NATURAL RESOURCE PARTNERS LP
For the period ended Sep 30, 2026. Filed Nov 4, 2026.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Sep 30, 2026 · Filed Nov 4, 2026
NRP$117.71+0.2%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2026-06-30; filed 2026-08-05.
0001437749-26-025856
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2026-09-30; filed 2026-11-04.
0001437749-26-034832
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 105 previous paragraphs and 111 current paragraphs.
70 unchanged; 27 reworded; 14 added; 8 removed; 0 previous and 0 current paragraphs rearranged.
Tables are not compared: 30 previous and 28 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (14)
Current report
Free Cash Flow Available for Common Unitholder and GP Distributions
Current report
Free cash flow ("FCF") available for common unitholder and GP distributions represents 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, cash flow used in unit buybacks or asset acquisitions), and cash retained at the discretion of the Board of Directors. FCF 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. FCF available for common unitholder and GP distributions may not be calculated the same for us as for other companies. FCF 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.
Current report
Revenues and other income during the nine months ended September 30, 2026 decreased $6.7 million, or 4%, as compared to the prior year period primarily due to lower thermal coal revenues, production lease minimum revenues, property tax revenues, and gains on asset sales, partially offset by higher metallurgical coal revenues, override royalty revenues and processing and transportation revenues. Cash provided by operating activities and free cash flow during the nine months ended September 30, 2026 was essentially flat year-over-year as decreases in thermal coal revenues and one time lease amendment fees were partially offset by increased metallurgical coal revenues, override royalty revenues and transportation and processing revenues.
Current report
Our 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, we expect 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. We do not expect any meaningful change to pricing in 2027.
Current report
Revenues and other income during the nine months ended September 30, 2026 decreased $21.6 million, or 455%, as compared to the prior year period primarily due to lower sales prices in 2026.
Current report
Soda ash prices are volatile and remain low as capacity in China has grown faster than global demand. We do 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.
Current report
Total Other Revenues
Current report
Total other revenues decreased $3.6 million during the nine months ended September 30, 2026 as compared to the prior year period. This decrease was partially due to a $1.7 million decrease in property tax revenues and a $0.8 million decrease in production lease minimum revenues.
Current report
Total Operating Expenses
Current report
Free Cash Flow ("FCF") and Free Cash Flow Available for Common Unitholder and GP Distributions (Non-GAAP Financial Measures)
Current report
Total Other Revenues
Current report
Total other revenues decreased $4.0 million during the nine months ended September 30, 2026 as compared to the prior year period. This decrease was partially due to a $2.9 million decrease in production lease minimum revenues primarily due to lower breakage revenue recognized during the nine months ended September 30, 2026 as compared to the prior year period as well as $1.4 million decrease in property tax revenues.
Current report
Total Operating Expenses
Current report
Free Cash Flow ("FCF") and Free Cash Flow Available for Common Unitholder and GP Distributions (Non-GAAP Financial Measures)
Removed paragraphs (8)
Previous report
Revenues and other income during the six months ended June 30, 2026 decreased $3.3 million, or 3%, as compared to the prior year period. Cash provided by operating activities and free cash flow during the six months ended June 30, 2026 decreased by $2.4 million and $2.3 million, respectively, as compared to the prior year period. These decreases are primarily due to lower metallurgical and thermal coal sales volumes at certain properties.
Previous report
Mineral Rights segment results continue to be impacted by low natural gas prices, ample coal stockpiles at power plants, and soft global steel demand.
Previous report
Revenues and other income during the six months ended June 30, 2026 decreased $19.9 million, or 278%, as compared to the prior year period primarily due to lower sales prices in 2026.
Previous report
The global soda ash market remains weak with international soda ash prices below the cost of production for many producers due to the increased natural soda ash supply from China, along with sluggish demand for flat glass due to slowing commercial and residential construction globally. We do not expect to receive distributions from Sisecam Wyoming for several years until the soda ash market returns to equilibrium through increased demand and/or capacity rationalization.
