Consolidated Statements of Comprehensive Income (Unaudited) - USD ($)
$ in Thousands

3 Months Ended

9 Months Ended

Sep. 30, 2025

Sep. 30, 2024

Sep. 30, 2025

Sep. 30, 2024

Revenues and other income

Equity in earnings of Sisecam Wyoming

$ (2,390)

$ 8,109

$ 4,746

$ 17,204

Gain on asset sales and disposals

906

1,882

4,809

Total revenues and other income

49,931

60,327

160,570

202,281

Operating expenses

Operating and maintenance expenses

7,654

6,786

18,589

18,391

Depreciation, depletion and amortization

3,868

4,730

11,611

12,708

General and administrative expenses

5,725

5,935

18,154

18,193

Asset impairments

Total operating expenses

17,247

17,538

48,374

49,379

Income from operations

32,684

42,789

112,196

152,902

Interest expense, net

(1,779)

^[1]

(4,194)

^[1]

(6,827)

^[2]

(12,030)

^[2]

Net income

30,905

38,595

^[3]

105,369

140,872

Less: income attributable to preferred unitholders

(655)

(4,248)

Less: redemption of preferred units

(10,819)

(24,485)

Net income attributable to common unitholders and the general partner

30,905

27,121

105,369

112,139

Net income attributable to common unitholders

30,287

26,578

103,262

109,896

Net income attributable to the general partner

$ 618

$ 543

$ 2,107

$ 2,243

Net income per common unit (see Note 5)

Basic (in dollars per share)

$ 2.31

$ 2.04

$ 7.87

$ 8.47

Diluted (in dollars per share)

$ 2.28

$ 2

$ 7.77

$ 8.21

Net income

$ 30,905

$ 38,595

^[3]

$ 105,369

$ 140,872

Comprehensive income (loss) from unconsolidated investment and other

(2,391)

(545)

2,166

Comprehensive income

28,514

38,677

104,824

143,038

Royalty and Other Mineral Rights [Member] | Mineral Rights Segment [Member]

Revenues and other income

Revenues

49,615

50,405

145,170

172,368

Transportation and Processing Services [Member] | Mineral Rights Segment [Member]

Revenues and other income

Revenues

$ 1,800

$ 1,812

$ 8,772

$ 7,900

[1]	Included in interest expense, net was $0.2 million and $0.3 million of interest income for the three months ended September 30, 2025 and 2024, respectively.
[2]	Included in interest expense, net was $0.7 million and $0.4 million of interest income for the nine months ended September 30, 2025 and 2024, respectively.
[3]	Net income includes $0.66 million of income attributable to preferred unitholders that accumulated during the period, of which $0.64 million is allocated to the common unitholders and $0.01 million is allocated to the general partner.

NATURAL RESOURCE PARTNERS LP 10-Q