CrossAmerica Partners is a master limited partnership (MLP) that distributes wholesale motor fuel and operates retail convenience stores across roughly 1,600 sites in 34 states. CrossAmerica operates through two segments: Retail (~57% of revenue) and Wholesale (~43% of revenue). In Retail, CrossAmerica operates sites directly or through commission agents, owning fuel inventory, setting pump prices, and capturing full retail fuel margins as well as in-store merchandise margins. In Wholesale, CrossAmerica distributes fuel to independent and lessee dealers, earning a smaller per-gallon spread, plus rental income from lessee dealer properties. About 95% of gallons distributed are branded, under flags including Exxon, Mobil, BP, Shell, Marathon, Valero, and Phillips 66. CrossAmerica earns money three ways: retail fuel margins (the spread between rack cost and pump price), wholesale fuel margins (a smaller per-gallon spread to dealers), and rental income plus in-store merchandise at company-operated sites. As an MLP, CrossAmerica's objective is to generate distributable cash flow (DCF) to fund quarterly distributions to unitholders. CrossAmerica has been actively converting lessee dealer wholesale sites into company-operated retail sites to capture higher per-gallon margins. CrossAmerica has also been divesting non-core real estate while retaining fuel supply contracts, using proceeds to pay down debt. CrossAmerica is investing in food, beverage, and branded quick-service restaurant programs at company-operated sites to grow in-store margins.