Natural Resource Partners L.P. Reports Third Quarter 2026 Results and Declares Third Quarter 2026 Distribution of $2.34 per Common Unit
HOUSTON, Nov. 04, 2026 (GLOBE NEWSWIRE) -- 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.
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.
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-
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 | |||||||||
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 | |||||||||
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 | |||
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 | |||||||||
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.
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. |
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 | |||||||||
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 | |||||
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 | ||||||
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 | ) | |||||
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 | ) | ||||
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 | ||||||||||||||||||
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