Form 8-K

8-K — NATURAL RESOURCE PARTNERS LP

Accession: 0001437749-26-025784

Filed: 2026-08-05

Period: 2026-08-05

CIK: 0001171486

SIC: 1221 (BITUMINOUS COAL & LIGNITE SURFACE MINING)

Item: Results of Operations and Financial Condition

Item: Financial Statements and Exhibits

Documents

8-K — nrp20260512_8k.htm (Primary)

EX-99.1 — EXHIBIT 99.1 (ex_961869.htm)

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GRAPHIC (nrp20230206_8kimg001.jpg)

XML — IDEA: XBRL DOCUMENT (R1.htm)

8-K — FORM 8-K

8-K (Primary)

Filename: nrp20260512_8k.htm · Sequence: 1

nrp20260512_8k.htm

false

0001171486

2026-08-05

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT PURSUANT TO SECTION 13 OR 15(d)

OF THE SECURITIES EXCHANGE ACT OF 1934

Date of report (Date of earliest event reported): August 5, 2026

NATURAL RESOURCE PARTNERS LP

(Exact Name of Registrant as Specified in Charter)

Delaware

001-31465

35-2164875

(State or other jurisdiction

of incorporation or organization)

(Commission File Number)

(I.R.S. Employer

Identification No.)

1415 Louisiana Street, Suite 3325

Houston, Texas 77002

(Address of principal executive office) (Zip Code)

(713) 751-7507

(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

NRP

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 2.02.

Results of Operations and Financial Condition

In accordance with General Instruction B.2. of Form 8-K, the following information and the exhibit referenced therein are being furnished pursuant to Item 2.02 of Form 8-K and are not deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, are not subject to the liabilities of that section and are not deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Securities Exchange Act of 1934, as amended.

On August 5, 2026, Natural Resource Partners L.P. announced via press release its earnings and operating results for the second quarter of 2026. A copy of NRP’s press release is attached hereto as Exhibit 99.1.

Item 9.01.

Financial Statements and Exhibits

(d)

Exhibits.

99.1

Natural Resource Partners L.P. press release dated as of August 5, 2026.

104

Cover Page Interactive Data File (embedded within the Inline XBRL document).

SIGNATURE

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

NATURAL RESOURCE PARTNERS L.P.

(Registrant)

By:

NRP (GP) LP

its General Partner

By:

GP Natural Resource Partners LLC

its General Partner

Date: August 5, 2026

/s/ Philip T. Warman

Philip T. Warman

General Counsel

EX-99.1 — EXHIBIT 99.1

EX-99.1

Filename: ex_961869.htm · Sequence: 2

ex_961869.htm

Exhibit 99.1

Natural Resource Partners L.P.

1415 Louisiana St., Suite 3325, Houston, TX 77002

NEWS RELEASE

Natural Resource Partners L.P. Reports Second Quarter 2026 Results and Declares Second Quarter 2026 Distribution of $0.75 per Common Unit

HOUSTON, August 5, 2026 - Natural Resource Partners L.P. (NYSE:NRP) today reported second quarter 2026 results as follows:

For the Three Months Ended

Last Twelve Months Ended

(In thousands) (Unaudited)

June 30, 2026

Net income

25,176

106,698

Operating cash flow

40,950

159,824

Free cash flow before investment in soda ash business

41,723

162,826

Investment in soda ash business

—

(39,200

)

Free cash flow (1)

41,723

123,626

(1)

See "Non-GAAP Financial Measures" and reconciliation tables at the end of this release.

Highlights:

• Generated $41.7 million of free cash flow in the second quarter of 2026

• Paid first quarter 2026 distribution of $0.75 per common unit

• Declares second quarter 2026 common unit distribution of $0.75 per unit

"NRP generated $42 million of free cash flow in the second quarter of 2026 and $163 million of free cash flow over the last twelve months before accounting for the $39 million investment we made in our soda ash business in the first quarter of 2026," said Craig Nunez, NRP's president and chief operating officer. "We are on track to pay off all debt and significantly raise distributions before year-end.”

NRP announced today that the board of directors of its general partner declared a second quarter 2026 cash distribution of $0.75 per common unit to be paid on August 25, 2026, to unitholders of record on August 18, 2026. Future distributions on NRP's common units will be determined on a quarterly basis by the board of directors. The board of directors considers numerous factors each quarter in determining cash distributions including profitability, cash flow, debt service obligations, market conditions and outlook, estimated unitholder income tax liability, and the level of cash reserves that the board determines is necessary for future operating and capital needs.

