring Partners Retail LLC (2)
408
82
BIG GRP 275 Grove JV LLC—On January 23, 2025, the Partnership, through its wholly owned subsidiary, Global HQ 2 LLC, entered into a Limited Liability Company Agreement, as amended, of BGRP, a Delaware limited liability company formed as a joint venture with unrelated third parties to acquire and operate an office building located in Newton, Massachusetts. Also on January 23, 2025, the Partnership signed a 12-year lease arrangement for space in this property that will serve as the Partnership’s principal executive office at the termination of its existing leased space in Waltham, Massachusetts in 2026. See Note 10.
Everett Landco GP, LLC—On October 23, 2023, the Partnership, through its wholly owned subsidiary, Global Everett Landco, LLC, entered into the Everett LLC Agreement of Everett, a Delaware limited liability company formed as a joint venture with the Everett Investor, an entity controlled by an affiliate of The Davis Companies, a company primarily involved in the acquisition, development, management and sale of commercial real estate. See Note 10.
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Note 12. Partners’ Equity and Cash Distributions
Partners’ Equity
Common Units and General Partner Interest
At March 31, 2026, there were 33,995,563 common units issued, including 4,264,831 common units held by affiliates of the General Partner, including directors and executive officers, and 24,153 common units held by the General Partner on behalf of the Partnership pursuant to its repurchase program for future LTIP obligations, collectively representing a 99.33% limited partner interest in the Partnership, and 230,303 general partner units representing a 0.67% general partner interest in the Partnership. There were no changes to common units or the general partner interest during the three months ended March 31, 2026.
Series B Preferred Units
At March 31, 2026, there were 3,000,000 9.50% Series B Fixed Rate Cumulative Redeemable Perpetual Preferred Units issued representing limited partners interests (the “Series B Preferred Units”) for $25.00 per Series B Preferred Unit outstanding. There were no changes to the Series B Preferred Units during the three months ended March 31, 2026.
Cash Distributions
Common Units
The Partnership intends to make cash distributions to common unitholders on a quarterly basis, although there is no assurance as to the future cash distributions since they are dependent upon future earnings, capital requirements, financial condition and other factors. The Credit Agreement prohibits the Partnership from making cash distributions if any potential default or Event of Default, as defined in the Credit Agreement, occurs or would result from the cash distribution. The indentures governing the Partnership’s outstanding senior notes also limit the Partnership’s ability to make distributions to its common unitholders in certain circumstances.
Within 45 days after the end of each quarter, the Partnership will distribute all of its Available Cash (as defined in its partnership agreement) to common unitholders of record on the applicable record date.
The Partnership will make distributions of Available Cash from distributable cash flow for any quarter in the following manner: 99.33% to the common unitholders, pro rata, and 0.67% to the General Partner, until the Partnership distributes for each outstanding common unit an amount equal to the minimum quarterly distribution for that quarter; and thereafter, cash in excess of the minimum quarterly distribution is distributed to the common unitholders and the General Partner based on the percentages as provided below.
As holder of the IDRs, the General Partner is entitled to incentive distributions if the amount that the Partnership distributes with respect to any quarter exceeds specified target levels shown below:
Marginal Percentage
Total Quarterly Distribution
Interest in Distributions
Target Amount
Unitholders
General Partner
First Target Distribution
up to $0.4625
99.33
0.67
Second Target Distribution
above $0.4625 up to $0.5375
86.33
13.67
Third Target Distribution
above $0.5375 up to $0.6625
76.33
23.67
Thereafter
above $0.6625
51.33
48.67
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The Partnership paid the following cash distribution to common unitholders during 2026 (in thousands, except per unit data):
For the
Per Unit
Cash Distribution
Quarter
Cash
Incentive
Total Cash
Payment Date
Ended
Distribution
Units
2/13/2026 (1)
12/31/25
0.7600
25,836
207
4,765
30,808
In addition, on April 30, 2026, the board of directors of the General Partner declared a quarterly cash distribution of $0.7650 per unit ($3.06 per unit on an annualized basis) on all of its outstanding common units for the period from January 1, 2026 through March 31, 2026. On May 15, 2026, the Partnership will pay this cash distribution to its common unitholders of record as of the close of business on May 11, 2026.
Distributions on the Series B Preferred Units are cumulative from March 24, 2021, the original issue date of the Series B Preferred Units, and payable quarterly in arrears on February 15, May 15, August 15 and November 15 of each year (each, a “Series B Distribution Payment Date”), commencing on May 15, 2021, to holders of record as of the opening of business on the February 1, May 1, August 1 or November 1 next preceding the Series B Distribution Payment Date, in each case, when, as, and if declared by the General Partner out of legally available funds for such purpose. Distributions on the Series B Preferred Units will be paid out of Available Cash with respect to the quarter immediately preceding the applicable Series B Distribution Payment Date.
The distribution rate for the Series B Preferred Units is 9.50% per annum of the $25.00 liquidation preference per Series B Preferred Unit (equal to $2.375 per Series B Preferred Unit per annum).
At any time on or after May 15, 2026, the Partnership may redeem, in whole or in part, the Series B Preferred Units at a redemption price in cash of $25.00 per Series B Preferred Unit plus an amount equal to all accumulated and unpaid distributions thereon to, but excluding, the date of redemption, whether or not declared. The Partnership must provide not less than 30 days’ and not more than 60 days’ advance written notice of any such redemption.
