10-Q

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, 2024 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.

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	5
	Notes to Consolidated Financial Statements	6
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	17
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	30
Item 4.	Controls and Procedures	30
Part II. Other Information
Item 1.	Legal Proceedings	31
Item 1A.	Risk Factors	31
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	31
Item 3.	Defaults Upon Senior Securities	31
Item 4.	Mine Safety Disclosures	31
Item 5.	Other Information	31
Item 6.	Exhibits	31
	Signatures	32

i

PART I. FINANCIAL INFORMATION

ITEM 1. CONSOLIDATED FINANCIAL STATEMENTS

NATURAL RESOURCE PARTNERS L.P.

CONSOLIDATED BALANCE SHEETS

	September 30,			December 31,
	2024			2023
(In thousands, except unit data)	(Unaudited)
ASSETS
Current assets
Cash and cash equivalents	$	30,900		$	11,989
Accounts receivable, net		36,886			41,086
Other current assets, net		1,483			2,218
Total current assets	$	69,269		$	55,293
Land		24,008			24,008
Mineral rights, net		382,274			394,483
Intangible assets, net		13,109			13,682
Equity in unconsolidated investment		267,806			276,549
Long-term contract receivable, net		24,212			26,321
Other long-term assets, net		9,187			7,540
Total assets	$	789,865		$	797,876
LIABILITIES AND CAPITAL
Current liabilities
Accounts payable	$	984		$	885
Accrued liabilities		7,912			12,987
Accrued interest		775			584
Current portion of deferred revenue		5,823			4,599
Current portion of long-term debt, net		14,226			30,785
Total current liabilities	$	29,720		$	49,840
Deferred revenue		53,912			38,356
Long-term debt, net		183,137			124,273
Other non-current liabilities		5,903			7,172
Total liabilities	$	272,672		$	219,641
Commitments and contingencies (see Note 13)
Class A Convertible Preferred Units (71,666 issued and outstanding at December 31, 2023 at $1,000 par value per unit) (See Note 3)	$	—		$	47,181
Partners’ capital
Common unitholders’ interest (13,049,123 and 12,634,642 units issued and outstanding at September 30, 2024 and December 31, 2023, respectively)	$	509,258		$	503,076
General partner’s interest		8,891			8,005
Warrant holders’ interest		—			23,095
Accumulated other comprehensive loss		(956	)		(3,122	)
Total partners’ capital	$	517,193		$	531,054
Total liabilities and partners' capital	$	789,865		$	797,876

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

1

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)	2024			2023			2024			2023
Revenues and other income
Royalty and other mineral rights	$	50,405		$	68,533		$	172,368		$	205,811
Transportation and processing services		1,812			4,579			7,900			11,447
Equity in earnings of Sisecam Wyoming		8,109			12,401			17,204			58,633
Gain on asset sales and disposals		1			854			4,809			955
Total revenues and other income	$	60,327		$	86,367		$	202,281		$	276,846
Operating expenses
Operating and maintenance expenses	$	6,786		$	8,358		$	18,391		$	23,451
Depreciation, depletion and amortization		4,730			4,594			12,708			12,469
General and administrative expenses		5,935			5,669			18,193			17,157
Asset impairments		87			63			87			132
Total operating expenses	$	17,538		$	18,684		$	49,379		$	53,209
Income from operations	$	42,789		$	67,683		$	152,902		$	223,637
Interest expense, net	$	(4,194	)	$	(3,837	)	$	(12,030	)	$	(10,182	)
Net income	$	38,595		$	63,846		$	140,872		$	213,455
Less: income attributable to preferred unitholders		(655	)		(2,936	)		(4,248	)		(14,568	)
Less: redemption of preferred units		(10,819	)		(17,083	)		(24,485	)		(60,929	)
Net income attributable to common unitholders and the general partner	$	27,121		$	43,827		$	112,139		$	137,958
Net income attributable to common unitholders	$	26,578		$	42,951		$	109,896		$	135,199
Net income attributable to the general partner		543			876			2,243			2,759
Net income per common unit (see Note 5)
Basic	$	2.04		$	3.40		$	8.47		$	10.72
Diluted		2.00			2.91			8.21			8.88
Net income	$	38,595		$	63,846		$	140,872		$	213,455
Comprehensive income (loss) from unconsolidated investment and other		82			2,200			2,166			(16,472	)
Comprehensive income	$	38,677		$	66,046		$	143,038		$	196,983

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

2

NATURAL RESOURCE PARTNERS L.P.

CONSOLIDATED STATEMENTS OF PARTNERS’ CAPITAL

(Unaudited)

												Accumulated
												Other			Total
	Common Unitholders					General			Warrant			Comprehensive			Partners'
(In thousands)	Units		Amounts			Partner			Holders			Loss			Capital
Balance at December 31, 2023		12,635	$	503,076		$	8,005		$	23,095		$	(3,122	)	$	531,054
Net income (1)		—		55,089			1,124			—			—			56,213
Distributions to common unitholders and the general partner		—		(41,342	)		(844	)		—			—			(42,186	)
Distributions to preferred unitholders		—		(2,107	)		(43	)		—			—			(2,150	)
Issuance of unit-based awards		126		—			—			—			—			—
Unit-based awards amortization and vesting, net		—		(3,971	)		—			—			—			(3,971	)
Capital contribution		—		—			227			—			—			227
Warrant settlements		199		(36,650	)		(748	)		(18,291	)		—			(55,689	)
Comprehensive income from unconsolidated investment and other		—		—			—			—			845			845
Balance at March 31, 2024		12,960	$	474,095		$	7,721		$	4,804		$	(2,277	)	$	484,343
Net income (2)		—		45,142			922			—			—			46,064
Redemption of preferred units		—		(13,393	)		(273	)		—			—			(13,666	)
Distributions to common unitholders and the general partner		—		(9,787	)		(200	)		—			—			(9,987	)
Distributions to preferred unitholders		—		(2,590	)		(53	)		—			—			(2,643	)
Unit-based awards amortization and vesting		—		2,502			—			—			—			2,502
Capital contribution		—		—			555			—			—			555
Warrant settlements		89		(5,092	)		(104	)		(4,804	)		—			(10,000	)
Comprehensive income from unconsolidated investment and other		—		—			—			—			1,239			1,239
Balance at June 30, 2024		13,049	$	490,877		$	8,568		$	—		$	(1,038	)	$	498,407
Net income (3)		—		37,824			771			—			—			38,595
Redemption of preferred units		—		(10,602	)		(217	)		—			—			(10,819	)
Distributions to common unitholders and the general partner		—		(9,787	)		(199	)		—			—			(9,986	)
Distributions to preferred unitholders		—		(1,573	)		(32	)		—			—			(1,605	)
Unit-based awards amortization and vesting		—		2,519			—			—			—			2,519
Comprehensive income from unconsolidated investment and other		—		—			—			—			82			82
Balance at September 30, 2024		13,049	$	509,258		$	8,891		$	—		$	(956	)	$	517,193

(1)	Net income includes $2.15 million of income attributable to preferred unitholders that accumulated during the period, of which $2.11 million is allocated to the common unitholders and $0.04 million is allocated to the general partner.
(2)	Net income includes $1.44 million of income attributable to preferred unitholders that accumulated during the period, of which $1.41 million is allocated to the common unitholders and $0.03 million is allocated to the general partner.
(3)	Net income includes $0.66 million of income attributable to preferred unitholders that accumulated during the period, of which $0.64 million is allocated to the common unitholders and $0.01 million is allocated to the general partner.

3

NATURAL RESOURCE PARTNERS L.P.

CONSOLIDATED STATEMENTS OF PARTNERS’ CAPITAL

(Unaudited)

												Accumulated
												Other			Total
	Common Unitholders					General			Warrant			Comprehensive			Partners'
(In thousands)	Units		Amounts			Partner			Holders			Income (Loss)			Capital
Balance at December 31, 2022		12,506	$	404,799		$	5,977		$	47,964		$	18,717		$	477,457
Net income (1)		—		77,690			1,585			—			—			79,275
Redemption of preferred units		—		(15,904	)		(324	)		—			—			(16,228	)
Distributions to common unitholders and the general partner		—		(40,082	)		(818	)		—			—			(40,900	)
Distributions to preferred unitholders		—		(7,924	)		(162	)		—			—			(8,086	)
Issuance of unit-based awards		129		—			—			—			—			—
Unit-based awards amortization and vesting, net		—		(1,178	)		—			—			—			(1,178	)
Capital contribution		—		—			142			—			—			142
Comprehensive loss from unconsolidated investment and other		—		—			—			—			(19,583	)		(19,583	)
Balance at March 31, 2023		12,635	$	417,401		$	6,400		$	47,964		$	(866	)	$	470,899
Net income (2)		—		68,927			1,407			—			—			70,334
Redemption of preferred units		—		(27,065	)		(553	)		—			—			(27,618	)
Distributions to common unitholders and the general partner		—		(9,476	)		(193	)		—			—			(9,669	)
Distributions to preferred unitholders		—		(7,248	)		(148	)		—			—			(7,396	)
Unit-based awards amortization and vesting		—		2,299			—			—			—			2,299
Comprehensive income from unconsolidated investment and other		—		—			—			—			911			911
Balance at June 30, 2023		12,635	$	444,838		$	6,913		$	47,964		$	45		$	499,760
Net income (3)		—		62,569			1,277			—			—			63,846
Redemption of preferred units		—		(16,741	)		(342	)		—			—			(17,083	)
Distributions to common unitholders and the general partner		—		(9,475	)		(194	)		—			—			(9,669	)
Distributions to preferred unitholders		—		(4,349	)		(88	)		—			—			(4,437	)
Unit-based awards amortization and vesting		—		2,318			—			—			—			2,318
Warrant settlement		—		(18,117	)		(370	)		(15,121	)		—			(33,608	)
Comprehensive income from unconsolidated investment and other		—		—			—			—			2,200			2,200
Balance at September 30, 2023		12,635	$	461,043		$	7,196		$	32,843		$	2,245		$	503,327

(1)	Net income includes $6.66 million of income attributable to preferred unitholders that accumulated during the period, of which $6.53 million is allocated to the common unitholders and $0.13 million is allocated to the general partner.
(2)	Net income includes $4.97 million of income attributable to preferred unitholders that accumulated during the period, of which $4.87 million is allocated to the common unitholders and $0.10 million is allocated to the general partner.
(3)	Net income includes $2.94 million of income attributable to preferred unitholders that accumulated during the period, of which $2.88 million is allocated to the common unitholders and $0.06 million is allocated to the general partner.

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

4

NATURAL RESOURCE PARTNERS L.P.

CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)

	For the Nine Months Ended September 30,
(In thousands)	2024			2023
Cash flows from operating activities
Net income	$	140,872		$	213,455
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation, depletion and amortization		12,708			12,469
Distributions from unconsolidated investment		28,114			66,140
Equity earnings from unconsolidated investment		(17,204	)		(58,633	)
Gain on asset sales and disposals		(4,809	)		(955	)
Asset impairments		87			132
Bad debt expense		538			813
Unit-based compensation expense		8,878			7,903
Amortization of debt issuance costs and other		(2,603	)		1,043
Change in operating assets and liabilities:
Accounts receivable		5,711			4,090
Accounts payable		98			(850	)
Accrued liabilities		(5,917	)		(6,288	)
Accrued interest		192			235
Deferred revenue		16,781			(4,963	)
Other items, net		(1,173	)		(1,399	)
Net cash provided by operating activities	$	182,273		$	233,192
Cash flows from investing activities
Proceeds from asset sales and disposals	$	4,809		$	961
Return of long-term contract receivable		1,979			1,830
Capital expenditures		—			(10	)
Net cash provided by investing activities	$	6,788		$	2,781
Cash flows from financing activities
Debt borrowings	$	152,850		$	215,034
Debt repayments		(110,696	)		(176,061	)
Distributions to common unitholders and the general partner		(62,159	)		(60,238	)
Distributions to preferred unitholders		(6,398	)		(19,919	)
Redemption of preferred units		(71,666	)		(178,334	)
Warrant settlements (see Note 3)		(65,689	)		(33,608	)
Other items, net		(6,392	)		(3,527	)
Net cash used in financing activities	$	(170,150	)	$	(256,653	)
Net increase (decrease) in cash and cash equivalents	$	18,911		$	(20,680	)
Cash and cash equivalents at beginning of period		11,989			39,091
Cash and cash equivalents at end of period	$	30,900		$	18,411
Supplemental cash flow information:
Cash paid for interest	$	11,466		$	9,484

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

5

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 operating segments further described in Note 6. 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, 2023 and notes thereto included in the Partnership's Annual Report on Form 10-K, which was filed with the SEC on March 7, 2024. 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 2023, the FASB issued ASU No. 2023-07—Segment Reporting (Topic 280)—Improvements to Reportable Segment Disclosures ("ASU 2023-07"). The amendments in ASU 2023-07 improve reportable segment disclosure requirements, primarily through enhanced disclosures about segment expenses. The guidance is effective for annual periods beginning after  December 15, 2023 and quarterly periods beginning after December 15, 2024 and will be adopted retrospectively to all prior periods presented in the financial statements. NRP does not expect the adoption of ASU 2023-07 to have a material effect on its Consolidated Financial Statements.

6

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)	2024			2023		2024		2023
Coal royalty revenues	$	37,605		$	55,544	$	124,108	$	161,527
Production lease minimum revenues		437			850		1,773		2,025
Minimum lease straight-line revenues		4,117			4,464		12,414		13,414
Carbon neutral initiative revenues		(39	)		681		4,322		2,914
Property tax revenues		1,809			1,770		5,246		4,710
Wheelage revenues		2,072			2,385		7,082		9,538
Coal overriding royalty revenues		227			827		2,064		1,165
Lease amendment revenues		1,071			623		2,485		2,322
Aggregates royalty revenues		662			736		2,164		2,175
Oil and gas royalty revenues		1,317			324		6,956		5,126
Other revenues		1,127			329		1,956		895
Royalty and other mineral rights revenues	$	50,405		$	68,533	$	170,570	$	205,811
Transportation and processing services revenues		1,248			3,964		6,169		9,538
Total Mineral Rights segment revenues from contracts with customers	$	51,653		$	72,497	$	176,739	$	215,349

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

	September 30,		December 31,
(In thousands)	2024		2023
Contract Assets
Accounts receivable, net	$	32,878	$	37,206
Other current assets, net (1)		1,047		429
Other long-term assets, net (2)		1,725		—
Contract liabilities
Accounts payable (3)	$	114	$	—
Current portion of deferred revenue		5,823		4,599
Deferred revenue		53,912		38,356

(1)	Other current assets, net includes short-term notes receivables from contracts with customers.
(2)	Other long-term assets, net includes amounts prepaid by NRP related to override agreements from contracts with customers as well as long-term lease amendment fee receivables from contracts with customers.
(3)	Accounts payable include override payments owed by NRP from contracts with customers.

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)	2024			2023
Balance at beginning of period (current and non-current)	$	42,955		$	46,437
Increase due to minimums and lease amendment fees		28,319			11,525
Recognition of previously deferred revenue		(11,539	)		(16,487	)
Balance at end of period (current and non-current)	$	59,735		$	41,475

The Partnership's non-cancelable annual minimum payments due under the lease terms of its coal and aggregates royalty contracts with customers are as follows as of  September 30, 2024 (in thousands): 

Lease Term (1)	Weighted Average Remaining Years		Annual Minimum Payments
0 - 5 years		1.9	$	14,949
5 - 10 years		5.5		18,222
10+ years		11.3		25,779
Total		7.1	$	58,950

⁽¹⁾ Lease term does not include renewal periods.

7

NATURAL RESOURCE PARTNERS L.P.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—CONTINUED

(Unaudited)

 

3.      Class A Convertible Preferred Units and Warrants

On March 2, 2017, NRP issued $250 million of Class A Convertible Preferred Units representing limited partner interests in NRP (the "preferred units") to certain entities controlled by funds affiliated with The Blackstone Group Inc. (collectively referred to as "Blackstone") and certain affiliates of GoldenTree Asset Management LP (collectively referred to as "GoldenTree") (together the "preferred purchasers") pursuant to a Preferred Unit and Warrant Purchase Agreement. NRP issued 250,000 preferred units to the preferred purchasers at a price of $1,000 per preferred unit (the "per unit purchase price"), less a 2.5% structuring and origination fee. The preferred units entitle the preferred purchasers to receive cumulative distributions at a rate of 12% of the purchase price per year, up to one half of which NRP may pay in additional preferred units (such additional preferred units, the "PIK units"). The preferred units have a perpetual term, unless converted or redeemed as described below. However, in 2024 all remaining preferred units were redeemed and none of the Partnership's preferred units remain outstanding.

NRP also issued two tranches of warrants (the "warrants") to purchase common units to the preferred purchasers (warrants to purchase 1.75 million common units with a strike price of $22.81 and warrants to purchase 2.25 million common units with a strike price of $34.00). The warrants may be exercised by the holders thereof at any time before the eighth anniversary of the closing date. Upon exercise of the warrants, NRP may, at its option, elect to settle the warrants in common units or cash, each on a net basis. However, in 2024 all remaining warrants were settled and none of the Partnership's warrants remain outstanding.

Accounting for the Preferred Units and Warrants

Classification

The preferred units are accounted for as temporary equity on NRP's Consolidated Balance Sheets due to certain contingent redemption rights that may be exercised at the election of preferred purchasers. The warrants are accounted for as equity on NRP's Consolidated Balance Sheets.

Initial Measurement

The net transaction price was allocated to the preferred units and warrants based on their relative fair values at inception date. NRP allocated the transaction issuance costs to the preferred units and warrants primarily on a pro-rata basis based on their relative inception date allocated values.

Subsequent Measurement

Preferred Units

During the three months ended September 30, 2024, the Partnership redeemed the remaining 31,666 preferred units for $31.7 million in cash. During the nine months ended September 30, 2024, the Partnership redeemed a total of 71,666 preferred units for $71.7 million in cash. During the nine months ended September 30, 2023, the Partnership redeemed a total of 178,334 preferred units for $178.3 million in cash. Of the originally issued 250,000 preferred units, no preferred units remain outstanding as of September 30, 2024 and 71,666 preferred units remained outstanding as of December 31, 2023. The preferred units had a $47.2 million carrying value included in class A convertible preferred units on the Partnership's Consolidated Balance Sheets at  December 31, 2023.

Warrants

During the nine months ended September 30, 2024, the Partnership settled a total of 1,540,000 warrants to purchase common units with a strike price of $34.00. On  January 29, 2024 (the  "January 2024 exercise date"), holders of the Partnership's warrants exercised 462,165 warrants at a strike price of $34.00. The Partnership settled the warrants on a net basis with $10.0 million in cash and 198,767 common units. The 15-day VWAP ending on the business day prior to the  January 2024 exercise date was $97.62. On  February 7, 2024 (the  "February 7, 2024 exercise date"), holders of the Partnership's warrants exercised 128,750 warrants at a strike price of $34.00. The Partnership settled the warrants on a net basis with $8.0 million in cash. The 15-day VWAP ending on the business day prior to the  February 7, 2024 exercise date was $96.29. On  February 8, 2024 (the  "February 8, 2024 exercise date"), holders of the Partnership's warrants exercised 128,750 warrants at a strike price of $34.00. The 15-day VWAP ending on the business day prior to the  February 8, 2024 exercise date was $95.63. The Partnership settled these warrants on a net basis with $7.9 million in cash. On  February 14, 2024 (the  "February 14, 2024 exercise date"), holders of the Partnership's warrants exercised 500,000 warrants at a strike price of $34.00. The 15-day VWAP ending on the business day prior to the  February 14, 2024 exercise date was $93.47. The Partnership settled these warrants on a net basis with $29.7 million in cash. In April 2024 (the "April 2024 exercise date"), holders of the Partnership's warrants exercised 320,335 warrants at a strike price of $34.00. The Partnership settled the warrants on a net basis with $10.0 million in cash and 89,059 common units. The 15-day VWAP ending on the business day prior to the April 2024 exercise date was $90.33.

On September 18, 2023, the Partnership negotiated a transaction with holders of the Partnership's warrants pursuant to which the Partnership repurchased and retired an aggregate of 752,500 warrants with an exercise price of $22.81 and 60,000 warrants with an exercise price of $34.00 for approximately $33.6 million in cash.

Of the originally issued 4,000,000 warrants, no warrants remain outstanding as of September 30, 2024 and 1,540,000 warrants to purchase common units with a strike price of $34.00 were outstanding as of  December 31, 2023. These warrants had a carrying value of $23.1 million included in warrant holders' interest within partners' capital on the Partnership's Consolidated Balance Sheets at December 31, 2023. 

Embedded Features

Certain embedded features within the preferred unit and warrant purchase agreement were accounted for at fair value and were remeasured each quarter. See Note 10. Fair Value Measurements for further information regarding valuation of these embedded derivatives.

8

NATURAL RESOURCE PARTNERS L.P.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—CONTINUED

(Unaudited)

 

4.    Common and Preferred Unit Distributions

The Partnership makes cash distributions to common and preferred 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 both common unit and preferred 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 general partner is entitled to receive 2% of such distributions.

Income available to common unitholders and the general partner is reduced by preferred unit distributions that accumulated during the period. NRP reduced net income available to common unitholders and the general partner by $0.7 million and $2.9 million during the three months ended September 30, 2024 and 2023, respectively, and $4.2 million and $14.6 million during the nine months ended September 30, 2024 and 2023, respectively, as a result of accumulated preferred unit distributions earned during the period. Income available to common unitholders and the general partner is also reduced by the difference between the fair value of the consideration paid upon redemption and the carrying value of the preferred units. As such, NRP reduced net income available to common unitholders and the general partner by $10.8 million and $24.5 million during the three and nine months ended September 30, 2024, and $17.1 million and $60.9 million during the three and nine months ended September 30, 2023, respectively.

