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SEGMENTS OF BUSINESS | 9 Months Ended
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Sep. 30, 2025
SEGMENTS OF BUSINESS |
SEGMENTS OF BUSINESS |
(14) | SEGMENTS OF BUSINESS
Our business is organized based on the services and products we provide in two segments: (i) Electric Operations and (ii) Coal Operations. The CODM, who is the Company’s Chief Executive Officer, reviews and assesses operating performance measures related to our Electric Operations and our Coal Operations segments. ​ Our Electric Operations segment includes the electric power generation facilities of our Merom power plant, which is a two unit, 1080-megawatt rated coal fired power plant located in Sullivan County, Indiana. Our sales region is in MISO Zone 6, which includes Indiana and a portion of western Kentucky. Revenues from our Electric Operations segment consist primarily of delivered energy and capacity revenues. Fuel costs included in our Electric Operations segment include the cost of coal purchased from our Coal Operations segment, which are based on multi-year contracts which approximate market prices at the time the contracts are entered into. ​ Our Coal Operations segment includes the Oaktown 1 underground mining complex, as well as other currently idled mining facilities, which produce high-quality bituminous coal from the Illinois Basin. Revenues from our Coal Operations segment consist of sales of coal to various third-parties and to Merom. Coal sales to our Electric Operations are based on multi-year contracts which approximate market prices at the time the contracts are entered into. Intercompany coal sales and amounts above actual costs to produce the coal are eliminated in the consolidated statements of operations. ​ In addition to these reportable segments, the Company has a “Corporate and Other and Eliminations” category, which is not significant enough, on a stand-alone basis, to be considered an operating segment. Corporate and Other and Eliminations primarily consist of unallocated corporate costs and activities, including our equity method investments. ​ The CODM evaluates segment performance based upon EBITDA margin for each business segment. EBITDA margin is calculated for each segment as follows: ​
| 1. | For our Electric Operations segment, EBITDA margin is comprised of delivered energy revenues less certain significant segment expenses, which include (i) variable costs are comprised of fuel costs and certain other operating costs, such as limestone and soda ash, (ii) other operating and maintenance costs, (iii) costs of purchased power, (iv) utilities, (v) labor and (vi) general and administrative costs.
​
| 2. | For our Coal Operations segment, EBITDA margin is comprised of coal sales less certain significant segment expenses, which include (i) fuel, (ii) other operating and maintenance costs, (iii) utilities, (iv) labor and (v) general and administrative costs.
​ EBITDA margin for each segment is a key measure used by our CODM and provides information about our core operating performance, significant expenses and ability to generate cash flow. Additionally, EBITDA margin provides investors with the financial analytical framework upon which our CODM bases financial, operational, compensation and planning decisions and presents a measurement that investors, rating agencies and debt holders have indicated is useful in assessing us and our results of operations. Our CODM reviews variable costs, as defined above, in our Electric Operations segment in order to evaluate the efficiency of that segments operations. ​ Presented below are the Electric and Coal Operations key metrics reviewed by the CODM for the three months ended September 30, 2025 (in thousands): ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Electric Operations | ​ | ​ | Coal Operations
Delivered Energy |  | $ | 77,776 |  | Coal Sales | $ | 68,814
Capacity Revenue | ​ | ​ | 15,459 | ​ | ​ | ​ | ​
Electric Sales | ​ | $ | 93,235 | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Fuel | ​ | $ | (44,751) | ​ | ​ | ​ | ​
Other Operating Costs (1) | ​ | ​ | (1) | ​ | ​ | ​ | ​
Total Variable Costs | ​ | $ | (44,752) | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Other Operating and Maintenance Costs (2) | ​ | $ | (9,368) | ​ | Fuel | $ | (574)
Cost of Purchased Power | ​ | ​ | (2,074) | ​ | Other Operating and Maintenance Costs | ​ | (35,046)
Utilities | ​ | ​ | (1,873) | ​ | Utilities | ​ | (2,670)
Labor | ​ | ​ | (7,949) | ​ | Labor | ​ | (19,625)
Power Margin Without General and Administrative | ​ | ​ | 27,219 | ​ | Coal Margin Without General and Administrative | ​ | 10,899
General and Administrative | ​ | ​ | (1,308) | ​ | General and Administrative | ​ | (2,062)
Electric Operations — EBITDA Margin | ​ | $ | 25,911 | ​ | Coal Operations — EBITDA Margin | $ | 8,837
​
(1) Other operating costs primarily include costs for lime dust.
