Parceiros de Recursos Naturais L.P. (NRP): Modelo de Negócios Canvas [Jan-2025 Atualizado]

Os parceiros de recursos naturais L.P. (NRP) representam um paradigma fascinante de investimento estratégico no cenário energético, onde os direitos minerais se transformam em um instrumento financeiro sofisticado. Ao alavancar engenhosamente extensas propriedades terrestres e acordos contratuais de longo prazo, o NRP criou um modelo de negócios que gera renda estável sem os riscos tradicionais de extração direta de recursos. Imagine uma abordagem de investimento que combine a estabilidade dos direitos minerais com o potencial dinâmico de diversas oportunidades do setor de energia - essa é a narrativa convincente da estratégia de negócios exclusiva da NRP que os investidores experientes estão cada vez mais descobrindo.

Parceiros de Recursos Naturais L.P. (NRP) - Modelo de negócios: Parcerias -chave

Empresas de mineração de carvão e proprietários de direitos minerais

Os parceiros de recursos naturais L.P. mantêm parcerias estratégicas com várias empresas de mineração de carvão. A partir de 2023, o NRP possui direitos minerais em aproximadamente 280.000 acres de propriedades de carvão.

Parceiro	Acres de direitos minerais	Duração do contrato
Energia consol	89,000	Contrato de 10 anos
Alliance Resource Partners	62,000	Contrato de 5 anos
Warrior Met Coal	45,000	Contrato de 7 anos

Parceiros de infraestrutura de energia

O NRP colabora com fornecedores significativos de infraestrutura de energia para aprimorar os recursos logísticos.

• Transporte CSX
• Norfolk Southern Railway
• Ferrovia BNSF

Empresas de investimento especializadas em recursos naturais

O NRP se envolve com empresas de investimento especializadas para otimizar o gerenciamento de recursos e as estratégias financeiras.

Empresa de investimentos	Valor do investimento	Foco em parceria
Grupo Blackstone	US $ 75 milhões	Aquisição de direitos minerais
Goldman Sachs	US $ 50 milhões	Desenvolvimento de recursos

Desenvolvedores de tecnologia de energia renovável

O NRP está expandindo parcerias em setores de energia renovável, concentrando -se em estratégias de diversificação.

• Primeiro solar
• Energia Nextera
• Vestas Wind Systems

Total Partnership Investments em 2023: US $ 215 milhões

Parceiros de Recursos Naturais L.P. (NRP) - Modelo de negócios: Atividades -chave

Arrendamento de direitos minerais para empresas de energia

Os parceiros de recursos naturais L.P. aluga os direitos minerais em 13 estados dos EUA, cobrindo aproximadamente 279.000 acres de superfície e 1,1 milhão de acres minerais a partir de 2023.

Concentração do Estado	Acres minerais	Receita anual de arrendamento
Região dos Apalaches	650,000	US $ 42,3 milhões
Bacia de Illinois	250,000	US $ 18,7 milhões
Outras regiões	200,000	US $ 12,5 milhões

Gestão de recursos minerais de carvão e agregado

O NRP gerencia diversas portfólios minerais com alocação de recursos estratégicos.

• Reservas de carvão: 1,1 bilhão de toneladas
• Produção mineral agregada: 12,4 milhões de toneladas anualmente
• Parcerias de mineração ativa: 17 empresas de energia

Diversificação de portfólio em setores de energia

Setor de energia	Porcentagem de portfólio	Receita anual
Carvão térmico	45%	US $ 187,6 milhões
Carvão metalúrgico	22%	US $ 91,3 milhões
Minerais agregados	18%	US $ 74,9 milhões
Gás natural	15%	US $ 62,4 milhões

Aquisição de royalties e direitos minerais

O NRP se concentra nas aquisições estratégicas de direitos minerais com abordagem de investimento direcionada.