The following table shows the cash distributions declared and paid to common and preferred unitholders during the nine months ended September 30, 2024 and 2023, respectively:

		Common Units				Preferred Units
Month Paid	Period Covered by Distribution	Distribution per Unit		Total Distribution (1) (In thousands)		Distribution per Unit		Total Distribution (In thousands)
2024
February	October 1 - December 31, 2023	$	0.75	$	9,918	$	30.00	$	2,150
March (2)	Special Distribution		2.44		32,268		—		—
May	January 1 - March 31, 2024		0.75		9,987		30.00		2,150
May (3)	April 1 - May 8, 2024		—		—		12.33		493
August	April 1 - June 30, 2024		0.75		9,986		30.00		950
September (4)	July 1 - September 3, 2024		—		—		20.68		655
2023
February	October 1 - December 31, 2022	$	0.75	$	9,571	$	30.00	$	7,500
February (5)	January 1 - February 8, 2023		—		—		12.33		586
March (6)	Special Distribution		2.43		31,329		—		—
May	January 1 - March 31, 2023		0.75		9,669		30.00		6,075
May (7)	April 1 - May 5, 2023		—		—		11.33		406
June (8)	April 1 - June 2, 2023		—		—		20.33		915
August	April 1 - June 30, 2023		0.75		9,669		30.00		3,650
August (9)	July 1 - August 8, 2023		—		—		12.33		432
September (10)	July 1 - September 12, 2023		—		—		23.67		355

(1)	Totals include the amount paid to NRP's general partner in accordance with the general partner's 2% general partner interest.
(2)	Special distribution was made to help cover unitholder tax liabilities associated with owning NRP's common units during 2023.
(3)	Relates to accrued distribution paid upon the redemption of 40,000 preferred units in May 2024.
(4)	Related to accrued distribution paid upon the redemption of 31,666 preferred units in September 2024.
(5)	Relates to accrued distribution paid upon the redemption of 47,499 preferred units in February 2023.
(6)	Special distribution was made to help cover unitholder tax liabilities associated with owning NRP's common units during 2022.
(7)	Relates to accrued distribution paid upon the redemption of 35,834 preferred units in May 2023.
(8)	Relates to accrued distribution paid upon redemption of 45,000 preferred units in June 2023.
(9)	Related to accrued distribution paid upon redemption of 35,000 preferred units in August 2023.
(10)	Related to accrued distribution paid upon the redemption of 15,001 preferred units in September 2023.

9

NATURAL RESOURCE PARTNERS L.P.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—CONTINUED

(Unaudited)

 

5.    Net Income Per Common Unit 

Basic net income per common unit is computed by dividing net income, after considering income attributable to preferred unitholders, the difference between the fair value of the consideration paid upon redemption and the carrying value of the preferred units, and the general partner’s general partner interest, by the weighted average number of common units outstanding. Diluted net income per common unit includes the effect of NRP's preferred units, warrants, and unvested unit-based awards if the inclusion of these items is dilutive.

The dilutive effect of the preferred units is calculated using the if-converted method. Under the if-converted method, the preferred units are assumed to be converted at the beginning of the period, and the resulting common units are included in the denominator of the diluted net income per unit calculation for the period being presented. Distributions declared in the period and undeclared distributions on the preferred units that accumulated during the period are added back to the numerator for purposes of the if-converted calculation. The calculation of diluted net income per common unit for the nine months ended September 30, 2024 and the three and nine months ended September 30, 2023 includes the assumed conversion of the remaining preferred units during the period. The calculation of diluted net income per common unit for the three months ended September 30, 2024 does not include the assumed conversion of any remaining preferred units as all preferred units were redeemed as of September 30, 2024. The calculation of diluted net income per common units for the three and nine months ended September 30, 2024 and 2023 does not include the assumed conversion of the preferred units that were redeemed during the periods as the inclusion of these units would be anti-dilutive.

The dilutive effect of the warrants is calculated using the treasury stock method, which assumes that the proceeds from the exercise of these instruments 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 nine months ended September 30, 2024 includes the net settlement of the warrants for the period during which they were outstanding. The dilutive effect of the warrants was not factored into the calculation of diluted net income per common unit for the three months ended September 30, 2024 as these were fully settled as of June 30, 2024. The calculation of diluted net income per common unit for the three and nine months ended September 30, 2023 includes the net settlement of the warrants for the period during which they were outstanding.

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)	2024			2023			2024			2023
Basic net income per common unit
Net income attributable to common unitholders	$	26,578		$	42,951		$	109,896		$	135,199
Weighted average common units—basic		13,049			12,635			12,971			12,613
Basic net income per common unit	$	2.04		$	3.40		$	8.47		$	10.72
Diluted net income per common unit
Weighted average common units—basic		13,049			12,635			12,971			12,613
Plus: dilutive effect of preferred units		—			1,104			375			2,434
Plus: dilutive effect of warrants		—			1,492			186			1,296
Plus: dilutive effect of unvested unit-based awards		222			240			229			190
Weighted average common units—diluted		13,271			15,471			13,761			16,533
Net income	$	38,595		$	63,846		$	140,872		$	213,455
Less: income attributable to preferred unitholders		(655	)		(786	)		(1,148	)		(2,693	)
Less: redemption of preferred units		(10,819	)		(17,083	)		(24,485	)		(60,929	)
Diluted net income attributable to common unitholders and the general partner	$	27,121		$	45,977		$	115,239		$	149,833
Less: diluted net income attributable to the general partner		(543	)		(920	)		(2,305	)		(2,997	)
Diluted net income attributable to common unitholders	$	26,578		$	45,057		$	112,934		$	146,836
Diluted net income per common unit	$	2.00		$	2.91		$	8.21		$	8.88

10

NATURAL RESOURCE PARTNERS L.P.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—CONTINUED

(Unaudited)

 

6.    Segment Information

The Partnership's 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 operating 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. The Partnership is working to strategically redefine its business as a key player in the transitional energy economy in the years to come.

Soda Ash—consists of the Partnership's 49% non-controlling equity interest in Sisecam Wyoming, a trona ore mining operation and soda ash refinery in the Green River Basin of Wyoming. Sisecam Wyoming mines trona and processes it into soda ash that is sold both domestically and internationally to the glass and chemicals industries.

Direct segment costs and certain other costs incurred at the corporate level that are identifiable and that benefit the Partnership's segments are allocated to the operating 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 segment and are included in general and administrative expenses on the Partnership's Consolidated Statements of Comprehensive Income.

The following table summarizes certain financial information for each of the Partnership's business segments:

	Operating Segments
(In thousands)	Mineral Rights		Soda Ash		Corporate and Financing			Total
For the Three Months Ended September 30, 2024
Revenues	$	52,217	$	—	$	—		$	52,217
Equity in earnings of Sisecam Wyoming		—		8,109		—			8,109
Gain on asset sales and disposals		1		—		—			1
Operating and maintenance expenses		6,762		24		—			6,786
Depreciation, depletion and amortization		4,725		—		5			4,730
General and administrative expenses		—		—		5,935			5,935
Asset impairments		87		—		—			87
Interest expense, net		—		—		4,194			4,194
Net income (loss)		40,644		8,085		(10,134	)		38,595
For the Three Months Ended September 30, 2023
Revenues	$	73,112	$	—	$	—		$	73,112
Equity in earnings of Sisecam Wyoming		—		12,401		—			12,401
Gain on asset sales and disposals		854		—		—			854
Operating and maintenance expenses		8,305		53		—			8,358
Depreciation, depletion and amortization		4,589		—		5			4,594
General and administrative expenses		—		—		5,669			5,669
Asset impairments		63		—		—			63
Interest expense, net		—		—		3,837			3,837
Net income (loss)		61,009		12,348		(9,511	)		63,846
For the Nine Months Ended September 30, 2024
Revenues	$	180,268	$	—	$	—		$	180,268
Equity in earnings of Sisecam Wyoming		—		17,204		—			17,204
Gain on asset sales and disposals		4,809		—		—			4,809
Operating and maintenance expenses		18,279		112		—			18,391
Depreciation, depletion and amortization		12,694		—		14			12,708
General and administrative expenses		—		—		18,193			18,193
Asset impairments		87		—		—			87
Interest expense, net		—		—		12,030			12,030
Net income (loss)		154,017		17,092		(30,237	)		140,872
For the Nine Months Ended September 30, 2023
Revenues	$	217,258	$	—	$	—		$	217,258
Equity in earnings of Sisecam Wyoming		—		58,633		—			58,633
Gain on asset sales and disposals		955		—		—			955
Operating and maintenance expenses		23,226		225		—			23,451
Depreciation, depletion and amortization		12,455		—		14			12,469
General and administrative expenses		—		—		17,157			17,157
Asset impairments		132		—		—			132
Interest expense, net		—		—		10,182			10,182
Net income (loss)		182,400		58,408		(27,353	)		213,455

11

NATURAL RESOURCE PARTNERS L.P.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—CONTINUED

(Unaudited)

 

7.    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)	2024			2023			2024			2023
Balance at beginning of period	$	265,935		$	290,900		$	276,549		$	306,470
Income allocation to NRP’s equity interests (1)		9,315			13,608			20,718			62,184
Amortization of basis difference		(1,206	)		(1,207	)		(3,513	)		(3,551	)
Other comprehensive income (loss)		82			2,200			2,166			(16,472	)
Distributions		(6,320	)		(23,010	)		(28,114	)		(66,140	)
Balance at end of period	$	267,806		$	282,491		$	267,806		$	282,491

⁽¹⁾ Amounts reclassified into income out of accumulated other comprehensive loss were $1.5 million and $0.9 million for the three months ended September 30, 2024 and 2023, respectively and $4.5 million and $(17.4) million for the nine months ended September 30, 2024 and 2023, respectively. 

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, 2024 and 2023:

	For the Three Months Ended September 30,				For the Nine Months Ended September 30,
(In thousands)	2024		2023		2024		2023
Net sales	$	160,975	$	180,232	$	438,385	$	588,725
Gross profit		25,976		34,454		64,584		148,063
Net income		19,009		27,772		42,281		126,906

8.    Mineral Rights, Net

The Partnership’s mineral rights consist of the following:

	September 30, 2024							December 31, 2023
(In thousands)	Carrying Value		Accumulated Depletion			Net Book Value		Carrying Value		Accumulated Depletion			Net Book Value
Coal properties	$	660,961	$	(296,781	)	$	364,180	$	661,256	$	(285,470	)	$	375,786
Aggregates properties		8,655		(4,003	)		4,652		8,655		(3,761	)		4,894
Oil and gas royalty properties		12,354		(10,443	)		1,911		12,354		(10,082	)		2,272
Other		13,143		(1,612	)		11,531		13,143		(1,612	)		11,531
Total mineral rights, net	$	695,113	$	(312,839	)	$	382,274	$	695,408	$	(300,925	)	$	394,483

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 $4.7 million and $4.1 million for the three months ended September 30, 2024 and 2023, respectively and $12.1 million and $11.6 million for the nine months ended September 30, 2024 and 2023, respectively.

During the nine months ended September 30, 2024, the Partnership recorded a gain $4.8 million, included in gain on asset sales and disposals on the Consolidated Statements of Comprehensive Income primarily related to a coal property condemnation in the second quarter of 2024. During the three and nine months ended September 30, 2023, the Partnership had $0.9 million and $1.0 million, respectively, included in gains on asset sales and disposals on the Consolidated Statements of Comprehensive Income.

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 reserves 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 analyses, NRP recorded immaterial impairment expense during the three and nine months ended September 30, 2024 and 2023. 

12

NATURAL RESOURCE PARTNERS L.P.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—CONTINUED

(Unaudited)

 

9.    Debt, Net 

The Partnership's debt consists of the following:

	September 30,			December 31,
(In thousands)	2024			2023
Opco Credit Facility	$	154,684		$	95,834
Opco Senior Notes
5.82% with semi-annual interest payments in March and September, with annual principal payments in March, due March 2024	$	—		$	12,685
8.92% with semi-annual interest payments in March and September, with annual principal payments in March, due March 2024		—			4,012
5.03% with semi-annual interest payments in June and December, with annual principal payments in December, due December 2026		34,262			34,262
5.18% with semi-annual interest payments in June and December, with annual principal payments in December, due December 2026		8,732			8,732
Total Opco Senior Notes	$	42,994		$	59,691
Total debt at face value	$	197,678		$	155,525
Net unamortized debt issuance costs		(315	)		(467	)
Total debt, net	$	197,363		$	155,058
Less: current portion of long-term debt		(14,226	)		(30,785	)
Total long-term debt, net	$	183,137		$	124,273

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, 2024 and December 31, 2023, Opco was in compliance with the terms of the financial covenants contained in its debt agreements.

Opco Credit Facility

In May 2023, the Partnership entered into the Sixth Amendment (the "Sixth Amendment) to the Opco Credit Facility (the "Opco Credit Facility"). The Sixth Amendment maintained the term of the Opco Credit Facility until August 2027. Lender commitments under the Opco Credit Facility increased from $130.0 million to $155.0 million, with the ability to expand such commitments to $200.0 million with the addition of future commitments. In  February 2024, the Partnership exercised its option under the Opco Credit Facility to increase the total aggregate commitment under the Opco Credit Facility twice, initially by $30.0 million from $155.0 million to $185.0 million and subsequently by $15.0 million from $185.0 million to $200.0 million. These increases in the total aggregate commitment were made pursuant to an accordion feature of the Opco Credit Facility. In connection with the initial increase, a new lender joined the lending group with a commitment of $30.0 million. The Sixth Amendment also included modifications to Opco’s ability to declare and make certain restricted payments. 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, 2024, this ratio was 0.8x; 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, 2024, this ratio was 14.2x.

As of December 31, 2023, the Partnership had $95.8 million in borrowings outstanding under the Opco Credit Facility and $59.2 million of available borrowing capacity. During the nine months ended September 30, 2024, the Partnership borrowed $152.9 million and repaid $94.0 million, resulting in $154.7 million in borrowings outstanding under the Opco Credit Facility and $45.3 million of available borrowing capacity as of September 30, 2024. During the nine months ended September 30, 2023, the Partnership borrowed $215.0 million and repaid $157.0 million on the Opco Credit Facility. The weighted average interest rate for the borrowings outstanding under the Opco Credit Facility for the three and nine months ended September 30, 2024 was 8.91% and 8.92%, respectively. The weighted average interest rate for the borrowings outstanding under the Opco Credit Facility for the three and nine months ended September 30, 2023 was 8.85% and 8.61%, respectively.  

The Opco Credit Facility is collateralized and secured by liens on certain of Opco’s assets with carrying values of $305.3 million and $316.3 million classified as mineral rights, net and other long-term assets, net and $24.2 million and $26.3 million classified as long-term contract receivable, net on the Partnership’s Consolidated Balance Sheets as of September 30, 2024 and December 31, 2023, respectively.

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, 2024, only the 5.03% and 5.18% Opco Senior Notes, both due December 2026, remain outstanding. These Opco Senior Notes have principal due annually in December and interest due semi-annually in June and December. As of September 30, 2024 and December 31, 2023, the Opco Senior Notes had cumulative principal balances of $43.0 million and $59.7 million, respectively. Opco made mandatory principal payments of $16.7 and $19.1 million during the nine months ended September 30, 2024 and 2023, respectively. 

13

NATURAL RESOURCE PARTNERS L.P.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—CONTINUED

(Unaudited)

 

10.    Fair Value Measurements 

Fair Value of Financial Assets and Liabilities

The Partnership’s financial assets and liabilities consist of cash and cash equivalents, a contract receivable and debt. The carrying amounts reported on the Consolidated Balance Sheets for cash and cash equivalents 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 debt and contract receivable.

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

			September 30, 2024				December 31, 2023
	Fair Value		Carrying		Estimated		Carrying		Estimated
(In thousands)	Hierarchy Level		Value		Fair Value		Value		Fair Value
Debt:
Opco Senior Notes (1)		3	$	42,679	$	40,992	$	59,224	$	56,533
Opco Credit Facility (2)		3		154,684		154,684		95,834		95,384
Assets:
Contract receivable, net (current and long-term) (3)		3	$	26,997	$	23,223	$	28,946	$	24,492

(1)	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.
(2)	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.
(3)	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, 2024 and December 31, 2023.

NRP had embedded derivatives in the preferred units related to certain conversion options, redemption features and the change of control provision that were accounted for separately from the preferred units as assets and liabilities at fair value on the Partnership's Consolidated Balance Sheets. Level 3 valuation of the embedded derivatives were based on numerous factors including the likelihood of the event occurring. The embedded derivatives were revalued quarterly and changes in their fair value would be recorded in other expenses, net on the Partnership's Consolidated Statements of Comprehensive Income. The embedded derivatives had zero value as of   December 31, 2023. As a result of the redemption of all of the Partnership's remaining preferred units in September 2024, NRP no longer has embedded derivatives associated with preferred units as of September 30, 2024. 

11.    Related Party Transactions

Affiliates of our General Partner

The Partnership’s general partner does not receive any management fee or other compensation for its management of NRP. However, in accordance with the partnership agreement, the general partner 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 general partner 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)	2024		2023		2024		2023
Operating and maintenance expenses	$	2,014	$	1,663	$	5,483	$	5,094
General and administrative expenses		1,296		1,287		4,117		3,860

The Partnership had accounts payable to related parties of $0.6 million on its Consolidated Balance Sheets at both  September 30, 2024 and December 31, 2023. The Partnership had other current assets of $0.1 million on its Consolidated Balance Sheets related to a related party prepaid expense at both  September 30, 2024 and  December 31, 2023.

As a result of its office lease with WPPLP, the Partnership has a right-of-use asset and lease liability of $3.4 million and $3.5 million included in other long-term assets, net and other non-current liabilities, respectively on its Consolidated Balance Sheets at September 30, 2024 and December 31, 2023, respectively.

During the three months ended September 30, 2024 and 2023, the Partnership recognized $0.01 million and $1.1 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 $0.05 million and $5.1 million during the nine months ended September 30, 2024 and 2023, respectively. At September 30, 2024 and December 31, 2023 the Partnership had $0.5 million and $0.0 million, respectively, of other long-term assets, net on its Consolidated Balance Sheets related to a prepaid royalty for this agreement.

14

NATURAL RESOURCE PARTNERS L.P.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—CONTINUED

(Unaudited)

 

12.    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,
	2024					2023					2024					2023
(In thousands)	Revenues		Percent			Revenues		Percent			Revenues		Percent			Revenues		Percent
Alpha Metallurgical Resources, Inc. (1)	$	14,556		28	%	$	17,219		20	%	$	53,345		30	%	$	61,122		22	%
Foresight Energy Resources LLC ("Foresight") (1)	$	7,421		14	%	$	18,600		22	%	$	30,003		17	%	$	43,453		16	%
Alabama Kanu Holdings, LLC (1) (2)	$	7,143		14	%	$	8,892		10	%	$	21,344		12	%	$	24,962		9	%

(1)	Revenues from Alpha Metallurgical Resources, Inc., Foresight and Alabama Kanu Holdings, LLC are included within the Partnership's Mineral Rights segment.
(2)	Alabama Kanu Holdings, LLC purchased Hatfield Metallurgical Holdings, LLC in August 2024.

13.    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.

14.    Unit-Based Compensation

During the nine months ended September 30, 2024 and 2023, 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 nine months ended September 30, 2024 and 2023 was $6.7 million and $16.0 million, respectively, which included a grant date fair value of $2.5 and $2.8 million for the market-based awards valued using a Monte Carlo simulation during the nine months ended September 30, 2024 and 2023, respectively. Total unit-based compensation expense associated with these awards was $3.0 million and $2.7 million for the three months ended September 30, 2024 and 2023, respectively, and $8.9 million and $7.9 million for the nine months ended September 30, 2024 and 2023, respectfully, and is included in general and administrative expenses and operating and maintenance expenses on the Partnership's Consolidated Statements of Comprehensive Income. The unamortized cost associated with unvested outstanding awards as of September 30, 2024 was $12.4 million, which will be recognized over a weighted average period of 1.6 years. The unamortized cost associated with unvested outstanding awards as of  December 31, 2023 was $13.3 million.

A summary of the unit activity in the outstanding grants during 2024 is as follows:

(In thousands)	Common Units			Weighted Average Grant Date Fair Value per Common Unit
Outstanding at January 1, 2024		483		$	46.21
Granted		65		$	103.50
Fully vested and issued		(197	)	$	38.76
Forfeitures		(1	)	$	90.70
Outstanding at September 30, 2024		350		$	60.81

15

NATURAL RESOURCE PARTNERS L.P.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—CONTINUED

(Unaudited)

 

15.    Financing Transaction

The Partnership owns rail loadout and associated infrastructure at the Sugar Camp mine in the Illinois Basin operated by a subsidiary of Foresight. The infrastructure at the Sugar Camp mine is leased to a subsidiary of Foresight and is accounted for as a financing transaction (the "Sugar Camp lease"). The Sugar Camp lease expires in 2032 with renewal options for up to 80 additional years. Minimum payments are $5.0 million per year through the end of the current lease term. The Partnership is also entitled to variable payments in the form of throughput fees based on the amount of coal transported and processed utilizing the Partnership's assets. In the event the Sugar Camp lease is renewed beyond 2032, payments become a fixed ten thousand dollars per year for the remainder of the renewed term.

16.    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, 2024 and December 31, 2023, NRP had the following current expected credit loss (“CECL”) allowance related to its receivables and long-term contract receivable:

	September 30, 2024							December 31, 2023
(In thousands)	Gross		CECL Allowance			Net		Gross		CECL Allowance			Net
Receivables	$	44,356	$	(5,583	)	$	38,773	$	47,170	$	(5,655	)	$	41,515
Long-term contract receivable		25,081		(869	)		24,212		27,265		(944	)		26,321
Total	$	69,437	$	(6,452	)	$	62,985	$	74,435	$	(6,599	)	$	67,836

NRP recorded $0.7 million and $1.6 million of operating and maintenance expenses on its Consolidated Statements of Comprehensive Income related to the change in the CECL allowance during the three months ended September 30, 2024 and 2023, respectively, and a reversal of $0.1 million and $0.8 million of operating and maintenance expenses during the nine months ended September 30, 2024 and 2023, respectively. The Partnership charged an additional $0.4 million and $0.7 million in bad debt expense towards the allowance for doubtful accounts during the three and nine months ended September 30, 2024, 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.

17.    Subsequent Events

The following represents material events that have occurred subsequent to September 30, 2024 through the time of the Partnership’s filing of its Quarterly Report on Form 10-Q with the SEC:

Opco Credit Facility Amendment

In October 2024, NRP entered into the Seventh Amendment to the Opco Credit Facility which extended the maturity from August 2027 to October 2029. The Seventh Amendment also removed reference to the preferred units and warrants, which are no longer outstanding, and includes modifications to Opco's ability to declare and make certain restricted payments.

