NATURAL RESOURCE PARTNERS LP — Director's Dealing 2026

Feb 12, 2026

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: NATURAL RESOURCE PARTNERS LP (NRP)
CIK: 0001171486
Period of Report: 2026-02-10

Reporting Person: ROBERTSON CORBIN J JR (Director, Chairman and CEO, 10% Owner)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2026-02-10	COMMON UNITS	M	72849	—	Acquired	792324	Indirect
2026-02-10	COMMON UNITS	F	28666	$123.04	Disposed	763658	Indirect

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2026-02-10	PERFORMANCE UNITS	$	M	40368	Acquired		COMMON UNITS (40368)	Direct
2026-02-10	PHANTOM UNITS	$	M	27220	Acquired		COMMON UNITS (27220)	Direct
2026-02-10	PHANTOM UNITS	$	M	2756	Acquired		COMMON UNITS (2756)	Direct
2026-02-10	PHANTOM UNITS	$	M	2505	Acquired		COMMON UNITS (2505)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
COMMON UNITS	1727986	Indirect
COMMON UNITS	156000	Indirect

Footnotes

F1: Common units were issued upon conversion of phantom units previously awarded under the issuer's long-term incentive plan ("LTIP") as further described in notes (5), (6), (7) and (8) below.

F2: Quintana Holdings LP is a limited partnership controlled by the reporting person. The reporting person disclaims beneficial ownership of the reported securities except to the extent of his pecuniary interest therein.

F3: The general partner of Western Pocahontas Properties Limited Partnership is Western Pocahontas GP LLC, a limited liability company controlled by the reporting person. The reporting person also holds indirect limited partner interests in Western Pocahontas Properties Limited Partnership. The reporting person disclaims beneficial ownership of the reported securities except to the extent of his pecuniary interest therein.

F4: The general partner of NRP (GP) LP is GP Natural Resource Partners LLC, which is wholly owned by Robertson Coal Management, a limited liability company controlled by the reporting person. The reporting person disclaims beneficial ownership of the reported securities except to the extent of his pecuniary interest therein.

F5: Performance-based units representing the right to receive common units, together with tandem distribution equivalent rights, were awarded in February 2023 under the issuer's LTIP. The phantom units vested on the third anniversary of the grant date and converted into common units on the reporting date based upon the achievement of specified performance goals. Accrued quarterly distributions made during the vesting period were paid in cash to the reporting person on the reporting date.

F6: Phantom units representing the right to receive common units on a one-for-one basis, together with tandem distribution equivalent rights, were awarded in February 2023 under the issuer's LTIP. One-third of the phantom units vested on the third 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.

F7: Phantom units representing the right to receive common units on a one-for-one basis, together with tandem distribution equivalent rights, were awarded in February 2024 under the issuer's LTIP. One-third of the phantom units vested on the second 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. The remaining phantom units under the 2024 award will vest on the third anniversary of the grant date.

F8: Phantom units representing the right to receive common units on a one-for-one basis, together with tandem distribution equivalent rights, were awarded in February 2025 under the issuer's LTIP. One-third of the phantom units vested on the first 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. The remaining phantom units under the 2025 award will vest in substantially equal installments on the second and third anniversaries of the grant date.