Quarterly Report for Quarter Ending March 31, 2026 (Form 10-Q)

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

The following review of operations for the three month periods ended March 31, 2026 and 2025 should be read in conjunction with our Consolidated Financial Statements and the Notes to Consolidated Financial Statements included in this Form 10-Q and with the Consolidated Financial Statements, Notes to Consolidated Financial Statements and Management's Discussion and Analysis included in the Natural Resource Partners L.P. Annual Report on Form 10-K for the year ended December 31, 2025.

As used herein, unless the context otherwise requires: "we," "our," "us" and the "Partnership" refer to Natural Resource Partners L.P. and, where the context requires, our subsidiaries. References to "NRP" and "Natural Resource Partners" refer to Natural Resource Partners L.P. only, and not to NRP (Operating) LLC or any of Natural Resource Partners L.P.'s subsidiaries. References to "Opco" refer to NRP (Operating) LLC, a wholly owned subsidiary of NRP, and its subsidiaries.

INFORMATION REGARDING FORWARD-LOOKING STATEMENTS

Statements included in this 10-Q may constitute forward-looking statements. In addition, we and our representatives may from time to time make other oral or written statements which are also forward-looking statements. Such forward-looking statements include, among other things, statements regarding: future distributions on our common units; our business strategy; our liquidity and access to capital and financing sources; our financial strategy; prices of and demand for coal, trona and soda ash, and other natural resources; estimated revenues, expenses and results of operations; projected future performance by our lessees; Sisecam Wyoming LLC's ("Sisecam Wyoming's") trona mining and soda ash refinery operations; distributions from our soda ash business; the impact of governmental policies, laws and regulations, as well as regulatory and legal proceedings involving us, and of scheduled or potential regulatory or legal changes; and global and U.S. economic conditions.

These forward-looking statements speak only as of the date hereof and are made based upon our current plans, expectations, estimates, assumptions and beliefs concerning future events impacting us and involve a number of risks and uncertainties. We caution that forward-looking statements are not guarantees and that actual results could differ materially from those expressed or implied in the forward-looking statements. You should not put undue reliance on any forward-looking statements. See "Item 1A. Risk Factors" included in this Form 10-Q and in our Annual Report on Form 10-K for the year ended December 31, 2025 for important factors that could cause our actual results of operations or our actual financial condition to differ.

NON-GAAP FINANCIAL MEASURES

Adjusted EBITDA

Adjusted EBITDA is a non-GAAP financial measure that we define as net income (loss) less equity in earnings from unconsolidated investment; plus total distributions from unconsolidated investment, interest expense, net, debt modification expense, loss on extinguishment of debt, depreciation, depletion and amortization and asset impairments. Adjusted EBITDA should not be considered an alternative to, or more meaningful than, net income or loss, net income or loss attributable to partners, operating income or loss, cash flows from operating activities or any other measure of financial performance presented in accordance with GAAP as measures of operating performance, liquidity or ability to service debt obligations. There are significant limitations to using Adjusted EBITDA as a measure of performance, including the inability to analyze the effect of certain recurring items that materially affect our net income, the lack of comparability of results of operations of different companies and the different methods of calculating Adjusted EBITDA reported by different companies. In addition, Adjusted EBITDA presented below is not calculated or presented on the same basis as Consolidated EBITDA as defined in our partnership agreement or Consolidated EBITDDA as defined in Opco's debt agreements. For a description of Opco's debt agreements, see Note 8. Debt, Net in the Notes to Consolidated Financial Statements included herein as well as in "Item 8. Financial Statements and Supplementary Data-Note 11. Debt, Net" in our Annual Report on Form 10-K for the year ended December 31, 2025. Adjusted EBITDA is a supplemental performance measure used by our management and by external users of our financial statements, such as investors, commercial banks, research analysts and others to assess the financial performance of our assets without regard to financing methods, capital structure or historical cost basis.

