NRP 10-Q Quarterly Report Sept. 30, 2025

NATURAL RESOURCE PARTNERS LP

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nrp20250930_10q.htm

Table of Contents

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, 2025 or

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

		Commission file number:	001-31465

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

Delaware

35-2164875

(State or other jurisdiction of

incorporation or organization)

(I.R.S. Employer

Identification No.)

1415 Louisiana Street, Suite 3325

Houston , Texas 77002

(Address of principal executive offices)

(Zip Code)

( 713 ) 751-7507

(Registrant ’ s telephone number, including area code)

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

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

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

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

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

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

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

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

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

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

APPLICABLE ONLY TO CORPORATE ISSUERS

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

Table of Contents

NATURAL RESOURCE PARTNERS, L.P.

TABLE OF CONTENTS

		Page
Part I. Financial Information
Item 1.	Consolidated Financial Statements
	Consolidated Balance Sheets	1
	Consolidated Statements of Comprehensive Income	2
	Consolidated Statements of Partners ’ Capital	3
	Consolidated Statements of Cash Flows	5
	Notes to Consolidated Financial Statements	6
Item 2.	Management ’ s Discussion and Analysis of Financial Condition and Results of Operations	18
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	31
Item 4.	Controls and Procedures	31
Part II. Other Information
Item 1.	Legal Proceedings	32
Item 1A.	Risk Factors	32
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	32
Item 3.	Defaults Upon Senior Securities	32
Item 4.	Mine Safety Disclosures	32
Item 5.	Other Information	32
Item 6.	Exhibits	32
	Signatures	33

Table of Contents

PART I. FINANCIAL INFORMATION

ITEM 1. CONSOLIDATED FINANCIAL STATEMENTS

NATURAL RESOURCE PARTNERS L.P.

CONSOLIDATED BALANCE SHEETS

	*September 30,*			*December 31,*
	*2025*			*2024*
(In thousands, except unit data)	(Unaudited)
ASSETS
Current assets
Cash and cash equivalents	$	31,019		$	30,444
Accounts receivable, net		30,442			31,469
Other current assets, net		455			1,961
Total current assets	$	61,916		$	63,874
Land		24,008			24,008
Mineral rights, net		369,902			379,638
Intangible assets, net		12,332			12,924
Equity in unconsolidated investment		253,717			257,355
Long-term contract receivable, net		21,197			23,480
Other long-term assets, net		10,482			11,628
Total assets	$	753,554		$	772,907
LIABILITIES AND CAPITAL
Current liabilities
Accounts payable	$	886		$	909
Accrued liabilities		8,313			12,121
Accrued interest		492			302
Current portion of deferred revenue		5,005			4,341
Current portion of long-term debt, net		14,246			14,192
Total current liabilities	$	28,942		$	31,865
Deferred revenue		52,514			55,814
Long-term debt, net		55,131			127,876
Other non-current liabilities		5,717			6,244
Total liabilities	$	142,304		$	221,799
Commitments and contingencies (see Note 13)
Partners’ capital
Common unitholders’ interest ( 13,138,097 and 13,049,123 units issued and outstanding at September 30, 2025 and December 31, 2024, respectively)	$	602,552		$	543,231
General partner’s interest		10,913			9,547
Accumulated other comprehensive loss		( 2,215	)		( 1,670	)
Total partners’ capital	$	611,250		$	551,108
Total liabilities and partners' capital	$	753,554		$	772,907

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

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NATURAL RESOURCE PARTNERS L.P.

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(Unaudited)

	*For the Three Months Ended September 30,*						*For the Nine Months Ended September 30,*
(In thousands, except per unit data)	*2025*			*2024*			*2025*			*2024*
Revenues and other income
Royalty and other mineral rights	$	49,615		$	50,405		$	145,170		$	172,368
Transportation and processing services		1,800			1,812			8,772			7,900
Equity in earnings of Sisecam Wyoming		( 2,390	)		8,109			4,746			17,204
Gain on asset sales and disposals		906			1			1,882			4,809
Total revenues and other income	$	49,931		$	60,327		$	160,570		$	202,281

Operating expenses
Operating and maintenance expenses	$	7,654		$	6,786		$	18,589		$	18,391
Depreciation, depletion and amortization		3,868			4,730			11,611			12,708
General and administrative expenses		5,725			5,935			18,154			18,193
Asset impairments		—			87			20			87
Total operating expenses	$	17,247		$	17,538		$	48,374		$	49,379

Income from operations	$	32,684		$	42,789		$	112,196		$	152,902

Interest expense, net	$	( 1,779	)	$	( 4,194	)	$	( 6,827	)	$	( 12,030	)

Net income	$	30,905		$	38,595		$	105,369		$	140,872
Less: income attributable to preferred unitholders		—			( 655	)		—			( 4,248	)
Less: redemption of preferred units		—			( 10,819	)		—			( 24,485	)
Net income attributable to common unitholders and the general partner	$	30,905		$	27,121		$	105,369		$	112,139

Net income attributable to common unitholders	$	30,287		$	26,578		$	103,262		$	109,896
Net income attributable to the general partner		618			543			2,107			2,243

Net income per common unit (see Note 5)
Basic	$	2.31		$	2.04		$	7.87		$	8.47
Diluted		2.28			2.00			7.77			8.21

Net income	$	30,905		$	38,595		$	105,369		$	140,872
Comprehensive income (loss) from unconsolidated investment and other		( 2,391	)		82			( 545	)		2,166
Comprehensive income	$	28,514		$	38,677		$	104,824		$	143,038

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

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NATURAL RESOURCE PARTNERS L.P.

CONSOLIDATED STATEMENTS OF PARTNERS ’ CAPITAL

(Unaudited)

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

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

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NATURAL RESOURCE PARTNERS L.P.

CONSOLIDATED STATEMENTS OF 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		—		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		—		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.

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

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NATURAL RESOURCE PARTNERS L.P.

CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)

	*For the Nine Months Ended September 30,*
(In thousands)	*2025*			*2024*
Cash flows from operating activities
Net income	$	105,369		$	140,872
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation, depletion and amortization		11,611			12,708
Distributions from unconsolidated investment		7,840			28,114
Equity earnings from unconsolidated investment		( 4,746	)		( 17,204	)
Gain on asset sales and disposals		( 1,882	)		( 4,809	)
Asset impairments		20			87
Bad debt expense		862			538
Unit-based compensation expense		8,103			8,878
Amortization of debt issuance costs and other		( 81	)		( 2,603	)
Change in operating assets and liabilities:
Accounts receivable		346			5,711
Accounts payable		( 23	)		98
Accrued liabilities		( 5,336	)		( 5,917	)
Accrued interest		190			192
Deferred revenue		( 2,636	)		16,781
Other items, net		1,461			( 1,173	)
Net cash provided by operating activities	$	121,098		$	182,273

Cash flows from investing activities
Proceeds from asset sales and disposals	$	1,883		$	4,809
Return of long-term contract receivable		2,142			1,979
Net cash provided by investing activities	$	4,025		$	6,788

