Alliance Resource Partners, L.P. (ARLP): Business Model Canvas [Dec-2025 Updated]

You're looking to get a sharp, analyst's view of Alliance Resource Partners, L.P.'s (ARLP) current strategy, and frankly, it's a fascinating mix of old-school energy and new-age assets. As of their Q3 2025 results, the core remains solid: locking in major domestic utilities with low-cost coal production, keeping their Illinois Basin cost per ton near $\mathbf{\$34}$-$\mathbf{\$36}$. But here's the part that really matters for valuation: they are running a diversified operation that includes significant oil and gas royalties and, surprisingly, a $\mathbf{\$64.8}$ million stake in digital assets. Keep reading below to see the full nine-block Business Model Canvas that explains exactly how they generate that $\mathbf{\$571.4}$ million in quarterly revenue.

Alliance Resource Partners, L.P. (ARLP) - Canvas Business Model: Key Partnerships

You're looking at the core relationships that keep Alliance Resource Partners, L.P. moving coal and generating cash flow as of late 2025. These aren't just casual agreements; they are deep, often long-term, contractual dependencies that underpin the firm's stability.

The most significant strategic partnership is the vertical integration play into power generation. Alliance Resource Partners, L.P. invested approximately $22.1 million of its $25.0 million commitment into a limited partnership that indirectly owns and operates a coal-fired power plant in the PJM service area, known as Gavin Generation. This investment, approved by FERC in July 2025, is expected to generate accretive cash-on-cash returns beginning in 2026.

Contracting with major domestic electric utilities remains central to managing volume risk. Alliance Resource Partners, L.P. has a high degree of near-term certainty:

• Over 78% of 2025 sales tonnage is already committed and priced.
• For 2026, the committed and priced sales tonnage stands at 29.1 million tons, an increase of 9% from the prior quarter.
• The total contracted position for 2025 is 32.3 million tons, with 29.5 million tons dedicated to the domestic market.
• The average coal sales price per ton guidance for FY2025 is set between $58.00 and $60.00.
• Coal consumption in key grids like PJM has surged by 16% year-to-date in 2025, driven by data centers.

The logistics backbone relies heavily on railroads and barge operators, though transportation revenues showed softness. In the third quarter of 2025, total revenues decreased by 6.9% year-over-year, partly due to reduced transportation revenues. Still, the company's royalty segment, which is an extension of its mining operations, saw coal royalty tons sold jump by 38.1% to 7.06 million tons in Q3 2025, with the average revenue per royalty ton increasing to $3.50. For context, the global Coal Transportation Service market is estimated at USD 750 million in 2025.

The Oil & Gas Royalties segment provides diversification, contributing approximately 21% of adjusted EBITDA over the last twelve months ending Q3 2025. This segment is heavily weighted toward oil, with 81% of royalties linked to oil production and prices. While volumes are growing, price pressure is evident:

Alliance Resource Partners, L.P. also partners with key suppliers through its technology subsidiaries. For instance, its subsidiary Matrix Design Group, LLC, has an agreement with Infinitum to integrate new motor technology. This technology is designed to make mining equipment motors 50% lighter, use 66% less copper, and consume 10% less energy. The company's overall capital deployment for coal operations in FY2025 is anticipated to be between $285 million and $320 million, with maintenance capital consuming the bulk at $280 - $310 million.

Alliance Resource Partners, L.P. (ARLP) - Canvas Business Model: Key Activities

You're looking at the core engine of Alliance Resource Partners, L.P. (ARLP) right now, which is all about getting coal out of the ground efficiently and locking in future revenue. It's a high-volume, tight-margin business where every ton matters.

Underground coal mining operations in Illinois Basin and Appalachia define the physical work. Alliance Resource Partners, L.P. runs seven underground mining complexes across states like Illinois, Indiana, Kentucky, Maryland, Pennsylvania, and West Virginia. The focus is clearly shifting, with operational metrics showing the Illinois Basin gaining traction. For the full year 2025, the volume guidance reflects this, targeting 25 million to 25.75 million tons from the Illinois Basin, while Appalachia is guided lower at 7.75 million to 8.25 million tons. The operational efficiency gains are tangible; for instance, in the third quarter of 2025, the Appalachia segment saw its Segment Adjusted EBITDA Expense per ton improve by 11.7% compared to the third quarter of 2024. The Illinois Basin is already the lower-cost producer, with full-year 2025 segment adjusted EBITDA expense per ton guidance set between $34 to $36 per ton, compared to $60 to $62 per ton in Appalachia. In Q3 2025, total coal production hit 8.4 million tons, with sales volumes reaching 8.7 million tons.