The Partnership paid the following cash distribution on the Series B Preferred Units during 2026 (in thousands, except per unit data):
Quarterly Period
Covering
2/17/2026
11/15/25 - 2/14/26
0.59375
On April 13, 2026, the board of directors of the General Partner declared a quarterly cash distribution of $0.59375 per unit ($2.375 per unit on an annualized basis) on the Series B Preferred Units for the period from February 15, 2026 through May 14, 2026. This distribution will be payable on May 15, 2026 to holders of record as of the opening of business on May 1, 2026.
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Note 13. Segment Reporting
Summarized financial information for the Partnership’s reportable segments is presented in the table below (in thousands):
Wholesale Segment:
Gasoline and gasoline blendstocks
1,904,316
1,721,420
Distillates and other oils (1)
1,945,285
1,469,016
Product margin
101,167
57,169
52,925
36,471
154,092
93,640
Gasoline Distribution and Station Operations Segment:
Station operations (2)
122,081
121,354
136,724
125,751
62,568
62,112
199,292
187,863
Commercial Segment:
11,694
7,145
Combined sales and Product margin:
Product margin (3)
365,078
288,648
Depreciation allocated to cost of sales
(32,911)
(33,407)
Combined gross profit
Approximately 98 million gallons and 107 million gallons of the GDSO segment’s sales for the three months ended March 31, 2026 and 2025, respectively, were supplied from petroleum products and renewable fuels sourced by the Wholesale segment. The Commercial segment’s sales were predominantly sourced by the Wholesale segment. These intra-segment sales are not reflected as sales in the Wholesale segment as they are eliminated.
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The following tables provide the Partnership’s significant segment operating expenses for each reportable segment, as well as a reconciliation of the totals reported for the reportable segments to the applicable line items in the accompanying consolidated financial statements for the periods presented (in thousands):
Consolidated
Cost of products
3,695,509
905,552
355,661
4,956,722
Operating expenses allocated to operating segments:
Wages and benefits (1)
12,039
28,904
40,943
Occupancy costs (2)
6,334
26,341
32,675
Transactional operating costs (3)
21,091
Maintenance (4)
11,974
12,423
24,397
Other segment operating expenses
4,414
5,714
10,128
Total operating expenses allocated to operating segments
34,761
94,473
Operating expenses not allocated to operating segments:
32,911
Total operating expenses not allocated to operating expenses
130,105
25
3,096,796
938,846
267,907
4,303,549
11,878
29,410
41,288
5,923
26,374
32,297
20,712
11,648
11,454
23,102
4,186
5,130
9,316
33,635
93,080
33,407
106,046
The Partnership’s foreign assets and foreign sales were immaterial as of and for the three months ended March 31, 2026 and 2025.
Segment Assets
The Partnership’s terminal assets are allocated to the Wholesale segment, and its retail gasoline stations are allocated to the GDSO segment. Due to the commingled nature and uses of the remainder of the Partnership’s assets, it is not reasonably possible for the Partnership to allocate these assets among its reportable segments.
The table below presents total assets by reportable segment at March 31, 2026 and December 31, 2025 (in thousands):
Unallocated (1)
1,517,218
1,841,458
953,813
1,329,899
1,825,524
695,294
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Note 14. Net Income Per Common Limited Partner Unit
Under the Partnership’s partnership agreement, for any quarterly period, the incentive distribution rights (“IDRs”) participate in net income only to the extent of the amount of cash distributions actually declared, thereby excluding the IDRs from participating in the Partnership’s undistributed net income or losses. Accordingly, the Partnership’s undistributed net income or losses is assumed to be allocated to the common unitholders and to the General Partner’s general partner interest.
Common units outstanding as reported in the accompanying consolidated financial statements at March 31, 2026 and December 31, 2025 excludes 24,153 and 230,273 common units, respectively, held on behalf of the Partnership pursuant to its repurchase program. These units are not deemed outstanding for purposes of calculating net income per common limited partner unit (basic and diluted). For all periods presented below, the Partnership’s preferred units are not potentially dilutive securities based on the nature of the conversion feature.
The following table provides a reconciliation of net income and the assumed allocation of net income to the common limited partners (after deducting amounts allocated to preferred unitholders) for purposes of computing net income per common limited partner unit for the periods presented (in thousands, except per unit data):
Numerator:
IDRs
64,743
14,272
Declared distribution
31,139
26,007
209
4,923
29,815
25,327
201
4,287
Assumed allocation of undistributed net income (loss)
38,997
38,736
261
(11,131)
(11,055)
(76)
Assumed allocation of net income
470
125
Denominator:
Basic weighted average common units outstanding
Dilutive effect of phantom units
160
412
Diluted weighted average common units outstanding
See Note 12, “Partners’ Equity and Cash Distributions” for information on declared cash distributions.
Note 15. Legal Proceedings
Although the Partnership may, from time to time, be involved in litigation and claims arising out of its operations in the normal course of business, the Partnership does not believe that it is a party to any litigation that will have a material adverse impact on its financial condition or results of operations. Except as described below and in Note 9 included herein, the Partnership is not aware of any significant legal or governmental proceedings against it or
27
contemplated to be brought against it. The Partnership maintains insurance policies with insurers in amounts and with coverage and deductibles as its general partner believes are reasonable and prudent. However, the Partnership can provide no assurance that this insurance will be adequate to protect it from all material expenses related to potential future claims or that these levels of insurance will be available in the future at economically acceptable prices.