Distributable Cash Flow

Distributable cash flow ("DCF") represents net cash provided by (used in) operating activities plus distributions from unconsolidated investment in excess of cumulative earnings, proceeds from asset sales and disposals, including sales of discontinued operations, and return of long-term contract receivable; less maintenance capital expenditures and capital to unconsolidated investment. DCF is not a measure of financial performance under GAAP and should not be considered as an alternative to cash flows from operating, investing or financing activities. DCF may not be calculated the same for us as for other companies. In addition, DCF presented below is not calculated or presented on the same basis as distributable cash flow as defined in our partnership agreement, which is used as a metric to determine whether we are able to increase quarterly distributions to our common unitholders. DCF is a supplemental liquidity measure used by our management and by external users of our financial statements, such as investors, commercial banks, research analysts and others to assess our ability to make cash distributions and repay debt.

Free Cash Flow

Free cash flow ("FCF") represents net cash provided by (used in) operating activities plus distributions from unconsolidated investment in excess of cumulative earnings and return of long-term contract receivable; less maintenance and expansion capital expenditures, cash flow used in acquisition costs classified as investing or financing activities and capital to unconsolidated investment. FCF is calculated before mandatory debt repayments. FCF is not a measure of financial performance under GAAP and should not be considered as an alternative to cash flows from operating, investing or financing activities. FCF may not be calculated the same for us as for other companies. FCF is a supplemental liquidity measure used by our management and by external users of our financial statements, such as investors, commercial banks, research analysts and others to assess our ability to make cash distributions and repay debt.

Leverage Ratio

Leverage ratio represents the outstanding principal of our debt at the end of the period divided by the last twelve months' Adjusted EBITDA as defined above. We believe that leverage ratio is a useful measure to management and investors to evaluate and monitor our indebtedness relative to our ability to generate income to service such debt and in understanding trends in our overall financial condition. Leverage ratio may not be calculated the same for us as for other companies and is not a substitute for, and should not be used in conjunction with, GAAP financial ratios.

Introduction

The following discussion and analysis present management's view of our business, financial condition and overall performance. Our discussion and analysis consist of the following subjects:

• Executive Overview

• Results of Operations

• Liquidity and Capital Resources

• Off-Balance Sheet Transactions

• Related Party Transactions

• Summary of Critical Accounting Estimates

• Recent Accounting Standards

Executive Overview

We are a diversified natural resource company engaged principally in the business of owning, managing and leasing a diversified portfolio of mineral properties in the United States, including interests in coal and other natural resources and own a non-controlling 49% interest in Sisecam Wyoming, a trona ore mining and soda ash production business. Our common units trade on the New York Stock Exchange under the symbol "NRP." Our business is organized into two operating segments:

Mineral Rights-consists of approximately 13 million acres of mineral interests and other subsurface rights across the United States. If combined in a single tract, our ownership would cover roughly 20,000 square miles. Our assets provide critical inputs for the manufacturing of steel, electricity and building materials as well as opportunities for carbon sequestration and renewable energy.

Soda Ash-consists of our 49% non-controlling equity interest in Sisecam Wyoming, one of the world's lowest-cost producers of soda ash, an essential ingredient for the manufacturing of glass, solar panels, detergents, and batteries for electric vehicles. Operations are managed by our partner, Sisecam Chemicals Wyoming LLC, and we realize cash flow when distributions are paid to us.

Corporate and Financing includes functional corporate departments that do not earn revenues. Costs incurred by these departments include interest and financing, corporate headquarters and overhead, centralized treasury, legal and accounting and other corporate-level activity not specifically allocated to a segment.

