nrp20260930_10q.htm

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

☒	QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended September 30, 2026 or

☐	TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

		Commission file number:	001-31465

NATURAL RESOURCE PARTNERS LP
	(Exact name of registrant as specified in its charter)

Delaware

35-2164875

(State or other jurisdiction of

incorporation or organization)

(I.R.S. Employer

Identification No.)

1415 Louisiana Street, Suite 3325

Houston, Texas 77002

(Address of principal executive offices)

(Zip Code)

(713) 751-7507

(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:

Title of each class		Trading Symbol(s)		Name of each exchange on which registered
Common Units representing limited partner interests		NRP		New York Stock Exchange

Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See definition of "accelerated filer", "large accelerated filer", "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.

Large Accelerated Filer	☒	Accelerated Filer	☐
Non-accelerated Filer	☐	Smaller Reporting Company	☐
		Emerging Growth Company	☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

APPLICABLE ONLY TO ISSUERS INVOLVED IN BANKRUPTCY PROCEEDINGS DURING THE PRECEDING FIVE YEARS:

Indicate by check mark whether the registrant has filed all documents and reports required to be filed by Section 12, 13 or 15(d) of the Securities Exchange Act of 1934 subsequent to the distribution of securities under a plan confirmed by a court. Yes ☐ No ☐

APPLICABLE ONLY TO CORPORATE ISSUERS

Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date.

Table of Contents

NATURAL RESOURCE PARTNERS, L.P.

TABLE OF CONTENTS

		Page
Part I. Financial Information
Item 1.	Consolidated Financial Statements
	Consolidated Balance Sheets	1
	Consolidated Statements of Comprehensive Income	2
	Consolidated Statements of Partners’ Capital	3
	Consolidated Statements of Cash Flows	4
	Notes to Consolidated Financial Statements	5
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	15
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	28
Item 4.	Controls and Procedures	28
Part II. Other Information
Item 1.	Legal Proceedings	29
Item 1A.	Risk Factors	29
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	29
Item 3.	Defaults Upon Senior Securities	29
Item 4.	Mine Safety Disclosures	29
Item 5.	Other Information	29
Item 6.	Exhibits	29
	Signatures	30

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PART I. FINANCIAL INFORMATION

ITEM 1. CONSOLIDATED FINANCIAL STATEMENTS

NATURAL RESOURCE PARTNERS L.P.

CONSOLIDATED BALANCE SHEETS

	*September 30,*			*December 31,*
	*2026*			*2025*
(In thousands, except unit data)	(Unaudited)
ASSETS
Current assets
Cash and cash equivalents	$	51,692		$	30,141
Accounts receivable, net		28,740			28,666
Other current assets, net		457			2,105
Total current assets	$	80,889		$	60,912
Land		24,007			24,008
Mineral rights, net		345,679			366,987
Intangible assets, net		7,958			11,908
Equity in unconsolidated investment		274,197			250,244
Long-term contract receivable, net		17,935			20,406
Other long-term assets, net		13,278			13,900
Total assets	$	763,943		$	748,365
LIABILITIES AND CAPITAL
Current liabilities
Accounts payable	$	950		$	1,159
Accrued liabilities		8,207			10,897
Accrued interest		242			69
Current portion of deferred revenue		5,789			6,663
Current portion of debt, net		14,307			14,198
Total current liabilities	$	29,495		$	32,986
Deferred revenue		59,075			58,067
Long-term debt, net		—			18,884
Other non-current liabilities		5,689			5,909
Total liabilities	$	94,259		$	115,846
Commitments and contingencies (see Note 12)
Partners’ capital
Common unitholders’ interest (13,250,412 and 13,138,097 units issued and outstanding at September 30, 2026 and December 31, 2025, respectively)	$	659,674		$	625,188
General partner’s interest		12,400			11,332
Accumulated other comprehensive loss		(2,390	)		(4,001	)
Total partners’ capital	$	669,684		$	632,519
Total liabilities and partners' capital	$	763,943		$	748,365

The accompanying notes are an integral part of these consolidated financial statements.

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NATURAL RESOURCE PARTNERS L.P.

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(Unaudited)

	*For the Three Months Ended September 30,*						*For the Nine Months Ended September 30,*
(In thousands, except per unit data)	*2026*			*2025*			*2026*			*2025*
Revenues and other income
Royalty and other mineral rights	$	46,989		$	49,615		$	139,405		$	145,170
Transportation and processing services		1,952			1,800			9,688			8,772
Equity in earnings (loss) of Sisecam Wyoming		(4,126	)		(2,390	)		(16,859	)		4,746
Gain on asset sales and disposals		5			906			49			1,882
Total revenues and other income	$	44,820		$	49,931		$	132,283		$	160,570

Operating expenses
Operating and maintenance expenses	$	5,540		$	7,654		$	17,384		$	18,589
Depreciation, depletion and amortization		6,526			3,868			25,271			11,611
General and administrative expenses		5,660			5,725			15,714			18,154
Asset impairments		—			—			—			20
Total operating expenses	$	17,726		$	17,247		$	58,369		$	48,374

Income from operations	$	27,094		$	32,684		$	73,914		$	112,196

Interest expense, net	$	(552	)	$	(1,779	)	$	(2,577	)	$	(6,827	)

Net income	$	26,542		$	30,905		$	71,337		$	105,369

Net income attributable to common unitholders	$	26,011		$	30,287		$	69,910		$	103,262
Net income attributable to the general partner		531			618			1,427			2,107

Net income per common unit (see Note 4)
Basic	$	1.96		$	2.31		$	5.28		$	7.87
Diluted		1.95			2.28			5.24			7.77

Net income	$	26,542		$	30,905		$	71,337		$	105,369
Comprehensive income (loss) from unconsolidated investment and other		847			(2,391	)		1,611			(545	)
Comprehensive income	$	27,389		$	28,514		$	72,948		$	104,824

The accompanying notes are an integral part of these consolidated financial statements.

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NATURAL RESOURCE PARTNERS L.P.

CONSOLIDATED STATEMENTS OF PARTNERS’ CAPITAL

(Unaudited)

									*Accumulated*
									*Other*			*Total*
	*Common Unitholders*					*General*			*Comprehensive*			*Partners'*
(In thousands)	*Units*		*Amounts*			*Partner*			*Loss*			*Capital*
Balance at December 31, 2025		13,138	$	625,188		$	11,332		$	(4,001	)	$	632,519
Net income		—		19,227			392			—			19,619
Distributions to common unitholders and the general partner		—		(11,528	)		(235	)		—			(11,763	)
Issuance of unit-based awards		112		—			—			—			—
Unit-based awards amortization and vesting, net		—		(7,985	)		—			—			(7,985	)
Capital contribution		—		—			282			—			282
Comprehensive loss from unconsolidated investment and other		—		—			—			(140	)		(140	)
Balance at March 31, 2026		13,250	$	624,902		$	11,771		$	(4,141	)	$	632,532
Net income		—		24,672			504			—			25,176
Distributions to common unitholders and the general partner		—		(9,938	)		(203	)		—			(10,141	)
Unit-based awards amortization		—		1,585			—			—			1,585
Comprehensive income from unconsolidated investment and other		—		—			—			904			904
Balance at June 30, 2026		13,250	$	641,221		$	12,072		$	(3,237	)	$	650,056
Net income		—		26,011			531			—			26,542
Distributions to common unitholders and the general partner		—		(9,937	)		(203	)		—			(10,140	)
Unit-based awards amortization		—		2,379			—			—			2,379
Comprehensive income from unconsolidated investment and other		—		—			—			847			847
Balance at September 30, 2026		13,250	$	659,674		$	12,400		$	(2,390	)	$	669,684

									*Accumulated*
									*Other*			*Total*
	*Common Unitholders*					*General*			*Comprehensive*			*Partners'*
(In thousands)	*Units*		*Amounts*			*Partner*			*Income (Loss)*			*Capital*
Balance at December 31, 2024		13,049	$	543,231		$	9,547		$	(1,670	)	$	551,108
Net income		—		39,448			805			—			40,253
Distributions to common unitholders and the general partner		—		(25,750	)		(526	)		—			(26,276	)
Issuance of unit-based awards		89		—			—			—			—
Unit-based awards amortization and vesting, net		—		(3,175	)		—			—			(3,175	)
Capital contribution		—		—			187			—			187
Comprehensive income from unconsolidated investment and other		—		—			—			2,260			2,260
Balance at March 31, 2025		13,138	$	553,754		$	10,013		$	590		$	564,357
Net income		—		33,527			684			—			34,211
Distributions to common unitholders and the general partner		—		(9,854	)		(201	)		—			(10,055	)
Unit-based awards amortization		—		2,346			—			—			2,346
Comprehensive loss from unconsolidated investment and other		—		—			—			(414	)		(414	)
Balance at June 30, 2025		13,138	$	579,773		$	10,496		$	176		$	590,445
Net income		—		30,287			618			—			30,905
Distributions to common unitholders and the general partner		—		(9,854	)		(201	)		—			(10,055	)
Unit-based awards amortization		—		2,346			—			—			2,346
Comprehensive loss from unconsolidated investment and other		—		—			—			(2,391	)		(2,391	)
Balance at September 30, 2025		13,138	$	602,552		$	10,913		$	(2,215	)	$	611,250

The accompanying notes are an integral part of these consolidated financial statements.

