# Natural Resource Partners LP: Form 10-Q for the period ended Jun 30, 2026

- Company: [Natural Resource Partners LP](/companies/nrp.md) (CIK 1171486)
- Form: 10-Q
- Filed: 2026-08-05
- Accepted by EDGAR: Aug 5, 2026, 13:14 ET
- Period: 2026-06-30
- Accession: 0001437749-26-025856
- Inline XBRL: yes
- Main document: https://www.sec.gov/Archives/edgar/data/1171486/000143774926025856/nrp20260630_10q.htm
- All documents and exhibits: https://www.sec.gov/Archives/edgar/data/1171486/000143774926025856/

## Figures reported in this filing

Standardized XBRL line items for the period ended 2026-06-30.

| Line item | Period | Value | XBRL concept |
| --- | --- | ---: | --- |
| Operating income | 3 months, 2026-04-01 to 2026-06-30 | $26.2m | us-gaap:OperatingIncomeLoss |
| Operating income | 6 months, 2026-01-01 to 2026-06-30 | $46.8m | us-gaap:OperatingIncomeLoss |
| Interest expense | 3 months, 2026-04-01 to 2026-06-30 | $1.1m | us-gaap:InterestExpenseNonoperating |
| Interest expense | 6 months, 2026-01-01 to 2026-06-30 | $2.0m | us-gaap:InterestExpenseNonoperating |
| Net income | 3 months, 2026-04-01 to 2026-06-30 | $25.2m | us-gaap:ProfitLoss |
| Net income | 6 months, 2026-01-01 to 2026-06-30 | $44.8m | us-gaap:ProfitLoss |
| Operating cash flow | 6 months, 2026-01-01 to 2026-06-30 | $74.0m | us-gaap:NetCashProvidedByUsedInOperatingActivities |
| Cash and equivalents | at 2026-06-30 | $30.1m | us-gaap:CashAndCashEquivalentsAtCarryingValue |
| Current assets | at 2026-06-30 | $61.7m | us-gaap:AssetsCurrent |
| Total assets | at 2026-06-30 | $757.5m | us-gaap:Assets |
| Current liabilities | at 2026-06-30 | $29.2m | us-gaap:LiabilitiesCurrent |
| Total liabilities | at 2026-06-30 | $107.5m | us-gaap:Liabilities |
| Long-term debt | at 2026-06-30 | $13.1m | us-gaap:LongTermDebtNoncurrent |
| Current portion of debt | at 2026-06-30 | $14.3m | us-gaap:LongTermDebtCurrent |

## Management's discussion and analysis

As filed, 38,143 characters.

The following review of operations for the three and six month periods ended June 30, 2026 and 2025 should be read in conjunction with our Consolidated Financial Statements and the Notes to Consolidated Financial Statements included in this Form 10-Q and with the Consolidated Financial Statements, Notes to Consolidated Financial Statements and Management’s Discussion and Analysis included in the Natural Resource Partners L.P. Annual Report on Form 10-K for the year ended December 31, 2025.

As used herein, unless the context otherwise requires: "we," "our," "us" and the "Partnership" refer to Natural Resource Partners L.P. and, where the context requires, our subsidiaries. References to "NRP" and "Natural Resource Partners" refer to Natural Resource Partners L.P. only, and not to NRP (Operating) LLC or any of Natural Resource Partners L.P.’s subsidiaries. References to "Opco" refer to NRP (Operating) LLC, a wholly owned subsidiary of NRP, and its subsidiaries.

### INFORMATION REGARDING FORWARD-LOOKING STATEMENTS

Statements included in this 10-Q may constitute forward-looking statements. In addition, we and our representatives may from time to time make other oral or written statements which are also forward-looking statements. Such forward-looking statements include, among other things, statements regarding: future distributions on our common units; our business strategy; our liquidity and access to capital and financing sources; our financial strategy; prices of and demand for coal, trona and soda ash, and other natural resources; estimated revenues, expenses and results of operations; projected future performance by our lessees; Sisecam Wyoming LLC’s ("Sisecam Wyoming's") trona mining and soda ash refinery operations; distributions from our soda ash business; the impact of governmental policies, laws and regulations, as well as regulatory and legal proceedings involving us, and of scheduled or potential regulatory or legal changes; and global and U.S. economic conditions.

These forward-looking statements speak only as of the date hereof and are made based upon our current plans, expectations, estimates, assumptions and beliefs concerning future events impacting us and involve a number of risks and uncertainties. We caution that forward-looking statements are not guarantees and that actual results could differ materially from those expressed or implied in the forward-looking statements. You should not put undue reliance on any forward-looking statements. See "Item 1A. Risk Factors" included in this Form 10-Q and in our Annual Report on Form 10-K for the year ended December 31, 2025 for important factors that could cause our actual results of operations or our actual financial condition to differ.

