Natural Resource Partners L.P. Reports Third Quarter 2024 Results and Declares Third Quarter 2024 Distribution of $0.75 per Common Unit

November 5, 2024

Natural Resource Partners L.P. (NYSE:NRP) today reported third quarter 2024 results as follows:

 

 

For the Three Months
Ended

 

Last Twelve Months
Ended

(In thousands) (Unaudited)

 

September 30, 2024

Net income

 

$

38,595

 

 

$

205,852

 

Operating cash flow

 

 

54,145

 

 

 

260,059

 

Free cash flow (1)

 

 

54,818

 

 

 

262,671

 

__________________

 

(1)

See "Non-GAAP Financial Measures" and reconciliation tables at the end of this release.

Highlights:

  • Generated $54.8 million of free cash flow in the third quarter of 2024
  • Redeemed $31.7 million of preferred units at par with cash; Zero of original $250 million preferred units remain outstanding
  • Executed five-year $200 million credit facility in October, maturing 2029
  • Paid second quarter 2024 common unit distribution of $0.75 per unit
  • Declares third quarter 2024 common unit distribution of $0.75 per unit

"NRP generated $55 million of free cash flow in the third quarter of 2024 and $263 million of free cash flow over the last twelve months," said Craig Nunez, NRP's president and chief operating officer. "While pricing for coal and soda ash remain weak, we continue to make progress toward our goal of paying off all financial obligations. In the third quarter we paid off all outstanding preferreds, leaving just under $200 million of debt remaining to reach our goal.”

Mr. Nunez continued, “While we believe relatively weak coal and soda ash prices will persist for at least the next year, we expect the partnership to continue generating sufficient cash to achieve our deleveraging goals. We remain steadfast in our belief this is the best strategy to maximize the intrinsic value of the partnership and we look forward to the day common unitholders will have no competing stakeholder claims on free cash flow generated by the partnership.”

NRP announced today that the board of directors of its general partner declared a third quarter 2024 cash distribution of $0.75 per common unit to be paid on November 26, 2024, to unitholders of record on November 19, 2024. 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 determines is necessary for future operating and capital needs.

Segment Performance

Mineral Rights

Mineral Rights net income for the third quarter of 2024 decreased $20.4 million as compared to the prior year period. Mineral Rights operating cash flow and free cash flow each decreased $7.3 million as compared to the prior year period. These decreases were primarily due to lower metallurgical coal sales prices as well as lower thermal coal sales prices and volumes as compared to the prior year period. Approximately 75% of coal royalty revenues and approximately 55% of coal royalty sales volumes were derived from metallurgical coal in the third quarter of 2024.

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

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

Soda Ash

Soda Ash net income in the third quarter of 2024 decreased $4.3 million as compared to the prior year period primarily due to significantly lower sales prices driven by increased global production capacity, primarily from China, and weaker demand for flat glass due to a slowdown in global construction activity and weakness in demand for automobiles. Operating cash flow and free cash flow in the third quarter of 2024 decreased $16.7 million as compared to the prior year period due to a lower cash distribution received from Sisecam Wyoming in the third quarter of 2024.

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

Corporate and Financing

Corporate and Financing net income decreased $0.6 million in the third quarter of 2024 as compared to the prior year period. Operating cash flow and free cash flow each decreased $0.8 million in the third quarter of 2024 as compared to the prior year period. These decreases were primarily due to higher interest expense and cash paid for interest as a result of increased borrowings on the credit facility in 2024 used to permanently retire the preferred units and warrants.

NRP redeemed the remainder of the outstanding $31.7 million of preferred units during the third quarter of 2024. NRP has now retired all $250 million of its originally issued preferred units.

In October 2024, NRP amended its $200 million credit facility and extended its maturity two years, now due October 2029. This amendment and extension provide greater flexibility and security for the partnership in the coming years.

Regarding distributions, in August 2024, NRP declared and paid a second quarter 2024 cash distribution of $0.75 per common unit and a $0.95 million cash distribution on its preferred units. Today, NRP declared a third quarter 2024 cash distribution of $0.75 per common unit.

