NATURAL RESOURCE PARTNERS LP

Listed Company

NRPCIK 0001171486NYSELarge AcceleratedBituminous Coal & Lignite Surface MiningDelawareNLFY ends Dec 31

Period

FY 2025

Revenue

—

Net Income

$136.37M

Total Assets

$748.37M

Equity

—

Shares Out

13.25M

Op. Cash Flow

$165.86M

Business

NATURAL RESOURCE PARTNERS LP owns, manages and leases a diversified portfolio of mineral properties and a non-controlling equity interest in a trona ore mining and soda ash production business. It earns royalties and fees from leased acreage producing coal, oil and gas, industrial minerals and aggregates, and pursues carbon sequestration and renewable energy opportunities, while its soda ash interest processes trona into soda ash. The company operates through two segments: Mineral Rights and Soda Ash (49% interest in Sisecam Wyoming). Its mineral footprint spans major U.S. coal basins and other U.S. acreage, while soda ash is sold domestically and internationally via rail, truck and ocean shipping.

Summary from filing dated 2025-02-28

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Equity in earnings of Sisecam Wyoming	3	18	73	60	22
Gain on asset sales and disposals	2	5	3	1	245,000
Total revenues and other income	207	268	370	389	216
Operating and maintenance expenses	24	28	32	35	27
Depreciation, depletion and amortization	15	16	18	23	19
General and administrative expenses	24	25	26	22	17
Asset impairments	20,000	87,000	556,000	4	5
Total operating expenses	63	69	77	84	69
Income from operations	144	199	293	305	148
Interest expense, net	−8	−16	−14	−26	—
Net income	136	184	278	268	109
Less: income attributable to preferred unitholders	0	−4	−17	−30	−32
Less: redemption of preferred units	0	−25	−61	0	0
Net income attributable to common unitholders and the general partner	136	155	201	238	77
Net income attributable to common unitholders	134	152	197	234	76
Net income attributable to the general partner	3	3	4	5	2
Basic (in dollars per share)	10.18	11.69	15.59	18.72	6.14
Diluted (in dollars per share)	10.04	11.35	13.08	13.39	4.81
Comprehensive income (loss) from unconsolidated investment and other	−2	1	−22	16	3
Comprehensive income	134	185	257	284	112

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Cash and cash equivalents	30	30	12	39	136
Accounts receivable, net	29	31	41	43	25
Other current assets, net	2	2	2	2	3
Total current assets	61	64	55	84	163
Land	24	24	24	24	24
Mineral rights, net	367	380	394	412	438
Intangible assets, net	12	13	14	15	16
Equity in unconsolidated investment	250	257	277	306	276
Long-term contract receivable, net	20	23	26	29	31
Other long-term assets, net	14	12	8	7	6
Total assets	748	773	798	877	954
Accounts payable	1	909,000	885,000	2	2
Accrued liabilities	11	12	13	12	10
Accrued interest	69,000	302,000	584,000	989,000	1
Current portion of deferred revenue	7	4	5	6	12
Current portion of debt, net	14	14	31	39	39
Total current liabilities	33	32	50	60	64
Deferred revenue	58	56	38	40	50
Long-term debt, net	19	128	124	129	394
Other non-current liabilities	6	6	7	5	5
Total liabilities	116	222	220	235	514
Commitments and contingencies (see Note 15)	—	—	—	—	—
Common unitholders interest (13,138,097 and 13,049,123 units issued and outstanding at December 31, 2025 and 2024, respectively)	625	543	503	405	203
General partners interest	11	10	8	6	2
Accumulated other comprehensive loss	−4	−2	−3	19	3
Total partners' capital	633	551	531	477	256
Total liabilities and partners' capital	748	773	798	877	954

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Distributions from unconsolidated investment	8	39	81	45	11
Bad debt expense	800,000	4	2	1	3
Unit-based compensation expense	11	11	11	6	4
Amortization of debt issuance costs and other	−3	−2	1	2	2
Accounts receivable	2	7	−164,000	−19	−14
Accounts payable	249,000	25,000	−1	37,000	570,000
Accrued liabilities	−4	−2	−225,000	935,000	3
Accrued interest	−233,000	−281,000	−406,000	−224,000	−501,000
Deferred revenue	5	17	−3	−15	307,000
Other items, net	−190,000	−3	−698,000	1	2
Net cash provided by operating activities	166	248	311	267	122
Proceeds from asset sales and disposals	2	5	3	1	249,000
Return of long-term contract receivable	3	3	2	2	2
Capital expenditures	0	0	−10,000	−118,000	0
Net cash provided by investing activities	5	8	5	3	2
Debt borrowings	47	168	249	70	0
Debt repayments	−156	−181	−262	−339	−39
Redemptions of preferred units	0	−72	−178	0	0
Warrant settlements (See Note 4)	0	−66	−56	0	−9
Other items, net	−5	−8	−4	−13	−691,000
Net cash used in financing activities	−171	−238	−343	−366	−88
Net increase (decrease) in cash and cash equivalents	−303,000	18	−27	−96	36
Cash paid for interest	8	15	14	25	37

Filings

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