(2) Other operating and maintenance costs include all other operating and maintenance costs with the exceptions of those costs considered variable as discussed above in (1). ​
​ Presented below are the Electric and Coal Operations key metrics reviewed by the CODM for the three months ended September 30, 2024 (in thousands): ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Electric Operations | ​ | ​ | Coal Operations
Delivered Energy |  | $ | 56,256 |  | Coal Sales | $ | 48,320
Capacity Revenue | ​ | ​ | 15,860 | ​ | ​ | ​ | ​
Electric Sales | ​ | $ | 72,116 | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Fuel | ​ | $ | (30,181) | ​ | ​ | ​ | ​
Other Operating Costs (1) | ​ | ​ | (36) | ​ | ​ | ​ | ​
Total Variable Costs | ​ | $ | (30,217) | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Other Operating and Maintenance Costs (2) | ​ | $ | (5,561) | ​ | Fuel | $ | (572)
Cost of Purchased Power | ​ | ​ | (3,149) | ​ | Other Operating and Maintenance Costs | ​ | (27,031)
Utilities | ​ | ​ | (492) | ​ | Utilities | ​ | (3,094)
Labor | ​ | ​ | (7,360) | ​ | Labor | ​ | (19,361)
Power Margin Without General and Administrative | ​ | ​ | 25,337 | ​ | Coal Margin Without General and Administrative | ​ | (1,738)
General and Administrative | ​ | ​ | (1,252) | ​ | General and Administrative | ​ | (2,082)
Electric Operations — EBITDA Margin | ​ | $ | 24,085 | ​ | Coal Operations — EBITDA Margin | $ | (3,820)
​
(1) Other operating costs primarily include costs for lime dust.
(2) Other operating and maintenance costs include all other operating and maintenance costs with the exceptions of those costs considered variable as discussed above in (1). ​
​ ​ ​ ​ ​ ​ ​ ​ Presented below are the Electric and Coal Operations key metrics reviewed by the CODM for the nine months ended September 30, 2025 (in thousands): ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Electric Operations | ​ | ​ | Coal Operations
Delivered Energy |  | $ | 194,044 |  | Coal Sales | $ | 169,117
Capacity Revenue | ​ | ​ | 45,110 | ​ | ​ | ​ | ​
Electric Sales | ​ | $ | 239,154 | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Fuel | ​ | $ | (104,150) | ​ | ​ | ​ | ​
Other Operating Costs (1) | ​ | ​ | (10) | ​ | ​ | ​ | ​
Total Variable Costs | ​ | $ | (104,160) | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Other Operating and Maintenance Costs (2) | ​ | $ | (24,602) | ​ | Fuel | $ | (1,564)
Cost of Purchased Power | ​ | ​ | (11,086) | ​ | Other Operating and Maintenance Costs | ​ | (77,147)
Utilities | ​ | ​ | (3,932) | ​ | Utilities | ​ | (9,270)
Labor | ​ | ​ | (23,731) | ​ | Labor | ​ | (57,671)
Power Margin Without General and Administrative | ​ | ​ | 71,643 | ​ | Coal Margin Without General and Administrative | ​ | 23,465
General and Administrative | ​ | ​ | (3,972) | ​ | General and Administrative | ​ | (6,290)
Electric Operations — EBITDA Margin | ​ | $ | 67,671 | ​ | Coal Operations — EBITDA Margin | $ | 17,175
​
(1) Other operating costs primarily include costs for lime dust.
(2) Other operating and maintenance costs include all other operating and maintenance costs with the exceptions of those costs considered variable as discussed above in (1).
