XML 22 R11.htm IDEA: XBRL DOCUMENT

Note 4 - Common and Preferred Unit Distributions

9 Months Ended

Sep. 30, 2023

Notes to Financial Statements

Partners' Capital Notes Disclosure [Text Block]

4. Common and Preferred Unit Distributions

The Partnership makes cash distributions to common and preferred unitholders on a quarterly basis, subject to approval by the Board of Directors of GP Natural Resource Partners LLC (the "Board of Directors"). NRP recognizes both common unit and preferred unit distributions on the date the distribution is declared.

Distributions made on the common units and the general partner's general partner ("GP") interest are made on a pro-rata basis in accordance with their relative percentage interests in the Partnership. The general partner is entitled to receive 2% of such distributions.

Income available to common unitholders and the general partner is reduced by preferred unit distributions that accumulated during the period. NRP reduced net income available to common unitholders and the general partner by $2.9 million and $7.5 million during the three months ended September 30, 2023 and 2022, respectively, and $14.6 million and $22.5 million during the nine months ended September 30, 2023 and 2022, respectively, as a result of accumulated preferred unit distributions earned during the period. Of the $6.7 million in accumulated preferred unit distributions earned during the three months ended March 31, 2023, $0.6 million was paid in February 2023 in connection with the preferred units that were redeemed in February. Of the $5.0 million in accumulated preferred unit distributions earned during the three months ended June 30, 2023, $0.4 million was paid in May 2023 and $0.9 million was paid in June 2023 in connection with the preferred units that were redeemed during those months. Of the $2.9 million in accumulated preferred unit distributions earned during the three months ended September 30, 2023, $0.4 million was paid in August 2023 and $0.4 million was paid in September 2023 in connection with the preferred units that were redeemed during those months. Income available to common unitholders and the general partner is also reduced by the difference between the fair value of the consideration paid upon redemption and the carrying value of the preferred units. As such, NRP reduced net income available to common unitholders and the general partner by $17.1 million and $60.9 million during the three and nine months ended September 30, 2023, respectively.

The following table shows the cash distributions declared and paid to common and preferred unitholders during the nine months ended September 30, 2023 and 2022, respectively:


				*Common Units*								*Preferred Units*
Month Paid		*Period Covered by Distribution*		*Distribution per Unit*				*Total Distribution (1) (In thousands)*				*Distribution per Unit*				*Total Distribution (In thousands)*
2023
February		October 1 - December 31, 2022		$	0.75			$	9,571			$	30.00			$	7,500
February⁽²⁾		January 1 - February 8, 2023			—				—				12.33				586
March ⁽³⁾		Special Distribution			2.43				31,329				—				—
May		January 1 - March 31, 2023			0.75				9,669				30.00				6,075
May ⁽⁴⁾		April 1 - May 5, 2023			—				—				11.33				406
June ⁽⁵⁾		April 1 - June 2, 2023			—				—				20.33				915
August		April 1 - June 30, 2023			0.75				9,669				30.00				3,650
August ⁽⁶⁾		June 30 - August 8, 2023			—				—				12.33				432
September ⁽⁷⁾		June 30 - September 12, 2023			—				—				23.67				355

2022
February		October 1 - December 31, 2021		$	0.45			$	5,672			$	30.00			$	7,500
February ⁽⁸⁾		January 1 - February 8, 2022			—				—				13.35				258
May		January 1 - March 31, 2022			0.75				9,570				30.00				7,500
August		April 1 - June 30, 2022			0.75				9,571				30.00				7,500

⁽¹⁾	Totals include the amount paid to NRP's general partner in accordance with the general partner's 2% general partner interest.
⁽²⁾	Relates to accrued distribution paid upon the redemption of 47,499 preferred units in February 2023.
⁽³⁾	Special distribution was made to help cover unitholder tax liabilities associated with owning NRP's common units during 2022.
⁽⁴⁾	Relates to accrued distribution paid upon the redemption of 35,834 preferred units in May 2023.
⁽⁵⁾	Relates to accrued distribution paid upon the redemption of 45,000 preferred units in June 2023.
⁽⁶⁾	Relates to accrued distribution paid upon the redemption of 35,000 preferred units in August 2023.
⁽⁷⁾	Relates to accrued distribution paid upon the redemption of 15,001 preferred units in September 2023.
⁽⁸⁾	Relates to accrued distribution paid upon the redemption of 19,321 preferred units paid-in-kind in February 2022.