Mineral Rights Segment

Mineral Rights revenues for the second quarter of 2026 increased $6.1 million as compared to the prior year quarter, driven primarily by higher metallurgical and thermal coal sales volumes and higher prices at certain properties. Approximately 70% of coal royalty revenues and approximately 45% of coal royalty sales volumes were derived from metallurgical coal in the second quarter of 2026.

Operating cash flow and free cash flow decreased $1.0 million and $0.9 million, respectively, as compared to the prior year period primarily due to higher recoupments during the second quarter of 2026, partially offset by increased cash received from minimum payments.

Net income for the second quarter of 2026 decreased $3.5 million as compared to the prior year period primarily due to revised engineering and increased depletion rate at a thermal property. This property continues to hold significant economic tons and long-term mine life, and there has been no material change to NRP's estimate of the segment's long-term earning power.

Mineral Rights segment results continue to be impacted by low natural gas prices, ample coal stockpiles at power plants, and soft global steel demand.

NRP has no meaningful developments to report on its carbon neutral initiatives but continues to explore opportunities to create value through carbon sequestration and renewable energy production across its vast portfolio of mineral and surface assets.

Soda Ash Segment

Soda Ash net income in the second quarter of 2026 decreased $7.5 million as compared to the prior year period primarily due to lower sales prices in 2026. Operating and free cash flow each decreased $5.0 million in the second quarter of 2026 as compared to the prior year period due to the $4.9 million distribution received in the second quarter of 2025 and no distribution in the second quarter of 2026.

The global soda ash market remains weak with international soda ash prices below the cost of production for many producers due to the increased natural soda ash supply from China, along with sluggish demand for flat glass due to slowing commercial and residential construction globally. NRP does not expect to receive distributions from Sisecam Wyoming for several years until the soda ash market returns to equilibrium through increased demand and/or capacity rationalization.

Corporate and Financing

Corporate and Financing net income increased $1.9 million, while operating cash flow and free cash flow each increased $1.3 million in the second quarter of 2026 as compared to the prior year period. These increases were primarily due to lower interest expense and cash paid for interest in the second quarter of 2026 as compared to the prior year period due to less debt outstanding.

In May 2026, NRP paid a first quarter 2026 cash distribution of $0.75 per common unit and today, NRP declared a second quarter 2026 cash distribution of $0.75 per common unit.

NRP had $217.0 million of available liquidity at June 30, 2026, consisting of $30.1 million of cash and cash equivalents and $186.9 million of borrowing capacity available under its revolving credit facility.

NRP's consolidated leverage ratio was 0.2 x at June 30, 2026.

Conference Call

A conference call will be held today at 9:00 a.m. ET. To register for the conference call, please use this link: https://events.q4inc.com/analyst/548891416?pwd=t0aSXC6s. After registering a confirmation will be sent via email, including dial in details and unique conference call codes for entry. Registration is open through the live call, however, to ensure you are connected for the full conference call we suggest registering at minimum 10 minutes prior to the start of the call. Investors may also listen to the call via the Investor Relations section of the NRP website at www.nrplp.com. To access the replay, please visit the Investor Relations section of NRP’s website.

Withholding Information for Foreign Investors

Concurrent with this announcement, we are providing qualified notice to brokers and nominees that hold NRP units on behalf of non-U.S. investors under Treasury Regulation Section 1.1446-4(b) and (d) and Treasury Regulation Section 1.1446(f)-4(c)(2)(iii). Brokers and nominees should treat one hundred percent (100%) of NRP's distributions to non-U.S. investors as being attributable to income that is effectively connected with a United States trade or business. In addition, brokers and nominees should treat one hundred percent (100%) of the distribution as being in excess of cumulative net income for purposes of determining the amount to withhold. Accordingly, NRP's distributions to non-U.S. investors are subject to federal income tax withholding at a rate equal to the sum of the highest applicable rate plus ten percent (10%).

Company Profile

Natural Resource Partners L.P., a master limited partnership headquartered in Houston, TX, is a diversified natural resource company that owns, manages and leases a diversified portfolio of properties in the United States including coal, industrial minerals and other natural resources, as well as rights to conduct carbon sequestration and renewable energy activities. NRP also owns an equity investment in Sisecam Wyoming LLC, one of the world’s lowest-cost producers of soda ash.

For additional information, please contact Tiffany Sammis at 713-751-7515 or tsammis@nrplp.com. Further information about NRP is available on the partnership’s website at http://www.nrplp.com.

