Natural Resource Partners (NRP) director receives 1,212 phantom units grant

Rhea-AI Filing Summary

Natural Resource Partners director Galdino J. Claro reported an equity-based compensation grant. On February 4, 2026, he was awarded 1,212 phantom units at a price of $0 under the issuer's 2017 Long-Term Incentive Plan. Each phantom unit represents the right to receive one common unit and includes distribution equivalent rights, so quarterly distributions on the underlying common units accrue during vesting and are paid in cash when the award settles. These phantom units will vest on the one-year anniversary of the issuance date, and Claro now directly holds 1,212 derivative securities after this transaction.

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^*

Claro Galdino J.

(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)

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

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		1,212		(1)	(1)	COMMON UNITS	1,212	$0	1,212	D

Explanation of Responses:

1. Phantom units were awarded under the Issuer's 2017 Long-Term Incentive Plan. Each phantom unit represents the right to receive one common unit, together with tandem distribution equivalent rights pursuant to which the quarterly distributions paid by the Issuer on each common unit will accrue over the vesting period and be paid in cash upon settlement. These phantom units will vest on the one-year anniversary of the issuance date.

	/s/ GALDINO J CLARO	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 director Galdino J. Claro report on this Form 4?

Galdino J. Claro reported receiving 1,212 phantom units of Natural Resource Partners as an equity award. The grant was made on February 4, 2026 at a price of $0 under the company’s 2017 Long-Term Incentive Plan and is held directly.

How many phantom units were granted to the NRP director and at what price?

The director was granted 1,212 phantom units at a transaction price of $0. These units were awarded as part of Natural Resource Partners’ 2017 Long-Term Incentive Plan and represent a non-cash equity-based compensation grant rather than an open-market purchase.

What does each NRP phantom unit reported on the Form 4 represent?

Each phantom unit represents the right to receive one common unit of Natural Resource Partners. The award also carries tandem distribution equivalent rights, meaning quarterly distributions on each corresponding common unit accrue during vesting and are paid in cash when the phantom units settle.

When do the NRP phantom units granted to Galdino J. Claro vest?

The phantom units will vest on the one-year anniversary of their issuance date. Since the grant occurred on February 4, 2026, the award’s vesting is tied to that date, with settlement and related cash distribution equivalents occurring after vesting and settlement.

How many derivative securities does the NRP director own after this phantom unit grant?

Following the reported transaction, the director beneficially owns 1,212 derivative securities. These consist entirely of the newly granted phantom units, which are reported as being held directly and are tied to equivalent common units upon settlement.

Under which plan were the NRP phantom units granted and what additional rights do they include?

The phantom units were granted under Natural Resource Partners’ 2017 Long-Term Incentive Plan. In addition to the right to receive one common unit per phantom unit, they include distribution equivalent rights, accruing the quarterly distributions on those common units and paying them in cash at settlement.