A royalty-based asset manager that owns and leases mineral properties across the United States rather than mining them itself, Natural Resource Partners collects payments from third-party operators who extract coal and other resources. Formed in 2002 as a master limited partnership, it was built by combining coal and timber properties from CSX's Western Pocahontas unit with holdings from Arch Coal and Great Northern Properties. It also holds a stake in a Wyoming soda-ash producer tapping the world's largest trona deposit.
Soda Ash segment loss deepens to $4.9M as Sisecam Wyoming distributions remain suspended.
The Soda Ash swung deeper into loss. Total revenues and other income fell 4% to $48.1 million and dropped 26% to $25.2 million, as a $4.9 million Soda Ash loss and a $7.4 million increase in offset an 11% rise in coal royalty . The partnership is generating cash from coal but expects no soda ash distributions for several years.
Key takeaways
Soda Ash income swung to a $4.9 million loss from a $2.5 million gain a year ago, because NRP received no cash distribution from the Sisecam Wyoming joint venture in Q2 2026, compared with $4.9 million in Q2 2025.
Coal royalty rose 10% to $34.8 million, driven by higher metallurgical and thermal coal sales volumes, pushing Mineral Rights revenue up 11% to $53.0 million.
Total operating expenses rose 62% to $21.9 million, largely because of a $7.4 million increase in from a revised depletion rate at a thermal coal property.
Section summaries
Management's Discussion and Analysis
NRP's Q2 2026 net income fell 26% YoY to $25.2M as a 294% drop in Soda Ash segment income offset an 11% gain in Mineral Rights revenue.
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Total revenues and other income decreased 4% to $48.1M, driven by a $7.4M decline in the Soda Ash due to lower sales prices, partially offset by an 11% increase in Mineral Rights .
was $41.0 million and was $41.7 million, both down $4.6 million , mainly due to the absence of the Sisecam Wyoming distribution.
fell 85% to $13.1 million, and the ended the quarter at 0.2x with $217.0 million in total liquidity.
What changed
The Sisecam Wyoming joint venture made no cash distribution for the fourth consecutive quarter, and management now states it expects no distributions for several years, a sharp downgrade from the prior quarter's expectation of no distributions for the foreseeable future.
Coal royalty rebounded 10% to $34.8 million after a 17% decline in Q1 2026, driven by higher sales volumes rather than price improvement.
The $7.4 million increase in from a revised depletion rate is a new development not flagged in prior quarters, and it drove the 62% rise in total operating expenses.
fell to $13.1 million from $46.1 million at the end of Q1 2026, as the partnership paid down the draw taken to fund the Sisecam Wyoming capital call.
What to watch
Whether the revised depletion rate at the thermal coal property is a one-off adjustment or will continue to elevate expense in future quarters.
The combined average coal royalty per ton in Q3 2026, to gauge whether the Q2 volume-driven recovery in coal royalty is sustainable or vulnerable to further price declines.
Whether NRP adjusts its $0.45 per unit regular distribution now that management expects no Sisecam Wyoming distributions for several years, even as liquidity remains high at $217.0 million.
Any sign of additional capital calls from the Sisecam Wyoming joint venture beyond the $39.2 million already funded, given the partnership's statement that global soda ash market conditions remain weak.
Mineral Rights rose 11% to $53.0M, primarily from a 10% increase in coal royalty revenues to $34.8M on higher metallurgical and thermal coal sales volumes.
Soda Ash income swung to a $4.9M loss from a $2.5M gain a year ago, as no cash distribution was received from Sisecam Wyoming in Q2 2026 versus $4.9M in Q2 2025.
Total operating expenses surged 62% to $21.9M, largely due to a $7.4M increase in from a revised depletion rate at a thermal coal property.
for the quarter was $41.0M and was $41.7M, both down $4.6M , mainly due to the absence of the Sisecam Wyoming distribution.
Liquidity stood at $217.0M as of June 30, 2026, with a of 0.2x, and the partnership does not expect Soda Ash distributions for several years due to weak global market conditions.
From time to time, we are involved in various legal proceedings arising in the ordinary course of business. While the ultimate results of these proceedings cannot be predicted with certainty, we believe these ordinary course matters will not have a material effect on our financi…
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From time to time, we are involved in various legal proceedings arising in the ordinary course of business. While the ultimate results of these proceedings cannot be predicted with certainty, we believe these ordinary course matters will not have a material effect on our financial position, liquidity or operations.
During the period covered by this report, there were no material changes from the risk factors previously disclosed in Natural Resource Partners L.P.’s Annual Report on Form 10-K for the year ended December 31, 2025.
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During the period covered by this report, there were no material changes from the risk factors previously disclosed in Natural Resource Partners L.P.’s Annual Report on Form 10-K for the year ended December 31, 2025.