Greetings. Welcome to the Alliance Resource Partners 4th Quarter 2025 Earnings Conference Call. At this time, all participants will be in listen-only mode. The question and answer session will follow the formal presentation. If anyone today should require operator assistance during the conference, please press star zero from your telephone keypad. Please note this conference is being recorded. At this time, I'd like to turn the conference over to Carrie Marshall, Senior Vice President and Chief Financial Officer. Thank you, Carrie. You may now begin.

Thank you, Operator. Good morning and welcome, everyone. Earlier today, Alliance Resource Partners released its fourth quarter 2025 financial and operating results, and we will now discuss those results as well as our perspective on current market conditions and outlook for 2026. Following our prepared remarks, we will open the call to answer your questions. Before beginning, a reminder that some of our remarks today may include forward-looking statements subject to a variety of risks, uncertainties, and assumptions contained in our filings from time to time with the Securities and Exchange Commission and are also reflected in this morning's press release. These forward-looking statements are based on information currently available to us. If one or more of these risks or uncertainties materialize, if our underlying assumptions prove incorrect, actual results may vary materially from those we projected or expected. In providing these remarks, the partnership has no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events, or otherwise, unless required by law to do so. Finally, we will also be discussing certain non-GAAP financial measures. Definitions and reconciliations of the differences between these non-GAAP financial measures and the most directly comparable GAAP financial measures are contained at the end of ARLP's press release, which has been posted on our website and furnished to the SEC on Form 8K. With the required preliminaries out of the way, I will begin with a review of our fourth quarter 2025 results, discuss our 2026 guidance, then turn the call over to Joe Kraft, our Chairman, President, and Chief Executive Officer, for his comments. For the fourth quarter of 2025, which we refer to as the 2025 quarter, adjusted EBITDA was $191.1 million, up 54.1 percent from the fourth quarter of 2024, which we refer to as the 2024 quarter, and up 2.8 percent compared to the third quarter of 2025, which we refer to as the sequential quarter. Our net income attributable to ARLP in the 2025 quarter was $82.7 million or $0.64 per unit as compared to $16.3 million or $0.12 per unit in the 2024 quarter. This was the result of lower operating expenses, lower impairment charges, and higher investment income, including $20 million in investment in income in the 2025 quarter, of which $17.5 million was related to our share of an increase in the fair value of a coal-fired power plant indirectly owned and operated by an equity method investee. This helped offset a $15.4 million decrease in the fair value of our digital assets. were $535.5 million in the 2025 quarter, compared to $590.1 million in the 2024 quarter. This year-over-year decline was driven primarily by lower coal sales and transportation revenues, partially offset by record oil and gas royalty volumes. Compared to the sequential quarter, total revenues decreased 6.3% due to lower coal sales volumes and prices. Our average coal sales price per ton for the 2025 quarter was $57.57, a 4% decrease versus the 2024 quarter, and a 2.1% decrease sequentially. As noted during prior calls, higher-priced legacy coal contracts entered into during the 2022 energy crisis continue to roll off and are being replaced at coal pricing levels assumed in our 2026 guidance ranges. Total coal production in the 2025 quarter was 8.2 million tons, compared to 6.9 million tons in the 2024 quarter. Coal sales volumes were 8.1 million tons, down from 8.4 and 8.7 million tons, compared to the 2024 and sequential quarters. Segment-adjusted EBITDA expense