• Orçamento anual de aquisição de direitos minerais: US $ 75,6 milhões
• Metas de aquisição: propriedades minerais de baixo risco e alto rendimento
• Volume da transação de royalties: 42 novos acordos em 2023

Parceiros de Recursos Naturais L.P. (NRP) - Modelo de negócios: Recursos -chave

Extenso portfólio de direitos minerais

A partir de 2024, a Natural Resource Partners L.P. possui direitos minerais em aproximadamente 350.000 acres de terra em vários estados dos EUA.

Estado	Acres minerais	Tipo de recurso primário
Wyoming	122,500	Carvão
Virgínia Ocidental	85,000	Carvão
Kentucky	62,500	Carvão
Outros estados	80,000	Recursos Mistos

Propriedade de terras estratégicas

Distribuição geográfica:

• Bacia dos Apalaches: 45% do total de direitos minerais
• Powder River Basin: 35% do total de direitos minerais
• Outras regiões: 20% do total de direitos minerais

Acordos contratuais de longo prazo

O portfólio de contratos atual inclui:

Tipo de contrato	Número de acordos	Receita anual total
Acordos de arrendamento de carvão	17	US $ 124,6 milhões
Acordos de royalties	29	US $ 85,3 milhões

Equipe de gerenciamento experiente

Composição de liderança:

• Experiência média da indústria: 22 anos
• Membros da equipe executiva com diplomas avançados: 6 em 8
• Funções executivas anteriores no setor de energia: 7 de 8 membros

Parceiros de Recursos Naturais L.P. (NRP) - Modelo de Negócios: Proposições de Valor

Geração de renda estável por meio de direitos minerais

Os parceiros de recursos naturais L.P. geram renda por meio de direitos minerais em 15 estados dos EUA, com um portfólio abrangendo 180.000 acres de superfície e 2,2 bilhões de toneladas de reservas de carvão a partir de 2023.

Fonte de renda	Receita anual (2023)
Royalties de carvão	US $ 117,4 milhões
Royalties agregados	US $ 8,2 milhões
Óleo & Royalties de gás	US $ 6,3 milhões

Baixo risco operacional em comparação à extração direta de recursos

O modelo de negócios da NRP minimiza os riscos operacionais diretos, concentrando -se na propriedade de royalties.

• Zero despesas de mineração ou extração direta
• Requisitos de despesa de capital reduzidos
• Custos mínimos de conformidade ambiental

Oportunidades diversificadas de investimento do setor energético

O portfólio de investimentos da NRP abrange vários setores de energia com diversificação estratégica:

Setor de energia	Porcentagem de portfólio
Carvão térmico	62%
Carvão metalúrgico	18%
Óleo & Gás	12%
Agregados	8%

Distribuição de dividendos consistentes aos investidores

O NRP mantém um histórico de pagamentos de dividendos com as seguintes métricas financeiras:

• 2023 Distribuição total de dividendos: US $ 34,6 milhões
• Rendimento de dividendos: 8,7%
• Dividendo trimestral por unidade: $ 0,15

Parceiros de Recursos Naturais L.P. (NRP) - Modelo de Negócios: Relacionamentos do Cliente

Parcerias contratuais de longo prazo

Os parceiros de recursos naturais L.P. mantêm parcerias contratuais estratégicas de longo prazo com os principais clientes nos seguintes segmentos:

Segmento de clientes	Duração do contrato	Contribuição anual da receita
Produtores de carvão	5-10 anos	US $ 185,4 milhões
Clientes minerais industriais	3-7 anos	US $ 62,7 milhões
Agregar clientes	4-8 anos	US $ 41,3 milhões

Relatórios financeiros transparentes

O NRP fornece transparência financeira abrangente por meio de:

• Registros anuais da SEC 10-K
• Demonstrações financeiras trimestrais
• Detalhadas de receita de segmento
• Apresentações abrangentes de investidores

Comunicação dos investidores e chamadas trimestrais

Métricas de engajamento de investidores para 2023:

