NRP MLP — Natural Resource Partners

Natural Resource Partners (NRP)

Updated November 6, 2026.

NRP is an MLP. Its distribution rate is 2.65%, its trailing-12-month yield is 2.65%. Dividend Vision Distribution Safety Score™ is 99/100 (Safe). Total return is 584.4% over the past 24.1 years, 662.5 points behind SPY at 1246.9%.

Natural Resource Partners is a master limited partnership that owns and manages mineral interests across the United States, earning royalty income from coal and aggregates production and holding an ownership stake in a soda ash producer; its coal reserves are concentrated in Appalachia, the Illinois Basin, and the Northern Powder River Basin, while it also holds industrial minerals, aggregates, and oil and gas properties. The partnership distributes cash quarterly at a modest current distribution rate. It appeals primarily to income-focused investors seeking exposure to natural resource royalties and infrastructure, though the energy sector focus carries commodity price sensitivity.

NRP performance versus SPY

As of Nov 5, 2026

Total return is 584.4% over the past 24.1 years, 662.5 points behind SPY at 1246.9%. Over the past year its total return — price change plus distributions reinvested — is 15.3%. Its deepest 1-year drawdown was 22.9%.

NRP key facts

Distribution Safety Score™

99 · Safe

Safety-Adjusted Yield

2.62%

Issuer

Natural Resource Partners

Asset type

MLP

Asset class

Equity

Distribution rate

2.65%

Distribution frequency

Quarterly

Trailing yield

2.65%

5-year average yield

3.56

Last close

$117.71 (as of 2026-11-06)

Market cap

$1,559,705,997

Average volume

26,109

Dividend

$2.34

Ex-dividend date

12/17/2026

Payment date

12/24/2026

Beta

0.235

Payout ratio

42.6%

P/E ratio

15.01

Forward P/E

6.22

EPS

$7.84

How Dividend Vision calculates yield and returns

Distribution rate (2.65%) has no calculation basis on file. Issuer rates can use a different denominator and date, including ex-date NAV. Trailing-12-month yield (2.65%) is the sum of split-adjusted cash distributions with ex-dates in the last 12 months, divided by the published price. It lags a recent raise or cut. Total return uses split-adjusted close with distributions reinvested on the ex-dividend date (a modeling convention, not the cash-settlement date) from the first stored bar on or after inception through the latest bar, compared with the same window on the benchmark. That is the security's total return, not your personal gain/loss.

Yield and safety methodology · Distribution rate methodology · Distribution Safety Score methodology

Sources and review

Primary sources: Natural Resource Partners or company page; prices and distributions from Dividend Vision, derived from vendor EOD data.

Reviewed by Bert Sweet, CEO and Co-owner of Dividend Vision. Methodology: Distribution Safety Score.

NRP risks and drawbacks

NRP's current distribution rate is moderate, not a high-yield payout — the strategy is dividend quality more than maximum income. Payments are quarterly, so cash flow is lumpy versus a monthly fund. Total return has trailed SPY over the available window. The deepest 1-year drawdown on record here is 22.9%.

Who may consider NRP — and who may not

NRP may suit someone looking for a high Distribution Safety Score, moderate current income with a quality tilt. It is a weaker fit for investors who need monthly cash flow (NRP pays quarterly); investors hunting double-digit covered-call yields; investors whose main goal is matching SPY total return. This is educational context, not a recommendation to buy or sell.

More on NRP

• All tickers starting with N

Tagged: MLP, Energy.

Frequently asked questions

More securities from Natural Resource Partners.