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NATURAL RESOURCE PARTNERS L.P.

CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)

	*For the Nine Months Ended September 30,*
(In thousands)	*2026*			*2025*
Cash flows from operating activities
Net income	$	71,337		$	105,369
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation, depletion and amortization		25,271			11,611
Distributions from unconsolidated investment		—			7,840
Equity in (earnings) loss from unconsolidated investment		16,859			(4,746	)
Gain on asset sales and disposals		(49	)		(1,882	)
Asset impairments		—			20
Bad debt expense		(690	)		862
Unit-based compensation expense		5,408			8,103
Amortization of debt issuance costs and other		1,207			(81	)
Change in operating assets and liabilities:
Accounts receivable		1,958			346
Accounts payable		(208	)		(23	)
Accrued liabilities		(3,868	)		(5,336	)
Accrued interest		173			190
Deferred revenue		(1,134	)		(2,636	)
Other items, net		1,692			1,461
Net cash provided by operating activities	$	117,956		$	121,098

Cash flows from investing activities
Proceeds from asset sales and disposals	$	51		$	1,883
Capital to unconsolidated investment		(39,200	)		—
Return of long-term contract receivable		2,318			2,142
Net cash provided by (used in) investing activities	$	(36,831	)	$	4,025

Cash flows from financing activities
Debt borrowings	$	67,200		$	33,700
Debt repayments		(86,084	)		(106,500	)
Distributions to common unitholders and the general partner		(32,044	)		(46,386	)
Other items, net		(8,646	)		(5,362	)
Net cash used in financing activities	$	(59,574	)	$	(124,548	)

Net increase in cash and cash equivalents	$	21,551		$	575
Cash and cash equivalents at beginning of period		30,141			30,444
Cash and cash equivalents at end of period	$	51,692		$	31,019

Supplemental cash flow information:
Cash paid for interest	$	2,198		$	6,509

The accompanying notes are an integral part of these consolidated financial statements.

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NATURAL RESOURCE PARTNERS L.P.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

1. Basis of Presentation

Nature of Business

Natural Resource Partners L.P. (the "Partnership") engages 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 owns a non-controlling 49% interest in Sisecam Wyoming LLC ("Sisecam Wyoming"), a trona ore mining and soda ash production business. The Partnership is organized into two reportable segments further described in Note 5. Segment Information. The Partnership’s operations are conducted through, and its operating assets are owned by, its subsidiaries. The Partnership owns its subsidiaries through one wholly owned operating company, NRP (Operating) LLC ("Opco"). As used in these Notes to Consolidated Financial Statements, the terms "NRP," "we," "us" and "our" refer to Natural Resource Partners L.P. and its subsidiaries, unless otherwise stated or indicated by context.

Principles of Consolidation and Reporting

The accompanying unaudited Consolidated Financial Statements of the Partnership have been prepared in accordance with generally accepted accounting principles in the United States of America ("GAAP") for interim financial information and with Rule 10-01 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. These financial statements should be read in conjunction with the financial statements for the year ended December 31, 2025, and notes thereto included in the Partnership's Annual Report on Form 10-K, which was filed with the SEC on February 27, 2026. Reclassifications have been made to prior year amounts in the Consolidated Financial Statements to conform with current year presentation. These reclassifications had no impact on previously reported total assets, total liabilities, partners' capital, net income, or cash flows from operating, investing or financing activities.

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. NRP does not expect the adoption of this guidance to have a material impact on its Consolidated Financial Statements.

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NATURAL RESOURCE PARTNERS L.P.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—CONTINUED

(Unaudited)

2. Revenues from Contracts with Customers

The following table presents the Partnership's Mineral Rights segment revenues from contracts with customers by major source:

	*For the Three Months Ended September 30,*				*For the Nine Months Ended September 30,*
(In thousands)	*2026*		*2025*		*2026*		*2025*
Coal royalty revenues	$	35,142	$	34,193	$	99,509	$	101,234
Production lease minimum revenues		531		1,365		1,340		4,213
Minimum lease straight-line revenues		4,019		4,176		12,057		12,276
Oil and gas royalty revenues		1,477		1,787		5,310		6,212
Carbon neutral revenues		245		316		524		1,201
Property tax revenues		420		2,105		3,841		5,261
Wheelage revenues		2,055		2,225		6,004		6,506
Coal overriding royalty revenues		544		297		2,970		1,633
Lease amendment revenues		1,117		1,699		3,559		3,010
Aggregates royalty revenues		1,198		1,011		3,562		2,770
Other revenues		241		441		729		854
Royalty and other mineral rights revenues	$	46,989	$	49,615	$	139,405	$	145,170
Transportation and processing services revenues		1,506		1,293		8,303		7,207
Total Mineral Rights segment revenues from contracts with customers	$	48,495	$	50,908	$	147,708	$	152,377

The following table details the Partnership's Mineral Rights segment contract assets and liabilities resulting from contracts with customers:

	*September 30,*		*December 31,*
(In thousands)	*2026*		*2025*
Contract assets
Accounts receivable, net	$	24,258	$	24,372
Other current assets, net		—		84
Other long-term assets, net		5,461		5,281

Contract liabilities
Accounts payable	$	125	$	211
Current portion of deferred revenue		5,789		6,663
Deferred revenue		59,075		58,067

The following table shows the activity related to the Partnership's Mineral Rights segment deferred revenue resulting from contracts with customers:

	*For the Nine Months Ended September 30,*
(In thousands)	*2026*			*2025*
Balance at beginning of period (current and non-current)	$	64,730		$	60,155
Increase due to minimums and lease amendment fees		16,808			14,479
Recognition of previously deferred revenue		(16,674	)		(17,115	)
Balance at end of period (current and non-current)	$	64,864		$	57,519

The Partnership's non-cancellable annual minimum payments due under the lease terms of its coal and aggregates royalty contracts with customers are as follows as of September 30, 2026 (in thousands):

Lease Term ⁽¹⁾	*Weighted Average Remaining Years*		*Annual Minimum Payments*
0 - 5 years		1.5	$	11,296
5 - 10 years		5.7		15,181
10+ years		9.1		26,126
Total		6.5	$	52,603

⁽¹⁾	Lease term does not include renewal periods.

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NATURAL RESOURCE PARTNERS L.P.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—CONTINUED

(Unaudited)

3. Common Unit Distributions

The Partnership makes cash distributions to common unitholders on a quarterly basis, subject to approval by the Board of Directors of GP Natural Resource Partners LLC (the "Board of Directors"). NRP recognizes common unit distributions on the date the distribution is declared.

Distributions made on the common units and the general partner's general partner ("GP") interest are made on a pro-rata basis in accordance with their relative percentage interests in the Partnership. The GP is entitled to receive 2% of such distributions.

The following table shows the cash distributions declared and paid to common unitholders during the nine months ended September 30, 2026 and 2025, respectively:

Month Paid	*Period Covered by Distribution*	*Distribution per Unit*		*Total Distribution (1) (In thousands)*
2026
February	October 1 - December 31, 2025	$	0.75	$	10,141
March ⁽²⁾	Special Distribution		0.12		1,622
May	January 1 - March 31, 2026		0.75		10,141
August	April 1 - June 30, 2026		0.75		10,140

2025
February	October 1 - December 31, 2024	$	0.75	$	10,055
March ⁽³⁾	Special Distribution		1.21		16,221
May	January 1 - March 31, 2025		0.75		10,055
August	April 1 - June 30, 2025		0.75		10,055

⁽¹⁾	Totals include the amount paid to NRP's GP in accordance with the GP's 2% GP interest.
⁽²⁾	Special distribution was made to help cover unitholder tax liabilities associated with owning NRP's common units during 2025.
⁽³⁾	Special distribution was made to help cover unitholder tax liabilities associated with owning NRP's common units during 2024.

4. Net Income Per Common Unit

Basic net income per common unit is computed by dividing net income, after considering the GP interest, by the weighted average number of common units outstanding. Diluted net income per common unit includes the effect of NRP's unvested unit-based awards if the inclusion of these items is dilutive.

The dilutive effect of the unvested unit-based awards is calculated using the treasury stock method, which assumes that the proceeds from the vesting of the unvested unit-based awards are used to purchase common units at the average market price for the period. The calculation of diluted net income per common unit for the three and nine months ended September 30, 2026 and 2025 included the impact of the vesting of the unvested unit-based awards.