Forward-Looking Statements

This press release includes “forward-looking statements” as defined by the Securities and Exchange Commission. All statements, other than statements of historical facts, included in this press release that address activities, events or developments that the Partnership expects, believes or anticipates will or may occur in the future are forward-looking statements. These statements are based on certain assumptions made by the Partnership based on its experience and perception of historical trends, current conditions, expected future developments and other factors it believes are appropriate in the circumstances. Such statements are subject to a number of assumptions, risks and uncertainties, many of which are beyond the control of the Partnership. These risks include, among other things, statements regarding: future distributions on the Partnership’s common units; the Partnership's business strategy; its liquidity and access to capital and financing sources; its financial strategy; prices of and demand for coal, trona and soda ash, and other natural resources; estimated revenues, expenses and results of operations; projected future performance by the Partnership's lessees; Sisecam Wyoming LLC’s trona mining and soda ash refinery operations; distributions from the soda ash business; the impact of governmental policies, laws and regulations, as well as regulatory and legal proceedings involving the Partnership, and of scheduled or potential regulatory or legal changes; global and U.S. economic conditions; and other factors detailed in Natural Resource Partners’ Securities and Exchange Commission filings. Natural Resource Partners L.P. has no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.

Non-GAAP Financial Measures

"Adjusted EBITDA" is a non-GAAP financial measure that we define as net income (loss) less equity earnings from unconsolidated investment; plus total distributions from unconsolidated investment, interest expense, net, debt modification expense, loss on extinguishment of debt, depreciation, depletion and amortization and asset impairments. Adjusted EBITDA should not be considered an alternative to, or more meaningful than, net income or loss, net income or loss attributable to partners, operating income or loss, cash flows from operating activities or any other measure of financial performance presented in accordance with GAAP as measures of operating performance, liquidity or ability to service debt obligations. There are significant limitations to using Adjusted EBITDA as a measure of performance, including the inability to analyze the effect of certain recurring items that materially affect our net income, the lack of comparability of results of operations of different companies and the different methods of calculating Adjusted EBITDA reported by different companies. In addition, Adjusted EBITDA presented below is not calculated or presented on the same basis as Consolidated EBITDA as defined in our partnership agreement or Consolidated EBITDDA as defined in Opco's debt agreements. Adjusted EBITDA is a supplemental performance measure used by our management and by external users of our financial statements, such as investors, commercial banks, research analysts and others to assess the financial performance of our assets without regard to financing methods, capital structure or historical cost basis.

“Free cash flow” or "FCF" is a non-GAAP financial measure that we define as net cash provided by (used in) operating activities plus distributions from unconsolidated investment in excess of cumulative earnings and return of long-term contract receivable; less capital expenditures, cash flow used in acquisition costs classified as investing or financing activities and capital to unconsolidated investment. FCF is calculated before mandatory debt repayments. Free cash flow is not a measure of financial performance under GAAP and should not be considered as an alternative to cash flows from operating, investing or financing activities. Free cash flow may not be calculated the same for us as for other companies. Free cash flow is a supplemental liquidity measure used by our management and by external users of our financial statements, such as investors, commercial banks, research analysts and others to assess our ability to make cash distributions and repay debt.

"Leverage ratio" represents the outstanding principal of NRP's debt at the end of the period divided by the last twelve months' Adjusted EBITDA as defined above. NRP believes that leverage ratio is a useful measure to management and investors to evaluate and monitor the indebtedness of NRP relative to its ability to generate income to service such debt and in understanding trends in NRP’s overall financial condition. Leverage ratio may not be calculated the same for NRP as for other companies and is not a substitute for, and should not be used in conjunction with, GAAP financial ratios.

-Financial Tables and Reconciliation of Non-GAAP Measures Follow-

Natural Resource Partners L.P.

Financial Tables

(Unaudited)

Consolidated Statements of Comprehensive Income

For the Three Months Ended

For the Six Months Ended

June 30,

March 31,

June 30,

(In thousands, except per unit data)

2026

2025

2026

2025

Revenues and other income

Royalty and other mineral rights

49,119

44,295

43,297

92,416

95,555

Transportation and processing services

3,851

2,551

3,885

7,736

6,972

Equity in earnings (loss) of Sisecam Wyoming

(4,905

)

2,526

(7,828

)

(12,733

)

7,136

Gain (loss) on asset sales and disposals

729

)

976

Total revenues and other income

48,110

50,101

39,353

87,463

110,639

Operating expenses

Operating and maintenance expenses

5,731

4,159

6,113

11,844

10,935

Depreciation, depletion and amortization

11,131

3,754

7,614

18,745

7,743

General and administrative expenses

5,020

5,597

5,034

10,054

12,429

Asset impairments

—

Total operating expenses

21,882

13,510

18,761

40,643

31,127

Income from operations

26,228

36,591

20,592

46,820

79,512

Interest expense, net

(1,052

)

(2,380

)

(973

)

(2,025

)

(5,048

)

Net income

25,176

34,211

19,619

44,795

74,464

Net income attributable to common unitholders

24,672

33,527

19,227

43,899

72,975

Net income attributable to the general partner

504

684

392

896

1,489

Net income per common unit

Basic

1.86

2.55

1.46

3.32

5.56

Diluted

1.85

2.52

1.44

3.29

5.49

Net income

25,176

34,211

19,619

44,795

74,464

Comprehensive income (loss) from unconsolidated investment and other

904

(414

)

(140

)

764

1,846

Comprehensive income

26,080

33,797

19,479

45,559

76,310

Natural Resource Partners L.P.

