Form 8-K
8-K — NATURAL RESOURCE PARTNERS LP
Accession: 0001437749-26-034767
Filed: 2026-11-04
Period: 2026-11-04
CIK: 0001171486
SIC: 1221 (BITUMINOUS COAL & LIGNITE SURFACE MINING)
Item: Results of Operations and Financial Condition
Item: Financial Statements and Exhibits
Documents
8-K — nrp20260813_8k.htm (Primary)
EX-99.1 — EXHIBIT 99.1 (ex_1005011.htm)
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GRAPHIC (nrp20230206_8kimg001.jpg)
XML — IDEA: XBRL DOCUMENT (R1.htm)
8-K — FORM 8-K
8-K (Primary)
Filename: nrp20260813_8k.htm · Sequence: 1
nrp20260813_8k.htm
false
0001171486
0001171486
2026-11-04
2026-11-04
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): November 4, 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 November 4, 2026, Natural Resource Partners L.P. announced via press release its earnings and operating results for the third 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 November 4, 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: November 4, 2026
/s/ Philip T. Warman
Philip T. Warman
General Counsel
EX-99.1 — EXHIBIT 99.1
EX-99.1
Filename: ex_1005011.htm · Sequence: 2
ex_1005011.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 Third Quarter 2026 Results and Declares Third Quarter 2026 Distribution of $2.34 per Common Unit
HOUSTON, November 4, 2026 - Natural Resource Partners L.P. (NYSE:NRP) today reported third quarter 2026 results as follows:
For the Three Months Ended
Last Twelve Months Ended
(In thousands) (Unaudited)
September 30, 2026
Operating cash flow
$
43,992
$
162,721
Add: return of long-term contract receivable
787
3,061
Less: investment in soda ash business
—
(39,200
)
Free cash flow (1)
$
44,779
$
126,582
Less: cash for debt repayments
(13,084
)
(54,242
)
Add: other changes in cash
5
(8,595
)
Free cash flow available for common unitholder and GP distributions (1)
$
31,700
$
63,745
Free cash flow available for common unitholder and GP distributions per unit (1)
$
2.34
$
4.71
(1)
See "Non-GAAP Financial Measures" and reconciliation tables at the end of this release.
Highlights:
• Generated $44.8 million of free cash flow in the third quarter of 2026
• Fully repaid remaining $13.1 million balance on credit facility in the third quarter of 2026; $14.3 million of debt remaining, maturing in December 2026
• Declares third quarter 2026 distribution of $2.34 per common unit
• Paid second quarter 2026 distribution of $0.75 per common unit
"NRP generated $45 million of free cash flow in the third quarter of 2026 and $166 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. "I am pleased to say we fully repaid the remaining $13 million balance on our credit facility during the third quarter. Consistent with our communications throughout the year, we are able to significantly increase the distribution this quarter and will pay out $32 million, or $2.34 per common unit."
Mr. Nunez continued, "I am delighted that we are nearing the end of our long journey to de-lever and de-risk the business, especially in light of the challenging market environment facing all three of our key commodities."
NRP announced today that the board of directors of its general partner declared a third quarter 2026 cash distribution of $2.34 per common unit to be paid on November 24, 2026, to unitholders of record on November 17, 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.
1
Mineral Rights Segment
Mineral Rights net income for the third quarter of 2026 decreased $3.9 million as compared to the prior year period primarily due to revised engineering and increased depletion rate at a thermal property as compared to the prior year period. Operating cash flow and free cash flow increased $1.9 million and $2.0 million, respectively, as compared to the prior year period primarily due to increased thermal coal sales volumes and increased prices and volumes at certain metallurgical properties, partially offset by timing of minimum payments and lease amendment fees in the third quarter of 2025. Approximately 70% of coal royalty revenues and approximately 45% of coal royalty sales volumes were derived from metallurgical coal in the third quarter of 2026.
NRP's mineral rights segment cash flows are primarily tied to market prices of metallurgical and thermal coal, commodities characterized by volatile and unpredictable price movements. As a result, the free cash flow generated by this segment may also be quite volatile. Metallurgical coal pricing improved in the third quarter of 2026, however, NRP expects continued pressure on pricing as soft global demand for steel persists. Thermal coal prices remain muted due to low natural gas prices and ample coal stockpiles at power plants. NRP does not expect any meaningful change to pricing in 2027.
