Earnings

Natural Resource Partners Raises Unit Distribution After Debt Paydown

The Tip Desk · November 11, 2026 · 3 min read

The partnership declared a $2.34 third-quarter 2026 distribution after repaying its remaining $13.1 million credit-facility balance.

Natural Resource Partners L.P. (NRP) declared a third-quarter 2026 cash distribution of $2.34 a common unit, a step up from the $0.75 paid in each of the first two quarters of the year, after fully repaying the remaining $13.1 million balance on its credit facility.

The Houston-based master limited partnership, which owns coal, industrial-mineral and other natural-resource properties, said free cash flow available for common unitholder and GP distributions was $31.70 million, or $2.34 a unit, in the three months ended September 30, 2026, versus $10.14 million, or $0.75 a unit, in the second quarter. The distribution is payable November 24, 2026, to unitholders of record on November 17. Future distributions remain at the board’s quarterly discretion.

President and chief operating officer Craig Nunez said the partnership generated $44.8 million of free cash flow in the third quarter and that it was able to significantly increase the distribution after the credit-facility payoff. He said the company is nearing the end of its effort to de-lever and de-risk the business. NRP still has $14.3 million of debt maturing in December 2026.

Total revenues and other income were $44.82 million in the third quarter, down from $48.11 million in the second quarter. Net income was $26.54 million, or $1.96 a unit basic, versus $25.18 million and $1.86 a unit in the prior quarter. Adjusted EBITDA was $37.75 million.

Mineral Rights, the partnership’s only reportable revenue-generating segment, posted revenues of $48.94 million. The company said metallurgical coal pricing improved in the third quarter, while thermal coal prices remained muted on low natural gas prices and ample stockpiles at power plants. About 70% of coal royalty revenues and about 45% of coal royalty sales volumes came from metallurgical coal. Mineral Rights net income was $36.94 million. The company said third-quarter operating cash flow and free cash flow in the segment increased $1.9 million and $2.0 million versus the year-ago period on higher thermal coal volumes and higher prices and volumes at certain metallurgical properties. NRP said it does not expect a meaningful change to coal pricing in 2027.

Soda Ash equity loss was $4.13 million. NRP did not receive a distribution from Sisecam Wyoming in the third quarter of 2025 or 2026; the last distribution was in the second quarter of 2025. The company said it does not expect distributions from Sisecam Wyoming until the soda ash market returns to equilibrium through capacity rationalization and increased demand, something it does not expect in the near term.

Corporate and Financing net loss was $6.22 million. The company said operating cash flow and free cash flow in that segment each increased $1.0 million versus the year-ago period on lower interest expense and cash paid for interest from less debt outstanding.

Cash and cash equivalents ended at $51.69 million on September 30, 2026, up from $30.13 million at June 30. Available liquidity was $251.7 million, including $200.0 million of borrowing capacity under the revolving credit facility.

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