Form 8-K

8-K — NATURAL RESOURCE PARTNERS LP

Accession: 0001437749-26-015012

Filed: 2026-05-06

Period: 2026-05-06

CIK: 0001171486

SIC: 1221 (BITUMINOUS COAL & LIGNITE SURFACE MINING)

Item: Results of Operations and Financial Condition

Item: Financial Statements and Exhibits

Documents

8-K — nrp20260302_8k.htm (Primary)

EX-99.1 — EXHIBIT 99.1 (ex_927507.htm)

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GRAPHIC (nrp20230206_8kimg001.jpg)

XML — IDEA: XBRL DOCUMENT (R1.htm)

8-K — FORM 8-K

8-K (Primary)

Filename: nrp20260302_8k.htm · Sequence: 1

nrp20260302_8k.htm

false

0001171486

2026-05-06

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): May 6, 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 May 6, 2026, Natural Resource Partners L.P. announced via press release its earnings and operating results for the first 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 May 6, 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: May 6, 2026

/s/ Philip T. Warman

Philip T. Warman

General Counsel

EX-99.1 — EXHIBIT 99.1

EX-99.1

Filename: ex_927507.htm · Sequence: 2

ex_927507.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 First Quarter 2026 Results and Declares First Quarter 2026 Distribution of $0.75 per Common Unit

HOUSTON, May 6, 2026 - Natural Resource Partners L.P. (NYSE:NRP) today reported first quarter 2026 results as follows:

For the Three Months Ended

Last Twelve Months Ended

(In thousands) (Unaudited)

March 31, 2026

Net income

19,619

115,733

Operating cash flow

33,014

164,453

Free cash flow before investment in soda ash business

33,772

167,396

Investment in soda ash business

(39,200

)

(39,200

)

Free cash flow (1)

(5,428

)

128,196

(1)

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

Highlights:

• Generated $33.8 million of free cash flow in the first quarter of 2026 before the $39.2 million capital investment in its soda ash business

• Paid fourth quarter 2025 distribution of $0.75 per common unit

• Paid special cash distribution of $0.12 per common unit to help cover unitholder tax liabilities associated with owning NRP's common units in 2025

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

"NRP generated $34 million of free cash flow in the first quarter of 2026 and $167 million of free cash flow over the last twelve months before accounting for the $39 million investment we made in our soda ash business," said Craig Nunez, NRP's president and chief operating officer. "We continue to generate substantial free cash flow despite ongoing headwinds for metallurgical coal, thermal coal, and soda ash.”

NRP announced today that the board of directors of its general partner declared a first quarter 2026 cash distribution of $0.75 per common unit to be paid on May 26, 2026, to unitholders of record on May 19, 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.

Segment Performance

Mineral Rights

Mineral Rights net income for the first quarter of 2026 decreased $11.7 million as compared to the prior year period. Operating cash flow and free cash flow decreased $1.4 million and $1.3 million, respectively, as compared to the prior year period. The decrease in net income was primarily due to lower metallurgical and thermal coal sales volumes and increased depletion rates at certain thermal properties. The declines in operating and free cash flow were also primarily due to lower metallurgical and thermal coal sales volumes partially offset by higher recoupments in the first quarter of 2025. Approximately 65% of coal royalty revenues and approximately 45% of coal royalty sales volumes were derived from metallurgical coal in the first quarter of 2026.

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

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

Soda Ash

Soda Ash net income in the first quarter of 2026 decreased $12.5 million as compared to the prior year period primarily due to lower sales prices in 2026. Operating cash flow decreased $3.0 million as compared to the prior year period due to the $2.9 million distribution received in the first quarter of 2025, and no distribution in the first quarter of 2026. Free cash flow decreased $42.2 million in the first quarter of 2026 as compared to the prior year period primarily due to NRP's $39.2 million capital investment in Sisecam Wyoming in the first quarter of 2026. NRP and its managing partner made a capital investment into Sisecam Wyoming in the first quarter of 2026 to reduce outstanding amounts under its bank credit facility and better position it to compete in the current environment. Sisecam Wyoming’s managing partner also invested its pro-rata share of $40.8 million. NRP evaluated this investment as it would any other capital allocation opportunity, with the goal of maximizing NRP's intrinsic value per unit.