Common Unit and Preferred Unit Distributions

In November 2024, the Board of Directors declared a distribution of $0.75 per common unit with respect to the third quarter of 2024. 

16

 

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, 2024 and 2023 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, 2023.

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 and preferred 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 joint venture; 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, 2023 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 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 9. 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, 2023. 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.

Distributable Cash Flow

Distributable cash flow ("DCF") represents net cash provided by (used in) operating activities plus distributions from unconsolidated investment in excess of cumulative earnings, proceeds from asset sales and disposals, including sales of discontinued operations, and return of long-term contract receivable; less maintenance capital expenditures. DCF 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. DCF may not be calculated the same for us as for other companies. In addition, DCF presented below is not calculated or presented on the same basis as distributable cash flow as defined in our partnership agreement, which is used as a metric to determine whether we are able to increase quarterly distributions to our common unitholders. DCF 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

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 maintenance and expansion capital expenditures and cash flow used in acquisition costs classified as investing or financing activities. FCF is calculated before mandatory debt repayments. FCF is not a measure of financial performance under GAAP and should not be considered as an alternative to cash flows from operating, investing or financing activities. FCF may not be calculated the same for us as for other companies. FCF is a supplemental liquidity measure used by our management and by external users of our financial statements, such as investors, commercial banks, research analysts and others to assess our ability to make cash distributions and repay debt.

Leverage Ratio

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

17

Introduction

The following discussion and analysis presents management's view of our business, financial condition and overall performance. Our discussion and analysis consists 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 operating 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 ownership provides critical inputs for the manufacturing of steel, electricity and basic building materials, as well as opportunities for carbon sequestration and renewable energy. We are working to strategically redefine our business as a key player in the transitional energy economy in the years to come.

Soda Ash—consists of our 49% non-controlling equity interest in Sisecam Wyoming, a trona ore mining and soda ash production business located in the Green River Basin of Wyoming. Sisecam Wyoming mines the trona and processes it into soda ash that is sold both domestically and internationally into the glass and chemicals industries.

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 segment.

Our financial results by segment for the nine months ended September 30, 2024 are as follows:

	Operating Segments
(In thousands)	Mineral Rights			Soda Ash		Corporate and Financing			Total
Revenues and other income	$	185,077		$	17,204	$	—		$	202,281
Net income (loss)	$	154,017		$	17,092	$	(30,237	)	$	140,872
Adjusted EBITDA (1)	$	166,798		$	28,002	$	(18,193	)	$	176,607
Cash flow provided by (used in) continuing operations
Operating activities	$	179,593		$	28,002	$	(25,322	)	$	182,273
Investing activities	$	6,788		$	—	$	—		$	6,788
Financing activities	$	(1,086	)	$	—	$	(169,064	)	$	(170,150	)
Distributable cash flow (1)	$	186,381		$	28,002	$	(25,322	)	$	189,061
Free cash flow (1)	$	181,572		$	28,002	$	(25,322	)	$	184,252

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

18

Current Results/Market Commentary

Financial Results and Quarterly Distributions 

We generated $182.3 million of operating cash flow and $184.3 million of free cash flow during the nine months ended September 30, 2024, and ended the quarter with $76.2 million of liquidity consisting of $30.9 million of cash and cash equivalents and $45.3 million of available borrowing capacity under our Opco Credit Facility. As of September 30, 2024 our leverage ratio was 0.8 x.

In the first quarter of 2024, holders of our warrants to purchase common units (the "warrants") exercised a total of 1,219,665 warrants with a strike price of $34.00. We settled these warrants on a net basis with a total of $55.7 million in cash and 198,767 common units. In the second quarter of 2024, holders of our warrants exercised the remaining 320,335 warrants with a strike price of $34.00. We settled these warrants on a net basis with $10.0 million in cash and 89,059 common units. Following these transactions, of the originally issued 4.0 million warrants, after giving effect to these settlements and all prior settlements, no warrants remain outstanding.

In May 2024, we executed a negotiated transaction with holders of our Class A Preferred Units ("preferred units") pursuant to which we repurchased an aggregate of 40,000 preferred units for $40.0 million in cash. In September 2024, we redeemed the remaining 31,666 preferred units for $31.7 million in cash. Of the originally issued 250,000 preferred units, after giving effect to these redemptions and all prior redemptions, no preferred units remain outstanding.

In 2024, we exercised our option under the Opco Credit Facility to increase the total aggregate commitment under the Opco Credit Facility twice, initially by $30.0 million from $155.0 million to $185.0 million and subsequently by $15.0 million from $185.0 million to $200.0 million. These increases in the total aggregate commitment were made pursuant to an accordion feature of the Opco Credit Facility. In October 2024, we entered into the Seventh Amendment to the Opco Credit Facility which extended the maturity from August 2027 to October 2029. The Seventh Amendment also removed reference to the preferred units and warrants, which are no longer outstanding, and includes modifications to Opco's ability to declare and make certain restricted payments.

In February 2024, we paid a cash distribution of $0.75 per common unit of NRP with respect to the fourth quarter of 2023 as well as a $2.15 million cash distribution on the preferred units with respect to the fourth quarter of 2023. We paid a special cash distribution of $2.44 per common unit of NRP in March 2024 to help cover unitholder tax liabilities associated with owning NRP's common units in 2023. In May 2024, we paid a cash distribution of $0.75 per common unit of NRP with respect to the first quarter of 2024 as well as a $2.15 million cash distribution on the preferred units with respect to the first quarter of 2024. In August 2024, we paid a cash distribution of $0.75 per common unit of NRP with respect to the second quarter of 2024 as well as a $0.95 million cash distribution on the preferred units with respect to the second quarter of 2024. 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 Business Segment

Revenues and other income during the nine months ended September 30, 2024 decreased $33.1 million, or 15%, as compared to the prior year period. Cash provided by operating activities and free cash flow during the nine months ended September 30, 2024 decreased by $10.2 million and $10.1 million, respectively, as compared to the prior year period. These decreases were primarily due to lower metallurgical coal sales prices as well as lower thermal coal sales prices and volumes as compared to the prior year period. 

Metallurgical coal prices continued to decline during the third quarter of 2024 primarily driven by muted steel demand resulting from sluggish construction activity in China as well as weak manufacturing demand globally. We expect pricing to remain relatively soft for both metallurgical and thermal coal as muted global steel demand impacts metallurgical coal, and mild weather, low natural gas prices, and high inventory levels impact thermal coal. However, continued price support above historical norms is expected due to limited access to capital for operators, qualified labor shortages, and input cost inflation.

We continue to explore carbon neutral revenue opportunities across our ownership footprint. While the timing and likelihood of additional cash flows from these activities is uncertain, we believe our large ownership throughout the United States provides additional opportunities to create value in this regard with minimal capital investment by us. Our carbon neutral revenue opportunities include the sequestration of carbon dioxide underground and in standing forests, lithium production, and the generation of electricity using geothermal, solar, and wind energy. 

Soda Ash Business Segment

Revenues and other income during the nine months ended September 30, 2024 decreased $41.4 million, or 71%, as compared to the prior year period primarily due to significantly lower sales prices driven by increased global production capacity, primarily from China, and weaker demand for flat glass due to a slowdown in global construction activity and weakness in demand for automobiles. Cash provided by operating activities and free cash flow during the nine months ended September 30, 2024 decreased $37.9 million as compared to the prior year period as the decline in revenues and other income resulted in lower cash distributions received from Sisecam Wyoming in the nine months ended September 30, 2024.

We believe it will take several years for the world to absorb the additional soda ash supply recently introduced into the market and allow prices to rise back to historically normal equilibrium levels. The timing of this absorption will be highly dependent on China, which currently produces and consumes approximately 50% of global soda ash.

19

Results of Operations

Third Quarter of 2024 and 2023 Compared

Revenues and Other Income

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

	For the Three Months Ended September 30,							Percentage
Operating Segment (In thousands)	2024		2023		Decrease			Change
Mineral Rights	$	52,218	$	73,966	$	(21,748	)		(29	)%
Soda Ash		8,109		12,401		(4,292	)		(35	)%
Total	$	60,327	$	86,367	$	(26,040	)		(30	)%

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

20

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)	2024			2023			(Decrease)			Change
Coal sales volumes (tons)
Appalachia
Northern		470			284			186			65	%
Central		3,507			3,429			78			2	%
Southern		705			741			(36	)		(5	)%
Total Appalachia		4,682			4,454			228			5	%
Illinois Basin		1,128			2,541			(1,413	)		(56	)%
Northern Powder River Basin		944			1,364			(420	)		(31	)%
Gulf Coast		436			479			(43	)		(9	)%
Total coal sales volumes		7,190			8,838			(1,648	)		(19	)%
Coal royalty revenue per ton
Appalachia
Northern	$	2.34		$	5.54		$	(3.20	)		(58	)%
Central		6.55			8.20			(1.65	)		(20	)%
Southern		9.56			11.88			(2.32	)		(20	)%
Illinois Basin		1.76			3.98			(2.22	)		(56	)%
Northern Powder River Basin		4.82			4.86			(0.04	)		(1	)%
Gulf Coast		0.84			0.69			0.15			22	%
Combined average coal royalty revenue per ton		5.24			6.29			(1.05	)		(17	)%
Coal royalty revenues
Appalachia
Northern	$	1,100		$	1,573		$	(473	)		(30	)%
Central		22,958			28,111			(5,153	)		(18	)%
Southern		6,743			8,806			(2,063	)		(23	)%
Total Appalachia		30,801			38,490			(7,689	)		(20	)%
Illinois Basin		1,987			10,108			(8,121	)		(80	)%
Northern Powder River Basin		4,546			6,627			(2,081	)		(31	)%
Gulf Coast		366			330			36			11	%
Unadjusted coal royalty revenues		37,700			55,555			(17,855	)		(32	)%
Coal royalty adjustment for minimum leases		(95	)		(11	)		(84	)		(764	)%
Total coal royalty revenues	$	37,605		$	55,544		$	(17,939	)		(32	)%
Other revenues
Production lease minimum revenues	$	437		$	850		$	(413	)		(49	)%
Minimum lease straight-line revenues		4,117			4,464			(347	)		(8	)%
Carbon neutral initiative revenues		(39	)		681			(720	)		(106	)%
Wheelage revenues		2,072			2,385			(313	)		(13	)%
Property tax revenues		1,809			1,770			39			2	%
Coal overriding royalty revenues		227			827			(600	)		(73	)%
Lease amendment revenues		1,071			623			448			72	%
Aggregates royalty revenues		662			736			(74	)		(10	)%
Oil and gas royalty revenues		1,317			324			993			306	%
Other revenues		1,127			329			798			243	%
Total other revenues	$	12,800		$	12,989		$	(189	)		(1	)%
Royalty and other mineral rights	$	50,405		$	68,533		$	(18,128	)		(26	)%
Transportation and processing services revenues		1,812			4,579			(2,767	)		(60	)%
Gain on asset sales and disposals		1			854			(853	)		(100	)%
Total Mineral Rights segment revenues and other income	$	52,218		$	73,966		$	(21,748	)		(29	)%

21

Coal Royalty Revenues 

Approximately 75% of coal royalty revenues and approximately 55% of coal royalty sales volumes were derived from metallurgical coal during the three months ended September 30, 2024. Total coal royalty revenues decreased $17.9 million as compared to the prior year quarter primarily due to lower metallurgical coal sales prices as well as lower thermal coal sales prices and volumes during the three months ended September 30, 2024, as compared to the prior year quarter.

Transportation and Processing Services Revenues

Transportation and processing services revenues decreased $2.8 million primarily due to a temporary relocation of certain production off of NRP's coal reserves. The fee per ton associated with the transportation and processing of the non-NRP coal is less than the fee per ton associated with the transportation and processing of NRP coal. 

Soda Ash

Revenues and other income related to our Soda Ash segment decreased $4.3 million as compared to the prior year quarter primarily due to significantly lower sales prices driven by increased global production capacity, primarily from China, and weaker demand for flat glass due to a slowdown in global construction activity and weakness in demand for automobiles.

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)	2024		2023		(Decrease)			Change
Operating expenses
Operating and maintenance expenses	$	6,786	$	8,358	$	(1,572	)		(19	)%
Depreciation, depletion and amortization		4,730		4,594		136			3	%
General and administrative expenses		5,935		5,669		266			5	%
Asset impairments		87		63		24			38	%
Total operating expenses	$	17,538	$	18,684	$	(1,146	)		(6	)%

Total operating expenses decreased $1.1 million as compared to the prior year quarter primarily due to a decrease in operating and maintenance expenses during the three months ended September 30, 2024 as compared to the prior year quarter. The decrease in operating and maintenance expenses was primarily due to lower overriding royalty expense from an agreement with Western Pocahontas Properties Limited Partnership ("WPPLP") in the third quarter of 2024 as compared to the third quarter of 2023. This overriding royalty expense is fully offset by coal royalty revenue we receive from this property.

Interest Expense, Net

Interest expense, net increased $0.4 million primarily due to higher borrowings outstanding on the Opco Credit Facility during the three months ended September 30, 2024 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 by business segment:

	Operating Segments
For the Three Months Ended (In thousands)	Mineral Rights		Soda Ash			Corporate and Financing			Total
September 30, 2024
Net income (loss)	$	40,644	$	8,085		$	(10,134	)	$	38,595
Less: equity earnings from unconsolidated investment		—		(8,109	)		—			(8,109	)
Add: total distributions from unconsolidated investment		—		6,320			—			6,320
Add: interest expense, net		—		—			4,194			4,194
Add: depreciation, depletion and amortization		4,725		—			5			4,730
Add: asset impairments		87		—			—			87
Adjusted EBITDA	$	45,456	$	6,296		$	(5,935	)	$	45,817
September 30, 2023
Net income (loss)	$	61,009	$	12,348		$	(9,511	)	$	63,846
Less: equity earnings from unconsolidated investment		—		(12,401	)		—			(12,401	)
Add: total distributions from unconsolidated investment		—		23,010			—			23,010
Add: interest expense, net		—		—			3,837			3,837
Add: depreciation, depletion and amortization		4,589		—			5			4,594
Add: asset impairments		63		—			—			63
Adjusted EBITDA	$	65,661	$	22,957		$	(5,669	)	$	82,949

Net income decreased $25.3 million as compared to the prior year quarter primarily due to the decrease in revenues and other income as discussed above. Adjusted EBITDA decreased $37.1 million as compared to the prior year quarter primarily due to a $20.2 million decrease in Adjusted EBITDA within our Mineral Rights segment driven by the lower revenues and other income as discussed above in addition to a $16.7 million decrease in Adjusted EBITDA within our Soda Ash segment driven by a lower distribution received from Sisecam Wyoming in the third quarter of 2024.

22

Distributable Cash Flow ("DCF") and Free Cash Flow ("FCF") (Non-GAAP Financial Measures)

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

	Operating Segments
For the Three Months Ended (In thousands)	Mineral Rights		Soda Ash		Corporate and Financing			Total
September 30, 2024
Cash flow provided by (used in)
Operating activities	$	53,610	$	6,297	$	(5,762	)	$	54,145
Investing activities		674		—		—			674
Financing activities		—		—		(56,259	)		(56,259	)
September 30, 2023
Cash flow provided by (used in)
Operating activities	$	60,938	$	22,958	$	(4,954	)	$	78,942
Investing activities		1,477		—		—			1,477
Financing activities		—		—		(72,738	)		(72,738	)

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

	Operating Segments
For the Three Months Ended (In thousands)	Mineral Rights			Soda Ash		Corporate and Financing			Total
September 30, 2024
Net cash provided by (used in) operating activities	$	53,610		$	6,297	$	(5,762	)	$	54,145
Add: proceeds from asset sales and disposals		1			—		—			1
Add: return of long-term contract receivable		673			—		—			673
Distributable cash flow	$	54,284		$	6,297	$	(5,762	)	$	54,819
Less: proceeds from asset sales and disposals		(1	)		—		—			(1	)
Free cash flow	$	54,283		$	6,297	$	(5,762	)	$	54,818
September 30, 2023
Net cash provided by (used in) operating activities	$	60,938		$	22,958	$	(4,954	)	$	78,942
Add: proceeds from asset sales and disposals		855			—		—			855
Add: return of long-term contract receivable		622			—		—			622
Less: maintenance capital expenditures		—			—		—			—
Distributable cash flow	$	62,415		$	22,958	$	(4,954	)	$	80,419
Less: proceeds from asset sales and disposals		(855	)		—		—			(855	)
Free cash flow	$	61,560		$	22,958	$	(4,954	)	$	79,564

Operating cash flow, DCF and FCF decreased $24.8 million, $25.6 million and $24.7 million, respectively, as compared to the prior year quarter. The discussion by segment is as follows:

• Mineral Rights Segment

◦ Operating cash flow, DCF and FCF decreased $7.3 million, $8.1 million and $7.3 million, respectively, primarily due to lower metallurgical coal sales prices as well as lower thermal coal sales prices and volumes as compared to the prior year quarter. 

• Soda Ash Segment

◦ Operating cash flow, DCF and FCF decreased $16.7 million as compared to the prior year quarter primarily due to a lower distribution received from Sisecam Wyoming in the third quarter of 2024.

• Corporate and Financing

◦ Operating cash flow, DCF and FCF decreased $0.8 million as compared to the prior year quarter primarily due to higher cash paid for interest resulting from higher borrowings outstanding on the Opco Credit Facility during the three months ended September 30, 2024.

23

First Nine Months of 2024 and 2023 Compared

Revenues and Other Income

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

	For the Nine Months Ended September 30,							Percentage
Operating Segment (In thousands)	2024		2023		Decrease			Change
Mineral Rights	$	185,077	$	218,213	$	(33,136	)		(15	)%
Soda Ash		17,204		58,633		(41,429	)		(71	)%
Total	$	202,281	$	276,846	$	(74,565	)		(27	)%

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

24

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)	2024			2023			(Decrease)			Change
Coal sales volumes (tons)
Appalachia
Northern		716			1,053			(337	)		(32	)%
Central		10,677			10,390			287			3	%
Southern		1,984			2,016			(32	)		(2	)%
Total Appalachia		13,377			13,459			(82	)		(1	)%
Illinois Basin		4,503			5,482			(979	)		(18	)%
Northern Powder River Basin		2,460			3,330			(870	)		(26	)%
Gulf Coast		1,136			676			460			68	%
Total coal sales volumes		21,476			22,947			(1,471	)		(6	)%
Coal royalty revenue per ton
Appalachia
Northern	$	2.70		$	7.59		$	(4.89	)		(64	)%
Central		7.34			8.89			(1.55	)		(17	)%
Southern		10.37			12.41			(2.04	)		(16	)%
Illinois Basin		2.33			3.63			(1.30	)		(36	)%
Northern Powder River Basin		4.87			4.74			0.13			3	%
Gulf Coast		0.79			0.68			0.11			16	%
Combined average coal royalty revenue per ton		5.78			7.04			(1.26	)		(18	)%
Coal royalty revenues
Appalachia
Northern	$	1,930		$	7,991		$	(6,061	)		(76	)%
Central		78,328			92,362			(14,034	)		(15	)%
Southern		20,571			25,024			(4,453	)		(18	)%
Total Appalachia		100,829			125,377			(24,548	)		(20	)%
Illinois Basin		10,510			19,924			(9,414	)		(47	)%
Northern Powder River Basin		11,976			15,768			(3,792	)		(24	)%
Gulf Coast		902			461			441			96	%
Unadjusted coal royalty revenues		124,217			161,530			(37,313	)		(23	)%
Coal royalty adjustment for minimum leases		(109	)		(3	)		(106	)		(3,533	)%
Total coal royalty revenues	$	124,108		$	161,527		$	(37,419	)		(23	)%
Other revenues
Production lease minimum revenues	$	1,773		$	2,025		$	(252	)		(12	)%
Minimum lease straight-line revenues		12,414			13,414			(1,000	)		(7	)%
Carbon neutral initiative revenues		4,322			2,914			1,408			48	%
Wheelage revenues		7,082			9,538			(2,456	)		(26	)%
Property tax revenues		5,246			4,710			536			11	%
Coal overriding royalty revenues		2,064			1,165			899			77	%
Lease amendment revenues		2,485			2,322			163			7	%
Aggregates royalty revenues		2,164			2,175			(11	)		(1	)%
Oil and gas royalty revenues		6,956			5,126			1,830			36	%
Other revenues		3,754			895			2,859			319	%
Total other revenues	$	48,260		$	44,284		$	3,976			9	%
Royalty and other mineral rights	$	172,368		$	205,811		$	(33,443	)		(16	)%
Transportation and processing services revenues		7,900			11,447			(3,547	)		(31	)%
Gain on asset sales and disposals		4,809			955			3,854			404	%
Total Mineral Rights segment revenues and other income	$	185,077		$	218,213		$	(33,136	)		(15	)%

25

Coal Royalty Revenues

Approximately 75% of coal royalty revenues and approximately 55% of coal royalty sales volumes were derived from metallurgical coal during the nine months ended September 30, 2024. Total coal royalty revenues decreased $37.4 million as compared to the prior year period primarily due to lower metallurgical coal sales prices as well as lower thermal coal sales prices and volumes during the nine months ended September 30, 2024, as compared to the prior year period.

Other Revenues

Other revenues increased $4.0 million primarily driven by higher oil and gas royalty and other revenues as compared to the prior year period.

Gain on Asset Sales and Disposals

Gain on asset sales and disposals increased $3.9 million during the nine months ended September 30, 2024 as compared to the prior year period as a result of a coal property condemnation in the second quarter of 2024. 

Soda Ash

Revenues and other income related to our Soda Ash segment decreased $41.4 million as compared to the prior year period primarily due to significantly lower sales prices driven by increased global production capacity, primarily from China, and weaker demand for flat glass due to a slowdown in global construction activity and weakness in demand for automobiles.

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)	2024		2023		(Decrease)			Change
Operating expenses
Operating and maintenance expenses	$	18,391	$	23,451	$	(5,060	)		(22	)%
Depreciation, depletion and amortization		12,708		12,469		239			2	%
General and administrative expenses		18,193		17,157		1,036			6	%
Asset impairments		87		132		(45	)		(34	)%
Total operating expenses	$	49,379	$	53,209	$	(3,830	)		(7	)%

Total operating expenses decreased $3.8 million as compared to the prior year period primarily due to a decrease in operating and maintenance expenses during the nine months ended September 30, 2024 as compared to the prior year period. The decrease in operating and maintenance expenses was primarily due to lower overriding royalty expense from an agreement with WPPLP in the first nine months of 2024 as compared to the first nine months of 2023. This overriding royalty expense is fully offset by coal royalty revenue we receive from this property.