Cash flows from financing activities
Debt borrowings	$	33,700		$	152,850
Debt repayments		( 106,500	)		( 110,696	)
Distributions to common unitholders and the general partner		( 46,386	)		( 62,159	)
Distributions to preferred unitholders		—			( 6,398	)
Redemption of preferred units		—			( 71,666	)
Warrant settlements (see Note 3)		—			( 65,689	)
Other items, net		( 5,362	)		( 6,392	)
Net cash used in financing activities	$	( 124,548	)	$	( 170,150	)

Net increase in cash and cash equivalents	$	575		$	18,911
Cash and cash equivalents at beginning of period		30,444			11,989
Cash and cash equivalents at end of period	$	31,019		$	30,900

Supplemental cash flow information:
Cash paid for interest	$	6,509		$	11,466

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

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NATURAL RESOURCE PARTNERS L.P.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

1. Basis of Presentation

Nature of Business

Natural Resource Partners L.P. (the "Partnership") engages principally in the business of owning, managing and leasing a diversified portfolio of mineral properties in the United States, including interests in coal and other natural resources and owns a non-controlling 49 % interest in Sisecam Wyoming LLC ("Sisecam Wyoming"), a trona ore mining and soda ash production business. The Partnership is organized into two 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, 2024 and notes thereto included in the Partnership's Annual Report on Form 10 -K, which was filed with the SEC on February 28, 2025. Reclassifications have been made to prior year amounts in the Consolidated Financial Statements to conform with current year presentation. These reclassifications had no impact on previously reported total assets, total liabilities, partners' capital, net income, or cash flows from operating, investing or financing activities.

Recently Issued Accounting Standard

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

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NATURAL RESOURCE PARTNERS L.P.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—CONTINUED

(Unaudited)

2. Revenues from Contracts with Customers

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

	*For the Three Months Ended September 30,*					*For the Nine Months Ended September 30,*
(In thousands)	*2025*		*2024*			*2025*		*2024*
Coal royalty revenues	$	34,193	$	37,605		$	101,234	$	124,108
Production lease minimum revenues		1,365		437			4,213		1,773
Minimum lease straight-line revenues		4,176		4,117			12,276		12,414
Oil and gas royalty revenues		1,787		1,317			6,212		6,956
Carbon neutral revenues		316		( 39	)		1,201		4,322
Property tax revenues		2,105		1,809			5,261		5,246
Wheelage revenues		2,225		2,072			6,506		7,082
Coal overriding royalty revenues		297		227			1,633		2,064
Lease amendment revenues		1,699		1,071			3,010		2,485
Aggregates royalty revenues		1,011		662			2,770		2,164
Other revenues		441		1,127			854		1,956
Royalty and other mineral rights revenues	$	49,615	$	50,405		$	145,170	$	170,570
Transportation and processing services revenues		1,293		1,248			7,207		6,169
Total Mineral Rights segment revenues from contracts with customers	$	50,908	$	51,653		$	152,377	$	176,739

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

	*September 30,*		*December 31,*
(In thousands)	*2025*		*2024*
Contract assets
Accounts receivable, net	$	26,222	$	27,358
Other current assets, net		212		—
Other long-term assets, net		1,957		2,352

Contract liabilities
Accounts payable	$	125	$	125
Current portion of deferred revenue		5,005		4,341
Deferred revenue		52,514		55,814

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)	*2025*			*2024*
Balance at beginning of period (current and non-current)	$	60,155		$	42,955
Increase due to minimums and lease amendment fees		14,479			28,319
Recognition of previously deferred revenue		( 17,115	)		( 11,539	)
Balance at end of period (current and non-current)	$	57,519		$	59,735

The Partnership's non-cancellable annual minimum payments due under the lease terms of its coal and aggregates royalty contracts with customers are as follows as of September 30, 2025 (in thousands):

Lease Term ⁽¹⁾	*Weighted Average Remaining Years*		*Annual Minimum Payments*
0 - 5 years		2.0	$	14,013
5 - 10 years		4.5		14,817
10+ years		10.5		26,609
Total		6.7	$	55,439

^{(

1

)}

Lease term does not include renewal periods.

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NATURAL RESOURCE PARTNERS L.P.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—CONTINUED

(Unaudited)

3. Class A Convertible Preferred Units and Warrants

During the three months ended September 30, 2024, the Partnership redeemed 31,666 Class A Convertible Preferred Units (the "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. In 2024, all remaining preferred units were redeemed and none of the Partnership's preferred units remained outstanding as of September 30, 2025 and December 31, 2024 .

During the nine months ended September 30, 2024, the Partnership settled a total of 1,540,000 warrants to purchase common units ("warrants") with a strike price of $ 34.00 . These warrants were settled on a net basis for a total of $ 65.7 million in cash and 287,826 common units. In 2024, all remaining warrants were settled and none of the Partnership's warrants remained outstanding as of September 30, 2025 and December 31, 2024 .

4. Common and Preferred Unit Distributions

The Partnership makes cash distributions to common unitholders and made cash distributions to 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 common unit distributions on the date the distribution is declared. In 2024, the Partnership recognized preferred unit distributions on the date the distribution was 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 was reduced by $ 0.7 million and $ 4.2 million in preferred unit distributions that accumulated during the three and nine months ended September 30, 2024 , respectively. Income available to common unitholders and the general partner was also reduced by $ 10.8 million and $ 24.5 million during the three and nine months ended September 30, 2024, respectively, which represents the difference between the fair value of the consideration paid upon redemption of the preferred units and the carrying value of the preferred units.

The following table shows the cash distributions declared and paid to common and preferred unitholders during the nine months ended September 30, 2025 and 2024 , 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)*
2025
February	October 1 - December 31, 2024	$	0.75	$	10,055	$	—	$	—
March ⁽²⁾	Special Distribution		1.21		16,221		—		—
May	January 1 - March 31, 2025		0.75		10,055		—		—
August	April 1 - June 30, 2025		0.75		10,055		—		—


2024
February	October 1 - December 31, 2023	$	0.75	$	9,918	$	30.00	$	2,150
March ⁽³⁾	Special Distribution		2.44		32,268		—		—
May	January 1 - March 31, 2024		0.75		9,987		30.00		2,150
May ⁽⁴⁾	April 1 - May 8, 2024		—		—		12.33		493
August	April 1 - June 30, 2024		0.75		9,986		30.00		950
September ⁽⁵⁾	July 1 - September 3, 2024		—		—		20.68		655

^{( 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 2024.
^{( 3 )}	Special distribution was made to help cover unitholder tax liabilities associated with owning NRP's common units during 2023.
^{( 4 )}	Relates to accrued distribution paid upon the redemption of 40,000 units in May 2024.
^{( 5 )}	Relates to accrued distribution paid upon the redemption of 31,666 units in September 2024.

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NATURAL RESOURCE PARTNERS L.P.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—CONTINUED

(Unaudited)

5. Net Income Per Common Unit

In 2025, basic net income per common unit is computed by dividing net income, after considering 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 unvested unit-based awards if the inclusion of these items is dilutive.