NRP continues to explore opportunities to create value through carbon sequestration and renewable energy production across its vast portfolio of mineral and surface assets but has no material developments to report on its carbon neutral initiatives.
Soda Ash Segment
Soda Ash net income in the third quarter of 2026 decreased $1.7 million as compared to the prior year period primarily due to lower sales prices in 2026. NRP's soda ash segment cash flows result from distributions received from Sisecam Wyoming, which NRP does not control. NRP did not receive a distribution from Sisecam Wyoming in the third quarter of 2025 or 2026, and the last distribution received was in the second quarter of 2025. Soda ash prices are volatile and remain low as capacity in China has grown faster than global demand. NRP does not expect to receive distributions from Sisecam Wyoming until the soda ash market returns to equilibrium through capacity rationalization and increased demand, something not expected to occur in the near term.
Corporate and Financing
Corporate and Financing net income increased $1.3 million, while operating cash flow and free cash flow each increased $1.0 million in the third 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 third quarter of 2026 as compared to the prior year period due to less debt outstanding.
In August 2026, NRP paid a second quarter 2026 cash distribution of $0.75 per common unit and today NRP declared a third quarter 2026 cash distribution of $2.34 per common unit.
NRP had $251.7 million of available liquidity at September 30, 2026, consisting of $51.7 million of cash and cash equivalents and $200.0 million of borrowing capacity available under its revolving credit facility. NRP has $14.3 million of debt remaining which will be repaid in December of this year.
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/233500581?pwd=J7hnCFGG. 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.
2
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.
“Free cash flow available for common unitholder and GP distributions” is a non-GAAP financial measure that we define as free cash flow, as defined above, adjusted for cash for debt repayments, other changes in cash (which includes cash flow used for taxes on unit-based award settlements, capital contributed by the general partner, proceeds from asset sales, and cash flow used in unit buybacks or asset acquisitions), and cash retained at the discretion of the board of directors. Free cash flow available for common unitholder and GP distributions 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 available for common unitholder and GP distributions may not be calculated the same for us as for other companies. Free cash flow available for common unitholder and GP distributions 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 cash that is available for distribution to our unitholders.
"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-
3
Natural Resource Partners L.P.
Financial Tables
(Unaudited)
Consolidated Statements of Comprehensive Income
For the Three Months Ended
For the Nine Months Ended
September 30,
June 30,
September 30,
(In thousands, except per unit data)
2026
2025
2026
2026
2025
Revenues and other income
Royalty and other mineral rights
$
46,989
$
49,615
$
49,119
$
139,405
$
145,170
Transportation and processing services
1,952
1,800
3,851
9,688
8,772
Equity in earnings (loss) of Sisecam Wyoming
(4,126
)
(2,390
)
(4,905
)
(16,859
)
4,746
Gain on asset sales and disposals
5
906
45
49
1,882
Total revenues and other income
$
44,820
$
49,931
$
48,110
$
132,283
$
160,570
Operating expenses
Operating and maintenance expenses
$
5,540
$
7,654
$
5,731
$
17,384
$
18,589
Depreciation, depletion and amortization
6,526
3,868
11,131
25,271
11,611
General and administrative expenses
5,660
5,725
5,020
15,714
18,154
Asset impairments
—
—
—
—
20
Total operating expenses
$
17,726
$
17,247
$
21,882
$
58,369
$
48,374
Income from operations
$
27,094
$
32,684
$
26,228
$
73,914
$
112,196
Interest expense, net
$
(552
)
$
(1,779
)
$
(1,052
)
$
(2,577
)
$
(6,827
)
Net income
$
26,542
$
30,905
$
25,176
$
71,337
$
105,369
Net income attributable to common unitholders
$
26,011
$
30,287
$
24,672
$
69,910
$
103,262
Net income attributable to the general partner
531
618
504
1,427
2,107
Net income per common unit
Basic
$
1.96
$
2.31
$
1.86
$
5.28
$
7.87
Diluted
1.95
2.28
1.85
5.24
7.77
Net income
$
26,542
$
30,905
$
25,176
$
71,337
$
105,369
Comprehensive income (loss) from unconsolidated investment and other
847
(2,391
)
904
1,611
(545
)
Comprehensive income
$
27,389
$
28,514
$
26,080
$
72,948
$
104,824
4
Natural Resource Partners L.P.