Interest Expense, Net

Interest expense, net increased $1.8 million primarily due to higher borrowings outstanding on the Opco Credit Facility during the nine months ended September 30, 2024 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 by business segment:

	Operating Segments
For the Nine Months Ended (In thousands)	Mineral Rights		Soda Ash			Corporate and Financing			Total
September 30, 2024
Net income (loss)	$	154,017	$	17,092		$	(30,237	)	$	140,872
Less: equity earnings from unconsolidated investment		—		(17,204	)		—			(17,204	)
Add: total distributions from unconsolidated investment		—		28,114			—			28,114
Add: interest expense, net		—		—			12,030			12,030
Add: depreciation, depletion and amortization		12,694		—			14			12,708
Add: asset impairments		87		—			—			87
Adjusted EBITDA	$	166,798	$	28,002		$	(18,193	)	$	176,607
September 30, 2023
Net income (loss)	$	182,400	$	58,408		$	(27,353	)	$	213,455
Less: equity earnings from unconsolidated investment		—		(58,633	)		—			(58,633	)
Add: total distributions from unconsolidated investment		—		66,140			—			66,140
Add: interest expense, net		—		—			10,182			10,182
Add: depreciation, depletion and amortization		12,455		—			14			12,469
Add: asset impairments		132		—			—			132
Adjusted EBITDA	$	194,987	$	65,915		$	(17,157	)	$	243,745

Net income decreased $72.6 million as compared to the prior year period primarily due to the decrease in revenues and other income as discussed above. Adjusted EBITDA decreased $67.1 million as compared to the prior year period primarily due to an $28.2 million decrease in Adjusted EBITDA within our Mineral Rights segment primarily as a result of lower revenues and other income and a $37.9 million decrease in Adjusted EBITDA within our Soda Ash segment primarily due to lower distributions received from Sisecam Wyoming in the first nine months of 2024.

26

Distributable Cash Flow ("DCF") and Free Cash Flow ("FCF") (Non-GAAP Financial Measures)

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

	Operating Segments
For the Nine Months Ended (In thousands)	Mineral Rights			Soda Ash		Corporate and Financing			Total
September 30, 2024
Cash flow provided by (used in)
Operating activities	$	179,593		$	28,002	$	(25,322	)	$	182,273
Investing activities		6,788			—		—			6,788
Financing activities		(1,086	)		—		(169,064	)		(170,150	)
September 30, 2023
Cash flow provided by (used in)
Operating activities	$	189,836		$	65,901	$	(22,545	)	$	233,192
Investing activities		2,791			—		(10	)		2,781
Financing activities		(583	)		—		(256,070	)		(256,653	)

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

	Operating Segments
For the Nine Months Ended (In thousands)	Mineral Rights			Soda Ash		Corporate and Financing			Total
September 30, 2024
Net cash provided by (used in) operating activities	$	179,593		$	28,002	$	(25,322	)	$	182,273
Add: proceeds from asset sales and disposals		4,809			—		—			4,809
Add: return of long-term contract receivable		1,979			—		—			1,979
Less: maintenance capital expenditures		—			—		—			—
Distributable cash flow	$	186,381		$	28,002	$	(25,322	)	$	189,061
Less: proceeds from asset sales and disposals		(4,809	)		—		—			(4,809	)
Free cash flow	$	181,572		$	28,002	$	(25,322	)	$	184,252
September 30, 2023
Net cash provided by (used in) operating activities	$	189,836		$	65,901	$	(22,545	)	$	233,192
Add: proceeds from asset sales and disposals		961			—		—			961
Add: return of long-term contract receivable		1,830			—		—			1,830
Less: maintenance capital expenditures		—			—		(10	)		(10	)
Distributable cash flow	$	192,627		$	65,901	$	(22,555	)	$	235,973
Less: proceeds from asset sales and disposals		(961	)		—		—			(961	)
Free cash flow	$	191,666		$	65,901	$	(22,555	)	$	235,012

Operating cash flow, DCF and FCF decreased $50.9 million, $46.9 million and $50.8 million, respectively. The discussion by segment is as follows:

• Mineral Rights Segment

◦ Operating cash flow, DCF and FCF decreased $10.2 million, $6.2 million and $10.1 million, respectively, primarily due to lower metallurgical coal sales prices as well as lower thermal coal sales prices and volumes during the first nine months of 2024 as compared to the prior year period. The decrease in DCF was partially offset by cash received related to a coal property condemnation in the second quarter of 2024.

• Soda Ash Segment

◦ Operating cash flow, DCF and FCF decreased $37.9 million as compared to the prior year period primarily due to lower distributions received from Sisecam Wyoming in the first nine months of 2024.

• Corporate and Financing Segment

◦ Operating cash flow, DCF and FCF decreased $2.8 million as compared to the prior year quarter primarily due to higher cash paid for interest resulting from higher borrowings outstanding on the Opco Credit Facility during the nine months ended September 30, 2024.

27

Liquidity and Capital Resources

Current Liquidity

As of September 30, 2024, we had total liquidity of $76.2 million, consisting of $30.9 million of cash and cash equivalents and $45.3 million of borrowing capacity under our Opco Credit Facility. We have debt service obligations, including approximately $14 million of principal repayments on Opco’s senior notes, throughout the remainder of 2024. The following table calculates our leverage ratio as of September 30, 2024: 

	For the Three Months Ended
(In thousands)	December 31, 2023			March 31, 2024			June 30, 2024			September 30, 2024			Last 12 Months
Net income	$	64,980		$	56,213		$	46,064		$	38,595		$	205,852
Less: equity earnings from unconsolidated investment		(14,764	)		(5,450	)		(3,645	)		(8,109	)		(31,968	)
Add: total distributions from unconsolidated investment		15,338			14,210			7,584			6,320			43,452
Add: interest expense, net		3,921			3,487			4,349			4,194			15,951
Add: depreciation, depletion and amortization		6,020			4,654			3,324			4,730			18,728
Add: asset impairments		424			—			—			87			511
Adjusted EBITDA	$	75,919		$	73,114		$	57,676		$	45,817		$	252,526
Debt—at September 30, 2024													$	197,678
Leverage Ratio													0.8 x

Cash Flows

Cash flows provided by operating activities decreased $50.9 million, from $233.2 million in the nine months ended September 30, 2023 to $182.3 million in the nine months ended September 30, 2024, primarily due to decreased cash flow within our Mineral Rights and Soda Ash segments, all discussed above.

Cash flows provided by investing activities increased $4.0, million from $2.8 million in the nine months ended September 30, 2023 to $6.8 million in the nine months ended September 30, 2024, primarily due to a coal condemnation payment received in the second quarter of 2024.

Cash used in financing activities decreased $86.5 million, from $256.7 million used in the nine months ended September 30, 2023 to $170.2 million used in the nine months ended September 30, 2024 due to the following:

• $106.7 million of decreased cash used for the redemption of preferred units in 2024 as compared to 2023;

• $65.4 million of decreased debt repayments in 2024 as compared to 2023; and

• $13.5 million decreased distributions to preferred unitholders in 2024 as compared to 2023.

These decreases in cash flow used were partially offset by the following:

• $62.2 million of decreased borrowings on the Opco Credit Facility in 2024 as compared to 2023; 

• $32.1 million of increased cash used for the warrant settlements in 2024 as compared to 2023;

• $2.9 million of increased cash used for other items, net in 2024 as compared to 2023; and

• $1.9 million of increased distributions to common unitholders and the general partner in 2024 as compared to 2023.

28

Capital Resources and Obligations

Debt, Net

We had the following debt outstanding as of September 30, 2024 and December 31, 2023:

	September 30,		December 31,
(In thousands)	2024		2023
Current portion of long-term debt, net	$	14,226	$	30,785
Long-term debt, net		183,137		124,273
Total debt, net	$	197,363	$	155,058

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 9. 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 set forth under Note 11. Related Party Transactions to the Consolidated Financial Statements 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, 2023.

Recent Accounting Standards

In November 2023, the FASB issued ASU No. 2023-07—Segment Reporting (Topic 280)—Improvements to Reportable Segment Disclosures ("ASU 2023-07"). The amendments in ASU 2023-07 improve reportable segment disclosure requirements, primarily through enhanced disclosures about segment expenses. The guidance is effective for annual periods beginning after December 15, 2023 and quarterly periods beginning after December 15, 2024 and will be adopted retrospectively to all prior periods presented in the financial statements. We do not expect the adoption of ASU 2023-07 to have a material effect on our Consolidated Financial Statements.

29

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 substantially 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 affects 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. 

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, 2024, we had $154.7 million in borrowings outstanding under the Opco Credit Facility. If interest rates were to increase by 1%, annual interest expense would increase approximately $1.5 million, assuming the same principal amount remained outstanding during the year.

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 2024 that materially affected, or were reasonably likely to materially affect, the Partnership’s internal control over financial reporting.

30

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, 2023.

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).
10.1	New Lender Agreement, dated as of February 1, 2024, by and among NRP (Operating) LLC, Zions Bancorporation, N.A. dba Amegy Bank, and Summit Community Bank (incorporated by reference to Exhibit 10.1 to Current Report on Form 8-K filed on February 6, 2024).
10.2	Commitment Increase Agreement dated as of February 14, 2024, by and among NRP (Operating) LLC, Zions Bancorporation, N.A. dba Amegy Bank, and Frost Bank (incorporated by reference to Exhibit 10.1 to Current Report on Form 8-K filed on February 20, 2024).
10.3	Seventh Amendment to the Third Amended and Restated Credit Agreement, dated as of October 15, 2024, by and among NRP (Operating) LLC, the lenders party thereto and Zions Bancorporation, N.A. dba Amegy Bank, as administrative agent and collateral agent (incorporated by reference to Exhibit 10.1 to Current Report on Form 8-K filed on October 18, 2024).
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

31

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 5, 2024	By:	/s/ Corbin J. Robertson, Jr.
		Corbin J. Robertson, Jr.
		Chairman of the Board and
		Chief Executive Officer
		(Principal Executive Officer)

Date: November 5, 2024	By:	/s/ Christopher J. Zolas
		Christopher J. Zolas
		Chief Financial Officer
		(Principal Financial and Accounting Officer)

32

EX-31.1

Exhibit 31.1

CERTIFICATION OF CHIEF EXECUTIVE OFFICER

I, Corbin J. Robertson, Jr., certify that: 

1 I have reviewed this report on Form 10-Q of Natural Resource Partners L.P.

2 Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3 Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4 The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

a. Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b. Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c. Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d. Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5 The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions);

a. All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

b. Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

By:	/s/ Corbin J. Robertson, Jr.
	Corbin J. Robertson, Jr.
	Chief Executive Officer
Date:	November 5, 2024

EX-31.2

Exhibit 31.2

CERTIFICATION OF CHIEF FINANCIAL OFFICER

I, Christopher J. Zolas, certify that:

1 I have reviewed this report on Form 10-Q of Natural Resource Partners L.P.

2 Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3 Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4 The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

a. Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b. Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c. Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d. Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5 The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions);

a. All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

b. Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

By:	/s/ Christopher J. Zolas
	Christopher J. Zolas
	Chief Financial Officer
Date:	November 5, 2024

EX-32.1

Exhibit 32.1

CERTIFICATION OF

CHIEF EXECUTIVE OFFICER

OF GP NATURAL RESOURCE PARTNERS LLC

PURSUANT TO 18 U.S.C. § 1350

In connection with the accompanying report on Form 10-Q for the quarter ended September 30, 2024 filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Corbin J. Robertson, Jr., Chief Executive Officer of GP Natural Resource Partners LLC, the general partner of the general partner of Natural Resource Partners L.P. (the “Company”), hereby certify, to my knowledge, that:

1. The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

By:	/s/ Corbin J. Robertson, Jr.
	Corbin J. Robertson, Jr.
	Chief Executive Officer
Date:	November 5, 2024

EX-32.2

Exhibit 32.2

CERTIFICATION OF

CHIEF FINANCIAL OFFICER

OF GP NATURAL RESOURCE PARTNERS LLC

PURSUANT TO 18 U.S.C. § 1350

In connection with the accompanying report on Form 10-Q for the quarter ended September 30, 2024 filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Christopher J. Zolas, Chief Financial Officer of GP Natural Resource Partners LLC, the general partner of the general partner of Natural Resource Partners L.P. (the “Company”), hereby certify, to my knowledge, that:

1. The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

By:	/s/ Christopher J. Zolas
	Christopher J. Zolas
	Chief Financial Officer
Date:	November 5, 2024

XML

Document And Entity Information - shares	9 Months Ended
	Sep. 30, 2024	Nov. 05, 2024
Document Information [Line Items]
Entity Central Index Key	0001171486
Entity Registrant Name	NATURAL RESOURCE PARTNERS LP
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Document Fiscal Period Focus	Q3
Document Fiscal Year Focus	2024
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2024
Document Transition Report	false
Entity File Number	001-31465
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	35-2164875
Entity Address, Address Line One	1415 Louisiana Street, Suite 3325
Entity Address, City or Town	Houston
Entity Address, State or Province	TX
Entity Address, Postal Zip Code	77002
City Area Code	713
Local Phone Number	751-7507
Title of 12(b) Security	Common Units representing limited partner interests
Trading Symbol	NRP
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		13,049,123

XML

Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Current assets
Cash and cash equivalents	$ 30,900	$ 11,989
Accounts receivable, net	36,886	41,086
Other current assets, net	1,483	2,218
Total current assets	69,269	55,293
Land	24,008	24,008
Mineral rights, net	382,274	394,483
Intangible assets, net	13,109	13,682
Equity in unconsolidated investment	267,806	276,549
Long-term contract receivable, net	24,212	26,321
Other Assets, Noncurrent	9,187	7,540
Total assets	789,865	797,876
Current liabilities
Accounts payable	984	885
Accrued liabilities	7,912	12,987
Accrued interest	775	584
Current portion of deferred revenue	5,823	4,599
Current portion of long-term debt, net	14,226	30,785
Total current liabilities	29,720	49,840
Deferred revenue	53,912	38,356
Long-term debt, net	183,137	124,273
Other Liabilities, Noncurrent	5,903	7,172
Total liabilities	272,672	219,641
Commitments and contingencies (see Note 13)
Class A Convertible Preferred Units (71,666 issued and outstanding at December 31, 2023 at $1,000 par value per unit) (See Note 3)	0	47,181
Partners’ capital
Common unitholders’ interest (13,049,123 and 12,634,642 units issued and outstanding at September 30, 2024 and December 31, 2023, respectively)	509,258	503,076
General partner’s interest	8,891	8,005
Warrant holders’ interest	0	23,095
Accumulated other comprehensive loss	(956)	(3,122)
Total partners’ capital	517,193	531,054
Total liabilities and partners' capital	$ 789,865	$ 797,876

XML

Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - $ / shares	Sep. 30, 2024	Dec. 31, 2023
Temporary Equity, shares issued (in shares)		71,666
Temporary Equity, shares outstanding (in shares)		71,666
Temporary Equity, par value (in dollars per share)	$ 1,000	$ 1,000
Common unitholders interest, issued (in shares)	13,049,123	12,634,642
Common unitholders interest, outstanding (in shares)	13,049,123	12,634,642

XML

Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands	3 Months Ended				9 Months Ended
	Sep. 30, 2024		Sep. 30, 2023		Sep. 30, 2024	Sep. 30, 2023
Revenues and other income
Equity in earnings of Sisecam Wyoming	$ 8,109		$ 12,401		$ 17,204	$ 58,633
Gain on asset sales and disposals	1		854		4,809	955
Total revenues and other income	60,327		86,367		202,281	276,846
Operating expenses
Operating and maintenance expenses	6,786		8,358		18,391	23,451
Depreciation, depletion and amortization	4,730		4,594		12,708	12,469
General and administrative expenses	5,935		5,669		18,193	17,157
Asset impairments	87		63		87	132
Total operating expenses	17,538		18,684		49,379	53,209
Income from operations	42,789		67,683		152,902	223,637
Interest expense, net	(4,194)		(3,837)		(12,030)	(10,182)
Net income	38,595	[1]	63,846	[2]	140,872	213,455
Less: income attributable to preferred unitholders	(655)		(2,936)		(4,248)	(14,568)
Less: redemption of preferred units	(10,819)		(17,083)		(24,485)	(60,929)
Net income attributable to common unitholders and the general partner	27,121		43,827		112,139	137,958
Net income attributable to common unitholders	26,578		42,951		109,896	135,199
Net income attributable to the general partner	$ 543		$ 876		$ 2,243	$ 2,759
Net income per common unit (see Note 5)
Basic (in dollars per share)	$ 2.04		$ 3.4		$ 8.47	$ 10.72
Diluted (in dollars per share)	$ 2		$ 2.91		$ 8.21	$ 8.88
Net income	$ 38,595	[1]	$ 63,846	[2]	$ 140,872	$ 213,455
Comprehensive income (loss) from unconsolidated investment and other	82		2,200		2,166	(16,472)
Comprehensive income	38,677		66,046		143,038	196,983
Royalty and Other Mineral Rights [Member] | Mineral Rights Segment [Member]
Revenues and other income
Revenues	50,405		68,533		172,368	205,811
Transportation and Processing Services [Member] | Mineral Rights Segment [Member]
Revenues and other income
Revenues	$ 1,812		$ 4,579		$ 7,900	$ 11,447

[1] Net income includes $0.66 million of income attributable to preferred unitholders that accumulated during the period, of which $0.64 million is allocated to the common unitholders and $0.01 million is allocated to the general partner.

[2] Net income includes $2.9 million of income attributable to preferred unitholders that accumulated during the period, of which $2.9 million is allocated to the common unitholders and $0.1 million is allocated to the general partner.

XML

Consolidated Statements of Partners' Capital (Unaudited) - USD ($) $ in Thousands		Total	AOCI Attributable to Parent [Member]	Limited Partner [Member]	General Partner [Member]	Warrant Holder [Member]
Balance (in shares) at Dec. 31, 2022				12,506,000
Balance at Dec. 31, 2022		$ 477,457	$ 18,717	$ 404,799	$ 5,977	$ 47,964
Net income	[1]	79,275		77,690	1,585
Distributions to common unitholders and the general partner		(40,900)		(40,082)	(818)
Distributions to preferred unitholders		(8,086)		$ (7,924)	(162)
Issuance of unit-based awards (in shares)				129,000
Unit-based awards amortization and vesting, net		(1,178)		$ (1,178)
Capital contribution		142			142
Comprehensive income from unconsolidated investment and other		(19,583)	(19,583)
Redemption of preferred units		(16,228)		$ (15,904)	(324)
Balance (in shares) at Mar. 31, 2023				12,635,000
Balance at Mar. 31, 2023		470,899	(866)	$ 417,401	6,400	47,964
Balance (in shares) at Dec. 31, 2022				12,506,000
Balance at Dec. 31, 2022		477,457	18,717	$ 404,799	5,977	47,964
Net income		213,455
Comprehensive income from unconsolidated investment and other		(16,472)
Balance (in shares) at Sep. 30, 2023				12,635,000
Balance at Sep. 30, 2023		503,327	2,245	$ 461,043	7,196	32,843
Balance (in shares) at Mar. 31, 2023				12,635,000
Balance at Mar. 31, 2023		470,899	(866)	$ 417,401	6,400	47,964
Net income	[2]	70,334		68,927	1,407
Distributions to common unitholders and the general partner		(9,669)		(9,476)	(193)
Distributions to preferred unitholders		(7,396)		(7,248)	(148)
Unit-based awards amortization and vesting, net		2,299		2,299
Comprehensive income from unconsolidated investment and other		911	911
Redemption of preferred units		(27,618)		$ (27,065)	(553)
Balance (in shares) at Jun. 30, 2023				12,635,000
Balance at Jun. 30, 2023		499,760	45	$ 444,838	6,913	47,964
Net income	[3]	63,846		62,569	1,277
Distributions to common unitholders and the general partner		(9,669)		(9,475)	(194)
Distributions to preferred unitholders		(4,437)		(4,349)	(88)
Unit-based awards amortization and vesting, net		2,318		2,318
Warrant settlements		(33,608)		(18,117)	(370)	(15,121)
Comprehensive income from unconsolidated investment and other		2,200	2,200
Redemption of preferred units		(17,083)		$ (16,741)	(342)
Balance (in shares) at Sep. 30, 2023				12,635,000
Balance at Sep. 30, 2023		503,327	2,245	$ 461,043	7,196	32,843
Balance (in shares) at Dec. 31, 2023				12,635
Balance at Dec. 31, 2023		531,054	(3,122)	$ 503,076	8,005	23,095
Net income	[4]	56,213	0	55,089	1,124	0
Distributions to common unitholders and the general partner		(42,186)	0	(41,342)	(844)	0
Distributions to preferred unitholders		(2,150)	0	$ (2,107)	(43)	0
Issuance of unit-based awards (in shares)				126
Issuance of unit-based awards		0	0	$ 0	0	0
Unit-based awards amortization and vesting, net		(3,971)	0	(3,971)	0	0
Capital contribution		227	0	$ 0	227	0
Warrant settlements (in shares)				199
Warrant settlements		(55,689)	0	$ (36,650)	(748)	(18,291)
Comprehensive income from unconsolidated investment and other		845	845	$ 0	0	0
Balance (in shares) at Mar. 31, 2024				12,960
Balance at Mar. 31, 2024		484,343	(2,277)	$ 474,095	7,721	4,804
Balance (in shares) at Dec. 31, 2023				12,635
Balance at Dec. 31, 2023		531,054	(3,122)	$ 503,076	8,005	23,095
Net income		140,872
Comprehensive income from unconsolidated investment and other		2,166
Balance (in shares) at Sep. 30, 2024				13,049
Balance at Sep. 30, 2024		517,193	(956)	$ 509,258	8,891	0
Balance (in shares) at Mar. 31, 2024				12,960
Balance at Mar. 31, 2024		484,343	(2,277)	$ 474,095	7,721	4,804
Net income	[5]	46,064	0	45,142	922	0
Distributions to common unitholders and the general partner		(9,987)	0	(9,787)	(200)	0
Distributions to preferred unitholders		(2,643)	0	(2,590)	(53)	0
Unit-based awards amortization and vesting, net		2,502	0	2,502	0	0
Capital contribution		555	0	$ 0	555	0
Warrant settlements (in shares)				89
Warrant settlements		(10,000)	0	$ (5,092)	(104)	(4,804)
Comprehensive income from unconsolidated investment and other		1,239	1,239	0	0	0
Redemption of preferred units		(13,666)	0	$ (13,393)	(273)	0
Balance (in shares) at Jun. 30, 2024				13,049
Balance at Jun. 30, 2024		498,407	(1,038)	$ 490,877	8,568	0
Net income	[6]	38,595	0	37,824	771	0
Distributions to common unitholders and the general partner		(9,986)	0	(9,787)	(199)	0
Distributions to preferred unitholders		(1,605)	0	(1,573)	(32)	0
Unit-based awards amortization and vesting, net		2,519	0	2,519	0	0
Comprehensive income from unconsolidated investment and other		82	82	0	0	0
Redemption of preferred units		(10,819)	0	$ (10,602)	(217)	0
Balance (in shares) at Sep. 30, 2024				13,049
Balance at Sep. 30, 2024		$ 517,193	$ (956)	$ 509,258	$ 8,891	$ 0

[1] Net income includes $6.7 million of income attributable to preferred unitholders that accumulated during the period, of which $6.5 million is allocated to the common unitholders and $0.1 million is allocated to the general partner.