In 2024, 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 in 2024 was calculated using the if-converted method. Under the if-converted method, the preferred units were assumed to be converted at the beginning of the period, and the resulting common units were 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 were added back to the numerator for purposes of the if-converted calculation. The calculation of diluted net income for the three months ended September 30, 2024 did 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 unit for the nine months ended September 30, 2024 included the assumed conversion of the remaining preferred units during the period. The calculation of diluted net income for the three and nine months ended September 30, 2024 did not include the assumed conversion of the preferred units that were redeemed during the period as the inclusion of these units would be anti-dilutive.

The dilutive effect of the warrants in 2024 was calculated using the treasury stock method, which assumed that the proceeds from the exercise of these instruments were used to purchase common units at the average market price for the period. The dilutive effect of the warrants was not factored in to the calculation of diluted net income per common unit for the three months September 30, 2024 as they were fully settled as of June 30, 2024. The calculation of diluted net income per common unit for the nine months ended September 30, 2024 included the net settlement of the warrants for the period during which they were outstanding.

The dilutive effect of the unvested unit-based awards is calculated using the treasury stock method, which assumes that the proceeds from the vesting of the unvested unit-based awards are used to purchase common units at the average market price for the period. The calculation of diluted net income per common unit for the three and nine months ended September 30, 2025 and 2024 included the impact of the vesting of the unvested unit-based awards.

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

	*For the Three Months Ended September 30,*						*For the Nine Months Ended September 30,*
(In thousands, except per unit data)	*2025*			*2024*			*2025*			*2024*
Basic net income per common unit
Net income attributable to common unitholders	$	30,287		$	26,578		$	103,262		$	109,896
Weighted average common units—basic		13,138			13,049			13,125			12,971
Basic net income per common unit	$	2.31		$	2.04		$	7.87		$	8.47

Diluted net income per common unit
Weighted average common units—basic		13,138			13,049			13,125			12,971
Plus: dilutive effect of preferred units		—			—			—			375
Plus: dilutive effect of warrants		—			—			—			186
Plus: dilutive effect of unvested unit-based awards		157			222			172			229
Weighted average common units—diluted		13,295			13,271			13,297			13,761

Net income	$	30,905		$	38,595		$	105,369		$	140,872
Less: income attributable to preferred unitholders		—			( 655	)		—			( 1,148	)
Less: redemption of preferred units		—			( 10,819	)		—			( 24,485	)
Diluted net income attributable to common unitholders and the general partner	$	30,905		$	27,121		$	105,369		$	115,239
Less: diluted net income attributable to the general partner		( 618	)		( 543	)		( 2,107	)		( 2,305	)
Diluted net income attributable to common unitholders	$	30,287		$	26,578		$	103,262		$	112,934

Diluted net income per common unit	$	2.28		$	2.00		$	7.77		$	8.21

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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.

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

Direct segment costs and certain other costs incurred at the corporate level that are identifiable and that benefit the Partnership's 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.

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

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NATURAL RESOURCE PARTNERS L.P.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—CONTINUED

(Unaudited)

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

	*Operating Segments*
(In thousands)	*Mineral Rights*		*Soda Ash*			*Corporate and Financing*			*Total*
For the Three Months Ended September 30, 2025
Revenues	$	51,415	$	—		$	—		$	51,415
Equity in earnings of Sisecam Wyoming		—		( 2,390	)		—			( 2,390	)
Gain on asset sales and disposals		906		—			—			906
Total revenues and other income	$	52,321	$	( 2,390	)	$	—		$	49,931
Less:
Compensation (salaries, benefits and bonus)	$	1,692	$	—		$	1,926		$	3,618
Long-term incentive compensation ⁽¹⁾		465		—			2,289			2,754
Property taxes		2,035		—			—			2,035
Depreciation, depletion and amortization		3,864		—			4			3,868
Asset impairments		—		—			—			—
Interest expense, net ⁽²⁾		—		—			1,779			1,779
Other segment items ⁽³⁾		3,406		56			1,510			4,972
Net income (loss)	$	40,859	$	( 2,446	)	$	( 7,508	)	$	30,905

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
Total revenues and other income	$	52,218	$	8,109		$	—		$	60,327
Less:
Compensation (salaries, benefits and bonus)	$	2,144	$	—		$	1,805		$	3,949
Long-term incentive compensation ⁽⁴⁾		433		—			2,540			2,973
Property taxes		1,942		—			—			1,942
Depreciation, depletion and amortization		4,725		—			5			4,730
Asset impairments		87		—			—			87
Interest expense, net ⁽²⁾		—		—			4,194			4,194
Other segment items ⁽³⁾		2,243		24			1,590			3,857
Net income (loss)	$	40,644	$	8,085		$	( 10,134	)	$	38,595

^{(

1

)}

Long-term incentive compensation for the three months ended September 30, 2025 includes ( 1 ) Mineral Rights segment: $ 0.3 million of equity compensation and $ 0.1 million of cash compensation; ( 2 ) Corporate & Financing segment: $ 2.2 million of equity compensation and $ 0.1 million of cash compensation.

^{(

2

)}

Included in interest expense, net was $ 0.2 million and $ 0.3 million of interest income for the three months ended September 30, 2025 and 2024 , respectively.

^{(

3

)}

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

^{(

4

)}

Long-term incentive compensation for the three months ended September 30, 2024 includes ( 1 ) Mineral Rights segment: $ 0.4 million of equity compensation and $ 0.06 million of cash compensation; ( 2 ) Corporate & Financing segment: $ 2.4 million of equity compensation and $ 0.1 million of cash compensation.

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NATURAL RESOURCE PARTNERS L.P.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—CONTINUED

(Unaudited)

	Operating Segments
(In thousands)	Mineral Rights		Soda Ash		Corporate and Financing			Total
For the Nine Months Ended September 30, 2025
Revenues	$	153,942	$	—	$	—		$	153,942
Equity in earnings of Sisecam Wyoming		—		4,746		—			4,746
Gain on asset sales and disposals		1,882		—		—			1,882
Total revenues and other income	$	155,824	$	4,746	$	—		$	160,570
Less:
Compensation (salaries, benefits and bonus)	$	5,313	$	—	$	5,882		$	11,195
Long-term incentive compensation ⁽¹⁾		1,387		—		6,787			8,174
Property taxes		5,594		—		—			5,594
Depreciation, depletion and amortization		11,597		—		14			11,611
Asset impairments		20		—		—			20
Interest expense, net ⁽²⁾		—		—		6,827			6,827
Other segment items ⁽³⁾		6,155		140		5,485			11,780
Net income (loss)	$	125,758	$	4,606	$	( 24,995	)	$	105,369
As of September 30, 2025
Total assets	$	494,855	$	253,717	$	4,982		$	753,554

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
Total revenues and other income	$	185,077	$	17,204	$	—		$	202,281
Less:
Compensation (salaries, benefits and bonus)	$	5,922	$	—	$	5,338		$	11,260
Long-term incentive compensation ⁽⁴⁾		1,348		—		7,429			8,777
Property taxes		5,847		—		—			5,847
Depreciation, depletion and amortization		12,694		—		14			12,708
Asset impairments		87		—		—			87
Interest expense, net ⁽²⁾		—		—		12,030			12,030
Other segment items ⁽³⁾		5,162		112		5,426			10,700
Net income (loss)	$	154,017	$	17,092	$	( 30,237	)	$	140,872
As of December 31, 2024
Total assets	$	509,127	$	257,355	$	6,425		$	772,907

^{(

1

)}

Long-term incentive compensation for the nine months ended September 30, 2025 includes ( 1 ) Mineral Rights segment: $ 1.0 million of equity compensation and $ 0.4 million of cash compensation; ( 2 ) Corporate & Financing segment: $ 6.5 million of equity compensation and $ 0.2 million of cash compensation.