The soda ash market remains significantly oversupplied due to the influx of natural soda ash supply from China coupled with weak demand for flat glass. NRP believes international soda ash prices are below the cost of production for most producers with no near-term market correction in sight. Due to the weak pricing environment, NRP has not received a distribution from Sisecam Wyoming since the second quarter of 2025 and does not expect to receive distributions until soda ash demand increases and/or capacity is rationalized, which NRP expects to take several years.

Corporate and Financing

Corporate and Financing net income increased $3.5 million, while operating cash flow and free cash flow each increased $2.9 million in the first 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 first quarter of 2026 as compared to the prior year period due to less debt outstanding.

In February 2026, NRP paid a fourth quarter 2025 cash distribution of $0.75 per common unit and in March 2026, NRP paid a special cash distribution of $0.12 per common unit to help cover unitholder tax liabilities associated with owning NRP's common units in 2025. Today, NRP declared a first quarter 2026 cash distribution of $0.75 per common unit.

NRP had $185.4 million of available liquidity at March 31, 2026, consisting of $31.5 million of cash and cash equivalents and $153.9 million of borrowing capacity available under its revolving credit facility.

NRP's consolidated leverage ratio was 0.4 x at March 31, 2026.

Conference Call

A conference call will be held today at 9:00 a.m. ET. To register for the conference call, please use this link: https://events.q4inc.com/analyst/564088592?pwd=AhU5Ffcw. After registering a confirmation will be sent via email, including dial in details and unique conference call codes for entry. Registration is open through the live call, however, to ensure you are connected for the full conference call we suggest registering at minimum 10 minutes prior to the start of the call. Investors may also listen to the call via the Investor Relations section of the NRP website at www.nrplp.com. To access the replay, please visit the Investor Relations section of NRP’s website.

Withholding Information for Foreign Investors

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

Company Profile

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

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

Forward-Looking Statements

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

Non-GAAP Financial Measures

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

“Distributable cash flow” or "DCF" 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, proceeds from asset sales and disposals, including sales of discontinued operations, and return of long-term contract receivable; less maintenance capital expenditures and capital to unconsolidated investment. DCF 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. DCF may not be calculated the same for us as for other companies. In addition, distributable cash flow is not calculated or presented on the same basis as distributable cash flow as defined in our partnership agreement, which is used as a metric to determine whether we are able to increase quarterly distributions to our common unitholders. Distributable 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” 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 maintenance and expansion capital expenditures and cash flow used in acquisition costs classified as investing or financing activities and capital to unconsolidated investment. FCF is calculated before mandatory debt repayments. Free cash flow is not a measure of financial performance under GAAP and should not be considered as an alternative to cash flows from operating, investing or financing activities. Free cash flow may not be calculated the same for us as for other companies. Free cash flow is a supplemental liquidity measure used by our management and by external users of our financial statements, such as investors, commercial banks, research analysts and others to assess our ability to make cash distributions and repay debt.

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

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

Natural Resource Partners L.P.

Financial Tables

(Unaudited)

Consolidated Statements of Comprehensive Income

For the Three Months Ended

March 31,

December 31,

(In thousands, except per unit data)

2026

2025

Revenues and other income

Royalty and other mineral rights

43,297

51,260

45,875

Transportation and processing services

3,885

4,421

2,523

Equity in earnings (loss) of Sisecam Wyoming

(7,828

)

4,610

(1,686

)

Gain (loss) on asset sales and disposals

)

247

—

Total revenues and other income

39,353

60,538

46,712

Operating expenses

Operating and maintenance expenses

6,113

6,776

5,265

Depreciation, depletion and amortization

7,614

3,989

3,344

General and administrative expenses

5,034

6,832

5,948

Asset impairments

—

Total operating expenses

18,761

17,617

14,557

Income from operations

20,592

42,921

32,155

Interest expense, net

(973

)

(2,668

)

(1,157

)

Net income

19,619

40,253

30,998

Net income attributable to common unitholders

19,227

39,448

30,378

Net income attributable to the general partner

392

805

620

Net income per common unit

Basic

1.46

3.01

2.31

Diluted

1.44

2.97

2.27

Net income

19,619

40,253

30,998

Comprehensive income (loss) from unconsolidated investment and other

(140

)

2,260

(1,786

)

Comprehensive income

19,479

42,513

29,212

Natural Resource Partners L.P.

Financial Tables

(Unaudited)

Consolidated Statements of Cash Flows

For the Three Months Ended

March 31,

December 31,

(In thousands)

2026

2025

Cash flows from operating activities

Net income

19,619

40,253

30,998

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

Depreciation, depletion and amortization

7,614

3,989

3,344

Distributions from unconsolidated investment

—

2,940

—

Equity in (earnings) loss from unconsolidated investment

7,828

(4,610

)

1,686

Loss (gain) on asset sales and disposals

(247

)

—

Asset impairments

—

Bad debt expense

(776

)

451

(111

)

Unit-based compensation expense

1,164

2,717

3,015

Amortization of debt issuance costs and other

447

(168

)

(3,261

)

Change in operating assets and liabilities:

Accounts receivable

615

(149

)

1,966

Accounts payable

1,290

546

272

Accrued liabilities

(7,156

)

(7,990

)

1,719

Accrued interest

210

254

(423

)

Deferred revenue

1,434

(3,227

)

7,211

Other items, net

724

(355

)

(1,651

)

Net cash provided by operating activities

33,014

34,424

44,765

Cash flows from investing activities

Proceeds from asset sales and disposals

—

247

—

Capital to unconsolidated investment

(39,200

)

—

Return of long-term contract receivable

758

700

743

Net cash provided by (used in) investing activities

(38,442

)

947

743

Cash flows from financing activities

Debt borrowings

61,200

33,700

13,000

Debt repayments

(34,000

)

(37,000

)

(49,331

)

Distributions to common unitholders and the general partner

(11,763

)

(26,276

)

(10,054

)

Other items, net

(8,646

)

(5,363

)

Net cash provided by (used in) financing activities

6,791

(34,939

)

(46,386

)

Net increase (decrease) in cash and cash equivalents

1,363

432

(878

)

Cash and cash equivalents at beginning of period

30,141

30,444

31,019

Cash and cash equivalents at end of period

31,504

30,876

30,141

Supplemental cash flow information:

Cash paid for interest

684

2,371

1,516

Natural Resource Partners L.P.

Financial Tables

(Unaudited)

Consolidated Balance Sheets

March 31,

December 31,

2026

2025

(In thousands, except unit data)

(Unaudited)

ASSETS

Current assets

Cash and cash equivalents

31,504

30,141

Accounts receivable, net

26,792

28,666

Other current assets, net

1,425

2,105

Total current assets

59,721

60,912

Land

24,007

24,008

Mineral rights, net

360,860

366,987

Intangible assets, net

10,426

11,908

Equity in unconsolidated investment

281,477

250,244

Long-term contract receivable, net

19,598

20,406

Other long-term assets, net

15,568

13,900

Total assets

771,657

748,365

LIABILITIES AND CAPITAL

Current liabilities

Accounts payable

2,448

1,159

Accrued liabilities

4,605

10,897

Accrued interest

279

Current portion of deferred revenue

7,029

6,663

Current portion of long-term debt, net

14,234

14,198

Total current liabilities

28,595

32,986

Deferred revenue

59,136

58,067

Long-term debt, net

46,084

18,884

Other non-current liabilities

5,310

5,909

Total liabilities

139,125

115,846

Commitments and contingencies

Partners’ capital

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

624,902

625,188

General partner’s interest

11,771

11,332

Accumulated other comprehensive loss

(4,141

)

(4,001

)

Total partners’ capital

632,532

632,519

Total liabilities and partners' capital

771,657

748,365

Natural Resource Partners L.P.

Financial Tables

(Unaudited)

Consolidated Statements of Partners' Capital

Accumulated

Other

Total

Common Unitholders

General

Comprehensive

Partners'

(In thousands)

Units

Amounts

Partner

Loss

Capital

Balance at December 31, 2025

13,138

625,188

11,332

(4,001

)

632,519

Net income

—

19,227

392

—

19,619

Distributions to common unitholders and the general partner

—

(11,528

)

(235

)

—

(11,763

)

Issuance of unit-based awards

112

—

Unit-based awards amortization and vesting, net

—

(7,985

)

—

(7,985

)

Capital contribution

—

282

—

282

Comprehensive loss from unconsolidated investment and other

—

(140

)

(140

)

Balance at March 31, 2026

13,250

624,902

11,771

(4,141

)

632,532

Accumulated

Other

Total

Common Unitholders

General

Comprehensive

Partners'

(In thousands)

Units

Amounts

Partner

Income (Loss)

Capital

Balance at December 31, 2024

13,049

543,231

9,547

(1,670

)

551,108

Net income

—

39,448

805

—

40,253

Distributions to common unitholders and the general partner

—

(25,750

)

(526

)

—

(26,276

)

Issuance of unit-based awards

—

Unit-based awards amortization and vesting, net

—

(3,175

)

—

(3,175

)

Capital contribution

—

187

—

187

Comprehensive income from unconsolidated investment and other

—

2,260

Balance at March 31, 2025

13,138

553,754

10,013

590

564,357

Natural Resource Partners L.P.

Financial Tables

(Unaudited)

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

Operating Segments

Mineral

Corporate and

(In thousands)

Rights

Soda Ash

Financing

Total

For the Three Months Ended March 31, 2026

Revenues

47,182

—

47,182

Equity in loss of Sisecam Wyoming

—

(7,828

)

—

(7,828

)

Gain on asset sales and disposals

)

—

)

Total revenues and other income

47,181

(7,828

)

—

39,353

Asset impairments

—

Net income (loss)

33,530

(7,900

)

(6,011

)

19,619

Adjusted EBITDA (1)

41,140

(72

)

(5,034

)

36,034

Cash flow provided by (used in) continuing operations:

Operating activities

41,827

(72

)

(8,741

)

33,014

Investing activities

758

(39,200

)

—

(38,442

)

Financing activities

(1,256

)

—

8,047

6,791

Distributable cash flow (1)

42,585

(39,272

)

(8,741

)

(5,428

)

Free cash flow (1)

42,585

(39,272

)

(8,741

)

(5,428

)

For the Three Months Ended March 31, 2025

Revenues

55,681

—

55,681

Equity in earnings of Sisecam Wyoming

—

4,610

—

4,610

Gain on asset sales and disposals

247

—

247

Total revenues and other income

55,928

4,610

—

60,538

Asset impairments

—

Net income (loss)

45,208

4,550

(9,505

)

40,253

Adjusted EBITDA (1)

49,213

2,880

(6,833

)

45,260

Cash flow provided by (used in) continuing operations:

Operating activities

43,223

2,880

(11,679

)

34,424

Investing activities

947

—

947

Financing activities

(841

)

—

(34,098

)

(34,939

)

Distributable cash flow (1)

44,170

2,880

(11,679

)

35,371

Free cash flow (1)

43,923

2,880

(11,679

)

35,124

For the Three Months Ended December 31, 2025

Revenues

48,398

—

48,398

Equity in loss of Sisecam Wyoming

—

(1,686

)

—

(1,686

)

Gain on asset sales and disposals

—

Total revenues and other income

48,398

(1,686

)

—

46,712

Asset impairments

—

Net income (loss)

39,808

(1,701

)

(7,109

)

30,998

Adjusted EBITDA (1)

43,148

(15

)

(5,948

)

37,185

Cash flow provided by (used in) continuing operations:

Operating activities

49,174

(15

)

(4,394

)

44,765

Investing activities

743

—

743

Financing activities

—

(46,386

)

(46,386

)

Distributable cash flow (1)

49,917

(15

)

(4,394

)

45,508

Free cash flow (1)

49,917

(15

)

(4,394

)

45,508

(1)

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

Natural Resource Partners L.P.

