ROBERTSON CORBIN J JR 4

What Happened

• Corbin J. Robertson Jr., a reported 10% owner of Natural Resource Partners LP (NRP), had phantom/performance-based LTIP units convert into common units on Feb 10, 2026. In total the filing shows conversions of 72,849; 40,368; 27,220; 2,756; and 2,505 units (≈145,698 units) into common units.
• To satisfy tax withholding on the conversions, 28,666 common units were disposed (sold) at $123.04 per unit, generating $3,527,065. The conversion transactions are recorded as exercises/conversions of derivatives (code M) and the withholding sale is coded as payment of tax liability (code F).
• This was not a market buy (bullish) trade but a routine vesting/conversion of LTIP phantom units with a withholding sale to cover taxes.

Key Details

• Transaction date: February 10, 2026; Form 4 filed February 12, 2026 (appears timely under the 2-business-day rule).
• Sale details (tax withholding): 28,666 units sold at $123.04 each for $3,527,065.
• Conversions (acquisitions): 72,849; 40,368; 27,220; 2,756; and 2,505 units converted from phantom/performance units (no cash exercise price reported — N/A).
• Footnotes: conversions arose from LTIP awards (performance-based and time-vested phantom units granted in 2023–2025). The 2023 performance award vested based on achieved goals; portions of 2024 and 2025 awards vested per schedule. Accrued distributions during vesting were paid in cash.
• Beneficial ownership disclaimers: Robertson disclaims beneficial ownership of certain partnership/indirect interests except to the extent of his pecuniary interest (see filing footnotes F2–F4).
• Shares owned after the transactions: not specified in the provided filing excerpt.

Context

• These entries reflect LTIP vesting and conversion of phantom units into common units rather than an open-market investment decision. The disposal was a withholding sale to pay taxes—common with equity compensation vesting.
• Because the reporting person is a 10% owner and holds interests through controlled entities, some reported positions reflect indirect/partnership holdings with standard disclaimers of beneficial ownership.