NORTH EUROPEAN OIL ROYALTY (NRT) trustee sells 25k units in open-market trades

Rhea-AI Filing Summary

NORTH EUROPEAN OIL ROYALTY TRUST insider trading update: Trustee Howard Richard Page reported two open-market sales of Units of Beneficial Interest in the trust. On March 17, 2026, he sold 10,000 units at $8.7323 and 15,000 units at $8.5519, for a total of 25,000 units sold. After these transactions, he directly holds 250,000 Units of Beneficial Interest.

Insights

Equity analyst

Trustee sells 25,000 NRT units but retains a large position.

Trustee Howard Richard Page executed two open-market sales totaling 25,000 Units of Beneficial Interest in NORTH EUROPEAN OIL ROYALTY TRUST, at prices of $8.7323 and $8.5519 per unit on March 17, 2026.

These are straightforward open-market dispositions, with no derivative exercises, tax withholding, or restructuring activity reported. The filing shows a remaining direct holding of 250,000 units, indicating he continues to maintain a substantial economic interest in the trust after the sales.

The transactions are net sales, as summarized by the net-sell direction and 25,000 units of total sells. Without additional context such as trading plans or relative size versus total units outstanding, these sales appear as routine portfolio or liquidity management rather than a clearly thesis-changing event.

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^*

HOWARD RICHARD PAGE

(Last) (First) (Middle)

C/O BOILING POINT RESOURCES LLC

PO BOX 1401

(Street)

GUILFORD CONNECTICUT 06437

(City) (State) (Zip)

UNITED STATES

(Country)

2. Issuer Name and Ticker or Trading Symbol
NORTH EUROPEAN OIL ROYALTY TRUST [ NRT ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director		10% Owner
	Officer (give title below)	X	Other (specify below)
			Trustee

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
03/17/2026

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

4. If Amendment, Date of Original Filed (Month/Day/Year)

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
Units of Beneficial Interest	03/17/2026		S		10,000	D	$8.7323	265,000	D
Units of Beneficial Interest	03/17/2026		S		15,000	D	$8.5519	250,000	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

Explanation of Responses:

	Richard Page Howard	03/19/2026
	** 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.
* Form 4: SEC 1474 (03-26)

FAQ

What did Howard Richard Page sell in his latest Form 4 for NRT?

Howard Richard Page sold a total of 25,000 Units of Beneficial Interest in NORTH EUROPEAN OIL ROYALTY TRUST (NRT). The sales occurred in two open-market transactions on March 17, 2026, at prices slightly above $8.55 per unit.

At what prices were the NRT units sold by trustee Howard Richard Page?

He sold 10,000 units at $8.7323 and 15,000 units at $8.5519 per unit. Both were open-market sales of Units of Beneficial Interest in NORTH EUROPEAN OIL ROYALTY TRUST, as reported in his Form 4 filing.

How many NORTH EUROPEAN OIL ROYALTY TRUST units does Howard Richard Page still own?

After the reported transactions, Howard Richard Page directly holds 250,000 Units of Beneficial Interest in NORTH EUROPEAN OIL ROYALTY TRUST. This remaining position is disclosed as his direct ownership following the March 17, 2026, open-market sales.

Were there any derivative transactions in the latest NRT Form 4 filing?

No derivative transactions were reported in this Form 4. The filing only shows non-derivative open-market sales of Units of Beneficial Interest, and the derivative position summary is empty, indicating no options or similar instruments were exercised or traded.

Is the recent NRT insider activity a net buy or net sell for Howard Richard Page?

The activity is a net sell. The transaction summary shows 25,000 units sold, no purchases, and a net-sell direction. All reported activity consists of open-market sales of NORTH EUROPEAN OIL ROYALTY TRUST Units of Beneficial Interest.

What role does Howard Richard Page have in relation to NORTH EUROPEAN OIL ROYALTY TRUST?

In this filing, Howard Richard Page is identified as a Trustee of NORTH EUROPEAN OIL ROYALTY TRUST. He is not listed as a director or officer, and the Form 4 focuses on his transactions in Units of Beneficial Interest held directly.