Quarterly report [Sections 13 or 15(d)]

CONDENSED CONSOLIDATED BALANCE SHEETS

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CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Sep. 30, 2025
Dec. 31, 2024
ASSETS    
Cash and cash equivalents $ 531,808 $ 369,835
Accounts receivable and accrued receivables, net 127,786 126,670
Prepaid expenses and other current assets 77,578 5,318
Tax like-kind exchange escrow 0 1,546
Total current assets 737,172 503,369
Royalty interests acquired, net 405,917 432,401
Real estate acquired 179,129 143,178
Property, plant and equipment, net 137,527 122,578
Intangible assets, net 33,431 35,188
Real estate and royalty interests assigned through the Declaration of Trust, no value assigned:    
Operating lease right-of-use assets 14,042 1,163
Other assets 17,696 10,143
Total assets 1,524,914 1,248,020
LIABILITIES AND EQUITY    
Accounts payable and accrued expenses 38,549 26,958
Ad valorem and other taxes payable 7,527 8,418
Income taxes payable 9,892 4,388
Unearned revenue 11,932 6,797
Total current liabilities 67,900 46,561
Deferred taxes payable 52,505 47,401
Unearned revenue - noncurrent 19,664 20,636
Operating lease liabilities 16,509 453
Accrued liabilities - noncurrent 372 504
Total liabilities 156,950 115,555
Commitments and contingencies (Note 12) 0 0
Equity:    
Preferred stock, $0.01 par value; 1,000,000 shares authorized, none outstanding as of September 30, 2025 and December 31, 2024 0 0
Common stock, $0.01 par value; 46,536,936 shares authorized as of September 30, 2025 and December 31, 2024, 22,979,410 and 22,971,803 outstanding as of September 30, 2025 and December 31, 2024, respectively 231 231
Treasury stock, at cost; 106,666 and 114,273 shares as of September 30, 2025 and December 31, 2024, respectively (151,242) (168,843)
Additional paid-in capital 6,610 19,900
Accumulated other comprehensive income 3,465 3,583
Retained earnings 1,508,900 1,277,594
Total equity 1,367,964 1,132,465
Total liabilities and equity 1,524,914 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