CrossAmerica Partners Insider Boosts Stake to 33,467 Units on 07/23/25

Rhea-AI Filing Summary

CrossAmerica Partners LP (CAPL) – Form 4 insider filing

Director and 10% owner John B. Reilly III reported the conversion of 3,419 phantom units into an equal number of common units on 07/23/2025 (Transaction Code M). Following the conversion, Reilly’s direct holdings rose to 33,467 common units; all corresponding phantom units were extinguished, leaving 0 derivative units outstanding. Each phantom unit was economically equivalent to one common unit and vested on the same date.

No sales were disclosed, and there is no price information provided. The filing reflects a modest increase in the insider’s equity stake and maintains his status as both a Director and 10% owner.

Positive

• Insider retains shares upon vesting instead of selling, suggesting confidence and long-term alignment with unitholders.

Negative

• None.

Insights

Equity Analyst

TL;DR: Small insider conversion ups direct stake to 33.5k units; neutral-to-positive signal, immaterial to float.

The transaction converts previously granted phantom units into common units, increasing Reilly’s direct ownership by 3,419 units (≈10% of his prior stake). Because it is a vesting event rather than an open-market purchase, liquidity impact is minimal. Nonetheless, insiders keeping shares instead of selling can be interpreted as modest confidence in CAPL’s outlook. Given the partnership’s average daily volume, the share count change is immaterial, so market impact should be limited.

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
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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^*

Reilly John B. III

(Last) (First) (Middle)

645 HAMILTON STREET, SUITE 600

(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	X	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	07/23/2025		M		3,419	A	(1)	33,467	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 John B. Reilly, III	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.

FAQ

What did CAPL insider John B. Reilly III report on the Form 4 dated 07/23/2025?

He converted 3,419 phantom units into the same number of CAPL common units, raising his direct holdings to 33,467.

Is the transaction an open-market purchase?

No. It is a code M conversion of vested phantom units, not an open-market buy or sell.

How many CAPL units does Reilly now own?

After the transaction he directly owns 33,467 common units and no derivative (phantom) units.

Does Reilly remain a 10% owner of CrossAmerica Partners LP?

Yes. His roles as Director and 10% owner are unchanged by this filing.

Were any CAPL units sold in this Form 4?

No sales were reported; the filing only shows an acquisition via conversion.