per ton sold for our coal operations was $40.24 per ton in the 2025 quarter, A decrease of 16.3% and 1.8% versus the 2024 in sequential quarters. In the Illinois basin, coal sales volumes were 6.5 million tons in the 2025 quarter, down approximately 2% compared to both the 2024 in sequential quarters, primarily due to timing of committed deliveries. I would like to highlight the outstanding performance at our Hamilton Mining Complex, where we achieved record production volumes and saleable yield during the 2025 full year. Segment-adjusted EBITDA expense per ton in the Illinois Basin decreased 14.4% compared to the 2024 quarter, due primarily to increased production at Hamilton, resulting from fewer long-wall move days and improved recoveries. Compared to the sequential quarter, Illinois Basin expense per ton decreased 3.8%. In our Appalachia region, coal sales volumes were 1.7 million tons in the 2025 quarter, down from 1.8 and 2.1 million tons in the 2024 and sequential quarters, respectively. This decrease was caused primarily by timing of committed sales at our Metiki mine and Tunnel Ridge volumes that were impacted by a December longwall jump necessitated by a block of support coal needed to be left beneath four gas pipelines. Segment-adjusted EBITDA expense per ton decreased 17.5% versus the 2024 quarter, due primarily to increased production at our MC Mining and Metiki operations and higher recoveries at Tunnel Ridge. Compared to the sequential quarter, segment-adjusted EBITDA expense increased 9.7%, primarily due to lower production and recoveries across the region. As I mentioned earlier at Metiki, a series of outages at a key customer's plant negatively impacted our shipments in the 2025 quarter. We have recently been informed that the plant expects additional outages during 2026, and they are not in a position to commit to purchase any additional tons from Metiki for the foreseeable future. Metiki depends on this customer purchasing a minimum of 1 million tons per year, and with no clear alternative customer to absorb production, issuing Warren Act notices became unavoidable. Metiki expects to fulfill its existing contractual commitments, which are scheduled to conclude in March 2026, primarily from existing inventory. For the 2025 full year, segment-adjusted EBIT dial-list capital expenditures at Metiki was approximately $3.5 million. The anticipated impact of reduced sales volumes at Metiki is reflected in our 2026 guidance. And additionally, the partnership will evaluate any potential impairment related to this decision during the first quarter of 2026. ARLP ended the 2025 quarter with 1.1 million tons of coal inventory, representing an increase of 0.4 and 0.1 million tons compared to the 2024 quarter and sequential quarter respectively. In the 2025 quarter, Hamilton continued to produce record levels, accelerating the completion of District 3, which we felt was necessary due to deterioration in the active leader entries. This will result in an extended longwall move that started last week, while the first longwall panel in District 4 awaits completion scheduled for the first week of May 2026. In our royalty segments, we delivered strong results during the 2025 quarter. Total revenue was $56.8 million, up 17.2% year-over-year due to higher coal royalty tons, higher revenue per ton sold, and record oil and gas BOE volumes, which helped offset lower benchmark oil prices. For the full year 2025, our oil and gas royalty segment achieved another record year of volumes on a BOE basis. In the 2025 quarter, BOE volumes increased 20.2% year-over-year and 10% sequentially, resulting in segment-adjusted EBITDA of $30 million. As discussed last quarter, a high royalty interest, multi-well development pad in the Permian-Delaware Basin was awaiting completion. Those wells were brought online during the 2025 quarter, and we are now benefiting from flush production from those recent completions. Additionally, acquisition activity picked up in the 2025 quarter, and we completed $14.4 million of oil and gas minerals