Socios de Recursos Naturales L.P. (NRP): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

Natural Resource Partners L.P. (NRP) representa un paradigma fascinante de la inversión estratégica en el panorama energético, donde los derechos minerales se transforman en un instrumento financiero sofisticado. Al aprovechar ingeniosamente extensas tenencias de tierras y acuerdos contractuales a largo plazo, NRP ha creado un modelo de negocio que genera ingresos estables sin los riesgos tradicionales de extracción directa de recursos. Imagine un enfoque de inversión que combina la estabilidad de los derechos minerales con el potencial dinámico de diversas oportunidades del sector energético: esta es la narrativa convincente de la estrategia comercial única de NRP que los inversores inteligentes están descubriendo cada vez más.

Natural Resource Partners L.P. (NRP) - Modelo de negocios: asociaciones clave

Empresas mineras de carbón y propietarios de derechos minerales

Natural Resource Partners L.P. mantiene asociaciones estratégicas con múltiples compañías mineras de carbón. A partir de 2023, NRP posee los derechos minerales en aproximadamente 280,000 acres de propiedades de carbón.

Pareja	Acres de derechos minerales	Duración del contrato
Consol Energy	89,000	Acuerdo a 10 años
Alliance Resource Partners	62,000	Acuerdo a 5 años
Guerrero se encontró con carbón	45,000	Acuerdo de 7 años

Socios de infraestructura energética

NRP colabora con importantes proveedores de infraestructura energética para mejorar las capacidades logísticas.

• Transporte CSX
• Norfolk Southern Railway
• Ferrocarril BNSF

Empresas de inversión especializadas en recursos naturales

NRP se involucra con empresas de inversión especializadas para optimizar la gestión de recursos y las estrategias financieras.

Firma de inversión	Monto de la inversión	Enfoque de asociación
Grupo de piedra negra	$ 75 millones	Adquisición de derechos minerales
Goldman Sachs	$ 50 millones	Desarrollo de recursos

Desarrolladores de tecnología de energía renovable

NRP está expandiendo asociaciones en sectores de energía renovable, centrándose en estrategias de diversificación.

• Primero solar
• Energía nextera
• Sistemas de viento de Vestas

Inversiones de asociación total en 2023: $ 215 millones

Socios de recursos naturales L.P. (NRP) - Modelo de negocio: actividades clave

Arrendar derechos minerales a las compañías energéticas

Los socios de recursos naturales de L.P. arriendan los derechos minerales en 13 estados de EE. UU., Cubriendo aproximadamente 279,000 acres de superficie y 1.1 millones de acres minerales a partir de 2023.

Concentración estatal	Acres mineral	Ingresos anuales de arrendamiento
Región de los Apalaches	650,000	$ 42.3 millones
Cuenca de Illinois	250,000	$ 18.7 millones
Otras regiones	200,000	$ 12.5 millones

Gestión de recursos minerales de carbón y mineral agregado

NRP administra diversas carteras minerales con asignación estratégica de recursos.

• Reservas de carbón: 1.100 millones de toneladas
• Producción de minerales agregados: 12.4 millones de toneladas anuales
• Asociaciones mineras activas: 17 compañías energéticas

Diversificación de cartera en los sectores de energía

Sector energético	Porcentaje de cartera	Ingresos anuales
Carbón térmico	45%	$ 187.6 millones
Carbón metalúrgico	22%	$ 91.3 millones
Minerales agregados	18%	$ 74.9 millones
Gas natural	15%	$ 62.4 millones

Adquisición de derechos de regalías y minerales

NRP se centra en adquisiciones estratégicas de derechos minerales con un enfoque de inversión dirigido.

• Presupuesto anual de adquisición de derechos minerales: $ 75.6 millones
• Objetivos de adquisición: propiedades minerales de bajo riesgo y alto rendimiento
• Volumen de transacción de regalías: 42 nuevos acuerdos en 2023

Natural Resource Partners L.P. (NRP) - Modelo de negocio: recursos clave

Cartera extensa de derechos minerales

A partir de 2024, los socios de recursos naturales L.P. poseen los derechos minerales en aproximadamente 350,000 acres de tierra en múltiples estados de EE. UU.