​ Presented below are the Electric and Coal Operations key metrics reviewed by the CODM for the nine months ended September 30, 2024 (in thousands): ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Electric Operations | ​ | ​ | Coal Operations
Delivered Energy |  | $ | 148,490 |  | Coal Sales | $ | 160,066
Capacity Revenue | ​ | ​ | 44,506 | ​ | ​ | ​ | ​
Electric Sales | ​ | $ | 192,996 | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Fuel | ​ | $ | (79,532) | ​ | ​ | ​ | ​
Other Operating Costs (1) | ​ | ​ | (22) | ​ | ​ | ​ | ​
Total Variable Costs | ​ | $ | (79,554) | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Other Operating and Maintenance Costs (2) | ​ | $ | (22,926) | ​ | Fuel | $ | (2,557)
Cost of Purchased Power | ​ | ​ | (7,694) | ​ | Other Operating and Maintenance Costs | ​ | (80,419)
Utilities | ​ | ​ | (1,451) | ​ | Utilities | ​ | (10,639)
Labor | ​ | ​ | (22,203) | ​ | Labor | ​ | (66,241)
Power Margin Without General and Administrative | ​ | ​ | 59,168 | ​ | Coal Margin Without General and Administrative | ​ | 210
General and Administrative | ​ | ​ | (3,760) | ​ | General and Administrative | ​ | (8,012)
Electric Operations — EBITDA Margin | ​ | $ | 55,408 | ​ | Coal Operations — EBITDA Margin | $ | (7,802)
​
(1) Other operating costs primarily include costs for lime dust.
(2) Other operating and maintenance costs include all other operating and maintenance costs with the exceptions of those costs considered variable as discussed above in (1).
​ Presented below are the Electric and Coal Operations revenues reconciled to our consolidated operating revenues for the three months ended September 30, 2025 (in thousands):
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | Corporate and Other | ​ | ​ |
Reconciliation of Revenue: | ​ | Electric Operations | ​ | Coal Operations | ​ | and Eliminations | ​ | Consolidated
Delivered Energy |  | $ | 77,776 |  | $ | — |  | $ | — |  | $ | 77,776
Capacity Revenue | ​ | ​ | 15,459 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 15,459
Other Revenue | ​ | ​ | 192 | ​ | ​ | 1,647 | ​ | ​ | 516 | ​ | ​ | 2,355
Coal Sales (Third-Party) | ​ | ​ | — | ​ | ​ | 51,256 | ​ | ​ | — | ​ | ​ | 51,256
Coal Sales (Intercompany) | ​ | ​ | — | ​ | ​ | 17,558 | ​ | ​ | (17,558) | ​ | ​ | —
Operating Revenues | ​ | $ | 93,427 | ​ | $ | 70,461 | ​ | $ | (17,042) | ​ | $ | 146,846
Presented below are the Electric and Coal Operations revenues reconciled to our consolidated operating revenues for the three months ended September 30, 2024 (in thousands):
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | Corporate and Other | ​ | ​ |
Reconciliation of Revenue: | ​ | Electric Operations | ​ | Coal Operations | ​ | and Eliminations | ​ | Consolidated
Delivered Energy |  | $ | 56,256 |  | $ | — |  | $ | — |  | $ | 56,256
Capacity Revenue | ​ | ​ | 15,860 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 15,860
Other Revenue | ​ | ​ | 187 | ​ | ​ | 721 | ​ | ​ | 469 | ​ | ​ | 1,377
Coal Sales (Third-Party) | ​ | ​ | — | ​ | ​ | 31,662 | ​ | ​ | — | ​ | ​ | 31,662
Coal Sales (Intercompany) | ​ | ​ | — | ​ | ​ | 16,658 | ​ | ​ | (16,658) | ​ | ​ | —