Our financial results by segment for the three months ended March 31, 2026 are as follows:

		Operating Segments
(In thousands)		Mineral Rights				Soda Ash				Corporate and Financing				Total
Revenues and other income		$	47,181			$	(7,828	)		$	-			$	39,353
Net income (loss)		$	33,530			$	(7,900	)		$	(6,011	)		$	19,619
Adjusted EBITDA (1)		$	41,140			$	(72	)		$	(5,034	)		$	36,034
Cash flow provided by (used in) continuing operations
Operating activities		$	41,827			$	(72	)		$	(8,741	)		$	33,014
Investing activities		$	758			$	(39,200	)		$	-			$	(38,442	)
Financing activities		$	(1,256	)		$	-			$	8,047			$	6,791
Distributable cash flow (1)		$	42,585			$	(39,272	)		$	(8,741	)		$	(5,428	)
Free cash flow (1)		$	42,585			$	(39,272	)		$	(8,741	)		$	(5,428	)

(1)	See "Results of Operations" below for reconciliations to the most comparable GAAP financial measures.

Current Results/Market Commentary

Financial Results and Quarterly Distributions

We generated $33.0 million of operating cash flow and ($5.4 million) of free cash flow during the three months ended March 31, 2026, and ended the quarter with $185.4 million of liquidity consisting of $31.5 million of cash and cash equivalents and $153.9 million of available borrowing capacity under our Opco Credit Facility. As of March 31, 2026 our leverage ratio was 0.4 x.

In February 2026, we paid a cash distribution of $0.75 per common unit of NRP with respect to the fourth quarter of 2025. In March 2026, we paid a special cash distribution of $0.12 per common unit of NRP to help cover unitholder tax liabilities associated with owning NRP's common units in 2025. Future distributions on our common units will be determined on a quarterly basis by the Board of Directors. The Board of Directors considers numerous factors each quarter in determining cash distributions, including profitability, cash flow, debt service obligations, market conditions and outlook, estimated unitholder income tax liability and the level of cash reserves that the Board of Directors determines is necessary for future operating and capital needs.

Mineral Rights Business Segment

Revenues and other income during the three months ended March 31, 2026 decreased $8.7 million, or 16%, as compared to the prior year period primarily due to lower metallurgical and thermal coal sales volumes as compared to the prior year period. Cash provided by operating activities and free cash flow during the three months ended March 31, 2026 decreased by $1.4 million and $1.3 million, respectively, as compared to the prior year period primarily due to lower metallurgical and thermal coal sales volumes, partially offset by higher recoupments in the first quarter of 2025.

Mineral Rights segment results continue to be affected by weak global steel demand, low natural gas prices, and ample coal stockpiles at power plants.

We have no meaningful developments to report on our carbon neutral initiatives, but continue to explore and make small-scale progress on opportunities to create value through carbon sequestration and renewable energy production across our vast portfolio of mineral and surface assets.

Soda Ash Business Segment

Revenues and other income during the three months ended March 31, 2026 decreased $12.4 million, or 270%, as compared to the prior year period primarily due to lower sales prices in 2026.

Cash provided by operating activities during the three months ended March 31, 2026 decreased $3.0 million as compared to the prior year period due primarily due to the $2.9 million distribution received from Sisecam Wyoming in the first quarter of 2025 and no distribution received in the first quarter of 2026. Free cash flow decreased $42.2 million as compared to the prior year quarter primarily due to our $39.2 million capital investment made to Sisecam Wyoming in the first quarter of 2026 in addition to the $2.9 million distribution received in the first quarter of 2025. Together with our managing partner, we made a capital investment into Sisecam Wyoming in the first quarter of 2026 to reduce outstanding amounts under its bank credit facility and better position it to compete in the current environment. Sisecam Wyoming's managing partner also invested its pro-rata share of $40.8 million. We evaluated this investment as we would any other capital allocation opportunity, with the goal of maximizing NRP's intrinsic value per unit.

The soda ash market remains significantly oversupplied due to the influx of natural soda ash supply from China coupled with weak demand for flat glass. We believe international soda ash prices are below the cost of production for most producers with no near-term market correction in sight. Due to the weak pricing environment, we have not received a distribution from Sisecam Wyoming since the second quarter of 2025 and do not expect to receive distributions until soda ash demand increases and/or capacity is rationalized, which could take several years.

