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Form 8-K

sec.gov

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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