CrossAmerica Partners (CAPL) insider ups holdings via phantom unit vesting

Rhea-AI Filing Summary

On 21 Jul 2025, CrossAmerica Partners LP (CAPL) director Thomas E. Kelso converted 3,419 phantom units into an equal number of common units (transaction code M), as disclosed in a Form 4 filed 23 Jul 2025.

The transaction increases Kelso’s direct holdings to 9,144 common units and reduces his derivative (phantom) unit balance to zero. No sales were reported, so the filing represents a net addition of units and a deeper personal capital commitment by the director. Although the volume is small relative to CAPL’s total float, insider purchases can signal confidence and better align management interests with those of unitholders.

Insights

Securities Analyst

TL;DR: Small insider purchase; immaterial to fundamentals, modestly positive sentiment.

Director Kelso’s conversion of 3,419 phantom units into common units adds roughly US$100k or less in equity (exact value not disclosed) and lifts his stake to 9,144 units. The move is routine—phantom units typically vest on a preset schedule—yet it results in a tangible ownership increase without any accompanying sales. That slightly improves governance alignment but does not alter CAPL’s capital structure, liquidity, or earnings outlook. Given the limited size versus CAPL’s market cap and daily volume, the filing is not materially impactful for valuation, though it may be perceived as a mild vote of confidence.

Insider Trade Summary

3,419 shares exercised/converted

Mixed 2 txns

Insider Kelso Thomas E

Role Director

Type	Security	Shares	Price	Value
Exercise	Phantom Units	3,419	$0.00	--
Exercise	Common Units	3,419	$0.00	--

Holdings After Transaction: Phantom Units — 0 shares (Direct); Common Units — 9,144 shares (Direct)

Footnotes (1)

1. Each phantom unit was the economic equivalent of one common unit ("Common Unit") representing a limited partner interest in CrossAmerica Partners LP (the "Issuer"). The reporting person acquired Common Units upon vesting of the phantom units. Phantom units vested on July 23, 2025 and were converted into Common Units at the discretion of the Issuer.

Form 4 Insider Transactions: What Each Field Means →

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

1. Name and Address of Reporting Person^*

Kelso Thomas E

(Last) (First) (Middle)

14921 OLD YORK ROAD

(Street)

PHOENIX MD 21131

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
CrossAmerica Partners LP [ CAPL ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director		10% Owner
	Officer (give title below)		Other (specify below)

3. Date of Earliest Transaction (Month/Day/Year)
07/23/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Units	07/21/2025		M		3,419	A	(1)	9,144	D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Phantom Units	(2)	07/23/2025		M		3,419		(2)	(2)	Common Units	3,419	(1)	0	D

Explanation of Responses:

1. Each phantom unit was the economic equivalent of one common unit ("Common Unit") representing a limited partner interest in CrossAmerica Partners LP (the "Issuer"). The reporting person acquired Common Units upon vesting of the phantom units.

2. Phantom units vested on July 23, 2025 and were converted into Common Units at the discretion of the Issuer.

Remarks:

	Christina Casey-Best as attorney-in-fact for Thomas E. Kelso	07/23/2025
	** Signature of Reporting Person	Date
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