Operating Revenues | ​ | $ | 72,303 | ​ | $ | 49,041 | ​ | $ | (16,189) | ​ | $ | 105,155
Presented below are the Electric and Coal Operations revenues reconciled to our consolidated operating revenues for the nine months ended September 30, 2025 (in thousands):
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | Corporate and Other | ​ | ​ |
Reconciliation of Revenue: | ​ | Electric Operations | ​ | Coal Operations | ​ | and Eliminations | ​ | Consolidated
Delivered Energy |  | $ | 194,044 |  | $ | — |  | $ | — |  | $ | 194,044
Capacity Revenue | ​ | ​ | 45,110 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 45,110
Other Revenue | ​ | ​ | 3,413 | ​ | ​ | 4,370 | ​ | ​ | 997 | ​ | ​ | 8,780
Coal Sales (Third-Party) | ​ | ​ | — | ​ | ​ | 119,588 | ​ | ​ | — | ​ | ​ | 119,588
Coal Sales (Intercompany) | ​ | ​ | — | ​ | ​ | 49,529 | ​ | ​ | (49,529) | ​ | ​ | —
Operating Revenues | ​ | $ | 242,567 | ​ | $ | 173,487 | ​ | $ | (48,532) | ​ | $ | 367,522
Presented below are the Electric and Coal Operations revenues reconciled to our consolidated operating revenues for the nine months ended September 30, 2024 (in thousands):
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | Corporate and Other | ​ | ​ |
Reconciliation of Revenue: | ​ | Electric Operations | ​ | Coal Operations | ​ | and Eliminations | ​ | Consolidated
Delivered Energy |  | $ | 148,490 |  | $ | — |  | $ | — | ​ | $ | 148,490
Capacity Revenue | ​ | ​ | 44,506 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 44,506
Other Revenue | ​ | ​ | 518 | ​ | ​ | 2,028 | ​ | ​ | 1,139 | ​ | ​ | 3,685
Coal Sales (Third-Party) | ​ | ​ | — | ​ | ​ | 114,093 | ​ | ​ | — | ​ | ​ | 114,093
Coal Sales (Intercompany) | ​ | ​ | — | ​ | ​ | 45,973 | ​ | ​ | (45,973) | ​ | ​ | —
Operating Revenues | ​ | $ | 193,514 | ​ | $ | 162,094 | ​ | $ | (44,834) | ​ | $ | 310,774
​ Presented below is our reconciliation of EBITDA Margin to the most comparable GAAP account, income (loss) before income taxes for the three months ended September 30, 2025 (in thousands):
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Reconciliation of Income (Loss) | ​ | ​ | ​ | ​ | ​ | ​ | ​ | Corporate and Other | ​ | ​ |
before Income Taxes: | ​ | Electric Operations | ​ | Coal Operations | ​ | and Eliminations | ​ | Consolidated
Electric Operations — EBITDA Margin |  | $ | 25,911 |  | $ | — |  | $ | 18,206 |  | $ | 44,117
Coal Operations — EBITDA Margin | ​ | ​ | — | ​ | ​ | 8,837 | ​ | ​ | (17,558) | ​ | ​ | (8,721)
Other Operating Revenue | ​ | ​ | 192 | ​ | ​ | 1,647 | ​ | ​ | 516 | ​ | ​ | 2,355
Depreciation, Depletion and Amortization | ​ | ​ | (5,131) | ​ | ​ | (3,992) | ​ | ​ | (19) | ​ | ​ | (9,142)
Asset Retirement Obligations Accretion | ​ | ​ | (126) | ​ | ​ | (320) | ​ | ​ | — | ​ | ​ | (446)
Exploration Costs | ​ | ​ | — | ​ | ​ | (38) | ​ | ​ | — | ​ | ​ | (38)
Gain (loss) on disposal or abandonment of assets, net | ​ | ​ | — | ​ | ​ | 2,334 | ​ | ​ | — | ​ | ​ | 2,334
Interest Expense | ​ | ​ | (2,585) | ​ | ​ | (2,342) | ​ | ​ | — | ​ | ​ | (4,927)
Equity Method Investment (Loss) | ​ | ​ | — | ​ | ​ | — | ​ | ​ | (248) | ​ | ​ | (248)
Corporate — General and Administrative | ​ | ​ | — | ​ | ​ | — | ​ | ​ | (1,400) | ​ | ​ | (1,400)