[2] Net income includes $5.0 million of income attributable to preferred unitholders that accumulated during the period, of which $4.9 million is allocated to the common unitholders and $0.1 million is allocated to the general partner.

[3] Net income includes $2.9 million of income attributable to preferred unitholders that accumulated during the period, of which $2.9 million is allocated to the common unitholders and $0.1 million is allocated to the general partner.

[4] Net income includes $2.15 million of income attributable to preferred unitholders that accumulated during the period, of which $2.11 million is allocated to the common unitholders and $0.04 million is allocated to the general partner.

[5] Net income includes $1.44 million of income attributable to preferred unitholders that accumulated during the period, of which $1.41 million is allocated to the common unitholders and $0.03 million is allocated to the general partner.

[6] Net income includes $0.66 million of income attributable to preferred unitholders that accumulated during the period, of which $0.64 million is allocated to the common unitholders and $0.01 million is allocated to the general partner.

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Consolidated Statements of Partners' Capital (Unaudited) (Parentheticals) - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023
Allocation to unitholders	$ 655	$ 1,440	$ 2,150	$ 2,936	$ 4,970	$ 6,660
Allocation to unitholders	655	1,440	2,150	2,936	4,970	6,660
Limited Partner [Member]
Allocation to unitholders	640	1,410	2,110	2,880	4,870	6,530
Allocation to unitholders	640	1,410	2,110	2,880	4,870	6,530
General Partner [Member]
Allocation to unitholders	10	30	40	60	100	130
Allocation to unitholders	$ 10	$ 30	$ 40	$ 60	$ 100	$ 130

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Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Cash flows from operating activities
Net income	$ 140,872	$ 213,455
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation, depletion and amortization	12,708	12,469
Distributions from unconsolidated investment	28,114	66,140
Equity earnings from unconsolidated investment	(17,204)	(58,633)
Gain on asset sales and disposals	(4,809)	(955)
Asset impairments	87	132
Bad debt expense	538	813
Unit-based compensation expense	8,878	7,903
Amortization of debt issuance costs and other	(2,603)	1,043
Change in operating assets and liabilities:
Accounts receivable	5,711	4,090
Accounts payable	98	(850)
Accrued liabilities	(5,917)	(6,288)
Accrued interest	192	235
Deferred revenue	16,781	(4,963)
Other items, net	(1,173)	(1,399)
Net cash provided by operating activities	182,273	233,192
Cash flows from investing activities
Proceeds from asset sales and disposals	4,809	961
Return of long-term contract receivable	1,979	1,830
Capital expenditures	0	(10)
Net cash provided by investing activities	6,788	2,781
Cash flows from financing activities
Debt borrowings	152,850	215,034
Debt repayments	(110,696)	(176,061)
Redemption of preferred units	(71,666)	(178,334)
Warrant settlements (see Note 3)	(65,689)	(33,608)
Other items, net	(6,392)	(3,527)
Net cash used in financing activities	(170,150)	(256,653)
Net increase (decrease) in cash and cash equivalents	18,911	(20,680)
Cash and cash equivalents at beginning of period	11,989	39,091
Cash and cash equivalents at end of period	30,900	18,411
Supplemental cash flow information:
Cash paid for interest	11,466	9,484
Common Unitholders And General Partner [Member]
Cash flows from financing activities
Distributions to unitholders	(62,159)	(60,238)
Preferred Partner [Member]
Cash flows from financing activities
Distributions to unitholders	$ (6,398)	$ (19,919)

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Note 1 - Basis of Presentation

9 Months Ended

Sep. 30, 2024

Notes to Financial Statements

Basis of Presentation and Significant Accounting Policies [Text Block]

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 operating segments further described in Note 6. 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, 2023 and notes thereto included in the Partnership's Annual Report on Form 10-K, which was filed with the SEC on March 7, 2024. 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 2023, the FASB issued ASU No. 2023-07—Segment Reporting (Topic 280)—Improvements to Reportable Segment Disclosures ("ASU 2023-07"). The amendments in ASU 2023-07 improve reportable segment disclosure requirements, primarily through enhanced disclosures about segment expenses. The guidance is effective for annual periods beginning after  December 15, 2023 and quarterly periods beginning after December 15, 2024 and will be adopted retrospectively to all prior periods presented in the financial statements. NRP does not expect the adoption of ASU 2023-07 to have a material effect on its Consolidated Financial Statements.

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Note 2 - Revenues From Contracts With Customers

9 Months Ended

Sep. 30, 2024

Notes to Financial Statements

Revenue from Contract with Customer [Text Block]

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)	2024			2023		2024		2023
Coal royalty revenues	$	37,605		$	55,544	$	124,108	$	161,527
Production lease minimum revenues		437			850		1,773		2,025
Minimum lease straight-line revenues		4,117			4,464		12,414		13,414
Carbon neutral initiative revenues		(39	)		681		4,322		2,914
Property tax revenues		1,809			1,770		5,246		4,710
Wheelage revenues		2,072			2,385		7,082		9,538
Coal overriding royalty revenues		227			827		2,064		1,165
Lease amendment revenues		1,071			623		2,485		2,322
Aggregates royalty revenues		662			736		2,164		2,175
Oil and gas royalty revenues		1,317			324		6,956		5,126
Other revenues		1,127			329		1,956		895
Royalty and other mineral rights revenues	$	50,405		$	68,533	$	170,570	$	205,811
Transportation and processing services revenues		1,248			3,964		6,169		9,538
Total Mineral Rights segment revenues from contracts with customers	$	51,653		$	72,497	$	176,739	$	215,349

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

	September 30,		December 31,
(In thousands)	2024		2023
Contract Assets
Accounts receivable, net	$	32,878	$	37,206
Other current assets, net (1)		1,047		429
Other long-term assets, net (2)		1,725		—
Contract liabilities
Accounts payable (3)	$	114	$	—
Current portion of deferred revenue		5,823		4,599
Deferred revenue		53,912		38,356

(1)	Other current assets, net includes short-term notes receivables from contracts with customers.
(2)	Other long-term assets, net includes amounts prepaid by NRP related to override agreements from contracts with customers as well as long-term lease amendment fee receivables from contracts with customers.
(3)	Accounts payable include override payments owed by NRP from contracts with customers.

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)	2024			2023
Balance at beginning of period (current and non-current)	$	42,955		$	46,437
Increase due to minimums and lease amendment fees		28,319			11,525
Recognition of previously deferred revenue		(11,539	)		(16,487	)
Balance at end of period (current and non-current)	$	59,735		$	41,475

The Partnership's non-cancelable annual minimum payments due under the lease terms of its coal and aggregates royalty contracts with customers are as follows as of  September 30, 2024 (in thousands): 

Lease Term (1)	Weighted Average Remaining Years		Annual Minimum Payments
0 - 5 years		1.9	$	14,949
5 - 10 years		5.5		18,222
10+ years		11.3		25,779
Total		7.1	$	58,950

⁽¹⁾ Lease term does not include renewal periods.

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Note 3 - Class A Convertible Preferred Units and Warrants

9 Months Ended

Sep. 30, 2024

Notes to Financial Statements

Preferred Stock [Text Block]

3.      Class A Convertible Preferred Units and Warrants

On March 2, 2017, NRP issued $250 million of Class A Convertible Preferred Units representing limited partner interests in NRP (the "preferred units") to certain entities controlled by funds affiliated with The Blackstone Group Inc. (collectively referred to as "Blackstone") and certain affiliates of GoldenTree Asset Management LP (collectively referred to as "GoldenTree") (together the "preferred purchasers") pursuant to a Preferred Unit and Warrant Purchase Agreement. NRP issued 250,000 preferred units to the preferred purchasers at a price of $1,000 per preferred unit (the "per unit purchase price"), less a 2.5% structuring and origination fee. The preferred units entitle the preferred purchasers to receive cumulative distributions at a rate of 12% of the purchase price per year, up to one half of which NRP may pay in additional preferred units (such additional preferred units, the "PIK units"). The preferred units have a perpetual term, unless converted or redeemed as described below. However, in 2024 all remaining preferred units were redeemed and none of the Partnership's preferred units remain outstanding.

NRP also issued two tranches of warrants (the "warrants") to purchase common units to the preferred purchasers (warrants to purchase 1.75 million common units with a strike price of $22.81 and warrants to purchase 2.25 million common units with a strike price of $34.00). The warrants may be exercised by the holders thereof at any time before the eighth anniversary of the closing date. Upon exercise of the warrants, NRP may, at its option, elect to settle the warrants in common units or cash, each on a net basis. However, in 2024 all remaining warrants were settled and none of the Partnership's warrants remain outstanding.

Accounting for the Preferred Units and Warrants

Classification

The preferred units are accounted for as temporary equity on NRP's Consolidated Balance Sheets due to certain contingent redemption rights that may be exercised at the election of preferred purchasers. The warrants are accounted for as equity on NRP's Consolidated Balance Sheets.

Initial Measurement

The net transaction price was allocated to the preferred units and warrants based on their relative fair values at inception date. NRP allocated the transaction issuance costs to the preferred units and warrants primarily on a pro-rata basis based on their relative inception date allocated values.

Subsequent Measurement

Preferred Units

During the three months ended September 30, 2024, the Partnership redeemed the remaining 31,666 preferred units for $31.7 million in cash. During the nine months ended September 30, 2024, the Partnership redeemed a total of 71,666 preferred units for $71.7 million in cash. During the nine months ended September 30, 2023, the Partnership redeemed a total of 178,334 preferred units for $178.3 million in cash. Of the originally issued 250,000 preferred units, no preferred units remain outstanding as of September 30, 2024 and 71,666 preferred units remained outstanding as of December 31, 2023. The preferred units had a $47.2 million carrying value included in class A convertible preferred units on the Partnership's Consolidated Balance Sheets at  December 31, 2023.

Warrants

During the nine months ended September 30, 2024, the Partnership settled a total of 1,540,000 warrants to purchase common units with a strike price of $34.00. On  January 29, 2024 (the  "January 2024 exercise date"), holders of the Partnership's warrants exercised 462,165 warrants at a strike price of $34.00. The Partnership settled the warrants on a net basis with $10.0 million in cash and 198,767 common units. The 15-day VWAP ending on the business day prior to the  January 2024 exercise date was $97.62. On  February 7, 2024 (the  "February 7, 2024 exercise date"), holders of the Partnership's warrants exercised 128,750 warrants at a strike price of $34.00. The Partnership settled the warrants on a net basis with $8.0 million in cash. The 15-day VWAP ending on the business day prior to the  February 7, 2024 exercise date was $96.29. On  February 8, 2024 (the  "February 8, 2024 exercise date"), holders of the Partnership's warrants exercised 128,750 warrants at a strike price of $34.00. The 15-day VWAP ending on the business day prior to the  February 8, 2024 exercise date was $95.63. The Partnership settled these warrants on a net basis with $7.9 million in cash. On  February 14, 2024 (the  "February 14, 2024 exercise date"), holders of the Partnership's warrants exercised 500,000 warrants at a strike price of $34.00. The 15-day VWAP ending on the business day prior to the  February 14, 2024 exercise date was $93.47. The Partnership settled these warrants on a net basis with $29.7 million in cash. In April 2024 (the "April 2024 exercise date"), holders of the Partnership's warrants exercised 320,335 warrants at a strike price of $34.00. The Partnership settled the warrants on a net basis with $10.0 million in cash and 89,059 common units. The 15-day VWAP ending on the business day prior to the April 2024 exercise date was $90.33.

On September 18, 2023, the Partnership negotiated a transaction with holders of the Partnership's warrants pursuant to which the Partnership repurchased and retired an aggregate of 752,500 warrants with an exercise price of $22.81 and 60,000 warrants with an exercise price of $34.00 for approximately $33.6 million in cash.

Of the originally issued 4,000,000 warrants, no warrants remain outstanding as of September 30, 2024 and 1,540,000 warrants to purchase common units with a strike price of $34.00 were outstanding as of  December 31, 2023. These warrants had a carrying value of $23.1 million included in warrant holders' interest within partners' capital on the Partnership's Consolidated Balance Sheets at December 31, 2023. 

Embedded Features

Certain embedded features within the preferred unit and warrant purchase agreement were accounted for at fair value and were remeasured each quarter. See Note 10. Fair Value Measurements for further information regarding valuation of these embedded derivatives.

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Note 4 - Common and Preferred Unit Distributions

9 Months Ended

Sep. 30, 2024

Notes to Financial Statements

Partners' Capital Notes Disclosure [Text Block]

4.    Common and Preferred Unit Distributions

The Partnership makes cash distributions to common and preferred 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 both common unit and preferred 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 general partner is entitled to receive 2% of such distributions.

Income available to common unitholders and the general partner is reduced by preferred unit distributions that accumulated during the period. NRP reduced net income available to common unitholders and the general partner by $0.7 million and $2.9 million during the three months ended September 30, 2024 and 2023, respectively, and $4.2 million and $14.6 million during the nine months ended September 30, 2024 and 2023, respectively, as a result of accumulated preferred unit distributions earned during the period. Income available to common unitholders and the general partner is also reduced by the difference between the fair value of the consideration paid upon redemption and the carrying value of the preferred units. As such, NRP reduced net income available to common unitholders and the general partner by $10.8 million and $24.5 million during the three and nine months ended September 30, 2024, and $17.1 million and $60.9 million during the three and nine months ended September 30, 2023, respectively.

The following table shows the cash distributions declared and paid to common and preferred unitholders during the nine months ended September 30, 2024 and 2023, respectively:

		Common Units				Preferred Units
Month Paid	Period Covered by Distribution	Distribution per Unit		Total Distribution (1) (In thousands)		Distribution per Unit		Total Distribution (In thousands)
2024
February	October 1 - December 31, 2023	$	0.75	$	9,918	$	30.00	$	2,150
March (2)	Special Distribution		2.44		32,268		—		—
May	January 1 - March 31, 2024		0.75		9,987		30.00		2,150
May (3)	April 1 - May 8, 2024		—		—		12.33		493
August	April 1 - June 30, 2024		0.75		9,986		30.00		950
September (4)	July 1 - September 3, 2024		—		—		20.68		655
2023
February	October 1 - December 31, 2022	$	0.75	$	9,571	$	30.00	$	7,500
February (5)	January 1 - February 8, 2023		—		—		12.33		586
March (6)	Special Distribution		2.43		31,329		—		—
May	January 1 - March 31, 2023		0.75		9,669		30.00		6,075
May (7)	April 1 - May 5, 2023		—		—		11.33		406
June (8)	April 1 - June 2, 2023		—		—		20.33		915
August	April 1 - June 30, 2023		0.75		9,669		30.00		3,650
August (9)	July 1 - August 8, 2023		—		—		12.33		432
September (10)	July 1 - September 12, 2023		—		—		23.67		355

(1)	Totals include the amount paid to NRP's general partner in accordance with the general partner's 2% general partner interest.
(2)	Special distribution was made to help cover unitholder tax liabilities associated with owning NRP's common units during 2023.
(3)	Relates to accrued distribution paid upon the redemption of 40,000 preferred units in May 2024.
(4)	Related to accrued distribution paid upon the redemption of 31,666 preferred units in September 2024.
(5)	Relates to accrued distribution paid upon the redemption of 47,499 preferred units in February 2023.
(6)	Special distribution was made to help cover unitholder tax liabilities associated with owning NRP's common units during 2022.
(7)	Relates to accrued distribution paid upon the redemption of 35,834 preferred units in May 2023.
(8)	Relates to accrued distribution paid upon redemption of 45,000 preferred units in June 2023.
(9)	Related to accrued distribution paid upon redemption of 35,000 preferred units in August 2023.
(10)	Related to accrued distribution paid upon the redemption of 15,001 preferred units in September 2023.

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Note 5 - Net Income Per Common Unit

9 Months Ended

Sep. 30, 2024

Notes to Financial Statements

Earnings Per Share [Text Block]

5.    Net Income Per Common Unit 

Basic net income per common unit is computed by dividing net income, after considering income attributable to preferred unitholders, the difference between the fair value of the consideration paid upon redemption and the carrying value of the preferred units, and the general partner’s general partner interest, by the weighted average number of common units outstanding. Diluted net income per common unit includes the effect of NRP's preferred units, warrants, and unvested unit-based awards if the inclusion of these items is dilutive.

The dilutive effect of the preferred units is calculated using the if-converted method. Under the if-converted method, the preferred units are assumed to be converted at the beginning of the period, and the resulting common units are included in the denominator of the diluted net income per unit calculation for the period being presented. Distributions declared in the period and undeclared distributions on the preferred units that accumulated during the period are added back to the numerator for purposes of the if-converted calculation. The calculation of diluted net income per common unit for the nine months ended September 30, 2024 and the three and nine months ended September 30, 2023 includes the assumed conversion of the remaining preferred units during the period. The calculation of diluted net income per common unit for the three months ended September 30, 2024 does not include the assumed conversion of any remaining preferred units as all preferred units were redeemed as of September 30, 2024. The calculation of diluted net income per common units for the three and nine months ended September 30, 2024 and 2023 does not include the assumed conversion of the preferred units that were redeemed during the periods as the inclusion of these units would be anti-dilutive.

The dilutive effect of the warrants is calculated using the treasury stock method, which assumes that the proceeds from the exercise of these instruments 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 nine months ended September 30, 2024 includes the net settlement of the warrants for the period during which they were outstanding. The dilutive effect of the warrants was not factored into the calculation of diluted net income per common unit for the three months ended September 30, 2024 as these were fully settled as of June 30, 2024. The calculation of diluted net income per common unit for the three and nine months ended September 30, 2023 includes the net settlement of the warrants for the period during which they were outstanding.

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)	2024			2023			2024			2023
Basic net income per common unit
Net income attributable to common unitholders	$	26,578		$	42,951		$	109,896		$	135,199
Weighted average common units—basic		13,049			12,635			12,971			12,613
Basic net income per common unit	$	2.04		$	3.40		$	8.47		$	10.72
Diluted net income per common unit
Weighted average common units—basic		13,049			12,635			12,971			12,613
Plus: dilutive effect of preferred units		—			1,104			375			2,434
Plus: dilutive effect of warrants		—			1,492			186			1,296
Plus: dilutive effect of unvested unit-based awards		222			240			229			190
Weighted average common units—diluted		13,271			15,471			13,761			16,533
Net income	$	38,595		$	63,846		$	140,872		$	213,455
Less: income attributable to preferred unitholders		(655	)		(786	)		(1,148	)		(2,693	)
Less: redemption of preferred units		(10,819	)		(17,083	)		(24,485	)		(60,929	)
Diluted net income attributable to common unitholders and the general partner	$	27,121		$	45,977		$	115,239		$	149,833
Less: diluted net income attributable to the general partner		(543	)		(920	)		(2,305	)		(2,997	)
Diluted net income attributable to common unitholders	$	26,578		$	45,057		$	112,934		$	146,836
Diluted net income per common unit	$	2.00		$	2.91		$	8.21		$	8.88

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Note 6 - Segment Information

9 Months Ended

Sep. 30, 2024

Notes to Financial Statements

Segment Reporting Disclosure [Text Block]

6.    Segment Information

The Partnership's 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 operating 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. The Partnership is working to strategically redefine its business as a key player in the transitional energy economy in the years to come.

Soda Ash—consists of the Partnership's 49% non-controlling equity interest in Sisecam Wyoming, a trona ore mining operation and soda ash refinery in the Green River Basin of Wyoming. Sisecam Wyoming mines trona and processes it into soda ash that is sold both domestically and internationally to the glass and chemicals industries.

Direct segment costs and certain other costs incurred at the corporate level that are identifiable and that benefit the Partnership's segments are allocated to the operating 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 segment and are included in general and administrative expenses on the Partnership's Consolidated Statements of Comprehensive Income.

