NATURAL RESOURCE PARTNERS LP (NRP) SEC Filings

NATURAL RESOURCE PARTNERS L.P. (NRP) received a Rule 144 notice from officer Gregory F. Wooten covering a proposed sale of 2,200 common units through Morgan Stanley Smith Barney LLC on or after August 28, 2026 on the NYSE. The securities have an indicated aggregate market value of $243,953.82. The units are reported as having been acquired as restricted stock vesting under a registered plan on February 11, 2025, and the planned disposition is identified as for compensation-related purposes.

Natural Resource Partners L.P. reported lower results for the second quarter and first half of 2026. For Q2 2026, total revenues and other income were $48.1 million and net income was $25.2 million, compared with $50.1 million and $34.2 million a year earlier. For the first six months, revenues were $87.5 million and net income $44.8 million, down from $110.6 million and $74.5 million. Basic net income per common unit was $1.86 for Q2 and $3.32 year‑to‑date.

The Mineral Rights segment remained profitable, with coal royalty revenues of $64.4 million in the first half and about 65% of those revenues from metallurgical coal. In contrast, the Soda Ash segment recorded an equity loss of $12.7 million, received no distributions from Sisecam Wyoming, and required a $39.2 million capital investment; management states it does not expect distributions for several years.

Operating cash flow for the first half was $74.0 million, and free cash flow was $36.3 million, significantly below the prior‑year period, largely due to the soda ash investment. Liquidity remained strong at $217.0 million (including $30.1 million of cash), with total debt of about $27.4 million and a leverage ratio of 0.2x. Regular quarterly distributions of $0.75 per common unit continued, supplemented by a $0.12 special distribution and another $0.75 declared for the second quarter.

Natural Resource Partners L.P. reported second quarter 2026 net income of $25,176 (in thousands), operating cash flow of $40,950 (in thousands) and free cash flow of $41,723 (in thousands). For the last twelve months, net income was $106,698 (in thousands) and free cash flow was $123,626 (in thousands), or $162,826 (in thousands) before a $39,200 (in thousands) investment in its soda ash business.

The board declared a second quarter 2026 cash distribution of $0.75 per common unit, payable August 25, 2026 to unitholders of record on August 18, 2026. Mineral Rights revenues rose to $49,119 (in thousands), with approximately 70% of coal royalty revenues and 45% of coal royalty sales volumes from metallurgical coal, though segment net income declined due to a higher depletion rate at a thermal property. The Soda Ash segment posted an equity loss of $4,905 (in thousands) as prices weakened and distributions from Sisecam Wyoming ceased; the partnership does not expect such distributions for several years. Total liquidity at June 30, 2026 was $217.0 million, including $30.1 million of cash and $186.9 million of revolver availability, with debt of $27,415 (in thousands) and a leverage ratio of 0.2 x. Management stated it is on track to pay off all debt and significantly raise distributions before year-end.

NATURAL RESOURCE PARTNERS LP Executive Vice President Craig Kevin J reported an open-market purchase of 336 common units at $102.18 per unit. Following this transaction, his direct holdings increased to 47,019 common units, indicating a modest incremental investment in the partnership’s equity.

The Goldman Sachs Group, Inc. and Goldman Sachs & Co. LLC filed Amendment No. 7 to a Schedule 13G/A reporting shared voting and dispositive power over 616,804.59 Common Units representing limited partner interests in Natural Resource Partners LP. The filing lists this holding as 4.7% of the class and includes a Joint Filing Agreement and exhibits identifying Goldman Sachs & Co. LLC as a subsidiary reporting unit. The signatures are dated 04/03/2026.

Natural Resource Partners L.P. reported a weaker first quarter of 2026, with net income falling to $19.6 million from $40.3 million a year earlier. Total revenues and other income declined to $39.4 million from $60.5 million, as Mineral Rights revenues dropped 16% and the Soda Ash segment swung to an equity loss of $7.8 million versus prior-year income.

Operating cash flow was $33.0 million, slightly below $34.4 million last year, while free cash flow turned negative at $(5.4) million, largely due to a $39.2 million capital investment into 49%-owned Sisecam Wyoming to reduce its bank debt. Liquidity remained solid at $185.4 million, including $31.5 million of cash and $153.9 million of credit facility availability, with a low leverage ratio of 0.4x and total debt of $60.4 million.

NRP paid a regular cash distribution of $0.75 per common unit for the fourth quarter of 2025 and a $0.12 special distribution in March 2026 to help cover 2025 unitholder tax liabilities. Management notes the coal segment is pressured by weak global steel demand and low natural gas prices, and the soda ash market is significantly oversupplied, leading to suspended distributions from Sisecam Wyoming since 2025.

Natural Resource Partners L.P. reported first quarter 2026 net income of $19.6 million on total revenues and other income of $39.4 million, down from the prior year as weaker coal and soda ash markets weighed on results. Operating cash flow was $33.0 million, and free cash flow was $33.8 million before a $39.2 million capital investment in its soda ash business, resulting in negative reported free cash flow.

The board declared a first quarter 2026 cash distribution of $0.75 per common unit, following payment of a fourth quarter 2025 distribution of $0.75 and a special $0.12 distribution to help cover 2025 tax liabilities. Over the last twelve months, the partnership generated $115.7 million of net income and $167.4 million of free cash flow before soda ash investment, with a leverage ratio of 0.4x and liquidity of $185.4 million at March 31, 2026.

Mineral Rights net income declined by $11.7 million year over year due to lower metallurgical and thermal coal volumes and higher depletion. Soda Ash net income fell by $12.5 million, reflecting lower prices and the capital investment in Sisecam Wyoming, from which NRP has not received distributions since the second quarter of 2025 and does not expect distributions for several years in an oversupplied market.

Natural Resource Partners L.P. describes a royalty-focused business built on mineral rights and a large soda ash investment. It owns about 13 million acres of mineral interests in the U.S. and a 49% non‑controlling stake in Sisecam Wyoming, a major low-cost soda ash producer.

For 2025, the Mineral Rights segment generated $204,222 (in thousands), representing 99% of reported segment revenue, while the Soda Ash segment contributed $3,060 (in thousands), or 1%. The partnership highlights long-term metallurgical coal royalties, transportation assets in the Illinois Basin, and extensive trona reserves at Sisecam Wyoming, alongside emerging carbon sequestration and renewable energy leasing opportunities and detailed environmental and regulatory risk factors.

Natural Resource Partners L.P. reported solid cash generation in a tougher 2025 pricing environment. Net income was $136.4M for 2025, down from $183.6M in 2024, as revenues and earnings fell in both the Mineral Rights and Soda Ash segments.

Despite weaker metallurgical coal and soda ash markets, NRP produced $168.7M of free cash flow and retired $109M of debt, ending 2025 with only $33.2M of debt and a leverage ratio of 0.2x. Liquidity totaled $211.2M, including $30.1M of cash.

The partnership paid $4.21 per common unit in 2025 distributions and has declared a new special cash distribution of $0.12 per common unit, payable on March 17, 2026 to unitholders of record on March 10, 2026, to help cover 2025 tax liabilities.