Securing the future revenue stream through securing long-term coal sales contracts is paramount. As of late July 2025, Alliance Resource Partners, L.P. had 32.3 million tons committed and priced for the full year 2025, representing about 97% of the midpoint of their guidance range. Of that 2025 committed volume, 29.5 million tons were designated for the domestic market. Management is already locking in the next year, having secured 29.1 million sales tons contracted and priced for 2026, which is 80% committed. This forward contracting activity is a core function, as seen when they added an incremental 17.4 million committed and priced sales tons over the 2025 - 2029 time period during the second quarter of 2025 alone.

The diversification into oil and gas mineral rights acquisition and royalty management provides a hedge and alternative cash flow. The Royalty segment is showing growth; Coal Royalty Revenue in the third quarter of 2025 was $57.4 million, with the Coal Royalty Segment Adjusted EBITDA showing a significant year-over-year jump of 54.5%. For the Oil & Gas Royalties, the BOE volumes increased 4.1% year-over-year in Q3 2025, following a 7.7% increase in Q2 2025. Management is keeping a tight lid on costs here, with the full-year 2025 guidance for Segment Adjusted EBITDA Expense being approximately 14.0% of Oil & Gas Royalties Revenue.

Disciplined capital allocation for organic growth and strategic investments is evident in the spending plans versus cash generation. Total capital expenditures guidance for the full year 2025 is set between $285 million to $320 million. This is managed against strong cash flow generation; for the third quarter of 2025, Alliance Resource Partners, L.P. generated $151.4 million in Free Cash Flow after investing $63.8 million in coal operations. Furthermore, the company is actively deploying capital into energy infrastructure, having invested $22.1 million as part of a $25.0 million commitment in a limited partnership that indirectly owns and operates a coal-fired power plant during the 2025 Quarter. Other investments contributed $4.5 million in investment income in that same quarter.

Finally, maintaining high-efficiency, low-cost mining operations is a continuous activity that directly impacts profitability. The focus on cost control is paying off across the board:

• Appalachia Segment Adjusted EBITDA Expense per ton improved 11.7% year-over-year in Q3 2025.
• Illinois Basin Segment Adjusted EBITDA Expense per ton decreased by 6.4% compared to the third quarter of 2024.
• The company expects full-year 2025 segment adjusted EBITDA expense per ton in the Illinois Basin to be in the range of $34 to $36 per ton.
• The company expects full-year 2025 segment adjusted EBITDA expense per ton in Appalachia to be in the range of $60 to $62 per ton.

Alliance Resource Partners, L.P. (ARLP) - Canvas Business Model: Key Resources

You're looking at the core assets Alliance Resource Partners, L.P. relies on to run its business as of late 2025. These aren't just line items; they're the physical and financial foundations supporting their operations right now.

Extensive, high-quality coal reserves in the Illinois Basin and Appalachia

The physical footprint of Alliance Resource Partners, L.P. is centered on its mining assets. The performance in the Illinois Basin segment shows strong utilization, with sales volumes increasing 10.8% year-over-year to 6.6 million tons for the third quarter of 2025. This suggests the reserves in that region are accessible and in demand. In Appalachia, the focus seems to be on efficiency; the segment Adjusted EBITDA Expense per ton improved by 11.7% year-over-year in Q3 2025. This operational leverage is a direct result of the quality and management of those reserves and associated infrastructure.

The company is actively securing future revenue from these reserves, having 29.1 million sales tons contracted and priced for 2026, which is a 9% increase from the previous quarter. That's a solid forward book.

Longwall mining equipment and proprietary low-cost production technology

While I don't have the specific inventory list of longwall equipment, the results point to the effectiveness of their production methods. The improvement in the Appalachia Segment Adjusted EBITDA Expense per ton by 11.7% year-over-year in Q3 2025 is a key indicator of successful cost management, likely driven by technology and operational discipline. The total coal production for Q3 2025 reached 8.4 million tons, up 8.5% compared to the third quarter of 2024.

Oil and gas mineral interests, particularly in the Permian/Delaware Basin

Alliance Resource Partners, L.P.'s diversification into royalties provides a hedge and an alternative revenue source. For the third quarter of 2025, the Oil & Gas royalty BOE (Barrel of Oil Equivalent) Volumes increased by 4.1% year-over-year. Total royalty revenues for the quarter hit $57.4 million, showing an 11.9% increase compared to the 2024 quarter.