Income (Loss) before Income Taxes | ​ | $ | 18,261 | ​ | $ | 6,126 | ​ | $ | (503) | ​ | $ | 23,884
​ Presented below is our reconciliation of EBITDA Margin to the most comparable GAAP account, income (loss) before income taxes for the three months ended September 30, 2024 (in thousands):
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Reconciliation of Income (Loss) | ​ | ​ | ​ | ​ | ​ | ​ | ​ | Corporate and Other | ​ | ​ |
before Income Taxes: | ​ | Electric Operations | ​ | Coal Operations | ​ | and Eliminations | ​ | Consolidated
Electric Operations — EBITDA Margin |  | $ | 24,085 |  | $ | — |  | $ | 16,998 |  | $ | 41,083
Coal Operations — EBITDA Margin | ​ | ​ | — | ​ | ​ | (3,820) | ​ | ​ | (16,658) | ​ | ​ | (20,478)
Other Operating Revenue | ​ | ​ | 187 | ​ | ​ | 721 | ​ | ​ | 469 | ​ | ​ | 1,377
Depreciation, Depletion and Amortization | ​ | ​ | (4,802) | ​ | ​ | (9,013) | ​ | ​ | (23) | ​ | ​ | (13,838)
Asset Retirement Obligations Accretion | ​ | ​ | (115) | ​ | ​ | (295) | ​ | ​ | — | ​ | ​ | (410)
Exploration Costs | ​ | ​ | — | ​ | ​ | (62) | ​ | ​ | — | ​ | ​ | (62)
Gain (loss) on disposal or abandonment of assets, net | ​ | ​ | — | ​ | ​ | 290 | ​ | ​ | — | ​ | ​ | 290
Interest Expense | ​ | ​ | (181) | ​ | ​ | (2,511) | ​ | ​ | — | ​ | ​ | (2,692)
Loss on Extinguishment of Debt | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | —
Equity Method Investment (Loss) | ​ | ​ | — | ​ | ​ | — | ​ | ​ | (234) | ​ | ​ | (234)
Corporate — General and Administrative | ​ | ​ | — | ​ | ​ | — | ​ | ​ | (3,136) | ​ | ​ | (3,136)
Corporate — Other Operating and Maintenance Costs | ​ | ​ | — | ​ | ​ | — | ​ | ​ | (114) | ​ | ​ | (114)
Income (Loss) before Income Taxes | ​ | $ | 19,174 | ​ | $ | (14,690) | ​ | $ | (2,698) | ​ | $ | 1,786
Presented below is our reconciliation of EBITDA Margin to the most comparable GAAP account, income (loss) before income taxes for the nine months ended September 30, 2025 (in thousands): ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Reconciliation of Income (Loss) | ​ | ​ | ​ | ​ | ​ | ​ | ​ | Corporate and Other | ​ | ​ |
before Income Taxes: | ​ | Electric Operations | ​ | Coal Operations | ​ | and Eliminations | ​ | Consolidated
Electric Operations — EBITDA Margin |  | $ | 67,671 |  | $ | — |  | $ | 48,322 |  | $ | 115,993
Coal Operations — EBITDA Margin | ​ | ​ | — | ​ | ​ | 17,175 | ​ | ​ | (49,529) | ​ | ​ | (32,354)
Other Operating Revenue | ​ | ​ | 3,413 | ​ | ​ | 4,370 | ​ | ​ | 997 | ​ | ​ | 8,780
Depreciation, Depletion and Amortization | ​ | ​ | (15,456) | ​ | ​ | (14,148) | ​ | ​ | (57) | ​ | ​ | (29,661)
Asset Retirement Obligations Accretion | ​ | ​ | (369) | ​ | ​ | (941) | ​ | ​ | — | ​ | ​ | (1,310)
Exploration Costs | ​ | ​ | — | ​ | ​ | (157) | ​ | ​ | — | ​ | ​ | (157)
Gain (loss) on disposal or abandonment of assets, net | ​ | ​ | — | ​ | ​ | 2,410 | ​ | ​ | — | ​ | ​ | 2,410
Interest Expense | ​ | ​ | (6,208) | ​ | ​ | (6,261) | ​ | ​ | — | ​ | ​ | (12,469)
Equity Method Investment (Loss) | ​ | ​ | — | ​ | ​ | — | ​ | ​ | (287) | ​ | ​ | (287)
Corporate — General and Administrative | ​ | ​ | — | ​ | ​ | — | ​ | ​ | (8,834) | ​ | ​ | (8,834)
Income (Loss) before Income Taxes | ​ | $ | 49,051 | ​ | $ | 2,448 | ​ | $ | (9,388) | ​ | $ | 42,111