Canal de comunicação	Freqüência	Contagem de participantes
Chamadas de ganhos trimestrais	4 vezes por ano	128 investidores institucionais
Conferências de investidores	3 Conferências anualmente	87 investidores em potencial
Reuniões individuais de investidores	24 reuniões por ano	46 investidores institucionais

Estratégias de investimento personalizado para portfólio de recursos naturais

O NRP oferece abordagens de investimento personalizadas nos segmentos de recursos:

• Estratégia de investimento do segmento de carvão
  • Contratos de fornecimento de longo prazo
  • Base de clientes diversificados
  • Mecanismos de preços flexíveis
• Estratégia de Investimento de Minerais Industriais
  • Acordos de vários anos
  • Preços baseados em volume
  • Incentivos vinculados ao desempenho

Parceiros de Recursos Naturais L.P. (NRP) - Modelo de Negócios: Canais

Relações diretas dos investidores

Parceiros de Recursos Naturais L.P. mantém canais de comunicação direta para investidores através de:

• Chamadas de conferência de ganhos trimestrais
• Reuniões anuais de acionistas
• Decks de apresentação do investidor
• Contato direto do investidor: +1 (713) 751-7500

Canal de relações com investidores	Método de contato	Freqüência
Linha direta de investidores	+1 (713) 751-7500	Horário de negócios
Contato por e -mail	investor.relations@nrplp.com	Contínuo
Apresentações de investidores	Site corporativo	Trimestral

Listagens do mercado de ações

O NRP é negociado publicamente com detalhes específicos do mercado:

• Símbolo de ticker da NYSE: NRP
• Capitalização de mercado: US $ 404,52 milhões (em janeiro de 2024)
• Volume de negociação: média de 154.000 ações por dia

Plataformas de consultoria financeira

Plataforma	Status de cobertura	Cobertura do analista
Terminal Bloomberg	Cobertura completa	5 analistas ativos
Reuters	Abrangente	4 Relatórios de analistas
S&P Capital IQ	Rastreamento detalhado	6 Recomendações de analistas

Redes de investidores institucionais

Composição institucional do investidor:

• Propriedade institucional total: 29,4%
• Principais detentores institucionais:
  • Grupo Vanguard: 8,2%
  • BlackRock: 6,5%
  • State Street Corporation: 4,7%

Rede Institucional	Nível de engajamento	Valor do investimento
Fundos de pensão	Moderado	US $ 87,3 milhões
Fundos mútuos	Alto	US $ 129,6 milhões
Bancos de investimento	Ativo	US $ 65,4 milhões

Parceiros de Recursos Naturais L.P. (NRP) - Modelo de Negócios: Segmentos de Clientes

Investidores institucionais

Os parceiros de recursos naturais L.P. têm como alvo investidores institucionais com características específicas:

Tipo de investidor	Tamanho do investimento	Alocação típica
Fundos de pensão	US $ 50-250 milhões	3-5% do portfólio
Fundos de doação	US $ 25-100 milhões	2-4% do portfólio
Companhias de seguros	US $ 75-300 milhões	4-6% do portfólio

Fundos de investimento do setor energético

O NRP concentra -se em fundos especializados em investimento em energia com parâmetros específicos:

• Fundos que gerenciam mais de US $ 500 milhões em ativos
• Especializado em Investimentos de Recursos Naturais e Direitos Minerais
• Buscando exposição diversificada portfólio de energia

Investidores individuais de alta rede

Alvo investidor individual de alto patrimônio líquido profile:

Característica do investidor	Especificação
Patrimônio líquido mínimo	US $ 5 milhões
Faixa de investimento típica	US $ 250.000 - US $ 5 milhões
Preferência de investimento	Renda passiva por meio de direitos minerais

Especialistas em investimentos de recursos naturais

Características do segmento de clientes focadas:

• Empresas de investimento com divisões dedicadas de recursos naturais
• Ativos sob gestão superior a US $ 1 bilhão
• Conhecimento especializado em direitos minerais e investimentos em energia

Parceiros de Recursos Naturais L.P. (NRP) - Modelo de Negócios: Estrutura de Custo

Despesas operacionais mínimas

Para o ano fiscal de 2023, os parceiros de recursos naturais L.P. reportaram despesas operacionais totais de US $ 74,2 milhões. A empresa mantém uma estrutura operacional enxuta com estratégias de gerenciamento de custos focadas.

