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Note 5 - Common and Preferred Unit Distributions

12 Months Ended

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.