### NON-GAAP FINANCIAL MEASURES

### Adjusted EBITDA

Adjusted EBITDA is a non-GAAP financial measure that we define as net income (loss) less equity in earnings from unconsolidated investment; plus total distributions from unconsolidated investment, interest expense, net, debt modification expense, loss on extinguishment of debt, depreciation, depletion and amortization and asset impairments. Adjusted EBITDA should not be considered an alternative to, or more meaningful than, net income or loss, net income or loss attributable to partners, operating income or loss, cash flows from operating activities or any other measure of financial performance presented in accordance with GAAP as measures of operating performance, liquidity or ability to service debt obligations. There are significant limitations to using Adjusted EBITDA as a measure of performance, including the inability to analyze the effect of certain recurring items that materially affect our net income, the lack of comparability of results of operations of different companies and the different methods of calculating Adjusted EBITDA reported by different companies. In addition, Adjusted EBITDA presented below is not calculated or presented on the same basis as Consolidated EBITDA as defined in our partnership agreement or Consolidated EBITDDA as defined in Opco's debt agreements. For a description of Opco's debt agreements, see Note 8. Debt, Net in the Notes to Consolidated Financial Statements included herein as well as in "Item 8. Financial Statements and Supplementary Data—Note 11. Debt, Net" in our Annual Report on Form 10-K for the year ended December 31, 2025. Adjusted EBITDA is a supplemental performance measure used by our management and by external users of our financial statements, such as investors, commercial banks, research analysts and others to assess the financial performance of our assets without regard to financing methods, capital structure or historical cost basis.

### Free Cash Flow

Free cash flow ("FCF") represents net cash provided by (used in) operating activities plus distributions from unconsolidated investment in excess of cumulative earnings and return of long-term contract receivable; less capital expenditures, cash flow used in acquisition costs classified as investing or financing activities and capital to unconsolidated investment. FCF is calculated before mandatory debt repayments. FCF is not a measure of financial performance under GAAP and should not be considered as an alternative to cash flows from operating, investing or financing activities. FCF may not be calculated the same for us as for other companies. FCF is a supplemental liquidity measure used by our management and by external users of our financial statements, such as investors, commercial banks, research analysts and others to assess our ability to make cash distributions and repay debt.

### Leverage Ratio

Leverage ratio represents the outstanding principal of our debt at the end of the period divided by the last twelve months' Adjusted EBITDA as defined above. We believe that leverage ratio is a useful measure to management and investors to evaluate and monitor our indebtedness relative to our ability to generate income to service such debt and in understanding trends in our overall financial condition. Leverage ratio may not be calculated the same for us as for other companies and is not a substitute for, and should not be used in conjunction with, GAAP financial ratios.

### Introduction

The following discussion and analysis present management's view of our business, financial condition and overall performance. Our discussion and analysis consist of the following subjects:

- Executive Overview
- Results of Operations
- Liquidity and Capital Resources
- Off-Balance Sheet Transactions
- Related Party Transactions
- Summary of Critical Accounting Estimates
- Recent Accounting Standards

### Executive Overview

We are a diversified natural resource company engaged principally in the business of owning, managing and leasing a diversified portfolio of mineral properties in the United States, including interests in coal and other natural resources and own a non-controlling 49% interest in Sisecam Wyoming, a trona ore mining and soda ash production business. Our common units trade on the New York Stock Exchange under the symbol "NRP." Our business is organized into two reportable segments:

**Mineral Rights—**consists of approximately 13 million acres of mineral interests and other subsurface rights across the United States. If combined in a single tract, our ownership would cover roughly 20,000 square miles. Our assets provide critical inputs for the manufacturing of steel, electricity and building materials as well as opportunities for carbon sequestration and renewable energy.

**Soda Ash—**consists of our 49% non-controlling equity interest in Sisecam Wyoming, one of the world's lowest-cost producers of soda ash, an essential ingredient for the manufacturing of glass, solar panels, detergents, and batteries for electric vehicles. Operations are managed by our partner, Sisecam Chemicals Wyoming LLC, and we realize cash flow when distributions are paid to us.

Corporate and Financing includes functional corporate departments that do not earn revenues. Costs incurred by these departments include interest and financing, corporate headquarters and overhead, centralized treasury, legal and accounting and other corporate-level activity not specifically allocated to a reportable segment.

Our financial results for the six months ended June 30, 2026 are as follows:

*(In thousands)*

|  | Reportable Segments Mineral Rights | Soda Ash | Corporate and Financing | Total |
| --- | ---: | ---: | ---: | ---: |
| Revenues and other income | $100,196 | $(12,733) | $— | $87,463 |
| Net income (loss) | $69,767 | $(12,884) | $(12,088) | $44,795 |
| Adjusted EBITDA (1) | $88,503 | $(151) | $(10,054) | $78,298 |
| Cash flow provided by (used in) continuing operations |  |  |  |  |
| Operating activities | $86,406 | $(151) | $(12,291) | $73,964 |
| Investing activities | $1,577 | $(39,200) | $— | $(37,623) |
| Financing activities | $(1,256) | $— | $(35,094) | $(36,350) |
| Free cash flow (1) | $87,937 | $(39,351) | $(12,291) | $36,295 |

(1) See "Results of Operations" below for reconciliations to the most comparable GAAP financial measures.

### Current Results/Market Commentary

### Financial Results and Quarterly Distributions

We generated $74.0 million of operating cash flow and $36.3 million of free cash flow during the six months ended June 30, 2026, and ended the quarter with $217.0 million of liquidity consisting of $30.1 million of cash and cash equivalents and $186.9 million of available borrowing capacity under our Opco Credit Facility. As of June 30, 2026 our leverage ratio was 0.2 x.