Other
In December 2024, the Conservation Law Foundation (“CLF”) served the Partnership with a complaint alleging that past and present discharges at and from the Partnership’s terminal located on Broadway Street in Chelsea, MA and the Partnership’s former terminal located in Revere, MA exceeded the numeric effluent limits permitted under the terminals’ respective National Pollution Discharge Elimination System (“NPDES”) permits. The complaint was filed by the CLF in July 2024. In August 2024, a month after the CLF filed its complaint, the EPA and the Partnership executed an administrative order on consent to address the exceedances at both terminals under each terminal’s respective NPDES permit. The issuance of the administrative order on consent by the EPA may significantly lessen, if not eliminate entirely, the ability for the CLF to seek and recover relief through its complaint against the Partnership. The Partnership believes it has meritorious defenses and intends to vigorously contest the allegations raised in the complaint.
The Partnership received letters from the EPA dated November 2, 2011 and March 29, 2012, containing requirements and testing orders (collectively, the “Requests for Information”) for information under the Clean Air Act (“CAA”). The Requests for Information were part of an EPA investigation to determine whether the Partnership has violated sections of the CAA at certain of its terminal locations in New England with respect to residual oil and asphalt. On June 6, 2014, a Notice of Violation was received from the EPA, alleging certain violations of its Air Emissions License issued by the Maine Department of Environmental Protection, based upon the test results at the South Portland, Maine terminal. The Partnership met with and provided additional information to the EPA with respect to the alleged violations. On April 7, 2015, the EPA issued a Supplemental Notice of Violation modifying the allegations of violations of the terminal’s Air Emissions License. The Partnership has entered into a consent decree (the “Consent Decree”) with the EPA and the United States Department of Justice (the “Department of Justice”), which was filed in the U.S. District Court for the District of Maine (the “Court”) on March 25, 2019. The Consent Decree was entered by the Court on December 19, 2019. The Partnership believes that compliance with the Consent Decree and implementation of the requirements of the Consent Decree will have no material impact on its operations.
Note 16. New Accounting Standards
There have been no recently issued accounting standards that are expected to have a material impact on the Partnership’s consolidated financial statements.
Note 17. Subsequent Events
Distribution to Common Unitholders—On April 30, 2026, the board of directors of the General Partner declared a quarterly cash distribution of $0.7650 per unit ($3.06 per unit on an annualized basis) for the period from January 1, 2026 through March 31, 2026. On May 15, 2026, the Partnership will pay this cash distribution to its common unitholders of record as of the close of business on May 11, 2026.
Distribution to Series B Preferred Unitholders—On April 13, 2026, the board of directors of the General Partner declared a quarterly cash distribution of $0.59375 per unit ($2.375 per unit on an annualized basis) on the Series B Preferred Units, covering the period from February 15, 2026 through May 14, 2026. This distribution will be payable on May 15, 2026 to holders of record as of the opening of business on May 1, 2026.
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Item 2.Management’s Discussion and Analysis of Financial Condition and Results of Operations
The following discussion and analysis of financial condition and results of operations of Global Partners LP should be read in conjunction with the historical consolidated financial statements of Global Partners LP and the notes thereto included elsewhere in this Quarterly Report on Form 10-Q.
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.
Forward-Looking Statements
Some of the information contained in this Quarterly Report on Form 10-Q may contain forward-looking statements. Forward-looking statements include, without limitation, any statement that may project, indicate or imply future results, events, performance or achievements, and may contain the words “may,” “believe,” “should,” “could,” “expect,” “anticipate,” “plan,” “intend,” “estimate,” “continue,” “will likely result,” or other similar expressions although not all forward-looking statements contain such identifying words. In addition, any statement made by our management concerning future financial performance (including future revenues, earnings or growth rates), ongoing business strategies or prospects, and possible actions by us are also forward-looking statements. Forward-looking statements are not guarantees of performance. Although we believe these forward-looking statements are based on reasonable assumptions, statements made regarding future results are subject to a number of assumptions, uncertainties and risks, many of which are beyond our control, which may cause future results to be materially different from the results stated or implied in this document. These risks and uncertainties include, among other things:
·
Tariffs and other controls on imports and exports could significantly impact our operations and costs, adversely affecting our business.
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Additional information about risks and uncertainties that could cause actual results to differ materially from forward-looking statements is contained in Part I, Item 1A, “Risk Factors,” in our Annual Report on Form 10-K for the year ended December 31, 2025 and Part II, Item 1A, “Risk Factors,” in this Quarterly Report on Form 10-Q.
We expressly disclaim any obligation or undertaking to update these statements to reflect any change in our expectations or beliefs or any change in events, conditions or circumstances on which any forward-looking statement is
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based, other than as required by federal and state securities laws. All forward-looking statements included in this Quarterly Report on Form 10-Q and all subsequent written or oral forward-looking statements attributable to us or persons acting on our behalf are expressly qualified in their entirety by these cautionary statements.
Overview
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.
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.
We base our pricing on spot prices, fixed prices or indexed prices and routinely use the New York Mercantile Exchange (“NYMEX”), Chicago Mercantile Exchange (“CME”) and Intercontinental Exchange (“ICE”) or other counterparties to hedge the risk inherent in buying and selling commodities. Through the use of regulated exchanges or derivatives, we seek to maintain a position that is substantially balanced between purchased volumes and sales volumes or future delivery obligations.
Credit Agreement Accordion Exercise—On March 13, 2026, we and the lenders under our credit agreement agreed to, pursuant to the terms of the credit agreement, (i) exercise the accordion feature included in the credit agreement, and (ii) increase the aggregate working capital interim commitments as provided in the credit agreement to $300.0 million for a period not to exceed 364 days, after which the aggregate working capital interim commitments will automatically be reduced to $0. The exercise of the accordion feature increased our total commitment under the credit agreement from $1.5 billion to $1.8 billion. See “—Liquidity and Capital Resources—Credit Agreement.”
