Welcome to our dedicated page for Natural Resource Partners L.P. SEC filings (Ticker: NRP), a comprehensive resource for investors and traders seeking official regulatory documents including 10-K annual reports, 10-Q quarterly earnings, 8-K material events, and insider trading forms.
Natural Resource Partners L.P. filings document current-report disclosures for the partnership’s results of operations and financial condition. Recent Form 8-K reports furnish press releases under Item 2.02 covering quarterly and annual earnings, operating cash flow, free cash flow, common-unit distributions and special distributions.
The filings also record related exhibits, including press-release exhibits and Inline XBRL cover page data. For this master limited partnership, the disclosure record connects financial reporting and distribution activity to a business built around mineral rights, industrial minerals, other natural resources and an equity investment in a soda ash producer.
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.
Natural Resource Partners’ Chairman and CEO Corbin J. Robertson Jr. reported equity award vesting and related transactions dated February 10, 2026. Entities he controls received 72,849 common units at no cost upon conversion of long-term incentive plan phantom and performance units, while 28,666 common units held by Quintana Holdings LP were withheld at $123.04 per unit to cover tax obligations. After these transactions, Quintana Holdings LP held 763,658 common units, Western Pocahontas Properties Limited Partnership held 1,727,986 common units, and NRP (GP) LP held 156,000 common units, all reported as indirect ownership with beneficial ownership disclaimed except for Robertson’s pecuniary interest.
Natural Resource Partners President and COO Craig W. Nunez reported equity award activity involving the partnership’s common units. On February 10, 2026, he acquired 39,592 common units through the exercise and conversion of previously granted performance and phantom units under the long-term incentive plan.
On the same date, 15,579 common units were disposed of at $123.04 per unit to cover tax obligations related to these vestings. After these transactions, Nunez directly owned 132,487 common units. Several performance-based and time-vested phantom unit awards from 2023–2025 partially vested and converted into common units, with remaining portions scheduled to vest in later years.
Natural Resource Partners’ Chief Financial Officer Christopher Zolas reported equity compensation activity on common units dated February 10, 2026. He acquired 18,418 common units through the conversion of previously granted performance and phantom units under the long-term incentive plan.
To satisfy tax withholding, Zolas disposed of 6,879 common units at $123.04 per unit and now directly holds 63,497 common units. The filing also notes that portions of phantom unit awards granted in 2023–2025 vested and converted on this date, with remaining 2024 and 2025 phantom units scheduled to vest on later anniversaries of their grant dates.
NATURAL RESOURCE PARTNERS Executive Vice President Gregory F. Wooten reported equity awards vesting and related share movements. On February 10, 2026, he acquired 11,101 common units through the conversion of performance and phantom units granted under the long-term incentive plan.
To satisfy tax obligations tied to these awards, 4,923 common units were disposed of at $123.04 per unit. After these transactions, Wooten directly held 34,834 common units. Several phantom and performance-based unit grants from 2023–2025 partially vested, with remaining portions scheduled to vest on later anniversaries of their grant dates.