Natural Resource Partners L.P. (NRP): Business Model Canvas [Jan-2025 Mis à jour]

Natural Resource Partners L.P. (NRP) représente un paradigme fascinant de l'investissement stratégique dans le paysage énergétique, où les droits minéraux se transforment en un instrument financier sophistiqué. En tirant ingénieusement en tirant des fonds fonciers étendus et en accords contractuels à long terme, NRP a conçu un modèle commercial qui génère un revenu stable sans les risques traditionnels d'extraction des ressources directes. Imaginez une approche d'investissement qui combine la stabilité des droits minéraux avec le potentiel dynamique des diverses opportunités du secteur de l'énergie - c'est le récit convaincant de la stratégie commerciale unique de NRP que les investisseurs avertis découvrent de plus en plus.

Natural Resource Partners L.P. (NRP) - Modèle d'entreprise: partenariats clés

Sociétés d'extraction de charbon et propriétaires de droits minéraux

Natural Resource Partners L.P. maintient des partenariats stratégiques avec plusieurs sociétés d'extraction de charbon. En 2023, NRP détient les droits minéraux sur environ 280 000 acres de propriétés charbonnières.

Partenaire	Acres de droits minéraux	Durée du contrat
Énergie de consol	89,000	Accord de 10 ans
Alliance Resource Partners	62,000	Accord sur 5 ans
Warrior a rencontré du charbon	45,000	Accord de 7 ans

Partenaires d'infrastructure énergétique

NRP collabore avec des fournisseurs d'infrastructures énergétiques importants pour améliorer les capacités logistiques.

• Transport CSX
• Norfolk Southern Railway
• BNSF Railway

Des entreprises d'investissement spécialisés dans les ressources naturelles

NRP s'engage avec des sociétés d'investissement spécialisées pour optimiser la gestion des ressources et les stratégies financières.

Entreprise d'investissement	Montant d'investissement	Focus de partenariat
Groupe Blackstone	75 millions de dollars	Acquisition des droits minéraux
Goldman Sachs	50 millions de dollars	Développement

Développeurs de technologies d'énergie renouvelable

NRP étend les partenariats dans les secteurs des énergies renouvelables, en se concentrant sur les stratégies de diversification.

• Premier solaire
• Énergie nextère
• Vestas Wind Systems

Investissements totaux de partenariat en 2023: 215 millions de dollars

Natural Resource Partners L.P. (NRP) - Modèle d'entreprise: Activités clés

Louer les droits minéraux aux sociétés énergétiques

Natural Resource Partners L.P. loue les droits minéraux dans 13 États américains, couvrant environ 279 000 acres de surface et 1,1 million d'acres minéraux en 2023.

Concentration de l'État	Acres minéraux	Revenus de location annuelle
Région des Appalaches	650,000	42,3 millions de dollars
Bassin de l'Illinois	250,000	18,7 millions de dollars
Autres régions	200,000	12,5 millions de dollars

Gestion des ressources minérales au charbon et globales

NRP gère divers portefeuilles minéraux avec une allocation stratégique des ressources.

• Réserves de charbon: 1,1 milliard de tonnes
• Production de minéraux agrégés: 12,4 millions de tonnes par an
• Partenariats minières actifs: 17 sociétés énergétiques

Diversification du portefeuille entre les secteurs de l'énergie

Secteur de l'énergie	Pourcentage de portefeuille	Revenus annuels
Charbon thermique	45%	187,6 millions de dollars
Charbon métallurgique	22%	91,3 millions de dollars
Mineraux agrégés	18%	74,9 millions de dollars
Gaz naturel	15%	62,4 millions de dollars

Acquisition de droits et de droits minéraux

Le NRP se concentre sur les acquisitions stratégiques des droits minéraux avec une approche d'investissement ciblée.