Operating Segments
We purchase refined petroleum products, gasoline blendstocks, renewable fuels and crude oil primarily from domestic and foreign refiners and ethanol producers, crude oil producers, major and independent oil companies and trading companies. We operate our businesses under three segments: (i) Wholesale, (ii) Gasoline Distribution and Station Operations (“GDSO”) and (iii) Commercial.
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.
In our Wholesale segment, we obtain Renewable Identification Numbers (“RIN”) in connection with our purchase of ethanol which is used for bulk trading purposes or for blending with gasoline through our terminal system. A RIN is an identification number associated with government-mandated renewable fuel standards. To evidence that the required volume of renewable fuel is blended with gasoline, obligated parties must retire sufficient RINs to cover their Renewable Volume Obligation (“RVO”). Our U.S. Environmental Protection Agency (“EPA”) obligations relative to renewable fuel reporting are comprised of foreign gasoline and diesel that we may import and blending operations at certain facilities. We separate RINs from renewable fuel through blending with gasoline and can use those separated RINs to settle our RVO.
Gasoline Distribution and Station Operations
In our GDSO segment, gasoline distribution includes sales of branded and unbranded gasoline to gasoline station operators and sub-jobbers. Station operations include (i) convenience store and prepared food sales, (ii) rental income from gasoline stations leased to dealers, from commissioned agents and from cobranding arrangements and (iii) sundries (such as car wash sales and lottery and ATM commissions).
As of March 31, 2026, we had a portfolio of owned, leased and/or supplied gasoline stations, primarily in the Northeast, that consisted of the following:
Company operated
290
Commissioned agents
330
Lessee dealers
161
Contract dealers
732
Total (1)
1,513
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.
In our Commercial segment, we include sales and deliveries to end user customers in the public sector and to large commercial and industrial end users of unbranded gasoline, home heating oil, diesel, kerosene, residual oil and bunker fuel. In the case of public sector commercial and industrial end user customers, we sell products primarily either through a competitive bidding process or through contracts of various terms. We respond to publicly issued requests for product proposals and quotes. We generally arrange for the delivery of the product to the customer’s designated location. Our Commercial segment also includes sales of custom blended fuels delivered by barges or from a terminal dock to ships through bunkering activity.
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Seasonality
Due to the nature of our businesses and our reliance, in part, on consumer travel and spending patterns, we may experience more demand for gasoline during the late spring and summer months than during the fall and winter months. Travel and recreational activities are typically higher in these months in the geographic areas in which we operate, increasing the demand for gasoline. Therefore, our volumes in gasoline are typically higher in the second and third quarters of the calendar year. As demand for some of our refined petroleum products, specifically home heating oil and residual oil for space heating purposes, is generally greater during the winter months, heating oil and residual oil volumes are generally higher during the first and fourth quarters of the calendar year. These factors may result in fluctuations in our quarterly operating results.
Outlook
This section identifies certain risks and certain economic or industry-wide factors that may affect our financial performance and results of operations in the future, both in the short-term and in the long-term. Our results of operations and financial condition depend, in part, upon the following:
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35
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Results of Operations
Evaluating Our Results of Operations
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
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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.
Product Margin
We view product margin as an important performance measure of the core profitability of our operations. We review product margin monthly for consistency and trend analysis. We define product margin as our product sales minus product costs. Product sales primarily include sales of unbranded and branded gasoline, distillates, residual oil, renewable fuels and crude oil, as well as convenience store and prepared food sales, gasoline station rental income and revenue generated from our logistics activities when we engage in the storage, transloading and shipment of products owned by others. Product costs include the cost of acquiring products and all associated costs including shipping and handling costs to bring such products to the point of sale as well as product costs related to convenience store items and costs associated with our logistics activities. We also look at product margin on a per unit basis (product margin divided by volume). Product margin is a non-GAAP financial measure used by management and external users of our consolidated financial statements to assess our business. Product margin should not be considered an alternative to net income, operating income, cash flow from operations, or any other measure of financial performance presented in accordance with GAAP. In addition, our product margin may not be comparable to product margin or a similarly titled measure of other companies.
Gross Profit
We define gross profit as our product margin minus terminal and gasoline station related depreciation expense allocated to cost of sales.
EBITDA and Adjusted EBITDA
EBITDA and adjusted EBITDA are non-GAAP financial measures used as supplemental financial measures by management and may be used by external users of our consolidated financial statements, such as investors, commercial banks and research analysts, to assess:
Adjusted EBITDA is EBITDA further adjusted for gains or losses on the sale and disposition of assets, goodwill and long-lived asset impairment charges and our proportionate share of EBITDA related to our joint venture, SPR, which is accounted for using the equity method. EBITDA and adjusted EBITDA should not be considered as alternatives to net income, operating income, cash flow from operating activities or any other measure of financial performance or liquidity presented in accordance with GAAP. EBITDA and adjusted EBITDA exclude some, but not all, items that affect net income, and these measures may vary among other companies. Therefore, EBITDA and adjusted EBITDA may not be comparable to similarly titled measures of other companies.
Distributable Cash Flow and Adjusted Distributable Cash Flow
Distributable cash flow is an important non-GAAP financial measure for our limited partners since it serves as an indicator of our success in providing a cash return on their investment. Distributable cash flow as defined by our partnership agreement is net income plus depreciation and amortization minus maintenance capital expenditures, as well as adjustments to eliminate items approved by the audit committee of the board of directors of our general partner that are extraordinary or non-recurring in nature and that would otherwise increase distributable cash flow.