Financial Tables

(Unaudited)

Consolidated Statements of Cash Flows

For the Three Months Ended

For the Six Months Ended

June 30,

March 31,

June 30,

(In thousands)

2026

2025

2026

2025

Cash flows from operating activities

Net income

25,176

34,211

19,619

44,795

74,464

Adjustments to reconcile net income to net cash provided by operating activities:

Depreciation, depletion and amortization

11,131

3,754

7,614

18,745

7,743

Distributions from unconsolidated investment

—

4,900

—

7,840

Equity in (earnings) loss from unconsolidated investment

4,905

(2,526

)

7,828

12,733

(7,136

)

Loss (gain) on asset sales and disposals

(45

)

(729

)

(44

)

(976

)

Asset impairments

—

Bad debt expense

(1,320

)

(776

)

(743

)

(869

)

Unit-based compensation expense

1,671

2,662

1,164

2,835

5,379

Amortization of debt issuance costs and other

442

(281

)

447

889

(449

)

Change in operating assets and liabilities:

—

Accounts receivable

(3,826

)

3,610

615

(3,211

)

3,461

Accounts payable

(1,460

)

(526

)

1,290

(170

)

Accrued liabilities

2,361

2,296

(7,156

)

(4,795

)

(5,694

)

Accrued interest

(216

)

(388

)

210

)

(134

)

Deferred revenue

285

(986

)

1,434

1,719

(4,213

)

Other items, net

493

902

724

1,217

547

Net cash provided by operating activities

40,950

45,579

33,014

73,964

80,003

Cash flows from investing activities

Proceeds from asset sales and disposals

730

—

977

Capital to unconsolidated investment

—

(39,200

)

(39,200

)

—

Return of long-term contract receivable

773

714

758

1,531

1,414

Net cash provided by (used in) investing activities

819

1,444

(38,442

)

(37,623

)

2,391

Cash flows from financing activities

Debt borrowings

6,000

—

61,200

67,200

33,700

Debt repayments

(39,000

)

(37,500

)

(34,000

)

(73,000

)

(74,500

)

Distributions to common unitholders and the general partner

(10,141

)

(10,055

)

(11,763

)

(21,904

)

(36,331

)

Other items, net

—

(8,646

)

(8,646

)

(5,363

)

Net cash provided by (used in) financing activities

(43,141

)

(47,555

)

6,791

(36,350

)

(82,494

)

Net increase (decrease) in cash and cash equivalents

(1,372

)

(532

)

1,363

)

(100

)

Cash and cash equivalents at beginning of period

31,504

30,876

30,141

30,444

Cash and cash equivalents at end of period

30,132

30,344

31,504

30,132

30,344

Supplemental cash flow information:

Cash paid for interest

1,204

2,725

684

1,888

5,096

Natural Resource Partners L.P.

Financial Tables

(Unaudited)

Consolidated Balance Sheets

June 30,

December 31,

2026

2025

(In thousands, except unit data)

(Unaudited)

ASSETS

Current assets

Cash and cash equivalents

30,132

30,141

Accounts receivable, net

30,640

28,666

Other current assets, net

934

2,105

Total current assets

61,706

60,912

Land

24,007

24,008

Mineral rights, net

351,503

366,987

Intangible assets, net

8,655

11,908

Equity in unconsolidated investment

277,475

250,244

Long-term contract receivable, net

18,775

20,406

Other long-term assets, net

15,414

13,900

Total assets

757,535

748,365

LIABILITIES AND CAPITAL

Current liabilities

Accounts payable

989

1,159

Accrued liabilities

7,127

10,897

Accrued interest

Current portion of deferred revenue

6,705

6,663

Current portion of long-term debt, net

14,271

14,198

Total current liabilities

29,155

32,986

Deferred revenue

59,744

58,067

Long-term debt, net

13,084

18,884

Other non-current liabilities

5,496

5,909

Total liabilities

107,479

115,846

Commitments and contingencies

Partners’ capital

Common unitholders’ interest (13,250,412 and 13,138,097 units issued and outstanding at June 30, 2026 and December 31, 2025, respectively)

641,221

625,188

General partner’s interest

12,072

11,332

Accumulated other comprehensive loss

(3,237

)

(4,001

)

Total partners’ capital

650,056

632,519

Total liabilities and partners' capital

757,535

748,365

Natural Resource Partners L.P.

