The carrying values of cash and cash equivalents, accounts receivable, accounts payable, accrued expenses, and other current assets and liabilities (excluding derivative instruments) approximate fair value because of the short-term nature of these instruments. Therefore, these assets and liabilities are not presented in the following table.

The following table summarizes, by level within the fair value hierarchy, the estimated fair values of our derivative assets and liabilities reported in our unaudited condensed consolidated balance sheets at the dates indicated:


	June 30, 2026				March 31, 2026
	Derivative Assets		Derivative Liabilities		Derivative Assets		Derivative Liabilities
	(in thousands)
Level 1 measurements	$	3,568	$	(6,123)	$	6,118	$	(14,478)
Level 2 measurements	984		(9,243)		219		(33,807)
	4,552		(15,366)		6,337		(48,285)

Netting of counterparty contracts (1)	(3,584)		3,584		(6,186)		6,186
Net cash collateral provided	712		1,843		5,658		8,360
Derivatives	$	1,680	$	(9,939)	$	5,809	$	(33,739)

(1) Relates to commodity derivative assets and liabilities that are expected to be net settled on an exchange or through a master netting arrangement with the counterparty. Our physical contracts that do not qualify as normal purchase normal sale transactions are not subject to such master netting arrangements.


	June 30, 2026		March 31, 2026
	(in thousands)
Prepaid expenses and other current assets	$	802	$	5,809
Other noncurrent assets	878		—
Accrued expenses and other payables	(9,924)		(31,619)
Other noncurrent liabilities	(15)		(2,120)
Net derivative liability	$	(8,259)	$	(27,930)


Contracts	Settlement Period	Net Long (Short) Notional Units (in barrels)	Fair Value of Net Assets (Liabilities)
		(in thousands)
At June 30, 2026:
Crude oil fixed-price (1)	July 2026–December 2027	(374)	$	(5,664)
Propane fixed-price (1)	July 2026–September 2027	212	523
Butane fixed-price (1)	July 2026–March 2027	(884)	(4,488)
Variable-to-fixed interest rate swaps (2)	July 2026–April 2028		451
Other	July 2026–March 2027		(1,636)
			(10,814)
Net cash collateral provided			2,555
Net derivative liability			$	(8,259)

At March 31, 2026:
Crude oil fixed-price (1)	April 2026–September 2027	(580)	$	(23,656)
Propane fixed-price (1)	April 2026–March 2027	(163)	153
Butane fixed-price (1)	April 2026–March 2027	(1,277)	(12,003)
Variable-to-fixed interest rate swaps (2)	April 2026–April 2028		(1,169)
Other	April 2026–March 2027		(5,273)
			(41,948)
Net cash collateral provided			14,018
Net derivative liability			$	(27,930)

(1) We may have fixed price physical purchases, including inventory, offset by floating price physical sales or floating price physical purchases offset by fixed price physical sales. These contracts are derivatives we have entered into as an economic hedge against the risk of mismatches between fixed and floating price physical obligations.

During the three months ended June 30, 2026 and 2025, we recorded net gains of $20.0 million and $9.4 million, respectively, from our commodity derivatives to cost of sales-product in our unaudited condensed consolidated statements of operations. These amounts do not include net gains and losses from our commodity derivatives related to our refined products and biodiesel businesses, as these amounts have been classified within discontinued operations within our unaudited condensed consolidated statement of operations for the three months ended June 30, 2025 (see Note 15).

During the three months ended June 30, 2026 and 2025, we recorded net gains of $1.5 million and net losses of $0.6 million, respectively, from our interest rate swaps to interest expense in our unaudited condensed consolidated statements of operations.

We have credit policies that we believe minimize our overall credit risk, including an evaluation of potential counterparties’ financial condition (including credit ratings), collateral requirements under certain circumstances, and the use of industry standard master netting agreements, which allow for offsetting counterparty receivable and payable balances for certain transactions. At June 30, 2026, our primary counterparties were retailers, resellers, energy marketers, producers, refiners, and dealers. This concentration of counterparties may impact our overall exposure to credit risk, either positively or negatively, as the counterparties may be similarly affected by changes in economic, regulatory or other conditions. If a counterparty does not perform on a contract, we may not realize amounts that have been recorded in our unaudited condensed consolidated balance sheets and recognized in our net income.

The ABL Facility is variable-rate debt with interest rates that are generally indexed to the prime rate or SOFR plus an applicable margin (see Note 6 for the current rates on the ABL Facility).

In March and April 2024, we entered into two $200.0 million interest rate swaps to reduce the variability of cash outflows associated with our floating-rate, SOFR-based instruments. One of the interest rate swaps expired in April 2026. For the other interest rate swap, we pay a fixed interest rate of 3.842% in exchange for SOFR-based variable interest through April 2028.

The current distribution rate for the Class B, Class C and Class D Preferred Units is the three-month CME Term SOFR plus a fixed spread (see Note 8 for the current distribution rates).

For the 2029 Senior Secured Notes and 2032 Senior Secured Notes, the fair value estimates were developed based on publicly traded quotes and would be classified as Level 2 in the fair value hierarchy.