NRP's available liquidity was $76.2 million at September 30, 2024, consisting of $30.9 million of cash and $45.3 million of borrowing capacity available under its revolving credit facility.

NRP's consolidated leverage ratio was 0.8x at September 30, 2024.

Conference Call

A conference call will be held today at 9:00 a.m. ET. To register for the conference call, please use this link: https://registrations.events/direct/Q4I154484. After registering a confirmation will be sent via email, including dial in details and unique conference call codes for entry. Registration is open through the live call, however, to ensure you are connected for the full conference call we suggest registering at minimum 10 minutes prior to the start of the call. Investors may also listen to the call via the Investor Relations section of the NRP website at www.nrplp.com. To access the replay, please visit the Investor Relations section of NRP’s website.

Withholding Information for Foreign Investors

Concurrent with this announcement, we are providing qualified notice to brokers and nominees that hold NRP units on behalf of non-U.S. investors under Treasury Regulation Section 1.1446-4(b) and (d) and Treasury Regulation Section 1.1446(f)-4(c)(2)(iii). Brokers and nominees should treat one hundred percent (100%) of NRP's distributions to non-U.S. investors as being attributable to income that is effectively connected with a United States trade or business. In addition, brokers and nominees should treat one hundred percent (100%) of the distribution as being in excess of cumulative net income for purposes of determining the amount to withhold. Accordingly, NRP's distributions to non-U.S. investors are subject to federal income tax withholding at a rate equal to the sum of the highest applicable rate plus ten percent (10%).

Company Profile

Natural Resource Partners L.P., a master limited partnership headquartered in Houston, TX, is a diversified natural resource company that owns, manages and leases a diversified portfolio of properties in the United States including coal, industrial minerals and other natural resources, as well as rights to conduct carbon sequestration and renewable energy activities. NRP also owns an equity investment in Sisecam Wyoming LLC, one of the world’s lowest-cost producers of soda ash.

For additional information, please contact Tiffany Sammis at 713-751-7515 or tsammis@nrplp.com. Further information about NRP is available on the partnership’s website at http://www.nrplp.com.

Forward-Looking Statements

This press release includes forward-looking statements as defined by the Securities and Exchange Commission. All statements, other than statements of historical facts, included in this press release that address activities, events or developments that the Partnership expects, believes or anticipates will or may occur in the future are forward-looking statements. These statements are based on certain assumptions made by the Partnership based on its experience and perception of historical trends, current conditions, expected future developments and other factors it believes are appropriate in the circumstances. Such statements are subject to a number of assumptions, risks and uncertainties, many of which are beyond the control of the Partnership. These risks include, among other things, statements regarding: future distributions on the Partnerships common and preferred units; the Partnership's business strategy; its liquidity and access to capital and financing sources; its 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 the Partnership's lessees; Sisecam Wyoming LLCs trona mining and soda ash refinery operations; distributions from the soda ash joint venture; the impact of governmental policies, laws and regulations, as well as regulatory and legal proceedings involving the Partnership, and of scheduled or potential regulatory or legal changes; global and U.S. economic conditions; and other factors detailed in Natural Resource Partners Securities and Exchange Commission filings. Natural Resource Partners L.P. has no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.

Non-GAAP Financial Measures

"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. 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 or "DCF" is a non-GAAP financial measure that we define as 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, distributable cash flow 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. Distributable cash flow 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 or "FCF" is a non-GAAP financial measure that we define as 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. Free cash flow 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. Free cash flow may not be calculated the same for us as for other companies. Free cash flow 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" represents the outstanding principal of NRP's debt at the end of the period divided by the last twelve months' Adjusted EBITDA as defined above. NRP believes that leverage ratio is a useful measure to management and investors to evaluate and monitor the indebtedness of NRP relative to its ability to generate income to service such debt and in understanding trends in NRPs overall financial condition. Leverage ratio may not be calculated the same for NRP as for other companies and is not a substitute for, and should not be used in conjunction with, GAAP financial ratios.

