Note 8 - Debt, Net |
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Sep. 30, 2026 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Notes to Financial Statements | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Debt Disclosure [Text Block] |
The Partnership's debt consists of the following:
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:
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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