NRP director gains 1,076 units via phantom conversion

NATURAL RESOURCE PARTNERS director Richard A. Navarre acquired additional equity through a compensation vesting event.

Rhea-AI Filing Summary

NATURAL RESOURCE PARTNERS director Richard A. Navarre acquired additional equity through a compensation vesting event. On 02/10/2026, 1,076 phantom units were converted into 1,076 common units on a one-for-one basis, reflecting previously granted awards from February 2025. Following this derivative conversion, Navarre directly owns 19,254 common units. The phantom units vested on the one-year anniversary of the grant date, and accrued quarterly distributions during the vesting period were paid in cash to Navarre on the conversion date.

Insider Trade Summary

1,076 shares exercised/converted

Exercise 2 txns

Insider NAVARRE RICHARD A

Role Director

Type	Security	Shares	Price	Value
Exercise	PHANTOM UNITS	1,076	$0.00	$0.00
Exercise	COMMON UNITS	1,076	$0.00	$0.00

Holdings After Transaction: PHANTOM UNITS — 0 contracts (Direct); COMMON UNITS — 19,254 shares (Direct)

Footnotes (1)

1. F1. Common units were issued upon conversion of phantom units representing the right to receive common units on a one-for-one basis, together with tandem distribution equivalent rights, previously awarded in February 2025. Phantom units vested on the one-year anniversary of the grant date and converted into common units on the reporting date. Accrued quarterly distributions made during the vesting period were paid in cash to the reporting person on the reporting date.

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What insider transaction did NRP director Richard A. Navarre report?

Richard A. Navarre reported a derivative conversion that delivered 1,076 NATURAL RESOURCE PARTNERS common units. These units came from previously granted phantom units that vested after one year and converted on February 10, 2026, increasing his direct holdings to 19,254 common units.

How many NATURAL RESOURCE PARTNERS units does Richard A. Navarre now hold?

After the reported transaction, Richard A. Navarre directly holds 19,254 NATURAL RESOURCE PARTNERS common units. This reflects the addition of 1,076 common units received through the conversion of vested phantom units that were originally awarded in February 2025 as part of his equity compensation.

What triggered the conversion of phantom units for NRP on February 10, 2026?

The conversion was triggered when phantom units granted in February 2025 reached their one-year vesting anniversary. On February 10, 2026, these phantom units automatically converted into an equal number of NATURAL RESOURCE PARTNERS common units, consistent with the award’s one-for-one conversion terms and vesting conditions.

Did Richard A. Navarre pay cash to acquire the 1,076 NRP common units?

No cash purchase is indicated for the 1,076 NATURAL RESOURCE PARTNERS common units. The Form 4 shows a transaction code “M” with a price of 0.0000 per unit, meaning the units were acquired through derivative conversion of vested phantom units rather than an open-market buy.

What are phantom units in the context of NATURAL RESOURCE PARTNERS compensation?

For NATURAL RESOURCE PARTNERS, phantom units are awards that represent the right to receive common units on a one-for-one basis in the future. They vest over time, convert into actual common units on the vesting date, and can include tandem distribution equivalent rights paid in cash during the vesting period.

Were any cash distributions related to the NRP phantom units paid to Richard A. Navarre?

Yes, accrued quarterly distributions tied to the phantom units were paid in cash to Richard A. Navarre. These distribution equivalent rights accumulated during the vesting period and were paid on the February 10, 2026 reporting date, alongside the conversion into 1,076 common units.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Accepted by SEC EDGAR 02/12/2026 - 05:10 PM Learn about SEC filing dates

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^*

NAVARRE RICHARD A

(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)
02/10/2026

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
COMMON UNITS	02/10/2026		M		1,076	A	(1)	19,254	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
PHANTOM UNITS	(1)	02/10/2026		M		1,076		(1)	(1)	COMMON UNITS	1,076	(1)	0	D

Explanation of Responses:

1. Common units were issued upon conversion of phantom units representing the right to receive common units on a one-for-one basis, together with tandem distribution equivalent rights, previously awarded in February 2025. Phantom units vested on the one-year anniversary of the grant date and converted into common units on the reporting date. Accrued quarterly distributions made during the vesting period were paid in cash to the reporting person on the reporting date.

	/s/ RICHARD A NAVARRE	02/12/2026
	** 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.
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