American Resources Corporation
US ˙ NasdaqCM ˙ US02927U2087

SecurityAREC / American Resources Corporation
InstitutionVanguard Group Inc
Latest Disclosed Ownership4,110,606 shares
Latest Disclosed Value $ 10,194,303
Vanguard Group Inc reports 31.54% increase in ownership of AREC / American Resources Corporation

On January 29, 2026 - Vanguard Group Inc filed a 13F-HR form disclosing ownership of 4,110,606 shares of American Resources Corporation (US:AREC) valued at $10,194,303 USD as of December 31, 2025. The entity filed a previous 13F-HR on November 7, 2025 disclosing 3,124,973 shares of American Resources Corporation. This represents a change in shares of 31.54% during the quarter. The current value of the position is $8,673,379 USD.

Institutional Ownership: 13F and NPORT Filings

The Security and Class in the table below are shown exactly as filed by the investor. We do our best to track continuity of investments through acquisitions, and this will be reflected in the table as changes in names. In addition to descriptive data, performance of the investment is shown over time. To calculate quarterly performance, we first calculate cost basis of the shares purchased during the quarter, then use that to calculate gross profit. Quarterly return is Gross Profit / Starting Portfolio value.

Note that cost basis is calculated and stored in thousands, so small quarterly changes in shares frequently result in a cost basis of zero.

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Disclosed Equity Positions (from 13F/NPORT Filings)
File
Date		 Effective
Date		Form Security Class ID Avg Price
Paid (Est)		 Reported
Shares		 ΔShares ΔShares
(%)		 Reported
Value
(x1000)		 ΔValue
(%)		 Alloc
(%)		 ΔAlloc ΔAlloc (%) Cost Basis
(x1000)		 Unrealized
Gain/Loss
(x1000)
2026-01-29 2025-12-31 13F AMERICAN RES CL A 02927U208 4,110,606 985,633 31.54 10,194 20.82 0.0001
2025-11-07 2025-09-30 13F AMERICAN RES CL A 02927U208 3,124,973 120,065 4.00 8,437 239.11 0.0001
2025-08-11 2025-06-30 13F AMERICAN RES CL A 02927U208 3,004,908 43,481 1.47 2,488 80.03 0.0000
2025-05-09 2025-03-31 13F AMERICAN RES CL A 02927U208 2,961,427 0 0.00 1,383 -53.79 0.0000
2025-02-11 2024-12-31 13F AMERICAN RES CL A 02927U208 2,961,427 0 0.00 2,991 11.02 0.0001
2024-11-13 2024-09-30 13F AMERICAN RES CL A 02927U208 2,961,427 0 0.00 2,695 24.43 0.0000
2024-08-13 2024-06-30 13F AMERICAN RES CL A 02927U208 2,961,427 -26,674 -0.89 2,165 -48.61 0.0000
2024-05-10 2024-03-31 13F AMERICAN RES CL A 02927U208 2,988,101 216,800 7.82 4,213 2.03 0.0001
2024-03-11 2023-12-31 13F/A-1 AMERICAN RES CL A 02927U208 2,771,301 96,043 3.59 4,129 -7.57 0.0001
2024-02-14 2023-12-31 13F AMERICAN RES CL A 02927U208 2,771,301 96,043 4,129 0.0001
2023-12-18 2023-09-30 13F/A-1 AMERICAN RES CL A 02927U208 2,675,258 110,633 4.31 4,468 -11.12 0.0001
2023-11-14 2023-09-30 13F AMERICAN RES CL A 02927U208 2,675,258 110,633 4,468 0.0000
2023-08-14 2023-06-30 13F AMERICAN RES CL A 02927U208 2,564,625 0 0.00 5,027 30.68 0.0001
2023-07-14 2023-03-31 13F/A-1 AMERICAN RES CL A 02927U208 2,564,625 0 0.00 3,847 13.62 0.0001
2023-05-15 2023-03-31 13F AMERICAN RES CL A 02927U208 2,564,625 0 3,847 0.0000
2023-02-10 2022-12-31 13F AMERICAN RES CL A 02927U208 2,564,625 1,181 0.05 3,385 -50.54 0.0001
2022-11-14 2022-09-30 13F AMERICAN RES CL A 02927U208 2,563,444 362,517 16.47 6,844 114.41 0.0002
2022-08-12 2022-06-30 13F AMERICAN RES CL A 02927U208 2,200,927 0 0.00 3,192 -43.56 0.0001
2022-05-13 2022-03-31 13F AMERICAN RES CL A 02927U208 2,200,927 18,930 0.87 5,656 43.99 0.0001
2022-02-14 2021-12-31 13F AMERICAN RES CL A 02927U208 2,181,997 531,981 32.24 3,928 25.26 0.0001
2021-11-12 2021-09-30 13F AMERICAN RES CL A 02927U208 1,650,016 162,062 10.89 3,136 -17.34 0.0001
2021-08-13 2021-06-30 13F AMERICAN RES CL A 02927U208 1,487,954 561,641 60.63 3,794 7.78 0.0001
2021-05-14 2021-03-31 13F AMERICAN RES CL A 02927U208 926,313 -416,008 -30.99 3,520 34.45 0.0001
2021-02-12 2020-12-31 13F AMERICAN RES CL A 02927U208 1,342,321 1,014,256 309.16 2,618 432.11 0.0001
2020-11-16 2020-09-30 13F AMERICAN RES CL A 02927U208 328,065 0 0.00 492 27.13 0.0000
2020-08-14 2020-06-30 13F AMERICAN RES CL A 02927U208 328,065 0 0.00 387 13.49 0.0000
2020-05-15 2020-03-31 13F AMERICAN RES CL A 02927U208 328,065 0 0.00 341 64.73 0.0000
2020-02-14 2019-12-31 13F AMERICAN RES CL A 02927U208 328,065 0 0.00 207 6.70 0.0000
2019-11-14 2019-09-30 13F AMERICAN RES CL A 02927U208 328,065 0 0.00 194 -79.96 0.0000
2019-08-14 2019-06-30 13F AMERICAN RES CL A 02927U208 328,065 328,065 968 0.0000
Legend
Shares
The total number of shares held by the institution at the end of the reporting period (the effective date). This is provided in the filing.
Value
The total value of the shares as of the effective date. This is provided in the filing.
Avg. Share Price
The weighted average share price of the shares held by the institution. We use FIFO accounting to determine this price
Class
This is the security class as indicated by the filer. There are a variety of values for this field. Common values include "EC" = equity common, "EP" - equity preferred
Allocation (%)
The percent of the institution's portfolio that this position represents. This is provided in NPORT filings. For 13F filings, we calculate it.
Change in Allocation
The change in allocation from the prior reporting period. This is calculated as current allocation - prior allocation.
Change in Allocation (%)
The percent change in allocation from the prior reporting period. This is calculated as (current allocation - prior allocation) / prior allocation.
Cost Basis
The total cost of the shares held. This is calculated as reported shares * avg. share price
Unrealized Gain/Loss
This is the market value of the position as of the effective date minus the cost basis.