What smart money is saying about Natural Resource Partners L.P.
4 funds in our archive have pitched Natural Resource Partners L.P. — most recently Right Tail Capital in March 2026.
Natural Resource Partners L.P., through its subsidiaries, owns, manages, and leases a portfolio of mineral properties in the United States. It operates through two segments, Mineral Rights and Soda Ash. The company owns interests in coal, soda ash, trona, and other natural resources. Its coal reserves are primarily located in Appalachia, the Illinois Basin, and the Northern Powder River Basin in the United States; industrial minerals and aggregates properties are located in the United States; oil and gas properties located in Louisiana; timber assets located in West Virginia; and trona ore mining operation and soda ash refinery are located in the Green River Basin, Wyoming. The company leases a portion of its reserves in exchange for royalty payments; and owns and leases transportation and processing infrastructure related to coal properties. NRP (GP) LP serves as the general partner of the company. Natural Resource Partners L.P. was incorporated in 2002 and is headquartered in Houston, Texas.
Fund coverage · 4 theses
- Right Tail CapitalMarch 2026
Natural Resource Partners L.P. is a coal royalty partnership with long-duration reserves, high-margin royalty economics, a rapidly delevering balance sheet, and attractive valuation offering significant cash flow and distribution potential.
Read the full thesis - Greystone Capital ManagementDecember 2025
Natural Resource Partners is a coal royalty and infrastructure business with durable low-capex cash flows, a strengthening balance sheet, and shares trading at a substantial discount to intrinsic value.
Read the full thesis - Greystone CMJune 2025
NRP is a coal royalty business with a strategy focused on reducing debt, maintaining a cash-positive balance sheet, and offering long-term upside potential despite short-term challenges.
Read the full thesis - Greystone Capital ManagementDecember 2024
Natural Resource Partners is a resilient coal royalty business with strong free cash flow, effective management, and an attractive valuation, benefiting from a unique low-cost structure that enables consistent profitability regardless of market fluctuations.
Read the full thesis
Read every full thesis on Natural Resource Partners L.P.
Unlock all 4 theses — the full reasoning behind what funds are buying, plus unlimited access to the entire archive.
View plans→