Previous report
Total Operating Expenses, Net
Previous report
Free Cash Flow ("FCF") (Non-GAAP Financial Measure)
Previous report
Total Operating Expenses, Net
Previous report
Free Cash Flow ("FCF") (Non-GAAP Financial Measure)
Reworded paragraphs (27)
Previous wording
The following review of operations for the three and six month periods ended June 30, 2026 and 2025 should be read in conjunction with our Consolidated Financial Statements and the Notes to Consolidated Financial Statements included in this Form 10-Q and with the Consolidated Financial Statements, Notes to Consolidated Financial Statements and Management’s Discussion and Analysis included in the Natural Resource Partners L.P. Annual Report on Form 10-K for the year ended December 31, 2025.
Current wording
The following review of operations for the three and nine month periods ended September 30, 2026 and 2025 should be read in conjunction with our Consolidated Financial Statements and the Notes to Consolidated Financial Statements included in this Form 10-Q and with the Consolidated Financial Statements, Notes to Consolidated Financial Statements and Management’s Discussion and Analysis included in the Natural Resource Partners L.P. Annual Report on Form 10-K for the year ended December 31, 2025.
Previous wording
Free cash flow ("FCF") represents 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. FCF 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. FCF may not be calculated the same for us as for other companies. FCF 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.
Current wording
Free cash flow ("FCF") represents 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 classified as an investing activity. FCF is calculated before mandatory debt repayments. FCF 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. FCF may not be calculated the same for us as for other companies. FCF 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.
Previous wording
Our financial results for the six months ended June 30, 2026 are as follows:
Current wording
Our financial results for the nine months ended September 30, 2026 are as follows:
Previous wording
We generated $74.0 million of operating cash flow and $36.3 million of free cash flow during the six months ended June 30, 2026, and ended the quarter with $217.0 million of liquidity consisting of $30.1 million of cash and cash equivalents and $186.9 million of available borrowing capacity under our Opco Credit Facility. As of June 30, 2026 our leverage ratio was 0.2 x.
Current wording
We generated $118.0 million of operating cash flow and $81.1 million of free cash flow during the nine months ended September 30, 2026, and ended the quarter with $251.7 million of liquidity consisting of $51.7 million of cash and cash equivalents and $200.0 million of available borrowing capacity under our Opco Credit Facility. As of September 30, 2026 our leverage ratio was 0.1 x.
Previous wording
In February 2026, we paid a cash distribution of $0.75 per common unit of NRP with respect to the fourth quarter of 2025. In March 2026, we paid a special cash distribution of $0.12 per common unit of NRP to help cover unitholder tax liabilities associated with owning NRP's common units in 2025. In May 2026, we paid a cash distribution of $0.75 per common unit of NRP with respect to the first quarter of 2026. Future distributions on our 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 of Directors determines is necessary for future operating and capital needs.
Current wording
In February 2026, we paid a cash distribution of $0.75 per common unit of NRP with respect to the fourth quarter of 2025. In March 2026, we paid a special cash distribution of $0.12 per common unit of NRP to help cover unitholder tax liabilities associated with owning NRP's common units in 2025. In May 2026, we paid a cash distribution of $0.75 per common unit of NRP with respect to the first quarter of 2026. In August 2026, we paid a cash distribution of $0.75 per common unit of NRP with respect to the second quarter of 2026. We fully repaid the remaining $13 million balance on our Opco Credit Facility during the third quarter of 2026. As a result and consistent with our communications throughout the year, the Partnership was able to significantly increase the distribution with respect to the third quarter of 2026. In November 2026, the Board of Directors declared a distribution of $2.34 per common unit with respect to the third quarter of 2026. Future distributions on our 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 of Directors determines is necessary for future operating and capital needs.
Previous wording
We have no meaningful developments to report on our carbon neutral initiatives, but continue to explore opportunities to create value through carbon sequestration and renewable energy production across our vast portfolio of mineral and surface assets.
Current wording
We continue to explore opportunities to create value through carbon sequestration and renewable energy production across our vast portfolio of mineral and surface assets but have no material developments to report on our carbon neutral initiatives.
