Natural Resource Partners (NRP) COO receives 4,314 phantom unit award

Rhea-AI Filing Summary

Natural Resource Partners President and COO Craig W. Nunez reported an equity-based compensation award. On February 4, 2026, he was granted 4,314 phantom units under the issuer's 2017 Long-Term Incentive Plan at a price of $0 per unit.

Each phantom unit represents the right to receive one common unit upon vesting and includes tandem distribution equivalent rights, which accrue the partnership's quarterly distributions in cash and pay them at vesting. The phantom units vest in three substantially equal annual installments beginning on February 4, 2027, and Nunez directly beneficially owns 4,314 derivative securities after this grant.

Insider Trade Summary

1 transaction reported

Mixed 1 txn

Insider Nunez Craig W

Role President and COO

Type	Security	Shares	Price	Value
Grant/Award	PHANTOM UNITS	4,314	$0.00	--

Holdings After Transaction: PHANTOM UNITS — 4,314 shares (Direct)

Footnotes (1)

1. Represents phantom units awarded under the issuer's 2017 Long-Term Incentive Plan. Each phantom unit represents the right to receive one common unit upon vesting and includes the right to receive tandem distribution equivalent rights, pursuant to which the quarterly distributions paid by the partnership on each unit will be accrued over the vesting period and paid in cash upon vesting. The phantom units will vest in three substantially equal annual installments beginning on February 4, 2027.

Form 4 Insider Transactions: What Each Field Means →

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
Estimated average burden
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^*

Nunez Craig W

(Last) (First) (Middle)

1415 LOUISIANA STREET, SUITE 3325

(Street)

HOUSTON TX 77002

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
NATURAL RESOURCE PARTNERS LP [ NRP ]

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

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

3. Date of Earliest Transaction (Month/Day/Year)
02/04/2026

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

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
PHANTOM UNITS(1)	(1)	02/04/2026		A		4,314		(2)	(2)	COMMON UNITS	4,314	$0	4,314	D

Explanation of Responses:

1. Represents phantom units awarded under the issuer's 2017 Long-Term Incentive Plan. Each phantom unit represents the right to receive one common unit upon vesting and includes the right to receive tandem distribution equivalent rights, pursuant to which the quarterly distributions paid by the partnership on each unit will be accrued over the vesting period and paid in cash upon vesting.

2. The phantom units will vest in three substantially equal annual installments beginning on February 4, 2027.

	/s/ CRAIG W NUNEZ	02/06/2026
	** 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 insider transaction did NRP President and COO Craig W. Nunez report?

Craig W. Nunez reported receiving an award of 4,314 phantom units on February 4, 2026. These units are a form of equity-based compensation granted under Natural Resource Partners’ 2017 Long-Term Incentive Plan, rather than an open-market purchase or sale of common units.

How many phantom units did NRP grant to Craig W. Nunez and at what price?

Natural Resource Partners granted Craig W. Nunez 4,314 phantom units at a stated transaction price of $0 per unit. This reflects a compensatory award rather than a cash purchase, increasing his directly owned derivative securities balance to 4,314 units after the transaction.

What do the phantom units reported by NRP’s COO represent?

Each phantom unit represents the right to receive one common unit upon vesting. The award also includes tandem distribution equivalent rights, meaning quarterly partnership distributions on each underlying unit accrue during the vesting period and are paid in cash when the phantom units vest.

What is the vesting schedule for Craig W. Nunez’s 4,314 NRP phantom units?

The 4,314 phantom units will vest in three substantially equal annual installments. Vesting begins on February 4, 2027, with additional installments in subsequent years, aligning the President and COO’s compensation with longer-term performance through staged delivery of common units and related cash distributions.

Are the reported NRP phantom units held directly or indirectly by Craig W. Nunez?

The Form 4 shows the 4,314 phantom units as held with direct beneficial ownership by Craig W. Nunez. There is no indication in the footnotes of another entity holding voting or investment power over this award, so it is attributed directly to the reporting person.