In February 2026, we paid a cash distribution of $0.75 per common unit of NRP with respect to the fourth quarter of 2025. In March 2026, we paid a special cash distribution of $0.12 per common unit of NRP to help cover unitholder tax liabilities associated with owning NRP's common units in 2025. In May 2026, we paid a cash distribution of $0.75 per common unit of NRP with respect to the first quarter of 2026. Future distributions on our common units will be determined on a quarterly basis by the Board of Directors. The Board of Directors considers numerous factors each quarter in determining cash distributions, including profitability, cash flow, debt service obligations, market conditions and outlook, estimated unitholder income tax liability and the level of cash reserves that the Board of Directors determines is necessary for future operating and capital needs.

### Mineral Rights Reportable Segment

Revenues and other income during the six months ended June 30, 2026 decreased $3.3 million, or 3%, as compared to the prior year period. Cash provided by operating activities and free cash flow during the six months ended June 30, 2026 decreased by $2.4 million and $2.3 million, respectively, as compared to the prior year period. These decreases are primarily due to lower metallurgical and thermal coal sales volumes at certain properties.

Mineral Rights segment results continue to be impacted by low natural gas prices, ample coal stockpiles at power plants, and soft global steel demand.

We have no meaningful developments to report on our carbon neutral initiatives, but continue to explore opportunities to create value through carbon sequestration and renewable energy production across our vast portfolio of mineral and surface assets.

### Soda Ash Reportable Segment

Revenues and other income during the six months ended June 30, 2026 decreased $19.9 million, or 278%, as compared to the prior year period primarily due to lower sales prices in 2026.

Cash provided by operating activities during the six months ended June 30, 2026 decreased $7.9 million as compared to the prior year period due primarily due to $7.8 million in distributions received from Sisecam Wyoming in 2025 and no distribution received from Sisecam Wyoming in 2026. Free cash flow decreased $47.1 million as compared to the prior year period primarily due to the $39.2 million capital investment made to Sisecam Wyoming in the first quarter of 2026 in addition to $7.8 million in distributions received from Sisecam Wyoming in 2025.

The global soda ash market remains weak with international soda ash prices below the cost of production for many producers due to the increased natural soda ash supply from China, along with sluggish demand for flat glass due to slowing commercial and residential construction globally. We do not expect to receive distributions from Sisecam Wyoming for several years until the soda ash market returns to equilibrium through increased demand and/or capacity rationalization.

### Results of Operations

### Second Quarter of 2026 and 2025 Compared

### Revenues and Other Income

The following table includes our revenues and other income by reportable segment:

| Reportable Segment (In thousands) | For the Three Months Ended June 30, 2026 | 2025 | Increase (Decrease) | Percentage Change |
| --- | ---: | ---: | ---: | ---: |
| Mineral Rights | $53,015 | $47,575 | $5,440 | 11% |
| Soda Ash | (4,905) | 2,526 | (7,431) | (294)% |
| Total | $48,110 | $50,101 | $(1,991) | (4)% |

The changes in revenues and other income are discussed for each of the reportable segments below:

### Mineral Rights

The following table presents coal sales volumes, coal royalty revenue per ton and coal royalty revenues by major coal producing region, the significant categories of other revenues and other income:

*(In thousands, except per ton data)*

| Coal sales volumes (tons) Appalachia | For the Three Months Ended June 30, 2026 | 2025 | Increase (Decrease) | Percentage Change |
| --- | ---: | ---: | ---: | ---: |
| Northern | 1,492 | 132 | 1,360 | 1030% |
| Central | 3,371 | 3,195 | 176 | 6% |
| Southern | 453 | 548 | (95) | (17)% |
| Total Appalachia | 5,316 | 3,875 | 1,441 | 37% |
| Illinois Basin | 2,416 | 1,637 | 779 | 48% |
| Northern Powder River Basin | 309 | 426 | (117) | (27)% |
| Gulf Coast | 198 | 176 | 22 | 13% |
| Total coal sales volumes | 8,239 | 6,114 | 2,125 | 35% |
| Coal royalty revenue per ton |  |  |  |  |
| Appalachia |  |  |  |  |
| Northern | $1.18 | $1.91 | $(0.73) | (38)% |
| Central | 6.06 | 6.41 | (0.35) | (5)% |
| Southern | 11.52 | 8.53 | 2.99 | 35% |
| Illinois Basin | 2.45 | 2.21 | 0.24 | 11% |
| Northern Powder River Basin | 4.86 | 5.73 | (0.87) | (15)% |
| Gulf Coast | 0.82 | 0.80 | 0.02 | 2% |
| Combined average coal royalty revenue per ton | 4.25 | 5.17 | (0.92) | (18)% |
| Coal royalty revenues |  |  |  |  |
| Appalachia |  |  |  |  |
| Northern | $1,759 | $252 | $1,507 | 598% |
| Central | 20,414 | 20,494 | (80) | (0)% |
| Southern | 5,218 | 4,676 | 542 | 12% |
| Total Appalachia | 27,391 | 25,422 | 1,969 | 8% |
| Illinois Basin | 5,925 | 3,610 | 2,315 | 64% |
| Northern Powder River Basin | 1,503 | 2,443 | (940) | (38)% |
| Gulf Coast | 163 | 140 | 23 | 16% |
| Unadjusted coal royalty revenues | 34,982 | 31,615 | 3,367 | 11% |
| Coal royalty adjustment for minimum leases | (189) | (72) | (117) | (163)% |
| Total coal royalty revenues | $34,793 | $31,543 | $3,250 | 10% |
| Other revenues |  |  |  |  |
| Production lease minimum revenues | $251 | $123 | $128 | 104% |
| Minimum lease straight-line revenues | 4,019 | 4,050 | (31) | (1)% |
| Oil and gas royalty revenues | 2,447 | 1,981 | 466 | 24% |
| Carbon neutral revenues | 94 | 290 | (196) | (68)% |
| Property tax revenues | 1,710 | 1,519 | 191 | 13% |
| Wheelage revenues | 1,959 | 2,543 | (584) | (23)% |
| Coal overriding royalty revenues | 1,040 | 456 | 584 | 128% |
| Lease amendment revenues | 1,242 | 656 | 586 | 89% |
| Aggregates royalty revenues | 1,246 | 906 | 340 | 38% |
| Other revenues | 318 | 228 | 90 | 39% |
| Total other revenues | $14,326 | $12,752 | $1,574 | 12% |
| Royalty and other mineral rights | $49,119 | $44,295 | $4,824 | 11% |
| Transportation and processing services revenues | 3,851 | 2,551 | 1,300 | 51% |
| Gain on asset sales and disposals | 45 | 729 | (684) | (94)% |
| Total Mineral Rights segment revenues and other income | $53,015 | $47,575 | $5,440 | 11% |

