Natural Resource Partners (NRP) EVP awarded 1,238 phantom units

Rhea-AI Filing Summary

Natural Resource Partners executive Kevin J. Craig reported a new equity-based award. On February 4, 2026, the Executive Vice President received 1,238 phantom units under the partnership’s 2017 Long-Term Incentive Plan at a price of $0 per unit.

Each phantom unit will convert into one common unit upon vesting and accrues cash distributions equivalent to quarterly partnership distributions during the vesting period. The phantom units vest in three substantially equal annual installments beginning on February 4, 2027, and are held directly by Craig.

Insider Trade Summary

1 transaction reported

Mixed 1 txn

Insider Craig Kevin J

Role Executive Vice President

Type	Security	Shares	Price	Value
Grant/Award	PHANTOM UNITS	1,238	$0.00	--

Holdings After Transaction: PHANTOM UNITS — 1,238 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^*

Craig Kevin J

(Last) (First) (Middle)

175 IRWIN RD

(Street)

HUNTINGTON WV 25705

(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)
	Executive Vice President

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		1,238		(2)	(2)	COMMON UNITS	1,238	$0	1,238	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/ KEVIN J CRAIG	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 the NRP Form 4 report for Kevin J. Craig?

The Form 4 reports that Executive Vice President Kevin J. Craig received 1,238 phantom units on February 4, 2026. These units were granted under Natural Resource Partners’ 2017 Long-Term Incentive Plan at a price of $0 per unit and are held directly.

How do the NRP phantom units granted to Kevin J. Craig work?

Each phantom unit granted to Kevin J. Craig represents the right to receive one common unit upon vesting. The award also includes tandem distribution equivalent rights, meaning quarterly partnership distributions are accrued over the vesting period and paid in cash when the phantom units vest.

What is the vesting schedule for Kevin J. Craig’s NRP phantom units?

The 1,238 phantom units awarded to Kevin J. Craig vest in three substantially equal annual installments. Vesting begins on February 4, 2027, with additional installments in the following two years, aligning the award with a multi-year retention and incentive timeline for the executive.

What role does Kevin J. Craig hold at Natural Resource Partners (NRP)?

Kevin J. Craig is reported as an officer of Natural Resource Partners, serving as Executive Vice President. The Form 4 indicates he is not a director and not a 10% owner, and the phantom unit award is part of his executive compensation structure.

Are Kevin J. Craig’s NRP phantom units a derivative security?

Yes. The Form 4 classifies the award as derivative securities titled “PHANTOM UNITS.” Each phantom unit is tied to one underlying common unit, includes distribution equivalent rights, and is reported as being directly owned following the grant of 1,238 units on February 4, 2026.