CrossAmerica Partners Director Adds 3.4K Units via Phantom Conversion

Rhea-AI Filing Summary

SEC Form 4 filed for CrossAmerica Partners LP (CAPL) discloses that director Kenneth G. Valosky received 3,419 common units on 07/21/2025 via the mandatory conversion of vested phantom units (Transaction Code M). Each phantom unit equaled one common unit, so no cash consideration was involved and no price was reported.

• Post-conversion, Valosky now directly owns 23,804 common units.
• The phantom-unit award is now fully settled; zero derivative units remain.
• No dispositions or open-market sales were reported.

The filing reflects a modest increase in insider ownership but does not indicate a discretionary purchase.

Positive

• Director’s direct ownership rises by 3,419 units, indicating continued equity alignment with unitholders.

Negative

• Acquisition stems from automatic vesting rather than discretionary buying, limiting its signaling value.

Insights

Equity Analyst

TL;DR: Automatic phantom-unit conversion boosts director’s stake; limited market signal.

The transaction increases Valosky’s direct holdings by roughly 14% (3,419/23,804), suggesting continued alignment of interests but not an out-of-pocket purchase. Code M conversions are usually pre-scheduled and therefore carry lower informational value than open-market buys. Position size is small relative to CAPL’s ~38 m outstanding units, so market impact should be minimal.

Insider Trade Summary

Net Buyer: 3,419 shares

Net Buy 2 txns

Insider Valosky Kenneth G

Role Director

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

Holdings After Transaction: Phantom Units — 0 shares (Direct); Common Units — 23,804 shares (Direct)

Footnotes (2)

1. F1. 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. F2. Phantom units vested on July 23, 2025 and were converted into Common Units at the discretion of the Issuer.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Form 4 Insider Transactions: What Each Field Means →

Accepted by SEC EDGAR 07/23/2025 - 03:29 PM Learn about SEC filing dates

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^*

Valosky Kenneth G

(Last) (First) (Middle)

645 HAMILTON ST., SUITE 400

(Street)

ALLENTOWN PA 18101

(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)	23,804	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:

	/s/ Christina Casey Best as Attorney in Fact for Kenneth G. Valosky	07/23/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.