19

#### Coal Royalty Revenues

Approximately 70% of coal royalty revenues and approximately 45% of coal royalty sales volumes were derived from metallurgical coal during the three months ended June 30, 2026. Total coal royalty revenues increased $3.3 million primarily due to higher metallurgical and thermal coal sales volumes and higher prices at certain properties during the three months ended June 30, 2026, as compared to the prior year quarter.

### Soda Ash

Revenues and other income related to our Soda Ash segment decreased $7.4 million as compared to the prior year quarter primarily due to lower sales prices in 2026.

### Total Operating Expenses, Net

The following table presents the significant categories of our consolidated operating expenses:

*(In thousands)*

| Operating expenses | For the Three Months Ended June 30, 2026 | 2025 | Increase (Decrease) | Percentage Change |
| --- | ---: | ---: | ---: | ---: |
| Operating and maintenance expenses | $5,731 | $4,159 | $1,572 | 38% |
| Depreciation, depletion and amortization | 11,131 | 3,754 | 7,377 | 197% |
| General and administrative expenses | 5,020 | 5,597 | (577) | (10)% |
| Total operating expenses | $21,882 | $13,510 | $8,372 | 62% |

Total operating expenses, net increased $8.4 million primarily due to a $7.4 million increase in depreciation, depletion and amortization expense in addition to a $1.6 million increase in operating and maintenance expenses. The increase in depreciation, depletion and amortization expense was primarily due to revised engineering and increased depletion rate at a thermal property. This property continues to hold significant economic tons and long-term mine life, and there has been no material change to our estimate of the segment's long-term earning power. The increase in operating and maintenance expenses was primarily due to the change in the current expected credit loss allowance as discussed in Note 14. Credit Losses in the Notes to Consolidated Financial Statements.

### Interest Expense, Net

Interest expense, net, decreased $1.3 million due to less debt outstanding during the three months ended June 30, 2026 as compared to the prior year quarter.

### Adjusted EBITDA (Non-GAAP Financial Measure)

The following table reconciles net income (loss) (the most comparable GAAP financial measure) to Adjusted EBITDA:

| For the Three Months Ended (In thousands) June 30, 2026 | Reportable Segments Mineral Rights | Soda Ash | Corporate and Financing | Total |
| --- | ---: | ---: | ---: | ---: |
| Net income (loss) | $36,237 | $(4,984) | $(6,077) | $25,176 |
| Add (Less): equity in (earnings) loss from unconsolidated investment | — | 4,905 | — | 4,905 |
| Add: interest expense, net | — | — | 1,052 | 1,052 |
| Add: depreciation, depletion and amortization | 11,126 | — | 5 | 11,131 |
| Adjusted EBITDA | $47,363 | $(79) | $(5,020) | $42,264 |
| June 30, 2025 |  |  |  |  |
| Net income (loss) | $39,691 | $2,502 | $(7,982) | $34,211 |
| Add (Less): equity in (earnings) loss from unconsolidated investment | — | (2,526) | — | (2,526) |
| Add: total distributions from unconsolidated investment | — | 4,900 | — | 4,900 |
| Add: interest expense, net | — | — | 2,380 | 2,380 |
| Add: depreciation, depletion and amortization | 3,748 | — | 6 | 3,754 |
| Adjusted EBITDA | $43,439 | $4,876 | $(5,596) | $42,719 |

Net income decreased $9.0 million during the three months ended June 30, 2026 as compared to the prior year quarter primarily due to the decrease in revenues and other income within our Soda Ash segment and increase in total operating expenses as discussed above. These decreases were partially offset by higher revenues and other income within our Mineral Rights segment in addition to lower interest expense, net, all discussed above. Adjusted EBITDA decreased $0.5 million as compared to the prior year quarter primarily due to a $5.0 million decrease in Adjusted EBITDA within our Soda Ash segment driven by no distribution received from Sisecam Wyoming during the three months ended June 30, 2026. This decrease was partially offset by a $3.9 million increase in Adjusted EBITDA within our Mineral Rights segment primarily driven by the increase in revenues and other income as discussed above.