Results of Operations

First Quarter of 2026 and 2025 Compared

Revenues and Other Income

The following table includes our revenues and other income by operating segment:

			For the Three Months Ended March 31,											Percentage
Operating Segment (In thousands)		2026				2025				Decrease				Change
Mineral Rights		$	47,181			$	55,928			$	(8,747	)			(16	)%
Soda Ash			(7,828	)			4,610				(12,438	)			(270	)%
Total		$	39,353			$	60,538			$	(21,185	)			(35	)%

The changes in revenues and other income are discussed for each of the operating segments below:

Mineral Rights

The following table presents coal sales volumes, coal royalty revenue per ton and coal royalty revenues by major coal producing region, the significant categories of other revenues and other income:

		For the Three Months Ended March 31,								Increase				Percentage
(In thousands, except per ton data)		2026				2025				(Decrease)				Change
Coal sales volumes (tons)
Appalachia
Northern			472				124				348				281	%
Central			2,967				3,306				(339	)			(10	)%
Southern			329				296				33				11	%
Total Appalachia			3,768				3,726				42				1	%
Illinois Basin			2,420				3,342				(922	)			(28	)%
Northern Powder River Basin			175				916				(741	)			(81	)%
Gulf Coast			162				237				(75	)			(32	)%
Total coal sales volumes			6,525				8,221				(1,696	)			(21	)%
Coal royalty revenue per ton
Appalachia
Northern		$	1.42			$	1.48			$	(0.06	)			(4	)%
Central			6.18				6.18				-				-	%
Southern			11.40				9.18				2.22				24	%
Illinois Basin			2.32				2.44				(0.12	)			(5	)%
Northern Powder River Basin			6.19				4.55				1.64				36	%
Gulf Coast			0.83				0.78				0.05				6	%
Combined average coal royalty revenue per ton			4.53				4.36				0.17				4	%
Coal royalty revenues
Appalachia
Northern		$	671			$	183			$	488				267	%
Central			18,328				20,426				(2,098	)			(10	)%
Southern			3,750				2,718				1,032				38	%
Total Appalachia			22,749				23,327				(578	)			(2	)%
Illinois Basin			5,606				8,141				(2,535	)			(31	)%
Northern Powder River Basin			1,084				4,169				(3,085	)			(74	)%
Gulf Coast			135				184				(49	)			(27	)%
Unadjusted coal royalty revenues			29,574				35,821				(6,247	)			(17	)%
Coal royalty adjustment for minimum leases			-				(323	)			323				100	%
Total coal royalty revenues		$	29,574			$	35,498			$	(5,924	)			(17	)%
Other revenues
Production lease minimum revenues		$	558			$	2,725			$	(2,167	)			(80	)%
Minimum lease straight-line revenues			4,019				4,050				(31	)			(1	)%
Oil and gas royalty revenues			1,386				2,444				(1,058	)			(43	)%
Carbon neutral revenues			185				595				(410	)			(69	)%
Property tax revenues			1,711				1,637				74				5	%
Wheelage revenues			1,990				1,738				252				14	%
Coal overriding royalty revenues			1,386				880				506				58	%
Lease amendment revenues			1,200				655				545				83	%
Aggregates royalty revenues			1,118				853				265				31	%
Other revenues			170				185				(15	)			(8	)%
Total other revenues		$	13,723			$	15,762			$	(2,039	)			(13	)%
Royalty and other mineral rights		$	43,297			$	51,260			$	(7,963	)			(16	)%
Transportation and processing services revenues			3,885				4,421				(536	)			(12	)%
Gain (loss) on asset sales and disposals			(1	)			247				(248	)			(100	)%
Total Mineral Rights segment revenues and other income		$	47,181			$	55,928			$	(8,747	)			(16	)%

Coal Royalty Revenues

Approximately 65% of coal royalty revenues and approximately 45% of coal royalty sales volumes were derived from metallurgical coal during the three months ended March 31, 2026. Total coal royalty revenues decreased $5.9 million primarily due to lower metallurgical and thermal coal sales volumes during the three months ended March 31, 2026 as compared to the prior year quarter.

