Quarterly Report for Quarter Ending September 30, 2025 (Form 10-Q)

Management's Discussion and Analysis of Financial Condition and Results of Operations

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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.

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

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Forward-Looking Statements

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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:

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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, 2024 and Part II, Item 1A, "Risk Factors," in this Quarterly Report on Form 10-Q.

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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

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.

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Overview

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

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

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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.

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2025 Events

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2033 Notes Offering and 2027 Notes Tender Offer and Redemption-On June 23, 2025, we and GLP Finance Corp. (the "Issuers") issued $450.0 million aggregate principal amount of 7.125% senior notes due 2033 (the "2033 Notes") in reliance on Rule 144A and Regulation S under the Securities Act of 1933, as amended (the "Securities Act"). We used the net proceeds from the offering to fund the purchase of a portion of our 7.00% senior notes due 2027 (the "2027 Notes") in a cash tender offer and to repay a portion of the borrowings outstanding under our credit agreement.

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On June 23, 2025, the Issuers delivered a Notice of Full Redemption to Regions Bank, as trustee, for all of the outstanding 2027 Notes not purchased in the tender offer. The redemption of the remaining 2027 Notes occurred on August 1, 2025. Please read "-Liquidity and Capital Resources-Senior Notes" for additional information on the 2033 Notes.

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Amendment to the Credit Agreement-On March 20, 2025, we and certain of our subsidiaries entered into the eleventh amendment to the third amended and restated credit agreement which, among other things, (i) extended the maturity date from May 2, 2026 to March 20, 2028, (ii) increased the working capital revolving credit facility from $950.0 million to $1.0 billion, and (iii) decreased the revolving credit facility from $600.0 million to $500.0 million. See "-Liquidity and Capital Resources-Credit Agreement."

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Investment in Real Estate-On January 23, 2025, we, through our wholly owned subsidiary, Global HQ 2 LLC, invested in BIG GRP 275 Grove JV LLC, a joint venture formed with unrelated third parties to acquire and operate an

office building located in Newton, Massachusetts. Also on January 23, 2025, we signed a 12-year lease arrangement for space in this property that will serve as our principal executive office at the termination of our existing leased space in Waltham, Massachusetts in 2026. See Note 10 of Notes to Consolidated Financial Statements for additional information

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Operating Segments

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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.

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Wholesale

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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.

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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.

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Gasoline Distribution and Station Operations

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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).

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As of September 30, 2025, we had a portfolio of owned, leased and/or supplied gasoline stations, primarily in the Northeast, that consisted of the following:

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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.

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Commercial

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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

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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.

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Outlook

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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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Results of Operations

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Evaluating Our Results of Operations

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

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Product Margin

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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.

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Gross Profit

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We define gross profit as our product margin minus terminal and gasoline station related depreciation expense allocated to cost of sales.

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EBITDA and Adjusted EBITDA

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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:

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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.

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Distributable Cash Flow and Adjusted Distributable Cash Flow

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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.

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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.

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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.

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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.

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Selling, General and Administrative Expenses

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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.

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Operating Expenses

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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.

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Degree Days

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

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Key Performance Indicators

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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):

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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):

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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):

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Results of Operations

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Consolidated Sales

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

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Our total sales were $13.9 billion and $12.9 billion for the nine months ended September 30, 2025 and 2024, respectively, increasing $936.2 million, or 7%, primarily due to an increase in volume sold, partially offset by a decrease in prices. Our aggregate volume of product sold was 5.9 billion gallons and 4.9 billion gallons for the nine months ended September 30, 2025 and 2024, respectively, increasing 991 million gallons from the prior-year period (consisting of increases of 991 million gallons and 53 million gallons in our Wholesale and Commercial segments, respectively, offset by a decrease of 53 million gallons in our GDSO segment). The increases in our Wholesale segment sales and volume sold include the addition of four refined-product terminals we acquired from Gulf Oil Limited Partnership ("Gulf Oil") in April 2024 and one liquid energy terminal in East Providence, Rhode Island we acquired from ExxonMobil Oil Corporation in November 2024 (collectively, the "Acquired Terminals").

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Gross Profit

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

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Our gross profit was $799.0 million and $789.1 million for the nine months ended September 30, 2025 and 2024, respectively, an increase of $9.9 million, or 1%. Our Wholesale segment product margins increased primarily due to more favorable market conditions in gasoline and distillates, partially offset by less favorable market conditions in residual oil. In our GDSO segment, our gasoline distribution product margin decreased primarily due to lower fuel margins (cents per gallon), while our station operations product margin decreased due in part to the sales and conversions of certain company-operated sites and to a decrease in sundries. Our Commercial segment product margin decreased in part due to less favorable market conditions in bunkering. The increase in gross profit was partially offset by a $6.3 million increase in depreciation allocated to cost of sales.