### Free Cash Flow ("FCF") (Non-GAAP Financial Measure)

The following table presents the three major categories of the statement of cash flows:

| For the Three Months Ended (In thousands) June 30, 2026 Cash flow provided by (used in) | Reportable Segments Mineral Rights | Soda Ash | Corporate and Financing | Total |
| --- | ---: | ---: | ---: | ---: |
| Operating activities | $44,579 | $(79) | $(3,550) | $40,950 |
| Investing activities | 819 | — | — | 819 |
| Financing activities | — | — | (43,141) | (43,141) |
| June 30, 2025 |  |  |  |  |
| Cash flow provided by (used in) |  |  |  |  |
| Operating activities | $45,576 | $4,875 | $(4,872) | $45,579 |
| Investing activities | 1,444 | — | — | 1,444 |
| Financing activities | — | — | (47,555) | (47,555) |

The following table reconciles net cash provided by (used in) operating activities (the most comparable GAAP financial measure) to FCF:

| For the Three Months Ended (In thousands) June 30, 2026 | Reportable Segments Mineral Rights | Soda Ash | Corporate and Financing | Total |
| --- | ---: | ---: | ---: | ---: |
| Net cash provided by (used in) operating activities | $44,579 | $(79) | $(3,550) | $40,950 |
| Add: return of long-term contract receivable | 773 | — | — | 773 |
| Free cash flow | $45,352 | $(79) | $(3,550) | $41,723 |
| June 30, 2025 |  |  |  |  |
| Net cash provided by (used in) operating activities | $45,576 | $4,875 | $(4,872) | $45,579 |
| Add: return of long-term contract receivable | 714 | — | — | 714 |
| Free cash flow | $46,290 | $4,875 | $(4,872) | $46,293 |

Operating cash flow and FCF each decreased $4.6 million, as compared to the prior year quarter due to the following:

- Mineral Rights Segment
- Operating cash flow and FCF decreased $1.0 million and $0.9 million, respectively, primarily due to higher recoupments during the three months ended June 30, 2026, partially offset by increased cash from minimum payments during the same period.
- Soda Ash Segment
- Operating cash flow and FCF each decreased by $5.0 million as compared to the prior year quarter primarily due to a $4.9 million distribution received from Sisecam Wyoming in the second quarter of 2025 and no distribution received from Sisecam Wyoming in the second quarter of 2026.
- Corporate and Financing
- Operating cash flow and FCF each improved by $1.3 million as compared to the prior year quarter primarily due to lower cash paid for interest during the three months ended June 30, 2026 as a result of less debt outstanding.

### First Six Months of 2026 and 2025 Compared

### Revenues and Other Income

The following table includes our revenues and other income by reportable segment:

| Reportable Segment (In thousands) | For the Six Months Ended June 30, 2026 | 2025 | Decrease | Percentage Change |
| --- | ---: | ---: | ---: | ---: |
| Mineral Rights | $100,196 | $103,503 | $(3,307) | (3)% |
| Soda Ash | (12,733) | 7,136 | (19,869) | (278)% |
| Total | $87,463 | $110,639 | $(23,176) | (21)% |

The changes in revenues and other income are discussed for each of the reportable segments below:

### Mineral Rights

The following table presents coal sales volumes, coal royalty revenue per ton and coal royalty revenues by major coal producing region, the significant categories of other revenues and other income:

*(In thousands, except per ton data)*

| Coal sales volumes (tons) Appalachia | For the Six Months Ended June 30, 2026 | 2025 | Increase (Decrease) | Percentage Change |
| --- | ---: | ---: | ---: | ---: |
| Northern | 1,964 | 256 | 1,708 | 667% |
| Central | 6,338 | 6,501 | (163) | (3)% |
| Southern | 782 | 844 | (62) | (7)% |
| Total Appalachia | 9,084 | 7,601 | 1,483 | 20% |
| Illinois Basin | 4,836 | 4,979 | (143) | (3)% |
| Northern Powder River Basin | 484 | 1,342 | (858) | (64)% |
| Gulf Coast | 360 | 413 | (53) | (13)% |
| Total coal sales volumes | 14,764 | 14,335 | 429 | 3% |
| Coal royalty revenue per ton |  |  |  |  |
| Appalachia |  |  |  |  |
| Northern | $1.24 | $1.70 | $(0.46) | (27)% |
| Central | 6.11 | 6.29 | (0.18) | (3)% |
| Southern | 11.47 | 8.76 | 2.71 | 31% |
| Illinois Basin | 2.38 | 2.36 | 0.02 | 1% |
| Northern Powder River Basin | 5.35 | 4.93 | 0.42 | 9% |
| Gulf Coast | 0.83 | 0.78 | 0.05 | 6% |
| Combined average coal royalty revenue per ton | 4.37 | 4.70 | (0.33) | (7)% |
| Coal royalty revenues |  |  |  |  |
| Appalachia |  |  |  |  |
| Northern | $2,430 | $435 | $1,995 | 459% |
| Central | 38,742 | 40,920 | (2,178) | (5)% |
| Southern | 8,968 | 7,394 | 1,574 | 21% |
| Total Appalachia | 50,140 | 48,749 | 1,391 | 3% |
| Illinois Basin | 11,531 | 11,751 | (220) | (2)% |
| Northern Powder River Basin | 2,587 | 6,612 | (4,025) | (61)% |
| Gulf Coast | 298 | 324 | (26) | (8)% |
| Unadjusted coal royalty revenues | 64,556 | 67,436 | (2,880) | (4)% |
| Coal royalty adjustment for minimum leases | (189) | (395) | 206 | 52% |
| Total coal royalty revenues | $64,367 | $67,041 | $(2,674) | (4)% |
| Other revenues |  |  |  |  |
| Production lease minimum revenues | $809 | $2,848 | $(2,039) | (72)% |
| Minimum lease straight-line revenues | 8,038 | 8,100 | (62) | (1)% |
| Oil and gas royalty revenues | 3,833 | 4,425 | (592) | (13)% |
| Carbon neutral revenues | 279 | 885 | (606) | (68)% |
| Property tax revenues | 3,421 | 3,156 | 265 | 8% |
| Wheelage revenues | 3,949 | 4,281 | (332) | (8)% |
| Coal overriding royalty revenues | 2,426 | 1,336 | 1,090 | 82% |
| Lease amendment revenues | 2,442 | 1,311 | 1,131 | 86% |
| Aggregates royalty revenues | 2,364 | 1,759 | 605 | 34% |
| Other revenues | 488 | 413 | 75 | 18% |
| Total other revenues | $28,049 | $28,514 | $(465) | (2)% |
| Royalty and other mineral rights | $92,416 | $95,555 | $(3,139) | (3)% |
| Transportation and processing services revenues | 7,736 | 6,972 | 764 | 11% |
| Gain on asset sales and disposals | 44 | 976 | (932) | (95)% |
| Total Mineral Rights segment revenues and other income | $100,196 | $103,503 | $(3,307) | (3)% |

