Every 10-Q that Natural Resource Partners L.P. (NRP) has filed with the SEC in the last 24 months is listed below, newest first, and each one links through to the document itself with the summary and the scores our analysis gives it.
A 10-Q covers the quarterly report filed between annual reports, so if you follow NRP and want that one kind of document rather than the whole filing history, this is the page to keep. The company's other filings, of every form, are on the full NRP filings page.
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 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 (NRP) reported third‑quarter 2025 results. Total revenues and other income were $49.9 million, down from $60.3 million a year ago. Net income was $30.9 million versus $38.6 million. Basic and diluted net income per common unit were $2.31 and $2.28, respectively.
Mineral Rights revenues were $49.6 million, while the Soda Ash segment posted equity in earnings of Sisecam Wyoming of $(2.4) million compared to $8.1 million last year, reflecting weaker soda ash results. Operating expenses were stable at $17.2 million. Interest expense, net fell to $1.8 million from $4.2 million.
NRP continued to strengthen its balance sheet. Total debt, net was $69.4 million at September 30, 2025, down from $142.1 million at year‑end 2024. Borrowings under the Opco Credit Facility were $40.9 million with $159.1 million of available capacity. Cash from operations for the nine months was $121.1 million. The Board declared a $0.75 per common unit distribution for the third quarter of 2025.
NRP 10-Q (Q2 2025) Key results: total assets $761,966k; total partners' capital $590,445k; common units outstanding 13,138,097.
Performance: Total revenues and other income were $50,101k for the three months ended June 30, 2025 versus $65,540k in 2024; net income was $34,211k (Q2 2025) versus $46,064k (Q2 2024). Royalty and other mineral rights revenues were $44,295k (Q2 2025) versus $54,591k (Q2 2024); coal royalty revenues were $31,543k (Q2 2025) versus $39,685k (Q2 2024).
Liquidity and capital: Total debt, net declined to $101,340k and long-term debt, net to $87,112k as of June 30, 2025. Opco Credit Facility borrowings were $72,884k (June 30, 2025) with $127.1m available capacity; leverage ratio per facility was 0.5x and interest coverage 14.2x as of June 30, 2025. Equity investment (49% Sisecam Wyoming) carrying value $258,498k.