Strong Free Cash Flow Generation
Generated $46 million of free cash flow in Q4 2025 and $169 million for the full year 2025, providing liquidity to support debt reduction and capital allocation priorities.
Material Deleveraging Completed
Repaid $109 million of debt during 2025, finished the year with $33 million of debt and no other financial obligations outstanding, and remain on track to accomplish the partnership's deleveraging goal.
Improved Corporate and Financing Results
Corporate & Financing segment Q4 net income, operating cash flow, and free cash flow each improved by $3 million year-over-year; full-year net income improved by $9 million and operating/free cash flow each improved by $8 million, driven by significantly less debt and lower interest costs.
Mineral Rights Segment Scale and Contribution
Mineral Rights generated $40 million of net income, $49 million of operating cash flow, and $50 million of free cash flow in Q4 2025, and $166 million of net income, $182 million of operating cash flow, and $185 million of free cash flow for the full year. Metallurgical coal comprised ~70% of coal royalty revenues (Q4) and ~65% for the full year, representing a meaningful revenue driver.
Continued Distributions and Special Tax Distribution
Paid a $0.75 per common unit distribution in November (Q3) and a $0.75 distribution in February related to 2025, and announced a special distribution of $0.12 per common unit to help cover unitholder tax liabilities.
Strategic Capital Allocation Discipline
Made an elective $39 million capital contribution to the Sisecam Wyoming joint venture after evaluating it as a capital allocation decision intended to maximize intrinsic value per unit; management maintains focus on deleveraging before materially increasing recurring distributions.