• Budget d'acquisition annuelle des droits minéraux: 75,6 millions de dollars
• Cibles d'acquisition: propriétés minérales à faible risque et à haut rendement
• Volume des transactions de redevance: 42 nouveaux accords en 2023

Natural Resource Partners L.P. (NRP) - Modèle d'entreprise: Ressources clés

Portefeuille étendu des droits minéraux

En 2024, Natural Resource Partners L.P. détient les droits minéraux sur environ 350 000 acres de terres dans plusieurs États américains.

État	Acres minéraux	Type de ressource primaire
Wyoming	122,500	Charbon
Virginie-Occidentale	85,000	Charbon
Kentucky	62,500	Charbon
Autres États	80,000	Ressources mixtes

Lands stratégiques

Distribution géographique:

• Basin des Appalaches: 45% du total des droits minéraux
• Powder River Basin: 35% du total des droits minéraux
• Autres régions: 20% du total des droits minéraux

Accords contractuels à long terme

Le portefeuille de contrats actuel comprend:

Type de contrat	Nombre d'accords	Revenu annuel total
Accords de location de charbon	17	124,6 millions de dollars
Accords de redevance	29	85,3 millions de dollars

Équipe de gestion expérimentée

Composition du leadership:

• Expérience moyenne de l'industrie: 22 ans
• Membres de l'équipe de direction avec des diplômes avancés: 6 sur 8
• Rôles exécutifs antérieurs dans le secteur de l'énergie: 7 membres sur 8

Natural Resource Partners L.P. (NRP) - Modèle d'entreprise: propositions de valeur

Génération de revenus stable grâce aux droits minéraux

Natural Resource Partners L.P. génère des revenus grâce aux droits minéraux dans 15 États américains, avec un portefeuille couvrant 180 000 acres de surface et 2,2 milliards de tonnes de réserves de charbon à partir de 2023.

Source de revenu	Revenus annuels (2023)
Redevances au charbon	117,4 millions de dollars
Redevances agrégées	8,2 millions de dollars
Huile & Redevances à gaz	6,3 millions de dollars

Faible risque opérationnel par rapport à l'extraction directe des ressources

Le modèle commercial de NRP minimise les risques opérationnels directs en se concentrant sur la propriété des redevances.

• Zéro dépenses d'extraction directes ou d'extraction
• Réduction des dépenses en capital
• Coûts de conformité environnementale minimale

Opportunités d'investissement du secteur de l'énergie diversifié

Le portefeuille d'investissement de NRP couvre plusieurs secteurs d'énergie avec une diversification stratégique:

Secteur de l'énergie	Pourcentage de portefeuille
Charbon thermique	62%
Charbon métallurgique	18%
Huile & Gaz	12%
Agrégats	8%

Distribution de dividendes cohérente aux investisseurs

Le NRP maintient un historique des paiements de dividendes avec les mesures financières suivantes:

• 2023 Distribution totale des dividendes: 34,6 millions de dollars
• Rendement des dividendes: 8,7%
• Dividende trimestriel par unité: 0,15 $

Natural Resource Partners L.P. (NRP) - Modèle d'entreprise: Relations clients

Partenariats contractuels à long terme

Natural Resource Partners L.P. maintient des partenariats contractuels stratégiques à long terme avec les principaux clients dans les segments suivants:

Segment de clientèle	Durée du contrat	Contribution annuelle des revenus
Producteurs de charbon	5-10 ans	185,4 millions de dollars
Clients minéraux industriels	3-7 ans	62,7 millions de dollars
Agrégats les clients	4-8 ans	41,3 millions de dollars

Information financière transparente

Le NRP fournit une transparence financière complète à travers:

• Dossiers annuels du formulaire SEC 10-K
• États financiers trimestriels
• Récosions détaillées des revenus du segment
• Présentations complètes des investisseurs

Communication des investisseurs et appels de bénéfices trimestriels

Mesures d'engagement des investisseurs pour 2023:

Canal de communication	Fréquence	Comptage des participants
Appels de résultats trimestriels	4 fois par an	128 investisseurs institutionnels
Conférences d'investisseurs	3 conférences par an	87 investisseurs potentiels
Réunions d'investisseurs en tête-à-tête	24 réunions par an	46 investisseurs institutionnels

Stratégies d'investissement sur mesure pour le portefeuille de ressources naturelles

NRP propose des approches d'investissement personnalisées entre les segments de ressources:

• Stratégie d'investissement du segment du charbon
  • Contrats d'approvisionnement à long terme
  • Clientèle diversifiée
  • Mécanismes de tarification flexibles
• Stratégie d'investissement des minéraux industriels
  • Accords pluriannuels
  • Prix ​​basé sur le volume
  • Incitations liées à la performance

Natural Resource Partners L.P. (NRP) - Modèle d'entreprise: canaux

Relations avec les investisseurs directs

Natural Resource Partners L.P. maintient les canaux de communication des investisseurs directs à travers:

• Conférences de résultats trimestriels
• Réunions annuelles des actionnaires
• Disques de présentation des investisseurs
• Contact des investisseurs directs: +1 (713) 751-7500

Canal des relations avec les investisseurs	Méthode de contact	Fréquence
Hotline des investisseurs	+1 (713) 751-7500	Heures de bureau
Contact par e-mail	investor.relations@nrplp.com	Continu
Présentations des investisseurs	Site Web de l'entreprise	Trimestriel

Listes de bourses

Le NRP est coté en bourse avec des détails spécifiques du marché:

• NYSE Ticker Symbole: NRP
• Capitalisation boursière: 404,52 millions de dollars (à partir de janvier 2024)
• Volume de négociation: moyenne 154 000 actions par jour

Plateformes consultatives financières

Plate-forme	Statut de couverture	Couverture des analystes
Bloomberg Terminal	Couverture complète	5 analystes actifs
Reuters	Complet	4 rapports d'analystes
S&P Capital IQ	Suivi détaillé	6 recommandations d'analystes

Réseaux d'investisseurs institutionnels

Composition des investisseurs institutionnels:

• Propriété totale institutionnelle: 29,4%
• Top détenteurs institutionnels:
  • Groupe Vanguard: 8,2%
  • BlackRock: 6,5%
  • State Street Corporation: 4,7%

Réseau institutionnel	Niveau d'engagement	Montant d'investissement
Fonds de pension	Modéré	87,3 millions de dollars
Fonds communs de placement	Haut	129,6 millions de dollars
Banques d'investissement	Actif	65,4 millions de dollars

Natural Resource Partners L.P. (NRP) - Modèle d'entreprise: segments de clientèle

Investisseurs institutionnels

Natural Resource Partners L.P. cible les investisseurs institutionnels avec des caractéristiques spécifiques:

Type d'investisseur	Taille de l'investissement	Allocation typique
Fonds de pension	50 à 250 millions de dollars	3 à 5% du portefeuille
Fonds de dotation	25 à 100 millions de dollars	2 à 4% du portefeuille
Compagnies d'assurance	75 à 300 millions de dollars	4 à 6% du portefeuille

Fonds d'investissement du secteur de l'énergie

Le NRP se concentre sur des fonds d'investissement énergétique spécialisés avec des paramètres spécifiques:

• Fonds gérant plus de 500 millions de dollars d'actifs
• Spécialisé dans les investissements en ressources naturelles et en droits minéraux
• Recherche d'exposition au portefeuille d'énergie diversifiée

Investisseurs individuels à haute nette

Cible l'investisseur individuel élevé profile:

Caractéristique des investisseurs	Spécification
Valeur nette minimale	5 millions de dollars
Gamme d'investissement typique	250 000 $ - 5 millions de dollars
Préférence d'investissement	Revenu passif grâce aux droits minéraux

Spécialistes des investissements en ressources naturelles

Caractéristiques du segment de la clientèle ciblée:

• Entreprises d'investissement avec des divisions de ressources naturelles dédiées
• Actifs sous gestion dépassant 1 milliard de dollars
• Connaissances spécialisées dans les droits minéraux et les investissements énergétiques

Natural Resource Partners L.P. (NRP) - Modèle d'entreprise: Structure des coûts

Dépenses opérationnelles minimales

Pour l'exercice 2023, Natural Resource Partners L.P. a déclaré des dépenses d'exploitation totales de 74,2 millions de dollars. La société maintient une structure opérationnelle maigre avec des stratégies de gestion des coûts ciblées.