-Financial Tables and Reconciliation of Non-GAAP Measures Follow-

Natural Resource Partners L.P.

Financial Tables

(Unaudited)

Consolidated Statements of Comprehensive Income

 

 

For the Three Months Ended

 

For the Nine Months Ended

 

 

September 30,

 

June 30,

 

September 30,

(In thousands, except per unit data)

 

2024

 

2023

 

2024

 

2024

 

2023

Revenues and other income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Royalty and other mineral rights

 

$

50,405

 

 

$

68,533

 

 

$

54,591

 

 

$

172,368

 

 

$

205,811

 

Transportation and processing services

 

 

1,812

 

 

 

4,579

 

 

 

2,661

 

 

 

7,900

 

 

 

11,447

 

Equity in earnings of Sisecam Wyoming

 

 

8,109

 

 

 

12,401

 

 

 

3,645

 

 

 

17,204

 

 

 

58,633

 

Gain on asset sales and disposals

 

 

1

 

 

 

854

 

 

 

4,643

 

 

 

4,809

 

 

 

955

 

Total revenues and other income

 

$

60,327

 

 

$

86,367

 

 

$

65,540

 

 

$

202,281

 

 

$

276,846

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating expenses

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating and maintenance expenses

 

$

6,786

 

 

$

8,358

 

 

$

5,872

 

 

$

18,391

 

 

$

23,451

 

Depreciation, depletion and amortization

 

 

4,730

 

 

 

4,594

 

 

 

3,324

 

 

 

12,708

 

 

 

12,469

 

General and administrative expenses

 

 

5,935

 

 

 

5,669

 

 

 

5,931

 

 

 

18,193

 

 

 

17,157

 

Asset impairments

 

 

87

 

 

 

63

 

 

 

 

 

 

87

 

 

 

132

 

Total operating expenses

 

$

17,538

 

 

$

18,684

 

 

$

15,127

 

 

$

49,379

 

 

$

53,209

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income from operations

 

$

42,789

 

 

$

67,683

 

 

$

50,413

 

 

$

152,902

 

 

$

223,637

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense, net

 

$

(4,194

)

 

$

(3,837

)

 

$

(4,349

)

 

$

(12,030

)

 

$

(10,182

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income

 

$

38,595

 

 

$

63,846

 

 

$

46,064

 

 

$

140,872

 

 

$

213,455

 

Less: income attributable to preferred unitholders

 

 

(655

)

 

 

(2,936

)

 

 

(1,443

)

 

 

(4,248

)

 

 

(14,568

)

Less: redemption of preferred units

 

 

(10,819

)

 

 

(17,083

)

 

 

(13,666

)

 

 

(24,485

)

 

 

(60,929

)

Net income attributable to common unitholders and the general partner

 

$

27,121

 

 

$

43,827

 

 

$

30,955

 

 

$

112,139

 

 

$

137,958

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income attributable to common unitholders

 

$

26,578

 

 

$

42,951

 

 

$

30,336

 

 

$

109,896

 

 

$

135,199

 

Net income attributable to the general partner

 

 

543

 

 

 

876

 

 

 

619

 

 

 

2,243

 

 

 

2,759

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income per common unit

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

$

2.04

 

 

$

3.40

 

 

$

2.33

 

 

$

8.47

 

 

$

10.72

 

Diluted

 

 

2.00

 

 

 

2.91

 

 

 

2.29

 

 

 

8.21

 

 

 

8.88

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income

 

$

38,595

 

 

$

63,846

 

 

$

46,064

 

 

$

140,872

 

 

$

213,455

 

Comprehensive income (loss) from unconsolidated investment and other

 

 

82

 

 

 

2,200

 

 

 

1,239

 

 

 

2,166

 

 

 

(16,472

)

Comprehensive income

 

$

38,677

 

 

$

66,046

 

 

$

47,303

 

 

$

143,038

 

 

$

196,983

 

Natural Resource Partners L.P.