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Results for Wholesale Segment

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

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Sales from wholesale gasoline and gasoline blendstocks were $5.9 billion and $4.9 billion for the nine months ended September 30, 2025 and 2024, respectively, an increase of $1.0 billion, or 21%, primarily due to an increase in volume sold, partially offset by a decrease in prices. Our gasoline and gasoline blendstocks product margin was $177.4 million and $143.2 million for the nine months ended September 30, 2025 and 2024, respectively, an increase of

$34.2 million, or 24%, primarily due to more favorable market conditions in gasoline compared to the same period in 2024. Our product margin also benefited from the addition of the Acquired Terminals.

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

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Sales from distillates and other oils were $3.5 billion and $3.1 billion for the nine months ended September 30, 2025 and 2024, respectively, increasing $375.4 million, or 12%, primarily due to an increase in volume sold, partially offset by a decrease in prices. Our product margin from distillates and other oils was $86.0 million and $69.2 million for the nine months ended September 30, 2025 and 2024, respectively, an increase of $16.8 million, or 24%, primarily due to more favorable market conditions in distillates, partially offset by less favorable market conditions in residual oil.

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Results for Gasoline Distribution and Station Operations Segment

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

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Sales from gasoline distribution were $3.2 billion and $3.7 billion for the nine months ended September 30, 2025 and 2024, respectively, decreasing $474.4 million, or 13%, primarily due to decreases in prices and in volume sold. Our product margin from gasoline distribution was $408.4 million and $433.1 million for the nine months ended September 30, 2025 and 2024, respectively, a decrease of $24.7 million, or 6%, primarily due to lower fuel margins (cents per gallon) compared to the same period in 2024.

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

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Sales from our station operations were $414.6 million and $430.6 million for the nine months ended September 30, 2025 and 2024, respectively, a decrease of $16.0 million, or 4%. Our product margin from station operations was $206.2 million and $213.8 million for the nine months ended September 30, 2025, respectively, a decrease of $7.6 million, or 4%. The decreases in sales and product margin are due in part to the sales and conversions of certain company-operated sites and to a decrease in sundries.

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Results for Commercial Segment

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Our commercial sales were $297.8 million and $277.1 million for the three months ended September 30, 2025 and 2024, respectively, an increase of $20.7 million or 7%, primarily due to an increase in volume sold, partially offset by a decrease in prices. Our commercial product margin was $7.0 million and $9.5 million for the three months ended September 30, 2025 and 2024, respectively, a decrease of $2.5 million, or 26%, primarily due to less favorable market conditions in bunkering.

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Our commercial sales were $848.7 million and $836.7 million for the nine months ended September 30, 2025 and 2024, respectively, an increase of $12.0 million or 1%, primarily due to an increase in volume sold, partially offset by a decrease in prices. Our commercial product margin was $20.2 million and $22.7 million for the nine months ended September 30, 2025 and 2024, respectively, a decrease of $2.5 million, or 11%, in part due to less favorable market conditions in bunkering.

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Selling, General and Administrative Expenses

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SG&A expenses were $76.3 million and $70.5 million for the three months ended September 30, 2025 and 2024, respectively, an increase of $5.8 million, or 8%, including increases of $1.8 million in wages and benefits, $1.4 million in dues and subscriptions, $1.1 million in professional fees, and $4.1 million in various other SG&A expenses. The increase in SG&A expenses was offset by a decrease of $2.6 million in accrued discretionary incentive compensation.

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

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Operating Expenses

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

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Operating expenses were $394.9 million and $387.2 million for the nine months ended September 30, 2025 and 2024, respectively, an increase of $7.7 million, or 2%, including an increase of $10.2 million in operating expenses associated with our terminals operations, primarily in maintenance and repairs, as well as the addition of the Acquired Terminals, offset by lower rent and lease expenses. The increase in operating expenses was offset by a decrease of $2.5 million in operating expenses related to our GDSO operations.

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Amortization Expense

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

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Net Gain on Sale and Disposition of Assets

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

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Long-Lived Asset Impairment

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We recognized an immaterial impairment charge relating to construction in process assets allocated to the GDSO segment for the three months ended September 30, 2025 and $0.2 million for the nine months ended September 30, 2025. We recognized impairment charges relating to certain right of use assets and construction in process assets allocated to the GDSO segment in the total amount of $0.5 million for each of the three and nine months ended September 30, 2024.