Strong balance sheet with $541.8 million total liquidity as of Q3 2025

The financial strength is a critical resource, allowing Alliance Resource Partners, L.P. flexibility. As of September 30, 2025, total liquidity stood at $541.8 million. This liquidity includes $94.5 million in cash and cash equivalents. The total debt and finance leases were $470.6 million at that same date.

Here's a quick look at the key financial and digital asset positions as of the end of Q3 2025:

Digital assets, including approximately 568 Bitcoin valued at $64.8 million

Alliance Resource Partners, L.P. actively holds digital assets as part of its treasury strategy. As of September 30, 2025, the partnership held approximately 568 Bitcoin. The reported valuation for this holding was $64.8 million at that time, based on an approximate price of $114,000 per Bitcoin. This digital asset position is managed through its subsidiary, Bitiki KY, LLC.

Let's put the digital asset holding into context with the balance sheet:

The company is definitely using its balance sheet to explore non-traditional assets.

Alliance Resource Partners, L.P. (ARLP) - Canvas Business Model: Value Propositions

You're looking at the core reasons customers choose Alliance Resource Partners, L.P. (ARLP) right now, late in 2025. It's about dependable supply, financial backing, and a portfolio that isn't just coal anymore. We need to map out the hard numbers that back up these claims.

Reliable, Baseload Energy Supply for a Stable Power Grid

ARLP positions itself as the cornerstone supplier to U.S. electric utilities, with value rooted in reliability and product quality. The company's strategy heavily relies on locking in future demand to smooth out revenue volatility. This is evident in their contracting posture, which provides significant visibility into future volumes and pricing.

Here's the quick math on commitment levels as of the November 2025 investor presentation:

• FY25E coal sales volumes are approximately 100% committed and priced at the midpoint of the sales tonnage guidance range.
• For 2026, approximately 89% of expected tons are already committed and priced.

Looking at the latest reported quarter (Q3 2025), the commitment breakdown shows a strong domestic focus:

The domestic thermal coal market, as noted in Q3 2025 commentary, is seeing strong fundamentals supported by federal policy and rapid demand growth. That's a key driver for this value proposition.

Financial Strength and Counterparty Reliability for Long-Term Contracts

The ability to offer long-term contracts is underpinned by Alliance Resource Partners, L.P.'s balance sheet strength. You want to know the counterparty can deliver not just today, but years down the line. As of the end of Q3 2025, the liquidity position supports this stability.

Key financial metrics reflecting strength:

• Total Liquidity at the end of Q3 2025 was $541.8 million, which included $94.5 million in cash.
• Total Debt and finance leases outstanding at September 30, 2025, were $470.6 million.
• The Total / Net Leverage Ratio was reported as 0.75x / 0.60x in the November 2025 presentation.

Furthermore, Alliance Resource Partners, L.P. is actively investing in infrastructure, such as the commitment of $25 million to indirectly own and operate a coal-fired power plant, showing a commitment to the energy ecosystem supporting its core business.

Diversified Energy Portfolio (Coal, Oil & Gas Royalties, Energy Infrastructure)

The portfolio diversification is a clear pivot to stabilize earnings against thermal coal headwinds. The Royalty segment, covering oil and gas mineral interests, provides a material, non-coal revenue stream. This segment is growing volumes, even if pricing fluctuates.

Here's how the Royalty segment performed in Q3 2025:

• Royalty segment revenues reached $57.4 million, an increase of 11.9% year-over-year.
• Oil & Gas Royalty BOE (Barrels of Oil Equivalent) Volumes increased by 4.1% year-over-year in Q3 2025.

This diversification is strategic; ARLP aims to stabilize EBITDA from these non-thermal operations by 2025. They are also exploring Carbon Capture and Storage (CCS) technologies.

Low-Cost Production Capabilities

Cost discipline, especially in the Illinois Basin, is a major competitive advantage. Lower costs per ton mean better margins when sales prices are under pressure. Management has clearly articulated cost expectations for the full year 2025.

The expected segment adjusted EBITDA expense per ton for the full year 2025 guidance is:

The Illinois Basin cost structure shows continuous improvement; for instance, the Segment Adjusted EBITDA Expense per ton in that region decreased by 6.4% compared to the second quarter of 2024.