Financial Tables

(Unaudited)

Consolidated Statements of Cash Flows

 

 

For the Three Months Ended

 

For the Nine Months Ended

 

 

September 30,

 

June 30,

 

September 30,

(In thousands)

 

2024

 

2023

 

2024

 

2024

 

2023

Cash flows from operating activities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income

 

$

38,595

 

 

$

63,846

 

 

$

46,064

 

 

$

140,872

 

 

$

213,455

 

Adjustments to reconcile net income to net cash provided by operating activities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Depreciation, depletion and amortization

 

 

4,730

 

 

 

4,594

 

 

 

3,324

 

 

 

12,708

 

 

 

12,469

 

Distributions from unconsolidated investment

 

 

6,320

 

 

 

23,010

 

 

 

7,584

 

 

 

28,114

 

 

 

66,140

 

Equity earnings from unconsolidated investment

 

 

(8,109

)

 

 

(12,401

)

 

 

(3,645

)

 

 

(17,204

)

 

 

(58,633

)

Gain on asset sales and disposals

 

 

(1

)

 

 

(854

)

 

 

(4,643

)

 

 

(4,809

)

 

 

(955

)

Asset impairments

 

 

87

 

 

 

63

 

 

 

 

 

 

87

 

 

 

132

 

Bad debt expense

 

 

1,058

 

 

 

1,621

 

 

 

293

 

 

 

538

 

 

 

813

 

Unit-based compensation expense

 

 

3,002

 

 

 

2,766

 

 

 

2,912

 

 

 

8,878

 

 

 

7,903

 

Amortization of debt issuance costs and other

 

 

(1,655

)

 

 

477

 

 

 

(199

)

 

 

(2,603

)

 

 

1,043

 

Change in operating assets and liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Accounts receivable

 

 

(6,640

)

 

 

(2,610

)

 

 

2,918

 

 

 

5,711

 

 

 

4,090

 

Accounts payable

 

 

49

 

 

 

(381

)

 

 

(580

)

 

 

98

 

 

 

(850

)

Accrued liabilities

 

 

392

 

 

 

498

 

 

 

1,916

 

 

 

(5,917

)

 

 

(6,288

)

Accrued interest

 

 

457

 

 

 

599

 

 

 

(677

)

 

 

192

 

 

 

235

 

Deferred revenue

 

 

14,854

 

 

 

(2,163

)

 

 

899

 

 

 

16,781

 

 

 

(4,963

)

Other items, net

 

 

1,006

 

 

 

(123

)

 

 

463

 

 

 

(1,173

)

 

 

(1,399

)

Net cash provided by operating activities

 

$

54,145

 

 

$

78,942

 

 

$

56,629

 

 

$

182,273

 

 

$

233,192

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash flows from investing activities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Proceeds from asset sales and disposals

 

$

1

 

 

$

855

 

 

$

4,643

 

 

$

4,809

 

 

$

961

 

Return of long-term contract receivable

 

 

673

 

 

 

622

 

 

 

659

 

 

 

1,979

 

 

 

1,830

 

Capital expenditures

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(10

)

Net cash provided by investing activities

 

$

674

 

 

$

1,477

 

 

$

5,302

 

 

$

6,788

 

 

$

2,781

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash flows from financing activities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Debt borrowings

 

$

23,000

 

 

$

50,000

 

 

$

40,493

 

 

$

152,850

 

 

$

215,034

 

Debt repayments

 

 

(36,000

)

 

 

(25,000

)

 

 

(19,000

)

 

 

(110,696

)

 

 

(176,061

)

Distributions to common unitholders and the general partner

 

 

(9,986

)

 

 

(9,669

)

 

 

(9,987

)

 

 

(62,159

)

 

 

(60,238

)

Distributions to preferred unitholders

 

 

(1,605

)

 

 

(4,437

)

 

 

(2,643

)

 

 

(6,398

)

 

 

(19,919

)

Redemption of preferred units

 

 