The following table summarizes certain financial information for each of the Partnership's business segments:

	Operating Segments
(In thousands)	Mineral Rights		Soda Ash		Corporate and Financing			Total
For the Three Months Ended September 30, 2024
Revenues	$	52,217	$	—	$	—		$	52,217
Equity in earnings of Sisecam Wyoming		—		8,109		—			8,109
Gain on asset sales and disposals		1		—		—			1
Operating and maintenance expenses		6,762		24		—			6,786
Depreciation, depletion and amortization		4,725		—		5			4,730
General and administrative expenses		—		—		5,935			5,935
Asset impairments		87		—		—			87
Interest expense, net		—		—		4,194			4,194
Net income (loss)		40,644		8,085		(10,134	)		38,595
For the Three Months Ended September 30, 2023
Revenues	$	73,112	$	—	$	—		$	73,112
Equity in earnings of Sisecam Wyoming		—		12,401		—			12,401
Gain on asset sales and disposals		854		—		—			854
Operating and maintenance expenses		8,305		53		—			8,358
Depreciation, depletion and amortization		4,589		—		5			4,594
General and administrative expenses		—		—		5,669			5,669
Asset impairments		63		—		—			63
Interest expense, net		—		—		3,837			3,837
Net income (loss)		61,009		12,348		(9,511	)		63,846
For the Nine Months Ended September 30, 2024
Revenues	$	180,268	$	—	$	—		$	180,268
Equity in earnings of Sisecam Wyoming		—		17,204		—			17,204
Gain on asset sales and disposals		4,809		—		—			4,809
Operating and maintenance expenses		18,279		112		—			18,391
Depreciation, depletion and amortization		12,694		—		14			12,708
General and administrative expenses		—		—		18,193			18,193
Asset impairments		87		—		—			87
Interest expense, net		—		—		12,030			12,030
Net income (loss)		154,017		17,092		(30,237	)		140,872
For the Nine Months Ended September 30, 2023
Revenues	$	217,258	$	—	$	—		$	217,258
Equity in earnings of Sisecam Wyoming		—		58,633		—			58,633
Gain on asset sales and disposals		955		—		—			955
Operating and maintenance expenses		23,226		225		—			23,451
Depreciation, depletion and amortization		12,455		—		14			12,469
General and administrative expenses		—		—		17,157			17,157
Asset impairments		132		—		—			132
Interest expense, net		—		—		10,182			10,182
Net income (loss)		182,400		58,408		(27,353	)		213,455

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Note 7 - Equity Investment

9 Months Ended

Sep. 30, 2024

Notes to Financial Statements

Equity Method Investments and Joint Ventures Disclosure [Text Block]

7.    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)	2024			2023			2024			2023
Balance at beginning of period	$	265,935		$	290,900		$	276,549		$	306,470
Income allocation to NRP’s equity interests (1)		9,315			13,608			20,718			62,184
Amortization of basis difference		(1,206	)		(1,207	)		(3,513	)		(3,551	)
Other comprehensive income (loss)		82			2,200			2,166			(16,472	)
Distributions		(6,320	)		(23,010	)		(28,114	)		(66,140	)
Balance at end of period	$	267,806		$	282,491		$	267,806		$	282,491

⁽¹⁾ Amounts reclassified into income out of accumulated other comprehensive loss were $1.5 million and $0.9 million for the three months ended September 30, 2024 and 2023, respectively and $4.5 million and $(17.4) million for the nine months ended September 30, 2024 and 2023, respectively. 

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, 2024 and 2023:

	For the Three Months Ended September 30,				For the Nine Months Ended September 30,
(In thousands)	2024		2023		2024		2023
Net sales	$	160,975	$	180,232	$	438,385	$	588,725
Gross profit		25,976		34,454		64,584		148,063
Net income		19,009		27,772		42,281		126,906

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Note 8 - Mineral Rights, Net

9 Months Ended

Sep. 30, 2024

Notes to Financial Statements

Mineral Industries Disclosures [Text Block]

8.    Mineral Rights, Net

The Partnership’s mineral rights consist of the following:

	September 30, 2024							December 31, 2023
(In thousands)	Carrying Value		Accumulated Depletion			Net Book Value		Carrying Value		Accumulated Depletion			Net Book Value
Coal properties	$	660,961	$	(296,781	)	$	364,180	$	661,256	$	(285,470	)	$	375,786
Aggregates properties		8,655		(4,003	)		4,652		8,655		(3,761	)		4,894
Oil and gas royalty properties		12,354		(10,443	)		1,911		12,354		(10,082	)		2,272
Other		13,143		(1,612	)		11,531		13,143		(1,612	)		11,531
Total mineral rights, net	$	695,113	$	(312,839	)	$	382,274	$	695,408	$	(300,925	)	$	394,483

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 $4.7 million and $4.1 million for the three months ended September 30, 2024 and 2023, respectively and $12.1 million and $11.6 million for the nine months ended September 30, 2024 and 2023, respectively.

During the nine months ended September 30, 2024, the Partnership recorded a gain $4.8 million, included in gain on asset sales and disposals on the Consolidated Statements of Comprehensive Income primarily related to a coal property condemnation in the second quarter of 2024. During the three and nine months ended September 30, 2023, the Partnership had $0.9 million and $1.0 million, respectively, included in gains on asset sales and disposals on the Consolidated Statements of Comprehensive Income.

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 reserves 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 analyses, NRP recorded immaterial impairment expense during the three and nine months ended September 30, 2024 and 2023. 

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Note 9 - Debt, Net

9 Months Ended

Sep. 30, 2024

Notes to Financial Statements

Debt Disclosure [Text Block]

9.    Debt, Net 

The Partnership's debt consists of the following:

	September 30,			December 31,
(In thousands)	2024			2023
Opco Credit Facility	$	154,684		$	95,834
Opco Senior Notes
5.82% with semi-annual interest payments in March and September, with annual principal payments in March, due March 2024	$	—		$	12,685
8.92% with semi-annual interest payments in March and September, with annual principal payments in March, due March 2024		—			4,012
5.03% with semi-annual interest payments in June and December, with annual principal payments in December, due December 2026		34,262			34,262
5.18% with semi-annual interest payments in June and December, with annual principal payments in December, due December 2026		8,732			8,732
Total Opco Senior Notes	$	42,994		$	59,691
Total debt at face value	$	197,678		$	155,525
Net unamortized debt issuance costs		(315	)		(467	)
Total debt, net	$	197,363		$	155,058
Less: current portion of long-term debt		(14,226	)		(30,785	)
Total long-term debt, net	$	183,137		$	124,273

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, 2024 and December 31, 2023, Opco was in compliance with the terms of the financial covenants contained in its debt agreements.

Opco Credit Facility

In May 2023, the Partnership entered into the Sixth Amendment (the "Sixth Amendment) to the Opco Credit Facility (the "Opco Credit Facility"). The Sixth Amendment maintained the term of the Opco Credit Facility until August 2027. Lender commitments under the Opco Credit Facility increased from $130.0 million to $155.0 million, with the ability to expand such commitments to $200.0 million with the addition of future commitments. In  February 2024, the Partnership exercised its option under the Opco Credit Facility to increase the total aggregate commitment under the Opco Credit Facility twice, initially by $30.0 million from $155.0 million to $185.0 million and subsequently by $15.0 million from $185.0 million to $200.0 million. These increases in the total aggregate commitment were made pursuant to an accordion feature of the Opco Credit Facility. In connection with the initial increase, a new lender joined the lending group with a commitment of $30.0 million. The Sixth Amendment also included modifications to Opco’s ability to declare and make certain restricted payments. 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, 2024, this ratio was 0.8x; 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, 2024, this ratio was 14.2x.

As of December 31, 2023, the Partnership had $95.8 million in borrowings outstanding under the Opco Credit Facility and $59.2 million of available borrowing capacity. During the nine months ended September 30, 2024, the Partnership borrowed $152.9 million and repaid $94.0 million, resulting in $154.7 million in borrowings outstanding under the Opco Credit Facility and $45.3 million of available borrowing capacity as of September 30, 2024. During the nine months ended September 30, 2023, the Partnership borrowed $215.0 million and repaid $157.0 million on the Opco Credit Facility. The weighted average interest rate for the borrowings outstanding under the Opco Credit Facility for the three and nine months ended September 30, 2024 was 8.91% and 8.92%, respectively. The weighted average interest rate for the borrowings outstanding under the Opco Credit Facility for the three and nine months ended September 30, 2023 was 8.85% and 8.61%, respectively.  

The Opco Credit Facility is collateralized and secured by liens on certain of Opco’s assets with carrying values of $305.3 million and $316.3 million classified as mineral rights, net and other long-term assets, net and $24.2 million and $26.3 million classified as long-term contract receivable, net on the Partnership’s Consolidated Balance Sheets as of September 30, 2024 and December 31, 2023, respectively.

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, 2024, only the 5.03% and 5.18% Opco Senior Notes, both due December 2026, remain outstanding. These Opco Senior Notes have principal due annually in December and interest due semi-annually in June and December. As of September 30, 2024 and December 31, 2023, the Opco Senior Notes had cumulative principal balances of $43.0 million and $59.7 million, respectively. Opco made mandatory principal payments of $16.7 and $19.1 million during the nine months ended September 30, 2024 and 2023, respectively. 

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Note 10 - Fair Value Measurements

9 Months Ended

Sep. 30, 2024

Notes to Financial Statements

Fair Value Disclosures [Text Block]

10.    Fair Value Measurements 

Fair Value of Financial Assets and Liabilities

The Partnership’s financial assets and liabilities consist of cash and cash equivalents, a contract receivable and debt. The carrying amounts reported on the Consolidated Balance Sheets for cash and cash equivalents 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 debt and contract receivable.

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

			September 30, 2024				December 31, 2023
	Fair Value		Carrying		Estimated		Carrying		Estimated
(In thousands)	Hierarchy Level		Value		Fair Value		Value		Fair Value
Debt:
Opco Senior Notes (1)		3	$	42,679	$	40,992	$	59,224	$	56,533
Opco Credit Facility (2)		3		154,684		154,684		95,834		95,384
Assets:
Contract receivable, net (current and long-term) (3)		3	$	26,997	$	23,223	$	28,946	$	24,492

(1)	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.
(2)	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.
(3)	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, 2024 and December 31, 2023.

NRP had embedded derivatives in the preferred units related to certain conversion options, redemption features and the change of control provision that were accounted for separately from the preferred units as assets and liabilities at fair value on the Partnership's Consolidated Balance Sheets. Level 3 valuation of the embedded derivatives were based on numerous factors including the likelihood of the event occurring. The embedded derivatives were revalued quarterly and changes in their fair value would be recorded in other expenses, net on the Partnership's Consolidated Statements of Comprehensive Income. The embedded derivatives had zero value as of   December 31, 2023. As a result of the redemption of all of the Partnership's remaining preferred units in September 2024, NRP no longer has embedded derivatives associated with preferred units as of September 30, 2024. 

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Note 11 - Related Party Transactions

9 Months Ended

Sep. 30, 2024

Notes to Financial Statements

Related Party Transactions Disclosure [Text Block]

11.    Related Party Transactions

Affiliates of our General Partner

The Partnership’s general partner does not receive any management fee or other compensation for its management of NRP. However, in accordance with the partnership agreement, the general partner 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 general partner 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)	2024		2023		2024		2023
Operating and maintenance expenses	$	2,014	$	1,663	$	5,483	$	5,094
General and administrative expenses		1,296		1,287		4,117		3,860

The Partnership had accounts payable to related parties of $0.6 million on its Consolidated Balance Sheets at both  September 30, 2024 and December 31, 2023. The Partnership had other current assets of $0.1 million on its Consolidated Balance Sheets related to a related party prepaid expense at both  September 30, 2024 and  December 31, 2023.

As a result of its office lease with WPPLP, the Partnership has a right-of-use asset and lease liability of $3.4 million and $3.5 million included in other long-term assets, net and other non-current liabilities, respectively on its Consolidated Balance Sheets at September 30, 2024 and December 31, 2023, respectively.

During the three months ended September 30, 2024 and 2023, the Partnership recognized $0.01 million and $1.1 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 $0.05 million and $5.1 million during the nine months ended September 30, 2024 and 2023, respectively. At September 30, 2024 and December 31, 2023 the Partnership had $0.5 million and $0.0 million, respectively, of other long-term assets, net on its Consolidated Balance Sheets related to a prepaid royalty for this agreement.

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Note 12 - Major Customers

9 Months Ended

Sep. 30, 2024

Notes to Financial Statements

Concentration Risk Disclosure [Text Block]

12.    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,
	2024					2023					2024					2023
(In thousands)	Revenues		Percent			Revenues		Percent			Revenues		Percent			Revenues		Percent
Alpha Metallurgical Resources, Inc. (1)	$	14,556		28	%	$	17,219		20	%	$	53,345		30	%	$	61,122		22	%
Foresight Energy Resources LLC ("Foresight") (1)	$	7,421		14	%	$	18,600		22	%	$	30,003		17	%	$	43,453		16	%
Alabama Kanu Holdings, LLC (1) (2)	$	7,143		14	%	$	8,892		10	%	$	21,344		12	%	$	24,962		9	%

(1)	Revenues from Alpha Metallurgical Resources, Inc., Foresight and Alabama Kanu Holdings, LLC are included within the Partnership's Mineral Rights segment.
(2)	Alabama Kanu Holdings, LLC purchased Hatfield Metallurgical Holdings, LLC in August 2024.

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Note 13 - Commitments and Contingencies

9 Months Ended

Sep. 30, 2024

Notes to Financial Statements

Commitments and Contingencies Disclosure [Text Block]

13.    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.

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Note 14 - Unit-based Compensation

9 Months Ended

Sep. 30, 2024

Notes to Financial Statements

Share-Based Payment Arrangement [Text Block]

14.    Unit-Based Compensation

During the nine months ended September 30, 2024 and 2023, 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 nine months ended September 30, 2024 and 2023 was $6.7 million and $16.0 million, respectively, which included a grant date fair value of $2.5 and $2.8 million for the market-based awards valued using a Monte Carlo simulation during the nine months ended September 30, 2024 and 2023, respectively. Total unit-based compensation expense associated with these awards was $3.0 million and $2.7 million for the three months ended September 30, 2024 and 2023, respectively, and $8.9 million and $7.9 million for the nine months ended September 30, 2024 and 2023, respectfully, and is included in general and administrative expenses and operating and maintenance expenses on the Partnership's Consolidated Statements of Comprehensive Income. The unamortized cost associated with unvested outstanding awards as of September 30, 2024 was $12.4 million, which will be recognized over a weighted average period of 1.6 years. The unamortized cost associated with unvested outstanding awards as of  December 31, 2023 was $13.3 million.

A summary of the unit activity in the outstanding grants during 2024 is as follows:

(In thousands)	Common Units			Weighted Average Grant Date Fair Value per Common Unit
Outstanding at January 1, 2024		483		$	46.21
Granted		65		$	103.50
Fully vested and issued		(197	)	$	38.76
Forfeitures		(1	)	$	90.70
Outstanding at September 30, 2024		350		$	60.81

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Note 15 - Financing Transaction

9 Months Ended

Sep. 30, 2024

Notes to Financial Statements

Financing Receivables [Text Block]

15.    Financing Transaction

The Partnership owns rail loadout and associated infrastructure at the Sugar Camp mine in the Illinois Basin operated by a subsidiary of Foresight. The infrastructure at the Sugar Camp mine is leased to a subsidiary of Foresight and is accounted for as a financing transaction (the "Sugar Camp lease"). The Sugar Camp lease expires in 2032 with renewal options for up to 80 additional years. Minimum payments are $5.0 million per year through the end of the current lease term. The Partnership is also entitled to variable payments in the form of throughput fees based on the amount of coal transported and processed utilizing the Partnership's assets. In the event the Sugar Camp lease is renewed beyond 2032, payments become a fixed ten thousand dollars per year for the remainder of the renewed term.

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Note 16 - Credit Losses

9 Months Ended

Sep. 30, 2024

Notes to Financial Statements

Credit Loss, Financial Instrument [Text Block]

16.    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, 2024 and December 31, 2023, NRP had the following current expected credit loss (“CECL”) allowance related to its receivables and long-term contract receivable:

	September 30, 2024							December 31, 2023
(In thousands)	Gross		CECL Allowance			Net		Gross		CECL Allowance			Net
Receivables	$	44,356	$	(5,583	)	$	38,773	$	47,170	$	(5,655	)	$	41,515
Long-term contract receivable		25,081		(869	)		24,212		27,265		(944	)		26,321
Total	$	69,437	$	(6,452	)	$	62,985	$	74,435	$	(6,599	)	$	67,836

NRP recorded $0.7 million and $1.6 million of operating and maintenance expenses on its Consolidated Statements of Comprehensive Income related to the change in the CECL allowance during the three months ended September 30, 2024 and 2023, respectively, and a reversal of $0.1 million and $0.8 million of operating and maintenance expenses during the nine months ended September 30, 2024 and 2023, respectively. The Partnership charged an additional $0.4 million and $0.7 million in bad debt expense towards the allowance for doubtful accounts during the three and nine months ended September 30, 2024, 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.

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Note 17 - Subsequent Events

9 Months Ended

Sep. 30, 2024

Notes to Financial Statements

Subsequent Events [Text Block]

17.    Subsequent Events

The following represents material events that have occurred subsequent to September 30, 2024 through the time of the Partnership’s filing of its Quarterly Report on Form 10-Q with the SEC:

Opco Credit Facility Amendment

In October 2024, NRP entered into the Seventh Amendment to the Opco Credit Facility which extended the maturity from August 2027 to October 2029. The Seventh Amendment also removed reference to the preferred units and warrants, which are no longer outstanding, and includes modifications to Opco's ability to declare and make certain restricted payments.

Common Unit and Preferred Unit Distributions

In November 2024, the Board of Directors declared a distribution of $0.75 per common unit with respect to the third quarter of 2024. 

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Insider Trading Arrangements

9 Months Ended

Sep. 30, 2024

Insider Trading Arr Line Items

Material Terms of Trading Arrangement [Text Block]

ITEM 5. OTHER INFORMATION

None.

Rule 10b5-1 Arrangement Adopted [Flag]

false

Non-Rule 10b5-1 Arrangement Adopted [Flag]

false

Rule 10b5-1 Arrangement Terminated [Flag]

false

Non-Rule 10b5-1 Arrangement Terminated [Flag]

false

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Note 2 - Revenues From Contracts With Customers (Tables)

9 Months Ended

Sep. 30, 2024

Notes Tables

Disaggregation of Revenue [Table Text Block]

	For the Three Months Ended September 30,					For the Nine Months Ended September 30,
(In thousands)	2024			2023		2024		2023
Coal royalty revenues	$	37,605		$	55,544	$	124,108	$	161,527
Production lease minimum revenues		437			850		1,773		2,025
Minimum lease straight-line revenues		4,117			4,464		12,414		13,414
Carbon neutral initiative revenues		(39	)		681		4,322		2,914
Property tax revenues		1,809			1,770		5,246		4,710
Wheelage revenues		2,072			2,385		7,082		9,538
Coal overriding royalty revenues		227			827		2,064		1,165
Lease amendment revenues		1,071			623		2,485		2,322
Aggregates royalty revenues		662			736		2,164		2,175
Oil and gas royalty revenues		1,317			324		6,956		5,126
Other revenues		1,127			329		1,956		895
Royalty and other mineral rights revenues	$	50,405		$	68,533	$	170,570	$	205,811
Transportation and processing services revenues		1,248			3,964		6,169		9,538
Total Mineral Rights segment revenues from contracts with customers	$	51,653		$	72,497	$	176,739	$	215,349

Contract with Customer, Contract Asset, Contract Liability, and Receivable [Table Text Block]

	September 30,		December 31,
(In thousands)	2024		2023
Contract Assets
Accounts receivable, net	$	32,878	$	37,206
Other current assets, net (1)		1,047		429
Other long-term assets, net (2)		1,725		—
Contract liabilities
Accounts payable (3)	$	114	$	—
Current portion of deferred revenue		5,823		4,599
Deferred revenue		53,912		38,356

	For the Nine Months Ended September 30,
(In thousands)	2024			2023
Balance at beginning of period (current and non-current)	$	42,955		$	46,437
Increase due to minimums and lease amendment fees		28,319			11,525
Recognition of previously deferred revenue		(11,539	)		(16,487	)
Balance at end of period (current and non-current)	$	59,735		$	41,475

Lessor, Operating Lease, Payment to be Received, Maturity [Table Text Block]

Lease Term (1)	Weighted Average Remaining Years		Annual Minimum Payments
0 - 5 years		1.9	$	14,949
5 - 10 years		5.5		18,222
10+ years		11.3		25,779
Total		7.1	$	58,950

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Note 4 - Common and Preferred Unit Distributions (Tables)

9 Months Ended

Sep. 30, 2024

Notes Tables

Distributions Made to Limited Partner, by Distribution [Table Text Block]

		Common Units				Preferred Units
Month Paid	Period Covered by Distribution	Distribution per Unit		Total Distribution (1) (In thousands)		Distribution per Unit		Total Distribution (In thousands)
2024
February	October 1 - December 31, 2023	$	0.75	$	9,918	$	30.00	$	2,150
March (2)	Special Distribution		2.44		32,268		—		—
May	January 1 - March 31, 2024		0.75		9,987		30.00		2,150
May (3)	April 1 - May 8, 2024		—		—		12.33		493
August	April 1 - June 30, 2024		0.75		9,986		30.00		950
September (4)	July 1 - September 3, 2024		—		—		20.68		655
2023
February	October 1 - December 31, 2022	$	0.75	$	9,571	$	30.00	$	7,500
February (5)	January 1 - February 8, 2023		—		—		12.33		586
March (6)	Special Distribution		2.43		31,329		—		—
May	January 1 - March 31, 2023		0.75		9,669		30.00		6,075
May (7)	April 1 - May 5, 2023		—		—		11.33		406
June (8)	April 1 - June 2, 2023		—		—		20.33		915
August	April 1 - June 30, 2023		0.75		9,669		30.00		3,650
August (9)	July 1 - August 8, 2023		—		—		12.33		432
September (10)	July 1 - September 12, 2023		—		—		23.67		355

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Note 5 - Net Income Per Common Unit (Tables)

9 Months Ended

Sep. 30, 2024

Notes Tables

Schedule of Earnings Per Share, Basic and Diluted [Table Text Block]

	For the Three Months Ended September 30,						For the Nine Months Ended September 30,
(In thousands, except per unit data)	2024			2023			2024			2023
Basic net income per common unit
Net income attributable to common unitholders	$	26,578		$	42,951		$	109,896		$	135,199
Weighted average common units—basic		13,049			12,635			12,971			12,613
Basic net income per common unit	$	2.04		$	3.40		$	8.47		$	10.72
Diluted net income per common unit
Weighted average common units—basic		13,049			12,635			12,971			12,613
Plus: dilutive effect of preferred units		—			1,104			375			2,434
Plus: dilutive effect of warrants		—			1,492			186			1,296
Plus: dilutive effect of unvested unit-based awards		222			240			229			190
Weighted average common units—diluted		13,271			15,471			13,761			16,533
Net income	$	38,595		$	63,846		$	140,872		$	213,455
Less: income attributable to preferred unitholders		(655	)		(786	)		(1,148	)		(2,693	)
Less: redemption of preferred units		(10,819	)		(17,083	)		(24,485	)		(60,929	)
Diluted net income attributable to common unitholders and the general partner	$	27,121		$	45,977		$	115,239		$	149,833
Less: diluted net income attributable to the general partner		(543	)		(920	)		(2,305	)		(2,997	)
Diluted net income attributable to common unitholders	$	26,578		$	45,057		$	112,934		$	146,836
Diluted net income per common unit	$	2.00		$	2.91		$	8.21		$	8.88