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Income (Loss) from Equity Method Investments

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

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Interest Expense

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

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Interest expense was $103.9 million and $100.3 million for the nine months ended September 30, 2025 and 2024, respectively, an increase of $3.6 million, or 4%, primarily due to higher average balances on our working capital credit facility.

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Loss on Early Extinguishment of Debt

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As a result of the redemption of all $400.0 million of the 2027 Notes, we recorded a loss from early extinguishment of debt of $0.2 million and $3.0 million for the three and nine months ended September 30, 2025, respectively. This loss consists of a non-cash write-off of a portion of the remaining unamortized original issue discount of $0.2 million and $1.9 million for the three and nine months ended September 30, 2025, respectively, and a cash call premium of $0 and $1.1 million for the three and nine months ended September 30, 2025, respectively. Please read "-Liquidity and Capital Resources-Senior Notes" for additional information.

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Income Tax Benefit (Expense)

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

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Liquidity and Capital Resources

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Liquidity

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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.

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

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Cash Distributions

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Common Units

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

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

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Preferred Units

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

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In addition, on October 14, 2025, 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 August 15, 2025 through November 14, 2025 to our Series B preferred unitholders of record as of the opening of business on November 3, 2025. We expect to pay the total cash distribution of $1.8 million on November 17, 2025.

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Contractual Obligations

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We have contractual obligations that are required to be settled in cash. The amounts of our contractual obligations at September 30, 2025 were as follows (in thousands):

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Capital Expenditures

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

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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 $21.2 million and $24.6 million in expansion capital expenditures, excluding acquired property and equipment, for the nine months ended September 30, 2025 and 2024, respectively, primarily related to investments in our gasoline station and terminal businesses.

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

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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.

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Cash Flow

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The following table summarizes cash flow activity (in thousands):

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Operating Activities

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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.

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

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Except for net income, the primary drivers of the changes in operating activities include the following (in thousands):

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

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

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Investing Activities

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

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

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

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Financing Activities

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

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

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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.

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Credit Agreement

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

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.

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On March 20, 2025, we and certain of our subsidiaries entered into the eleventh amendment to the third amended and restated credit agreement (the "Eleventh Amendment") which, among other things, (i) extended the maturity date from May 2, 2026 to March 20, 2028, (ii) increased the working capital revolving credit facility from $950.0 million to $1.0 billion and (iii) decreased the revolving credit facility from $600.0 million to $500.0 million. All other material terms of the credit agreement remain substantially the same as disclosed in 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, 2024.

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As of September 30, 2025, there were two facilities under the credit agreement:

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The credit agreement has an accordion feature whereby we may request on the same terms and conditions then applicable to the credit agreement, provided no Default (as defined in the credit agreement) then exists, an increase to the working capital revolving credit facility, the revolving credit facility, or both, by up to another $300.0 million, in the aggregate, for a total credit facility of up to $1.80 billion. Any such request for an increase must be in a minimum amount of $25.0 million. We cannot provide assurance, however, that our lending group and/or other lenders outside our lending group will agree to fund any request by us for additional amounts in excess of the total available commitments of $1.50 billion.

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In addition, the credit agreement includes a swing line pursuant to which Bank of America, N.A., as the swing line lender, may make swing line loans in U.S. dollars in an aggregate amount equal to the lesser of (a) $100.0 million and (b) the Aggregate WC Commitments (as defined in the credit agreement). Swing line loans will bear interest at the Base Rate (as defined in the credit agreement). The swing line is a sub-portion of the working capital revolving credit facility and is not an addition to the total available commitments of $1.50 billion.

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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.

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

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

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The credit agreement also includes certain baskets, including: (i) a $35.0 million general secured indebtedness basket, (ii) a $30.0 million general investment basket, (iii) a $100.0 million secured indebtedness basket to permit the borrowers to enter into a Contango Facility (as defined in the credit agreement), (iv) a Sale/Leaseback Transaction (as defined in the credit agreement) basket of $150.0 million, and (v) a basket of $150.0 million in an aggregate amount for the purchase of our common units, provided that, among other things, no Default exists or would occur immediately following such purchase(s).

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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 September 30, 2025.

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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, 2024 for additional information on the credit agreement.

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Senior Notes

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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 (discussed below) outstanding at September 30, 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, 2024 for additional information on the 6.875% senior notes due 2029 and the 8.250% senior notes due 2032.