The following table reconciles the numerator and denominator of the basic and diluted net income per common unit computations and calculates basic and diluted net income per common unit:

	*For the Three Months Ended September 30,*						*For the Nine Months Ended September 30,*
(In thousands, except per unit data)	*2026*			*2025*			*2026*			*2025*
Basic net income per common unit
Net income attributable to common unitholders	$	26,011		$	30,287		$	69,910		$	103,262
Weighted average common units—basic		13,250			13,138			13,234			13,125
Basic net income per common unit	$	1.96		$	2.31		$	5.28		$	7.87

Diluted net income per common unit
Weighted average common units—basic		13,250			13,138			13,234			13,125
Plus: dilutive effect of unvested unit-based awards		92			157			108			172
Weighted average common units—diluted		13,342			13,295			13,342			13,297

Diluted net income attributable to common unitholders and the general partner	$	26,542		$	30,905		$	71,337		$	105,369
Less: diluted net income attributable to the general partner		(531	)		(618	)		(1,427	)		(2,107	)
Diluted net income attributable to common unitholders	$	26,011		$	30,287		$	69,910		$	103,262

Diluted net income per common unit	$	1.95		$	2.28		$	5.24		$	7.77

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NATURAL RESOURCE PARTNERS L.P.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—CONTINUED

(Unaudited)

5. Segment Information

The Partnership's reportable segments are strategic business units that offer distinct products and services to different customers in different geographies within the U.S. and that are managed accordingly. NRP has the following two reportable segments:

Mineral Rights—consists of mineral interests and other subsurface rights across the United States. NRP's ownership provides critical inputs for the manufacturing of steel, electricity, and basic building materials, as well as opportunities for carbon sequestration and renewable energy.

Soda Ash—consists of the Partnership's 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, detergents, solar panels, and batteries for electric vehicles. Operations are managed by NRP's partner, Sisecam Chemicals Wyoming, LLC, and NRP realizes cash flow when distributions are paid to it.

Direct segment costs and certain other costs incurred at the corporate level that are identifiable and that benefit the Partnership's reportable segments are allocated to the reportable segments accordingly. These allocated costs generally include salaries and benefits, insurance, property taxes, legal, royalty, information technology and shared facilities services and are included in operating and maintenance expenses on the Partnership's Consolidated Statements of Comprehensive Income.

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 and are included in general and administrative expenses on the Partnership's Consolidated Statements of Comprehensive Income.

NRP’s Chief Operating Decision Makers (“CODMs”) are its Chief Executive Officer and President and Chief Operating Officer. They evaluate the Partnership’s performance through a review of the reportable segments’ net income and free cash flow as compared to budget and utilize this information to assess the reportable segments’ performance and allocate resources. NRP does not conduct operations on any of its assets or directly engage in any type of industrial activity. Instead, it leases its mineral and other rights to companies that conduct operations on its properties in exchange for paying royalties and other fees to the Partnership. Operating expenses, capital costs and other liabilities arising out of production activities are borne entirely by NRP's lessees. In the case of its soda ash investment, operations are managed by NRP's partner, Sisecam Chemicals Wyoming LLC. NRP has determined its significant segment expenses to be its employee related expenses, including compensation (salaries, benefits and bonus) and property tax expense. The Partnership is responsible for paying property taxes on the properties it owns. Typically, NRP's lessees are contractually responsible for reimbursing the Partnership for property taxes on the leased properties and this reimbursement amount is included within the Mineral Rights reportable segment revenues.

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NATURAL RESOURCE PARTNERS L.P.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—CONTINUED

(Unaudited)

The following tables summarize certain financial information for each of the Partnership's reportable segments:

	*Reportable Segments*
(In thousands)	*Mineral Rights*		*Soda Ash*			*Total Reportable Segments*			*Corporate and Financing*			*Total*
For the Three Months Ended September 30, 2026
Revenues	$	48,941	$	—		$	48,941		$	—		$	48,941
Equity in loss of Sisecam Wyoming		—		(4,126	)		(4,126	)		—			(4,126	)
Gain on asset sales and disposals		5		—			5			—			5
Total revenues and other income	$	48,946	$	(4,126	)	$	44,820		$	—		$	44,820
Less:
Compensation (salaries, benefits and bonus)		1,781		—			1,781			1,995			3,776
Property taxes		1,650		—			1,650			—			1,650
Depreciation, depletion and amortization		6,521		—			6,521			5			6,526
Other items ⁽¹⁾		2,057		52			2,109			4,217			6,326
Net income (loss)	$	36,937	$	(4,178	)	$	32,759		$	(6,217	)	$	26,542

For the Three Months Ended September 30, 2025
Revenues	$	51,415	$	—		$	51,415		$	—		$	51,415
Equity in loss of Sisecam Wyoming		—		(2,390	)		(2,390	)		—			(2,390	)
Gain on asset sales and disposals		906		—			906			—			906
Total revenues and other income	$	52,321	$	(2,390	)	$	49,931		$	—		$	49,931
Less:
Compensation (salaries, benefits and bonus)		1,692		—			1,692			1,926			3,618
Property taxes		2,035		—			2,035			—			2,035
Depreciation, depletion and amortization		3,864		—			3,864			4			3,868
Other items ⁽¹⁾		3,871		56			3,927			5,578			9,505
Net income (loss)	$	40,859	$	(2,446	)	$	38,413		$	(7,508	)	$	30,905

For the Nine Months Ended September 30, 2026
Revenues	$	149,093	$	—		$	149,093		$	—		$	149,093
Equity in loss of Sisecam Wyoming		—		(16,859	)		(16,859	)		—			(16,859	)
Gain on asset sales and disposals		49		—			49			—			49
Total revenues and other income	$	149,142	$	(16,859	)	$	132,283		$	—		$	132,283
Less:
Compensation (salaries, benefits and bonus)		5,386		—			5,386			6,047			11,433
Property taxes		5,405		—			5,405			—			5,405
Depreciation, depletion and amortization		25,257		—			25,257			14			25,271
Other items ⁽¹⁾		6,390		203			6,593			12,244			18,837
Net income (loss)	$	106,704	$	(17,062	)	$	89,642		$	(18,305	)	$	71,337
As of September 30, 2026
Total assets	$	485,668	$	274,197		$	759,865		$	4,078		$	763,943

For the Nine Months Ended September 30, 2025
Revenues	$	153,942	$	—		$	153,942		$	—		$	153,942
Equity in earnings of Sisecam Wyoming		—		4,746			4,746			—			4,746
Gain on asset sales and disposals		1,882		—			1,882			—			1,882
Total revenues and other income	$	155,824	$	4,746		$	160,570		$	—		$	160,570
Less:
Compensation (salaries, benefits and bonus)		5,313		—			5,313			5,882			11,195
Property taxes		5,594		—			5,594			—			5,594
Depreciation, depletion and amortization		11,597		—			11,597			14			11,611
Asset impairments		20		—			20			—			20
Other items ⁽¹⁾		7,542		140			7,682			19,099			26,781
Net income (loss)	$	125,758	$	4,606		$	130,364		$	(24,995	)	$	105,369
As of December 31, 2025
Total assets	$	492,672	$	250,244		$	742,916		$	5,449		$	748,365

⁽¹⁾

Other items in the Mineral Rights reportable segment primarily include: insurance, legal, overriding royalty expense, processing and transportation expense, information technology, shared facility services, rent, professional fees, long-term incentive compensation expense and bad debt expense. Other items in the Soda Ash reportable segment primarily include professional fees. Other items in Corporate and Financing primarily include: interest expense, net, long-term incentive compensation expense, insurance, legal, information technology, shared facility services, rent and professional fees.

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NATURAL RESOURCE PARTNERS L.P.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—CONTINUED

(Unaudited)

6. Equity Investment

The Partnership accounts for its 49% investment in Sisecam Wyoming using the equity method of accounting. Activity related to this investment is as follows:

	*For the Three Months Ended September 30,*						*For the Nine Months Ended September 30,*
(In thousands)	*2026*			*2025*			*2026*			*2025*
Balance at beginning of period	$	277,475		$	258,498		$	250,244		$	257,355
Income (loss) allocation to NRP’s equity interests⁽¹⁾		(3,013	)		(1,342	)		(13,531	)		8,074
Amortization of basis difference		(1,112	)		(1,048	)		(3,327	)		(3,327	)
Capital investment		—			—			39,200			—
Other comprehensive income (loss)		847			(2,391	)		1,611			(545	)
Distributions		—			—			—			(7,840	)
Balance at end of period	$	274,197		$	253,717		$	274,197		$	253,717

⁽¹⁾

Amounts reclassified into income (loss) out of accumulated other comprehensive loss were $0.7 million and $1.0 million for the three months ended September 30, 2026 and 2025, respectively, and $3.8 million and $2.3 million for the nine months ended September 30, 2026 and 2025, respectively.

During the nine months ended September 30, 2026, NRP and Sisecam Wyoming's managing partner made a capital investment into Sisecam Wyoming ($39.2 million for NRP's 49%) to reduce outstanding amounts under Sisecam Wyoming's bank credit facility.