Previous wording
Cash provided by operating activities during the six months ended June 30, 2026 decreased $7.9 million as compared to the prior year period due primarily due to $7.8 million in distributions received from Sisecam Wyoming in 2025 and no distribution received from Sisecam Wyoming in 2026. Free cash flow decreased $47.1 million as compared to the prior year period primarily due to the $39.2 million capital investment made to Sisecam Wyoming in the first quarter of 2026 in addition to $7.8 million in distributions received from Sisecam Wyoming in 2025.
Current wording
Our soda ash segment cash flows result from distributions received from Sisecam Wyoming, which we do not control. Cash provided by operating activities during the nine months ended September 30, 2026 decreased $7.9 million as compared to the prior year period due primarily to $7.8 million in distributions received from Sisecam Wyoming in 2025 and no distribution received from Sisecam Wyoming in 2026. Free cash flow decreased $47.1 million as compared to the prior year period primarily due to the $39.2 million capital investment made to Sisecam Wyoming in the first quarter of 2026 in addition to $7.8 million in distributions received from Sisecam Wyoming in 2025.
Previous wording
Second Quarter of 2026 and 2025 Compared
Current wording
Third Quarter of 2026 and 2025 Compared
Previous wording
Approximately 70% of coal royalty revenues and approximately 45% of coal royalty sales volumes were derived from metallurgical coal during the three months ended June 30, 2026. Total coal royalty revenues increased $3.3 million primarily due to higher metallurgical and thermal coal sales volumes and higher prices at certain properties during the three months ended June 30, 2026, as compared to the prior year quarter.
Current wording
Approximately 70% of coal royalty revenues and approximately 45% of coal royalty sales volumes were derived from metallurgical coal during the three months ended September 30, 2026. Total coal royalty revenues increased $0.9 million primarily due to increased volumes and prices at certain metallurgical properties during the three months ended September 30, 2026, as compared to the prior year quarter.
Previous wording
Revenues and other income related to our Soda Ash segment decreased $7.4 million as compared to the prior year quarter primarily due to lower sales prices in 2026.
Current wording
Revenues and other income related to our Soda Ash segment decreased $1.7 million as compared to the prior year quarter primarily due to lower sales prices in 2026.
Previous wording
Total operating expenses, net increased $8.4 million primarily due to a $7.4 million increase in depreciation, depletion and amortization expense in addition to a $1.6 million increase in operating and maintenance expenses. The increase in depreciation, depletion and amortization expense was primarily due to revised engineering and increased depletion rate at a thermal property. This property continues to hold significant economic tons and long-term mine life, and there has been no material change to our estimate of the segment's long-term earning power. The increase in operating and maintenance expenses was primarily due to the change in the current expected credit loss allowance as discussed in Note 14. Credit Losses in the Notes to Consolidated Financial Statements.
Current wording
Total operating expenses was essentially flat period-over-period. The $2.7 million increase in depreciation, depletion and amortization expense was partially offset by a $2.1 in million decrease in operating and maintenance expenses. The increase in depreciation, depletion and amortization expense was primarily due to revised engineering and increased depletion rate at a thermal property. This property continues to hold significant economic tons and long-term mine life, and there has been no material change to our estimate of the segment's long-term earning power. The decrease in operating and maintenance expenses was primarily due to the change in the current expected credit loss allowance as discussed in Note 14. Credit Losses in the Notes to Consolidated Financial Statements.
Previous wording
Interest expense, net, decreased $1.3 million due to less debt outstanding during the three months ended June 30, 2026 as compared to the prior year quarter.
Current wording
Interest expense, net, decreased $1.2 million due to less debt outstanding during the three months ended September 30, 2026 as compared to the prior year quarter.
Previous wording
Net income decreased $9.0 million during the three months ended June 30, 2026 as compared to the prior year quarter primarily due to the decrease in revenues and other income within our Soda Ash segment and increase in total operating expenses as discussed above. These decreases were partially offset by higher revenues and other income within our Mineral Rights segment in addition to lower interest expense, net, all discussed above. Adjusted EBITDA decreased $0.5 million as compared to the prior year quarter primarily due to a $5.0 million decrease in Adjusted EBITDA within our Soda Ash segment driven by no distribution received from Sisecam Wyoming during the three months ended June 30, 2026. This decrease was partially offset by a $3.9 million increase in Adjusted EBITDA within our Mineral Rights segment primarily driven by the increase in revenues and other income as discussed above.