Financial Tables

(Unaudited)

Operating Statistics - Mineral Rights

For the Three Months Ended

March 31,

December 31,

(In thousands, except per ton data)

2026

2025

Coal sales volumes (tons)

Appalachia

Northern

472

124

1,291

Central

2,967

3,306

2,969

Southern

329

296

686

Total Appalachia

3,768

3,726

4,946

Illinois Basin

2,420

3,342

1,264

Northern Powder River Basin

175

916

750

Gulf Coast

162

237

339

Total coal sales volumes

6,525

8,221

7,299

Coal royalty revenue per ton

Appalachia

Northern

1.42

1.48

Central

6.18

5.95

Southern

11.40

9.18

9.48

Illinois Basin

2.32

2.44

2.11

Northern Powder River Basin

6.19

4.55

4.36

Gulf Coast

0.83

0.78

0.79

Combined average coal royalty revenue per ton

4.53

4.36

4.42

Coal royalty revenues

Appalachia

Northern

671

183

1,909

Central

18,328

20,426

17,669

Southern

3,750

2,718

6,504

Total Appalachia

22,749

23,327

26,082

Illinois Basin

5,606

8,141

2,667

Northern Powder River Basin

1,084

4,169

3,269

Gulf Coast

135

184

267

Unadjusted coal royalty revenues

29,574

35,821

32,285

Coal royalty adjustment for minimum leases

—

(323

)

Total coal royalty revenues

29,574

35,498

32,278

Other revenues

Production lease minimum revenues

558

2,725

797

Minimum lease straight-line revenues

4,019

4,050

4,300

Oil and gas royalty revenues

1,386

2,444

1,410

Carbon neutral revenues

185

595

253

Property tax revenues

1,711

1,637

1,546

Wheelage revenues

1,990

1,738

1,855

Coal overriding royalty revenues

1,386

880

526

Lease amendment revenues

1,200

655

1,844

Aggregates royalty revenues

1,118

853

936

Other revenues

170

185

130

Total other revenues

13,723

15,762

13,597

Royalty and other mineral rights

43,297

51,260

45,875

Transportation and processing services revenues

3,885

4,421

2,523

Gain (loss) on asset sales and disposals

)

247

—

Total Mineral Rights segment revenues and other income

47,181

55,928

48,398

Natural Resource Partners L.P.

Reconciliation of Non-GAAP Measures

(Unaudited)

Adjusted EBITDA

Mineral

Corporate and

(In thousands)

Rights

Soda Ash

Financing

Total

For the Three Months Ended March 31, 2026

Net income (loss)

33,530

(7,900

)

(6,011

)

19,619

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

—

7,828

—

7,828

Add: total distributions from unconsolidated investment

—

Add: interest expense, net

—

973

Add: depreciation, depletion and amortization

7,610

—

7,614

Add: asset impairments

—

Adjusted EBITDA

41,140

(72

)

(5,034

)

36,034

For the Three Months Ended March 31, 2025

Net income (loss)

45,208

4,550

(9,505

)

40,253

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

—

(4,610

)

—

(4,610

)

Add: total distributions from unconsolidated investment

—

2,940

—

2,940

Add: interest expense, net

—

2,668

Add: depreciation, depletion and amortization

3,985

—

3,989

Add: asset impairments

—

Adjusted EBITDA

49,213

2,880

(6,833

)

45,260

For the Three Months Ended December 31, 2025

Net income (loss)

39,808

(1,701

)

(7,109

)

30,998

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

—

1,686

—

1,686

Add: total distributions from unconsolidated investment

—

Add: interest expense, net

—

1,157

Add: depreciation, depletion and amortization

3,340

—

3,344

Add: asset impairments

—

Adjusted EBITDA

43,148

(15

)

(5,948

)

37,185

Natural Resource Partners L.P.