23

#### Coal Royalty Revenues

Approximately 65% of coal royalty revenues and approximately 45% of coal royalty sales volumes were derived from metallurgical coal during the six months ended June 30, 2026. Total coal royalty revenues decreased $2.7 million primarily due to lower metallurgical and thermal coal sales volumes at certain properties during the six months ended June 30, 2026 as compared to the prior year period.

### Soda Ash

Revenues and other income related to our Soda Ash segment decreased $19.9 million as compared to the prior year period primarily due to lower sales prices in 2026.

### Total Operating Expenses, Net

The following table presents the significant categories of our consolidated operating expenses:

*(In thousands)*

| Operating expenses | For the Six Months Ended June 30, 2026 | 2025 | Increase (Decrease) | Percentage Change |
| --- | ---: | ---: | ---: | ---: |
| Operating and maintenance expenses | $11,844 | $10,935 | $909 | 8% |
| Depreciation, depletion and amortization | 18,745 | 7,743 | 11,002 | 142% |
| General and administrative expenses | 10,054 | 12,429 | (2,375) | (19)% |
| Asset impairments | — | 20 | (20) | (100)% |
| Total operating expenses | $40,643 | $31,127 | $9,516 | 31% |

Total operating expenses, net increased $9.5 million primarily due to an $11.0 million increase in depreciation, depletion and amortization expense, partially offset by a $2.4 million decrease in general and administrative expenses. The increase in depreciation, depletion and amortization expense was primarily due to increased depletion rates on certain thermal properties as discussed above. The decrease in general and administrative expenses was primarily due to lower long-term incentive expense as compared to the prior year period.

### Interest Expense, Net

Interest expense, net, decreased $3.0 million due to less debt outstanding during the six months ended June 30, 2026 as compared to the prior year period.

### Adjusted EBITDA (Non-GAAP Financial Measure)

The following table reconciles net income (loss) (the most comparable GAAP financial measure) to Adjusted EBITDA:

| For the Six Months Ended (In thousands) June 30, 2026 | Reportable Segments Mineral Rights | Soda Ash | Corporate and Financing | Total |
| --- | ---: | ---: | ---: | ---: |
| Net income (loss) | $69,767 | $(12,884) | $(12,088) | $44,795 |
| Add (Less): equity in (earnings) loss from unconsolidated investment | — | 12,733 | — | 12,733 |
| Add: interest expense, net | — | — | 2,025 | 2,025 |
| Add: depreciation, depletion and amortization | 18,736 | — | 9 | 18,745 |
| Adjusted EBITDA | $88,503 | $(151) | $(10,054) | $78,298 |
| June 30, 2025 |  |  |  |  |
| Net income (loss) | $84,899 | $7,052 | $(17,487) | $74,464 |
| Less: equity earnings from unconsolidated investment | — | (7,136) | — | (7,136) |
| Add: total distributions from unconsolidated investment | — | 7,840 | — | 7,840 |
| Add: interest expense, net | — | — | 5,048 | 5,048 |
| Add: depreciation, depletion and amortization | 7,733 | — | 10 | 7,743 |
| Add: asset impairments | 20 | — | — | 20 |
| Adjusted EBITDA | $92,652 | $7,756 | $(12,429) | $87,979 |

Net income during the six months ended June 30, 2026 decreased $29.7 million as compared to the prior year period primarily due to the decrease in total revenues and other income and increase in total operating expenses, partially offset by lower interest expense, all discussed above. Adjusted EBITDA decreased $9.7 million as compared to the prior year period primarily due to a $4.1 million decrease in Adjusted EBITDA within our Mineral Rights segment primarily driven by the decrease in revenues and other income as discussed above and a $7.9 million decrease in Adjusted EBITDA within our Soda Ash segment driven by no distribution received from Sisecam Wyoming during the six months ended June 30, 2026.