The following table represents summarized financial information for Sisecam Wyoming as derived from their respective unaudited financial statements for the three and nine months ended September 30, 2026 and 2025:

	*For the Three Months Ended September 30,*						*For the Nine Months Ended September 30,*
(In thousands)	*2026*			*2025*			*2026*			*2025*
Net sales	$	113,155		$	123,847		$	373,288		$	413,754
Gross profit (loss)		1,458			4,264			(2,491	)		38,467
Net income (loss)		(6,149	)		(2,739	)		(27,614	)		16,477

7. Mineral Rights, Net

The Partnership’s mineral rights consist of the following:

	*September 30, 2026*							*December 31, 2025*
(In thousands)	*Carrying Value*		*Accumulated Depletion*			*Net Book Value*		*Carrying Value*		*Accumulated Depletion*			*Net Book Value*
Coal properties	$	653,808	$	(325,376	)	$	328,432	$	653,808	$	(304,412	)	$	349,396
Aggregates properties		8,655		(4,597	)		4,058		8,655		(4,364	)		4,291
Oil and gas royalty properties		12,354		(10,695	)		1,659		12,354		(10,584	)		1,770
Other		13,141		(1,611	)		11,530		13,142		(1,612	)		11,530
Total mineral rights, net	$	687,958	$	(342,279	)	$	345,679	$	687,959	$	(320,972	)	$	366,987

Depletion expense related to the Partnership’s mineral rights is included in depreciation, depletion and amortization on its Consolidated Statements of Comprehensive Income and totaled $5.8 million and $3.8 million for the three months ended September 30, 2026 and 2025, respectively, and $21.3 million and $11.0 million for the nine months ended September 30, 2026 and 2025, respectively.

The Partnership has developed procedures to evaluate its long-lived assets for possible impairment periodically or whenever events or changes in circumstances indicate an asset's net book value may not be recoverable. Potential events or circumstances include, but are not limited to, specific events such as a reduction in economically recoverable minerals or production ceasing on a property for an extended period. This analysis is based on historic, current and future performance and considers both quantitative and qualitative information. As a result of the Partnership's analysis, NRP recorded an immaterial impairment expense during the nine months ended September 30, 2025.

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NATURAL RESOURCE PARTNERS L.P.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—CONTINUED

(Unaudited)

8. Debt, Net

The Partnership's debt consists of the following:

	*September 30,*			*December 31,*
(In thousands)	*2026*			*2025*
Opco Credit Facility	$	—		$	18,884
Opco Senior Notes
5.03% with semi-annual interest payments in June and December, with annual principal payments in December, due December 2026	$	11,420		$	11,420
5.18% with semi-annual interest payments in June and December, with annual principal payments in December, due December 2026		2,911			2,911
Total Opco Senior Notes	$	14,331		$	14,331
Total debt at face value	$	14,331		$	33,215
Net unamortized debt issuance costs		(24	)		(133	)
Total debt, net	$	14,307		$	33,082
Less: current portion of debt		(14,307	)		(14,198	)
Total long-term debt, net	$	—		$	18,884

Opco Debt

All of Opco’s debt is guaranteed by its wholly owned subsidiaries and is secured by certain of the assets of Opco and its wholly owned subsidiaries, other than BRP LLC and NRP Trona LLC. As of September 30, 2026 and December 31, 2025, Opco was in compliance with the terms of the financial covenants contained in its debt agreements.

Opco Credit Facility

As of December 31, 2025, the Partnership had $18.9 million in borrowings outstanding under the Opco Credit Facility and $181.1 million of available borrowing capacity. During the nine months ended September 30, 2026, the Partnership borrowed $67.2 million and repaid $86.1 million, resulting in no borrowings outstanding under the Opco Credit Facility and $200.0 million of available borrowing capacity as of September 30, 2026. During the nine months ended September 30, 2025, the Partnership borrowed $33.7 million and repaid $106.5 million on the Opco Credit Facility. The weighted average interest rate for the borrowings outstanding under the Opco Credit Facility for the three months ended September 30, 2026 and 2025 were 7.25% and 7.93%, respectively. The weighted average interest rate for the borrowings outstanding under the Opco Credit Facility for the nine months ended September 30, 2026 and 2025 were 7.26% and 7.93%, million, respectively.

The Opco Credit Facility is collateralized and secured by liens on certain of Opco’s assets with carrying values of $270.9 million and $290.6 million classified as mineral rights, net and $17.9 million and $20.4 million classified as long-term contract receivable, net on the Partnership’s Consolidated Balance Sheets as of September 30, 2026 and December 31, 2025, respectively.

The Opco Credit Facility contains financial covenants requiring Opco to maintain:

•

A leverage ratio of consolidated indebtedness to EBITDDA (in each case as defined in the Opco Credit Facility) not to exceed 3.0x. As of September 30, 2026, this ratio was 0.1x; and

•

an interest coverage ratio of consolidated EBITDDA to the sum of consolidated interest expense and consolidated lease expense (in each case as defined in the Opco Credit Facility) of not less than 3.5 to 1.0. As of September 30, 2026, this ratio was 31.6x.

Opco Senior Notes

Opco issued several series of private placement senior notes (the "Opco Senior Notes") with various interest rates and principal due dates. As of September 30, 2026, the 5.03% and 5.18% Opco Senior Notes remain outstanding. These Opco Senior Notes have principal due annually in December and interest due semi-annually in June and December. As of both September 30, 2026 and December 31, 2025, the Opco Senior Notes had cumulative principal balances of $14.3 million. These Opco Senior Notes will fully mature in December 2026 and will be paid off with cash on hand.

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NATURAL RESOURCE PARTNERS L.P.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—CONTINUED

(Unaudited)

9. Fair Value Measurements

Fair Value of Financial Assets and Liabilities

The Partnership’s financial assets and liabilities consist of cash and cash equivalents, accounts receivables, a contract receivable, accounts payables and debt. The carrying amounts reported on the Consolidated Balance Sheets for cash and cash equivalents, accounts receivables and accounts payables approximate fair value due to their short-term nature. The Partnership uses available market data and valuation methodologies to estimate the fair value of its contract receivable and debt.

The following table shows the carrying value and estimated fair value of the Partnership's contract receivable and debt:

			*September 30, 2026*				*December 31, 2025*
	*Fair Value*		*Carrying*		*Estimated*		*Carrying*		*Estimated*
(In thousands)	*Hierarchy Level*		*Value*		*Fair Value*		*Value*		*Fair Value*
Assets:
Contract receivable, net (current and long-term)⁽¹⁾		3	$	21,197	$	19,105	$	23,480	$	20,792

Debt:
Opco Senior Notes⁽²⁾		3	$	14,307	$	14,163	$	14,198	$	14,018
Opco Credit Facility ⁽³⁾		3		—		—		18,884		18,884

⁽¹⁾	The fair value of the Partnership's contract receivable is determined based on the present value of future cash flow projections related to the underlying asset at a discount rate of 15% at September 30, 2026 and December 31, 2025.
⁽²⁾	The fair value of the Opco Senior Notes was estimated by management utilizing the present value replacement method incorporating the interest rate of the Opco Credit Facility.
⁽³⁾	The fair value of the Opco Credit Facility approximates the outstanding borrowing amount because the interest rates are variable and reflective of market rates and the terms of the credit facility allow the Partnership to repay the debt at any time without penalty.

10. Related Party Transactions

Affiliates of our General Partner

The Partnership’s GP does not receive any management fee or other compensation for its management of NRP. However, in accordance with the partnership agreement, the GP and its affiliates are reimbursed for services provided to the Partnership and for expenses incurred on the Partnership’s behalf. Employees of Quintana Minerals Corporation ("QMC") and Western Pocahontas Properties Limited Partnership ("WPPLP"), affiliates of the Partnership, provide their services to manage the Partnership's business. QMC and WPPLP charge the Partnership the portion of their employee salary and benefits costs related to their employee services provided to NRP. These QMC and WPPLP employee management service costs are presented as operating and maintenance expenses and general and administrative expenses on the Partnership's Consolidated Statements of Comprehensive Income. NRP also reimburses overhead costs incurred by its affiliates, and other related parties, to manage the Partnership's business. These overhead costs include certain rent, information technology, administration of employee benefits and other corporate services incurred by or on behalf of the Partnership’s GP and its affiliates and are presented as operating and maintenance expenses and general and administrative expenses on the Partnership's Consolidated Statements of Comprehensive Income.

Related party general and administrative expenses included on the Partnership's Consolidated Statement of Comprehensive Income are as follows:

	*For the Three Months Ended September 30,*				*For the Nine Months Ended September 30,*
(In thousands)	*2026*		*2025*		*2026*		*2025*
Operating and maintenance expenses	$	1,615	$	1,513	$	4,866	$	4,821
General and administrative expenses		1,368		1,293		4,287		4,175

The Partnership had accounts payable to related parties of $0.5 million and $0.7 million on its Consolidated Balance Sheets as of September 30, 2026 and December 31, 2025, respectively. As of September 30, 2026 and December 31, 2025, the Partnership had $0.1 million and $0.2 million, respectively, of prepaid expenses included in other current assets, net on its Consolidated Balance Sheets.

