Item 8.01. Other Events

On May 4, 2023, Natural Resource Partners L.P. (the "Partnership") received a notice (the "Notice") from holders of the Partnership's Class A Preferred Units exercising their right to either convert or redeem, at the election of the Partnership, an aggregate of 35,834 Class A Preferred Units (the "Subject Units") pursuant to Section 5.10(h)(iii) of the Fifth Amended and Restated Agreement of Limited Partnership of the Partnership. After receipt of the Notice, the Board of Directors elected to redeem the Subject Units for $35,834,000 in cash, an amount equal to the Liquidation Value of the Subject Units, plus any accrued and unpaid distributions in respect of the Subject Units. The Partnership effected the redemption of the Subject Units on May 5, 2023 and funded the redemption payment with cash on hand and borrowings from the Partnership's revolving credit facility. Following the redemption, the Subject Units were retired and are no longer outstanding and all rights of the holders thereof have ceased with respect to the Subject Units. Of the originally issued 250,000 Class A Preferred Units, after giving effect to this redemption and all prior redemptions, 166,667 Class A Preferred Units remain outstanding.

Item 9.01. Financial Statements and Exhibits

(d) Exhibits.

104 Cover Page Interactive Data File (embedded within the Inline XBRL document).





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