acquisitions. Segment adjusted EBITDA for our coal royalty segment increased to $14.6 million in the 2025 quarter compared to $10.5 million in the 2024 quarter due to higher royalty tons sold primarily from Tunnel Ridge. Turning now to our strong balance sheet as well as our cash flows. As of December 31st, 2025, our total and net leverage ratios improved to 0.66 and 0.56 times debt to trailing 12-month adjusted EBITDA. Total liquidity was $518.5 million, which included $71.2 million of cash and cash equivalents on hand. Additionally, we held 592 Bitcoins, valued at $51.8 million at year-end. For the 2025 quarter, after $44.8 million in capital expenditures, Alliance generated free cash flow of $93.8 million. We reported distributable cash flow of $100.1 million. And based on our $0.60 per unit quarterly cash distribution, this represented us paying out 77.7% of distributable cash flow and resulting in a distribution coverage ratio of 1.29 times. Looking now to our initial 2026 guidance detailed in this morning's release, there are a few notable areas that I would like to highlight. We anticipate ARLP's overall coal sales volumes for 2026 to increase and be in the range of 33.75 to 35.25 million tons. This guidance assumes the impact of reduced coal sales volumes at our Metiki mine and still represents an increase in sales volumes of 0.75 to 2.25 million tons across the Illinois basin and at Tunnel Ridge versus 2025. Demand fundamentals continue to strengthen, supported by higher natural gas prices and low growth from data centers and U.S. manufacturing, driving increased demand for our coal supply. Contracting activity has been robust, with over 93% of expected volumes in 2026 already committed and priced at the midpoint of our guidance. This is materially better than where we were 12 months ago. In total, we anticipate 2026 full-year average realized coal pricing to be approximately 3 to 6 percent below fourth quarter 2025 levels. In the Illinois Basin, we anticipate 2026 sales pricing to be in the range of $50 to $52 per ton as compared to $52.09 in 2025, and $66 to $71 per ton for 2026 in Appalachia as compared to $81.99 per ton in 2025, which included a larger mix of higher-priced METE On the cost side, we expect full-year segment-adjusted EBITDA expense per ton to be in a range of $33 to $35 per ton in the Illinois Basin, as compared to $34.71 per ton in 2025, and $49 to $53 per ton in Appalachia for 2026, as compared to $63.82 in 2025, which included a larger mix of higher-cost Metiki tons. On a quarterly basis for 2026, it is reasonable to assume first quarter 2026 segment-adjusted EBITDA expense per ton to be 6% to 10% higher than the 2025 quarter as a result of the extended longwall outage in the Illinois Basin at our Hamilton mine. Across our mining portfolio, particularly at Riverview and Tunnel Ridge, we expect an improvement in segment-adjusted EBITDA expense per ton in 2026, and the same for Hamilton in the back half of 2026, supporting our efforts to preserve operating margins with continued cost discipline and operational execution. In our oil and gas royalty segment, we expect volumes of 1.5 to 1.6 million barrels of oil, 6.3 to 6.7 million CF of natural gas, and 825 to 875,000 barrels of natural gas liquids. The segment-adjusted EBITDA expense is expected to be approximately 14% of oil and gas royalty revenues. We remain committed to investing in our oil and gas royalties business and will continue to pursue disciplined growth in this segment. Additionally, at the midpoint of our 2026 guidance, coal royalty tons sold are expected to be 6 million tons higher, or 25% above 2025 levels, reflecting higher volumes at our Hamilton and Tunnel Ridge mines. And finally, we're expecting 2026 capital expenditures to be $280 to $300 million. And for distribution coverage purposes, estimated maintenance capital per ton produced has been updated and is assumed to be $7.23 per ton produced in 2026 versus $7.28 per ton produced in 2026. And with that, I will turn the call over to Joe for comments on the market. Thank you, Kerry.

