Reportable segment results are presented below.


	Coal Operations				Royalties
	Illinois
	Basin		Appalachia		Oil & Gas		Coal		Total

	(in thousands)
Three Months Ended March 31, 2025

Revenues - Outside	$	342,995	$	139,496	$	36,913	$	—	$	519,404
Revenues - Intercompany		—		—		—		15,795		15,795
Total revenues (1)		342,995		139,496		36,913		15,795		535,199
Less:
Segment Adjusted EBITDA Expense (2)		209,959		120,568		5,721		6,400		342,648
Transportation expenses		6,863		3,337		—		—		10,200
Other segment items (3)		—		—		1,308		—		1,308
Segment Adjusted EBITDA (4)		126,173		15,591		29,884		9,395		181,043

Total assets (5)		1,072,545		472,957		834,854		312,950		2,693,306
Capital expenditures (6)		52,585		30,828		—		45		83,458

Three Months Ended March 31, 2024

Revenues - Outside	$	397,841	$	198,014	$	37,345	$	6	$	633,206
Revenues - Intercompany		—		—		—		18,702		18,702
Total revenues (1)		397,841		198,014		37,345		18,708		651,908
Less:
Segment Adjusted EBITDA Expense (2)		233,087		117,502		4,940		6,264		361,793
Transportation expenses		24,476		6,277		—		—		30,753
Other segment items (3)		—		—		1,003		—		1,003
Segment Adjusted EBITDA (4)		140,278		74,235		31,402		12,444		258,359

Total assets (5)		1,019,209		520,093		783,309		320,217		2,642,828
Capital expenditures (6)		96,133		26,451		—		—		122,584

(1)	The following is a reconciliation of our total segment revenues to total consolidated revenues:


	Three Months Ended
	March 31,
	2025		2024

	(in thousands)
Total segment revenues	$	535,199	$	651,908
Other, Corporate and Elimination revenues - Outside		21,064		18,491
Other, Corporate and Elimination revenues - Intercompany		(15,795)		(18,702)
Total consolidated revenues	$	540,468	$	651,697

Revenues included in Other, Corporate and Elimination are attributable to intercompany eliminations, which are primarily intercompany coal royalties eliminations, outside revenues at the Matrix Group and other outside miscellaneous sales and revenue activities.

(2)

Segment Adjusted EBITDA Expense includes operating expenses, coal purchases, if applicable, and other income or expense as adjusted to remove certain items from operating expenses that we characterize as unrepresentative of our ongoing operations. Segment Adjusted EBITDA Expense is used as a financial measure by our management to assess the operating performance of our segments. Segment Adjusted EBITDA Expense is a key component of Segment Adjusted EBITDA in addition to coal sales, royalty revenues and other revenues. The exclusion of corporate general and administrative expenses from Segment Adjusted EBITDA Expense allows management to focus solely on the evaluation of segment operating performance as it primarily relates to our operating expenses.

(3)	Other segment items for each reportable segment includes:

Oil & Gas Royalties – equity method investment income from AllDale III and income allocated to noncontrolling interest

(4)

Segment Adjusted EBITDA is defined as net income attributable to ARLP before net interest expense, income taxes, depreciation, depletion and amortization and general and administrative expenses adjusted for certain items that we characterize as unrepresentative of our ongoing operations. Segment Adjusted EBITDA is used as a financial measure by Mr. Craft, who is also our chief operating decision maker (“CODM”), other management and by external users of our financial statements such as investors, commercial banks, research analysts and others. Our CODM uses Segment Adjusted EBITDA in assessing segment performance and deciding how to allocate resources. Segment Adjusted EBITDA provides useful information to our CODM and investors regarding our performance and results of operations because Segment Adjusted EBITDA (i) provides additional information about our core operating performance and ability to generate and distribute cash flow, (ii) provides investors with the financial analytical framework upon which we base financial, operational, compensation and planning decisions, (iii) presents a measurement that investors, rating agencies and debt holders have indicated is useful in assessing us and our results of operations and (iv) allows our CODM and management to focus solely on the evaluation of segment operating profitability as it relates to our revenues and operating expenses, which are primarily controlled by our segments.

The following is a reconciliation of total Segment Adjusted EBITDA for our segments to consolidated income before income taxes:


	Three Months Ended
	March 31,
	2025		2024

	(in thousands)
Segment Adjusted EBITDA – total segments	$	181,043	$	258,359
Other, Corporate and Elimination profit (loss)		(528)		2,195
General and administrative		(20,580)		(22,129)
Depreciation, depletion and amortization		(68,629)		(65,549)
Interest expense, net		(7,567)		(6,473)
Change in fair value of digital assets		(5,574)		11,853
Litigation expense accrual		—		(15,250)
Noncontrolling interest		1,577		1,510
Income before income taxes	$	79,742	$	164,516

Other, Corporate and Elimination profit (loss) represents profit (loss) from operating segments below the quantitative thresholds when determining our reportable segments as well as the elimination of intersegment profit (loss) between our reportable segments. The operating segments included are those described as part of our Other, Corporate and Eliminations category.

(5)	The following is a reconciliation of our total segment assets to total consolidated assets:


	Three Months Ended
	March 31,
	2025		2024

	(in thousands)
Total segment assets	$	2,693,306	$	2,642,828
Other, Corporate and Elimination total assets		209,429		322,959
Total consolidated assets	$	2,902,735	$	2,965,787

(6)	Capital expenditures exclude $1.8 million paid towards oil & gas reserve acquisitions for the three months ended March 31, 2024.


	Three Months Ended
	March 31,
	2025		2024

	(in thousands)
Total segment capital expenditures	$	83,458	$	122,584
Other, Corporate and Elimination capital expenditures		3,318		1,262
Total consolidated capital expenditures	$	86,776	$	123,846

Schedule segment adjusted EBITDA


	Three Months Ended
	March 31,
	2025		2024

	(in thousands)
Segment Adjusted EBITDA – total segments	$	181,043	$	258,359
Other, Corporate and Elimination profit (loss)		(528)		2,195
General and administrative		(20,580)		(22,129)
Depreciation, depletion and amortization		(68,629)		(65,549)
Interest expense, net		(7,567)		(6,473)
Change in fair value of digital assets		(5,574)		11,853
Litigation expense accrual		—		(15,250)
Noncontrolling interest		1,577		1,510
Income before income taxes	$	79,742	$	164,516

Schedule of segment capital expenditures


	Three Months Ended
	March 31,
	2025		2024

	(in thousands)
Total segment capital expenditures	$	83,458	$	122,584
Other, Corporate and Elimination capital expenditures		3,318		1,262
Total consolidated capital expenditures	$	86,776	$	123,846