Distributable cash flow as used in our partnership agreement also determines our ability to make cash distributions on our incentive distribution rights. The investment community also uses a distributable cash flow metric similar to the metric used in our partnership agreement with respect to publicly traded partnerships to indicate whether or not such partnerships have generated sufficient earnings on a current or historical level that can sustain distributions on preferred or common units or support an increase in quarterly cash distributions on common units. Our partnership agreement does not permit adjustments for certain non-cash items, such as net losses on the sale and disposition of assets and goodwill and long-lived asset impairment charges.
Adjusted distributable cash flow is a non-GAAP financial measure intended to provide management and investors with an enhanced perspective of our financial performance. Adjusted distributable cash flow is distributable cash flow (as defined in our partnership agreement) further adjusted for our proportionate share of distributable cash flow related to our joint venture, SPR, which is accounted for using the equity method. Adjusted distributable cash flow is not used in our partnership agreement to determine our ability to make cash distributions and may be higher or lower than distributable cash flow as calculated under our partnership agreement.
Distributable cash flow and adjusted distributable cash flow should not be considered as alternatives to net income, operating income, cash flow from operations, or any other measure of financial performance presented in accordance with GAAP. In addition, our distributable cash flow and adjusted distributable cash flow may not be comparable to distributable cash flow or similarly titled measures of other companies.
Selling, General and Administrative Expenses
Our SG&A expenses include, among other things, marketing costs, corporate overhead, employee salaries and benefits, pension and 401(k) plan expenses, discretionary bonuses, non-interest financing costs, professional fees and information technology expenses. Employee-related expenses including employee salaries, discretionary bonuses and related payroll taxes, benefits, and pension and 401(k) plan expenses are paid by our general partner which, in turn, are reimbursed for these expenses by us.
Operating Expenses
Operating expenses are costs associated with the operation of the terminals, transload facilities and gasoline stations and convenience stores used in our businesses. Lease payments, maintenance and repair, property taxes, utilities, credit card fees, taxes, labor and labor-related expenses comprise the most significant portion of our operating expenses. While the majority of these expenses remains relatively stable, independent of the volumes through our system, they can fluctuate depending on the activities performed during a specific period. In addition, they can be impacted by new directives issued by federal, state and local governments.
Degree Days
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
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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.
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Key Performance Indicators
The following table provides a summary of some of the key performance indicators that may be used to assess our results of operations. These comparisons are not necessarily indicative of future results (gallons and dollars in thousands):
EBITDA (1)
142,067
91,858
Adjusted EBITDA (1)
140,350
91,260
Distributable cash flow (2)(3)
96,401
45,689
Adjusted distributable cash flow (2)(3)
96,815
46,541
Volume (gallons)
1,632,186
1,438,619
Distillates and other oils (4)
331,919
357,586
Station operations (5)
166,805
124,807
Combined sales and product margin:
Product margin (6)
GDSO portfolio as of March 31, 2026 and 2025:
296
318
172
775
Total GDSO portfolio (7)
1,561
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Weather conditions:
Normal heating degree days
2,844
2,870
Actual heating degree days
2,877
2,762
Variance from normal heating degree days
1
(4)
Variance from prior period actual heating degree days
The following table presents reconciliations of EBITDA and adjusted EBITDA to the most directly comparable GAAP financial measures on a historical basis for each period presented (in thousands):
Reconciliation of net income to EBITDA and adjusted EBITDA:
35,503
36,039
839
1,230
EBITDA
(Income) loss from equity method investment (1)
(628)
EBITDA related to equity method investment (1)
2,337
1,837
Adjusted EBITDA
Reconciliation of net cash used in operating activities to EBITDA and adjusted EBITDA:
Net changes in operating assets and liabilities and certain non-cash items
210,425
106,179
The following table presents reconciliations of distributable cash flow and adjusted distributable cash flow to the most directly comparable GAAP financial measures on a historical basis for each period presented (in thousands):
Reconciliation of net income to distributable cash flow and adjusted distributable cash flow:
Amortization of routine bank refinancing fees
(1,235)
(1,193)
Maintenance capital expenditures
(9,959)
(9,580)
Distributable cash flow (1)(2)
(Income) loss from equity method investment (3)
Distributable cash flow from equity method investment (3)
1,042
797
Adjusted distributable cash flow (1)(2)
Distributions to preferred unitholders (4)
Adjusted distributable cash flow after distributions to preferred unitholders
95,034
44,760
Reconciliation of net cash used in operating activities to distributable cash flow and adjusted distributable cash flow:
Consolidated Sales
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
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gallons and 42 million gallons in our Wholesale and Commercial segments, respectively, offset by a decrease of 26 million gallons in our GDSO segment).
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.
Results for Wholesale Segment
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.
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.
Results for Gasoline Distribution and Station Operations Segment
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.
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.
Results for Commercial Segment
Our commercial sales were $367.4 million and $275.1 million for the three months ended March 31, 2026 and 2025, respectively, an increase of $92.3 million or 34%, primarily due to increases in prices and in volume sold. Our commercial product margin was $11.7 million and $7.1 million for the three months ended March 31, 2026 and 2025, respectively, an increase of $4.6 million, or 64%, primarily due to more favorable market conditions.
SG&A expenses were $99.3 million and $73.7 million for the three months ended March 31, 2026 and 2025, respectively, an increase of $25.6 million, or 35%, including increases of $21.1 million in accrued discretionary
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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.
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.