(31,666

)

 

 

(50,001

)

 

 

(40,000

)

 

 

(71,666

)

 

 

(178,334

)

Warrant settlements

 

 

 

 

 

(33,608

)

 

 

(10,000

)

 

 

(65,689

)

 

 

(33,608

)

Other items, net

 

 

(2

)

 

 

(23

)

 

 

556

 

 

 

(6,392

)

 

 

(3,527

)

Net cash used in financing activities

 

$

(56,259

)

 

$

(72,738

)

 

$

(40,581

)

 

$

(170,150

)

 

$

(256,653

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net increase (decrease) in cash and cash equivalents

 

$

(1,440

)

 

$

7,681

 

 

$

21,350

 

 

$

18,911

 

 

$

(20,680

)

Cash and cash equivalents at beginning of period

 

 

32,340

 

 

 

10,730

 

 

 

10,990

 

 

 

11,989

 

 

 

39,091

 

Cash and cash equivalents at end of period

 

$

30,900

 

 

$

18,411

 

 

$

32,340

 

 

$

30,900

 

 

$

18,411

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Supplemental cash flow information:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash paid for interest

 

$

3,800

 

 

$

3,050

 

 

$

4,823

 

 

$

11,466

 

 

$

9,484

 

Natural Resource Partners L.P.

Financial Tables

(Unaudited)

Consolidated Balance Sheets

 

 

September 30,

 

December 31,

 

 

2024

 

2023

(In thousands, except unit data)

 

(Unaudited)

 

 

 

 

ASSETS

 

 

 

 

 

 

 

 

Current assets

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

30,900

 

 

$

11,989

 

Accounts receivable, net

 

 

36,886

 

 

 

41,086

 

Other current assets, net

 

 

1,483

 

 

 

2,218

 

Total current assets

 

$

69,269

 

 

$

55,293

 

Land

 

 

24,008

 

 

 

24,008

 

Mineral rights, net

 

 

382,274

 

 

 

394,483

 

Intangible assets, net

 

 

13,109

 

 

 

13,682

 

Equity in unconsolidated investment

 

 

267,806

 

 

 

276,549

 

Long-term contract receivable, net

 

 

24,212

 

 

 

26,321

 

Other long-term assets, net

 

 

9,187

 

 

 

7,540

 

Total assets

 

$

789,865

 

 

$

797,876

 

LIABILITIES AND CAPITAL

 

 

 

 

 

 

 

 

Current liabilities

 

 

 

 

 

 

 

 

Accounts payable

 

$

984

 

 

$

885

 

Accrued liabilities

 

 

7,912

 

 

 

12,987

 

Accrued interest

 

 

775

 

 

 

584

 

Current portion of deferred revenue

 

 

5,823

 

 

 

4,599

 

Current portion of long-term debt, net

 

 

14,226

 

 

 

30,785

 

Total current liabilities

 

$

29,720

 

 

$

49,840

 

Deferred revenue

 

 

53,912

 

 

 

38,356

 

Long-term debt, net

 

 

183,137

 

 

 

124,273

 

Other non-current liabilities

 

 

5,903

 

 

 

7,172

 

Total liabilities

 

$

272,672

 

 

$

219,641

 

Commitments and contingencies

 

 

 

 

 

 

 

 

Class A Convertible Preferred Units (71,666 issued and outstanding at December 31, 2023 at $1,000 par value per unit)

 

$

 

 

$

47,181

 

Partners’ capital

 

 

 

 

 

 

 

 

Common unitholders’ interest (13,049,123 and 12,634,642 units issued and outstanding at September 30, 2024 and December 31, 2023, respectively)

 

$

509,258

 

 

$

503,076

 

General partner’s interest

 

 

8,891

 

 

 

8,005

 

Warrant holders’ interest

 

 

 

 

 

23,095

 

Accumulated other comprehensive loss

 

 

(956

)

 

 

(3,122

)

Total partners’ capital

 

$

517,193

 

 

$

531,054

 

Total liabilities and partners' capital

 

$

789,865

 

 

$

797,876

 

Natural Resource Partners L.P.

