Etineles Holdings V, LLC - 23 Feb 2026 Form 3 Insider Report for INFINITY NATURAL RESOURCES, INC. (INR)

Role
Director, 10%+ Owner
Signature
Etineles Holdings V, LLC, By: /s/ Tomas Ackerman, Authorized Signatory
Issuer symbol
INR
Transactions as of
23 Feb 2026
Net transactions value
$0
Form type
3
Filing time
05 Mar 2026, 17:41:09 UTC
SEC
View on sec.gov

Reporting Owners (3)

Name Relationship Address Signature Signature date CIK
Etineles Holdings V, LLC Director, 10%+ Owner C/O CARNELIAN ENERGY CAPITAL, 2229 SAN FELIPE ST., SUITE 1450, HOUSTON Etineles Holdings V, LLC, By: /s/ Tomas Ackerman, Authorized Signatory 05 Mar 2026 0002113724
CEC Selenite III Holdings, LLC Director, 10%+ Owner C/O CARNELIAN ENERGY CAPITAL, 2229 SAN FELIPE ST., SUITE 1450, HOUSTON CEC Selenite III Holdings, LLC, By: /s/ Tomas Ackerman, Authorized Signatory 05 Mar 2026 0002114683
Carnelian Energy Capital GP V, L.P. Director, 10%+ Owner C/O CARNELIAN ENERGY CAPITAL, 2229 SAN FELIPE ST., SUITE 1450, HOUSTON Carnelian Energy Capital GP V, L.P., By: /s/ Tomas Ackerman, Authorized Signatory 05 Mar 2026 0002114893

Transactions Table

Type Sym Class Transaction Value $ Shares Change % * Price $ Shares After Date Ownership Footnotes
holding INR Class A Common Stock 1,734 23 Feb 2026 Direct F1

Derivative Securities (e.g., puts, calls, warrants, options, convertible securities)

Type Sym Class Transaction Value $ Shares Change % * Price $ Shares After Date Underlying Class Amount Exercise Price Ownership Footnotes
holding INR Series A Convertible Preferred Stock 23 Feb 2026 Class A Common Stock 3,506,311 $21.39 Direct F2, F3, F4
* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Explanation of Responses:

Id Content
F1 Class A Common Stock was acquired by Etineles Holdings V, LLC on November 12, 2025.
F2 On February 23, 2026, Etineles Holdings V, LLC acquired 75,000 shares of Series A Convertible Preferred Stock, par value $0.01 per share (the "Series A Preferred Stock") at a price of $1,000 per share ("Initial Liquidation Preference). Pursuant to the Certificate of Designation (as defined below), each share of Series A Preferred Stock is convertible at the option of the holder into shares of Class A Common Stock using a conversion ratio equal to the then-applicable liquidation preference (as determined in accordance with the Certificate of Designation and which equals the Initial Liquidation Preference per share as of the date hereof) divided by a conversion price of $21.39 per share (subject to customary adjustments in accordance with the Certificate of Designation), which would result in 3,506,311 shares of Class A Common Stock upon full conversion. The Series A Preferred Stock has no expiration date and is convertible at any time at the option of the holder.
F3 Etineles Holdings V, LLC is the record holder of the shares reported herein. Tomas Ackerman and Daniel Goodman are managing members of Carnelian Energy Capital Holdings, LLC, which is the general partner of Carnelian Energy Capital GP V, L.P. Carnelian Energy Capital GP V, L.P. is the general partner of Carnelian Energy Capital V, L.P. Carnelian Energy Capital V, L.P. is the sole member of CEC Selenite III Holdings, LLC, which is the sole member of Etineles Holdings V, LLC.
F4 Each of Etineles Holdings V, LLC, CEC Selenite III Holdings, LLC, Carnelian Energy Capital V, L.P., Carnelian Energy Capital GP V, L.P., Carnelian Energy Capital Holdings, LLC, and Messrs. Ackerman and Goodman may be deemed to have or share beneficial ownership of the ordinary shares held directly by Etineles Holdings V, LLC. Each such entity or person disclaims any such beneficial ownership of such securities except to the extent of their pecuniary interest therein, and this report shall not be deemed an admission that the reporting person is the beneficial owner of the securities for purposes of Section 16 or for any other purpose.

Remarks:

Each of the Reporting Persons may be deemed a "director by deputization" of Infinity Natural Resources, Inc. (the "Issuer"). Pursuant to the Certificate of Designation of Series A Convertible Preferred Stock filed by the Issuer on February 23, 2026 (the "Certificate of Designation"), Etineles Holdings V, LLC and its affiliates (collectively "Carnelian") have the right to vote their Series A Preferred Stock to appoint and elect one member to the Issuer's board of directors (the "Board"). Each of the Reporting Persons is an affiliate of Carnelian, and Matthew Kelly, a managing director of Carnelian Energy Capital Management, L.P., was appointed to serve on the Board effective February 23, 2026 pursuant to the Certificate of Designation. Because of the relationship between the Reporting Persons and Carnelian, and Carnelian's right to appoint and elect Mr. Kelly as a director, the Reporting Persons may be deemed a "director by deputization" of the Issuer within the meaning of Section 16 of the Securities Exchange Act of 1934, as amended.