Reconciliation of Non-GAAP Measures

(Unaudited)

Distributable Cash Flow and Free Cash Flow

Mineral

Corporate and

(In thousands)

Rights

Soda Ash

Financing

Total

For the Three Months Ended March 31, 2026

Net cash provided by (used in) operating activities

41,827

(72

)

(8,741

)

33,014

Add: proceeds from asset sales and disposals

—

Add: return of long-term contract receivable

758

—

758

Less: capital to unconsolidated investment

—

(39,200

)

—

(39,200

)

Distributable cash flow

42,585

(39,272

)

(8,741

)

(5,428

)

Less: proceeds from asset sales and disposals

—

Free cash flow

42,585

(39,272

)

(8,741

)

(5,428

)

Net cash provided by (used in) investing activities

758

(39,200

)

—

(38,442

)

Net cash provided by (used in) financing activities

(1,256

)

—

8,047

6,791

For the Three Months Ended March 31, 2025

Net cash provided by (used in) operating activities

43,223

2,880

(11,679

)

34,424

Add: proceeds from asset sales and disposals

247

—

247

Add: return of long-term contract receivable

700

—

700

Distributable cash flow

44,170

2,880

(11,679

)

35,371

Less: proceeds from asset sales and disposals

(247

)

—

(247

)

Free cash flow

43,923

2,880

(11,679

)

35,124

Net cash provided by investing activities

947

—

947

Net cash used in financing activities

(841

)

—

(34,098

)

(34,939

)

For the Three Months Ended December 31, 2025

Net cash provided by (used in) operating activities

49,174

(15

)

(4,394

)

44,765

Add: proceeds from asset sales and disposals

—

Add: return of long-term contract receivable

743

—

743

Distributable cash flow

49,917

(15

)

(4,394

)

45,508

Less: proceeds from asset sales and disposals

—

Free cash flow

49,917

(15

)

(4,394

)

45,508

Net cash provided by investing activities

743

—

743

Net cash used in financing activities

—

(46,386

)

(46,386

)

Natural Resource Partners L.P.

Reconciliation of Non-GAAP Measures

(Unaudited)

Last Twelve Months (LTM) Free Cash Flow

For the Three Months Ended

(In thousands)

June 30, 2025

September 30, 2025

December 31, 2025

March 31, 2026

Last 12 Months

Net cash provided by operating activities

45,579

41,095

44,765

33,014

164,453

Add: proceeds from asset sales and disposals

730

906

—

1,636

Add: return of long-term contract receivable

714

728

743

758

2,943

Less: capital to unconsolidated investment

—

(39,200

)

(39,200

)

Distributable cash flow

47,023

42,729

45,508

(5,428

)

129,832

Less: proceeds from asset sales and disposals

(730

)

(906

)

—

(1,636

)

Free cash flow

46,293

41,823

45,508

(5,428

)

128,196

Add: investment in soda ash business

—

39,200

Free cash flow before investment in soda ash business

46,293

41,823

45,508

33,772

167,396

Leverage Ratio

For the Three Months Ended

(In thousands)

June 30, 2025

September 30, 2025

December 31, 2025

March 31, 2026

Last 12 Months

Net income

34,211

30,905

30,998

19,619

115,733

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

(2,526

)

2,390

1,686

7,828

9,378

Add: total distributions from unconsolidated investment

4,900

—

4,900

Add: interest expense, net

2,380

1,779

1,157

973

6,289

Add: depreciation, depletion and amortization

3,754

3,868

3,344

7,614

18,580

Add: asset impairments

—

Adjusted EBITDA

42,719

38,942

37,185

36,034

154,880

Debt—at March 31, 2026

60,415

Leverage Ratio

0.4 x

For the Three Months Ended

(In thousands)

June 30, 2024

September 30, 2024

December 31, 2024

March 31, 2025

Last 12 Months

Net income

46,064

38,595

42,772

40,253

167,684

Less: equity in earnings from unconsolidated investment

(3,645

)

(8,109

)

(931

)

(4,610

)

(17,295

)

Add: total distributions from unconsolidated investment

7,584

6,320

10,667

2,940

27,511

Add: interest expense, net

4,349

4,194

3,524

2,668

14,735

Add: depreciation, depletion and amortization

3,324

4,730

2,827

3,989

14,870

Add: asset impairments

—

107

Adjusted EBITDA

57,676

45,817

58,859

45,260

207,612

Debt—at March 31, 2025

139,047

Leverage Ratio

0.7 x

-end-

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