As a result of its office lease with WPPLP, the Partnership has a right-of-use asset and lease liability of $3.4 million included in other long-term assets, net and other non-current liabilities, respectively, on its Consolidated Balance Sheets at both September 30, 2026 and December 31, 2025.

During the three months ended September 30, 2026 and 2025, the Partnership recognized $0.2 million and $0.1 million, respectively, in operating and maintenance expenses on its Consolidated Statements of Comprehensive Income related to an overriding royalty agreement with WPPLP. These amounts were $1.4 million and $0.3 million during the nine months ended September 30, 2026 and 2025, respectively. As of September 30, 2026 and December 31, 2025, the Partnership had less than $0.1 million and $0.1 million in accounts payable on its Consolidated Balance Sheets related to this agreement. As of both September 30, 2026 and December 31, 2025, the Partnership had $1.1 million of other long-term assets, net on its Consolidated Balance Sheets related to a prepaid royalty for this agreement.

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NATURAL RESOURCE PARTNERS L.P.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—CONTINUED

(Unaudited)

11. Major Customers

Revenues from customers that exceeded 10 percent of total revenues for any of the periods presented below are as follows:

	*For the Three Months Ended September 30,*										*For the Nine Months Ended September 30,*
	*2026*					*2025*					*2026*					*2025*
(In thousands)	*Revenues*		*Percent*			*Revenues*		*Percent*			*Revenues*		*Percent*			*Revenues*		*Percent*
Alpha Metallurgical Resources, Inc. ⁽¹⁾	$	14,376		29	%	$	13,897		27	%	$	41,594		28	%	$	40,257		26	%
Foresight Energy Resources LLC ("Foresight") ⁽¹⁾	$	8,993		18	%	$	7,400		14	%	$	36,320		24	%	$	33,656		22	%
Alabama Kanu Holdings, LLC ⁽¹⁾	$	6,391		13	%	$	6,324		12	%	$	16,977		11	%	$	14,867		10	%

⁽¹⁾	Revenues from Alpha Metallurgical Resources, Inc., Foresight and Alabama Kanu Holdings, LLC are generated in the United States of America and are included within the Partnership's Mineral Rights segment.

12. Commitments and Contingencies

NRP is involved, from time to time, in various legal proceedings arising in the ordinary course of business. While the ultimate results of these proceedings cannot be predicted with certainty, Partnership management believes these ordinary course matters will not have a material effect on the Partnership’s financial position, liquidity or operations as of and for the three and nine months ended September 30, 2026.

13. Unit-Based Compensation

During the nine months ended September 30, 2026 and 2025, the Partnership granted service, performance and market-based awards under its 2017 Long-Term Incentive Plan. The Partnership's service and performance-based awards are valued using the closing price of NRP's common units as of the grant date while the Partnership's market-based awards are valued using a Monte Carlo simulation. The grant date fair value of the awards granted during the nine months ended September 30, 2026 and 2025 was $8.6 million and $6.8 million, respectively, which included a grant date fair value of $3.1 million and $2.5 million for the market-based awards valued using a Monte Carlo simulation during the nine months ended September 30, 2026 and 2025, respectively. Total unit-based compensation expense associated with service, performance and market-based awards was $2.6 million and $2.7 million for the three months ended September 30, 2026 and 2025, respectively, and is included in general and administrative expenses and operating and maintenance expenses on the Partnership's Consolidated Statements of Comprehensive Income. Total unit-based compensation expense associated with service, performance and market-based awards was $5.4 million and $8.1 million for the nine months ended September 30, 2026 and 2025, respectively. The unamortized cost associated with unvested outstanding awards as of September 30, 2026 was $8.9 million, which will be recognized over a weighted average period of 1.9 years. The Partnership paid $8.9 million and $5.5 million in cash during the nine months ended September 30, 2026 and 2025, respectively, for taxes on the unit-based award settlements during the respective years. These cash payments are included in other items, net under cash flows from financing activities on the Partnership's Consolidated Statements of Cash Flows.

A summary of the unit activity in the outstanding grants during 2026 is as follows:

(In thousands)	*Common Units*			*Weighted Average Grant Date Fair Value per Common Unit*
Outstanding at January 1, 2026		266		$	78.68
Granted		65		$	132.29
Fully vested and issued		(155	)	$	65.19
Outstanding at September 30, 2026		176		$	110.54

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NATURAL RESOURCE PARTNERS L.P.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—CONTINUED

(Unaudited)

14. Credit Losses

The Partnership is exposed to credit losses through collection of its short-term trade receivables resulting from contracts with customers and a long-term receivable resulting from a financing transaction with a customer. The Partnership records an allowance for current expected credit losses on these receivables based on the loss-rate method. NRP assessed the likelihood of collection of its receivables utilizing historical loss rates, current market conditions, industry and macroeconomic factors, reasonable and supportable forecasts and facts or circumstances of individual customers and properties. Examples of these facts or circumstances include, but are not limited to, contract disputes or renegotiations with the customer and evaluation of short and long-term economic viability of the contracted property. For its long-term contract receivable, management reverts to the historical loss experience immediately after the reasonable and supportable forecast period ends.

As of September 30, 2026 and December 31, 2025, NRP had the following current expected credit loss (“CECL”) allowance related to its receivables and long-term contract receivable:

	*September 30, 2026*							*December 31, 2025*
(In thousands)	*Gross*		*CECL Allowance*			*Net*		*Gross*		*CECL Allowance*			*Net*
Receivables	$	35,361	$	(3,554	)	$	31,807	$	36,178	$	(4,183	)	$	31,995
Long-term contract receivable		18,578		(643	)		17,935		21,138		(732	)		20,406
Total	$	53,939	$	(4,197	)	$	49,742	$	57,316	$	(4,915	)	$	52,401

NRP recorded expense reversals of $0.1 million and $0.7 million in operating and maintenance expenses on its Consolidated Statements of Comprehensive Income related to the change in the CECL allowance during the three and nine months ended September 30, 2026, respectively. NRP recorded expense of $1.7 million and $0.03 million in operating and maintenance expenses on its Consolidated Statements of Comprehensive Income related to the change in the CECL allowance during the three and nine months ended September 30, 2025, respectively.

NRP has procedures in place to monitor its ongoing credit exposure through timely review of counterparty balances against contract terms and due dates, account and financing receivable reconciliation, bankruptcy monitoring, lessee audits and dispute resolution. The Partnership may employ legal counsel or collection specialists to pursue recovery of defaulted receivables.

15. Subsequent Events

The following represents material events that occurred after September 30, 2026 through the time of the Partnership’s filing of its Quarterly Report on Form 10-Q with the SEC:

Common Unit Distributions

In November 2026, the Board of Directors declared a distribution of $2.34 per common unit with respect to the third quarter of 2026.

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ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

The following review of operations for the three and nine month periods ended September 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 classified as an investing activity. 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.

Free Cash Flow Available for Common Unitholder and GP Distributions

Free cash flow ("FCF") available for common unitholder and GP distributions represents free cash flow, as defined above, adjusted for cash for debt repayments, other changes in cash (which includes cash flow used for taxes on unit-based award settlements, capital contributed by the general partner, proceeds from asset sales, cash flow used in unit buybacks or asset acquisitions), and cash retained at the discretion of the Board of Directors. FCF available for common unitholder and GP distributions 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 available for common unitholder and GP distributions may not be calculated the same for us as for other companies. FCF available for common unitholder and GP distributions 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 cash that is available for distribution to our unitholders.

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.

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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 nine months ended September 30, 2026 are as follows:

	Reportable Segments
(In thousands)	Mineral Rights			Soda Ash			Corporate and Financing			Total
Revenues and other income	$	149,142		$	(16,859	)	$	—		$	132,283
Net income (loss)	$	106,704		$	(17,062	)	$	(18,305	)	$	71,337
Adjusted EBITDA ⁽¹⁾	$	131,961		$	(203	)	$	(15,714	)	$	116,044

Cash flow provided by (used in) continuing operations
Operating activities	$	132,744		$	(203	)	$	(14,585	)	$	117,956
Investing activities	$	2,369		$	(39,200	)	$	—		$	(36,831	)
Financing activities	$	(1,256	)	$	—		$	(58,318	)	$	(59,574	)
Free cash flow ⁽¹⁾	$	135,062		$	(39,403	)	$	(14,585	)	$	81,074

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

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Current Results/Market Commentary

Financial Results and Quarterly Distributions

We generated $118.0 million of operating cash flow and $81.1 million of free cash flow during the nine months ended September 30, 2026, and ended the quarter with $251.7 million of liquidity consisting of $51.7 million of cash and cash equivalents and $200.0 million of available borrowing capacity under our Opco Credit Facility. As of September 30, 2026 our leverage ratio was 0.1 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. In August 2026, we paid a cash distribution of $0.75 per common unit of NRP with respect to the second quarter of 2026. We fully repaid the remaining $13 million balance on our Opco Credit Facility during the third quarter of 2026. As a result and consistent with our communications throughout the year, the Partnership was able to significantly increase the distribution with respect to the third quarter of 2026. In November 2026, the Board of Directors declared a distribution of $2.34 per common unit with respect to the third 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 nine months ended September 30, 2026 decreased $6.7 million, or 4%, as compared to the prior year period primarily due to lower thermal coal revenues, production lease minimum revenues, property tax revenues, and gains on asset sales, partially offset by higher metallurgical coal revenues, override royalty revenues and processing and transportation revenues. Cash provided by operating activities and free cash flow during the nine months ended September 30, 2026 was essentially flat year-over-year as decreases in thermal coal revenues and one time lease amendment fees were partially offset by increased metallurgical coal revenues, override royalty revenues and transportation and processing revenues.

