Business Description

Partner and has the ability to appoint all of the members of the Board and to control and manage the operations and activities of the Partnership. As of February 20, 2026, the Topper Group also has beneficial ownership of a 38.5% limited partner interest in the Partnership. Our principal executive office address is 645 Hamilton Street, Suite 400, Allentown, PA 18101, and our telephone number is (610) 625-8000. Our common units trade on the NYSE under the ticker symbol “CAPL.” We conduct our business through two operating segments – retail and wholesale. As of December 31, 2025, we own or lease approximately 1,000 sites, of which we operate 352 as company operated sites. In all, including our company operated sites, we distributed motor fuel to approximately 1,600 sites located in 34 states. We are one of the ten largest independent distributors by motor fuel volume in the United States for ExxonMobil, BP and Marathon, and we also distribute Shell, Valero and Phillips 66-branded motor fuels (approximately 95% of the motor fuel we distributed during 2025 was branded). For approximately 54% of gallons sold, we receive a per gallon rate equal to the posted rack price, less any applicable discounts, plus transportation costs, taxes and a fixed rate per gallon of motor fuel. The remaining gallons are either retail sales or wholesale DTW contracts that provide for variable, market-based pricing. The following table highlights the aggregate volume of motor fuel distributed to each of our principal customer groups (in millions). See Item 7—Results of Operations for additional information on the drivers of the fluctuations in the volume and site counts below. Gallons of Motor Fuel Distributed Year Ended December 31, Fuel Distribution Sites End of Year Segment 2025 2024 2023 2025 2024 2023 Independent dealers (a) Wholesale 483 483 518 653 607 632 Lessee dealers Wholesale 206 261 325 333 434 569 Company operated Retail 378 389 342 352 365 296 Commission agents (b) Retail 164 166 165 231 229 199 Total 1,231 1,299 1,350 1,569 1,635 1,696 (a) Gallons distributed to independent dealers include gallons distributed to sub-wholesalers and commercial accounts, which are not included in the site counts reported above. (b) Includes independent commission sites owned or leased by the commission agent. At our company operated sites, we also generate revenues from the retail sale of convenience merchandise. Such revenues amounted to (in millions): Year Ended December 31, 2025 2024 2023 Food and merchandise sales $ 407 $ 390 $ 316 We also generate revenues through leasing or subleasing our real estate. We own or lease real and personal property and we lease or sublease that property to tenants, the substantial majority of which are wholesale customers as described above. We own approximately 56% of our properties that we lease to our dealers or utilize in our retail business. Our lease agreements with third-party landlords have an average remaining lease term of 3.3 years as of December 31, 2025. 6 The following table presents rental income (in millions) and the number of sites from which rental income was generated: Rental Income Year Ended December 31, Sites from which Rental Income was Generated End of Year Segment 2025 2024 2023 2025 2024 2023 Lessee dealers Wholesale $ 47.1 $ 57.8 $ 69.7 364 490 628 Company operated Retail 3.1 2.7 2.4 47 47 50 Commission agents Retail 12.3 10.7 10.2 212 221 188 Total $ 62.5 $ 71.2 $ 82.3 623 758 866 The financial statements reflect the consolidated results of the Partnership and its wholly owned subsidiaries. Our primary operations are conducted by the following consolidated wholly owned subsidiaries: • LGW and CAPL JKM Wholesale, which distribute motor fuels on a wholesale basis and generate Qualifying Income under Section 7704(d) of the Internal Revenue Code; • LGPR, which functions as our real estate holding company and holds assets that generate Qualifying Income under Section 7704(d) of the Internal Revenue Code; • LGWS, which owns and leases (or leases and sub-leases) real estate and personal property used in the retail sale of motor fuels, as well as provides maintenance and other services to its customers. In addition, LGWS sells motor fuels on a retail basis and sells convenience merchandise to end customers at company operated retail sites and sells motor fuel on a retail basis at sites operated by commission agents.…