Financial Tables
(Unaudited)
Consolidated Statements of Cash Flows
For the Three Months Ended
For the Nine Months Ended
September 30,
June 30,
September 30,
(In thousands)
2026
2025
2026
2026
2025
Cash flows from operating activities
Net income
$
26,542
$
30,905
$
25,176
$
71,337
$
105,369
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation, depletion and amortization
6,526
3,868
11,131
25,271
11,611
Distributions from unconsolidated investment
—
—
—
—
7,840
Equity in (earnings) loss from unconsolidated investment
4,126
2,390
4,905
16,859
(4,746
)
Gain on asset sales and disposals
(5
)
(906
)
(45
)
(49
)
(1,882
)
Asset impairments
—
—
—
—
20
Bad debt expense
53
1,731
33
(690
)
862
Unit-based compensation expense
2,573
2,724
1,671
5,408
8,103
Amortization of debt issuance costs and other
318
368
442
1,207
(81
)
Change in operating assets and liabilities:
Accounts receivable
5,169
(3,115
)
(3,826
)
1,958
346
Accounts payable
(38
)
(43
)
(1,460
)
(208
)
(23
)
Accrued liabilities
927
358
2,361
(3,868
)
(5,336
)
Accrued interest
179
324
(216
)
173
190
Deferred revenue
(2,853
)
1,577
285
(1,134
)
(2,636
)
Other items, net
475
914
493
1,692
1,461
Net cash provided by operating activities
$
43,992
$
41,095
$
40,950
$
117,956
$
121,098
Cash flows from investing activities
Proceeds from asset sales and disposals
$
5
$
906
$
46
$
51
$
1,883
Capital to unconsolidated investment
—
—
—
(39,200
)
—
Return of long-term contract receivable
787
728
773
2,318
2,142
Net cash provided by (used in) investing activities
$
792
$
1,634
$
819
$
(36,831
)
$
4,025
Cash flows from financing activities
Debt borrowings
$
—
$
—
$
6,000
$
67,200
$
33,700
Debt repayments
(13,084
)
(32,000
)
(39,000
)
(86,084
)
(106,500
)
Distributions to common unitholders and the general partner
(10,140
)
(10,055
)
(10,141
)
(32,044
)
(46,386
)
Other items, net
—
1
—
(8,646
)
(5,362
)
Net cash used in financing activities
$
(23,224
)
$
(42,054
)
$
(43,141
)
$
(59,574
)
$
(124,548
)
Net increase (decrease) in cash and cash equivalents
$
21,560
$
675
$
(1,372
)
$
21,551
$
575
Cash and cash equivalents at beginning of period
30,132
30,344
31,504
30,141
30,444
Cash and cash equivalents at end of period
$
51,692
$
31,019
$
30,132
$
51,692
$
31,019
Supplemental cash flow information:
Cash paid for interest
$
310
$
1,413
$
1,204
$
2,198
$
6,509
5
Natural Resource Partners L.P.
Financial Tables
(Unaudited)
Consolidated Balance Sheets
September 30,
December 31,
2026
2025
(In thousands, except unit data)
(Unaudited)
ASSETS
Current assets
Cash and cash equivalents
$
51,692
$
30,141
Accounts receivable, net
28,740
28,666
Other current assets, net
457
2,105
Total current assets
$
80,889
$
60,912
Land
24,007
24,008
Mineral rights, net
345,679
366,987
Intangible assets, net
7,958
11,908
Equity in unconsolidated investment
274,197
250,244
Long-term contract receivable, net
17,935
20,406
Other long-term assets, net
13,278
13,900
Total assets
$
763,943
$
748,365
LIABILITIES AND CAPITAL
Current liabilities
Accounts payable
$
950
$
1,159
Accrued liabilities
8,207
10,897
Accrued interest
242
69
Current portion of deferred revenue
5,789
6,663
Current portion of long-term debt, net
14,307
14,198
Total current liabilities
$
29,495
$
32,986
Deferred revenue
59,075
58,067
Long-term debt, net
—
18,884
Other non-current liabilities
5,689
5,909
Total liabilities
$
94,259
$
115,846
Commitments and contingencies
Partners’ capital
Common unitholders’ interest (13,250,412 and 13,138,097 units issued and outstanding at September 30, 2026 and December 31, 2025, respectively)
$
659,674
$
625,188
General partner’s interest
12,400
11,332
Accumulated other comprehensive loss
(2,390
)
(4,001
)
Total partners’ capital
$
669,684
$
632,519
Total liabilities and partners' capital
$
763,943
$
748,365
6
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
904
Balance at June 30, 2026
13,250
$
641,221
$
12,072
$
(3,237
)
$
650,056
Net income
—
26,011
531
—
26,542
Distributions to common unitholders and the general partner
—
(9,937
)
(203
)
—
(10,140
)
Unit-based awards amortization
—
2,379
—
—
2,379
Comprehensive income from unconsolidated investment and other
—
—
—
847
847
Balance at September 30, 2026
13,250
$
659,674
$
12,400
$
(2,390
)
$
669,684
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
89
—
—
—
—
Unit-based awards amortization and vesting, net
—
(3,175
)
—
—
(3,175
)
Capital contribution
—
—
187
—
187
Comprehensive income from unconsolidated investment and other
—
—
—
2,260
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
Net income
—
30,287
618
—
30,905
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
—
—
—
(2,391
)
(2,391
)
Balance at September 30, 2025
13,138
$
602,552
$
10,913
$
(2,215
)
$
611,250
7
Natural Resource Partners L.P.