Catégorie de dépenses	Coût annuel ($)
Coûts de production	42,6 millions
Frais de maintenance	18,3 millions
Frais de transport	13,3 millions

Frais juridiques et de conformité

Le PNR alloue environ 5,7 millions de dollars par an aux frais de conformité juridiques et réglementaires.

• Coûts de dépôt réglementaire: 1,2 million de dollars
• Dépenses de gouvernance d'entreprise: 2,5 millions de dollars
• Surveillance de la conformité: 2,0 millions de dollars

Acquisition et entretien des terres

La société a investi 63,4 millions de dollars dans l'acquisition de droits fonciers et minéraux au cours de 2023.

Catégorie d'investissement terrestre	Dépenses ($)
Acquisition des droits minéraux	45,2 millions
Entretien des terres	18,2 millions

Frais généraux administratifs

Les frais généraux administratifs du NRP en 2023 ont totalisé 12,9 millions de dollars.

• Rémunération des cadres: 4,6 millions de dollars
• Frais d'administration des entreprises: 5,3 millions de dollars
• Technologie et infrastructure: 3,0 millions de dollars

Structure totale des coûts annuels: 156,2 millions de dollars

Natural Resource Partners L.P. (NRP) - Modèle d'entreprise: Strots de revenus

Paiements de location de droits minéraux

En 2023, les partenaires de ressources naturelles L.P.

Type minéral	Revenus de paiement de location ($)	Région géographique
Droits minéraux du charbon	22,500,000	Région des Appalaches
Droits minéraux agrégés	9,700,000	Sud-est des États-Unis
Autres droits minéraux	6,500,000	Diverses régions

Revenu des redevances provenant du charbon et des ventes agrégées

En 2023, la répartition des revenus de redevance du NRP a démontré une génération importante des revenus:

• Revenu des redevances au charbon: 87,3 millions de dollars
• Redevance de vente globale: 24,6 millions de dollars
• Revenu total de redevances: 111,9 millions de dollars

Produit	Volume total des ventes	Prix ​​moyen par unité	Pourcentage de redevances
Charbon thermique	12,4 millions de tonnes	45 $ par tonne	8-12%
Charbon métallurgique	3,2 millions de tonnes	150 $ la tonne	10-15%
Matériaux agrégés	6,8 millions de verges cubes	15 $ par cour cube	5-7%

Returns du portefeuille d'investissement

Le portefeuille d'investissement de NRP a généré 16,5 millions de dollars de rendements en 2023, avec des investissements diversifiés dans les secteurs de l'énergie et des ressources naturelles.

Catégorie d'investissement	Valeur d'investissement totale ($)	Rendement annuel (%)
Investissements du secteur de l'énergie	42,000,000	8.7%
Fonds de ressources naturelles	28,500,000	6.2%
Fiducies d'investissement immobilier	15,700,000	4.5%

Sources de revenus du secteur de l'énergie diversifié

Les sources de revenus du secteur de l'énergie du NRP en 2023 comprenaient:

• Royalités pétrolières et gaziers: 22,1 millions de dollars
• Partenariats d'énergie renouvelable: 7,3 millions de dollars
• Frais de traitement des minéraux: 5,6 millions de dollars

Segment d'énergie	Revenu total ($)	Taux de croissance (%)
Redevances à l'huile	14,700,000	5.3%
Redevances à gaz	7,400,000	3.9%
Énergie renouvelable	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.