Good morning, everyone. Thank you for joining the call today. Solid performance during the fourth quarter and full year 2025, highlighted by resilient coal generation across our core markets, consistent operating performance from our Illinois basin mines, and tightening fundamentals throughout U.S. power markets. As Kerry mentioned, we closed out the year with strong contracting activity. As we move into 2026, we have committed in price more than 93% of our projected 2026 sales tons, as reflected at the midpoint of our guidance range. Utilities are increasingly opting for longer-term agreements to lock in volume with reliable suppliers, like Alliance, as we enter a period of favorable supply-demand dynamics. customers are prioritizing reliability and we believe this reflects a growing recognition that future supply will not be as flexible or abundant as in past cycles before turning to the broader market i do want to briefly discuss a few areas as i reflect on 2025 the illinois basin delivered a stellar quarter and year supported by robust customer demand and continued execution of our plan to enhance mine productivity and cost performance, solidifying our positioning as the premier mining operator in the basin. Hamilton set a new record for full-year clean tons in 2025. Segment-adjusted EBITDA expense per ton in the region improved 14.4 percent quarter-over-quarter and 8.2 percent year-over-year, driven by meaningful cost reductions at both Hamilton and Warrior. In Appalachia, we endured a number of challenges in 2025, including recent events that led to last week's difficult decision to issue a warrant notice at Metiki. At the same time, the strategic importance of Tunnel Ridge in the region continues to grow, and I am confident in our team's ability to improve execution and drive continued improvement in 2026. While Tunnel Ridge represented approximately 73 percent of Appalachia sales tons in 2025, it generated over 98 percent of the region's cash flow in 2025, underscoring its materiality and long-term value. Finally in our oil and gas royalty segment, as Carrie mentioned earlier, We acquired $14.4 million of additional mineral interest during the fourth quarter of 2025. While lowering oil prices has sidelined many sellers and reduced the number of marketed acquisition opportunities, we remain committed to disciplined investment. Our focus is on proactively sourcing off-market bilateral opportunities and strengthening our targeted ground game efforts to expand our pipeline of attractive acquisition opportunities. Shifting to the macro, as we entered 2026, natural gas prices had softened in early January from the fourth quarter due to milder than normal weather. However, that softness proved short-lived. By mid-January, a nationwide Arctic blast delivered some of the coldest temperatures in years across the Midwest, Mid-Atlantic, and Northeast, followed immediately by a winter storm burn. These events pushed electricity demand to record winter levels as natural gas deliverability tightened and renewable output remained limited during the hours when generation was needed most. Wood McKenzie reported that natural gas freeze-offs reached a single-day record high of 17 billion cubic feet on January 20th, and regional hub pricing reached $100 for natural. Once again, the reliability goes hand-in-hand with affordability. By the way, our initial guidance we have referenced today did not factor in this Arctic blast, which weather experts are expecting will continue into mid-February, if not longer. During the most stressed periods over the past couple of weeks, Coal-fired generation once again served as the backbone of reliability. A January 25th article in the Wall Street Journal highlighted that coal supplied 40% of MISO's generation and 24% of PJM's generation during the winter event, playing a critical, stabilizing role across the Midwest and Mid-Atlantic. These developments mirrored exactly what NERC highlighted in its 2025-2026 winter reliability assessment, that resources that appear adequate under normal conditions can quickly become insufficient during widespread extreme cold, especially when fuel deliverability constraints emerge. Load growth remains one of the most significant long-term forces shaping U.S. power markets. Across PJM, MISO, and CERT, operators continue to project the strongest multi-year demand growth in decades, driven by the rapidly expanding data center and AI computing loads and industrial development. These fundamentals are showing up most clearly in PJM's auction capacity markets. In December 25, the base residual auction for 2027-2028 delivered years, cleared at the FERC-approved cap across all areas. But PJM still fell approximately 6.5 gigawatts short of its reliability targets as the temporary price caps limited how much capacity the market could attract. This follows two consecutive auctions with similarly elevated outcomes, underscoring that PJM's accredited capacity challenge is struck. Since then, FERC has begun evaluating reforms intended to curb volatility, better balance affordability and reliability, and support the construction of new generation, though the ultimate direction and timeline of these reforms remain uncertain. These market developments reinforce what we have consistently communicated. Fuel-secure, dispatchable generation remains indispensable, and coal's value to our nation's grid is increasingly being recognized by customers, energy markets. From a policy and planning perspective, these conditions underscore why a balanced resource mix that includes coal remains essential as the grid navigates rapid change to ensure the United States can win the global AI. I want to acknowledge the Trump administration's foresight in supporting policies to preserve coal units and recognize their contribution to grid reliability. From the first day President Trump was sworn into office one year ago, he understood the importance of preserving all existing base load generating units in order to protect our national security interest. Every day since, the Energy Dominance Council has worked on this objective with particular focus on affordability, reliability, and preserving the existing coal fleet, as well as providing a regulatory framework that allows the operating lives of the Fortunately, their leadership is making a difference. According to America's Power, utilities in 19 states have reversed or delayed more than 31,000 megawatts of coal retirements based on low growth or reliability concerns, reinforcing that policy has become increasingly aligned with real-world grid reliability needs. As we look to 2026 and beyond, we remain committed to a disciplined capital allocation framework by investing in high-return opportunities across our core operations and royalty platforms for turning capital to unit holders, all while maintaining a strong balance sheet. We believe this balanced approach positions alliance to capitalize on strategic growth opportunities while maintaining financial flexibility in a rapidly evolving energy. I want to thank our employees for their outstanding performance throughout the year. We look forward to building on this momentum. That concludes our prepared comments, and I'll now ask the operator to open the call for questions.

Thank you. We'll now be conducting a question and answer session. If you'd like to ask a question at this time, please press star 1 on your telephone keypad and a confirmation tone will indicate your line is in the question queue. Let me press star 2 if you'd like to remove your question from the queue. For participants who are using speaker equipment, it may be necessary to pick up your handset before pressing the star keys. One moment, please, while we poll for our first question. Thank you, and the first question is from the line of Nathan Martin with Benchmark Company. Please receive your question.

Good morning. Thanks, operator. Good morning, Joe. Good morning, Kerry.

Good morning, Nate.

As you guys said in your prepared remarks, more than 93% committed in price for 26 based at the midpoint of guidance. With such a large chunk price, what does it take to get you to the high or low end of your price per ton guidance? I guess, in other words, what portion of your tons is still exposed to the market and could either go up or down, depending on how things progress from here?

Yes, I think that most of our tons that are remaining to be sold are in the Illinois Basin. We do have a little bit at MC Mining. We've got about 200,000 tons to sell. But most is in the Illinois Basin, primarily Gibson South and Hamilton. We're well positioned. I think that one thing that we have to factor in is that some of the tons that we have committed in those basins include optionality for our customers. So even though the price has increased this quarter that we've seen and now the natural gas price is rising, there should be some upside that allows for the Illinois Basin to end up towards the end, you know, at the high end of the range, if not exceeded a little bit. But that really, we have just basically assumed and in Appalachia we just don't have that many times to sell we have seen an uptick in the export markets which is positive for MC eyes yet we did book price may go a little higher so we feel pretty good there but we just don't have that many times there to really influence what that price is going to be for yeah for our price ranges for Appalachia so I'd say they will probably come in at the midpoint level.

All right, Joe, that was very helpful. I appreciate that. Maybe a little bit bigger picture. If thermal coal demand specifically continues to be supported, utilities look more and more to contract for a longer duration, as you mentioned, in your prepared remarks, what would it take for Alliance to increase production? I guess, where are you guys kind of capped today, and what could you increase production to with approximately how much investment?

I think right now we do not plan to add any units. So the one area where we could add units is at Riverview. We could add a unit there. But we're not anticipating to do that. I think that if there's any incremental demand that we could potentially just work a little bit more overtime on the weekends and things of that nature. But I think our primary growth is going to just be in improving our productivity. We're encouraged by some of the investments we've met with equipment. We had the joint development agreement with Infinitum where we're converting some of our shuttle cars to the technology utilizing Infinitum motor. And that's proving to be a very attractive improvement in our productivity. and we're rolling that out with our shuttle car rebuilds. So we do think that there could be an opportunity if things continue to progress on the trend line in Illinois as we focus on planning to add an increase with units and things of that nature. If a customer wants to come and lock up times for a longer term, we would consider that.

Okay, got it. Thank you for that. And then maybe one final more modeling question, maybe for Kerry. you know equity method investments benefited from that 17 and a half million in income from your previous investment at the gathering full fire power plant carry any thoughts on how to model that going forward is it just going to be lumpy and then maybe any updates on other potential investment opportunities like that that you guys see in the marketplace today thank you

yeah sure sure nate on that i think when you look at that equity investment income You know, I think taking out the part associated with the increase in the fair value of the equity method investment, you know, is fair to do. So I think as you look at it on a going forward basis, you know, we were at $17 million here. You know, I think a lower run rate on that, you know, more along the lines of, you know, $3 million or so per quarter is probably a fair number to take a look at here from a modeling perspective going forward.

As far as looking at other opportunities, if we could find more opportunities to deliver the results that the Gavin plan is.

Okay, great. I'll pass it on. I appreciate the time, and best of luck.

Thank you, Nate. Our next question is from the line of Matthew Key with Texas Capital. Please proceed with your questions.

Good morning, everyone, and thanks for taking my questions. I wanted to ask a little bit about expected sales cadence in 2026. Obviously, Matiki, expected to come offline in March 2026, and I think you mentioned that you'll have some cash-up sales and long-haul moves as well. Just at a high level, how should we be thinking about, you know, cadence and quarterly sales as we go through this year?

I think when you look at the quarterly sales, first quarter is going to be the lowest level for us throughout the year. So first level or first quarter will be, you know, on the low end. I would anticipate probably somewhere in the neighborhood. Flight growth from where we were in the fourth quarter, you know, maybe one to two percent in terms of total sales growth for the quarter. You know, second quarter should be a little bit better. We do have the extended long wall move that I mentioned at Hamilton going on really throughout the first quarter. There is a long wall move scheduled for Tunnel Ridge in the second quarter. Early on in the second quarter, you should gradually get better in the second quarter. And then the last half of the year, we don't have any additional long wall moves. So those long walls will be running full out at that particular point in time. So back half of the year volumes will be the best volumes on a quarterly basis, quarterly.

Got it. That's helpful, caller. And in regards to export sales for 2026, I see there's roughly 1.7 million tons committed. How do you expect export sales to compare to 2025 levels, and what type of netbacks are you currently seeing in that market?

Yeah, I think going forward right now, the only exposure we would have, I mentioned the 200,000 times. is the demand they're going to have that they're going to need all the production that we have that's available. We do have the ability at Gibson to to ship into that export. Only shipments we have are based on what we've had contracted that we're really targeting in 26 and actual netbacks that we're looking at right now I can't give you a number because we're not. Got it that's that's

helpful um thank you for your time and best of luck moving forward. Thank you Matt. Our next

questions in the line of Mark Lickman with Noble Capital Markets. Please receive your

questions. You know, it's interesting this morning the EIA had kind of a report out on the monthly wholesale electricity prices and just like, for example, in the Mid-Atlantic and the Midwest regions, the total generation increased 3% or 49 billion kilowatt hours. The natural gas declined while coal generation increased by 49 billion kilowatt hours and so you looks like you saw pretty healthy increases in coal in the Midwest and the mid-Atlantic central and even in the southeast to some extent and I was just kind of curious you know is it still kind of a horse race between the spark spread and the dark spread or or we reached a point where you know for utilities the reliability you know the deliverability is more important? Well, during this winter storm, it was definitely the

reliability. There were freeze-offs. There were a lot of utilities that were curtailing some of our customers, but the coal plants were numerous reasons that coal does have an advantage in winter storms because we have storage on site. I think that the freeze-offs did play a role on that. I think as far as February, as I indicated earlier, with the February pricing, we continue to believe that's going to go. I believe that good position, the weather demands and the energy. I think we're in very good shape. As we mentioned, we do believe that supply is pretty limited.

Yeah, I would think so. I may be looking at this wrong, but I was just kind of curious, You know, the guidance on the total sales tons for coal versus the royalty tons sold, I mean, there was a bigger delta between, say, the 2025 guidance and the 2026 guidance, you know, between those two segments. What was driving that? So when we're looking at 26. I think for 26 for royalty tons, you're 30 to 30.8. I think 25 guidance was 23.5 to 24.50. So that's a pretty big delta, whereas the total sales tons, you know, it was 32.5 to 33.25 last year. Now it's 33.75 and 35.25.

Yeah, I think, Mark, I think what the biggest delta is in there in terms of coal royalty tons and the increase that you're seeing is the movement over at Tonal Ridge into the new district is leading to higher co-royalty volumes. That new district does have, we do lease those, Tunnel Ridge does lease those from our co-royalty division there. And then additionally, we've got higher volumes projected coming from our Hamilton operation as well. And so those are the two primary differences that are leading to the increase in the guidance range. The largest of of which is going to be a tunnel ridge. Really, all of the tunnel ridge volumes now that we will be selling will flow into.

That was based on an acquisition we did a couple of years ago.

No, that's very helpful. Thank you very much. Thank you, Mark.

Thank you. The next question is from the line of Michael Matheson with Cedonian Company. Please proceed with your questions.

Good morning, you guys, and congratulations on all the visibility for coal over the past few weeks.

Thank you.

Coming to my questions, you referred briefly to 2027 pricing. With demand increasing the way it's been, are you seeing firmer pricing, and could you put any color behind that?

Of the tons that we contracted, we did contract 1.5 million tons in 2027, and that kind of did price a little bit higher than the high end of our range that we got right at the high end of the range for 2026. For that contract, we had two other contracts that were three years, you know, 26, 27, 28 time frame. So those prices, they got a little higher. That again, And as I mentioned in our guidance, in fact, today, those prices would be higher. Now, how long that sustains itself is totally dependent on energy demand and, you know, what gas prices do.

Well, in trying to look at longer-term demand factors, inventory of coal hellbit power plants was significantly down in 2025. Big burn-off already here in Q1, 26. do you see inventories at this level just kind of making where you were last year almost a trough in pricing and we should look at just higher pricing going forward for the new model i think

so i think that again the supply is limited i don't think we're going to see supply growth we're actually seeing some mines that will deplete i don't believe so i do see trending down we've seeing the extra capacity these coal units have available as demand goes up for data centers and those data centers are completed. Demand for coal for data centers will, in fact, go up. So that should put...

Well, great. That's very helpful. So thank you and good luck in coming quarters.

Thank you.

Thank you. At this time, we've reached the end of our question and answer session. I hand the floor back to Cary Marshall for closing comments.

Thank you, Operator. To everyone on the call, we appreciate your time this morning and also your continued support and interest in Alliance. Our next call to discuss our first quarter 2026 financial and operating results, currently expected to occur in April, and we hope everyone will join us again at that time. This concludes our call for the day. Thank you.

Ladies and gentlemen, thank you for your participation. This does conclude today's teleconference. May disconnect your lines at this time and have a wonderful day.