Current wording
Net income decreased $4.4 million during the three months ended September 30, 2026 as compared to the prior year quarter primarily due to the decrease in revenues and other income, as discussed above. Adjusted EBITDA decreased $1.2 million as compared to the prior year quarter primarily due to the decrease in revenues and other income within our Mineral Rights segment, partially offset by the decrease in operating and maintenance expenses within our Mineral Rights segment.
Previous wording
The following table reconciles net cash provided by (used in) operating activities (the most comparable GAAP financial measure) to FCF:
Current wording
The following table reconciles net cash provided by (used in) operating activities (the most comparable GAAP financial measure) to FCF and FCF to Free Cash Flow Available for Common Unitholder and GP Distributions:
Previous wording
Operating cash flow and FCF each decreased $4.6 million, as compared to the prior year quarter due to the following:
Current wording
Operating cash flow and FCF increased $2.9 million and $3.0 million, as compared to the prior year quarter due to the following:
Previous wording
First Six Months of 2026 and 2025 Compared
Current wording
First Nine Months of 2026 and 2025 Compared
Previous wording
Approximately 65% of coal royalty revenues and approximately 45% of coal royalty sales volumes were derived from metallurgical coal during the six months ended June 30, 2026. Total coal royalty revenues decreased $2.7 million primarily due to lower metallurgical and thermal coal sales volumes at certain properties during the six months ended June 30, 2026 as compared to the prior year period.
Current wording
Approximately 70% of coal royalty revenues and approximately 45% of coal royalty sales volumes were derived from metallurgical coal during the nine months ended September 30, 2026. Total coal royalty revenues decreased $1.7 million primarily due to lower thermal coal sales volumes in the Northern Powder River Basin during the nine months ended September 30, 2026 as compared to the prior year period. This decrease was partially offset by higher metallurgical coal prices on certain properties and higher thermal coal sales volumes and prices on certain properties.
Previous wording
Revenues and other income related to our Soda Ash segment decreased $19.9 million as compared to the prior year period primarily due to lower sales prices in 2026.
Current wording
Revenues and other income related to our Soda Ash segment decreased $21.6 million as compared to the prior year period primarily due to lower sales prices in 2026.
Previous wording
Total operating expenses, net increased $9.5 million primarily due to an $11.0 million increase in depreciation, depletion and amortization expense, partially offset by a $2.4 million decrease in general and administrative expenses. The increase in depreciation, depletion and amortization expense was primarily due to increased depletion rates on certain thermal properties as discussed above. The decrease in general and administrative expenses was primarily due to lower long-term incentive expense as compared to the prior year period.
Current wording
Total operating expenses increased $10.0 million primarily due to a $13.7 million increase in depreciation, depletion and amortization expense, partially offset by a $2.4 million decrease in general and administrative expenses and a $1.2 million decrease in operating and maintenance expenses. The increase in depreciation, depletion and amortization expense was primarily due to increased depletion rates on certain thermal properties as discussed above. The decrease in general and administrative expenses was primarily due to lower long-term incentive expense as compared to the prior year period. The decrease in operating and maintenance expenses was primarily due to lower bad debt expense and the change in the current expected credit loss allowance as discussed in Note 14. Credit Losses in the Notes to Consolidated Financial Statements.
Previous wording
Interest expense, net, decreased $3.0 million due to less debt outstanding during the six months ended June 30, 2026 as compared to the prior year period.
Current wording
Interest expense, net, decreased $4.3 million due to less debt outstanding during the nine months ended September 30, 2026 as compared to the prior year period.