Financial Tables
(Unaudited)
The following table presents NRP's unaudited business results for the three months ended September 30, 2026 and 2025 and June 30, 2026:
Reportable Segments
(In thousands)
Mineral Rights
Soda Ash
Corporate and Financing
Total
For the Three Months Ended September 30, 2026
Revenues
$
48,941
$
—
$
—
$
48,941
Equity in loss of Sisecam Wyoming
—
(4,126
)
—
(4,126
)
Gain on asset sales and disposals
5
—
—
5
Total revenues and other income
$
48,946
$
(4,126
)
$
—
$
44,820
Asset impairments
$
—
$
—
$
—
$
—
Net income (loss)
$
36,937
$
(4,178
)
$
(6,217
)
$
26,542
Adjusted EBITDA (1)
$
43,458
$
(52
)
$
(5,660
)
$
37,746
Cash flow provided by (used in) continuing operations:
Operating activities
$
46,338
$
(52
)
$
(2,294
)
$
43,992
Investing activities
$
792
$
—
$
—
$
792
Financing activities
$
—
$
—
$
(23,224
)
$
(23,224
)
Free cash flow (1)
$
47,125
$
(52
)
$
(2,294
)
$
44,779
Free cash flow available for common unitholder and GP distributions (1)
$
47,130
$
(52
)
$
(15,378
)
$
31,700
Free cash flow available for common unitholder and GP distributions per unit (1)
$
2.34
For the Three Months Ended September 30, 2025
Revenues
$
51,415
$
—
$
—
$
51,415
Equity in loss of Sisecam Wyoming
—
(2,390
)
—
(2,390
)
Gain on asset sales and disposals
906
—
—
906
Total revenues and other income
$
52,321
$
(2,390
)
$
—
$
49,931
Asset impairments
$
—
$
—
$
—
$
—
Net income (loss)
$
40,859
$
(2,446
)
$
(7,508
)
$
30,905
Adjusted EBITDA (1)
$
44,723
$
(56
)
$
(5,725
)
$
38,942
Cash flow provided by (used in) continuing operations:
Operating activities
$
44,428
$
(55
)
$
(3,278
)
$
41,095
Investing activities
$
1,634
$
—
$
—
$
1,634
Financing activities
$
—
$
—
$
(42,054
)
$
(42,054
)
Free cash flow (1)
$
45,156
$
(55
)
$
(3,278
)
$
41,823
Free cash flow available for common unitholder and GP distributions (1)
$
46,062
$
(55
)
$
(35,952
)
$
10,055
Free cash flow available for common unitholder and GP distributions per unit (1)
$
0.75
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
45
—
—
45
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
Free cash flow available for common unitholder and GP distributions (1)
$
45,398
$
(79
)
$
(35,178
)
$
10,141
Free cash flow available for common unitholder and GP distributions per unit (1)
$
0.75
(1)
See "Non-GAAP Financial Measures" and reconciliation tables at the end of this release.
8
Natural Resource Partners L.P.