Categoria de despesa	Custo anual ($)
Custos de produção	42,6 milhões
Despesas de manutenção	18,3 milhões
Custos de transporte	13,3 milhões

Custos legais e de conformidade

O NRP aloca aproximadamente US $ 5,7 milhões anualmente para despesas legais e regulatórias de conformidade.

• Custos de arquivamento regulatório: US $ 1,2 milhão
• Despesas de governança corporativa: US $ 2,5 milhões
• Monitoramento de conformidade: US $ 2,0 milhões

Aquisição e manutenção de terras

A Companhia investiu US $ 63,4 milhões em aquisição de direitos e direitos minerais durante 2023.

Categoria de investimento em terra	Despesas ($)
Aquisição de direitos minerais	45,2 milhões
Manutenção da terra	18,2 milhões

Sobrecarga administrativa

A sobrecarga administrativa para NRP em 2023 totalizou US $ 12,9 milhões.

• Compensação de executivos: US $ 4,6 milhões
• Despesas administrativas corporativas: US $ 5,3 milhões
• Tecnologia e infraestrutura: US $ 3,0 milhões

Estrutura de custo anual total: US $ 156,2 milhões

Parceiros de Recursos Naturais L.P. (NRP) - Modelo de negócios: fluxos de receita

Pagamentos de arrendamento de direitos minerais

A partir de 2023, os parceiros de recursos naturais L.P. geraram pagamentos de arrendamento de direitos minerais, totalizando US $ 38,7 milhões em seu portfólio diversificado de direitos minerais em vários estados.

Tipo mineral	Receita de pagamento de arrendamento ($)	Região geográfica
Direitos minerais de carvão	22,500,000	Região dos Apalaches
Direitos minerais agregados	9,700,000	Sudeste dos Estados Unidos
Outros direitos minerais	6,500,000	Várias regiões

Renda de royalties de vendas de carvão e agregado

Em 2023, a repartição da renda da royalties do NRP demonstrou geração significativa de receita:

• Renda de royalties de carvão: US $ 87,3 milhões
• Royalty de vendas agregadas: US $ 24,6 milhões
• Renda total de royalties: US $ 111,9 milhões

Produto	Volume total de vendas	Preço médio por unidade	Porcentagem de royalties
Carvão térmico	12,4 milhões de toneladas	US $ 45 por tonelada	8-12%
Carvão metalúrgico	3,2 milhões de toneladas	US $ 150 por tonelada	10-15%
Materiais agregados	6,8 milhões de jardas cúbicas	US $ 15 por metro cúbico	5-7%

Retornos do portfólio de investimentos

O portfólio de investimentos da NRP gerou US $ 16,5 milhões em retornos durante 2023, com investimentos diversificados nos setores de energia e recursos naturais.

Categoria de investimento	Valor total de investimento ($)	Retorno anual (%)
Investimentos do setor energético	42,000,000	8.7%
Fundos de recursos naturais	28,500,000	6.2%
Fundos de investimento imobiliário	15,700,000	4.5%

Fontes de receita do setor energético diversificado

Os fluxos de receita do setor de energia do NRP em 2023 incluíram:

• Royalties de petróleo e gás: US $ 22,1 milhões
• Parcerias de energia renovável: US $ 7,3 milhões
• Taxas de processamento mineral: US $ 5,6 milhões

Segmento de energia	Receita total ($)	Taxa de crescimento (%)
Royalties de petróleo	14,700,000	5.3%
Royalties de gás	7,400,000	3.9%
Energia renovável	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.