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Natural Resource Partners L.P. Reports Second Quarter 2021 Results and Declares Second Quarter 2021 Distributions August 6 , 2021 HOUSTON -- ( BUSINESS WIRE ) -- Natural Resource Partners L.P. ( NYSE : NRP ) today reported second quarter 2021 results as follows : For the Three Last Twelve Months Ended Months Ended ( In thousands ) ( Unaudited ) Net income Asset impairments June 30 , 2021 $ 15,382 $ 45,666 16 7,661 Net income excluding asset impairments ( 1 ) $ 15,398 $ 53,327 Adjusted EBITDA ( 1 ) 27,351 100,233 Cash flow provided by ( used in ) continuing operations : Operating activities 13,384 74,062 Investing activities 657 Financing activities Free cash flow ( 1 ) Cash flow cushion ( last twelve months ) ( 1 ) ( 1 ) See " Non - GAAP Financial Measures " and reconciliation tables at the end of this release . ( 12,900 ) 12,925 2,365 ( 89,347 ) 75,136 ( 12,522 ) " NRP saw continued strength in demand for steel , glass and electricity in the second quarter of 2021 , resulting in stable free cash flow generation and strong liquidity . We are continuing to reduce debt , maintain robust liquidity and maximize unitholder value as we navigate the ongoing effects of the COVID - 19 pandemic , " said Craig Nunez , NRP's President and Chief Operating Officer . NRP's liquidity was $ 197.9 million at June 30 , 2021 , consisting of $ 97.9 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 second quarter 2021 cash distribution of $ 0.45 per common unit of NRP to be paid on August 26 , 2021 to unitholders of record on August 19 , 2021. In addition , the Board declared a $ 7.8 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 second quarter of 2021 net income increased $ 134.4 million as compared to the prior year period primarily due to a $ 132.3 million non - cash asset impairment expense recorded in the second quarter of 2020 that was primarily related to weakened coal markets compounded by the COVID - 19 pandemic . Free cash flow was relatively flat in the second quarter of 2021 as compared to the prior year period as increased coal royalty cash flow due to stronger coal demand in the second quarter of 2021 was offset by $ 5 million of increased cash flow in the second quarter of 2020 related to the emergence of a lessee from bankruptcy . Approximately 65 % of coal royalty revenues and approximately 50 % of coal royalty sales volumes were derived from metallurgical coal in the second quarter of 2021 .