Presented below is our reconciliation of EBITDA Margin to the most comparable GAAP account, income (loss) before income taxes for the nine months ended September 30, 2024 (in thousands): ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Reconciliation of Income (Loss) | ​ | ​ | ​ | ​ | ​ | ​ | ​ | Corporate and Other | ​ | ​ |
before Income Taxes: | ​ | Electric Operations | ​ | Coal Operations | ​ | and Eliminations | ​ | Consolidated
Electric Operations — EBITDA Margin |  | $ | 55,408 |  | $ | — |  | $ | 47,405 |  | $ | 102,813
Coal Operations — EBITDA Margin | ​ | ​ | — | ​ | ​ | (7,802) | ​ | ​ | (45,973) | ​ | ​ | (53,775)
Other Operating Revenue | ​ | ​ | 518 | ​ | ​ | 2,028 | ​ | ​ | 1,139 | ​ | ​ | 3,685
Depreciation, Depletion and Amortization | ​ | ​ | (14,197) | ​ | ​ | (28,671) | ​ | ​ | (62) | ​ | ​ | (42,930)
Asset Retirement Obligations Accretion | ​ | ​ | (339) | ​ | ​ | (869) | ​ | ​ | — | ​ | ​ | (1,208)
Exploration Costs | ​ | ​ | — | ​ | ​ | (179) | ​ | ​ | — | ​ | ​ | (179)
Gain (loss) on disposal or abandonment of assets, net | ​ | ​ | — | ​ | ​ | 536 | ​ | ​ | — | ​ | ​ | 536
Interest Expense | ​ | ​ | (515) | ​ | ​ | (8,908) | ​ | ​ | (941) | ​ | ​ | (10,364)
Loss on Extinguishment of Debt | ​ | ​ | — | ​ | ​ | — | ​ | ​ | (2,790) | ​ | ​ | (2,790)
Equity Method Investment (Loss) | ​ | ​ | — | ​ | ​ | — | ​ | ​ | (740) | ​ | ​ | (740)
Corporate — General and Administrative | ​ | ​ | — | ​ | ​ | — | ​ | ​ | (8,446) | ​ | ​ | (8,446)
Corporate — Other Operating and Maintenance Costs | ​ | ​ | — | ​ | ​ | — | ​ | ​ | (337) | ​ | ​ | (337)
Income (Loss) before Income Taxes | ​ | $ | 40,875 | ​ | $ | (43,865) | ​ | $ | (10,745) | ​ | $ | (13,735)
​ Presented below are our Electric and Coal Operations assets and capital expenditures for the periods presented below (in thousands): ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | Corporate and Other | ​ | ​ |
Other Reconciliations: | ​ | Electric Operations | ​ | Coal Operations | ​ | and Eliminations | ​ | Consolidated
Assets at September 30, 2025 |  | $ | 233,865 |  | $ | 153,514 |  | $ | 22,082 |  | $ | 409,461
Assets at December 31, 2024 | ​ | $ | 220,477 | ​ | $ | 144,519 | ​ | $ | 4,124 | ​ | $ | 369,120
Capital Expenditures at September 30, 2025 | ​ | $ | 25,369 | ​ | $ | 18,908 | ​ | $ | — | ​ | $ | 44,277
​ Presented below are our Electric and Coal Operations assets and capital expenditures for the periods presented below (in thousands): ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | Corporate and Other | ​ | ​ |
Other Reconciliations: | ​ | Electric Operations | ​ | Coal Operations | ​ | and Eliminations | ​ | Consolidated
Assets at September 30, 2024 |  | $ | 217,826 |  | $ | 357,913 |  | $ | 3,991 |  | $ | 579,730
Assets at December 31, 2023 | ​ | $ | 208,331 | ​ | $ | 376,387 | ​ | $ | 5,062 | ​ | $ | 589,780
Capital Expenditures at September 30, 2024 | ​ | $ | 16,121 | ​ | $ | 23,002 | ​ | $ | 483 | ​ | $ | 39,606
​

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- Definition The entire disclosure for reporting segments including data and tables. 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