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7.125% Senior Notes Due 2033

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On June 23, 2025, the Issuers issued $450.0 million aggregate principal amount of 7.125% senior notes due 2033 to qualified institutional buyers pursuant to Rule 144A under the Securities Act and to persons outside the United States pursuant to Regulation S under the Securities Act. We used the net proceeds from the offering to fund the purchase of a portion of the 2027 Notes in a cash tender offer and to repay a portion of the borrowings outstanding under our credit agreement.

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On June 23, 2025, we redeemed $360.3 million of the 2027 Notes, and the Issuers delivered a Notice of Full Redemption to Regions Bank, as trustee, for all of the outstanding 2027 Notes not purchased in the tender offer. On August 1, 2025, we redeemed the remaining portion of the 2027 Notes in the amount of $39.7 million.

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As a result of the redemption of all $400.0 million of the 2027 Notes, we recorded a loss from early extinguishment of debt of $0.2 million and $3.0 million for the three and nine months ended September 30, 2025, respectively. This loss consists of a non-cash write-off of a portion of the remaining unamortized original issue discount of $0.2 million and $1.9 million for the three and nine months ended September 30, 2025, respectively, and a cash call premium of $0 and $1.1 million for the three and nine months ended September 30, 2025, respectively.

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2033 Notes Indenture

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In connection with the issuance of the 2033 Notes on June 23, 2025, the Issuers and the subsidiary guarantors and Regions Bank, as trustee, entered into an indenture (the "2033 Notes Indenture").

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The 2033 Notes will mature on July 1, 2033 with interest accruing at a rate of 7.125% per annum. Interest is payable beginning January 1, 2026 and thereafter semi-annually in arrears on January 1 and July 1 of each year. The 2033 Notes are guaranteed on a joint and several senior unsecured basis by certain subsidiaries of ours. Upon a continuing event of default, the trustee or the holders of at least 25% in principal amount of the outstanding 2033 Notes may declare the 2033 Notes immediately due and payable, except that an event of default resulting from entry into a bankruptcy, insolvency or reorganization with respect to the Issuers, any restricted subsidiary of ours that is a significant subsidiary or any group of our restricted subsidiaries that, taken together, would constitute a significant subsidiary of ours, will automatically cause the outstanding 2033 Notes to become due and payable.

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At any time prior to July 1, 2028, the Issuers have the option to redeem up to 35% of the 2033 Notes, in an amount not greater than the net cash proceeds of certain equity offerings, at a redemption price (expressed as a percentage of principal amount) of 107.125%, plus accrued and unpaid interest, if any, to the redemption date. The Issuers have the option to redeem all or part of the 2033 Notes at any time on or after July 1, 2028, at the redemption prices (expressed as percentages of principal amount) of 103.563% for the twelve-month period beginning July 1, 2028, 101.781% for the twelve-month period beginning July 1, 2029, and 100% beginning on July 1, 2030 and at any time

thereafter, plus accrued and unpaid interest, if any, to the redemption date. In addition, prior to July 1, 2028, the Issuers may redeem all or part of the 2033 Notes at a redemption price equal to the sum of the principal amount thereof, plus a make whole premium, plus accrued and unpaid interest, if any, to the redemption date. The holders of the 2033 Notes may require the Issuers to repurchase the 2033 Notes following certain asset sales or a Change of Control Triggering Event (as defined in the 2033 Notes Indenture) at the prices and on the terms specified in the 2033 Notes Indenture.

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The 2033 Notes Indenture contains covenants that limit our ability to, among other things, incur additional indebtedness and issue preferred securities, make certain dividends and distributions, make certain investments and other restricted payments, restrict distributions by our subsidiaries, create liens, sell assets or merge with other entities. Events of default under the 2033 Notes Indenture include, but are not limited to, (i) a default in payment of principal of, or interest or premium, if any, on, the 2033 Notes, (ii) breach of our covenants under the 2033 Notes Indenture, (iii) certain events of bankruptcy and insolvency, (iv) any payment default or acceleration of indebtedness of ours or certain subsidiaries if the total amount of such indebtedness unpaid or accelerated exceeds $50.0 million and (v) failure to pay within 60 days uninsured final judgments exceeding $50.0 million.

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Financing Obligations

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We had financing obligations outstanding at September 30, 2025 and December 31, 2024 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, 2024 for additional information.

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Off-Balance Sheet Arrangements

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We have no off-balance sheet arrangements.

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Critical Accounting Policies and Estimates

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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, 2024. 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.

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During the three and nine months ended September 30, 2025, 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, 2024.

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Recent Accounting Pronouncements

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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.

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