Amortization Expense
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.
Net Gain on Sale and Disposition of Assets
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.
Income from Equity Method Investments
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.
Interest Expense
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.
Income Tax Expense
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.
Liquidity and Capital Resources
Liquidity
Our primary liquidity needs are to fund our working capital requirements, capital expenditures and distributions and to service our indebtedness. Our primary sources of liquidity are cash generated from operations, amounts available under our working capital revolving credit facility and equity and debt offerings. Please read “—Credit Agreement” for more information on our working capital revolving credit facility.
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.
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During 2026, we paid the following cash distribution to our common unitholders and our general partner:
Distribution Paid for the
Cash Distribution Payment Date
Total Paid
Quarterly Period Ended
February 13, 2026
30.8 million
Fourth quarter 2025
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.
Preferred Units
During 2026, we paid the following cash distribution to holders of the Series B Preferred Units:
Rate
Quarterly Period Covering
February 17, 2026
1.8 million
9.50%
In addition, on April 13, 2026, the board of directors of our general partner declared a quarterly cash distribution of $0.59375 per unit ($2.375 per unit on an annualized basis) on the Series B Preferred Units for the period from February 15, 2026 through May 14, 2026 to our Series B preferred unitholders of record as of the opening of business on May 1, 2026. We expect to pay the total cash distribution of $1.8 million on May 15, 2026.
Contractual Obligations
We have contractual obligations that are required to be settled in cash. The amounts of our contractual obligations at March 31, 2026 were as follows (in thousands):
Payments Due by Period
Remainder of
Beyond 2026
Credit facility obligations (1)
254,236
298,016
552,252
Senior notes obligations (2)
46,625
1,738,782
1,785,407
Operating lease obligations (3)
75,747
399,879
475,626
Other long-term liabilities (4)
13,377
74,111
87,488
Financing obligations (5)
12,445
50,986
63,431
402,430
2,561,774
2,964,204
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Capital Expenditures
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.
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.
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.
We believe that we will have sufficient cash flow from operations, borrowing capacity under our credit agreement and the ability to issue additional equity and/or debt securities to meet our financial commitments, debt service obligations, contingencies and anticipated capital expenditures. However, we are subject to business and operational risks that could adversely affect our cash flow. A material decrease in our cash flows would likely have an adverse effect on our borrowing capacity as well as our ability to issue additional equity and/or debt securities.
Cash Flow
The following table summarizes cash flow activity (in thousands):
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Operating Activities
Cash flow from operating activities generally reflects our net income, balance sheet changes arising from inventory purchasing patterns, the timing of collections on our accounts receivable, the seasonality of parts of our businesses, fluctuations in product prices, working capital requirements and general market conditions.
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.
Except for net income, the primary drivers of the changes in operating activities include the following (in thousands):
Increase in accounts receivable
(Increase) decrease in inventories
Increase in accounts payable
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.
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.
Investing Activities
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.
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.
Please read “—Capital Expenditures” for a discussion of our capital expenditures for the three months ended March 31, 2026 and 2025.
Financing Activities
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.
Net cash provided by financing activities was $79.4 million for the three months ended March 31, 2025 and included $125.2 million in net borrowings from our working capital revolving credit facility. Net cash provided by
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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.
See Note 6 of Notes to Consolidated Financial Statements for supplemental cash flow information related to our working capital revolving credit facility and revolving credit facility.
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.
On March 13, 2026, we and the lenders under the credit agreement agreed to, pursuant to the terms of the credit agreement, (i) exercise the accordion feature included in the credit agreement, and (ii) increase the aggregate working capital interim commitments as provided in the credit agreement to $300.0 million for a period not to exceed 364 days, after which the aggregate working capital interim commitments will automatically be reduced to $0.
As of March 31, 2026, there were two facilities under the credit agreement:
Availability under the working capital revolving credit facility is subject to a borrowing base which is redetermined from time to time and based on specific advance rates on eligible current assets. Availability under the borrowing base may be affected by events beyond our control, such as changes in petroleum product prices, collection cycles, counterparty performance, advance rates and limits and general economic conditions.
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.
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.
The credit agreement imposes financial covenants that require us to maintain certain minimum working capital amounts, a minimum combined interest coverage ratio, a maximum senior secured leverage ratio and a maximum total leverage ratio. We were in compliance with the foregoing covenants at March 31, 2026.
Please read Part II, Item 7, “Management’s Discussion and Analysis of Financial Condition and Results of Operations—Credit Agreement” in our Annual Report on Form 10-K for the year ended December 31, 2025 for additional information on the credit agreement.
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We had 6.875% senior notes due 2029, 8.250% senior notes due 2032 and 7.125% senior notes due 2033 outstanding at March 31, 2026 and December 31, 2025. Please read Part II, Item 7, “Management’s Discussion and Analysis of Financial Condition and Results of Operations—Liquidity and Capital Resources—Senior Notes” in our Annual Report on Form 10-K for the year ended December 31, 2025 for additional information on these senior notes.
We had financing obligations outstanding at March 31, 2026 and December 31, 2025 associated with historical sale-leaseback transactions that did not meet the criteria for sale accounting. Please read Part II, Item 7, “Management’s Discussion and Analysis of Financial Condition and Results of Operations—Liquidity and Capital Resources—Financing Obligations” in our Annual Report on Form 10-K for the year ended December 31, 2025 for additional information.
Off-Balance Sheet Arrangements
We have no off-balance sheet arrangements.
