Navios Partners (NYSE: NMM) insider adds $30M 10b5-1 buy plan

Rhea-AI Filing Summary

Navios Maritime Partners L.P. major holder updates ownership and plans. Angeliki Frangou reports beneficial ownership of 5,039,090 Common Units, representing 17.7% of the class, based on 28,546,011 Common Units outstanding as of March 5, 2026. This total includes 3,183,199 units held through N Shipmanagement Acquisition Corp., which separately reports an 11.2% stake.

The amendment describes a Rule 10b5-1 trading plan under which Raymar Investments S.A., wholly owned by Ms. Frangou, may purchase up to $30,000,000 of Common Units through UBS Financial Services Inc. It also updates pledge arrangements tied to a facilities agreement, where entities affiliated with Ms. Frangou have pledged Common Units as collateral while retaining voting rights and cash distributions, under standard default provisions.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13D

Under the Securities Exchange Act of 1934

(Amendment No. 4)

Navios Maritime Partners L.P.

(Name of Issuer)

Common Units representing limited partner interests

(Title of Class of Securities)

(CUSIP Number)

Vasiliki Papaefthymiou
c/o Navios Shipmanagement Inc., 85 Akti Miaouli
Piraeus, J3, 18538
(30) 2104595000

(Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications)

03/12/2026

(Date of Event Which Requires Filing of This Statement)

If the filing person has previously filed a statement on Schedule 13G to report the acquisition that is the subject of this Schedule 13D, and is filing this schedule because of §§ 240.13d-1(e), 240.13d-1(f) or 240.13d-1(g), check the following box.

The information required on the remainder of this cover page shall not be deemed to be "filed" for the purpose of Section 18 of the Securities Exchange Act of 1934 ("Act") or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).

schemaVersion:

SCHEDULE 13D

CUSIP No.

1

Name of reporting person

Angeliki Frangou

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

OO

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

GREECE

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 5,039,090.00
8	Shared Voting Power 0.00
9	Sole Dispositive Power 5,039,090.00
10	Shared Dispositive Power 0.00

11

Aggregate amount beneficially owned by each reporting person

5,039,090.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

17.7 %

14

Type of Reporting Person (See Instructions)

IN

Comment for Type of Reporting Person:

(1) The number of Common Units beneficially owned by Ms. Frangou includes 3,183,199 Common Units owned indirectly through N Shipmanagement Acquisition Corp., an entity affiliated with her, as well as 1,489,115 Common Units in aggregate owned indirectly through three other entities affiliated with her. In addition, Olympos Maritime Ltd., an entity affiliated with Ms. Frangou, is the general partner of the Issuer (the "General Partner"). As of March 12, 2026, the General Partner owns 622,296 general partnership units, representing an approximately 2.1% ownership interest in the Issuer based on all outstanding Common Units and general partnership units. (2) Based on 28,546,011 Common Units of the Issuer outstanding as of March 5, 2026, based on information provided in the Issuer's Form 20-F, filed with the Securities and Exchange Commission on March 12, 2026.

SCHEDULE 13D

CUSIP No.

1

Name of reporting person

N Shipmanagement Acquisition Corp.

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

OO

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

MARSHALL ISLANDS

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 3,183,199.00
8	Shared Voting Power 0.00
9	Sole Dispositive Power 3,183,199.00
10	Shared Dispositive Power 0.00

11

Aggregate amount beneficially owned by each reporting person

3,183,199.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

11.2 %

14

Type of Reporting Person (See Instructions)

CO

Comment for Type of Reporting Person:

(1) Based on 28,546,011 Common Units of the Issuer outstanding as of March 5, 2026, based on information provided in the Issuer's Form 20-F, filed with the Securities and Exchange Commission on March 12, 2026.

SCHEDULE 13D

Item 1.	Security and Issuer
(a)	Title of Class of Securities: Common Units representing limited partner interests
(b)	Name of Issuer: Navios Maritime Partners L.P.
(c)	Address of Issuer's Principal Executive Offices: c/o Navios Shipmanagement Inc., 85 AKTI MIAOULI, Piraeus, GREECE , 18538.
Item 1 Comment: This Amendment No. 4 ("Amendment No. 4") amends and supplements the Schedule 13D filed by Ms. Angeliki Frangou on October 26, 2021 (the "Original Schedule 13D"), as previously amended and supplemented by Amendment No. 1 filed on January 11, 2024, Amendment No. 2 filed on February 13, 2024, and Amendment No. 3 filed on March 6, 2024, relating to the common units ("Common Units") of Navios Maritime Partners L.P. (the "Issuer"). The Original Schedule 13D together with each of the Amendments thereto is referred to herein as the "Schedule 13D." Capitalized terms used herein and not otherwise defined shall have the same meanings ascribed to them in the Original Schedule 13D.
Item 4.	Purpose of Transaction
	The last paragraph of Item 4 in Amendment No. 2 to the Schedule 13D is deleted in its entirety.
Item 5.	Interest in Securities of the Issuer
(a)	Items 5(c) and 5(d) of the Schedule 13D are each hereby supplemented to include the following: The information contained in Item 6 under the heading "Pledge Agreements" is hereby incorporated by reference.
Item 6.	Contracts, Arrangements, Understandings or Relationships With Respect to Securities of the Issuer
	Item 6 of the Schedule 13D is hereby supplemented to include the following: 10b5-1 Plan As disclosed in Amendment No. 2 to the Schedule 13D, Ms. Frangou intends, from time to time, through one or more of her investment vehicles, to purchase Common Units, including in open market transactions, block trades or otherwise. Raymar Investments S.A., an entity wholly-owned by Ms. Frangou, has entered into a Rule 10b5-1 trading plan with UBS Financial Services Inc. for the purpose of purchasing up to an aggregate $30,000,000 of Common Units (the "10b5-1 Plan"). The 10b5-1 Plan was designed to ensure that purchases are made in accordance with Rule 10b-18 under the Securities Exchange Act of 1934. A copy of the Plan is attached hereto as Exhibit 4. Pledge Agreements As disclosed in the Amendment No. 1 to the Schedule 13D filed on January 9, 2024, in connection with a facilities agreement (the "Facilities Agreement") between Amadeus Maritime S.A., which is indirectly wholly owned by Ms. Frangou ("Amadeus"), (as borrower) and Piraeus Bank S.A. (as lender), Amadeus and Ms. Frangou (as guarantor under the Facilities Agreement) pledged and granted securities interests in 12,772 Common Units and 366,775 Common Units, respectively. In connection with the amendment and restatement of the Facilities Agreement (the "Amended Facilities Agreement"), the pledges and securities interests referred to in the preceding sentence were terminated, and Ms. Frangou and certain entities that are wholly-owned by Ms. Frangou pledged an equal number of Common Units under new pledge agreements. The pledgors retain all voting rights and are entitled to receive all cash distributions with respect to the pledged units. The pledge agreements contain default and similar provisions that are standard for such agreements. Copies of the Pledge Agreements are attached hereto as Exhibits 5 and 6.
Item 7.	Material to be Filed as Exhibits.
	Item 7 of the Schedule 13D is hereby supplemented to include the following: Exhibit No. Description 4 10b5-1 Plan by and between Raymar Investments S.A. and UBS Financial Services Inc. 5 Pledge Agreement, dated December 29, 2025, by and between Contralto Shipping Company, Angeliki Frangou and Piraeus Bank S.A. 6 Pledge Agreement, dated December 29, 2025, by and between Oliver Shipmanagement Inc. and Piraeus Bank S.A.

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

Angeliki Frangou

Signature:	/s/ Angeliki Frangou
Name/Title:	Angeliki Frangou
Date:	03/16/2026

N Shipmanagement Acquisition Corp.

Signature:	By: /s/ Sofia Dimitrantzou
Name/Title:	Sofia Dimitrantzou, Secretary
Date:	03/16/2026

FAQ

What ownership stake does Angeliki Frangou report in Navios Maritime Partners (NMM)?

Angeliki Frangou reports beneficial ownership of 5,039,090 Common Units, representing 17.7% of Navios Maritime Partners. This percentage is based on 28,546,011 Common Units outstanding as of March 5, 2026, as disclosed in the company’s Form 20-F.

How many Navios Maritime Partners (NMM) units does N Shipmanagement Acquisition Corp. own?

N Shipmanagement Acquisition Corp. reports beneficial ownership of 3,183,199 Common Units of Navios Maritime Partners, representing 11.2% of the class. This percentage is calculated using 28,546,011 Common Units outstanding as of March 5, 2026.

What 10b5-1 trading plan is associated with Navios Maritime Partners (NMM)?

Raymar Investments S.A., wholly owned by Angeliki Frangou, entered a Rule 10b5-1 trading plan with UBS Financial Services Inc. The plan authorizes purchases of up to $30,000,000 of Navios Maritime Partners Common Units, designed to comply with Rule 10b-18.

What pledge agreements involving Navios Maritime Partners (NMM) units are disclosed?

Entities wholly owned by Angeliki Frangou pledged Navios Maritime Partners Common Units as collateral under an amended facilities agreement with Piraeus Bank. The pledgors retain all voting rights and cash distributions, and the pledge agreements contain standard default and similar provisions.

What is the general partner’s interest in Navios Maritime Partners (NMM)?

Olympos Maritime Ltd., affiliated with Angeliki Frangou, is the general partner of Navios Maritime Partners. As of March 12, 2026, the general partner owns 622,296 general partnership units, representing approximately 2.1% ownership based on all outstanding units.

What changes does this amendment make to prior disclosures on Navios Maritime Partners (NMM)?

The amendment deletes the last paragraph of Item 4 from a prior amendment and supplements Items 5 and 6. It incorporates details of a $30,000,000 10b5-1 plan and updated pledge agreements related to facilities with Piraeus Bank.