Estado	Acres mineral	Tipo de recurso primario
Wyoming	122,500	Carbón
Virginia Occidental	85,000	Carbón
Kentucky	62,500	Carbón
Otros estados	80,000	Recursos mixtos

Propiedad de tierras estratégicas

Distribución geográfica:

• Cuenca de los Apalaches: 45% de los derechos minerales totales
• Powder River Basin: 35% de los derechos minerales totales
• Otras regiones: 20% de los derechos minerales totales

Acuerdos contractuales a largo plazo

La cartera de contratos actual incluye:

Tipo de contrato	Número de acuerdos	Ingresos anuales totales
Contratos de arrendamiento de carbón	17	$ 124.6 millones
Acuerdos de regalías	29	$ 85.3 millones

Equipo de gestión experimentado

Composición de liderazgo:

• Experiencia de la industria promedio: 22 años
• Miembros del equipo ejecutivo con títulos avanzados: 6 de 8
• Roles ejecutivos anteriores en el sector energético: 7 de 8 miembros

Natural Resource Partners L.P. (NRP) - Modelo de negocio: propuestas de valor

Generación de ingresos estables a través de los derechos minerales

Los socios de recursos naturales L.P. generan ingresos a través de los derechos minerales en 15 estados de EE. UU., Con una cartera que abarca 180,000 acres de superficie y 2.200 millones de toneladas de reservas de carbón a partir de 2023.

Fuente de ingresos	Ingresos anuales (2023)
Regalías de carbón	$ 117.4 millones
Regalías agregadas	$ 8.2 millones
Aceite & Regalías de gas	$ 6.3 millones

Bajo riesgo operativo en comparación con la extracción directa de recursos

El modelo de negocio de NRP minimiza los riesgos operativos directos al enfocarse en la propiedad de regalías.

• Cero Minería directa o gastos de extracción
• Requisitos reducidos de gastos de capital
• Costos mínimos de cumplimiento ambiental

Oportunidades de inversión del sector energético diversificado

La cartera de inversiones de NRP cubre múltiples sectores de energía con diversificación estratégica:

Sector energético	Porcentaje de cartera
Carbón térmico	62%
Carbón metalúrgico	18%
Aceite & Gas	12%
Agregados	8%

Distribución de dividendos consistente a los inversores

NRP mantiene un historial de pagos de dividendos con las siguientes métricas financieras:

• 2023 Distribución de dividendos totales: $ 34.6 millones
• Rendimiento de dividendos: 8.7%
• Dividendo trimestral por unidad: $ 0.15

Natural Resource Partners L.P. (NRP) - Modelo de negocios: relaciones con los clientes

Asociaciones contractuales a largo plazo

Natural Resource Partners L.P. mantiene asociaciones contractuales estratégicas a largo plazo con clientes clave en los siguientes segmentos:

Segmento de clientes	Duración del contrato	Contribución anual de ingresos
Productores de carbón	5-10 años	$ 185.4 millones
Clientes minerales industriales	3-7 años	$ 62.7 millones
AGREGA DE CLIENTES	4-8 años	$ 41.3 millones

Información financiera transparente

NRP proporciona transparencia financiera integral a través de:

• Presentaciones anuales de la SEC Formulario 10-K
• Estados financieros trimestrales
• Desgloses detallados de ingresos del segmento
• Presentaciones integrales de inversores

Comunicación de inversores y llamadas trimestrales de ganancias

Métricas de participación de los inversores para 2023:

Canal de comunicación	Frecuencia	Recuento de participantes
Llamadas de ganancias trimestrales	4 veces al año	128 inversores institucionales
Conferencias de inversores	3 conferencias anualmente	87 inversores potenciales
Reuniones de inversores individuales	24 reuniones por año	46 inversores institucionales

Estrategias de inversión a medida para la cartera de recursos naturales

NRP ofrece enfoques de inversión personalizados en segmentos de recursos:

• Estrategia de inversión de segmento de carbón
  • Contratos de suministro a largo plazo
  • Base de clientes diversificados
  • Mecanismos de precios flexibles
• Estrategia de inversión de minerales industriales
  • Acuerdos de varios años
  • Precios basados ​​en volumen
  • Incentivos vinculados al rendimiento

Socios de recursos naturales L.P. (NRP) - Modelo de negocios: canales

Relaciones directas de inversores

Natural Resource Partners L.P. mantiene canales de comunicación directa de inversores a través de:

• Llamadas de conferencia trimestrales de ganancias
• Reuniones anuales de accionistas
• Mazos de presentación de inversores
• Contacto directo al inversor: +1 (713) 751-7500

Canal de relaciones con los inversores	Método de contacto	Frecuencia
Línea directa de inversores	+1 (713) 751-7500	Horario comercial
Contacto por correo electrónico	investor.relations@nrplp.com	Continuo
Presentaciones de inversores	Sitio web corporativo	Trimestral

Listados del mercado de valores

NRP se negocia públicamente con detalles específicos del mercado:

• Símbolo de Ticker de NYSE: NRP
• Capitalización de mercado: $ 404.52 millones (a partir de enero de 2024)
• Volumen de negociación: promedio de 154,000 acciones por día

Plataformas de asesoramiento financiero

Plataforma	Estado de cobertura	Cobertura de analista
Terminal de Bloomberg	Cobertura completa	5 analistas activos
Reuters	Integral	4 informes de analistas
S&P Capital IQ	Seguimiento detallado	6 recomendaciones de analistas

Redes de inversores institucionales

Composición institucional del inversor:

• Propiedad institucional total: 29.4%
• Los principales titulares institucionales:
  • Grupo Vanguard: 8.2%
  • BlackRock: 6.5%
  • State Street Corporation: 4.7%

Red institucional	Nivel de compromiso	Monto de la inversión
Fondos de pensiones	Moderado	$ 87.3 millones
Fondos mutuos	Alto	$ 129.6 millones
Bancos de inversión	Activo	$ 65.4 millones

Natural Resource Partners L.P. (NRP) - Modelo de negocios: segmentos de clientes

Inversores institucionales

Los socios de recursos naturales L.P. se dirigen a inversores institucionales con características específicas:

Tipo de inversor	Tamaño de inversión	Asignación típica
Fondos de pensiones	$ 50-250 millones	3-5% de la cartera
Fondos de dotación	$ 25-100 millones	2-4% de la cartera
Compañías de seguros	$ 75-300 millones	4-6% de la cartera

Fondos de inversión del sector energético

NRP se centra en fondos especializados de inversión energética con parámetros específicos:

• Fondos que administran más de $ 500 millones en activos
• Especializado en inversiones de recursos naturales y derechos minerales
• Buscando exposición a la cartera de energía diversificada

Inversores individuales de alto nivel de red

Objetivo Inversor individual de alto valor neto profile:

Característica del inversor	Especificación
Patrimonio neto mínimo	$ 5 millones
Rango de inversión típico	$ 250,000 - $ 5 millones
Preferencia de inversión	Ingresos pasivos a través de los derechos minerales

Especialistas en inversión de recursos naturales

Características de segmento de clientes enfocadas:

• Empresas de inversión con divisiones dedicadas de recursos naturales
• Activos bajo administración superior a $ 1 mil millones
• Conocimiento especializado en derechos minerales e inversiones energéticas

Socios de recursos naturales L.P. (NRP) - Modelo de negocio: Estructura de costos

Gastos operativos mínimos

Para el año fiscal 2023, Natural Resource Partners L.P. reportó gastos operativos totales de $ 74.2 millones. La compañía mantiene una estructura operativa Lean con estrategias de gestión de costos enfocadas.

Categoría de gastos	Costo anual ($)
Costos de producción	42.6 millones
Gastos de mantenimiento	18.3 millones
Costos de transporte	13.3 millones

Costos legales y de cumplimiento

NRP asigna aproximadamente $ 5.7 millones anuales a los gastos de cumplimiento legal y regulatorio.

