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

Rhea-AI Filing Summary

Natural Resource Partners director Corbin J. Robertson III received an equity-based award of 1,212 phantom units on February 4, 2026. The award was granted under the company’s 2017 Long-Term Incentive Plan at a price of $0. Each phantom unit represents the right to receive one common unit plus accrued cash distributions upon settlement. These phantom units will vest on the one-year anniversary of the issuance date, and Robertson now directly holds 1,212 derivative securities following this grant.

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

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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^*

ROBERTSON CORBIN J III

(Last) (First) (Middle)

1415 LOUISIANA STREET, SUITE 2400

(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/ CORBIN J ROBERTSON III	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 Corbin J. Robertson III report?

Corbin J. Robertson III reported receiving 1,212 phantom units on February 4, 2026. The grant was made under Natural Resource Partners’ 2017 Long-Term Incentive Plan as a derivative security award with a stated price of $0 per unit.

What are the terms of the phantom units granted to the NRP director?

Each phantom unit entitles the holder to one common unit upon settlement. It also includes distribution equivalent rights, meaning quarterly distributions on the underlying common units accrue during vesting and are paid in cash when the award settles.

When do Corbin J. Robertson III’s NRP phantom units vest?

The phantom units vest on the one-year anniversary of the issuance date. Since they were granted on February 4, 2026, vesting will occur one year later, subject to the plan’s terms and any applicable service or other conditions.

How many NRP phantom units does the director hold after this transaction?

After the reported award, Corbin J. Robertson III beneficially owns 1,212 derivative securities in the form of phantom units. This figure reflects the total number of phantom units directly held following the February 4, 2026 grant.

Do the NRP phantom units provide cash distributions before vesting?

The phantom units include tandem distribution equivalent rights. Quarterly distributions paid on each common unit accrue over the vesting period and are then paid in cash to the holder at the time the phantom units are settled.

Is this NRP insider transaction a purchase or an award of securities?

The filing reflects an award of phantom units coded as an acquisition transaction. It is a grant under the issuer’s 2017 Long-Term Incentive Plan rather than an open-market purchase, with a transaction price of $0 per phantom unit.