Critical Accounting Policies and Estimates
The significant accounting policies and estimates that we have adopted and followed in the preparation of our consolidated financial statements are detailed in Note 2 of Notes to Consolidated Financial Statements, “Summary of Significant Accounting Policies,” included in our Annual Report on Form 10-K for the year ended December 31, 2025. There have been no material changes in our policies that had a significant impact on our financial condition and results of operations for the periods covered in this report.
During the three months ended March 31, 2026, there has been no material change to our critical accounting estimates discussed in Part II, Item 7, “Management’s Discussion and Analysis of Financial Condition and Results of Operations—Critical Accounting Policies and Estimates” in our Annual Report on Form 10-K for the year ended December 31, 2025.
Recent Accounting Pronouncements
A description and related impact expected from the adoption of certain new accounting pronouncements is provided in Note 16 of Notes to Consolidated Financial Statements included elsewhere in this report.
Item 3.Quantitative and Qualitative Disclosures About Market Risk
Market risk is the risk of loss arising from adverse changes in market rates and prices. The principal market risks to which we are exposed are interest rate risk and commodity risk. We currently utilize various derivative instruments to manage exposure to commodity risk.
Interest Rate Risk
We utilize variable rate debt and are exposed to market risk due to the floating interest rates on our credit agreement. Therefore, from time to time, we utilize interest rate collars, swaps and caps to hedge interest obligations on specific and anticipated debt issuances.
As of March 31, 2026, we had total borrowings outstanding under our credit agreement of $511.8 million. Please read Part I, Item 2. “Management’s Discussion and Analysis—Liquidity and Capital Resources—Credit Agreement,” for information on interest rates related to our borrowings. The impact of a 1% increase in the interest rate on this amount of debt would have resulted in an increase in interest expense, and a corresponding decrease in our results of operations, of $5.1 million annually, assuming, however, that our indebtedness remained constant throughout the year.
Commodity Risk
We hedge our exposure to price fluctuations with respect to refined petroleum products, renewable fuels, crude oil and gasoline blendstocks in storage and expected purchases and sales of these commodities. The derivative instruments utilized consist primarily of exchange-traded futures contracts traded on the NYMEX, CME and ICE and over-the-counter transactions, including swap agreements entered into with established financial institutions and other credit-approved energy companies. Our policy is generally to purchase only products for which we have a market and to structure our sales contracts so that price fluctuations do not materially affect our profit. While our policies are designed to minimize market risk, as well as inherent basis risk, exposure to fluctuations in market conditions remains. Except for the controlled trading program discussed below, we do not acquire and hold futures contracts or other derivative products for the purpose of speculating on price changes that might expose us to indeterminable losses.
While we seek to maintain a position that is substantially balanced within our commodity product purchase and sales activities, we may experience net unbalanced positions for short periods of time as a result of variances in daily purchases and sales and transportation and delivery schedules as well as other logistical issues inherent in our businesses, such as weather conditions. In connection with managing these positions, we are aided by maintaining a constant presence in the marketplace. We also engage in a controlled trading program with an aggregate outright commodity exposure of up to 250,000 barrels at any one point in time. Changes in the fair value of these derivative instruments are recognized in the consolidated statements of operations through cost of sales. We may use foreign currency derivatives to minimize the risks of unfavorable exchange rates. These instruments may include foreign currency exchange contracts and forwards. In conjunction with entering into the commodity derivative, we may enter into a foreign currency derivative to hedge the resulting foreign currency risk. These foreign currency derivatives are generally short-term in nature and not designated for hedge accounting.
We utilize exchange-traded futures contracts and other derivative instruments to minimize or hedge the impact of commodity price changes on our inventories and forward fixed price commitments. Any hedge ineffectiveness is reflected in our results of operations. We utilize regulated exchanges, including the NYMEX, CME and ICE, which are exchanges for the respective commodities that each trades, thereby reducing potential delivery and supply risks. Generally, our practice is to close all exchange positions rather than to make or receive physical deliveries.
At March 31, 2026, the fair value of all of our commodity risk derivative instruments and the change in fair value that would be expected from a 10% price increase or decrease are shown in the table below (in thousands):
Fair Value at
Gain (Loss)
Effect of 10%
Price Increase
Price Decrease
Exchange traded derivative contracts
(41,188)
41,188
Forward derivative contracts
(77,119)
(22,227)
22,227
(150,106)
(63,415)
63,415
The fair values of the futures contracts are based on quoted market prices obtained from the NYMEX, CME and ICE. The fair value of the swaps and option contracts are estimated based on quoted prices from various sources such as independent reporting services, industry publications and brokers. These quotes are compared to the contract price of the swap, which approximates the gain or loss that would have been realized if the contracts had been closed out at March 31, 2026. For positions where independent quotations are not available, an estimate is provided, or the prevailing market price at which the positions could be liquidated is used. All hedge positions offset physical exposures to the physical market; none of these offsetting physical exposures are included in the above table. Price-risk sensitivities were calculated by assuming an across-the-board 10% increase or decrease in price regardless of term or historical relationships between the contractual price of the instruments and the underlying commodity price. In the event of an actual 10% change in prompt month prices, the fair value of our derivative portfolio would typically change less than that shown in the table due to lower volatility in out-month prices. We have a daily margin requirement to maintain a cash deposit with our brokers based on the prior day’s market results on open futures contracts. The balance of this deposit will fluctuate based on our open market positions and the commodity exchange’s requirements. The brokerage margin balance was $41.3 million at March 31, 2026.