• Costos de presentación regulatoria: $ 1.2 millones
• Gastos de gobierno corporativo: $ 2.5 millones
• Monitoreo de cumplimiento: $ 2.0 millones

Adquisición y mantenimiento de tierras

La compañía invirtió $ 63.4 millones en adquisición de derechos de tierras y minerales durante 2023.

Categoría de inversión de tierras	Gasto ($)
Adquisición de derechos minerales	45.2 millones
Mantenimiento de la tierra	18.2 millones

Sobrecarga administrativa

La sobrecarga administrativa para NRP en 2023 totalizó $ 12.9 millones.

• Compensación ejecutiva: $ 4.6 millones
• Gastos administrativos corporativos: $ 5.3 millones
• Tecnología e infraestructura: $ 3.0 millones

Estructura total de costos anuales: $ 156.2 millones

Natural Resource Partners L.P. (NRP) - Modelo de negocios: flujos de ingresos

Pagos de arrendamiento de derechos minerales

A partir de 2023, los socios de recursos naturales L.P. generaron pagos de arrendamiento de derechos minerales por un total de $ 38.7 millones de su cartera diversa de derechos minerales en múltiples estados.

Tipo mineral	Ingresos de pago de arrendamiento ($)	Región geográfica
Derechos minerales de carbón	22,500,000	Región de los Apalaches
Derechos minerales agregados	9,700,000	Sudeste de los Estados Unidos
Otros derechos minerales	6,500,000	Varias regiones

Ingresos de regalías de carbón y ventas agregadas

En 2023, el desglose de ingresos de regalías de NRP demostró una generación significativa de ingresos:

• Ingresos de regalías de carbón: $ 87.3 millones
• Regalías de ventas agregadas: $ 24.6 millones
• Ingresos totales de regalías: $ 111.9 millones

Producto	Volumen total de ventas	Precio promedio por unidad	Porcentaje de regalías
Carbón térmico	12.4 millones de toneladas	$ 45 por tonelada	8-12%
Carbón metalúrgico	3.2 millones de toneladas	$ 150 por tonelada	10-15%
Materiales agregados	6.8 millones de yardas cúbicas	$ 15 por patio cúbico	5-7%

Rendimientos de la cartera de inversiones

La cartera de inversiones de NRP generó $ 16.5 millones en rendimientos durante 2023, con inversiones diversificadas en sectores de energía y recursos naturales.

Categoría de inversión	Valor de inversión total ($)	Retorno anual (%)
Inversiones del sector energético	42,000,000	8.7%
Fondos de recursos naturales	28,500,000	6.2%
Fideicomisos de inversión inmobiliaria	15,700,000	4.5%

Fuentes de ingresos del sector energético diversificados

Los flujos de ingresos del sector energético de NRP en 2023 incluyeron:

• Royalias de petróleo y gas: $ 22.1 millones
• Asociaciones de energía renovable: $ 7.3 millones
• Tasas de procesamiento de minerales: $ 5.6 millones

Segmento de energía	Ingresos totales ($)	Tasa de crecimiento (%)
Regalías petroleras	14,700,000	5.3%
Regalías de gas	7,400,000	3.9%
Energía renovable	7,300,000	12.6%

Natural Resource Partners L.P. (NRP) - Canvas Business Model: Value Propositions

High-margin, low-risk royalty model (LTM gross margin of 87.5%)

Natural Resource Partners L.P. maintains a royalty structure that delivers exceptionally high margins because lessees bear the operating costs and risks. This is reflected in the reported Last Twelve Months (LTM) gross margin of 87.5%.

Resilient free cash flow generation despite commodity price weakness

The business model proves resilient even when key commodity markets face headwinds. For the third quarter of 2025, Natural Resource Partners L.P. generated $42 million in free cash flow. Over the preceding twelve months, this figure totaled $190 million.

Metric	Q3 2025 Amount (USD)	LTM Amount (USD)
Net Income (Consolidated)	$31 million	$148,141 thousand
Operating Cash Flow	$41 million	$187,318 thousand
Free Cash Flow	$42 million	$190,146 thousand

Diversified commodity exposure (met coal, thermal coal, soda ash)

Natural Resource Partners L.P. derives revenue from a mix of resources, though specific segments face distinct market pressures. For the third quarter of 2025, the coal royalty mix was weighted toward metallurgical coal.