Financial Tables

(Unaudited)

Consolidated Statements of Partners' Capital

Accumulated

Other

Total

Common Unitholders

General

Comprehensive

Partners'

(In thousands)

Units

Amounts

Partner

Loss

Capital

Balance at December 31, 2025

13,138

625,188

11,332

(4,001

)

632,519

Net income

—

19,227

392

—

19,619

Distributions to common unitholders and the general partner

—

(11,528

)

(235

)

—

(11,763

)

Issuance of unit-based awards

112

—

Unit-based awards amortization and vesting, net

—

(7,985

)

—

(7,985

)

Capital contribution

—

282

—

282

Comprehensive loss from unconsolidated investment and other

—

(140

)

(140

)

Balance at March 31, 2026

13,250

624,902

11,771

(4,141

)

632,532

Net income

—

24,672

504

—

25,176

Distributions to common unitholders and the general partner

—

(9,938

)

(203

)

—

(10,141

)

Unit-based awards amortization

—

1,585

—

1,585

Comprehensive income from unconsolidated investment and other

—

904

Balance at June 30, 2026

13,250

641,221

12,072

(3,237

)

650,056

Accumulated

Other

Total

Common Unitholders

General

Comprehensive

Partners'

(In thousands)

Units

Amounts

Partner

Income (Loss)

Capital

Balance at December 31, 2024

13,049

543,231

9,547

(1,670

)

551,108

Net income

—

39,448

805

—

40,253

Distributions to common unitholders and the general partner

—

(25,750

)

(526

)

—

(26,276

)

Issuance of unit-based awards

—

Unit-based awards amortization and vesting, net

—

(3,175

)

—

(3,175

)

Capital contribution

—

187

—

187

Comprehensive income from unconsolidated investment and other

—

2,260

Balance at March 31, 2025

13,138

553,754

10,013

590

564,357

Net income

—

33,527

684

—

34,211

Distributions to common unitholders and the general partner

—

(9,854

)

(201

)

—

(10,055

)

Unit-based awards amortization

—

2,346

—

2,346

Comprehensive loss from unconsolidated investment and other

—

(414

)

(414

)

Balance at June 30, 2025

13,138

579,773

10,496

176

590,445

Natural Resource Partners L.P.

Financial Tables

(Unaudited)

The following table presents NRP's unaudited business results for the three months ended June 30, 2026 and 2025 and March 31, 2026:

Reportable Segments

(In thousands)

Mineral Rights

Soda Ash

Corporate and Financing

Total

For the Three Months Ended June 30, 2026

Revenues

52,970

—

52,970

Equity in loss of Sisecam Wyoming

—

(4,905

)

—

(4,905

)

Gain on asset sales and disposals

—

Total revenues and other income

53,015

(4,905

)

—

48,110

Asset impairments

—

Net income (loss)

36,237

(4,984

)

(6,077

)

25,176

Adjusted EBITDA (1)

47,363

(79

)

(5,020

)

42,264

Cash flow provided by (used in) continuing operations:

Operating activities

44,579

(79

)

(3,550

)

40,950

Investing activities

819

—

819

Financing activities

—

(43,141

)

(43,141

)

Free cash flow (1)

45,352

(79

)

(3,550

)

41,723

For the Three Months Ended June 30, 2025

Revenues

46,846

—

46,846

Equity in earnings of Sisecam Wyoming

—

2,526

—

2,526

Gain on asset sales and disposals

729

—

729

Total revenues and other income

47,575

2,526

—

50,101

Asset impairments

—

Net income (loss)

39,691

2,502

(7,982

)

34,211

Adjusted EBITDA (1)

43,439

4,876

(5,596

)

42,719

Cash flow provided by (used in) continuing operations:

Operating activities

45,576

4,875

(4,872

)

45,579

Investing activities

1,444

—

1,444

Financing activities

—

(47,555

)

(47,555

)

Free cash flow (1)

46,290

4,875

(4,872

)

46,293

For the Three Months Ended March 31, 2026

Revenues

47,182

—

47,182

Equity in loss of Sisecam Wyoming

—

(7,828

)

—

(7,828

)

Loss on asset sales and disposals

)

—

)

Total revenues and other income

47,181

(7,828

)

—

39,353

Asset impairments

—

Net income (loss)

33,530

(7,900

)

(6,011

)

19,619

Adjusted EBITDA (1)

41,140

(72

)

(5,034

)

36,034

Cash flow provided by (used in) continuing operations:

Operating activities

41,827

(72

)

(8,741

)

33,014

Investing activities

758

(39,200

)

—

(38,442

)

Financing activities

(1,256

)

—

8,047

6,791

Free cash flow (1)

42,585

(39,272

)

(8,741

)

(5,428

)

(1)

See "Non-GAAP Financial Measures" and reconciliation tables at the end of this release.

Natural Resource Partners L.P.

Financial Tables

(Unaudited)

The following table presents NRP's unaudited business results for the six months ended June 30, 2026 and 2025:

Reportable Segments

(In thousands)

Mineral Rights

Soda Ash

Corporate and Financing

Total

For the Six Months Ended June 30, 2026

Revenues

100,152

—

100,152

Equity in loss of Sisecam Wyoming

—

(12,733

)

—

(12,733

)

Gain on asset sales and disposals

—

Total revenues and other income

100,196

(12,733

)

—

87,463

Asset impairments

—

Net income (loss)

69,767

(12,884

)

(12,088

)

44,795

Adjusted EBITDA (1)

88,503

(151

)

(10,054

)

78,298

Cash flow provided by (used in) continuing operations:

Operating activities

86,406

(151

)

(12,291

)

73,964

Investing activities

1,577

(39,200

)

—

(37,623

)

Financing activities

(1,256

)

—

(35,094

)

(36,350

)

Free cash flow (1)

87,937

(39,351

)

(12,291

)

36,295

For the Six Months Ended June 30, 2025

Revenues

102,527

—

102,527

Equity in earnings of Sisecam Wyoming

—

7,136

—

7,136

Gain on asset sales and disposals

976

—

976

Total revenues and other income

103,503

7,136

—

110,639

Asset impairments

—

Net income (loss)

84,899

7,052

(17,487

)

74,464

Adjusted EBITDA (1)

92,652

7,756

(12,429

)

87,979

Cash flow provided by (used in) continuing operations:

Operating activities

88,799

7,755

(16,551

)

80,003

Investing activities

2,391

—

2,391

Financing activities

(841

)

—

(81,653

)

(82,494

)

Free cash flow (1)

90,213

7,755

(16,551

)

81,417

(1)

See "Non-GAAP Financial Measures" and reconciliation tables at the end of this release.

Natural Resource Partners L.P.

Financial Tables

(Unaudited)

Operating Statistics - Mineral Rights

For the Three Months Ended

For the Six Months Ended

June 30,

March 31,

June 30,

(In thousands, except per ton data)

2026

2025

2026

2025

Coal sales volumes (tons)

Appalachia

Northern

1,492

132

472

1,964

256

Central

3,371

3,195

2,967

6,338

6,501

Southern

453

548

329

782

844

Total Appalachia

5,316

3,875

3,768

9,084

7,601

Illinois Basin

2,416

1,637

2,420

4,836

4,979

Northern Powder River Basin

309

426

175

484

1,342

Gulf Coast

198

176

162

360

413

Total coal sales volumes

8,239

6,114

6,525

14,764

14,335

Coal royalty revenue per ton

Appalachia

Northern

1.18

1.91

1.42

1.24

1.70

Central

6.06

6.41

6.18

6.11

6.29

Southern

11.52

8.53

11.40

11.47

8.76

Illinois Basin

2.45

2.21

2.32

2.38

2.36

Northern Powder River Basin

4.86

5.73

6.19

5.35

4.93

Gulf Coast

0.82

0.80

0.83

0.78

Combined average coal royalty revenue per ton

4.25

5.17

4.53

4.37

4.70

Coal royalty revenues

Appalachia

Northern

1,759

252

671

2,430

435

Central

20,414

20,494

18,328

38,742

40,920

Southern

5,218

4,676

3,750

8,968

7,394

Total Appalachia

27,391

25,422

22,749

50,140

48,749

Illinois Basin

5,925

3,610

5,606

11,531

11,751

Northern Powder River Basin

1,503

2,443

1,084

2,587

6,612

Gulf Coast

163

140

135

298

324

Unadjusted coal royalty revenues

34,982

31,615

29,574

64,556

67,436

Coal royalty adjustment for minimum leases

(189

)

(72

)

—

(189

)

(395

)

