ROBERTSON CORBIN J III 4
4 · NATURAL RESOURCE PARTNERS LP · Filed Feb 12, 2026
Research Summary
AI-generated summary of this filing
NRP Director Corbin Robertson Converts Phantom Units into 2,152 Shares
What Happened
Corbin J. Robertson III, a director of Natural Resource Partners LP (NRP), acquired 2,152 common units through conversion of previously granted phantom units. The Form 4 shows two derivative conversion entries of 1,076 units each on February 10, 2026. No per-share price or cash consideration is reported for the issuance; accrued quarterly distributions that accrued during the vesting period were paid in cash to the reporting person on the conversion date.
Key Details
- Transaction date: 2026-02-10 (reported on Form 4 filed 2026-02-12).
- Transaction type/code: Exercise/conversion of derivative (code M).
- Shares acquired: 2,152 common units (1,076 + 1,076).
- Price: N/A — common units issued upon conversion of phantom units (one-for-one).
- Shares owned after transaction: Not specified in the filing.
- Footnotes of note:
- F1: Phantom units granted in Feb 2025 vested on their one-year anniversary and converted one-for-one to common units; accrued quarterly distributions were paid in cash on conversion.
- F2–F4: Trust/ownership notes — the Corbin James Robertson III 2009 Family Trust is a beneficiary vehicle; the reporting person may be deemed to beneficially own units held by the trust but also disclaims beneficial ownership of certain units per the filing.
- F5: BHJ Investments, L.P. is an entity managed by the reporting person; limited partners include the reporting person, spouse, and a children’s trust in which he has no pecuniary interest.
Context
This was a conversion/award-type transaction (vesting and conversion of phantom units), not an open-market purchase or sale. Such conversions are typically compensation-related and do not represent an outright market purchase or sale by the insider. The filing appears timely (reported two days after the transaction).
Insider Transaction Report
- Exercise/Conversion
COMMON UNITS
[F1]2026-02-10+1,076→ 217,425 total - Exercise/Conversion
PHANTOM UNITS
[F1]2026-02-10+1,076→ 0 total→ COMMON UNITS (1,076 underlying)
- 19,663(indirect: By Trust)
COMMON UNITS
[F2] - 39(indirect: By Spouse)
COMMON UNITS
[F3] - 9,783(indirect: By LLC)
COMMON UNITS
[F4] - 10,000(indirect: BY BHJ INVESTMENTS, L.P.)
COMMON UNITS
[F5]
Footnotes (5)
- [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.
- [F2]The beneficiary of The Corbin James Robertson III 2009 Family Trust is the family of the reporting person. The reporting person is the Trust Advisor for the Corbin James Robertson III 2009 Family Trust and may be deemed to beneficially own the common units owned by the Corbin James Robertson III 2009 Family Trust.
- [F3]The reporting person disclaims beneficial ownership of these common units and this report shall not be deemed an admission that the reporting person is the beneficial owner of such common units.
- [F4]The reporting person disclaims beneficial ownership of these common units and this report shall not be deemed an admission that the reporting person is the beneficial owner of such common units.
- [F5]BHJ Investments, L.P. is a limited partnership of which the reporting person is the manager of the general partner. The limited partners of BHJ Investments, L.P. are the reporting person, his spouse, and a trust formed for the benefit of the reporting person's children in which the reporting person has no pecuniary interest.