Is Natural Resource Partners (NRP) Trading at a Reasonable Valuation?

2 hours ago 1

Soumya Eswaran

Thu, January 29, 2026 astatine 6:49 AM CST 4 min read

Greystone Capital Management, an concern absorption company, released its fourth-quarter 2025 capitalist letter. A transcript of the missive tin beryllium downloaded here. In the 4th quarter, the Median Account instrumentality for abstracted accounts managed by the steadfast was +0.3%, nett of fees brining the afloat twelvemonth nett returns to +2.8%. The Fund has returned a cumulative +197.7% oregon +21.9% per year, nett of fees, since inception successful Q4 2019. When compared to the S&P 500 and Russell 2000 returns, the results for the 4th fourth and the afloat twelvemonth of 2025 were disappointing, which stood astatine +2.7% and +2.2%, respectively, for the quarter, and +17.4% and +13.5%, respectively, for 2025. While fourth-quarter and full-year 2025 results lagged down indices, the steadfast maintains a semipermanent approach, not focusing connected azygous quarters oregon calendar years. The concentrated, differentiated strategy leads to expected divergence from large indices, with tracking mistake seen arsenic a diagnostic alternatively than a flaw. The steadfast cited mediocre banal selection, beardown performers successful 2024 facing valuation compression, and a deficiency of AI-themed investments arsenic reasons for its underperformance successful 2025. In addition, you tin cheque the Fund’s apical 5 holdings to find retired its champion picks for 2025.

In its fourth-quarter 2025 capitalist letter, Greystone Capital Management highlighted Natural Resource Partners L.P. (NYSE:NRP). Natural Resource Partners L.P. (NYSE:NRP) owns, manages, and leases a portfolio of mineral properties. The one-month instrumentality of Natural Resource Partners L.P. (NYSE:NRP) was 9.43%, and its shares gained 8.33% of their worth implicit the past 52 weeks. On January 28, 2026, Natural Resource Partners L.P. (NYSE:NRP) banal closed astatine $114.25 per share, with a marketplace capitalization of $1.501 billion.

Greystone Capital Management stated the pursuing regarding Natural Resource Partners L.P. (NYSE:NRP) successful its 4th fourth 2025 capitalist letter:

"Natural Resource Partners L.P. (NYSE:NRP), our ember royalty business, delivered different beardown twelvemonth successful 2025, continuing its improvement into a debt-free, capital-return-focused royalty and infrastructure business. Due to the quality of the royalty concern exemplary that avoids ongoing superior expenditures and precocious operating costs, currency flows remained robust crossed the mineral rights segment, successful what has been a pugnacious situation for some met and thermal ember prices. During 2025, planetary ember depletion of 8.8 cardinal tons erstwhile again reached grounds highs, and fixed the terrible supply/demand imbalance globally, I’d ideate pricing conditions statesman to alteration favorably arsenic we attack the extremity of the decade.