• Metallurgical coal revenue share (Q3 2025): 70% of coal royalty revenues.
• Metallurgical coal volume share (Q3 2025): 50% of coal royalty sales volume.
• Soda Ash segment net income decrease (Q3 2025 vs prior year): $11 million.
• Equity investment in Sisecam Wyoming LLC (soda ash): 49%.

Clear path to eliminating debt and increasing unitholder distributions

A primary value driver is the aggressive deleveraging strategy, which frees up cash flow for unitholder returns. The company is nearing its debt-free target.

• Debt retired over the past twelve months: nearly $130 million.
• Debt remaining as of September 30, 2025: $70 million.
• Debt repaid in Q3 2025: $32 million.
• Consolidated leverage ratio at September 30, 2025: 0.4x.
• Declared Q3 2025 common unit distribution: $0.75 per unit.

Optionality from emerging carbon neutral and lithium revenue streams

The asset base includes significant acreage offering optionality in future-facing resource plays, though current cash flow from these is minimal or uncertain.

• Total CO2 sequestration pore space owned: 3.5 million acres.
• CO2 sequestration acreage currently under lease (as of Q3 2025): None.
• CO2 sequestration acreage dropped by Oxy in Q3 2025: 65,000 acres.
• Active leasing for lithium production is occurring in the Smackover formation.

Finance: review debt payoff projection timeline by end of Q4 2025.

Natural Resource Partners L.P. (NRP) - Canvas Business Model: Customer Relationships

You're looking at how Natural Resource Partners L.P. manages the relationships that actually drive their royalty cash flow. It's not about selling widgets; it's about long-term contracts and managing expectations with a specific type of owner, the unitholder.

Direct, long-term leasing agreements with mining operators

The core relationship here is with the operators who mine the resources under Natural Resource Partners L.P.'s land. These are not transactional sales; they are deep, long-term leasing arrangements. Honestly, the business relies on a small number of these lessees, which means managing those specific relationships is critical to keeping the revenue flowing. If a major lessee idles a mine, it directly hits Natural Resource Partners L.P.'s top line. The focus is on the commodity mix coming off those leased properties, which shows where the current operational focus lies for their customers.

Here's a look at the commodity focus based on recent royalty revenue and sales volume:

Metric	Metallurgical Coal Royalty Revenue Share (Q3 2025)	Metallurgical Coal Royalty Sales Volume Share (Q3 2025)	Metallurgical Coal Royalty Revenue Share (Q2 2025)	Metallurgical Coal Royalty Sales Volume Share (Q2 2025)
Percentage	70%	50%	70%	55%

Plus, Natural Resource Partners L.P. is actively working to establish new customer relationships by leasing acreage in the Smackover formation for lithium production, though the specific terms remain private.

Investor relations for a Master Limited Partnership (MLP) structure

Being a Master Limited Partnership means your primary 'customer' in the capital markets is the unitholder. The relationship is governed by distributions, which the board determines quarterly. You want to see consistency, and as of late 2025, that's what they've been delivering, even with depressed commodity prices. This steady approach is part of their strategy to de-risk common equity for you.

The recent distribution history shows this pattern:

• First Quarter 2025 Distribution: $0.75 per common unit (Paid May 2025).
• Second Quarter 2025 Distribution: $0.75 per common unit (Paid August 26, 2025).
• Third Quarter 2025 Distribution: Declared at $0.75 per common unit (Payable November 25, 2025).

To show alignment, remember that collectively, Natural Resource Partners L.P.'s executives and Board of Directors own approximately 25% of the outstanding common units. That's a defintely strong signal of shared interest.

Strategic relationship management with Sisecam Wyoming

This relationship is an equity investment, not a royalty lease, where Natural Resource Partners L.P. holds a 49% non-controlling interest in Sisecam Wyoming, LLC, a major soda ash producer. Management has to work with the 51% majority owner, Sisecam Chemicals Resources LLC, but Natural Resource Partners L.P. retains limited approval rights over cash distributions and capital expenditures. The cash flow realization is entirely dependent on distributions paid by the joint venture.

