Natural Resource Partners L.P. (NYSE:NRP) Q3 2023 Earnings Call Transcript

As Craig mentioned, our strong third quarter operating performance enabled us to make great strides in permanently retiring outstanding preferred units and warrants. In the third quarter, we redeemed $50 million of our preferred units at par with cash, bringing our total preferred unit redemptions in 2023 to $178 million and lowering the outstanding amount of preferred units to $72 million. We will save over $20 million annually in preferred unit cash distributions as a result of these redemptions. In addition, we repurchased 1.46 million of warrants for a total of $56 million in cash, reducing our outstanding warrants to 1.54 million. Finally, regarding quarterly distributions, in August of this year, we paid a second quarter distribution of $0.75 per common unit and a $3.65 million cash distribution to our preferred unitholders.

And this morning, we announced a third quarter distribution of $0.75 per common unit and a $2.15 million cash distribution to our preferred unitholders. And with that, I’ll turn the call back over to our operator for questions.

Operator:

Craig Nunez: Thank you, operator, and thank you, everyone, for joining our call and for your continued support of NRP, and we look forward to talking to you next quarter.

Operator: Thank you. Ladies and gentlemen, that concludes today’s call. Thank you all for joining. You may now disconnect your lines.