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Note 6 - Segment Information (Tables)

9 Months Ended

Sep. 30, 2024

Notes Tables

Schedule of Segment Reporting Information, by Segment [Table Text Block]

	Operating Segments
(In thousands)	Mineral Rights		Soda Ash		Corporate and Financing			Total
For the Three Months Ended September 30, 2024
Revenues	$	52,217	$	—	$	—		$	52,217
Equity in earnings of Sisecam Wyoming		—		8,109		—			8,109
Gain on asset sales and disposals		1		—		—			1
Operating and maintenance expenses		6,762		24		—			6,786
Depreciation, depletion and amortization		4,725		—		5			4,730
General and administrative expenses		—		—		5,935			5,935
Asset impairments		87		—		—			87
Interest expense, net		—		—		4,194			4,194
Net income (loss)		40,644		8,085		(10,134	)		38,595
For the Three Months Ended September 30, 2023
Revenues	$	73,112	$	—	$	—		$	73,112
Equity in earnings of Sisecam Wyoming		—		12,401		—			12,401
Gain on asset sales and disposals		854		—		—			854
Operating and maintenance expenses		8,305		53		—			8,358
Depreciation, depletion and amortization		4,589		—		5			4,594
General and administrative expenses		—		—		5,669			5,669
Asset impairments		63		—		—			63
Interest expense, net		—		—		3,837			3,837
Net income (loss)		61,009		12,348		(9,511	)		63,846
For the Nine Months Ended September 30, 2024
Revenues	$	180,268	$	—	$	—		$	180,268
Equity in earnings of Sisecam Wyoming		—		17,204		—			17,204
Gain on asset sales and disposals		4,809		—		—			4,809
Operating and maintenance expenses		18,279		112		—			18,391
Depreciation, depletion and amortization		12,694		—		14			12,708
General and administrative expenses		—		—		18,193			18,193
Asset impairments		87		—		—			87
Interest expense, net		—		—		12,030			12,030
Net income (loss)		154,017		17,092		(30,237	)		140,872
For the Nine Months Ended September 30, 2023
Revenues	$	217,258	$	—	$	—		$	217,258
Equity in earnings of Sisecam Wyoming		—		58,633		—			58,633
Gain on asset sales and disposals		955		—		—			955
Operating and maintenance expenses		23,226		225		—			23,451
Depreciation, depletion and amortization		12,455		—		14			12,469
General and administrative expenses		—		—		17,157			17,157
Asset impairments		132		—		—			132
Interest expense, net		—		—		10,182			10,182
Net income (loss)		182,400		58,408		(27,353	)		213,455

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Note 7 - Equity Investment (Tables)

9 Months Ended

Sep. 30, 2024

Notes Tables

Equity Method Investments [Table Text Block]

	For the Three Months Ended September 30,						For the Nine Months Ended September 30,
(In thousands)	2024			2023			2024			2023
Balance at beginning of period	$	265,935		$	290,900		$	276,549		$	306,470
Income allocation to NRP’s equity interests (1)		9,315			13,608			20,718			62,184
Amortization of basis difference		(1,206	)		(1,207	)		(3,513	)		(3,551	)
Other comprehensive income (loss)		82			2,200			2,166			(16,472	)
Distributions		(6,320	)		(23,010	)		(28,114	)		(66,140	)
Balance at end of period	$	267,806		$	282,491		$	267,806		$	282,491

	For the Three Months Ended September 30,				For the Nine Months Ended September 30,
(In thousands)	2024		2023		2024		2023
Net sales	$	160,975	$	180,232	$	438,385	$	588,725
Gross profit		25,976		34,454		64,584		148,063
Net income		19,009		27,772		42,281		126,906

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Note 8 - Mineral Rights, Net (Tables)

9 Months Ended

Sep. 30, 2024

Notes Tables

Mineral Properties Disclosure [Table Text Block]

	September 30, 2024							December 31, 2023
(In thousands)	Carrying Value		Accumulated Depletion			Net Book Value		Carrying Value		Accumulated Depletion			Net Book Value
Coal properties	$	660,961	$	(296,781	)	$	364,180	$	661,256	$	(285,470	)	$	375,786
Aggregates properties		8,655		(4,003	)		4,652		8,655		(3,761	)		4,894
Oil and gas royalty properties		12,354		(10,443	)		1,911		12,354		(10,082	)		2,272
Other		13,143		(1,612	)		11,531		13,143		(1,612	)		11,531
Total mineral rights, net	$	695,113	$	(312,839	)	$	382,274	$	695,408	$	(300,925	)	$	394,483

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Note 9 - Debt, Net (Tables)

9 Months Ended

Sep. 30, 2024

Notes Tables

Schedule of Long-Term Debt Instruments [Table Text Block]

	September 30,			December 31,
(In thousands)	2024			2023
Opco Credit Facility	$	154,684		$	95,834
Opco Senior Notes
5.82% with semi-annual interest payments in March and September, with annual principal payments in March, due March 2024	$	—		$	12,685
8.92% with semi-annual interest payments in March and September, with annual principal payments in March, due March 2024		—			4,012
5.03% with semi-annual interest payments in June and December, with annual principal payments in December, due December 2026		34,262			34,262
5.18% with semi-annual interest payments in June and December, with annual principal payments in December, due December 2026		8,732			8,732
Total Opco Senior Notes	$	42,994		$	59,691
Total debt at face value	$	197,678		$	155,525
Net unamortized debt issuance costs		(315	)		(467	)
Total debt, net	$	197,363		$	155,058
Less: current portion of long-term debt		(14,226	)		(30,785	)
Total long-term debt, net	$	183,137		$	124,273

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Note 10 - Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2024

Notes Tables

Fair Value Option, Disclosures [Table Text Block]

			September 30, 2024				December 31, 2023
	Fair Value		Carrying		Estimated		Carrying		Estimated
(In thousands)	Hierarchy Level		Value		Fair Value		Value		Fair Value
Debt:
Opco Senior Notes (1)		3	$	42,679	$	40,992	$	59,224	$	56,533
Opco Credit Facility (2)		3		154,684		154,684		95,834		95,384
Assets:
Contract receivable, net (current and long-term) (3)		3	$	26,997	$	23,223	$	28,946	$	24,492

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Note 11 - Related Party Transactions (Tables)

9 Months Ended

Sep. 30, 2024

Notes Tables

Schedule of Related Party Transactions [Table Text Block]

	For the Three Months Ended September 30,				For the Nine Months Ended September 30,
(In thousands)	2024		2023		2024		2023
Operating and maintenance expenses	$	2,014	$	1,663	$	5,483	$	5,094
General and administrative expenses		1,296		1,287		4,117		3,860

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Note 12 - Major Customers (Tables)

9 Months Ended

Sep. 30, 2024

Notes Tables

Schedules of Concentration of Risk, by Risk Factor [Table Text Block]

	For the Three Months Ended September 30,										For the Nine Months Ended September 30,
	2024					2023					2024					2023
(In thousands)	Revenues		Percent			Revenues		Percent			Revenues		Percent			Revenues		Percent
Alpha Metallurgical Resources, Inc. (1)	$	14,556		28	%	$	17,219		20	%	$	53,345		30	%	$	61,122		22	%
Foresight Energy Resources LLC ("Foresight") (1)	$	7,421		14	%	$	18,600		22	%	$	30,003		17	%	$	43,453		16	%
Alabama Kanu Holdings, LLC (1) (2)	$	7,143		14	%	$	8,892		10	%	$	21,344		12	%	$	24,962		9	%

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Note 14 - Unit-based Compensation (Tables)

9 Months Ended

Sep. 30, 2024

Notes Tables

Share-Based Payment Arrangement, Activity [Table Text Block]

(In thousands)	Common Units			Weighted Average Grant Date Fair Value per Common Unit
Outstanding at January 1, 2024		483		$	46.21
Granted		65		$	103.50
Fully vested and issued		(197	)	$	38.76
Forfeitures		(1	)	$	90.70
Outstanding at September 30, 2024		350		$	60.81

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Note 16 - Credit Losses (Tables)

9 Months Ended

Sep. 30, 2024

Notes Tables

Accounts Receivable, Allowance for Credit Loss [Table Text Block]

	September 30, 2024							December 31, 2023
(In thousands)	Gross		CECL Allowance			Net		Gross		CECL Allowance			Net
Receivables	$	44,356	$	(5,583	)	$	38,773	$	47,170	$	(5,655	)	$	41,515
Long-term contract receivable		25,081		(869	)		24,212		27,265		(944	)		26,321
Total	$	69,437	$	(6,452	)	$	62,985	$	74,435	$	(6,599	)	$	67,836

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Note 1 - Basis of Presentation (Details Textual)	9 Months Ended
	Sep. 30, 2024
Number of Operating Segments	2
Number of Wholly Owned Operating Companies	1
Sisecam Wyoming [Member]
Equity Method Investment, Ownership Percentage	49.00%

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Note 2 - Revenues From Contracts With Customers - Disaggregation of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Revenue from contract with customers	$ 50,405	$ 68,533	$ 170,570	$ 205,811
Mineral Rights Segment [Member] | Operating Segments [Member]
Revenue from contract with customers	51,653	72,497	176,739	215,349
Coal Royalty Revenues [Member] | Mineral Rights Segment [Member]
Revenue from contract with customers	37,605	55,544	124,108	161,527
Production Lease Minimum Revenues [Member] | Mineral Rights Segment [Member]
Revenue from contract with customers	437	850	1,773	2,025
Minimum Lease Straight-line Revenues [Member] | Mineral Rights Segment [Member]
Revenue from contract with customers	4,117	4,464	12,414	13,414
Carbon Neutral Initiatives [Member] | Mineral Rights Segment [Member]
Revenue from contract with customers	(39)	681	4,322	2,914
Property Tax Revenues [Member] | Mineral Rights Segment [Member]
Revenue from contract with customers	1,809	1,770	5,246	4,710
Wheelage Revenues [Member] | Mineral Rights Segment [Member]
Revenue from contract with customers	2,072	2,385	7,082	9,538
Coal Overriding Royalty Revenues [Member] | Mineral Rights Segment [Member]
Revenue from contract with customers	227	827	2,064	1,165
Lease Amendment Revenues [Member] | Mineral Rights Segment [Member]
Revenue from contract with customers	1,071	623	2,485	2,322
Aggregates Royalty Revenues [Member] | Mineral Rights Segment [Member]
Revenue from contract with customers	662	736	2,164	2,175
Oil and Gas Royalty Revenues [Member] | Mineral Rights Segment [Member]
Revenue from contract with customers	1,317	324	6,956	5,126
Other Revenues [Member] | Mineral Rights Segment [Member]
Revenue from contract with customers	1,127	329	1,956	895
Transportation and Processing Services [Member] | Mineral Rights Segment [Member]
Revenue from contract with customers	$ 1,248	$ 3,964	$ 6,169	$ 9,538

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Note 2 - Revenue From Contracts With Customers - Assets and Liabilities (Details) - USD ($) $ in Thousands		9 Months Ended
		Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Accounts payable		$ 984		$ 885
Current portion of deferred revenue		5,823		4,599
Deferred revenue		53,912		38,356
Balance		42,955	$ 46,437
Increase due to minimums and lease amendment fees		28,319	11,525
Recognition of previously deferred revenue		(11,539)	(16,487)
Balance		59,735	$ 41,475
Coal Royalty Revenues [Member]
Accounts payable	[1]	114		0
Current portion of deferred revenue		5,823		4,599
Deferred revenue		53,912		38,356
Coal Royalty Revenues [Member] | Accounts Receivable [Member]
Contract with customer, current		32,878		37,206
Coal Royalty Revenues [Member] | Other Current Assets [Member]
Contract with customer, current	[2]	1,047		429
Coal Royalty Revenues [Member] | Other Long Term Assets [Member]
Contract with customer, current	[3]	$ 1,725		$ 0

[1] Accounts payable include override payments owed by NRP from contracts with customers.

[2] Other current assets, net includes short-term notes receivables from contracts with customers.

[3] Other long-term assets, net includes amounts prepaid by NRP related to override agreements from contracts with customers as well as long-term lease amendment fee receivables from contracts with customers.

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Note 2 - Revenue From Contracts With Customers - Operating Lease Payments Receivable (Details) $ in Thousands	Sep. 30, 2024 USD ($)	[1]
Weighted average remaining years (Year)	7 years 1 month 6 days
Annual minimum payments	$ 58,950
Lease Term, 0 to 5 Years [Member]
Weighted average remaining years (Year)	1 year 10 months 24 days
Annual minimum payments	$ 14,949
Lease Term, 5 to 10 Years [Member]
Weighted average remaining years (Year)	5 years 6 months
Annual minimum payments	$ 18,222
Lease Term, Greater Than 10 Years [Member]
Weighted average remaining years (Year)	11 years 3 months 18 days
Annual minimum payments	$ 25,779

[1] Lease term does not include renewal periods.

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Note 3 - Class A Convertible Preferred Units and Warrants (Details Textual) - USD ($) $ / shares in Units, $ in Thousands							1 Months Ended								3 Months Ended	9 Months Ended
	Feb. 14, 2024	Feb. 08, 2024	Feb. 07, 2024	Jan. 29, 2024	Sep. 18, 2023	Mar. 02, 2017	Sep. 30, 2024	May 31, 2024	Apr. 30, 2024	Sep. 30, 2023	Aug. 31, 2023	Jun. 30, 2023	May 31, 2023	Feb. 28, 2023	Sep. 30, 2024	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Temporary Equity, Par or Stated Value Per Share (in dollars per share)							$ 1,000								$ 1,000	$ 1,000		$ 1,000
Preferred Units, Number of Redeemed Units (in shares)							31,666	40,000		15,001	35,000	45,000	35,834	47,499
Temporary Equity, Carrying Amount, Including Portion Attributable to Noncontrolling Interests							$ 0								$ 0	$ 0		$ 47,181
Volume Weighted Average Price of Share (in dollars per share)									$ 90.33
Warrants and Rights Outstanding							$ 0								$ 0	$ 0		$ 23,095
Warrants at 22.81 Strike Price [Member]
Class of Warrant or Right Warrants, Issued (in shares)						1,750,000
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share)					$ 22.81	$ 22.81
Class of Warrant or Right, Repurchased and Retired (in shares)					752,500
Warrants at 34.00 Strike Price [Member]
Class of Warrant or Right Warrants, Issued (in shares)						2,250,000
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share)	$ 34	$ 34	$ 34	$ 34	$ 34	$ 34	$ 34		$ 34						$ 34	$ 34		$ 34
Class of Warrant or Right, Repurchased and Retired (in shares)					60,000				320,335							1,540,000
Class Of Warrants, Warrants Exercised (in shares)	500,000	128,750	128,750	462,165
Warrants and Rights Settled	$ 29,700	$ 7,900	$ 8,000	$ 10,000	$ 33,600				$ 10,000
Partners' Capital Account, Units, Warrant Settlements (in shares)				198,767					89,059
Volume Weighted Average Price of Share (in dollars per share)	$ 93.47	$ 95.63	$ 96.29	$ 97.62
Class of Warrant or Right, Outstanding (in shares)							0								0	0		1,540,000
Warrants and Rights Outstanding																		$ 23,100
Originally Issued Warrants [Member]
Class of Warrant or Right, Number of Securities Called by Warrants or Rights (in shares)							4,000,000								4,000,000	4,000,000
Class A Convertible Preferred Units [Member]
Preferred Units, Issued (in shares)						250,000
Temporary Equity, Par or Stated Value Per Share (in dollars per share)						$ 1,000
Preferred Units Origination Fee Percent						2.50%
Preferred Stock, Dividend Rate, Percentage						12.00%
Preferred Units, Number of Redeemed Units (in shares)															31,666	71,666	178,334
Preferred Units, Value of Redeemed Units															$ 31,700	$ 71,700	$ 178,300
Preferred Units, Outstanding (in shares)							0								0	0		71,666
Temporary Equity, Carrying Amount, Including Portion Attributable to Noncontrolling Interests																		$ 47,200
Preferred Stock [Member]
Proceeds from Issuance of Preferred Stock, Preference Stock, and Warrants, Total						$ 250,000

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Note 4 - Common and Preferred Unit Distributions (Details Textual) - USD ($) $ in Thousands	1 Months Ended							3 Months Ended						9 Months Ended
	Sep. 30, 2024	May 31, 2024	Sep. 30, 2023	Aug. 31, 2023	Jun. 30, 2023	May 31, 2023	Feb. 28, 2023	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2024	Sep. 30, 2023
Income (Loss) from Continuing Operations, Including Portion Attributable to Noncontrolling Interest Allocated to Preferred Unit Holders								$ (655)	$ (1,440)	$ (2,150)	$ (2,936)	$ (4,970)	$ (6,660)	$ (4,248)	$ (14,568)
Preferred Stock Redemption Premium								10,819			17,083			24,485	60,929
Preferred Units, Number of Redeemed Units (in shares)	31,666	40,000	15,001	35,000	45,000	35,834	47,499
Common Unitholders And General Partner [Member]
Income (Loss) from Continuing Operations, Including Portion Attributable to Noncontrolling Interest Allocated to Preferred Unit Holders								$ (700)			$ (2,900)			$ (4,200)	$ (14,600)
Partner, General [Member]
Limited Liability Company or Limited Partnership, Members or Limited Partners, Ownership Interest														2.00%

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Note 4 - Common and Preferred Unit Distributions - Distributions Made to Partners (Details) - USD ($) $ / shares in Units, $ in Thousands			1 Months Ended										3 Months Ended
		Jun. 30, 2023	Sep. 30, 2024	Aug. 31, 2024	May 31, 2024	Mar. 31, 2024	Feb. 29, 2024	Sep. 30, 2023	Aug. 31, 2023	May 31, 2023	Mar. 31, 2023	Feb. 28, 2023	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023
Distributions, common units													$ 9,986	$ 9,987	$ 42,186	$ 9,669	$ 9,669	$ 40,900
Preferred Partner [Member] | Preferred Stock [Member]
Distribution per unit, common units (in dollars per share)				$ 30	$ 30		$ 30		$ 30	$ 30		$ 30
Distribution, preferred stock				$ 950	$ 2,150		$ 2,150		$ 3,650	$ 6,075		$ 7,500
Preferred Partner [Member] | Preferred Stock [Member] | March 2024 Special Distribution [Member]
Distribution per unit, common units (in dollars per share)	[1]					$ 0
Distribution, preferred stock	[1]					$ 0
Preferred Partner [Member] | Preferred Stock [Member] | Distributions Covering April 1 - May 8, 2024 [Member]
Distribution per unit, common units (in dollars per share)	[2]				$ 12.33
Distribution, preferred stock	[2]				$ 493
Preferred Partner [Member] | Preferred Stock [Member] | Distributions Covering July 1 - September 3, 2024 [Member]
Distribution per unit, common units (in dollars per share)	[3]		$ 20.68
Distribution, preferred stock	[3]		$ 655
Preferred Partner [Member] | Preferred Stock [Member] | Distributions Covering January 1 - February 8, 2023 [Member]
Distribution per unit, common units (in dollars per share)	[4]											$ 12.33
Distribution, preferred stock	[4]											$ 586
Preferred Partner [Member] | Preferred Stock [Member] | March 2023 Special Distribution [Member]
Distribution per unit, common units (in dollars per share)	[5]										$ 0
Distribution, preferred stock	[5]										$ 0
Preferred Partner [Member] | Preferred Stock [Member] | Distributions Covering April 1 - May 5, 2023 [Member]
Distribution per unit, common units (in dollars per share)	[6]									$ 11.33
Distribution, preferred stock	[6]									$ 406
Preferred Partner [Member] | Preferred Stock [Member] | Distributions Covering April 1 - June 2, 2023 [Member]
Distribution per unit, common units (in dollars per share)	[7]	$ 20.33
Distribution, preferred stock	[7]	$ 915
Preferred Partner [Member] | Preferred Stock [Member] | Distributions Covering July 1 - August 8, 2023 [Member]
Distribution per unit, common units (in dollars per share)	[8]								$ 12.33
Distribution, preferred stock	[8]								$ 432
Preferred Partner [Member] | Preferred Stock [Member] | Distributions Covering July 1 - September 12, 2023 [Member]
Distribution per unit, common units (in dollars per share)	[9]							$ 23.67
Distribution, preferred stock	[9]							$ 355
Common Unitholders, General Partner [Member]
Distribution per unit, common units (in dollars per share)				$ 0.75	$ 0.75		$ 0.75		$ 0.75	$ 0.75		$ 0.75
Distributions, common units	[10]			$ 9,986	$ 9,987		$ 9,918		$ 9,669	$ 9,669		$ 9,571
Common Unitholders, General Partner [Member] | March 2024 Special Distribution [Member]
Distribution per unit, common units (in dollars per share)	[1]					$ 2.44
Distributions, common units	[1],[10]					$ 32,268
Common Unitholders, General Partner [Member] | Distributions Covering April 1 - May 8, 2024 [Member]
Distribution per unit, common units (in dollars per share)	[2]				$ 0
Distributions, common units	[2],[10]				$ 0
Common Unitholders, General Partner [Member] | Distributions Covering July 1 - September 3, 2024 [Member]
Distribution per unit, common units (in dollars per share)	[3]		$ 0
Distributions, common units	[3],[10]		$ 0
Common Unitholders, General Partner [Member] | Distributions Covering January 1 - February 8, 2023 [Member]
Distribution per unit, common units (in dollars per share)	[4]											$ 0
Distributions, common units	[4],[10]											$ 0
Common Unitholders, General Partner [Member] | March 2023 Special Distribution [Member]
Distribution per unit, common units (in dollars per share)	[5]										$ 2.43
Distributions, common units	[5],[10]										$ 31,329
Common Unitholders, General Partner [Member] | Distributions Covering April 1 - May 5, 2023 [Member]
Distribution per unit, common units (in dollars per share)	[6]									$ 0
Distributions, common units	[6],[10]									$ 0
Common Unitholders, General Partner [Member] | Distributions Covering April 1 - June 2, 2023 [Member]
Distribution per unit, common units (in dollars per share)	[7]	$ 0
Distributions, common units	[7],[10]	$ 0
Common Unitholders, General Partner [Member] | Distributions Covering July 1 - August 8, 2023 [Member]
Distribution per unit, common units (in dollars per share)	[8]								$ 0
Distributions, common units	[8],[10]								$ 0
Common Unitholders, General Partner [Member] | Distributions Covering July 1 - September 12, 2023 [Member]
Distribution per unit, common units (in dollars per share)	[9]							$ 0
Distributions, common units	[9],[10]							$ 0

[1] Special distribution was made to help cover unitholder tax liabilities associated with owning NRP's common units during 2023.