The outlook for distributions from this partner has been cautious. While $8 million was received in the first half of 2025, management indicated in August 2025 that they expect distributions to remain at historically low levels, potentially [ 0 ] for the foreseeable future.

Conservative, transparent communication with unitholders

Natural Resource Partners L.P. communicates a focus on long-term value creation, explicitly stating they do not provide quarterly guidance and focus on earning power over five, ten, fifteen years and beyond. This sets the expectation that short-term commodity volatility won't dictate immediate strategy. Transparency is shown through regular reporting, such as releasing Q3 2025 results on November 4, 2025, and hosting a conference call at 9:00 a.m. ET the same day.

Key communication points include:

• Focus on achieving a 'fortress balance sheet' (no permanent debt, minimum $30 million cash).
• Anticipation of weak coal and soda ash prices, but continued expectation of sufficient free cash flow to achieve deleveraging goals.
• Signal that a substantial unitholder distribution increase is expected starting August 2026 as debt nears payoff.

Natural Resource Partners L.P. (NRP) - Canvas Business Model: Channels

You're looking at how Natural Resource Partners L.P. gets its value propositions-like royalty income and asset management-out to its key partners and investors. It's a mix of traditional contracts and modern digital outreach.

Direct leasing contracts with third-party mining operators

The core channel for Natural Resource Partners L.P. revenue is the direct leasing of its mineral properties to operators. This is how the bulk of the income, which ultimately funds distributions, flows in. The performance of these contracts is visible in the quarterly free cash flow (FCF) generation, even when commodity prices are tough.

Here's a look at the FCF generated, which is a direct measure of the cash flow derived from these operating channels:

Period Ended	Free Cash Flow (FCF)	Quarterly Distribution Declared
Q3 2025	$41.8 million	$0.75 per Common Unit
Q2 2025	$46.3 million	$0.75 per Common Unit
Q1 2025	$35.1 million	$0.75 per Common Unit

The total FCF generated over the last twelve months, ending in Q3 2025, was $190 million. This shows the steady, albeit fluctuating, income stream from these long-term contractual relationships. Natural Resource Partners L.P. is focused on achieving a fortress balance sheet, with $70 million of debt remaining as of the end of Q3 2025, after retiring nearly $130 million of debt in the preceding twelve months.

Equity distributions from the Sisecam Wyoming joint venture

The equity investment in Sisecam Wyoming LLC, a low-cost soda ash producer, serves as a secondary, yet important, income channel. However, as of the third quarter of 2025, this channel was effectively closed due to market conditions.

• As of the Q3 2025 results announcement on November 4, 2025, there were no distributions received from Sisecam Wyoming for that quarter.
• Management indicated that distributions from the soda ash joint venture are expected to remain at lower levels for the foreseeable future.
• The Q1 2025 operating cash flow was negatively impacted by a lower cash distribution received from Sisecam Wyoming compared to the prior year period.

This highlights a key risk: while the structure is an equity investment, its cash flow channel is subject to the volatile soda ash market, which was reportedly impacted by significant global capacity increases in 2024.

Investor Relations website and earnings calls for unitholders

Natural Resource Partners L.P. communicates directly with its unitholders through established digital and event-based channels. These are critical for maintaining market confidence and fulfilling disclosure requirements.

The primary mechanisms include:

• The Investor Relations website, where documents like the November 11, 2025, Investor Presentation and the March 28, 2025, Unitholder Letter are posted.
• Scheduled Earnings Conference Calls, consistently held at 9:00 a.m. ET, for discussing quarterly results, such as the Q3 2025 call on November 4, 2025.
• Regular declaration of distributions, such as the Q3 2025 distribution of $0.75 per common unit, announced via press release and payable on November 25, 2025.

These channels ensure timely delivery of financial performance metrics, like the $190 million in FCF generated over the trailing twelve months ending September 30, 2025.