Access to Both Domestic Utility and International Export Markets

Alliance Resource Partners, L.P. serves both primary end-markets, though the domestic utility market remains the dominant focus, as reflected in the committed tons data. The ability to pivot tons between these markets based on relative pricing is key.

The Q3 2025 contracted position shows the split:

• 29.8 million tons committed for the domestic market (out of 32.8 million total committed for 2025).
• 3 million tons committed for export (out of 32.8 million total committed for 2025).

This means domestic tons represented approximately 90.9% of the committed 2025 volume as of the Q3 update. The company's FY25E guidance indicated over 90% contracted into domestic markets. That's a lot of eggs in one basket, but it's the basket with the strongest current demand signals.

Finance: draft 13-week cash view by Friday.

Alliance Resource Partners, L.P. (ARLP) - Canvas Business Model: Customer Relationships

You're looking at how Alliance Resource Partners, L.P. locks in its core business, which is definitely built on long-term supply security for its utility customers. The relationships here are not casual; they are cemented by multi-year agreements that provide significant visibility into future cash flows.

Multi-year contracts are key because they mitigate the impact of pricing volatility and give Alliance a clear line of sight on sales volumes. For instance, as of the third quarter of 2025, Alliance Resource Partners, L.P. had 32.3 million tons of coal committed and priced for the full year 2025. This commitment level shows a strong reliance on these agreements.

Here's a look at the contracted position as reported in late 2025:

The focus on securing future supply is clear; during the second quarter of 2025, Alliance Resource Partners, L.P. added an incremental 17.4 million committed and priced sales tons for delivery between 2025 to 2029. This brought the total new commitments secured in 2025, up to that point, to 35.1 million tons over the next four and a half years. Honestly, this volume of forward contracting suggests customers are prioritizing stability.

Dedicated commercial teams managing domestic utility solicitations are central to this strategy. You see this activity intensify when the regulatory environment is more favorable, as it was heading into late 2025. Alliance Resource Partners, L.P. reported being active in several domestic utility solicitations for 2026 and beyond, especially since they were mostly sold out for the current year.

The service aspect is high-touch, focusing on tangible customer benefits:

• Value placed on product quality.
• Value placed on reliability of service.
• Value placed on counterparty financial strength.

The relationship shifts when you look at the royalty segments. For oil and gas, the relationship is more transactional, driven by the underlying asset performance rather than long-term supply contracts. In the second quarter of 2025, oil and gas royalty volumes increased 7.7% on a BOE basis year-over-year, though the average sales price per BOE dropped 9.6%. By the third quarter of 2025, oil and gas royalty BOE volumes were up 4.1% year-over-year. The Coal Royalties segment generated Segment Adjusted EBITDA of $17.1 million in the third quarter of 2025. To be fair, Alliance Resource Partners, L.P. is still actively investing in this area, with guidance targeting annual investment in the $100 million range for oil and gas mineral interests, though Q3 2025 saw an investment of approximately $22.1 million in a coal-fired power plant indirect ownership.

Finance: draft 13-week cash view by Friday.

Alliance Resource Partners, L.P. (ARLP) - Canvas Business Model: Channels

You're looking at how Alliance Resource Partners, L.P. gets its product-primarily thermal and metallurgical coal, plus royalty income-to the customer base, which spans major utilities, industrial users, and oil and gas developers. This is all about logistics and securing future revenue through contracts.

The primary channel for the core coal business is a direct, relationship-driven sales approach, heavily reliant on long-term contract commitments. This provides revenue stability, which is key when you're managing massive fixed assets like mines.

Alliance Resource Partners, L.P. is 97% committed and priced for its 2025 coal sales volume. Furthermore, for the following year, 80% of the expected 2026 volume is already committed in price. This forward-looking commitment structure is a major channel feature.

Here's a breakdown of the committed and priced sales tons, using the latest reported figures from the third quarter of 2025:

For domestic delivery, Alliance Resource Partners, L.P. uses its established rail and barge infrastructure. This physical network moves product from its seven underground mining complexes across the Illinois Basin, Central Appalachian, and Northern Appalachian areas to domestic utility and industrial customers. Operational efficiency in this channel is evident; for instance, the Hamilton and River View mines achieved record monthly shipments in June 2025.