Total Other Revenues

Total other revenues decreased $2.0 million primarily due to a $2.2 million decrease in production lease minimum revenues. This decrease was primarily driven by higher breakage revenues recognized in the first quarter of 2025.

Soda Ash

Revenues and other income related to our Soda Ash segment decreased $12.4 million as compared to the prior year quarter primarily due to lower sales prices in 2026.

Total Operating Expenses, Net

The following table presents the significant categories of our consolidated operating expenses:

		For the Three Months Ended March 31,								Increase				Percentage
(In thousands)		2026				2025				(Decrease)				Change
Operating expenses
Operating and maintenance expenses		$	6,113			$	6,776			$	(663	)			(10	)%
Depreciation, depletion and amortization			7,614				3,989				3,625				91	%
General and administrative expenses			5,034				6,832				(1,798	)			(26	)%
Asset impairments			-				20				(20	)			(100	)%
Total operating expenses		$	18,761			$	17,617			$	1,144				6	%

Total operating expenses, net increased $1.1 million primarily due to a $3.6 million increase in depreciation, depletion and amortization expense, partially offset by a $1.8 million decrease in general and administrative expenses. The increase in depreciation, depletion and amortization expense was primarily due to increased depletion rates on certain thermal properties. The decrease in general and administrative expenses was primarily due to lower long-term incentive expense as compared to the prior year period.

Interest Expense, Net

Interest expense, net, decreased $1.7 million due to less debt outstanding during the three months ended March 31, 2026 as compared to the prior year quarter.

Adjusted EBITDA (Non-GAAP Financial Measure)

The following table reconciles net income (loss) (the most comparable GAAP financial measure) to Adjusted EBITDA by business segment:

		Operating Segments
For the Three Months Ended (In thousands)		Mineral Rights				Soda Ash				Corporate and Financing				Total
March 31, 2026
Net income (loss)		$	33,530			$	(7,900	)		$	(6,011	)		$	19,619
Add (Less): equity in (earnings) loss from unconsolidated investment			-				7,828				-				7,828
Add: total distributions from unconsolidated investment			-				-				-				-
Add: interest expense, net			-				-				973				973
Add: depreciation, depletion and amortization			7,610				-				4				7,614
Adjusted EBITDA		$	41,140			$	(72	)		$	(5,034	)		$	36,034
March 31, 2025
Net income (loss)		$	45,208			$	4,550			$	(9,505	)		$	40,253
Add (Less): equity in (earnings) loss from unconsolidated investment			-				(4,610	)			-				(4,610	)
Add: total distributions from unconsolidated investment			-				2,940				-				2,940
Add: interest expense, net			-				-				2,668				2,668
Add: depreciation, depletion and amortization			3,985				-				4				3,989
Add: asset impairments			20				-				-				20
Adjusted EBITDA		$	49,213			$	2,880			$	(6,833	)		$	45,260

Net income decreased $20.6 million as compared to the prior year quarter primarily due to the decrease in revenues and other income as discussed above, partially offset by lower interest expense during the three months ended March 31, 2026 as compared to the prior year quarter. Adjusted EBITDA decreased $9.2 million as compared to the prior year quarter primarily due to the $8.1 million decrease in Adjusted EBITDA within our Mineral Rights segment driven by the decrease in revenues and other income as discussed above and the $3.0 million decrease in Adjusted EBITDA within our Soda Ash segment driven by no distribution received from Sisecam Wyoming during the three months ended March 31, 2026.