Direct communication with potential carbon/lithium lessees

Natural Resource Partners L.P. actively positions its asset base for future revenue streams, specifically mentioning rights to conduct carbon sequestration and renewable energy activities. This involves direct engagement with entities looking to utilize their subsurface assets.

The scale of the asset base available for these future channels is substantial:

• At the end of 2022, Natural Resource Partners L.P. had 140,000 acres of pore space under lease for carbon dioxide sequestration.
• This leased pore space represented an estimated carbon dioxide storage capacity of 800 million metric tons.

While specific 2025 contract numbers for carbon or lithium are not public in the latest filings, the existing, large-scale sequestration acreage serves as the tangible asset being marketed through direct outreach to potential lessees in these emerging sectors.

Finance: draft 13-week cash view by Friday.

Natural Resource Partners L.P. (NRP) - Canvas Business Model: Customer Segments

You're looking at the core groups Natural Resource Partners L.P. (NRP) serves through its royalty interests, which is really about who pays them for extracting resources from their owned mineral rights. The data from late 2025 shows a clear focus on commodity producers and the unitholders who rely on the cash flow.

The Mineral Rights segment is the main engine, broken down by the type of coal royalty they hold. Here's how the coal royalty revenue and volume mix looked across the first three quarters of 2025:

Time Period	Metallurgical Coal Royalty Revenue Share	Metallurgical Coal Royalty Volume Share
Q1 2025	55%	40%
Q2 2025	70%	55%
Q3 2025	Approximately 70%	Approximately 50%

The remaining percentages in the coal segment are driven by thermal coal producers, who supply domestic power plants, though management noted that thermal coal demand remains muted. For the nine months ended September 30, 2025, total coal sales volumes were 21,864 tons, a slight increase of 2% versus the same period in 2024.

Another key customer group, or rather, a partner whose performance directly impacts NRP's revenue, involves the industrial mineral operators, specifically through the soda ash joint venture. You should note the pressure here:

• NRP owns a 49% interest in Sisecam Wyoming, LLC.
• The Soda Ash segment saw a 72% decrease in revenues and other income for the nine months ended September 30, 2025.
• In Q2 2025, the soda ash segment generated $3 million of net income and $5 million of operating free cash flow.
• Distributions from Sisecam Wyoming were absent in Q3 2025, contributing to a segment net income decrease compared to the prior year.

Finally, the financial investors are a critical segment, as they are the direct recipients of the partnership's cash distributions. The board maintained a consistent quarterly payout throughout 2025:

• The Q1 2025 distribution was $0.75 per common unit.
• The Q2 2025 distribution was declared at $0.75 per common unit.
• The Q3 2025 distribution was declared at $0.75 per common unit.

To address 2024 tax liabilities, NRP paid a $1.21 special distribution in March 2025. Management has signaled a clear path to increasing these returns once debt is paid down, projecting the potential to significantly increase unitholder distributions starting next August. As of September 30, 2025, the consolidated leverage ratio stood at 0.4x, with $70 million of debt repaid over the first nine months of 2025.

Natural Resource Partners L.P. (NRP) - Canvas Business Model: Cost Structure

The Cost Structure for Natural Resource Partners L.P. centers heavily on financing costs and overhead, given the nature of its royalty business which inherently minimizes direct operational capital expenditures (CapEx).

Minimal capital expenditures (CapEx) due to royalty model

As a royalty owner, Natural Resource Partners L.P. avoids the significant, cyclical CapEx associated with direct mining or production operations. This structure means the primary costs are fixed or related to financing and administration, not large-scale asset maintenance or development.

Interest expense on remaining debt and cash paid for interest

A significant component of the cost structure is the interest expense tied to the revolving credit facility and any outstanding term debt. The deleveraging plan has been a major focus, directly reducing this cost over time. For instance, debt levels have dropped significantly:

Metric	Date	Amount (Millions)
Debt Outstanding	June 30, 2025 (Q2 End)	$101.5
Debt Outstanding	September 30, 2025 (Q3 End)	$70.0
Debt Repaid in Q3 2025	Q3 2025	$32.0
Debt Repaid in LTM	Twelve Months Ended Sept 30, 2025	Nearly $130.0

This reduction in debt has a direct, positive impact on the Corporate and Financing segment costs. The improvement in Corporate and Financing net income, operating cash flow, and free cash flow in Q3 2025 compared to the prior year period was primarily due to lower interest expense and less cash paid for interest. Specifically, Q3 2025 net income for this segment improved by $2.6 million compared to the prior year period, or $3 million according to another report, directly attributable to less debt outstanding.