The channel for international sales relies on access to export terminals and ports. The commitment figures show this is a material part of the sales mix, with 3.0 million tons committed for export in 2025, based on third-quarter data. For 2026, the commitment stands at 1.6 million tons for export, with an anticipation of an additional 0.3-0.6 million uncommitted metallurgical tons.

A separate, diversifying channel comes from the Royalties segments, which generate income from third-party operators. This is a passive revenue stream derived from Alliance Resource Partners, L.P.'s ownership of mineral interests.

The Oil & Gas Royalties segment generated revenues of $57.4 million in the third quarter of 2025, representing an 11.9% increase year-over-year. This segment utilizes approximately ~70,000 net royalty acres. Oil & Gas Royalty volumes in the third quarter of 2025 increased to 899 MBOE.

The Coal Royalties segment also contributes through mineral resources leased to its own mining operations. The Coal Royalties segment saw its adjusted EBITDA increase to $17.1 million in the third quarter of 2025, up from $11.1 million in the third quarter of 2024.

You should track the volume metrics for the royalty segment, as they reflect the activity of the third-party operators using Alliance Resource Partners, L.P.'s acreage. Oil & Gas Royalty volumes increased 4.1% year-over-year in the third quarter of 2025.

Finance: draft 13-week cash view by Friday.

Alliance Resource Partners, L.P. (ARLP) - Canvas Business Model: Customer Segments

You're looking at the core customer base for Alliance Resource Partners, L.P. (ARLP) as we move through late 2025. This business is fundamentally about supplying reliable energy sources, primarily thermal coal, to large-scale power generators, but the diversification into royalties is a significant piece of the puzzle now.

Major domestic electric utilities (primary revenue driver)

The backbone of Alliance Resource Partners, L.P.'s revenue comes from the power sector. To be clear, this is where the bulk of the thermal coal volume goes. As of the context surrounding the fourth quarter of 2024, approximately 81% of Alliance Resource Partners, L.P.'s production was sold to domestic electric utilities. Alliance Resource Partners, L.P. is the second largest coal producer in the Eastern United States, and its assets are strategically positioned to meet the rising electricity demand, which is being heavily influenced by factors like AI data center growth.

The company's full-year 2025 guidance for total sales tons sits between 32.75 and 34.00 million tons. The US electric power sector's overall coal consumption is expected to reach 371.7 million st in 2025. This customer segment relies on Alliance Resource Partners, L.P.'s low-cost, tier 1 assets.

International metallurgical and industrial coal users

Alliance Resource Partners, L.P. also serves international markets, supplying both metallurgical and industrial users. The company's committed and priced sales tons for the 2025-2029 period totaled 17.4 million tons as of the second quarter of 2025. Looking at the committed tons guidance provided in the third quarter of 2025, the export portion was projected at 3.0 million tons out of a total of 32.8 million committed tons for the period. The global metallurgical coal market itself is projected to grow by USD 99.6 billion between 2025 and 2029.

Industrial users requiring thermal coal for manufacturing processes

Beyond utilities, Alliance Resource Partners, L.P. supplies industrial users who need thermal coal for various manufacturing needs. This customer group is bundled with the utility sales in the primary coal operations segments. The company's average coal sales price per ton for the second quarter of 2025 was $57.92, representing an 11.3% decrease versus the second quarter of 2024. The company is 97% committed for 2025 sales volume.

Here's a look at the committed sales visibility for the coming years, which speaks to the long-term nature of these industrial and utility relationships:

• 2025 Committed & Priced Sales Tons (Total): 32.8 million (midpoint)
• 2026 Committed & Priced Sales Tons (Total): 29.1 million (midpoint, including 0.8 million option tons)
• Total committed and priced sales tons added for the 2025-2029 period: 17.4 million tons.

Oil and gas E&P companies operating on ARLP's mineral acreage

This segment represents Alliance Resource Partners, L.P.'s royalty income stream, derived from mineral interests leased to Exploration & Production (E&P) companies, particularly in areas like the Permian Basin. This business line contributed to about 25% of Alliance Resource Partners, L.P.'s Adjusted EBITDA based on fourth quarter 2024 figures. The Oil & Gas Royalties segment generated an Adjusted EBITDA of $29.9 million in the second quarter of 2025.

The guidance for the full year 2025 for the Oil & Gas Royalties segment shows the expected production volumes from the E&P operators on their acreage:

Oil & Gas Royalties BOE volumes increased by 7.7% year-over-year in the second quarter of 2025, despite a 9.6% lower average sales price per BOE. The royalty tons sold for the Coal Royalties sub-segment in Q3 2025 guidance was between 23.50 and 24.50 Million Short Tons.

