Oil and Gas Royalty Interests |
3 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2025 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Real Estate [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Oil and Gas Royalty Interests | Oil and Gas Royalty Interests As of March 31, 2025 and December 31, 2024, the net book value of the oil and gas royalty interests we owned was as follows (in thousands):
(1)Royalty interests assigned through the Declaration of Trust. Nonparticipating perpetual royalty interests in 185,369 NRA as of March 31, 2025 and December 31, 2024.
(2)Royalty interests assigned through the Declaration of Trust. Nonparticipating perpetual royalty interests in 5,308 NRA as of March 31, 2025 and December 31, 2024.
(3)Royalty interest in 16,074 and 15,897 NRA as of March 31, 2025 and December 31, 2024, respectively.
During the three months ended March 31, 2025, we acquired oil and gas royalty interests in 177 NRA for a purchase price of approximately $3.5 million, net of post-close adjustments. There were no acquisitions of oil and gas royalty interests during the three months ended March 31, 2024. There were no sales of oil and gas royalty interests during the three months ended March 31, 2025 or 2024.
Depletion expense was $7.3 million and $0.5 million for the three months ended March 31, 2025 and 2024, respectively.
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