### Free Cash Flow ("FCF") (Non-GAAP Financial Measure)

The following table presents the three major categories of the statement of cash flows:

| For the Six Months Ended (In thousands) June 30, 2026 Cash flow provided by (used in) | Reportable Segments Mineral Rights | Soda Ash | Corporate and Financing | Total |
| --- | ---: | ---: | ---: | ---: |
| Operating activities | $86,406 | $(151) | $(12,291) | $73,964 |
| Investing activities | 1,577 | (39,200) | — | (37,623) |
| Financing activities | (1,256) | — | (35,094) | (36,350) |
| June 30, 2025 |  |  |  |  |
| Cash flow provided by (used in) |  |  |  |  |
| Operating activities | $88,799 | $7,755 | $(16,551) | $80,003 |
| Investing activities | 2,391 | — | — | 2,391 |
| Financing activities | (841) | — | (81,653) | (82,494) |

The following table reconciles net cash provided by (used in) operating activities (the most comparable GAAP financial measure) to FCF:

| For the Six Months Ended (In thousands) June 30, 2026 | Reportable Segments Mineral Rights | Soda Ash | Corporate and Financing | Total |
| --- | ---: | ---: | ---: | ---: |
| Net cash provided by (used in) operating activities | $86,406 | $(151) | $(12,291) | $73,964 |
| Add: return of long-term contract receivable | 1,531 | — | — | 1,531 |
| Less: capital contribution to unconsolidated investment | — | (39,200) | — | (39,200) |
| Free cash flow | $87,937 | $(39,351) | $(12,291) | $36,295 |
| June 30, 2025 |  |  |  |  |
| Net cash provided by (used in) operating activities | $88,799 | $7,755 | $(16,551) | $80,003 |
| Add: return of long-term contract receivable | 1,414 | — | — | 1,414 |
| Free cash flow | $90,213 | $7,755 | $(16,551) | $81,417 |

Operating cash flow and FCF decreased $6.0 million and $45.1 million, respectively, as compared to the prior year period due to the following:

- Mineral Rights Segment
- Operating cash flow and FCF decreased $2.4 million and $2.3 million, respectively, primarily due to lower metallurgical and thermal coal sales volumes at certain properties as compared to the prior year period.
- Soda Ash Segment
- Operating cash flow decreased $7.9 million primarily due to $7.8 million in distributions received from Sisecam Wyoming in 2025 and no distribution received from Sisecam Wyoming in 2026. FCF decreased $47.1 million as compared to the prior year quarter primarily due to a $39.2 million capital investment made to Sisecam Wyoming in 2026 in addition to $7.8 million in distributions received from Sisecam in 2025.
- Corporate and Financing
- Operating cash flow and FCF each improved by $4.3 million as compared to the prior year period primarily due to lower cash paid for interest during the six months ended June 30, 2026 as a result of less debt outstanding.

### Liquidity and Capital Resources

### Current Liquidity

As of June 30, 2026, we had total liquidity of $217.0 million, consisting of $30.1 million of cash and cash equivalents and $186.9 million of borrowing capacity under our Opco Credit Facility. We have debt service obligations, including $14.3 million of principal repayments on Opco’s senior notes, throughout the remainder of 2026. The following table calculates our leverage ratio as of June 30, 2026:

*(In thousands)*

|  | For the Three Months Ended September 30, 2025 | December 31, 2025 | March 31, 2026 | June 30, 2026 | Last 12 Months |
| --- | ---: | ---: | ---: | ---: | ---: |
| Net income | $30,905 | $30,998 | $19,619 | $25,176 | $106,698 |
| Add (Less): equity in (earnings) loss from unconsolidated investment | 2,390 | 1,686 | 7,828 | 4,905 | 16,809 |
| Add: total distributions from unconsolidated investment | — | — | — | — | — |
| Add: interest expense, net | 1,779 | 1,157 | 973 | 1,052 | 4,961 |
| Add: depreciation, depletion and amortization | 3,868 | 3,344 | 7,614 | 11,131 | 25,957 |
| Add: asset impairments | — | — | — | — | — |
| Adjusted EBITDA | $38,942 | $37,185 | $36,034 | $42,264 | $154,425 |
| Debt—at June 30, 2026 |  |  |  |  | $27,415 |
| Leverage Ratio |  |  |  |  | 0.2 x |

### Cash Flows

Cash flows provided by operating activities decreased $6.0 million, from $80.0 million during the six months ended June 30, 2025 to $74.0 million during the six months ended June 30, 2026, primarily due to decreased cash flow within our Mineral Rights and Soda Ash segments, partially offset by lower cash paid for interest, all discussed above.

Cash flows used in investing activities increased $40.0 million, from $2.4 million provided by investing activities during the six months ended June 30, 2025 to $37.6 million used in investing activities during the six months ended June 30, 2026 primarily due to a $39.2 million capital investment made to Sisecam Wyoming in the first quarter of 2026.

Cash flows used in financing activities decreased $46.1 million, from $82.5 million during the six months ended June 30, 2025 to $36.4 million during the six months ended June 30, 2026 due to the following:

- $33.5 million increased debt borrowings during the six months ended June 30, 2026 as compared to the prior year period;
- $14.4 million less cash used for common unit distributions primarily as a result of a lower special distribution paid during the six months ended June 30, 2026 as compared to the prior year period; and,
- $1.5 million less cash used for debt repayments in 2026 as compared to 2025.

These decreases in cash flow used were partially offset by $3.3 million of increased cash used for other items, net in 2026 as compared to 2025.

