NATURAL RESOURCE PARTNERS (NRP) Company Report

Natural Resource Partners (NRP) generated $42 million in free cash flow during Q3 2025 and $190 million over the last 12 months.
The company significantly reduced its debt, repaying $32 million in Q3 2025 and over $70 million year-to-date, leaving $70 million of debt outstanding as of the end of the quarter.
NRP faced a "generational bear market" for soda ash and challenging conditions for metallurgical and thermal coal, leading to a $9 million decrease in mineral rights segment operating and free cash flow and an $11 million decrease in soda ash segment net income compared to the prior year. No distributions were received from Shishajam in Q3 2025.
The company aims to establish a "fortress balance sheet" with no permanent debt and $30 million in cash, after which capital allocation priorities will include increased unit holder distributions and unit repurchases.

Nov 4, 2025, 2:00 PM

Natural Resource Partners Reports Q3 2025 Free Cash Flow and Debt Reduction

NRP

Earnings

New Projects/Investments

Demand Weakening

Natural Resource Partners (NRP) generated $42 million in free cash flow in Q3 2025 and $190 million over the last twelve months, while retiring nearly $130 million of debt, reducing its outstanding debt to $70 million.
The company's mineral rights segment reported $41 million in net income and $45 million in free cash flow in Q3 2025, though operating and free cash flow declined year-over-year by $9 million due to weaker metallurgical coal markets.
NRP is navigating a generational bear market in soda ash, with international prices below cash production costs, and all 3.5 million acres of its CO2 sequestration pore space are unleased following lease terminations by major companies.
Strategically, NRP is actively leasing acreage in the Smackover formation for lithium production.

Nov 4, 2025, 1:39 PM

Natural Resource Partners L.P. Reports Q3 2025 Results and Declares Distribution

NRP

Earnings

Dividends

Demand Weakening

Natural Resource Partners L.P. (NRP) reported net income of $30.9 million and generated $41.8 million of free cash flow for the third quarter of 2025.
The company declared a cash distribution of $0.75 per common unit for the third quarter of 2025, to be paid on November 25, 2025.
NRP repaid $32 million of debt during the third quarter of 2025, ending the period with $190.1 million of available liquidity at September 30, 2025.
Management noted depressed market conditions for all key commodities, expecting weak coal and soda ash prices to continue for the foreseeable future.
Mineral Rights operating and free cash flow decreased compared to the prior year due to lower metallurgical coal sales prices and volumes, while Soda Ash operating and free cash flow decreased due to lower sales prices and no cash distribution from Sisecam Wyoming in Q3 2025.

Nov 4, 2025, 12:21 PM

Natural Resource Partners L.P. Reports Q2 2025 Results and Declares Distribution

NRP

Earnings

Dividends

Demand Weakening

Natural Resource Partners L.P. generated $46.3 million of free cash flow in the second quarter of 2025 and $203.1 million over the last twelve months.
The company declared a second quarter 2025 cash distribution of $0.75 per common unit, to be paid on August 26, 2025.
NRP's consolidated leverage ratio was 0.5x at June 30, 2025, with $102 million of debt remaining.
The company experienced weak prices for metallurgical coal, thermal coal, and soda ash, with muted pricing expected for coal commodities for the remainder of 2025 and soda ash distributions expected to remain below historical norms.