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Note 5 - Common and Preferred Unit Distributions | 12 Months Ended
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Dec. 31, 2024
Notes to Financial Statements |
Partners' Capital Notes Disclosure [Text Block] | 5. Common and Preferred Unit Distributions The Partnership makes cash distributions to common unitholders and made cash distributions to preferred unitholders on a quarterly basis, subject to approval by 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 $4.2 million, $16.7 million and $30.0 million during the year ended December 31, 2024, 2023 and 2022, respectively, as a result of accumulated preferred unit distributions earned during the period. 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 $24.5 million and $60.9 million during the year ended December 31, 2024 and 2023, respectively. The following table shows the cash distributions declared and paid to common and preferred unitholders during the year ended December 31, 2024, 2023 and 2022, respectively:
|  |  |  | Common Units |  |  | Preferred Units |
|  |  |  |  |  |  |  | Total |  |  |  |  |  |  | Total |
|  |  |  | Distribution |  |  | Distribution (1) |  |  | Distribution |  |  | Distribution |
Month Paid |  | Period Covered by Distribution |  | per Unit |  |  | (In thousands) |  |  | per Unit |  |  | (In thousands) |
2024 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
February |  | October 1 - December 31, 2023 |  | $ | 0.75 |  |  | $ | 9,918 |  |  | $ | 30.00 |  |  | $ | 2,150 |
March (2) |  | Special Distribution |  |  | 2.44 |  |  |  | 32,268 |  |  |  | — |  |  |  | — |
May |  | January 1 - March 31, 2024 |  |  | 0.75 |  |  |  | 9,987 |  |  |  | 30.00 |  |  |  | 2,150 |
May (3) |  | April 1 - May 8, 2024 |  |  | — |  |  |  | — |  |  |  | 12.33 |  |  |  | 493 |
August |  | April 1 - June 30, 2024 |  |  | 0.75 |  |  |  | 9,986 |  |  |  | 30.00 |  |  |  | 950 |
September (4) |  | July 1 - September 3, 2024 |  |  | — |  |  |  | — |  |  |  | 20.68 |  |  |  | 655 |
November |  | July 1 - September 30, 2024 |  |  | 0.75 |  |  |  | 9,987 |  |  |  | — |  |  |  | — |
2023 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
February |  | October 1 - December 31, 2022 |  | $ | 0.75 |  |  | $ | 9,571 |  |  | $ | 30.00 |  |  | $ | 7,500 |
February (5) |  | January 1 - February 8, 2023 |  |  | — |  |  |  | — |  |  |  | 12.33 |  |  |  | 586 |
March (6) |  | Special Distribution |  |  | 2.43 |  |  |  | 31,329 |  |  |  | — |  |  |  | — |
May |  | January 1 - March 31, 2023 |  |  | 0.75 |  |  |  | 9,669 |  |  |  | 30.00 |  |  |  | 6,075 |
May (7) |  | April 1 - May 5, 2023 |  |  | — |  |  |  | — |  |  |  | 11.33 |  |  |  | 406 |
June (8) |  | April 1 - June 2, 2023 |  |  | — |  |  |  | — |  |  |  | 20.33 |  |  |  | 915 |
August |  | April 1 - June 30, 2023 |  |  | 0.75 |  |  |  | 9,669 |  |  |  | 30.00 |  |  |  | 3,650 |
August (9) |  | June 30 - August 8, 2023 |  |  | — |  |  |  | — |  |  |  | 12.33 |  |  |  | 432 |
September (10) |  | June 30 - September 12, 2023 |  |  | — |  |  |  | — |  |  |  | 23.67 |  |  |  | 355 |
November |  | July 1 - September 30, 2023 |  |  | 0.75 |  |  |  | 9,670 |  |  |  | 30.00 |  |  |  | 2,150 |
2022 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
February |  | October 1 - December 31, 2021 |  | $ | 0.45 |  |  | $ | 5,672 |  |  | $ | 30.00 |  |  | $ | 7,500 |
February (11) |  | 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 |
November |  | July 1 - September 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) | Special distribution was made to help cover unitholder tax liabilities associated with owning NRP common units during 2023.
(3) | Relates to accrued distribution paid upon the redemption of 40,000 preferred units in May 2024
(4) | Relates to accrued distribution paid upon the redemption of 31,666 preferred units in September 2024.
(5) | Relates to accrued distribution paid upon the redemption of 47,499 preferred units in February 2023.
(6) | Special distribution was made to help cover unitholder tax liabilities associated with owning NRP's common units during 2022.
(7) | Relates to accrued distribution paid upon the redemption of 35,834 preferred units in May 2023.
(8) | Relates to accrued distribution paid upon the redemption of 45,000 preferred units in June 2023.
(9) | Relates to accrued distribution paid upon the redemption of 35,000 preferred units in August 2023.
(10) | Relates to accrued distribution paid upon the redemption of 15,001 preferred units in September 2023.
(11) | Relates to accrued distribution paid upon the redemption of 19,321 preferred units paid-in-kind in February 2022.

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- Definition The entire disclosure for the formation, structure, control and ownership of the partnership. Disclosures related to accounts comprising partners' capital. Includes balances of general partners' capital account, limited partners' capital account, preferred partners' capital account and total partners' capital account and units outstanding; accumulated other comprehensive income; amount and nature of changes to amount of partner's capital and units outstanding by class, rights and privileges for each class of units; distribution policies and distributions paid by unit class; impact of and correction of an error in previously issued financial statements; limitations of partners' liability; redemption, conversion and distribution policies; and deferred compensation related to the issuance of units. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 505 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/505/tableOfContent + Details
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