Financial Tables
(Unaudited)
The following table presents NRP's unaudited business results for the nine months ended September 30, 2026 and 2025:
Reportable Segments
(In thousands)
Mineral Rights
Soda Ash
Corporate and Financing
Total
For the Nine Months Ended September 30, 2026
Revenues
$
149,093
$
—
$
—
$
149,093
Equity in loss of Sisecam Wyoming
—
(16,859
)
—
(16,859
)
Gain on asset sales and disposals
49
—
—
49
Total revenues and other income
$
149,142
$
(16,859
)
$
—
$
132,283
Asset impairments
$
—
$
—
$
—
$
—
Net income (loss)
$
106,704
$
(17,062
)
$
(18,305
)
$
71,337
Adjusted EBITDA (1)
$
131,961
$
(203
)
$
(15,714
)
$
116,044
Cash flow provided by (used in) continuing operations:
Operating activities
$
132,744
$
(203
)
$
(14,585
)
$
117,956
Investing activities
$
2,369
$
(39,200
)
$
—
$
(36,831
)
Financing activities
$
(1,256
)
$
—
$
(58,318
)
$
(59,574
)
Free cash flow (1)
$
135,062
$
(39,403
)
$
(14,585
)
$
81,074
Free cash flow available for common unitholder and GP distributions (1)
$
133,857
$
(39,403
)
$
(42,472
)
$
51,982
Free cash flow available for common unitholder and GP distributions per unit (1)
$
3.84
For the Nine Months Ended September 30, 2025
Revenues
$
153,942
$
—
$
—
$
153,942
Equity in earnings of Sisecam Wyoming
—
4,746
—
4,746
Gain on asset sales and disposals
1,882
—
—
1,882
Total revenues and other income
$
155,824
$
4,746
$
—
$
160,570
Asset impairments
$
20
$
—
$
—
$
20
Net income (loss)
$
125,758
$
4,606
$
(24,995
)
$
105,369
Adjusted EBITDA (1)
$
137,375
$
7,700
$
(18,154
)
$
126,921
Cash flow provided by (used in) continuing operations:
Operating activities
$
133,227
$
7,700
$
(19,829
)
$
121,098
Investing activities
$
4,025
$
—
$
—
$
4,025
Financing activities
$
(841
)
$
—
$
(123,707
)
$
(124,548
)
Free cash flow (1)
$
135,369
$
7,700
$
(19,829
)
$
123,240
Free cash flow available for common unitholder and GP distributions (1)
$
136,411
$
7,700
$
(113,946
)
$
30,165
Free cash flow available for common unitholder and GP distributions per unit (1)
$
2.25
(1)
See "Non-GAAP Financial Measures" and reconciliation tables at the end of this release.
9
Natural Resource Partners L.P.
Financial Tables
(Unaudited)
Operating Statistics - Mineral Rights
For the Three Months Ended
For the Nine Months Ended
September 30,
June 30,
September 30,
(In thousands, except per ton data)
2026
2025
2026
2026
2025
Coal sales volumes (tons)
Appalachia
Northern
2,075
1,508
1,492
4,039
1,764
Central
3,442
3,296
3,371
9,780
9,797
Southern
494
678
453
1,276
1,522
Total Appalachia
6,011
5,482
5,316
15,095
13,083
Illinois Basin
1,468
1,005
2,416
6,304
5,984
Northern Powder River Basin
507
841
309
991
2,183
Gulf Coast
186
201
198
546
614
Total coal sales volumes
8,172
7,529
8,239
22,936
21,864
Coal royalty revenue per ton
Appalachia
Northern
$
1.18
$
1.48
$
1.18
$
1.21
$
1.51
Central
6.24
6.08
6.06
6.16
6.22
Southern
11.73
8.36
11.52
11.57
8.58
Illinois Basin
2.32
1.93
2.45
2.37
2.29
Northern Powder River Basin
5.29
4.68
4.86
5.31
4.83
Gulf Coast
0.88
0.80
0.82
0.85
0.79
Combined average coal royalty revenue per ton
4.40
4.51
4.25
4.38
4.64
Coal royalty revenues
Appalachia
Northern
$
2,451
$
2,225
$
1,759
$
4,881
$
2,660
Central
21,470
20,051
20,414
60,212
60,971
Southern
5,796
5,666
5,218
14,764
13,060
Total Appalachia
29,717
27,942
27,391
79,857
76,691
Illinois Basin
3,410
1,943
5,925
14,941
13,694
Northern Powder River Basin
2,680
3,932
1,503
5,267
10,544
Gulf Coast
164