Alliance Resource Partners, L.P. (ARLP) - Canvas Business Model: Cost Structure

The Cost Structure for Alliance Resource Partners, L.P. centers heavily on the direct costs associated with mining and preparing coal for delivery, though certain significant costs are managed through pass-through mechanisms.

Coal mining operating expenses (labor, supplies, maintenance) are captured within the Segment Adjusted EBITDA Expense per ton metric, which management uses to assess segment performance. The company anticipated material improvements in production costs throughout 2025, aiming to offset lower realized pricing. Maintenance capital expenditures for 2025 were expected to return to a normalized level of approximately $7.28 per ton produced.

Segment Adjusted EBITDA Expense per ton sold for the nine-month 2025 Period averaged $41.63 per ton, reflecting a cost discipline that lowered this expense by 5.5% compared to the prior year period.

The projected full-year 2025 Segment Adjusted EBITDA Expense per ton guidance showed a clear difference between operating regions:

Specific quarterly performance showed cost movement; for the third quarter of 2025, the Appalachia Segment Adjusted EBITDA Expense per ton improved 11.7% year-over-year and 12.1% sequentially. For the first quarter of 2025, the overall Segment Adjusted EBITDA expense per ton sold was reported at $42.75.

Capital expenditures for coal operations reflect strategic investments made in prior years expected to yield benefits in 2025 through lower overall capital spending and increased productivity. Total capital expenditures planned for the full year 2025 were projected to be between $285 million and $320 million. This was broken down into estimated maintenance capital of $280 million to $310 million and growth capital of $5 million to $10 million. For the third quarter of 2025, Alliance Resource Partners, L.P. invested $63.8 million in coal operations. This compares to $65,300,000.0 invested in coal operations during the second quarter of 2025.

Depreciation, depletion, and amortization (DD&A) is a non-cash expense included in the calculation of EBITDA. Net income for the nine-month 2025 Period was negatively impacted by higher depreciation compared to the prior year period. Higher D&A also contributed to the decrease in Earnings Per Share for the second quarter of 2025.

Transportation and logistics costs for coal delivery are explicitly excluded when calculating Segment Adjusted EBITDA Expense because these expenses are passed on to customers, meaning Alliance Resource Partners, L.P. does not realize a margin on the associated transportation revenues. However, lower transportation revenues were a factor in the decrease in total revenues reported for the second quarter of 2025 and the third quarter of 2025.

Alliance Resource Partners, L.P. (ARLP) - Canvas Business Model: Revenue Streams

Alliance Resource Partners, L.P.'s revenue streams in late 2025 are anchored in its core coal business, supplemented by significant royalty income and strategic investments.

Total Q3 2025 revenue was $571.4 million. This figure represented a 6.9% decrease from the third quarter of 2024.

Coal sales revenue from domestic and export contracts remains the primary driver, though impacted by lower realized prices per ton.

• Total Coal Sales Volumes for Q3 2025 reached 8.7 million tons, up 3.9% year-over-year.
• The average Coal Sales Price per Ton was $58.78.
• Illinois Basin Coal Operations saw sales volumes increase 10.8% year-over-year to 6.6 million tons.
• Appalachia Coal Operations sales volumes decreased 13.3% to 2.1 million tons.

Oil and gas royalty income contributes to the diversified revenue base.

• Oil and gas royalty BOE volumes increased 4.1% year-over-year in Q3 2025.
• Total Oil & Gas Royalty volumes were 0.899M BOE, with an average price of $35.68/BOE.

Coal royalty income from third-party mining on Alliance Resource Partners, L.P.'s reserves showed strong growth.

• Total royalty revenues were $57.4 million, an 11.9% increase year-over-year.
• Segment Adjusted EBITDA for the Coal Royalties segment increased to $17.1 million in the 2025 Quarter.

Investment income from strategic energy infrastructure and digital assets provides an additional layer of revenue.

• Net income for Q3 2025 included a $3.7 million favorable increase in the fair value of digital assets.
• Investment income from previous growth investments totaled $4.5 million.
• Alliance Resource Partners, L.P. invested $22.1 million as part of a $25.0 million commitment in a limited partnership that indirectly owns and operates a 2.7 gigawatt coal-fired power plant.

Here's a quick look at the key operational and segment revenue figures for Q3 2025: