[Form 4] Infinity Natural Resources, Inc. Insider Trading Activity

Rhea-AI Filing Summary

Steven D. Gray, a director of Infinity Natural Resources, Inc. (INR), reported a series of purchases of Class A common stock executed on August 20–22, 2025. The Form 4 shows three purchase transactions: 12,902 shares on 08/20/2025 at a weighted average price of $13.645, 20,252 shares on 08/21/2025 at $13.749, and 16,846 shares on 08/22/2025 at $13.955, bringing the total reported beneficial ownership to 50,000 Class A shares held indirectly through SD Gray Family Partnership LP. The filing also reports a disposition of 15,000 Class A shares (no date provided on the line). The reporting person disclaims direct beneficial ownership beyond any pecuniary interest and states he exercises control over the family partnership that holds the shares.

Positive

• Director increased economic stake: Reported purchases totaling 50,000 Class A shares suggest added insider investment across 08/20–08/22/2025.
• Transparent pricing disclosure: Footnotes provide weighted-average price ranges and offer to supply tranche-level details on request.

Negative

• Incomplete disposition detail: The 15,000-share disposition is reported without an explicit transaction date or price on the visible line, limiting clarity.
• Indirect ownership only: Shares are held via SD Gray Family Partnership LP, so direct beneficial ownership is disclaimed beyond pecuniary interest.

Insights

Securities Analyst

TL;DR: Director increased indirect holdings by 50,000 Class A shares via a family partnership, with a 15,000-share disposition also reported.

The Form 4 discloses concentrated insider purchases across three days at weighted average prices between $13.645 and $13.955, resulting in reported beneficial ownership of 50,000 Class A shares held indirectly. These are open-market purchases reported under Code P (purchase). The filing clarifies control and management structure: SD Gray Family Partnership LP holds the shares and is managed by SD Gray Management Co., with the reporting person as chief executive of the manager, and he disclaims direct beneficial ownership beyond pecuniary interest. The separate 15,000-share disposition is noted on the form but lacks an associated transaction date or price on the visible line, limiting interpretation of timing or net change without further detail.

Corporate Governance Expert

TL;DR: Insider transactions are transparent and disclose indirect ownership via a family partnership; disclosure limits full clarity on the 15,000-share sale.

The filing meets Section 16 reporting by identifying the reporting person, relationship (director), and the chain of indirect ownership through SD Gray Family Partnership LP and its manager. Footnotes provide price ranges and offer to supply tranche-level purchase detail on request, which supports compliance and transparency. However, the disposition line (15,000 shares) lacks contextual details such as date and price on the presented lines, so the material effect on total insider exposure requires review of the issuer’s holdings records or an amendment for completeness if not present elsewhere.

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
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hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

GRAY STEVEN D

(Last) (First) (Middle)

C/O INFINITY NATURAL RESOURCES, INC.

2605 CRANBERRY SQUARE

(Street)

MORGANTOWN WV 26508

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
INFINITY NATURAL RESOURCES, INC. [ INR ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director		10% Owner
	Officer (give title below)		Other (specify below)

3. Date of Earliest Transaction (Month/Day/Year)
08/20/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Class A Common Stock	08/20/2025		P		12,902	A	$13.645(1)	12,902	I	By: SD Gray Family Partnership LP(4)
Class A Common Stock	08/21/2025		P		20,252	A	$13.749(2)	33,154	I	By: SD Gray Family Partnership LP(4)
Class A Common Stock	08/22/2025		P		16,846	A	$13.955(3)	50,000	I	By: SD Gray Family Partnership LP(4)
Class A Common Stock								15,000	D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

Explanation of Responses:

1. The price reported in Column 4 is a weighted average price. These shares of Class A common stock were purchased by the Reporting Person in multiple transactions at prices ranging from $13.34 to $13.79, inclusive. The Reporting Person undertakes to provide to the Issuer, any security holder of the Issuer or the staff of the Securities and Exchange Commission (the "SEC"), upon request, full information regarding the number of shares purchased at each separate price within the ranges set forth in this footnote (1) to this Form 4.

2. The price reported in Column 4 is a weighted average price. These shares of Class A common stock were purchased by the Reporting Person in multiple transactions at prices ranging from $13.64 to $13.95, inclusive. The Reporting Person undertakes to provide to the Issuer, any security holder of the Issuer or the staff of the SEC, upon request, full information regarding the number of shares purchased at each separate price within the ranges set forth in this footnote (2) to this Form 4.

3. The price reported in Column 4 is a weighted average price. These shares of Class A common stock were purchased by the Reporting Person in multiple transactions at prices ranging from $13.85 to $14.12, inclusive. The Reporting Person undertakes to provide to the Issuer, any security holder of the Issuer or the staff of the SEC, upon request, full information regarding the number of shares purchased at each separate price within the ranges set forth in this footnote (3) to this Form 4.

4. The Reporting Person exercises 100% control over SD Gray Family Partnership LP ("Gray Family Partnership"). Gray Family Partnership is managed by its general partner, SD Gray Management Co., of which the Reporting Person is the chief executive. By virtue of the relationship, the Reporting Person may be deemed to have or share beneficial ownership of the securities held of record by Gray Family Partnership, but the Reporting Person disclaims any beneficial ownership of the reported securities other than to the extent of any pecuniary interest he may have therein, directly or indirectly.

	/s/ Raleigh Wolfe, as Attorney-in-Fact for the Reporting Person	08/22/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

FAQ

What did Steven D. Gray report on Form 4 for INR?

The Form 4 reports purchases of Class A common stock totaling 50,000 shares on 08/20–08/22/2025 and a reported disposition of 15,000 shares.

How were the 50,000 INR shares held by the reporting person?

The shares are reported as held indirectly by SD Gray Family Partnership LP, which is managed by SD Gray Management Co.; the reporting person exercises control over the partnership.

At what prices were the INR shares purchased?

The filing lists weighted average prices: $13.645 (08/20 purchases), $13.749 (08/21 purchases), and $13.955 (08/22 purchases); footnotes state transaction price ranges by tranche.

Is there missing information in the Form 4?

Yes. The 15,000-share disposition is shown without an explicit transaction date or price on the visible line, reducing clarity on timing and net insider position.

Does the reporting person claim direct ownership of the shares?

No. The reporting person disclaims direct beneficial ownership of the reported securities beyond any pecuniary interest, noting beneficial ownership is via the family partnership.