Total coal royalty revenues

34,793

31,543

29,574

64,367

67,041

Other revenues

Production lease minimum revenues

251

123

558

809

2,848

Minimum lease straight-line revenues

4,019

4,050

4,019

8,038

8,100

Oil and gas royalty revenues

2,447

1,981

1,386

3,833

4,425

Carbon neutral revenues

290

185

279

885

Property tax revenues

1,710

1,519

1,711

3,421

3,156

Wheelage revenues

1,959

2,543

1,990

3,949

4,281

Coal overriding royalty revenues

1,040

456

1,386

2,426

1,336

Lease amendment revenues

1,242

656

1,200

2,442

1,311

Aggregates royalty revenues

1,246

906

1,118

2,364

1,759

Other revenues

318

228

170

488

413

Total other revenues

14,326

12,752

13,723

28,049

28,514

Royalty and other mineral rights

49,119

44,295

43,297

92,416

95,555

Transportation and processing services revenues

3,851

2,551

3,885

7,736

6,972

Gain (loss) on asset sales and disposals

729

)

976

Total Mineral Rights segment revenues and other income

53,015

47,575

47,181

100,196

103,503

Natural Resource Partners L.P.

Reconciliation of Non-GAAP Measures

(Unaudited)

Adjusted EBITDA

Reportable Segments

(In thousands)

Mineral Rights

Soda Ash

Corporate and Financing

Total

For the Three Months Ended June 30, 2026

Net income (loss)

36,237

(4,984

)

(6,077

)

25,176

Add (Less): equity in (earnings) loss from unconsolidated investment

—

4,905

—

4,905

Add: total distributions from unconsolidated investment

—

Add: interest expense, net

—

1,052

Add: depreciation, depletion and amortization

11,126

—

11,131

Add: asset impairments

—

Adjusted EBITDA

47,363

(79

)

(5,020

)

42,264

For the Three Months Ended June 30, 2025

Net income (loss)

39,691

2,502

(7,982

)

34,211

Add (Less): equity in (earnings) loss from unconsolidated investment

—

(2,526

)

—

(2,526

)

Add: total distributions from unconsolidated investment

—

4,900

—

4,900

Add: interest expense, net

—

2,380

Add: depreciation, depletion and amortization

3,748

—

3,754

Add: asset impairments

—

Adjusted EBITDA

43,439

4,876

(5,596

)

42,719

For the Three Months Ended March 31, 2026

Net income (loss)

33,530

(7,900

)

(6,011

)

19,619

Add (Less): equity in (earnings) loss from unconsolidated investment

—

7,828

—

7,828

Add: total distributions from unconsolidated investment

—

Add: interest expense, net

—

973

Add: depreciation, depletion and amortization

7,610

—

7,614

Add: asset impairments

—

Adjusted EBITDA

41,140

(72

)

(5,034

)

36,034

Natural Resource Partners L.P.

Reconciliation of Non-GAAP Measures

(Unaudited)

Adjusted EBITDA

Reportable Segments

(In thousands)

Mineral Rights

Soda Ash

Corporate and Financing

Total

For the Six Months Ended June 30, 2026

Net income (loss)

69,767

(12,884

)

(12,088

)

44,795

Add (Less): equity in (earnings) loss from unconsolidated investment

—

12,733

—

12,733

Add: total distributions from unconsolidated investment

—

Add: interest expense, net

—

2,025

Add: depreciation, depletion and amortization

18,736

—

18,745

Add: asset impairments

—

Adjusted EBITDA

88,503

(151

)

(10,054

)

78,298

For the Six Months Ended June 30, 2025

Net income (loss)

84,899

7,052

(17,487

)

74,464

Add (Less): equity in (earnings) loss from unconsolidated investment

—

(7,136

)

—

(7,136

)

Add: total distributions from unconsolidated investment

—

7,840

—

7,840

Add: interest expense, net

—

5,048

Add: depreciation, depletion and amortization

7,733

—

7,743

Add: asset impairments

—

Adjusted EBITDA

92,652

7,756

(12,429

)

87,979

Natural Resource Partners L.P.

Reconciliation of Non-GAAP Measures

(Unaudited)

Free Cash Flow

Reportable Segments

(In thousands)

Mineral Rights

Soda Ash

Corporate and Financing

Total

For the Three Months Ended June 30, 2026

Net cash provided by (used in) operating activities

44,579

(79

)

(3,550

)

40,950

Add: return of long-term contract receivable

773

—

773

Free cash flow

45,352

(79

)

(3,550

)

41,723

Net cash provided by investing activities

819

—

819

Net cash used in financing activities

—

(43,141

)

(43,141

)

For the Three Months Ended June 30, 2025

Net cash provided by (used in) operating activities

45,576

4,875

(4,872

)

