NRP (NRP) director converts 1,076 phantom units into common units

Rhea-AI Filing Summary

Natural Resource Partners director Paul B. Murphy Jr. acquired 1,076 common units of the company on February 10, 2026 through the conversion of previously granted phantom units. These units were issued on a one-for-one basis, with no cash purchase price disclosed in the filing.

The phantom units had been awarded in February 2025 and vested on the one-year anniversary of the grant date, then automatically converted into common units on the reporting date. After this conversion, Murphy directly owned 20,061 common units. Accrued quarterly distributions tied to the phantom units during the vesting period were paid in cash to him on the same date.

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^*

MURPHY PAUL B JR

(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)	20,061	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/ PAUL B MURPHY JR	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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FAQ

What insider transaction did NRP director Paul B. Murphy Jr. report?

Paul B. Murphy Jr. reported acquiring 1,076 Natural Resource Partners common units via conversion of phantom units. These derivative awards vested after one year and converted into common units on February 10, 2026, with related cash distributions paid at that time.

How many NRP common units does Paul B. Murphy Jr. own after this Form 4?

After the reported transaction, Paul B. Murphy Jr. directly owns 20,061 Natural Resource Partners common units. This reflects the addition of 1,076 units received through conversion of vested phantom units awarded in February 2025 under the company’s equity compensation structure.

Was the NRP insider transaction an open-market purchase or a derivative conversion?

The transaction was a derivative conversion, not an open-market purchase. Murphy exercised 1,076 phantom units that vested after one year, receiving an equal number of common units at a stated per-unit price of $0.00 as part of his equity compensation.

What are the terms of the NRP phantom units converted by the director?

The phantom units represented a right to receive common units on a one-for-one basis, plus tandem distribution equivalent rights. They were granted in February 2025, vested on the one-year anniversary, and converted into common units on February 10, 2026, with accrued distributions paid in cash.

Did Paul B. Murphy Jr. receive cash in connection with the NRP phantom units?

Yes. While the phantom units converted into 1,076 common units, accrued quarterly distributions associated with those units were paid in cash to Paul B. Murphy Jr. on the February 10, 2026 reporting date, according to the Form 4 footnote explanation.