[8-K/A] Global Partners LP Amends Material Event Report

Rhea-AI Filing Summary

Park National Corp. (NYSE American: PRK) filed an 8-K reporting strong second-quarter and year-to-date results. Q2 2025 net income rose 22.2% YoY to $48.1 million; six-month net income climbed 21.1% to $90.3 million. Pre-tax, pre-provision income advanced 20.9% and 18.9% for the quarter and YTD, respectively.

Core drivers: net interest income increased 10.3% YTD on 4.6% average loan growth and a 26 bp loan-yield lift to 6.32%, while funding costs eased—deposit cost fell 22 bp to 1.75% and borrowing cost dropped 24 bp to 3.93%. Provision for credit losses declined to $3.6 million (0.05% of average loans). ROA improved to 1.81% and the efficiency ratio tightened 380 bp to 57.65%.

Balance sheet: loans expanded 3.9% YoY to $8.0 billion, led by commercial (+5.3%) and home-equity (+18.2%) segments. Deposits including off-balance programs grew 2.8% YTD to $8.49 billion, with commercial deposits up 6.4%; non-interest deposits represent 31.8% of totals. Allowance for credit losses stands at 1.13% of loans.

Capital & shareholder returns: the board declared a quarterly cash dividend of $1.07/share, payable 10 Sep 2025. Tangible equity ratio and TBV metrics are disclosed in the accompanying press release.

Other events: The board adopted amendments to the Code of Business Conduct and Ethics to enhance clarity; no waivers were granted.

Positive

• Net income up 22.2% YoY to $48.1 million, demonstrating earnings momentum.
• Net interest income grew 10.3% as loan yields rose and funding costs fell.
• Efficiency ratio improved to 57.65% from 61.05%, signaling cost control.
• Provision for credit losses declined $1.7 million YoY despite loan growth.
• Quarterly dividend of $1.07/share reaffirms commitment to shareholder returns.

Negative

• Investment securities income declined $6.5 million due to portfolio shrinkage and lower yields.
• Other expenses rose 3.1%, led by higher data-processing and professional fees.
• Bank-owned life-insurance income fell 21.9%, reducing non-interest revenue.
• $285 million office-property exposure remains a sector at risk if market conditions worsen.

Insights

Financial Analyst

TL;DR: Earnings beat, margin expands, credit costs benign—overall constructive.

Park delivered double-digit earnings growth driven by loan expansion, wider loan yields and disciplined deposit pricing, yielding a 28 bp ROA improvement. Expense control is evident in the 380 bp efficiency gain, though data-processing and legal costs are trending higher. Dividend affirmation at $1.07 suggests confidence in capital strength. Balance-sheet mix remains favorable with non-interest deposits near 32%. The filing signals positive momentum and should support valuation multiples.

Risk Analyst

TL;DR: Credit metrics solid but office exposure warrants monitoring.

ACL coverage held at 1.13% despite loan growth, aided by lower charge-offs. Management highlights $285 million in non-owner-occupied office loans (96% accruing); while no stress evident, sector headwinds persist. Investment portfolio contracted 16% YoY, reducing duration risk but also income. Uninsured deposits equal 17.9% of totals, manageable yet worth watching post-banking-sector volatility. Overall risk profile stable.

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

FORM 8-K/A

Amendment No. 1

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of report (Date of earliest event reported): May 25, 2025

GLOBAL PARTNERS LP

(Exact name of registrant as specified in its charter)

Delaware	001-32593	74-3140887
(State or other jurisdiction of incorporation)	(Commission File Number)	(IRS Employer Identification No.)

800 South Street

Waltham, Massachusetts 02454-9161

(Address of Principal Executive Offices)

(781) 894-8800

(Registrant’s telephone number, including area code)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

¨ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

¨ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

¨ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

¨ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class		Trading Symbol(s)		Name of each exchange on which registered
Common Units representing limited partner interests		GLP		New York Stock Exchange
9.50% Series B Fixed Rate Cumulative Redeemable Perpetual Preferred Units representing limited partner interests		GLP pr B		New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company  ¨

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨

Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

On May 25, 2025, pursuant to the terms of the limited liability company agreement of Global GP LLC (the “Company”), the general partner of Global Partners LP (the “Partnership”) and in connection with the passing of Richard Slifka, Chairman of the Board of Directors (the “Board”) of the Company, Thomas P. Jalkut was appointed to the Board of the Company, which the Partnership reported via Form 8-K filed on May 30, 2025 (the “Original Form 8-K”). This Amendment to the Original Form 8-K (the “Amendment”) is being filed to amend the Original Form 8-K to include Mr. Jalkut’s director compensation which was not known at the time the Original Form 8-K was filed. All other items in the Original Form 8-K remain the same and are hereby incorporated by reference into the Amendment.

On July 24, 2025, the Board approved the payment to Mr. Jalkut of a $250,000 annual cash retainer, for the period beginning June 1, 2025, consistent with the retainer paid to other directors who are not employees of the Company.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

	GLOBAL PARTNERS LP
	By:	Global GP LLC
		its general partner
Dated:  July 28, 2025	By:	/s/ Sean T. Geary
		Sean T. Geary
		Chief Legal Officer and Secretary

FAQ

How did PRK's Q2 2025 net income compare to Q2 2024?

Q2 2025 net income was $48.1 million, up 22.2% from $39.4 million in Q2 2024.

What drove the increase in Park National's net interest income?

Average loans grew 4.6% and loan yield rose 26 bp, while deposit and borrowing costs declined.

What is Park National's current dividend rate?

The board declared a $1.07 per share quarterly cash dividend payable 10 Sep 2025.

What is the size of PRK's allowance for credit losses?

ACL is $89.8 million, 1.13% of total loans as of 30 Jun 2025.

How have deposits changed year-to-date 2025?

Total deposits including off-balance programs increased $234 million, or 2.8%, since 31 Dec 2024.

Did Park National amend its Code of Ethics?

Yes, effective 25 Jul 2025, the Code was amended to improve readability and alignment; no waivers were issued.