45,579

Add: return of long-term contract receivable

714

—

714

Free cash flow

46,290

4,875

(4,872

)

46,293

Net cash provided by investing activities

1,444

—

1,444

Net cash used in financing activities

—

(47,555

)

(47,555

)

For the Three Months Ended March 31, 2026

Net cash provided by (used in) operating activities

41,827

(72

)

(8,741

)

33,014

Add: return of long-term contract receivable

758

—

758

Less: capital to unconsolidated investment

—

(39,200

)

—

(39,200

)

Free cash flow

42,585

(39,272

)

(8,741

)

(5,428

)

Net cash provided by (used in) investing activities

758

(39,200

)

—

(38,442

)

Net cash provided by (used in) financing activities

(1,256

)

—

8,047

6,791

Natural Resource Partners L.P.

Reconciliation of Non-GAAP Measures

(Unaudited)

Free Cash Flow

Reportable Segments

(In thousands)

Mineral Rights

Soda Ash

Corporate and Financing

Total

For the Six Months Ended June 30, 2026

Net cash provided by (used in) operating activities

86,406

(151

)

(12,291

)

73,964

Add: return of long-term contract receivable

1,531

—

1,531

Less: capital to unconsolidated investment

—

(39,200

)

—

(39,200

)

Free cash flow

87,937

(39,351

)

(12,291

)

36,295

Net cash provided by investing activities

1,577

(39,200

)

—

(37,623

)

Net cash prided by (used in) financing activities

(1,256

)

—

(35,094

)

(36,350

)

For the Six Months Ended June 30, 2025

Net cash provided by (used in) operating activities

88,799

7,755

(16,551

)

80,003

Add: return of long-term contract receivable

1,414

—

1,414

Free cash flow

90,213

7,755

(16,551

)

81,417

Net cash provided by investing activities

2,391

—

2,391

Net cash used in financing activities

(841

)

—

(81,653

)

(82,494

)

Natural Resource Partners L.P.

Reconciliation of Non-GAAP Measures

(Unaudited)

Last Twelve Months (LTM) Free Cash Flow

For the Three Months Ended

(In thousands)

September 30, 2025

December 31, 2025

March 31, 2026

June 30, 2026

Last 12 Months

Net cash provided by operating activities

41,095

44,765

33,014

40,950

159,824

Add: return of long-term contract receivable

728

743

758

773

3,002

Less: capital to unconsolidated investment

—

(39,200

)

—

(39,200

)

Free cash flow

41,823

45,508

(5,428

)

41,723

123,626

Add: investment in soda ash business

—

39,200

—

39,200

Free cash flow before investment in soda ash business

41,823

45,508

33,772

41,723

162,826

Leverage Ratio

For the Three Months Ended

(In thousands)

September 30, 2025

December 31, 2025

March 31, 2026

June 30, 2026

Last 12 Months

Net income

30,905

30,998

19,619

25,176

106,698

Add (Less): equity in (earnings) loss from unconsolidated investment

2,390

1,686

7,828

4,905

16,809

Add: total distributions from unconsolidated investment

—

Add: interest expense, net

1,779

1,157

973

1,052

4,961

Add: depreciation, depletion and amortization

3,868

3,344

7,614

11,131

25,957

Add: asset impairments

—

Adjusted EBITDA

38,942

37,185

36,034

42,264

154,425

Debt—at June 30, 2026

27,415

Leverage Ratio

0.2 x

For the Three Months Ended

(In thousands)

September 30, 2024

December 31, 2024

March 31, 2025

June 30, 2025

Last 12 Months

Net income

38,595

42,772

40,253

34,211

155,831

Less: equity in earnings from unconsolidated investment

(8,109

)

(931

)

(4,610

)

(2,526

)

(16,176

)

Add: total distributions from unconsolidated investment

6,320

10,667

2,940

4,900

24,827

Add: interest expense, net

4,194

3,524

2,668

2,380

12,766

Add: depreciation, depletion and amortization

4,730

2,827

3,989

3,754

15,300

Add: asset impairments

—

107

Adjusted EBITDA

45,817

58,859

45,260

42,719

192,655

Debt—at June 30, 2025

101,547

Leverage Ratio

0.5 x

-end-

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Document And Entity Information

Aug. 05, 2026

Document Information [Line Items]

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NATURAL RESOURCE PARTNERS LP

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8-K

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Aug. 05, 2026

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- Definition

Trading symbol of an instrument as listed on an exchange.

+ References

No definition available.

+ Details

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dei_TradingSymbol

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- Definition

Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as written communications pursuant to Rule 425 under the Securities Act.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Securities Act

-Number 230

-Section 425

+ Details

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dei_WrittenCommunications

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