161
163
462
485
Unadjusted coal royalty revenues
35,971
33,978
34,982
100,527
101,414
Coal royalty adjustment for minimum leases
(829
)
215
(189
)
(1,018
)
(180
)
Total coal royalty revenues
$
35,142
$
34,193
$
34,793
$
99,509
$
101,234
Other revenues
Production lease minimum revenues
$
531
$
1,365
$
251
$
1,340
$
4,213
Minimum lease straight-line revenues
4,019
4,176
4,019
12,057
12,276
Oil and gas royalty revenues
1,477
1,787
2,447
5,310
6,212
Carbon neutral revenues
245
316
94
524
1,201
Property tax revenues
420
2,105
1,710
3,841
5,261
Wheelage revenues
2,055
2,225
1,959
6,004
6,506
Coal overriding royalty revenues
544
297
1,040
2,970
1,633
Lease amendment revenues
1,117
1,699
1,242
3,559
3,010
Aggregates royalty revenues
1,198
1,011
1,246
3,562
2,770
Other revenues
241
441
318
729
854
Total other revenues
$
11,847
$
15,422
$
14,326
$
39,896
$
43,936
Royalty and other mineral rights
$
46,989
$
49,615
$
49,119
$
139,405
$
145,170
Transportation and processing services revenues
1,952
1,800
3,851
9,688
8,772
Gain on asset sales and disposals
5
906
45
49
1,882
Total Mineral Rights segment revenues and other income
$
48,946
$
52,321
$
53,015
$
149,142
$
155,824
10
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 September 30, 2026
Net income (loss)
$
36,937
$
(4,178
)
$
(6,217
)
$
26,542
Add: equity in loss from unconsolidated investment
—
4,126
—
4,126
Add: total distributions from unconsolidated investment
—
—
—
—
Add: interest expense, net
—
—
552
552
Add: depreciation, depletion and amortization
6,521
—
5
6,526
Add: asset impairments
—
—
—
—
Adjusted EBITDA
$
43,458
$
(52
)
$
(5,660
)
$
37,746
For the Three Months Ended September 30, 2025
Net income (loss)
$
40,859
$
(2,446
)
$
(7,508
)
$
30,905
Add: equity in loss from unconsolidated investment
—
2,390
—
2,390
Add: total distributions from unconsolidated investment
—
—
—
—
Add: interest expense, net
—
—
1,779
1,779
Add: depreciation, depletion and amortization
3,864
—
4
3,868
Add: asset impairments
—
—
—
—
Adjusted EBITDA
$
44,723
$
(56
)
$
(5,725
)
$
38,942
For the Three Months Ended June 30, 2026
Net income (loss)
$
36,237
$
(4,984
)
$
(6,077
)
$
25,176
Add: equity in loss from unconsolidated investment
—
4,905
—
4,905
Add: total distributions from unconsolidated investment
—
—
—
—
Add: interest expense, net
—
—
1,052
1,052
Add: depreciation, depletion and amortization
11,126
—
5
11,131
Add: asset impairments
—
—
—
—
Adjusted EBITDA
$
47,363
$
(79
)
$
(5,020
)
$
42,264
11
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 Nine Months Ended September 30, 2026
Net income (loss)
$
106,704
$
(17,062
)
$
(18,305
)
$
71,337
Add: equity in loss from unconsolidated investment
—
16,859
—
16,859
Add: total distributions from unconsolidated investment
—
—
—
—
Add: interest expense, net
—
—
2,577
2,577
Add: depreciation, depletion and amortization
25,257
—
14
25,271
Add: asset impairments
—
—
—
—
Adjusted EBITDA
$
131,961
$
(203
)
$
(15,714
)
$
116,044
For the Nine Months Ended September 30, 2025
Net income (loss)
$
125,758
$
4,606
$
(24,995
)
$
105,369
Less: equity in earnings from unconsolidated investment
—
(4,746
)
—
(4,746
)
Add: total distributions from unconsolidated investment
—
7,840
—
7,840
Add: interest expense, net
—
—
6,827
6,827
Add: depreciation, depletion and amortization
11,597
—
14
11,611
Add: asset impairments
20
—
—
20
Adjusted EBITDA
$
137,375
$
7,700
$
(18,154
)
$
126,921
12
Natural Resource Partners L.P.
