“`html
Natural Resource Partners L.P. (NRP) reported a net income of $30.9 million for Q3 2025, down 20% from $38.6 million a year earlier. Total revenues fell 17% to $49.9 million, while basic earnings per common unit decreased from $2.55 to $2.31. They reported a decline in operating cash flow, which stood at $41.1 million compared to $54.1 million in Q3 2024.
In the Mineral Rights segment, net income increased slightly to $40.9 million from $40.6 million last year, though coal royalty revenues fell roughly 9% to $34.2 million. The Soda Ash segment saw a sharper decline, with net income dropping by $10.5 million year-over-year due to lower international sales prices. NRP maintains a quarterly cash distribution of $0.75 per common unit, payable on November 25, 2025.
As of September 30, 2025, NRP had a leverage ratio of 0.4X and approximately $190.1 million in available liquidity. The company repaid $32 million in debt during the quarter, and management expects continued weakness in the coal and soda ash markets through 2026.
“`