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We are exposed to credit loss in the event of nonperformance by counterparties to our exchange-traded derivative contracts, physical forward contracts, and swap agreements. We anticipate some nonperformance by some of these counterparties which, in the aggregate, we do not believe at this time will have a material adverse effect on our financial condition, results of operations or cash available for distribution to our unitholders. Exchange-traded derivative contracts, the primary derivative instrument utilized by us, are traded on regulated exchanges, greatly reducing potential credit risks. We utilize major financial institutions as our clearing brokers for all NYMEX, CME and ICE derivative transactions and the right of offset exists with these financial institutions. Accordingly, the fair value of our exchange-traded derivative instruments is presented on a net basis in the consolidated balance sheet. Exposure on physical forward contracts and swap agreements is limited to the amount of the recorded fair value as of the balance sheet dates.
Item 4.Controls and Procedures
Disclosure Controls and Procedures
We maintain disclosure controls and procedures that are designed to ensure that the information required to be disclosed by us in the reports we file or submit under the Securities Exchange Act of 1934 (the “Exchange Act”) is recorded, processed, summarized and reported within the time periods specified in SEC rules and forms and that information is accumulated and communicated to our management, including our principal executive officer and principal financial officer, as appropriate, to allow timely decisions regarding required disclosure. Under the supervision and with the participation of our principal executive officer and principal financial officer, management evaluated the effectiveness of our disclosure controls and procedures (as defined in Rules 13a-15(e) or 15d-15(e) of the Exchange Act). Based on this evaluation, our principal executive officer and principal financial officer concluded that our disclosure controls and procedures were operating and effective as of March 31, 2026.
Changes in Internal Control Over Financial Reporting
There were no changes in our internal control over financial reporting that occurred during the quarter ended March 31, 2026 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.
Item 1.Legal Proceedings
The information required by this item is included in Note 15 of Notes to Consolidated Financial Statements and is incorporated herein by reference.
Item 1A.Risk Factors
In addition to other information set forth in this report, you should carefully consider the factors discussed in Part I, Item 1A, “Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2025, which could materially affect our business, financial condition or future results.
Item 2.Unregistered Sales of Equity Securities and Use of Proceeds
None.
Item 5.Other Information
During the three months ended March 31, 2026, no director or executive officer of the Partnership adopted or terminated a “Rule 10b5-1 trading arrangement” or “non-Rule 10b5-1 trading arrangement,” as each term is defined in Item 408(a) of Regulation S-K.
Item 6.Exhibits
3.1
Certificate of Limited Partnership of Global Partners LP (incorporated by reference to Exhibit 3.1 to the Registration Statement on Form S-1 filed on May 10, 2005).
3.2
Fifth Amended and Restated Agreement of Limited Partnership of Global Partners LP dated as of March 24, 2021 (incorporated herein by reference to Exhibit 3.1 to the Current Report on Form 8-K filed on March 24, 2021).
4.1
Indenture, dated October 7, 2020, among the Issuers, the Guarantors and Regions Bank, as trustee (incorporated herein by reference to Exhibit 4.1 to the Current Report on Form 8-K filed on October 8, 2020).
4.2
First Supplemental Indenture, dated as of October 28, 2020, among the Issuers, the Guarantors and Regions Bank, as trustee (incorporated herein by reference to Exhibit 4.3 to the Registration Statement on Form S-4 filed on December 16, 2020).
4.3
Indenture, dated January 18, 2024, among the Issuers, the Guarantors and Regions Bank, as trustee (incorporated herein by reference to Exhibit 4.1 to the Current Report on Form 8-K filed on January 18, 2024).
4.4
Indenture, dated as of June 23, 2025, among the Issuers, the Guarantors and Regions Bank, as trustee (incorporated herein by reference to Exhibit 4.1 to the Current Report on Form 8-K filed on June 23, 2025).
10.1˄
Employment Agreement by and between Global GP LLC and Sean T. Geary (incorporated herein by reference to Exhibit 10.1 to the Current Report on Form 8-K filed on January 6, 2026).
10.2˄
Employment Agreement by and between Global GP LLC and Kristin K. Seabrook (incorporated herein by reference to Exhibit 10.28 to the Annual Report on Form10-K filed on February 27, 2026).
31.1*
Rule 13a-14(a)/15d-14(a) Certification of Principal Executive Officer of Global GP LLC, general partner of Global Partners LP.
31.2*
Rule 13a-14(a)/15d-14(a) Certification of Principal Financial Officer of Global GP LLC, general partner of Global Partners LP.
32.1†
Section 1350 Certification of Chief Executive Officer of Global GP LLC, general partner of Global Partners LP.
32.2†
Section 1350 Certification of Chief Financial Officer of Global GP LLC, general partner of Global Partners LP.
101.INS*
Inline XBRL Instance Document (the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document).
101.SCH*
Inline XBRL Taxonomy Extension Schema Document.
101.CAL*
Inline XBRL Taxonomy Extension Calculation Linkbase Document.
101.DEF*
Inline XBRL Taxonomy Extension Definition Linkbase Document.
101.LAB*
Inline XBRL Taxonomy Extension Labels Linkbase Document.
101.PRE*
Inline XBRL Taxonomy Extension Presentation Linkbase Document.
104*
Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101).
* Filed herewith.
† Not deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934 or otherwise subject to the liability of that section.
˄ Management contract or compensatory plan or arrangement.
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
By:
Global GP LLC,
its general partner
Dated: May 8, 2026
/s/ Eric Slifka
Eric Slifka
President and Chief Executive Officer
(Principal Executive Officer)
/s/ Gregory B. Hanson
Gregory B. Hanson
Chief Financial Officer
(Principal Financial Officer)