Reconciliation of Non-GAAP Measures
(Unaudited)
Free Cash Flow and Free Cash Flow Available for Common Unitholder and GP Distributions
Reportable Segments
(In thousands)
Mineral Rights
Soda Ash
Corporate and Financing
Total
For the Three Months Ended September 30, 2026
Net cash provided by (used in) operating activities
$
46,338
$
(52
)
$
(2,294
)
$
43,992
Add: return of long-term contract receivable
787
—
—
787
Free cash flow
$
47,125
$
(52
)
$
(2,294
)
$
44,779
Less: cash for debt repayments
—
—
(13,084
)
(13,084
)
Add (less): other changes in cash
Add: proceeds from asset sales
5
—
—
5
Less: cash used for taxes on unit-based award settlements
—
—
—
—
Add: capital contributed by the general partner
—
—
—
—
Total other changes in cash
5
—
—
5
Free cash flow available for common unitholder and GP distributions
$
47,130
$
(52
)
$
(15,378
)
$
31,700
Free cash flow available for common unitholder and GP distributions per unit
$
2.34
Net cash provided by investing activities
$
792
$
—
$
—
$
792
Net cash used in financing activities
$
—
$
—
$
(23,224
)
$
(23,224
)
For the Three Months Ended September 30, 2025
Net cash provided by (used in) operating activities
$
44,428
$
(55
)
$
(3,278
)
$
41,095
Add: return of long-term contract receivable
728
—
—
728
Free cash flow
$
45,156
$
(55
)
$
(3,278
)
$
41,823
Less: cash for debt repayments
—
—
(32,674
)
(32,674
)
Add (less): other changes in cash
Add: proceeds from asset sales
906
—
—
906
Less: cash used for taxes on unit-based award settlements
—
—
—
—
Add: capital contributed by the general partner
—
—
—
—
Total other changes in cash
906
—
—
906
Free cash flow available for common unitholder and GP distributions
$
46,062
$
(55
)
$
(35,952
)
$
10,055
Free cash flow available for common unitholder and GP distributions per unit
$
0.75
Net cash provided by investing activities
$
1,634
$
—
$
—
$
1,634
Net cash used in financing activities
$
—
$
—
$
(42,054
)
$
(42,054
)
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
Less: cash for debt repayments
—
—
(31,628
)
(31,628
)
Add (less): other changes in cash
Add: proceeds from asset sales
46
—
—
46
Less: cash used for taxes on unit-based award settlements
—
—
—
—
Add: capital contributed by the general partner
—
—
—
—
Total other changes in cash
46
—
—
46
Free cash flow available for common unitholder and GP distributions
$
45,398
$
(79
)
$
(35,178
)
$
10,141
Free cash flow available for common unitholder and GP distributions per unit
$
0.75
Net cash provided by investing activities
$
819
$
—
$
—
$
819
Net cash used in financing activities
$
—
$
—
$
(43,141
)
$
(43,141
)
13
Natural Resource Partners L.P.