### Capital Resources and Obligations

### Debt, Net

We had the following debt outstanding as of June 30, 2026 and December 31, 2025:

*(In thousands)*

|  | June 30, 2026 | December 31, 2025 |
| --- | ---: | ---: |
| Current portion of long-term debt, net | $14,271 | $14,198 |
| Long-term debt, net | 13,084 | 18,884 |
| Total debt, net | $27,355 | $33,082 |

We have been and continue to be in compliance with the terms of the financial covenants contained in our debt agreements. For additional information regarding our debt and the agreements governing our debt, including the covenants contained therein, see Note 8. Debt, Net to the Consolidated Financial Statements included elsewhere in this Quarterly Report on Form 10-Q.

### Off-Balance Sheet Transactions

We do not have any off-balance sheet arrangements with unconsolidated entities or related parties and accordingly, there are no off-balance sheet risks to our liquidity and capital resources from unconsolidated entities.

### Related Party Transactions

The information required is set forth under Note 10. Related Party Transactions to the Consolidated Financial Statements and is incorporated herein by reference.

### Summary of Critical Accounting Estimates

The preparation of Consolidated Financial Statements in conformity with generally accepted accounting principles in the United States of America requires management to make certain estimates and assumptions that affect the amounts reported in the Consolidated Financial Statements and the accompanying notes. There have been no significant changes to our critical accounting estimates from those disclosed in our Annual Report on Form 10-K for the year ended December 31, 2025.

### Recently Issued Accounting Standard

In November 2024, the FASB issued ASU 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures ("ASU 2024-03"). ASU 2024-03 is intended to improve disclosures about a public business entity's expenses and provide more detailed information to investors about the types of expenses in commonly presented expense captions. The guidance is effective for annual periods beginning after December 15, 2026 and quarterly periods beginning after December 31, 2027 and can be adopted prospectively to financial statements issued for reporting periods after the effective date or retrospectively to all prior periods presented in the financial statements. We do not expect the adoption of this guidance to have a material impact on our Consolidated Financial Statements.

## Market risk

As filed, 2,583 characters.

We are exposed to market risk, which includes adverse changes in commodity prices and interest rates as discussed below:

### Commodity Price Risk

Our revenues, operating results, financial condition and ability to borrow funds or obtain additional capital depend on prevailing commodity prices. Historically, coal prices have been volatile, with prices fluctuating widely, and are likely to continue to be volatile. Depressed prices in the future would have a negative impact on our future financial results. In particular, substantially lower prices would significantly reduce revenues and could potentially trigger an impairment of our coal properties or a violation of certain financial debt covenants. Because substantially all our reserves are coal, changes in coal prices have a more significant impact on our financial results.

We are dependent upon the effective marketing of the coal mined by our lessees. Our lessees sell the coal under various long-term and short-term contracts as well as on the spot market. Current conditions in the coal industry may make it difficult for our lessees to extend existing contracts or enter into supply contracts with terms of one year or more. Our lessees' failure to negotiate long-term contracts could adversely affect the stability and profitability of our lessees' operations and adversely affect our future financial results. If more coal is sold on the spot market, coal royalty revenues may become more volatile due to fluctuations in spot coal prices.

The market price of soda ash and energy costs directly affect the profitability of Sisecam Wyoming's operations. If the market price for soda ash declines, Sisecam Wyoming's sales revenues will decrease. Historically, the global market and, to a lesser extent, the domestic market for soda ash have been volatile and are likely to remain volatile in the future. Currently soda ash prices are severely declined and Sisecam Wyoming suspended distributions in the third quarter of 2025. We cannot predict whether or when soda ash prices will recover to a level at which Sisecam Wyoming with resume distributions.

### Interest Rate Risk

Our exposure to changes in interest rates results from our borrowings under the Opco Credit Facility, which is subject to variably interest rates based upon SOFR. At June 30, 2026, we had $13.1 million in borrowings outstanding under the Opco Credit Facility. If interest rates were to increase by 1%, annual interest expense would increase approximately $0.1 million, assuming the same principal amount remained outstanding during the year.

## Controls and procedures

As filed, 1,525 characters.

### Evaluation of Disclosure Controls and Procedures

NRP carried out an evaluation of the effectiveness of the design and operation of its disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”)) as of the end of the period covered by this report. This evaluation was performed under the supervision and with the participation of NRP management, including the Chief Executive Officer and Chief Financial Officer of the general partner of the general partner of NRP. Based upon that evaluation, the Chief Executive Officer and Chief Financial Officer concluded that these disclosure controls and procedures are effective in providing reasonable assurance that (a) the information required to be disclosed by us in the reports that we file or submit under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission’s rules and forms, and (b) such information is accumulated and communicated to our management, including our CEO and CFO, as appropriate to allow timely decisions regarding required disclosure.

**Changes in the Partnership’s Internal Control Over Financial Reporting**

There were no material changes in the Partnership’s internal control over financial reporting during the first six months of 2026 that materially affected, or were reasonably likely to materially affect, the Partnership’s internal control over financial reporting.

## Risk factors

As filed, 216 characters.

During the period covered by this report, there were no material changes from the risk factors previously disclosed in Natural Resource Partners L.P.’s Annual Report on Form 10-K for the year ended December 31, 2025.

Filed Aug 5, 2026.
Source: SEC EDGAR, the filing index for accession 0001437749-26-025856. Last ingested by Listed: Nov 4, 2026, 12:57 ET. No prices; not investment advice.