Distributable Cash Flow ("DCF") and Free Cash Flow ("FCF") (Non-GAAP Financial Measures)

The following table presents the three major categories of the statement of cash flows by business segment:

		Operating Segments
For the Three Months Ended (In thousands)		Mineral Rights				Soda Ash				Corporate and Financing				Total
March 31, 2026
Cash flow provided by (used in)
Operating activities		$	41,827			$	(72	)		$	(8,741	)		$	33,014
Investing activities			758				(39,200	)			-				(38,442	)
Financing activities			(1,256	)			-				8,047				6,791
March 31, 2025
Cash flow provided by (used in)
Operating activities		$	43,223			$	2,880			$	(11,679	)		$	34,424
Investing activities			947				-				-				947
Financing activities			(841	)			-				(34,098	)			(34,939	)

The following table reconciles net cash provided by (used in) operating activities (the most comparable GAAP financial measure) by business segment to DCF and FCF:

		Operating Segments
For the Three Months Ended (In thousands)		Mineral Rights				Soda Ash				Corporate and Financing				Total
March 31, 2026
Net cash provided by (used in) operating activities		$	41,827			$	(72	)		$	(8,741	)		$	33,014
Add: proceeds from asset sales and disposals			-				-				-				-
Add: return of long-term contract receivable			758				-				-				758
Less: capital to unconsolidated investment			-				(39,200	)			-				(39,200	)
Distributable cash flow		$	42,585			$	(39,272	)		$	(8,741	)		$	(5,428	)
Less: proceeds from asset sales and disposals			-				-				-				-
Free cash flow		$	42,585			$	(39,272	)		$	(8,741	)		$	(5,428	)
March 31, 2025
Net cash provided by (used in) operating activities		$	43,223			$	2,880			$	(11,679	)		$	34,424
Add: proceeds from asset sales and disposals			247				-				-				247
Add: return of long-term contract receivable			700				-				-				700
Distributable cash flow		$	44,170			$	2,880			$	(11,679	)		$	35,371
Less: proceeds from asset sales and disposals			(247	)			-				-				(247	)
Free cash flow		$	43,923			$	2,880			$	(11,679	)		$	35,124

Operating cash flow, DCF and FCF decreased $1.4 million, $40.8 million and $40.6 million, respectively, as compared to the prior year quarter. The discussion by segment is as follows:

•

Mineral Rights Segment

◦

Operating cash flow, DCF and FCF decreased $1.4 million, $1.6 million and $1.3 million, respectively, primarily due to lower metallurgical and thermal coal sales volumes as compared to the prior year quarter, partially offset by higher recoupments in the three months ended March 31, 2025.

•

Soda Ash Segment

◦

Operating cash flow decreased $3.0 million primarily due to the $2.9 million distribution received from Sisecam Wyoming in the first quarter of 2025 and no distribution received during the three months ended March 31, 2026. DCF and FCF each decreased $42.2 million as compared to the prior year quarter primarily due to our $39.2 million capital investment made to Sisecam Wyoming in addition to the $2.9 million distribution received in the first quarter of 2025.

•

Corporate and Financing Segment

◦

Operating cash flow, DCF and FCF each improved by $2.9 million as compared to the prior year quarter primarily due to lower cash paid for interest during the three months ended March 31, 2026 as a result of less debt outstanding.

Liquidity and Capital Resources

Current Liquidity

As of March 31, 2026, we had total liquidity of $185.4 million, consisting of $31.5 million of cash and cash equivalents and $153.9 million of borrowing capacity under our Opco Credit Facility. We have debt service obligations, including $14.3 million of principal repayments on Opco's senior notes, throughout the remainder of 2026. The following table calculates our leverage ratio as of March 31, 2026:

		For the Three Months Ended
(In thousands)		June 30, 2025				September 30, 2025				December 31, 2025				March 31, 2026				Last 12 Months
Net income		$	34,211			$	30,905			$	30,998			$	19,619			$	115,733
Add (Less): equity in (earnings) loss from unconsolidated investment			(2,526	)			2,390				1,686				7,828				9,378
Add: total distributions from unconsolidated investment			4,900				-				-				-				4,900
Add: interest expense, net			2,380				1,779				1,157				973				6,289
Add: depreciation, depletion and amortization			3,754				3,868				3,344				7,614				18,580
Add: asset impairments			-				-				-				-				-
Adjusted EBITDA		$	42,719			$	38,942			$	37,185			$	36,034			$	154,880
Debt-at March 31, 2026																		$	60,415
Leverage Ratio																		0.4 x

Cash Flows

Cash flows provided by operating activities decreased $1.4 million, from $34.4 million in the three months ended March 31, 2025 to $33.0 million in the three months ended March 31, 2026, primarily due to decreased cash flow within our Mineral Rights and Soda Ash segments, as discussed above, partially offset by lower cash paid for interest by our Corporate and Financing segment.

Cash flows used in investing activities increased $39.4 million, from $0.9 million provided by investing activities in the three months ended March 31, 2025 to $38.4 million used by investing activities the three months ended March 31, 2026 primarily due to a $39.2 million capital investment made to Sisecam Wyoming in the first quarter of 2026.

Cash flows provided by financing activities increased $41.7 million, from $34.9 million used by financing activities in the three months ended March 31, 2025 to $6.8 million provided by financing activities in the three months ended March 31, 2026 due to the following:

	•	$27.5 million increased debt borrowings during the three months ended March 31, 2026 as compared to the prior year period;
	•	$14.5 million less cash used for common unit distributions primarily as a result of a lower special distribution paid during the three months ended March 31, 2026 as compared to the prior year period; and,

•

$3.0 million less cash used for debt repayments in 2026 as compared to 2025.

These decreases in cash flow used were partially offset by $3.3 million of increased cash used for other items, net in 2026 as compared to 2025.

Capital Resources and Obligations

Debt, Net

We had the following debt outstanding as of March 31, 2026 and December 31, 2025:

		March 31,				December 31,
(In thousands)		2026				2025
Current portion of long-term debt, net		$	14,234			$	14,198
Long-term debt, net			46,084				18,884
Total debt, net		$	60,318			$	33,082

We have been and continue to be in compliance with the terms of the financial covenants contained in our debt agreements. For additional information regarding our debt and the agreements governing our debt, including the covenants contained therein, see Note 8. Debt, Net to the Consolidated Financial Statements included elsewhere in this Quarterly Report on Form 10-Q.

Off-Balance Sheet Transactions

We do not have any off-balance sheet arrangements with unconsolidated entities or related parties and accordingly, there are no off-balance sheet risks to our liquidity and capital resources from unconsolidated entities.

Related Party Transactions

The information required is set forth under Note 10. Related Party Transactions to the Consolidated Financial Statements and is incorporated herein by reference.

Summary of Critical Accounting Estimates

The preparation of Consolidated Financial Statements in conformity with generally accepted accounting principles in the United States of America requires management to make certain estimates and assumptions that affect the amounts reported in the Consolidated Financial Statements and the accompanying notes. There have been no significant changes to our critical accounting estimates from those disclosed in our Annual Report on Form 10-K for the year ended December 31, 2025.

Recently Issued Accounting Standard

In November 2024, the FASB issued ASU 2024-03, Income Statement-Reporting Comprehensive Income-Expense Disaggregation Disclosures ("ASU 2024-03"). ASU 2024-03 is intended to improve disclosures about a public business entity's expenses and provide more detailed information to investors about the types of expenses in commonly presented expense captions. The guidance is effective for annual periods beginning after December 15, 2026 and quarterly periods beginning after December 31, 2027 and can be adopted prospectively to financial statements issued for reporting periods after the effective date or retrospectively to all prior periods presented in the financial statements. We do not expect the adoption of this guidance to have a material impact on our Consolidated Financial Statements.