Reconciliation of Non-GAAP Measures
(Unaudited)
Free Cash Flow and Free Cash Flow Available for Common Unitholder and GP Distributions
Reportable Segments
(In thousands)
Mineral Rights
Soda Ash
Corporate and Financing
Total
For the Nine Months Ended September 30, 2026
Net cash provided by (used in) operating activities
$
132,744
$
(203
)
$
(14,585
)
$
117,956
Add: return of long-term contract receivable
2,318
—
—
2,318
Less: capital to unconsolidated investment
—
(39,200
)
—
(39,200
)
Free cash flow
$
135,062
$
(39,403
)
$
(14,585
)
$
81,074
Less: cash for debt repayments
—
—
(20,497
)
(20,497
)
Add (less): other changes in cash
Add: proceeds from asset sales
51
—
—
51
Less: cash used for taxes on unit-based award settlements
(1,256
)
—
(7,672
)
(8,928
)
Less: capital contributed by the general partner
—
—
282
282
Total other changes in cash
(1,205
)
—
(7,390
)
(8,595
)
Free cash flow available for common unitholder and GP distributions
$
133,857
$
(39,403
)
$
(42,472
)
$
51,982
Free cash flow available for common unitholder and GP distributions per unit
$
3.84
Net cash provided by (used in) investing activities
$
2,369
$
(39,200
)
$
—
$
(36,831
)
Net cash provided by financing activities
$
(1,256
)
$
—
$
(58,318
)
$
(59,574
)
For the Nine Months Ended September 30, 2025
Net cash provided by (used in) operating activities
$
133,227
$
7,700
$
(19,829
)
$
121,098
Add: return of long-term contract receivable
2,142
—
—
2,142
Free cash flow
$
135,369
$
7,700
$
(19,829
)
$
123,240
Less: cash for debt repayments
—
—
(89,596
)
(89,596
)
Add (less): other changes in cash
Add: proceeds from asset sales
1,883
—
—
1,883
Less: cash used for taxes on unit-based award settlements
(841
)
—
(4,708
)
(5,549
)
Less: capital contributed by the general partner
—
—
187
187
Total other changes in cash
1,042
—
(4,521
)
(3,479
)
Free cash flow available for common unitholder and GP distributions
$
136,411
$
7,700
$
(113,946
)
$
30,165
Free cash flow available for common unitholder and GP distributions per unit
$
2.25
Net cash provided by investing activities
$
4,025
$
—
$
—
$
4,025
Net cash used in financing activities
$
(841
)
$
—
$
(123,707
)
$
(124,548
)
14
Natural Resource Partners L.P.
Reconciliation of Non-GAAP Measures
(Unaudited)
Last Twelve Months (LTM) Free Cash Flow and Free Cash Flow Available for Common Unitholder and GP Distributions
For the Three Months Ended
(In thousands)
December 31, 2025
March 31, 2026
June 30, 2026
September 30, 2026
Last 12 Months
Net cash provided by operating activities
$
44,765
$
33,014
$
40,950
$
43,992
$
162,721
Add: return of long-term contract receivable
743
758
773
787
3,061
Less: capital contribution to unconsolidated investment
—
(39,200
)
—
—
(39,200
)
Free cash flow
$
45,508
$
(5,428
)
$
41,723
$
44,779
$
126,582
Less: cash for debt repayments
(33,745
)
24,215
(31,628
)
(13,084
)
(54,242
)
Add (less): other changes in cash
Add: proceeds from asset sales
—
—
46
5
51
Less: cash used for taxes on unit-based award settlements
—
(8,928
)
—
—
(8,928
)
Add: capital contributed by the general partner
—
282
—
—
282
Total other changes in cash
—
(8,646
)
46
5
(8,595
)
Free cash flow available for common unitholder and GP distributions
$
11,763
$
10,141
$
10,141
$
31,700
$
63,745
Free cash flow available for common unitholder and GP distributions per unit
$
0.87
$
0.75
$
0.75
$
2.34
$
4.71
Leverage Ratio
For the Three Months Ended
(In thousands)
December 31, 2025
March 31, 2026
June 30, 2026
September 30, 2026
Last 12 Months
Net income
$
30,998
$
19,619
$
25,176
$
26,542
$
102,335
Add: equity in loss from unconsolidated investment
1,686
7,828
4,905
4,126
18,545
Add: interest expense, net
1,157
973
1,052
552
3,734
Add: depreciation, depletion and amortization
3,344
7,614
11,131
6,526
28,615
Adjusted EBITDA
$
37,185
$
36,034
$
42,264
$
37,746
$
153,229
Debt—at September 30, 2026
$
14,331
Leverage Ratio
0.1 x
For the Three Months Ended
(In thousands)
December 31, 2024
March 31, 2025
June 30, 2025
September 30, 2025
Last 12 Months
Net income
$
42,772
$
40,253
$
34,211
$
30,905
$
148,141
Add (Less): equity in (earnings) loss from unconsolidated investment
(931
)
(4,610
)
(2,526
)
2,390
(5,677
)
Add: total distributions from unconsolidated investment
10,667
2,940
4,900
—
18,507
Add: interest expense, net
3,524
2,668
2,380
1,779
10,351
Add: depreciation, depletion and amortization
2,827
3,989
3,754
3,868
14,438
Add: asset impairments
—
20
—
—
20
Adjusted EBITDA
$
58,859
$
45,260
$
42,719
$
38,942
$
185,780
Debt—at September 30, 2025
$
69,547
Leverage Ratio
0.4 x
-end-
15
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