Quarterly report [Sections 13 or 15(d)]

CONDENSED CONSOLIDATED BALANCE SHEETS

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CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Mar. 31, 2025
Dec. 31, 2024
ASSETS    
Cash and cash equivalents $ 460,379 $ 369,835
Accounts receivable and accrued receivables, net 138,251 126,670
Prepaid expenses and other current assets 4,873 5,318
Tax like-kind exchange escrow 3,417 1,546
Total current assets 606,920 503,369
Royalty interests acquired, net 428,662 432,401
Real estate acquired 143,183 143,178
Property, plant and equipment, net 128,468 122,578
Intangible assets, net 34,602 35,188
Real estate and royalty interests assigned through the Declaration of Trust, no value assigned:    
Other assets 11,457 11,306
Total assets 1,353,292 1,248,020
LIABILITIES AND EQUITY    
Accounts payable and accrued expenses 25,071 26,958
Ad valorem and other taxes payable 3,436 8,418
Income taxes payable 37,332 4,388
Unearned revenue 12,019 6,797
Total current liabilities 77,858 46,561
Deferred taxes payable 48,189 47,401
Unearned revenue - noncurrent 20,310 20,636
Accrued liabilities - noncurrent 678 957
Total liabilities 147,035 115,555
Commitments and contingencies (Note 12) 0 0
Equity:    
Preferred stock, $0.01 par value; 1,000,000 shares authorized, none outstanding as of March 31, 2025 and December 31, 2024 0 0
Common stock, $0.01 par value; 46,536,936 shares authorized as of March 31, 2025 and December 31, 2024, 22,987,245 and 22,971,803 outstanding as of March 31, 2025 and December 31, 2024, respectively 231 231
Treasury stock, at cost; 98,831 and 114,273 shares as of March 31, 2025 and December 31, 2024, respectively (144,850) (168,843)
Additional paid-in capital 2,122 19,900
Accumulated other comprehensive income 3,544 3,583
Retained earnings 1,345,210 1,277,594
Total equity 1,206,257 1,132,465
Total liabilities and equity 1,353,292 1,248,020
Land (surface rights)    
Real estate and royalty interests assigned through the Declaration of Trust, no value assigned:    
Land (surface rights) 0 0
1/16th and 1/128th nonparticipating perpetual royalty interests    
Real estate and royalty interests assigned through the Declaration of Trust, no value assigned:    
1/16th and 1/128th nonparticipating perpetual royalty interests $ 0 $ 0