Our mineral rights segment cash flows are primarily tied to market prices of metallurgical and thermal coal, commodities characterized by volatile and unpredictable price movements. As a result, the free cash flow generated by this segment may also be quite volatile. Metallurgical coal pricing improved in the third quarter of 2026, however, we expect continued pressure on pricing as soft global demand for steel persists. Thermal coal prices remain muted due to low natural gas prices and ample coal stockpiles at power plants. We do not expect any meaningful change to pricing in 2027.

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

Soda Ash Reportable Segment

Revenues and other income during the nine months ended September 30, 2026 decreased $21.6 million, or 455%, as compared to the prior year period primarily due to lower sales prices in 2026.

Our soda ash segment cash flows result from distributions received from Sisecam Wyoming, which we do not control. Cash provided by operating activities during the nine months ended September 30, 2026 decreased $7.9 million as compared to the prior year period due primarily 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.

Soda ash prices are volatile and remain low as capacity in China has grown faster than global demand. We do not expect to receive distributions from Sisecam Wyoming until the soda ash market returns to equilibrium through capacity rationalization and increased demand, something not expected to occur in the near term.

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Results of Operations

Third Quarter of 2026 and 2025 Compared

Revenues and Other Income

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

	For the Three Months Ended September 30,									Percentage
Reportable Segment (In thousands)	2026			2025			Decrease			Change
Mineral Rights	$	48,946		$	52,321		$	(3,375	)		(6	)%
Soda Ash		(4,126	)		(2,390	)		(1,736	)		(73	)%
Total	$	44,820		$	49,931		$	(5,111	)		(10	)%

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

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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:

	For the Three Months Ended September 30,					Increase			Percentage
(In thousands, except per ton data)	2026			2025		(Decrease)			Change
Coal sales volumes (tons)
Appalachia
Northern		2,075			1,508		567			38	%
Central		3,442			3,296		146			4	%
Southern		494			678		(184	)		(27	)%
Total Appalachia		6,011			5,482		529			10	%
Illinois Basin		1,468			1,005		463			46	%
Northern Powder River Basin		507			841		(334	)		(40	)%
Gulf Coast		186			201		(15	)		(7	)%
Total coal sales volumes		8,172			7,529		643			9	%

Coal royalty revenue per ton
Appalachia
Northern	$	1.18		$	1.48	$	(0.30	)		(20	)%
Central		6.24			6.08		0.16			3	%
Southern		11.73			8.36		3.37			40	%
Illinois Basin		2.32			1.93		0.39			20	%
Northern Powder River Basin		5.29			4.68		0.61			13	%
Gulf Coast		0.88			0.80		0.08			10	%
Combined average coal royalty revenue per ton		4.40			4.51		(0.11	)		(2	)%

Coal royalty revenues
Appalachia
Northern	$	2,451		$	2,225	$	226			10	%
Central		21,470			20,051		1,419			7	%
Southern		5,796			5,666		130			2	%
Total Appalachia		29,717			27,942		1,775			6	%
Illinois Basin		3,410			1,943		1,467			76	%
Northern Powder River Basin		2,680			3,932		(1,252	)		(32	)%
Gulf Coast		164			161		3			2	%
Unadjusted coal royalty revenues		35,971			33,978		1,993			6	%
Coal royalty adjustment for minimum leases		(829	)		215		(1,044	)		(486	)%
Total coal royalty revenues	$	35,142		$	34,193	$	949			3	%

Other revenues
Production lease minimum revenues	$	531		$	1,365	$	(834	)		(61	)%
Minimum lease straight-line revenues		4,019			4,176		(157	)		(4	)%
Oil and gas royalty revenues		1,477			1,787		(310	)		(17	)%
Carbon neutral revenues		245			316		(71	)		(22	)%
Property tax revenues		420			2,105		(1,685	)		(80	)%
Wheelage revenues		2,055			2,225		(170	)		(8	)%
Coal overriding royalty revenues		544			297		247			83	%
Lease amendment revenues		1,117			1,699		(582	)		(34	)%
Aggregates royalty revenues		1,198			1,011		187			18	%
Other revenues		241			441		(200	)		(45	)%
Total other revenues	$	11,847		$	15,422	$	(3,575	)		(23	)%
Royalty and other mineral rights	$	46,989		$	49,615	$	(2,626	)		(5	)%
Transportation and processing services revenues		1,952			1,800		152			8	%
Gain on asset sales and disposals		5			906		(901	)		(99	)%
Total Mineral Rights segment revenues and other income	$	48,946		$	52,321	$	(3,375	)		(6	)%

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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 September 30, 2026. Total coal royalty revenues increased $0.9 million primarily due to increased volumes and prices at certain metallurgical properties during the three months ended September 30, 2026, as compared to the prior year quarter.

Total Other Revenues

Total other revenues decreased $3.6 million during the nine months ended September 30, 2026 as compared to the prior year period. This decrease was partially due to a $1.7 million decrease in property tax revenues and a $0.8 million decrease in production lease minimum revenues.

Soda Ash

Revenues and other income related to our Soda Ash segment decreased $1.7 million as compared to the prior year quarter primarily due to lower sales prices in 2026.

Total Operating Expenses

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

	For the Three Months Ended September 30,				Increase			Percentage
(In thousands)	2026		2025		(Decrease)			Change
Operating expenses
Operating and maintenance expenses	$	5,540	$	7,654	$	(2,114	)		(28	)%
Depreciation, depletion and amortization		6,526		3,868		2,658			69	%
General and administrative expenses		5,660		5,725		(65	)		(1	)%
Total operating expenses	$	17,726	$	17,247	$	479			3	%

Total operating expenses was essentially flat period-over-period. The $2.7 million increase in depreciation, depletion and amortization expense was partially offset by a $2.1 in million decrease 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 decrease 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 $1.2 million due to less debt outstanding during the three months ended September 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:

	Reportable Segments
For the Three Months Ended (In thousands)	Mineral Rights		Soda Ash			Corporate and Financing			Total
September 30, 2026
Net income (loss)	$	36,937	$	(4,178	)	$	(6,217	)	$	26,542
Add: equity in loss from unconsolidated investment		—		4,126			—			4,126
Add: interest expense, net		—		—			552			552
Add: depreciation, depletion and amortization		6,521		—			5			6,526
Adjusted EBITDA	$	43,458	$	(52	)	$	(5,660	)	$	37,746

September 30, 2025
Net income (loss)	$	40,859	$	(2,446	)	$	(7,508	)	$	30,905
Add: equity in loss from unconsolidated investment		—		2,390			—			2,390
Add: interest expense, net		—		—			1,779			1,779
Add: depreciation, depletion and amortization		3,864		—			4			3,868
Adjusted EBITDA	$	44,723	$	(56	)	$	(5,725	)	$	38,942

Net income decreased $4.4 million during the three months ended September 30, 2026 as compared to the prior year quarter primarily due to the decrease in revenues and other income, as discussed above. Adjusted EBITDA decreased $1.2 million as compared to the prior year quarter primarily due to the decrease in revenues and other income within our Mineral Rights segment, partially offset by the decrease in operating and maintenance expenses within our Mineral Rights segment.

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Free Cash Flow ("FCF") and Free Cash Flow Available for Common Unitholder and GP Distributions (Non-GAAP Financial Measures)

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

	Reportable Segments
For the Three Months Ended (In thousands)	Mineral Rights		Soda Ash			Corporate and Financing			Total
September 30, 2026
Cash flow provided by (used in)
Operating activities	$	46,338	$	(52	)	$	(2,294	)	$	43,992
Investing activities		792		—			—			792
Financing activities		—		—			(23,224	)		(23,224	)

September 30, 2025
Cash flow provided by (used in)
Operating activities	$	44,428	$	(55	)	$	(3,278	)	$	41,095
Investing activities		1,634		—			—			1,634
Financing activities		—		—			(42,054	)		(42,054	)

The following table reconciles net cash provided by (used in) operating activities (the most comparable GAAP financial measure) to FCF and FCF to Free Cash Flow Available for Common Unitholder and GP Distributions:

	Reportable Segments
For the Three Months Ended (In thousands)	Mineral Rights		Soda Ash			Corporate and Financing			Total
September 30, 2026
Net cash provided by (used in) operating activities	$	46,338	$	(52	)	$	(2,294	)	$	43,992
Add: return of long-term contract receivable		787		—			—			787
Free cash flow	$	47,125	$	(52	)	$	(2,294	)	$	44,779
Less: cash for debt repayments		—		—			(13,084	)		(13,084	)
Add: other changes in cash
Add: proceeds from asset sales		5		—			—			5
Less: cash used for taxes on unit-based award settlements		—		—			—			—
Add: capital contributed by the general partner		—		—			—			—
Total other changes in cash		5		—			—			5
Free cash flow available for common unitholder and GP distributions	$	47,130	$	(52	)	$	(15,378	)	$	31,700
Free cash flow available for common unitholder and GP distributions per unit									$	2.34

September 30, 2025
Net cash provided by (used in) operating activities	$	44,428	$	(55	)	$	(3,278	)	$	41,095
Add: return of long-term contract receivable		728		—			—			728
Free cash flow	$	45,156	$	(55	)	$	(3,278	)	$	41,823
Less: cash for debt repayments		—		—			(32,674	)		(32,674	)
Add: other changes in cash
Add: proceeds from asset sales		906		—			—			906
Less: cash used for taxes on unit-based award settlements		—		—			—			—
Add: capital contributed by the general partner		—		—			—			—
Total other changes in cash		906		—			—			906
Free cash flow available for common unitholder and GP distributions	$	46,062	$	(55	)	$	(35,952	)	$	10,055
Free cash flow available for common unitholder and GP distributions per unit									$	0.75

Operating cash flow and FCF increased $2.9 million and $3.0 million, as compared to the prior year quarter due to the following:

•

Mineral Rights Segment

◦

Operating cash flow and FCF increased $1.9 million and $2.0 million, respectively, primarily due to increased thermal coal sales volumes and increased prices and volumes at certain metallurgical properties during the three months ended September 30, 2026, partially offset by timing of minimum payments and lease amendment fees in the third quarter of 2025.

•

Corporate and Financing

◦

Operating cash flow and FCF each improved by $1.0 million as compared to the prior year quarter primarily due to lower cash paid for interest during the three months ended September 30, 2026 as a result of less debt outstanding.

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First Nine Months of 2026 and 2025 Compared

Revenues and Other Income

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

	For the Nine Months Ended September 30,								Percentage
Reportable Segment (In thousands)	2026			2025		Decrease			Change
Mineral Rights	$	149,142		$	155,824	$	(6,682	)		(4	)%
Soda Ash		(16,859	)		4,746		(21,605	)		(455	)%
Total	$	132,283		$	160,570	$	(28,287	)		(18	)%

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

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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:

	For the Nine Months Ended September 30,						Increase			Percentage
(In thousands, except per ton data)	2026			2025			(Decrease)			Change
Coal sales volumes (tons)
Appalachia
Northern		4,039			1,764			2,275			129	%
Central		9,780			9,797			(17	)		(0	)%
Southern		1,276			1,522			(246	)		(16	)%
Total Appalachia		15,095			13,083			2,012			15	%
Illinois Basin		6,304			5,984			320			5	%
Northern Powder River Basin		991			2,183			(1,192	)		(55	)%
Gulf Coast		546			614			(68	)		(11	)%
Total coal sales volumes		22,936			21,864			1,072			5	%

Coal royalty revenue per ton
Appalachia
Northern	$	1.21		$	1.51		$	(0.30	)		(20	)%
Central		6.16			6.22			(0.06	)		(1	)%
Southern		11.57			8.58			2.99			35	%
Illinois Basin		2.37			2.29			0.08			3	%
Northern Powder River Basin		5.31			4.83			0.48			10	%
Gulf Coast		0.85			0.79			0.06			8	%
Combined average coal royalty revenue per ton		4.38			4.64			(0.26	)		(6	)%

Coal royalty revenues
Appalachia
Northern	$	4,881		$	2,660		$	2,221			83	%
Central		60,212			60,971			(759	)		(1	)%
Southern		14,764			13,060			1,704			13	%
Total Appalachia		79,857			76,691			3,166			4	%
Illinois Basin		14,941			13,694			1,247			9	%
Northern Powder River Basin		5,267			10,544			(5,277	)		(50	)%
Gulf Coast		462			485			(23	)		(5	)%
Unadjusted coal royalty revenues		100,527			101,414			(887	)		(1	)%
Coal royalty adjustment for minimum leases		(1,018	)		(180	)		(838	)		(466	)%
Total coal royalty revenues	$	99,509		$	101,234		$	(1,725	)		(2	)%

Other revenues
Production lease minimum revenues	$	1,340		$	4,213		$	(2,873	)		(68	)%
Minimum lease straight-line revenues		12,057			12,276			(219	)		(2	)%
Oil and gas royalty revenues		5,310			6,212			(902	)		(15	)%
Carbon neutral revenues		524			1,201			(677	)		(56	)%
Property tax revenues		3,841			5,261			(1,420	)		(27	)%
Wheelage revenues		6,004			6,506			(502	)		(8	)%
Coal overriding royalty revenues		2,970			1,633			1,337			82	%
Lease amendment revenues		3,559			3,010			549			18	%
Aggregates royalty revenues		3,562			2,770			792			29	%
Other revenues		729			854			(125	)		(15	)%
Total other revenues	$	39,896		$	43,936		$	(4,040	)		(9	)%
Royalty and other mineral rights	$	139,405		$	145,170		$	(5,765	)		(4	)%
Transportation and processing services revenues		9,688			8,772			916			10	%
Gain on asset sales and disposals		49			1,882			(1,833	)		(97	)%
Total Mineral Rights segment revenues and other income	$	149,142		$	155,824		$	(6,682	)		(4	)%

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Coal Royalty Revenues

Approximately 70% of coal royalty revenues and approximately 45% of coal royalty sales volumes were derived from metallurgical coal during the nine months ended September 30, 2026. Total coal royalty revenues decreased $1.7 million primarily due to lower thermal coal sales volumes in the Northern Powder River Basin during the nine months ended September 30, 2026 as compared to the prior year period. This decrease was partially offset by higher metallurgical coal prices on certain properties and higher thermal coal sales volumes and prices on certain properties.

Total Other Revenues

Total other revenues decreased $4.0 million during the nine months ended September 30, 2026 as compared to the prior year period. This decrease was partially due to a $2.9 million decrease in production lease minimum revenues primarily due to lower breakage revenue recognized during the nine months ended September 30, 2026 as compared to the prior year period as well as $1.4 million decrease in property tax revenues.

Soda Ash

Revenues and other income related to our Soda Ash segment decreased $21.6 million as compared to the prior year period primarily due to lower sales prices in 2026.

Total Operating Expenses

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

	For the Nine Months Ended September 30,				Increase			Percentage
(In thousands)	2026		2025		(Decrease)			Change
Operating expenses
Operating and maintenance expenses	$	17,384	$	18,589	$	(1,205	)		(6	)%
Depreciation, depletion and amortization		25,271		11,611		13,660			118	%
General and administrative expenses		15,714		18,154		(2,440	)		(13	)%
Asset impairments		—		20		(20	)		(100	)%
Total operating expenses	$	58,369	$	48,374	$	9,995			21	%

Total operating expenses increased $10.0 million primarily due to a $13.7 million increase in depreciation, depletion and amortization expense, partially offset by a $2.4 million decrease in general and administrative expenses and a $1.2 million decrease in operating and maintenance 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. The decrease in operating and maintenance expenses was primarily due to lower bad debt expense and 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 $4.3 million due to less debt outstanding during the nine months ended September 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:

	Reportable Segments
For the Nine Months Ended (In thousands)	Mineral Rights		Soda Ash			Corporate and Financing			Total
September 30, 2026
Net income (loss)	$	106,704	$	(17,062	)	$	(18,305	)	$	71,337
Add: equity in loss from unconsolidated investment		—		16,859			—			16,859
Add: interest expense, net		—		—			2,577			2,577
Add: depreciation, depletion and amortization		25,257		—			14			25,271
Adjusted EBITDA	$	131,961	$	(203	)	$	(15,714	)	$	116,044

September 30, 2025
Net income (loss)	$	125,758	$	4,606		$	(24,995	)	$	105,369
Less: equity in earnings from unconsolidated investment		—		(4,746	)		—			(4,746	)
Add: total distributions from unconsolidated investment		—		7,840			—			7,840
Add: interest expense, net		—		—			6,827			6,827
Add: depreciation, depletion and amortization		11,597		—			14			11,611
Add: asset impairments		20		—			—			20
Adjusted EBITDA	$	137,375	$	7,700		$	(18,154	)	$	126,921

Net income during the nine months ended September 30, 2026 decreased $34.0 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 $10.9 million as compared to the prior year period primarily due to a $5.4 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 nine months ended September 30, 2026. These decreases were partially offset by a $2.4 million increase in Corporate and Financing Adjusted EBITDA as a result of the decrease in general and administrative expenses as discussed above.

