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Natural Resource Partners L.P. Reports First Quarter 2021 Results and Declares First Quarter 2021 Distributions May 6 , 2021 HOUSTON -- ( BUSINESS WIRE ) -- Natural Resource Partners L.P. ( NYSE : NRP ) today reported first quarter 2021 results as follows : For the Three Months Ended Last Twelve Months March 31 , March 31 , ( In thousands ) ( Unaudited ) 2021 2020 2021 Net income ( loss ) $ 8,381 $ 18,779 $ Asset impairments 4,043 - ( 95,217 ) 139,928 Net income excluding asset impairments ( 1 ) $ 12,424 $ 18,779 $ 44,711 Adjusted EBITDA ( 1 ) 29,436 31,932 102,218 Cash flow provided by ( used in ) continuing operations : Operating activities 23,200 30,155 80,613 Investing activities 600 272 Financing activities ( 26,823 ) ( 28,186 ) 2,073 ( 86,425 ) Distributable cash flow ( 1 ) ( 2 ) 23,800 30,361 83,687 Free cash flow ( 1 ) 23,741 30,427 Cash flow cushion ( last twelve months ) ( 1 ) 82,004 ( 3,731 ) ( 1 ) See " Non - GAAP Financial Measures " and reconciliation tables at the end of this release . ( 2 ) Includes net proceeds from the sale of the construction aggregates business which are classified as investing cash flow from discontinued operations . " Growing demand for steel , glass and electricity continues to drive the rebound in our business segments from the negative impact of the COVID - 19 pandemic . The Partnership's demonstrated ability to generate free cash flow , reduce debt and maintain strong liquidity throughout the crisis has been noteworthy , and we expect these trends to continue , " stated Craig Nunez , NRP's President and Chief Operating Officer . NRP's liquidity was $ 196.8 million at March 31 , 2021 , consisting of $ 96.8 million of cash and $ 100.0 million of borrowing capacity available under its revolving credit facility . NRP announced today that the Board of Directors of its general partner declared a first quarter 2021 cash distribution of $ 0.45 per common unit of NRP to be paid on May 24 , 2021 to unitholders of record on May 17 , 2021. In addition , the Board declared a $ 7.7 million distribution on the preferred units , which will be paid one - half in cash and one - half in kind through the issuance of additional preferred units . The preferred unit distribution includes interest on previously paid - in - kind units and will be paid one - half in cash and one - half in kind through the issuance of additional preferred units . Segment Performance In the first quarter of 2021 net income decreased $ 6.3 million as compared to the prior year period primarily due to a $ 4.0 million non - cash asset impairment in the first quarter of 2021 related to an idled thermal coal property , as well as a $ 3.1 million increase in depletion expense due to increased coal production at certain properties . Free cash flow was $ 4.3 million lower in the first quarter of 2021 as compared to the prior year period primarily as a result of lease amendment fee payments received in the first