Note 11 - Related Party Transactions

3 Months Ended

Mar. 31, 2024

Notes to Financial Statements

RELATED PARTY TRANSACTIONS

NOTE 11—RELATED PARTY TRANSACTIONS

Ramaco Coal Deferred Purchase Price—A portion of the financing of the 2022 acquisition of Ramaco Coal was provided by Yorktown Partners, a related party. The Company incurred interest expense of $0.8 million for the three months ended March 31, 2023 related to the financing. The Company repaid the related-party financing debt in full during 2023. However, as of March 31, 2024, the Company still owed $0.1 million to Yorktown Partners related to the transaction, which is included in Accounts payable on the Consolidated Balance Sheet. This amount was adjusted downward during the first quarter of 2024 from the $0.4 million balance reported at December 31, 2023.

Other Professional Services—The Company has also entered into professional services agreements with two other related parties, which have been aggregated due to immateriality. Professional service fees incurred for these related parties were $71 thousand during the first quarter of 2024.