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Free Cash Flow ("FCF") and Free Cash Flow Available for Common Unitholder and GP Distributions (Non-GAAP Financial Measures)

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

	Reportable Segments
For the Nine Months Ended (In thousands)	Mineral Rights			Soda Ash			Corporate and Financing			Total
September 30, 2026
Cash flow provided by (used in)
Operating activities	$	132,744		$	(203	)	$	(14,585	)	$	117,956
Investing activities		2,369			(39,200	)		—			(36,831	)
Financing activities		(1,256	)		—			(58,318	)		(59,574	)

September 30, 2025
Cash flow provided by (used in)
Operating activities	$	133,227		$	7,700		$	(19,829	)	$	121,098
Investing activities		4,025			—			—			4,025
Financing activities		(841	)		—			(123,707	)		(124,548	)

The following table reconciles net cash provided by (used in) operating activities (the most comparable GAAP financial measure) to FCF and Free Cash Flow Available for Common Unitholder and GP Distributions:

	Reportable Segments
For the Nine Months Ended (In thousands)	Mineral Rights			Soda Ash			Corporate and Financing			Total
September 30, 2026
Net cash provided by (used in) operating activities	$	132,744		$	(203	)	$	(14,585	)	$	117,956
Add: return of long-term contract receivable		2,318			—			—			2,318
Less: capital contribution to unconsolidated investment		—			(39,200	)		—			(39,200	)
Free cash flow	$	135,062		$	(39,403	)	$	(14,585	)	$	81,074
Less: cash for debt repayments		—			—			(20,497	)		(20,497	)
Add (less): other changes in cash
Add: proceeds from asset sales		51			—			—			51
Less: cash used for taxes on unit-based award settlements		(1,256	)		—			(7,672	)		(8,928	)
Add: capital contributed by the general partner		—			—			282			282
Total other changes in cash		(1,205	)		—			(7,390	)		(8,595	)
Free cash flow available for common unitholder and GP distributions	$	133,857		$	(39,403	)	$	(42,472	)	$	51,982
Free cash flow available for common unitholder and GP distributions per unit										$	3.84

September 30, 2025
Net cash provided by (used in) operating activities	$	133,227		$	7,700		$	(19,829	)	$	121,098
Add: return of long-term contract receivable		2,142			—			—			2,142
Free cash flow	$	135,369		$	7,700		$	(19,829	)	$	123,240
Less: cash for debt repayments		—			—			(89,596	)		(89,596	)
Add (less): other changes in cash
Add: proceeds from asset sales		1,883			—			—			1,883
Less: cash used for taxes on unit-based award settlements		(841	)		—			(4,708	)		(5,549	)
Add: capital contributed by the general partner		—			—			187			187
Total other changes in cash		1,042			—			(4,521	)		(3,479	)
Free cash flow available for common unitholder and GP distributions	$	136,411		$	7,700		$	(113,946	)	$	30,165
Free cash flow available for common unitholder and GP distributions per unit										$	2.25

Operating cash flow and FCF decreased $3.1 million and $42.2 million, respectively, as compared to the prior year period due to the following:

•

Mineral Rights Segment

◦

Operating cash flow and FCF was essentially flat year-over-year as decreases in thermal coal revenues and one time lease amendment fees paid in 2025 were partially offset by increased metallurgical coal revenues, override royalty revenues and transportation and processing revenues.

•

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 period 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 free cash flow improved by $5.2 million as compared to the prior year period primarily due to lower cash paid for interest during the nine months ended September 30, 2026 as a result of less debt outstanding.

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Liquidity and Capital Resources

Current Liquidity

As of September 30, 2026, we had total liquidity of $251.7 million, consisting of $51.7 million of cash and cash equivalents and $200.0 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 September 30, 2026:

	For the Three Months Ended
(In thousands)	December 31, 2025		March 31, 2026		June 30, 2026		September 30, 2026		Last 12 Months
Net income	$	30,998	$	19,619	$	25,176	$	26,542	$	102,335
Add: equity in loss from unconsolidated investment		1,686		7,828		4,905		4,126		18,545
Add: interest expense, net		1,157		973		1,052		552		3,734
Add: depreciation, depletion and amortization		3,344		7,614		11,131		6,526		28,615
Adjusted EBITDA	$	37,185	$	36,034	$	42,264	$	37,746	$	153,229

Debt—at September 30, 2026									$	14,331

Leverage Ratio									0.1 x

Cash Flows

Cash flows provided by operating activities decreased $3.1 million, from $121.1 million during the nine months ended September 30, 2025 to $118.0 million during the nine months ended September 30, 2026, primarily due to decreased cash flow within our Soda Ash segment, partially offset by lower cash paid for interest, all discussed above.

Cash flows used in investing activities increased $40.9 million, from $4.0 million provided by investing activities during the nine months ended September 30, 2025 to $36.8 million used in investing activities during the nine months ended September 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 $65.0 million, from $124.5 million during the nine months ended September 30, 2025 to $59.6 million during the nine months ended September 30, 2026 due to the following:

	•	$33.5 million increased debt borrowings during the nine months ended September 30, 2026 as compared to the prior year period;
	•	$14.3 million less cash used for distributions to common unitholders and the general partner primarily as a result of a lower special distribution paid during the nine months ended September 30, 2026 as compared to the prior year period; and

•

$20.4 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.

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Capital Resources and Obligations

Debt, Net

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

	September 30,		December 31,
(In thousands)	2026		2025
Current portion of long-term debt, net	$	14,307	$	14,198
Long-term debt, net		—		18,884
Total debt, net	$	14,307	$	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.

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ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

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. Substantially lower prices could potentially trigger an impairment of our investment in Sisecam Wyoming.

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 September 30, 2026, we did not have any borrowings outstanding under the Opco Credit Facility.

ITEM 4. CONTROLS AND PROCEDURES

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 nine months of 2026 that materially affected, or were reasonably likely to materially affect, the Partnership’s internal control over financial reporting.

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PART II

ITEM 1. LEGAL PROCEEDINGS

From time to time, we are involved in various legal proceedings arising in the ordinary course of business. While the ultimate results of these proceedings cannot be predicted with certainty, we believe these ordinary course matters will not have a material effect on our financial position, liquidity or operations.

ITEM 1A. RISK FACTORS

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.

ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS

None.

ITEM 3. DEFAULTS UPON SENIOR SECURITIES

None.

ITEM 4. MINE SAFETY DISCLOSURES

None.

ITEM 5. OTHER INFORMATION

None.

ITEM 6. EXHIBITS

Exhibit Number		Description
3.1		Fifth Amended and Restated Agreement of Limited Partnership of Natural Resource Partners L.P., dated as of March 2, 2017 (incorporated by reference to Exhibit 3.1 to Current Report on Form 8-K filed on March 6, 2017).
3.2		Fifth Amended and Restated Agreement of Limited Partnership of NRP (GP) LP, dated as of December 16, 2011 (incorporated by reference to Exhibit 3.1 to Current Report on Form 8-K filed on December 16, 2011).
3.3		Fifth Amended and Restated Limited Liability Company Agreement of GP Natural Resource Partners LLC, dated as of October 31, 2013 (incorporated by reference to Exhibit 3.1 to Current Report on Form 8-K filed on October 31, 2013).
3.4		Certificate of Limited Partnership of Natural Resource Partners L.P. (incorporated by reference to Exhibit 3.1 to the Registration Statement on Form S-1 filed April 19, 2002, File No. 333-86582).
31.1*		Certification of Chief Executive Officer pursuant to Section 302 of Sarbanes-Oxley.
31.2*		Certification of Chief Financial Officer pursuant to Section 302 of Sarbanes-Oxley.
32.1**		Certification of Chief Executive Officer pursuant to 18 U.S.C. § 1350.
32.2**		Certification of Chief Financial Officer pursuant to 18 U.S.C. § 1350.
101.INS*		Inline XBRL Instance Document
101.SCH*		Inline XBRL Taxonomy Extension Schema Document
101.CAL*		Inline XBRL Taxonomy Extension Calculation Linkbase Document
101.DEF*		Inline XBRL Taxonomy Extension Definition Linkbase Document
101.LAB*		Inline XBRL Taxonomy Extension Labels Linkbase Document
101.PRE*		Inline XBRL Taxonomy Extension Presentation Linkbase Document
104*		Cover Page Interactive Data File (formatted as inline XBRL with applicable taxonomy extension information contained in Exhibits 101)

*		Filed herewith
**		Furnished herewith

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned and thereunto duly authorized.

	NATURAL RESOURCE PARTNERS L.P.
	By:	NRP (GP) LP, its general partner
	By:	GP NATURAL RESOURCE
		PARTNERS LLC, its general partner

Date: November 4, 2026	By:	/s/ Corbin J. Robertson, Jr.
		Corbin J. Robertson, Jr.
		Chairman of the Board and
		Chief Executive Officer
		(Principal Executive Officer)