NRP director gains 1,076 units via award vesting

Natural Resource Partners director Galdino J. Claro reported the vesting of an equity award rather than an open-market trade.

Rhea-AI Filing Summary

Natural Resource Partners director Galdino J. Claro reported the vesting of an equity award rather than an open-market trade. On February 10, 2026, 1,076 phantom units converted on a one-for-one basis into 1,076 common units, increasing his direct holdings to 22,368 common units. The phantom units had been granted in February 2025 and vested after one year. Accrued quarterly distributions on these phantom units were paid in cash to Claro on the same date.

Insider Trade Summary

1,076 shares exercised/converted

Exercise 2 txns

Insider Claro Galdino J.

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 — 22,368 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 Galdino J. Claro report?

Galdino J. Claro reported an equity award vesting, not an open-market trade. On February 10, 2026, 1,076 phantom units converted into 1,076 Natural Resource Partners common units, reflecting the scheduled settlement of a previously granted incentive award.

How many Natural Resource Partners (NRP) common units does the director own after this Form 4?

After the reported transaction, Galdino J. Claro directly owns 22,368 Natural Resource Partners common units. This reflects the addition of 1,076 common units issued upon conversion of vested phantom units that were awarded in February 2025 and settled on February 10, 2026.

What are the phantom units mentioned in the NRP Form 4 filing?

The phantom units are incentive awards representing the right to receive Natural Resource Partners common units on a one-for-one basis. They were granted in February 2025 with tandem distribution equivalent rights and converted into actual common units after vesting on the one-year anniversary of the grant date.

When did the NRP phantom unit award vest and convert into common units?

The phantom unit award vested on the one-year anniversary of its February 2025 grant. On February 10, 2026, the vested phantom units converted into 1,076 Natural Resource Partners common units, which were added to director Galdino J. Claro’s directly held position.

Did Galdino J. Claro receive cash in connection with the NRP phantom units?

Yes. In addition to receiving 1,076 common units upon conversion of the phantom units, accrued quarterly distributions that accumulated during the vesting period were paid in cash to Galdino J. Claro on the February 10, 2026 reporting date.

Does the Form 4 show any remaining NRP phantom units for the director?

No. The filing shows that 1,076 phantom units were converted into 1,076 common units, leaving zero derivative securities of that award type beneficially owned after the transaction. Claro’s exposure is now reflected entirely in directly held common units.

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

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Accepted by SEC EDGAR 02/12/2026 - 05:12 PM EST 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^*

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)
02/10/2026

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)	22,368	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/ GALDINO J CLARO	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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