Like Penn Virginia Resource Partners, Natural Resource Partners (NRP) makes its money by leasing out the mining rights on the coal it owns to independent coal mining operators. As of the end of 2008 the company owned or controlled about 2.1 billion tons of proven and probable coal reserves in Appalachia, the Illinois basin, and the western United States. In the second quarter of 2009 Natural Resources Partners purchased coal properties in Ohio and Texas. The global economic slowdown hit coal demand hard around the world in the second quarter. Coal royalties in the quarter fell to $46 million from $53 million in the second quarter of 2008. Distributable cash flow dropped 14%. The company’s strong balance sheet should let it—and income investors—ride out the downturn. After buying the two coal properties mentioned above, Natural Resources still finished the second quarter with $81 million in cash. The yield as of October 14 was 9.8%.