Note 5 - Segment Information

3 Months Ended

Mar. 31, 2026

5. Segment Information

The Partnership's segments are strategic business units that offer distinct products and services to different customers in different geographies within the U.S. and that are managed accordingly. NRP has the following two operating segments:

Mineral Rights—consists of mineral interests and other subsurface rights across the United States. NRP's ownership provides critical inputs for the manufacturing of steel, electricity, and basic building materials, as well as opportunities for carbon sequestration and renewable energy.

Soda Ash—consists of the Partnership's 49% non-controlling equity interest in Sisecam Wyoming, one of the world's lowest-cost producers of soda ash, an essential ingredient for the manufacturing of glass, detergents, solar panels, and batteries for electric vehicles. Operations are managed by NRP's partner, Sisecam Chemicals Wyoming, LLC, and NRP realizes cash flow when distributions are paid to it.

Direct segment costs and certain other costs incurred at the corporate level that are identifiable and that benefit the Partnership's segments are allocated to the operating segments accordingly. These allocated costs generally include salaries and benefits, insurance, property taxes, legal, royalty, information technology and shared facilities services and are included in operating and maintenance expenses on the Partnership's Consolidated Statements of Comprehensive Income.

Corporate and Financing includes functional corporate departments that do not earn revenues. Costs incurred by these departments include interest and financing, corporate headquarters and overhead, centralized treasury, legal and accounting and other corporate-level activity not specifically allocated to a segment and are included in general and administrative expenses on the Partnership's Consolidated Statements of Comprehensive Income.

NRP’s Chief Operating Decision Makers (“CODMs”) are its Chief Executive Officer and President and Chief Operating Officer. They evaluate the Partnership’s performance through a review of the segments’ net income and free cash flow as compared to budget and utilize this information to assess the segments’ performance and allocate resources. NRP does not conduct operations on any of its assets or directly engage in any type of industrial activity. Instead, it leases its mineral and other rights to companies that conduct operations on its properties in exchange for paying royalties and other fees to the Partnership. Operating expenses, capital costs and other liabilities arising out of production activities are borne entirely by NRP's lessees. In the case of its soda ash investment, operations are managed by NRP's partner, Sisecam Chemicals Wyoming LLC. NRP has determined its significant segment expenses to be its employee related expenses, including compensation (salaries, benefits and bonus) and long-term incentive compensation as well as interest expense and property tax expense. The Partnership is responsible for paying property taxes on the properties it owns. Typically, NRP's lessees are contractually responsible for reimbursing the Partnership for property taxes on the leased properties and this reimbursement amount is included within the Mineral Rights segment revenues.

The following tables summarize certain financial information for each of the Partnership's business segments:

	*Operating Segments*
(In thousands)	*Mineral Rights*			*Soda Ash*			*Total Operating Segments*			*Corporate and Financing*			*Total*
For the Three Months Ended March 31, 2026
Revenues	$	47,182		$	—		$	47,182		$	—		$	47,182
Equity in earnings of Sisecam Wyoming		—			(7,828	)		(7,828	)		—			(7,828	)
Gain on asset sales and disposals		(1	)		—			(1	)		—			(1	)
Total revenues and other income	$	47,181		$	(7,828	)	$	39,353		$	—		$	39,353
Less:
Compensation (salaries, benefits and bonus)	$	1,797		$	—		$	1,797		$	2,064		$	3,861
Long-term incentive compensation ⁽¹⁾		262			—			262			907			1,169
Property taxes		1,879			—			1,879			—			1,879
Depreciation, depletion and amortization		7,610			—			7,610			4			7,614
Asset impairments		—			—			—			—			—
Interest expense, net ⁽²⁾		—			—			—			973			973
Other segment items ⁽³⁾		2,103			72			2,175			2,063			4,238
Net income (loss)	$	33,530		$	(7,900	)	$	25,630		$	(6,011	)	$	19,619
As of March 31, 2026
Total assets	$	484,989		$	281,477		$	766,466		$	5,191		$	771,657

For the Three Months Ended March 31, 2025
Revenues	$	55,681		$	—		$	55,681		$	—		$	55,681
Equity in earnings of Sisecam Wyoming		—			4,610			4,610			—			4,610
Gain on asset sales and disposals		247			—			247			—			247
Total revenues and other income	$	55,928		$	4,610		$	60,538		$	—		$	60,538
Less:
Compensation (salaries, benefits and bonus)	$	1,938		$	—		$	1,938		$	2,109		$	4,047
Long-term incentive compensation⁽⁴⁾		464			—			464			2,261			2,725
Property taxes		1,792			—			1,792			—			1,792
Depreciation, depletion and amortization		3,985			—			3,985			4			3,989
Asset impairments		20			—			20			—			20
Interest expense, net ⁽²⁾		—			—			—			2,668			2,668
Other segment items ⁽³⁾		2,521			60			2,581			2,463			5,044
Net income (loss)	$	45,208		$	4,550		$	49,758		$	(9,505	)	$	40,253
As of December 31, 2025
Total assets	$	492,672		$	250,244		$	742,916		$	5,449		$	748,365

⁽¹⁾

Long-term incentive compensation for the three months ended March 31, 2026 includes (1) Mineral Rights segment: $0.1 million of equity compensation and $0.1 million of cash compensation; (2) Corporate & Financing segment: $0.8 million of equity compensation and $0.1 million of cash compensation.

⁽²⁾	Included in interest expense, net was $0.2 million of interest income for both the three months ended March 31, 2026 and 2025.

⁽³⁾

Other segment items in the Mineral Rights segment primarily include: insurance, legal, overriding royalty expense, processing and transportation expense, information technology, shared facility services, rent, professional fees and bad debt expense. Other segment items in the Soda Ash segment primarily include professional fees. Other segment items in the Corporate and Financing segment primarily include: insurance, legal, information technology, shared facility services, rent and professional fees.

⁽⁴⁾

Long-term incentive compensation for the three months ended March 31, 2025 includes (1) Mineral Rights segment: $0.3 million of equity compensation and $0.1 million of cash compensation; (2) Corporate & Financing segment: $2.2 million of equity compensation and $0.1 million of cash compensation.

- Definition

The entire disclosure for segment reporting.

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+ Details

NATURAL RESOURCE PARTNERS LP 10-Q