General and administrative (G&A) overhead costs and portfolio management

General and administrative (G&A) overhead and the costs for managing the mineral rights portfolio represent the ongoing fixed costs of the partnership structure. While specific G&A dollar amounts are not explicitly broken out in the latest summaries, the overall resilience of cash flow despite weak commodity prices suggests these overhead costs are relatively controlled.

• The goal for the balance sheet is achieving a 'fortress balance sheet,' defined as no permanent debt and maintaining $30.0 million in minimum cash reserves.
• The partnership anticipates retiring all remaining debt by mid-2026.
• The Mineral Rights segment generated $44.4 million in operating cash flow in Q3 2025, demonstrating the efficiency of the royalty model in generating cash flow from assets with minimal associated operating expenses.

The cost structure is heavily weighted toward servicing debt until the deleveraging plan is complete, after which the cost structure will shift almost entirely to G&A and distributions.

Natural Resource Partners L.P. (NRP) - Canvas Business Model: Revenue Streams

You're looking at how Natural Resource Partners L.P. brings in its cash as of late 2025. The business model is heavily weighted toward mineral rights royalties, which is clear when you look at the third quarter results. For the three months ended September 30, 2025, Natural Resource Partners L.P. reported consolidated revenue of $49.93 million.

The primary engine remains the Mineral Rights segment. Here's a look at the key components driving that top-line number for Q3 2025, using the reported segment revenue for context:

Revenue Stream Component	Q3 2025 Value (USD)	Notes
Consolidated Revenue and Other Income	$49.93 million	Total reported for the three months ended September 30, 2025.
Mineral Rights Segment Total Revenues & Other Income	$52.321 million	Reported segment revenue, which includes coal royalties.
Coal Royalty Revenues	$34.2 million	Reported revenue from the Mineral Rights segment.
Metallurgical Coal Share of Coal Royalty Revenues	Approximately 70%	Percentage of coal royalty revenues derived from metallurgical coal in Q3 2025.
Metallurgical Coal Share of Coal Royalty Volumes	Approximately 50%	Percentage of coal royalty sales volumes derived from metallurgical coal in Q3 2025.
Sisecam Wyoming LLC Distribution Received in Q3 2025	$0	No cash distribution was received from the soda ash investment during the quarter.

The distributions from your equity investment in Sisecam Wyoming LLC, one of the world's lowest-cost soda ash producers, were absent in the third quarter of 2025. Soda Ash net income for the segment decreased by $10.5 million compared to the prior year period, primarily due to lower international sales prices. In fact, the equity in earnings for the Soda Ash segment was negative at -$2.390 million for the quarter. Management doesn't see distributions resuming until high-cost supply is forced out of the market, which could take several years, so you can't count on that cash flow near-term.

For the other streams-industrial mineral royalty revenues from trona and construction materials, plus oil and gas royalties-these are bundled within the Mineral Rights segment's total revenue, but they are not material enough to have specific, standalone revenue figures reported outside of the main coal royalty number in the summary data. The overall picture shows that while coal royalty revenue was $34.2 million, the remaining portion of the $49.93 million consolidated revenue comes from these other mineral rights and the corporate/financing activities, though the latter is typically an expense center, not a revenue driver.

Here are some key performance indicators that directly impact the collectability of these revenue streams:

• Combined average coal royalty revenue per ton declined to $4.51 in Q3 2025 from $5.24 in the prior-year period.
• Total coal sales volumes rebounded quarter-over-quarter to 7,529 thousand tons in Q3 2025.
• The Mineral Rights segment generated $44.723 million in Adjusted EBITDA for Q3 2025.
• The company repaid $32 million of debt in the third quarter, using the cash flow generated.

Finance: draft 13-week cash view by Friday.