^{(

2

)}

Included in interest expense, net was $ 0.7 million and $ 0.4 million of interest income for the nine months ended September 30, 2025 and 2024, respectively.

^{(

3

)}

^{(

4

)}

Long-term incentive compensation for the nine months ended September 30, 2024 includes ( 1 ) Mineral Rights segment: $ 1.1 million of equity compensation and $ 0.2 million of cash compensation; ( 2 ) Corporate & Financing segment: $ 7.1 million of equity compensation and $ 0.3 million of cash compensation.

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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)	*2025*			*2024*			*2025*			*2024*
Balance at beginning of period	$	258,498		$	265,935		$	257,355		$	276,549
Income (loss) allocation to NRP’s equity interests (1)		( 1,342	)		9,315			8,074			20,718
Amortization of basis difference		( 1,048	)		( 1,206	)		( 3,327	)		( 3,513	)
Other comprehensive income (loss)		( 2,391	)		82			( 545	)		2,166
Distributions		—			( 6,320	)		( 7,840	)		( 28,114	)
Balance at end of period	$	253,717		$	267,806		$	253,717		$	267,806

^{(

1

)}

Amounts reclassified into income (loss) out of accumulated other comprehensive loss were $ 1.0 million and $ 1.5 million for the three months ended September 30, 2025 and 2024 , respectively and $ 2.3 million and $ 4.5 million for the nine months ended September 30, 2025 and 2024, 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, 2025 and 2024 :

	*For the Three Months Ended September 30,*					*For the Nine Months Ended September 30,*
(In thousands)	*2025*			*2024*		*2025*		*2024*
Net sales	$	123,847		$	160,975	$	413,754	$	438,385
Gross profit		4,264			25,976		38,467		64,584
Net income (loss)		( 2,739	)		19,009		16,477		42,281

8. Mineral Rights, Net

The Partnership’s mineral rights consist of the following:

	*September 30, 2025*							*December 31, 2024*
(In thousands)	*Carrying Value*		*Accumulated Depletion*			*Net Book Value*		*Carrying Value*		*Accumulated Depletion*			*Net Book Value*
Coal properties	$	653,808	$	( 301,616	)	$	352,192	$	660,961	$	( 299,404	)	$	361,557
Aggregates properties		8,655		( 4,293	)		4,362		8,655		( 4,065	)		4,590
Oil and gas royalty properties		12,354		( 10,536	)		1,818		12,354		( 10,394	)		1,960
Other		13,142		( 1,612	)		11,530		13,143		( 1,612	)		11,531
Total mineral rights, net	$	687,959	$	( 318,057	)	$	369,902	$	695,113	$	( 315,475	)	$	379,638

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 $ 3.8 million and $ 4.7 million for the three months ended September 30, 2025 and 2024 , respectively, and $ 11.0 million and $ 12.1 million for the nine months ended September 30, 2025 and 2024, respectively.

The Partnership has developed procedures to evaluate its long-lived assets for possible impairment periodically or whenever events or changes in circumstances indicate an asset's net book value may not be recoverable. Potential events or circumstances include, but are not limited to, specific events such as a reduction in economically recoverable minerals or production ceasing on a property for an extended period. This analysis is based on historic, current and future performance and considers both quantitative and qualitative information. As a result of the Partnership's analyses, NRP recorded an immaterial impairment expense during the nine months ended September 30, 2025 as well as during the three and nine months ended September 30, 2024.

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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)	*2025*			*2024*
Opco Credit Facility	$	40,884		$	113,684
Opco Senior Notes
5.03 % with semi-annual interest payments in June and December, with annual principal payments in December, due December 2026	$	22,841		$	22,841
5.18 % with semi-annual interest payments in June and December, with annual principal payments in December, due December 2026		5,822			5,822
Total Opco Senior Notes	$	28,663		$	28,663
Total debt at face value	$	69,547		$	142,347
Net unamortized debt issuance costs		( 170	)		( 279	)
Total debt, net	$	69,377		$	142,068
Less: current portion of long-term debt		( 14,246	)		( 14,192	)
Total long-term debt, net	$	55,131		$	127,876

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, 2025 and December 31, 2024 , 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. 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.

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, 2025 , this rati o was 0.4x; 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, 2025 , this ratio was 16.6x.

As of December 31, 2024 , the Partnership had $ 113.7 million in borrowings outstanding under the Opco Credit Facility and $ 86.3 million of available borrowing capacity. During the nine months ended September 30, 2025 , the Partnership borrowed $ 33.7 million and repaid $ 106.5 million, resulting in $ 40.9 million in borrowings outstanding under the Opco Credit Facility and $ 159.1 million of available borrowing capacity as of September 30, 2025 . During the nine months ended September 30, 2024 , the Partnership borrowed $ 152.9 million and repaid $ 94.0 million on the Opco Credit Facility. The weighted average interest rate for the borrowings outstanding under the Opco Credit Facility for the three months ended September 30, 2025 and 2024 was 7.93 % and 8.91 %, respectively. The weighted average interest rate for the borrowings outstanding under the Opco Credit Facility for the nine months ended September 30, 2025 and 2024 was 7.93 % and 8.92 %, respectively.

The Opco Credit Facility is collateralized and secured by liens on certain of Opco’s assets with carrying values of $ 293.0 million and $ 302.8 million classified as mineral rights, net and other long-term assets, net and $ 21.2 million and $ 23.5 million classified as long-term contract receivable, net on the Partnership’s Consolidated Balance Sheets as of September 30, 2025 and December 31, 2024 , 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, 2025 , the 5.03% and 5.18% Opco Senior Notes remain outstanding. These Opco Senior Notes have principal due annually in December and interest due semi-annually in June and December. As of both September 30, 2025 and December 31, 2024 , the Opco Senior Notes had cumulative principal balances of $ 28.7 million. Opco made mandatory principal payments of $ 0.0 million and $ 16.7 during the nine months ended September 30, 2025 and 2024 , respectively. These Opco Senior Notes will fully mature in December 2026.

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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 contract receivable and debt.

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

			*September 30, 2025*				*December 31, 2024*
	*Fair Value*		*Carrying*		*Estimated*		*Carrying*		*Estimated*
(In thousands)	*Hierarchy Level*		*Value*		*Fair Value*		*Value*		*Fair Value*
Assets:
Contract receivable, net (current and long-term) ⁽¹⁾		3	$	24,212	$	21,308	$	26,321	$	22,776

Debt:
Opco Senior Notes ⁽²⁾		3	$	28,493	$	27,932	$	28,384	$	27,498
Opco Credit Facility ⁽³⁾		3		40,884		40,884		113,684		113,684

^{( 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, 2025 and December 31, 2024 .
^{( 2 )}	The fair value of the Opco Senior Notes was estimated by management utilizing the present value replacement method incorporating the interest rate of the Opco Credit Facility.
^{( 3 )}	The fair value of the Opco Credit Facility approximates the outstanding borrowing amount because the interest rates are variable and reflective of market rates and the terms of the credit facility allow the Partnership to repay the debt at any time without penalty.

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)	*2025*		*2024*		*2025*		*2024*
Operating and maintenance expenses	$	1,513	$	2,014	$	4,821	$	5,483
General and administrative expenses		1,293		1,296		4,175		4,117

The Partnership had accounts payable to related parties of $ 0.5 million and $ 0.6 million on its Consolidated Balance Sheets at September 30, 2025 and December 31, 2024, respectively. The Partnership had other current assets of $ 0.1 and $ 0.2 million on its Consolidated Balance Sheets related to a prepaid expense at September 30, 2025 and December 31, 2024 , respectively.

As a result of its office lease with WPPLP, the Partnership has a right-of-use asset and lease liability of $ 3.4 million included in other long-term assets, net and other non-current liabilities, respectively on its Consolidated Balance Sheets at both September 30, 2025 and December 31, 2024 .

During the three months ended September 30, 2025 and 2024 , the Partnership recognized $ 0.1 million and $ 0.01 million in operating and maintenance expenses, respectively, on its Consolidated Statements of Comprehensive Income related to an overriding royalty agreement with WPPLP. These amounts were $ 0.3 million and $ 0.05 million during the nine months ended September 30, 2025 and 2024, respectively. The Partnership had $ 0.1 million in accounts payable on its Consolidated Balance Sheets at September 30, 2025 related to this agreement as well as $ 1.1 million and $ 0.5 million of other long-term assets, net on its Consolidated Balance Sheets related to a prepaid royalty for this agreement at September 30, 2025 and December 31, 2024, respectively.

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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,*
	*2025*					*2024*					*2025*					*2024*
(In thousands)	*Revenues*		*Percent*			*Revenues*		*Percent*			*Revenues*		*Percent*			*Revenues*		*Percent*
Alpha Metallurgical Resources, Inc. ⁽¹⁾	$	13,897		27	%	$	14,556		28	%	$	40,257		26	%	$	53,345		30	%
Foresight Energy Resources LLC ("Foresight") ⁽¹⁾	$	7,400		14	%	$	7,421		14	%	$	33,656		22	%	$	30,003		17	%
Alabama Kanu Holdings, LLC ^{(1) (2)}	$	6,324		12	%	$	7,143		14	%	$	14,867		10	%	$	21,344		12	%

^{( 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 as of and for the three and nine months ended September 30, 2025.

14. Unit-Based Compensation

During the nine months ended September 30, 2025 and 2024 , the Partnership granted service, performance and market-based awards under its 2017 Long-Term Incentive Plan. The Partnership's service and performance-based awards are valued using the closing price of NRP's common units as of the grant date while the Partnership's market-based awards are valued using a Monte Carlo simulation. The grant date fair value of the awards granted during the nine months ended September 30, 2025 and 2024 was $ 6.8 million and $ 6.7 million, respectively, which included a grant date fair value of $ 2.5 million for the market-based awards valued using a Monte Carlo simulation during both the nine months ended September 30, 2025 and 2024 . Total unit-based compensation expense associated with service, performance and market-based awards was $ 2.7 million and $ 3.0 million for the three months ended September 30, 2025 and 2024 , respectively, and $ 8.1 million and $ 8.9 million for the nine months ended September 30, 2025 and 2024, respectively, 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, 2025 was $ 9.2 million, which will be recognized over a weighted average period of 1.7 years. The unamortized cost associated with unvested outstanding awards as of December 31, 2024 was $ 9.5 million. The Partnership paid $ 5.5 million and $ 6.4 million in cash during the nine months ended September 30, 2025 and 2024 , respectively, for taxes on the unit-based award settlements during the respective years. These cash payments are included in other items, net under cash flows from financing activities on the Partnership's Consolidated Statements of Cash Flows.

A summary of the unit activity in the outstanding grants during 2025 is as follows:

(In thousands)	*Common Units*			*Weighted Average Grant Date Fair Value per Common Unit*
Outstanding at January 1, 2025		350		$	60.81
Granted		57		$	117.98
Fully vested and issued		( 141	)	$	50.33
Outstanding at September 30, 2025		266		$	78.68

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NATURAL RESOURCE PARTNERS L.P.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—CONTINUED

(Unaudited)

15. 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, 2025 and December 31, 2024 , NRP had the following current expected credit loss (“CECL”) allowance related to its receivables and long-term contract receivable:

	*September 30, 2025*							*December 31, 2024*
(In thousands)	*Gross*		*CECL Allowance*			*Net*		*Gross*		*CECL Allowance*			*Net*
Receivables	$	35,253	$	( 4,535	)	$	30,718	$	37,270	$	( 4,425	)	$	32,845
Long-term contract receivable		21,958		( 761	)		21,197		24,323		( 843	)		23,480
Total	$	57,211	$	( 5,296	)	$	51,915	$	61,593	$	( 5,268	)	$	56,325

NRP recorded $ 1.7 million and $ 0.7 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, 2025 and 2024 , respectively, and $ 0.03 million and a reversal of $ 0.1 million of operating and maintenance expenses during the nine months ended September 30, 2025 and 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.

16. Subsequent Events

The following represents material events that have occurred subsequent to September 30, 2025 through the time of the Partnership’s filing of its Quarterly Report on Form 10 -Q with the SEC:

Common Unit Distributions

In November 2025, the Board of Directors declared a distribution of $ 0.75 per common unit with respect to the third quarter of 2025 .

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

The following review of operations for the three and nine month periods ended September 30, 2025 and 2024 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, 2024.

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

INFORMATION REGARDING FORWARD-LOOKING STATEMENTS

Statements included in this 10-Q may constitute forward-looking statements. In addition, we and our representatives may from time to time make other oral or written statements which are also forward-looking statements. Such forward-looking statements include, among other things, statements regarding: future distributions on our common units; our business strategy; our liquidity and access to capital and financing sources; our financial strategy; prices of and demand for coal, trona and soda ash, and other natural resources; estimated revenues, expenses and results of operations; projected future performance by our lessees; Sisecam Wyoming LLC’s ("Sisecam Wyoming's") trona mining and soda ash refinery operations; distributions from our soda ash 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, 2024 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, 2024. 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.

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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, including 3.5 million acres of underground pore space for the sequestration of carbon dioxide. Our assets provide critical inputs for the manufacturing of steel, electricity, building materials, and components used in the generation of renewable energy.

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

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

Our financial results by segment for the nine months ended September 30, 2025 are as follows:

	Operating Segments
(In thousands)	Mineral Rights			Soda Ash		Corporate and Financing			Total
Revenues and other income	$	155,824		$	4,746	$	—		$	160,570
Net income (loss)	$	125,758		$	4,606	$	(24,995	)	$	105,369
Adjusted EBITDA ⁽¹⁾	$	137,375		$	7,700	$	(18,154	)	$	126,921

Cash flow provided by (used in) continuing operations
Operating activities	$	133,227		$	7,700	$	(19,829	)	$	121,098
Investing activities	$	4,025		$	—	$	—		$	4,025
Financing activities	$	(841	)	$	—	$	(123,707	)	$	(124,548	)
Distributable cash flow ⁽¹⁾	$	137,252		$	7,700	$	(19,829	)	$	125,123
Free cash flow ⁽¹⁾	$	135,369		$	7,700	$	(19,829	)	$	123,240

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

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Current Results/Market Commentary

Financial Results and Quarterly Distributions

We generated $121.1 million of operating cash flow and $123.2 million of free cash flow during the nine months ended September 30, 2025, and ended the quarter with $190.1 million of liquidity consisting of $31.0 million of cash and cash equivalents and $159.1 million of available borrowing capacity under our Opco Credit Facility. As of September 30, 2025 our leverage ratio was 0.4 x.

In February 2025, we paid a cash distribution of $0.75 per common unit of NRP with respect to the fourth quarter of 2024. In March 2025, we paid a special cash distribution of $1.21 per common unit of NRP to help cover unitholder tax liabilities associated with owning NRP's common units in 2024. In May 2025, we paid a cash distribution of $0.75 per common unit of NRP with respect to the first quarter of 2025. In August 2025, we paid a cash distribution of $0.75 per common unit of NRP with respect to the second quarter of 2025. 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, 2025 decreased $29.3 million, or 16% , as compared to the prior year period. Cash provided by operating activities and free cash flow during the nine months ended September 30, 2025 decreased by $46.4 million and $46.2 million, respectively, as compared to the prior year period. These decreases were primarily due to lower metallurgical coal sales prices and volumes as compared to the prior year period.

Although metallurgical and thermal coal prices saw a modest uptick at the end of the third quarter, we expect lower pricing levels for both commodities for the foreseeable future. Metallurgical coal markets remain weak due to soft global steel demand and thermal markets remain encumbered by low natural gas prices and ample coal stockpiles at power plants.

The markets for our carbon neutral revenue opportunities also remain weak. We were notified in the third quarter that our lessee was dropping its subsurface carbon sequestration lease on our acreage in Polk County, Texas. We believe the burdens on the industry, including high capital and operational costs, insufficient revenue streams, and an uncertain regulatory environment, continue to create formidable barriers that operators have yet to overcome.

Soda Ash Business Segment

Revenues and other income during the nine months ended September 30, 2025 decreased $12.5 million, or 72%, as compared to the prior year period primarily due to lower sales prices in 2025.

Cash provided by operating activities and free cash flow during the nine months ended September 30, 2025 each decreased $20.3 million as compared to the prior year period due to lower cash distributions received from Sisecam Wyoming in the first nine months of 2025.

The significantly oversupplied soda ash market coupled with ongoing weak demand for flat glass due to lower global construction activity and sluggish demand for new automobiles and solar panels is degrading the outlook for soda ash prices in 2026. We continue to believe international soda ash prices are at or below the cost of production for many operators with no catalyst for market rebalancing in sight. We expect this weak pricing environment to continue for the foreseeable future and that distributions received from Sisecam Wyoming will not resume until high-cost supply is forced out of the market or global soda ash demand growth catches up with supply, which could take several years.

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Results of Operations

Third Quarter of 2025 and 2024 Compared

Revenues and Other Income

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

		For the Three Months Ended September 30,				Increase			Percentage
Operating Segment (In thousands)	2025			2024		(Decrease)			Change
Mineral Rights	$	52,321		$	52,218	$	103			0	%
Soda Ash		(2,390	)		8,109		(10,499	)		(129	)%
Total	$	49,931		$	60,327	$	(10,396	)		(17	)%

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

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Mineral Rights

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

	For the Three Months Ended September 30,					Increase			Percentage
(In thousands, except per ton data)	2025		2024			(Decrease)			Change
Coal sales volumes (tons)
Appalachia
Northern		1,508		470			1,038			221	%
Central		3,296		3,507			(211	)		(6	)%
Southern		678		705			(27	)		(4	)%
Total Appalachia		5,482		4,682			800			17	%
Illinois Basin		1,005		1,128			(123	)		(11	)%
Northern Powder River Basin		841		944			(103	)		(11	)%
Gulf Coast		201		436			(235	)		(54	)%
Total coal sales volumes		7,529		7,190			339			5	%

Coal royalty revenue per ton
Appalachia
Northern	$	1.48	$	2.34		$	(0.86	)		(37	)%
Central		6.08		6.55			(0.47	)		(7	)%
Southern		8.36		9.56			(1.20	)		(13	)%
Illinois Basin		1.93		1.76			0.17			10	%
Northern Powder River Basin		4.68		4.82			(0.14	)		(3	)%
Gulf Coast		0.80		0.84			(0.04	)		(5	)%
Combined average coal royalty revenue per ton		4.51		5.24			(0.73	)		(14	)%

Coal royalty revenues
Appalachia
Northern	$	2,225	$	1,100		$	1,125			102	%
Central		20,051		22,958			(2,907	)		(13	)%
Southern		5,666		6,743			(1,077	)		(16	)%
Total Appalachia		27,942		30,801			(2,859	)		(9	)%
Illinois Basin		1,943		1,987			(44	)		(2	)%
Northern Powder River Basin		3,932		4,546			(614	)		(14	)%
Gulf Coast		161		366			(205	)		(56	)%
Unadjusted coal royalty revenues		33,978		37,700			(3,722	)		(10	)%
Coal royalty adjustment for minimum leases		215		(95	)		310			326	%
Total coal royalty revenues	$	34,193	$	37,605		$	(3,412	)		(9	)%

Other revenues
Production lease minimum revenues	$	1,365	$	437		$	928			212	%
Minimum lease straight-line revenues		4,176		4,117			59			1	%
Oil and gas royalty revenues		1,787		1,317			470			36	%
Carbon neutral revenues		316		(39	)		355			910	%
Property tax revenues		2,105		1,809			296			16	%
Wheelage revenues		2,225		2,072			153			7	%
Coal overriding royalty revenues		297		227			70			31	%
Lease amendment revenues		1,699		1,071			628			59	%
Aggregates royalty revenues		1,011		662			349			53	%
Other revenues		441		1,127			(686	)		(61	)%
Total other revenues	$	15,422	$	12,800		$	2,622			20	%
Royalty and other mineral rights	$	49,615	$	50,405		$	(790	)		(2	)%
Transportation and processing services revenues		1,800		1,812			(12	)		(1	)%
Gain on asset sales and disposals		906		1			905			90500	%
Total Mineral Rights segment revenues and other income	$	52,321	$	52,218		$	103			0	%

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Coal Royalty Revenues

Approximately 70% of coal royalty revenues and approximately 50% of coal royalty sales volumes were derived from metallurgical coal during the three months ended September 30, 2025. Total coal royalty revenues decreased $3.4 million as compared to the prior year quarter primarily due to lower metallurgical coal sales prices and volumes during the three months ended September 30, 2025 as compared to the prior year quarter.

Soda Ash

Revenues and other income related to our Soda Ash segment decreased $10.5 million as compared to the prior year quarter primarily due to lower sales prices in 2025.

Interest Expense, Net

Interest expense, net, decreased $2.4 million primarily due to lower borrowings outstanding on the Opco Credit Facility during the three months ended September 30, 2025 as compared to the prior year quarter.

Adjusted EBITDA (Non-GAAP Financial Measure)

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

	Operating Segments
For the Three Months Ended (In thousands)	Mineral Rights		Soda Ash			Corporate and Financing			Total
September 30, 2025
Net income (loss)	$	40,859	$	(2,446	)	$	(7,508	)	$	30,905
Less: equity earnings from unconsolidated investment		—		2,390			—			2,390
Add: total distributions from unconsolidated investment		—		—			—			—
Add: interest expense, net		—		—			1,779			1,779
Add: depreciation, depletion and amortization		3,864		—			4			3,868
Adjusted EBITDA	$	44,723	$	(56	)	$	(5,725	)	$	38,942

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

Net income decreased $7.7 million as compared to the prior year quarter primarily due to the decrease in revenues and other income as discussed above, partially offset by lower interest expense during the three months ended September 30, 2025 as compared to the prior year quarter. Adjusted EBITDA decreased $6.9 million as compared to the prior year quarter primarily due to the $6.4 million decrease in Adjusted EBITDA within our Soda Ash segment driven by a $6.3 million cash distribution received from Sisecam Wyoming in the third quarter of 2024 as compared to no distribution received in the third quarter of 2025.

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

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	)

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, 2025
Net cash provided by (used in) operating activities	$	44,428		$	(55	)	$	(3,278	)	$	41,095
Add: proceeds from asset sales and disposals		906			—			—			906
Add: return of long-term contract receivable		728			—			—			728
Distributable cash flow	$	46,062		$	(55	)	$	(3,278	)	$	42,729
Less: proceeds from asset sales and disposals		(906	)		—			—			(906	)
Free cash flow	$	45,156		$	(55	)	$	(3,278	)	$	41,823

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

Operating cash flow, DCF and FCF decreased $13.1 million, $12.1 million and $13.0 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 $9.2 million, $8.2 million and $9.1 million, respectively, primarily due to lower metallurgical coal sales prices and volumes as compared to the prior year quarter.

•

Soda Ash Segment

◦

Operating cash flow, DCF and FCF each decreased $6.4 million as compared to the prior year quarter primarily due to a $6.3 million cash distribution received from Sisecam Wyoming in the third quarter of 2024 as compared to no distribution received in the third quarter of 2025.

•

Corporate and Financing Segment

◦

Operating cash flow, DCF and FCF each improved by $2.5 million as compared to the prior year quarter primarily due to lower cash paid for interest in the third quarter of 2025 as compared to the prior year quarter.

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First Nine Months of 2025 and 2024 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)	2025		2024		Decrease			Change
Mineral Rights	$	155,824	$	185,077	$	(29,253	)		(16	)%
Soda Ash		4,746		17,204		(12,458	)		(72	)%
Total	$	160,570	$	202,281	$	(41,711	)		(21	)%

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

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Mineral Rights

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

	For the Nine Months Ended September 30,						Increase			Percentage
(In thousands, except per ton data)	2025			2024			(Decrease)			Change
Coal sales volumes (tons)
Appalachia
Northern		1,764			716			1,048			146	%
Central		9,797			10,677			(880	)		(8	)%
Southern		1,522			1,984			(462	)		(23	)%
Total Appalachia		13,083			13,377			(294	)		(2	)%
Illinois Basin		5,984			4,503			1,481			33	%
Northern Powder River Basin		2,183			2,460			(277	)		(11	)%
Gulf Coast		614			1,136			(522	)		(46	)%
Total coal sales volumes		21,864			21,476			388			2	%

Coal royalty revenue per ton
Appalachia
Northern	$	1.51		$	2.70		$	(1.19	)		(44	)%
Central		6.22			7.34			(1.12	)		(15	)%
Southern		8.58			10.37			(1.79	)		(17	)%
Illinois Basin		2.29			2.33			(0.04	)		(2	)%
Northern Powder River Basin		4.83			4.87			(0.04	)		(1	)%
Gulf Coast		0.79			0.79			—			—	%
Combined average coal royalty revenue per ton		4.64			5.78			(1.14	)		(20	)%

Coal royalty revenues
Appalachia
Northern	$	2,660		$	1,930		$	730			38	%
Central		60,971			78,328			(17,357	)		(22	)%
Southern		13,060			20,571			(7,511	)		(37	)%
Total Appalachia		76,691			100,829			(24,138	)		(24	)%
Illinois Basin		13,694			10,510			3,184			30	%
Northern Powder River Basin		10,544			11,976			(1,432	)		(12	)%
Gulf Coast		485			902			(417	)		(46	)%
Unadjusted coal royalty revenues		101,414			124,217			(22,803	)		(18	)%
Coal royalty adjustment for minimum leases		(180	)		(109	)		(71	)		(65	)%
Total coal royalty revenues	$	101,234		$	124,108		$	(22,874	)		(18	)%

Other revenues
Production lease minimum revenues	$	4,213		$	1,773		$	2,440			138	%
Minimum lease straight-line revenues		12,276			12,414			(138	)		(1	)%
Oil and gas royalty revenues		6,212			6,956			(744	)		(11	)%
Carbon neutral revenues		1,201			4,322			(3,121	)		(72	)%
Property tax revenues		5,261			5,246			15			0	%
Wheelage revenues		6,506			7,082			(576	)		(8	)%
Coal overriding royalty revenues		1,633			2,064			(431	)		(21	)%
Lease amendment revenues		3,010			2,485			525			21	%
Aggregates royalty revenues		2,770			2,164			606			28	%
Other revenues		854			3,754			(2,900	)		(77	)%
Total other revenues	$	43,936		$	48,260		$	(4,324	)		(9	)%
Royalty and other mineral rights	$	145,170		$	172,368		$	(27,198	)		(16	)%
Transportation and processing services revenues		8,772			7,900			872			11	%
Gain on asset sales and disposals		1,882			4,809			(2,927	)		(61	)%
Total Mineral Rights segment revenues and other income	$	155,824		$	185,077		$	(29,253	)		(16	)%

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Coal Royalty Revenues

Approximately 65% of coal royalty revenues and approximately 45% of coal royalty sales volumes were derived from metallurgical coal during the nine months ended September 30, 2025. Total coal royalty revenues decreased $22.9 million as compared to the prior year period primarily due to lower metallurgical coal sales prices and volumes during the nine months ended September 30, 2025, as compared to the prior year period.

Other Revenues

Other revenues decreased $4.3 million during the nine months ended September 30, 2025 as compared to the prior year period primarily due to a $3.1 million decrease in carbon neutral revenues primarily as a result of a non-recurring carbon neutral transaction in the second quarter of 2024, in addition to a $2.9 million decrease in other revenues, partially offset by a $2.4 million increase in production lease minimum revenues.

Gain on Asset Sales and Disposals

Gain on asset sales and disposals decreased $2.9 million during the nine months ended September 30, 2025 as compared to the prior year period primarily 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 $12.5 million during the nine months ended September 30, 2025 as compared to the prior year period primarily due to lower sales prices in 2025.

Interest Expense, Net

Interest expense, net, decreased $5.2 million during the nine months ended September 30, 2025 as compared to the prior year period primarily due to lower borrowings outstanding on the Opco Credit Facility during the nine months ended September 30, 2025.

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

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

Net income decreased $35.5 million as compared to the prior year period primarily due to the decrease in revenues and other income as discussed above, partially offset by lower interest expense during the nine months ended September 30, 2025 as compared to the prior year period. Adjusted EBITDA decreased $49.7 million as compared to the prior year period primarily due to a $29.4 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 $20.3 million decrease in Adjusted EBITDA within our Soda Ash segment driven by lower cash distributions received from Sisecam Wyoming in the first nine months of 2025.

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

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	)

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, 2025
Net cash provided by (used in) operating activities	$	133,227		$	7,700	$	(19,829	)	$	121,098
Add: proceeds from asset sales and disposals		1,883			—		—			1,883
Add: return of long-term contract receivable		2,142			—		—			2,142
Distributable cash flow	$	137,252		$	7,700	$	(19,829	)	$	125,123
Less: proceeds from asset sales and disposals		(1,883	)		—		—			(1,883	)
Free cash flow	$	135,369		$	7,700	$	(19,829	)	$	123,240

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
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

Operating cash flow, DCF and FCF decreased $61.2 million, $63.9 million and $61.0 million, respectively, as compared to the prior year period. The discussion by segment is as follows:

•

Mineral Rights Segment

◦

Operating cash flow, DCF and FCF decreased $46.4 million, $49.1 million and $46.2 million, respectively, primarily due to lower metallurgical coal sales prices and volumes as compared to the prior year period. DCF was also impacted by the $2.9 million decrease in proceeds from asset sales resulting from a coal property condemnation in the second quarter of 2024.

•

Soda Ash Segment

◦

Operating cash flow, DCF and FCF each decreased $20.3 million during the nine months ended September 30, 2025 as compared to the prior year period primarily due to lower cash distributions received from Sisecam Wyoming in the first nine months of 2025.

•

Corporate and Financing Segment

◦

Operating cash flow, DCF and FCF each improved $5.5 million primarily due to lower cash paid for interest during the nine months ended September 30, 2025 as compared to the prior year period.

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Liquidity and Capital Resources

Current Liquidity

As of September 30, 2025, we had total liquidity of $190.1 million, consisting of $31.0 million of cash and cash equivalents and $159.1 million of borrowing capacity under our Opco Credit Facility. We have debt service obligations, including $14.3 million of principal repayments on Opco’s senior notes, throughout the remainder of 2025. The following table calculates our leverage ratio as of September 30, 2025:

	For the Three Months Ended
(In thousands)	December 31, 2024			March 31, 2025			June 30, 2025			September 30, 2025		Last 12 Months
Net income	$	42,772		$	40,253		$	34,211		$	30,905	$	148,141
Less: equity earnings from unconsolidated investment		(931	)		(4,610	)		(2,526	)		2,390		(5,677	)
Add: total distributions from unconsolidated investment		10,667			2,940			4,900			—		18,507
Add: interest expense, net		3,524			2,668			2,380			1,779		10,351
Add: depreciation, depletion and amortization		2,827			3,989			3,754			3,868		14,438
Add: asset impairments		—			20			—			—		20
Adjusted EBITDA	$	58,859		$	45,260		$	42,719		$	38,942	$	185,780

Debt—at September 30, 2025												$	69,547

Leverage Ratio												0.4 x

Cash Flows

Cash flows provided by operating activities decreased $61.2 million, from $182.3 million in the nine months ended September 30, 2024 to $121.1 million in the nine months ended September 30, 2025, primarily due to decreased cash flow within our Mineral Rights and Soda Ash segments, as discussed above, partially offset by lower cash paid for interest by our Corporate and Financing segment.

Cash flows provided by investing activities decreased $2.8 million primarily related to a coal property condemnation in the second quarter of 2024.

Cash flows used in financing activities decreased $45.6 million, from $170.2 million used in the nine months ended September 30, 2024 to $124.5 million used in the nine months ended September 30, 2025 due to the following:

	•	$71.7 million cash used for the redemption of preferred units during the nine months ended September 30, 2024;
	•	$65.7 million cash used for the warrant settlements during the nine months ended September 30, 2024;
	•	$15.8 million less cash used for common unit distributions primarily as a result of a lower special distribution paid during the nine months ended September 30, 2025 as compared to the prior year period;
	•	$6.4 million cash used for preferred unit distributions during the nine months ended September 30, 2024;
	•	$4.2 million less cash used for debt repayments in 2025 as compared to 2024; and,

•

$1.0 million less cash used for other items, net in 2025 as compared to 2024.

These decreases in cash flow used were partially offset by $119.2 million of lower cash provided by debt borrowings during the nine months ended September 30, 2025 as compared to the prior year period.

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Capital Resources and Obligations

Debt, Net

We had the following debt outstanding as of September 30, 2025 and December 31, 2024:

	September 30,		December 31,
(In thousands)	2025		2024
Current portion of long-term debt, net	$	14,246	$	14,192
Long-term debt, net		55,131		127,876
Total debt, net	$	69,377	$	142,068

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, 2024.

Recently Issued Accounting Standard

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

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ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

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

Commodity Price Risk

Our revenues, operating results, financial condition and ability to borrow funds or obtain additional capital depend 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, 2025, we had $40.9 million in borrowings outstanding under the Opco Credit Facility. If interest rates were to increase by 1%, annual interest expense would increase approximately $0.4 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 2025 that materially affected, or were reasonably likely to materially affect, the Partnership’s internal control over financial reporting.

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PART II

ITEM 1. LEGAL PROCEEDINGS

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

ITEM 1A. RISK FACTORS

During the period covered by this report, there were no material changes from the risk factors previously disclosed in Natural Resource Partners L.P.’s Annual Report on Form 10-K for the year ended December 31, 2024.

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

None.

ITEM 3. DEFAULTS UPON SENIOR SECURITIES

None.

ITEM 4. MINE SAFETY DISCLOSURES

None.

ITEM 5. OTHER INFORMATION

None.

ITEM 6. EXHIBITS

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

*		Filed herewith
**		Furnished herewith

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SIGNATURES

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

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

Date: November 4, 2025	By:	/s/ Corbin J. Robertson, Jr.
		Corbin J. Robertson, Jr.
		Chairman of the Board and
		Chief Executive Officer
		(Principal Executive Officer)

Date: November 4, 2025	By:	/s/ Christopher J. Zolas
		Christopher J. Zolas
		Chief Financial Officer
		(Principal Financial and Accounting Officer)

TABLE OF CONTENTS

Part I. Financial Information Item 1. Consolidated Financial Statements Item 2. Management's Discussion and Analysis Of Financial Condition and Results Of Operations Item 3. Quantitative and Qualitative Disclosures About Market Risk Item 4. Controls and Procedures Part II Item 1. Legal Proceedings Item 1A. Risk Factors Item 2. Unregistered Sales Of Equity Securities and Use Of Proceeds Item 3. Defaults Upon Senior Securities Item 4. Mine Safety Disclosures Item 5. Other Information Item 6. Exhibits

Exhibits

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). 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.

NRP 10-Q Quarter ended Sept. 30, 2025

Exhibits