Financial Tables

(Unaudited)

Consolidated Statements of Partners' Capital

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Accumulated

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other

 

Total

 

 

Common Unitholders

 

General

 

Warrant

 

Comprehensive

 

Partners'

(In thousands)

 

Units

 

Amounts

 

Partner

 

Holders

 

Loss

 

Capital

Balance at December 31, 2023

 

 

12,635

 

 

$

503,076

 

 

$

8,005

 

 

$

23,095

 

 

$

(3,122

)

 

$

531,054

 

Net income (1)

 

 

 

 

 

55,089

 

 

 

1,124

 

 

 

 

 

 

 

 

 

56,213

 

Distributions to common unitholders and the general partner

 

 

 

 

 

(41,342

)

 

 

(844

)

 

 

 

 

 

 

 

 

(42,186

)

Distributions to preferred unitholders

 

 

 

 

 

(2,107

)

 

 

(43

)

 

 

 

 

 

 

 

 

(2,150

)

Issuance of unit-based awards

 

 

126

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Unit-based awards amortization and vesting, net

 

 

 

 

 

(3,971

)

 

 

 

 

 

 

 

 

 

 

 

(3,971

)

Capital contribution

 

 

 

 

 

 

 

 

227

 

 

 

 

 

 

 

 

 

227

 

Warrant settlements

 

 

199

 

 

 

(36,650

)

 

 

(748

)

 

 

(18,291

)

 

 

 

 

 

(55,689

)

Comprehensive income from unconsolidated investment and other

 

 

 

 

 

 

 

 

 

 

 

 

 

 

845

 

 

 

845

 

Balance at March 31, 2024

 

 

12,960

 

 

$

474,095

 

 

$

7,721

 

 

$

4,804

 

 

$

(2,277

)

 

$

484,343

 

Net income (2)

 

 

 

 

 

45,142

 

 

 

922

 

 

 

 

 

 

 

 

 

46,064

 

Redemption of preferred units

 

 

 

 

 

(13,393

)

 

 

(273

)

 

 

 

 

 

 

 

 

(13,666

)

Distributions to common unitholders and the general partner

 

 

 

 

 

(9,787

)

 

 

(200

)

 

 

 

 

 

 

 

 

(9,987

)

Distributions to preferred unitholders

 

 

 

 

 

(2,590

)

 

 

(53

)

 

 

 

 

 

 

 

 

(2,643

)

Unit-based awards amortization and vesting

 

 

 

 

 

2,502

 

 

 

 

 

 

 

 

 

 

 

 

2,502

 

Capital contribution

 

 

 

 

 

 

 

 

555

 

 

 

 

 

 

 

 

 

555

 

Warrant settlements

 

 

89

 

 

 

(5,092

)

 

 

(104

)

 

 

(4,804

)

 

 

 

 

 

(10,000

)

Comprehensive income from unconsolidated investment and other

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1,239

 

 

 

1,239

 

Balance at June 30, 2024

 

 

13,049

 

 

$

490,877

 

 

$

8,568

 

 

$

 

 

$

(1,038

)

 

$

498,407

 

Net income (3)

 

 

 

 

 

37,824

 

 

 

771

 

 

 

 

 

 

 

 

 

38,595

 

Redemption of preferred units

 

 

 

 

 

(10,602

)

 

 

(217

)

 

 

 

 

 

 

 

 

(10,819

)

Distributions to common unitholders and the general partner

 

 

 

 

 

(9,787

)

 

 

(199

)

 

 

 

 

 

 

 

 

(9,986

)

Distributions to preferred unitholders

 

 

 

 

 

(1,573

)

 

 

(32

)

 

 

 

 

 

 

 

 

(1,605

)

Unit-based awards amortization and vesting

 

 

 

 

 

2,519

 

 

 

 

 

 

 

 

 

 

 

 

2,519

 

Comprehensive income from unconsolidated investment and other