[2] Relates to accrued distribution paid upon the redemption of 40,000 preferred units in May 2024.

[3] Related to accrued distribution paid upon the redemption of 31,666 preferred units in September 2024.

[4] Relates to accrued distribution paid upon the redemption of 47,499 preferred units in February 2023.

[5] Special distribution was made to help cover unitholder tax liabilities associated with owning NRP's common units during 2022.

[6] Relates to accrued distribution paid upon the redemption of 35,834 preferred units in May 2023.

[7] Relates to accrued distribution paid upon redemption of 45,000 preferred units in June 2023.

[8] Related to accrued distribution paid upon redemption of 35,000 preferred units in August 2023.

[9] Related to accrued distribution paid upon the redemption of 15,001 preferred units in September 2023.

[10] Totals include the amount paid to NRP's general partner in accordance with the general partner's 2% general partner interest

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Note 5 - Net Income Per Common Unit - Schedule of Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended												9 Months Ended
	Sep. 30, 2024		Jun. 30, 2024	[2]	Mar. 31, 2024	[3]	Sep. 30, 2023		Jun. 30, 2023	[5]	Mar. 31, 2023	[6]	Sep. 30, 2024	Sep. 30, 2023
Net income attributable to common unitholders	$ 26,578						$ 42,951						$ 109,896	$ 135,199
Weighted average common units—basic (in shares)	13,049						12,635						12,971	12,613
Basic net income per common unit (in dollars per share)	$ 2.04						$ 3.4						$ 8.47	$ 10.72
Plus: dilutive effect of preferred units (in shares)	0						1,104						375	2,434
Plus: dilutive effect of warrants (in shares)	0						1,492						186	1,296
Plus: dilutive effect of unvested unit-based awards (in shares)	222						240						229	190
Weighted average common units—diluted (in shares)	13,271						15,471						13,761	16,533
Net income	$ 38,595	[1]	$ 46,064		$ 56,213		$ 63,846	[4]	$ 70,334		$ 79,275		$ 140,872	$ 213,455
Less: income attributable to preferred unitholders	(655)						(786)						(1,148)	(2,693)
Less: redemption of preferred units	(10,819)						(17,083)						(24,485)	(60,929)
Diluted net income attributable to common unitholders and the general partner	27,121						45,977						115,239	149,833
Less: diluted net income attributable to the general partner	(543)						(920)						(2,305)	(2,997)
Diluted net income attributable to common unitholders	$ 26,578						$ 45,057						$ 112,934	$ 146,836
Diluted net income per common unit (in dollars per share)	$ 2						$ 2.91						$ 8.21	$ 8.88

[1] Net income includes $0.66 million of income attributable to preferred unitholders that accumulated during the period, of which $0.64 million is allocated to the common unitholders and $0.01 million is allocated to the general partner.

[2] Net income includes $1.44 million of income attributable to preferred unitholders that accumulated during the period, of which $1.41 million is allocated to the common unitholders and $0.03 million is allocated to the general partner.

[3] Net income includes $2.15 million of income attributable to preferred unitholders that accumulated during the period, of which $2.11 million is allocated to the common unitholders and $0.04 million is allocated to the general partner.

[4] Net income includes $2.9 million of income attributable to preferred unitholders that accumulated during the period, of which $2.9 million is allocated to the common unitholders and $0.1 million is allocated to the general partner.

[5] Net income includes $5.0 million of income attributable to preferred unitholders that accumulated during the period, of which $4.9 million is allocated to the common unitholders and $0.1 million is allocated to the general partner.

[6] Net income includes $6.7 million of income attributable to preferred unitholders that accumulated during the period, of which $6.5 million is allocated to the common unitholders and $0.1 million is allocated to the general partner.

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Note 6 - Segment Information (Details Textual)	9 Months Ended
	Sep. 30, 2024
Number of Operating Segments	2
Sisecam Wyoming [Member]
Equity Method Investment, Ownership Percentage	49.00%

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Note 6 - Segment Information - Information By Segment (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Revenues	$ 52,217	$ 73,112	$ 180,268	$ 217,258
Equity in earnings of Sisecam Wyoming	8,109	12,401	17,204	58,633
Gain on asset sales and disposals	1	854	4,809	955
Operating and maintenance expenses	6,786	8,358	18,391	23,451
Depreciation, depletion and amortization	4,730	4,594	12,708	12,469
General and administrative expenses	5,935	5,669	18,193	17,157
Asset impairments	87	63	87	132
Interest expense, net	4,194	3,837	12,030	10,182
Net income (loss)	38,595	63,846	140,872	213,455
Segment Reporting, Reconciling Item, Corporate Nonsegment [Member]
Revenues	0	0	0	0
Equity in earnings of Sisecam Wyoming	0	0	0	0
Gain on asset sales and disposals	0	0	0	0
Operating and maintenance expenses	0	0	0	0
Depreciation, depletion and amortization	5	5	14	14
General and administrative expenses	5,935	5,669	18,193	17,157
Asset impairments	0	0	0	0
Interest expense, net	4,194	3,837	12,030	10,182
Net income (loss)	(10,134)	(9,511)	(30,237)	(27,353)
Mineral Rights Segment [Member] | Operating Segments [Member]
Revenues	52,217	73,112	180,268	217,258
Equity in earnings of Sisecam Wyoming	0	0	0	0
Gain on asset sales and disposals	1	854	4,809	955
Operating and maintenance expenses	6,762	8,305	18,279	23,226
Depreciation, depletion and amortization	4,725	4,589	12,694	12,455
General and administrative expenses	0	0	0	0
Asset impairments	87	63	87	132
Interest expense, net	0	0	0	0
Net income (loss)	40,644	61,009	154,017	182,400
Soda Ash Segment [Member] | Operating Segments [Member]
Revenues	0	0	0	0
Equity in earnings of Sisecam Wyoming	8,109	12,401	17,204	58,633
Gain on asset sales and disposals	0	0	0	0
Operating and maintenance expenses	24	53	112	225
Depreciation, depletion and amortization	0	0	0	0
General and administrative expenses	0	0	0	0
Asset impairments	0	0	0	0
Interest expense, net	0	0	0	0
Net income (loss)	$ 8,085	$ 12,348	$ 17,092	$ 58,408

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Note 7 - Equity Investment (Details Textual) - Sisecam Wyoming [Member] - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Equity Method Investment, Ownership Percentage	49.00%		49.00%
Reclassification Out Of Accumulated Other Comprehensive Income (Loss)	$ 1.5	$ 0.9	$ 4.5	$ (17.4)

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Note 7 - Equity Investment - Investment Activity (Details) - USD ($) $ in Thousands		3 Months Ended												9 Months Ended
		Sep. 30, 2024		Jun. 30, 2024		Mar. 31, 2024		Sep. 30, 2023		Jun. 30, 2023		Mar. 31, 2023		Sep. 30, 2024	Sep. 30, 2023
Beginning Balance						$ 276,549								$ 276,549
Ending Balance		$ 267,806												267,806
Net income		38,595	[1]	$ 46,064	[2]	56,213	[3]	$ 63,846	[4]	$ 70,334	[5]	$ 79,275	[6]	140,872	$ 213,455
Sisecam Wyoming [Member]
Net sales		160,975						180,232						438,385	588,725
Gross profit		25,976						34,454						64,584	148,063
Net income		19,009						27,772						42,281	126,906
Sisecam Wyoming [Member]
Beginning Balance		265,935				$ 276,549		290,900				$ 306,470		276,549	306,470
Income allocation to NRP’s equity interests (1)	[7]	9,315						13,608						20,718	62,184
Amortization of basis difference		(1,206)						(1,207)						(3,513)	(3,551)
Other comprehensive income (loss)		82						2,200						2,166	(16,472)
Distributions		(6,320)						(23,010)						(28,114)	(66,140)
Ending Balance		$ 267,806		$ 265,935				$ 282,491		$ 290,900				$ 267,806	$ 282,491

[1] Net income includes $0.66 million of income attributable to preferred unitholders that accumulated during the period, of which $0.64 million is allocated to the common unitholders and $0.01 million is allocated to the general partner.

[2] Net income includes $1.44 million of income attributable to preferred unitholders that accumulated during the period, of which $1.41 million is allocated to the common unitholders and $0.03 million is allocated to the general partner.

[3] Net income includes $2.15 million of income attributable to preferred unitholders that accumulated during the period, of which $2.11 million is allocated to the common unitholders and $0.04 million is allocated to the general partner.

[4] Net income includes $2.9 million of income attributable to preferred unitholders that accumulated during the period, of which $2.9 million is allocated to the common unitholders and $0.1 million is allocated to the general partner.

[5] Net income includes $5.0 million of income attributable to preferred unitholders that accumulated during the period, of which $4.9 million is allocated to the common unitholders and $0.1 million is allocated to the general partner.

[6] Net income includes $6.7 million of income attributable to preferred unitholders that accumulated during the period, of which $6.5 million is allocated to the common unitholders and $0.1 million is allocated to the general partner.

[7] Amounts reclassified into income out of accumulated other comprehensive loss were $1.5 million and $0.9 million for the three months ended September 30, 2024 and 2023, respectively and $4.5 million and $(17.4) million for the nine months ended September 30, 2024 and 2023, respectively.

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Note 8 - Mineral Rights, Net (Details Textual) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Gain (Loss) on Disposition of Assets	$ 1	$ 854	$ 4,809	$ 955
Coal Mineral Rights [Member]
Depletion	$ 4,700	4,100	12,100	11,600
Gain (Loss) on Disposition of Assets		$ 900	$ 4,800	$ 1,000

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Note 8 - Mineral Rights, Net - Composition of Mineral Rights (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Mineral Properties, carrying value	$ 695,113	$ 695,408
Mineral Properties, accumulated depletion	(312,839)	(300,925)
Mineral Properties, net book value	382,274	394,483
Coal Properties [Member]
Mineral Properties, carrying value	660,961	661,256
Mineral Properties, accumulated depletion	(296,781)	(285,470)
Mineral Properties, net book value	364,180	375,786
Aggregates Properties [Member]
Mineral Properties, carrying value	8,655	8,655
Mineral Properties, accumulated depletion	(4,003)	(3,761)
Mineral Properties, net book value	4,652	4,894
Oil and Gas Royalty Properties [Member]
Mineral Properties, carrying value	12,354	12,354
Mineral Properties, accumulated depletion	(10,443)	(10,082)
Mineral Properties, net book value	1,911	2,272
Other [Member]
Mineral Properties, carrying value	13,143	13,143
Mineral Properties, accumulated depletion	(1,612)	(1,612)
Mineral Properties, net book value	$ 11,531	$ 11,531

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Note 9 - Debt, Net (Details Textual) $ in Thousands		1 Months Ended	3 Months Ended		9 Months Ended
	Feb. 01, 2024 USD ($)	Feb. 29, 2024 USD ($)	Sep. 30, 2024 USD ($)	Sep. 30, 2023	Sep. 30, 2024 USD ($)	Sep. 30, 2023 USD ($)	Jan. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)	May 31, 2023 USD ($)	Aug. 31, 2022 USD ($)
Nontrade Receivables, Noncurrent			$ 24,212		$ 24,212			$ 26,321
Long-Term Debt, Gross			197,678		197,678			155,525
Floating Rate Revolving Credit Facility Due August 2027 [Member] | Opco [Member]
Line of Credit Facility, Remaining Borrowing Capacity			45,300		45,300			59,200	$ 155,000	$ 130,000
Line of Credit Facility, Maximum Borrowing Capacity, Addition of Future Commitments									$ 200,000
Line of Credit Facility, Increase (Decrease), Net	$ 30,000	$ 15,000
Line of Credit Facility, Maximum Borrowing Capacity	$ 185,000	200,000					$ 155,000
Long-Term Line of Credit			$ 154,700		154,700			95,800
Proceeds from Lines of Credit					152,900	$ 215,000
Repayments of Lines of Credit					$ 94,000	$ 157,000
Long-Term Debt, Weighted Average Interest Rate, over Time			8.91%	8.85%	8.92%	8.61%
Nontrade Receivables, Noncurrent			$ 24,200		$ 24,200			26,300
Long-Term Debt, Gross			154,684		154,684			95,834
Floating Rate Revolving Credit Facility Due August 2027 [Member] | Opco [Member] | Other Noncurrent Assets [Member]
Debt Instrument, Collateral Amount			$ 305,300		$ 305,300			316,300
Floating Rate Revolving Credit Facility Due August 2027 [Member] | Opco [Member] | New Lender [Member]
Line of Credit Facility, Maximum Borrowing Capacity		$ 30,000
Debt Instrument Covenant Maximum Leverage Ratio			3		3
Leverage Ratio			0.8		0.8
Debt Instrument, Covenant, Minimum Interest Coverage Ratio			3.5		3.5
Interest Coverage Ratio			14.2		14.2
Senior Notes [Member] | Opco [Member]
Long-Term Debt, Gross			$ 43,000		$ 43,000			$ 59,700
Repayments of Debt					$ 16,700	$ 19,100

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Note 9 - Debt, Net - Schedule of Long-term Debt (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Debt instrument, carrying value	$ 197,678	$ 155,525
Net unamortized debt issuance costs	(315)	(467)
Total debt, net	197,363	155,058
Less: current portion of long-term debt	(14,226)	(30,785)
Total long-term debt, net	183,137	124,273
Senior Notes [Member] | Five Point Eight Two Percent Senior Note Due March Two Zero Two Four [Member]
Debt instrument, carrying value	0	12,685
Senior Notes [Member] | Eight Point Nine Two Percent Senior Note Due March Two Zero Two Four [Member]
Debt instrument, carrying value	0	4,012
Senior Notes [Member] | Five Point Zero Three Percent Senior Note Due December Two Zero Two Six [Member]
Debt instrument, carrying value	34,262	34,262
Senior Notes [Member] | Five Point One Eight Percent Senior Note Due December Two Zero Two Six [Member]
Debt instrument, carrying value	8,732	8,732
Opco Senior Notes [Member]
Debt instrument, carrying value	42,994	59,691
Opco [Member] | Floating Rate Revolving Credit Facility Due August 2027 [Member]
Debt instrument, carrying value	154,684	95,834
Opco [Member] | Senior Notes [Member]
Debt instrument, carrying value	$ 43,000	$ 59,700

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Note 9 - Debt, Net - Schedule of Long-term Debt (Details) (Parentheticals) - Senior Notes [Member]	Sep. 30, 2024	Dec. 31, 2023
Five Point Eight Two Percent Senior Note Due March Two Zero Two Four [Member]
Debt instrument, interest rate	5.82%	5.82%
Eight Point Nine Two Percent Senior Note Due March Two Zero Two Four [Member]
Debt instrument, interest rate	8.92%	8.92%
Five Point Zero Three Percent Senior Note Due December Two Zero Two Six [Member]
Debt instrument, interest rate	5.03%	5.03%
Five Point One Eight Percent Senior Note Due December Two Zero Two Six [Member]
Debt instrument, interest rate	5.18%	5.18%

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Note 10 - Fair Value Measurements (Details Textual) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Discount Rate	15.00%	15.00%
Embedded Derivative, Fair Value of Embedded Derivative Liability	$ 0	$ 0

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Note 10 - Fair Value Measurements - Fair Value of Financial Assets and Liabilities (Details) - Fair Value, Inputs, Level 3 [Member] - USD ($) $ in Thousands		Sep. 30, 2024	Dec. 31, 2023
Reported Value Measurement [Member]
Contract receivable, net (current and long-term)	[1]	$ 26,997	$ 28,946
Estimate of Fair Value Measurement [Member]
Contract receivable, net (current and long-term)	[1]	23,223	24,492
Opco Senior Notes [Member] | Reported Value Measurement [Member]
Long term debt, fair value	[2]	42,679	59,224
Opco Senior Notes [Member] | Estimate of Fair Value Measurement [Member]
Long term debt, fair value	[2]	40,992	56,533
Floating Rate Revolving Credit Facility Due August 2027 [Member] | Reported Value Measurement [Member]
Long term debt, fair value	[3]	154,684	95,834
Floating Rate Revolving Credit Facility Due August 2027 [Member] | Estimate of Fair Value Measurement [Member]
Long term debt, fair value	[3]	$ 154,684	$ 95,384

[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, 2024 and December 31, 2023.

[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 this debt at any time without penalty.

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Note 11 - Related Party Transactions (Details Textual) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Assets [Abstract]
Other Assets, Noncurrent	$ 9,187		$ 9,187		$ 7,540
Liabilities [Abstract]
Other Liabilities, Noncurrent	5,903		5,903		7,172
Accounts Payable, Current	984		984		885
Operating Costs and Expenses	6,786	$ 8,358	18,391	$ 23,451
Other Assets, Noncurrent	$ 9,187		$ 9,187		$ 7,540
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration]	Other Assets, Noncurrent		Other Assets, Noncurrent		Other Assets, Noncurrent
Operating Lease, Liability, Statement of Financial Position [Extensible Enumeration]	Other Liabilities, Noncurrent		Other Liabilities, Noncurrent		Other Liabilities, Noncurrent
WPPLP [Member]
Accounts Payable, Current	$ 100		$ 100		$ 100
Operating Lease, Liability	3,400		3,400		3,500
Operating Costs and Expenses	10	$ 1,100	50	$ 5,100
Operating Lease, Right-of-Use Asset	3,400		3,400		3,500
WPPLP [Member] | Prepaid Royalty [Member]
Assets [Abstract]
Other Assets, Noncurrent	500		500		0
Other Assets, Noncurrent	500		500		0
Quintana Minerals Corp [Member] | Affiliated Entity [Member]
Accounts Payable, Current	$ 600		$ 600		$ 600

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Note 11 - Related Party Transactions - General Partner Affiliates (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Operating Costs and Expenses	$ 6,786	$ 8,358	$ 18,391	$ 23,451
QMC and WPPLP and QID [Member] | Affiliated Entity [Member]
Operating Costs and Expenses	2,014	1,663	5,483	5,094
General and administrative expenses	$ 1,296	$ 1,287	$ 4,117	$ 3,860

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Note 12 - Major Customers - Concentration Risk (Details) - USD ($) $ in Thousands		3 Months Ended		9 Months Ended
		Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Alpha Metallurgical Resources [Member]
Net sales	[1]	$ 14,556	$ 17,219	$ 53,345	$ 61,122
Alpha Metallurgical Resources [Member] | Revenue Benchmark [Member] | Customer Concentration Risk [Member]
Revenue, percent	[1]	28.00%	20.00%	30.00%	22.00%
Foresight Energy Resources [Member]
Net sales	[1]	$ 7,421	$ 18,600	$ 30,003	$ 43,453
Foresight Energy Resources [Member] | Revenue Benchmark [Member] | Customer Concentration Risk [Member]
Revenue, percent	[1]	14.00%	22.00%	17.00%	16.00%
Alabama Kanu Holdings [Member]
Net sales	[2]	$ 7,143	$ 8,892	$ 21,344	$ 24,962
Alabama Kanu Holdings [Member] | Revenue Benchmark [Member] | Customer Concentration Risk [Member]
Revenue, percent	[1],[2]	14.00%	10.00%	12.00%	9.00%

[1] Revenues from Alpha Metallurgical Resources, Inc., Foresight and Alabama Kanu Holdings, LLC are included within the Partnership's Mineral Rights segment.

[2] Alabama Kanu Holdings, LLC purchased Hatfield Metallurgical Holdings, LLC in August 2024.

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Note 14 - Unit-based Compensation (Details Textual) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Fair Value			$ 6.7	$ 16.0
Share-Based Payment Arrangement, Expense	$ 3.0	$ 2.7	8.9	7.9
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount	$ 12.4		$ 12.4		$ 13.3
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year)			1 year 7 months 6 days
Market-based Awards [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Fair Value			$ 2.5	$ 2.8

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Note 14 - Unit-based Compensation - Share-based Compensation Activity (Details) - Common Units [Member] shares in Thousands	9 Months Ended
	Sep. 30, 2024 $ / shares shares
Outstanding (in shares) | shares	483
Outstanding, weighted average grant date fair value (in dollars per share) | $ / shares	$ 46.21
Granted (in shares) | shares	65
Granted, weighted average grant date fair value (in dollars per share) | $ / shares	$ 103.5
Fully vested and issued (in shares) | shares	(197)
Fully vested and issued, weighted average grant date fair value (in dollars per share) | $ / shares	$ 38.76
Forfeitures (in shares) | shares	(1)
Forfeitures, weighted average grant date fair value (in dollars per share) | $ / shares	$ 90.7
Outstanding (in shares) | shares	350
Outstanding, weighted average grant date fair value (in dollars per share) | $ / shares	$ 60.81

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Note 15 - Financing Transaction (Details Textual) - Sugar Camp Mine [Member] - USD ($)	12 Months Ended
	Dec. 31, 2032	Sep. 30, 2024
Lessor, Operating Lease, Renewal Term (Year)		80 years
Forecast [Member]
Operating Lease, Lease Income	$ 10,000

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Note 16 - Credit Losses (Details Textual) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Financing Receivable, Credit Loss, Expense (Reversal)	$ 0.7	$ 1.6	$ (0.1)	$ 0.8
Accounts Receivable, Allowance for Credit Loss, Writeoff	$ 0.4		$ 0.7

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Note 16 - Credit Losses - Allowance for Credit Losses (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Receivables, gross	$ 44,356	$ 47,170
Receivables, allowance	(5,583)	(5,655)
Receivables, net	38,773	41,515
Long-term contract receivable, gross	25,081	27,265
Long-term contract receivable, allowance	(869)	(944)
Long-term contract receivable, net	24,212	26,321
Total, gross	69,437	74,435
Total, allowance	(6,452)	(6,599)
Total, net	$ 62,985	$ 67,836

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Note 17 - Subsequent Events (Details Textual)	1 Months Ended
	Nov. 30, 2024 $ / shares
Subsequent Event [Member]
Distribution Made to Limited Partner, Distributions Paid, Per Unit (in dollars per share)	$ 0.75