Previous wording
Net income during the six months ended June 30, 2026 decreased $29.7 million as compared to the prior year period primarily due to the decrease in total revenues and other income and increase in total operating expenses, partially offset by lower interest expense, all discussed above. Adjusted EBITDA decreased $9.7 million as compared to the prior year period primarily due to a $4.1 million decrease in Adjusted EBITDA within our Mineral Rights segment primarily driven by the decrease in revenues and other income as discussed above and a $7.9 million decrease in Adjusted EBITDA within our Soda Ash segment driven by no distribution received from Sisecam Wyoming during the six months ended June 30, 2026.
Current wording
Net income during the nine months ended September 30, 2026 decreased $34.0 million as compared to the prior year period primarily due to the decrease in total revenues and other income and increase in total operating expenses, partially offset by lower interest expense, all discussed above. Adjusted EBITDA decreased $10.9 million as compared to the prior year period primarily due to a $5.4 million decrease in Adjusted EBITDA within our Mineral Rights segment primarily driven by the decrease in revenues and other income as discussed above and a $7.9 million decrease in Adjusted EBITDA within our Soda Ash segment driven by no distribution received from Sisecam Wyoming during the nine months ended September 30, 2026. These decreases were partially offset by a $2.4 million increase in Corporate and Financing Adjusted EBITDA as a result of the decrease in general and administrative expenses as discussed above.
Previous wording
The following table reconciles net cash provided by (used in) operating activities (the most comparable GAAP financial measure) to FCF:
Current wording
The following table reconciles net cash provided by (used in) operating activities (the most comparable GAAP financial measure) to FCF and Free Cash Flow Available for Common Unitholder and GP Distributions:
Previous wording
Operating cash flow and FCF decreased $6.0 million and $45.1 million, respectively, as compared to the prior year period due to the following:
Current wording
Operating cash flow and FCF decreased $3.1 million and $42.2 million, respectively, as compared to the prior year period due to the following:
Previous wording
As of June 30, 2026, we had total liquidity of $217.0 million, consisting of $30.1 million of cash and cash equivalents and $186.9 million of borrowing capacity under our Opco Credit Facility. We have debt service obligations, including $14.3 million of principal repayments on Opco’s senior notes, throughout the remainder of 2026. The following table calculates our leverage ratio as of June 30, 2026:
Current wording
As of September 30, 2026, we had total liquidity of $251.7 million, consisting of $51.7 million of cash and cash equivalents and $200.0 million of borrowing capacity under our Opco Credit Facility. We have debt service obligations, including $14.3 million of principal repayments on Opco’s senior notes, throughout the remainder of 2026. The following table calculates our leverage ratio as of September 30, 2026:
Previous wording
Cash flows provided by operating activities decreased $6.0 million, from $80.0 million during the six months ended June 30, 2025 to $74.0 million during the six months ended June 30, 2026, primarily due to decreased cash flow within our Mineral Rights and Soda Ash segments, partially offset by lower cash paid for interest, all discussed above.
Current wording
Cash flows provided by operating activities decreased $3.1 million, from $121.1 million during the nine months ended September 30, 2025 to $118.0 million during the nine months ended September 30, 2026, primarily due to decreased cash flow within our Soda Ash segment, partially offset by lower cash paid for interest, all discussed above.
Previous wording
Cash flows used in investing activities increased $40.0 million, from $2.4 million provided by investing activities during the six months ended June 30, 2025 to $37.6 million used in investing activities during the six months ended June 30, 2026 primarily due to a $39.2 million capital investment made to Sisecam Wyoming in the first quarter of 2026.
Current wording
Cash flows used in investing activities increased $40.9 million, from $4.0 million provided by investing activities during the nine months ended September 30, 2025 to $36.8 million used in investing activities during the nine months ended September 30, 2026, primarily due to a $39.2 million capital investment made to Sisecam Wyoming in the first quarter of 2026.
Previous wording
Cash flows used in financing activities decreased $46.1 million, from $82.5 million during the six months ended June 30, 2025 to $36.4 million during the six months ended June 30, 2026 due to the following:
Current wording
Cash flows used in financing activities decreased $65.0 million, from $124.5 million during the nine months ended September 30, 2025 to $59.6 million during the nine months ended September 30, 2026 due to the following: