Natural Resource Partners ( (NRP) ) has released its Q3 earnings. Here is a breakdown of the information Natural Resource Partners presented to its investors.
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Natural Resource Partners L.P., a master limited partnership based in Houston, Texas, specializes in managing and leasing a diverse portfolio of natural resource properties in the United States, including coal, industrial minerals, and rights for carbon sequestration and renewable energy activities. The company also holds an equity investment in Sisecam Wyoming LLC, a leading low-cost producer of soda ash.
In its third-quarter 2025 earnings report, Natural Resource Partners L.P. announced a net income of $30.9 million and declared a distribution of $0.75 per common unit. The company generated $41.8 million in free cash flow during the quarter, maintaining its financial performance despite challenging market conditions for its key commodities.
Key financial metrics highlighted in the report include a total free cash flow of $190 million over the last twelve months and a consolidated leverage ratio of 0.4x as of September 30, 2025. The Mineral Rights segment saw a slight increase in net income, while the Soda Ash segment faced a significant decline due to lower sales prices and the absence of cash distributions from Sisecam Wyoming in the quarter. The company also repaid $32 million in debt, enhancing its liquidity position.
Looking forward, Natural Resource Partners anticipates continued pressure on coal and soda ash prices but remains confident in its ability to generate sufficient free cash flow to meet its deleveraging objectives. The company plans to assess future distributions on a quarterly basis, considering various factors such as profitability, cash flow, and market conditions.

