Annual report [Section 13 and 15(d), not S-K Item 405]

CONSOLIDATED BALANCE SHEETS

v3.25.4
CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
ASSETS    
Cash and cash equivalents $ 144,809 $ 369,835
Accounts receivable and accrued receivables, net 164,905 126,670
Prepaid expenses and other current assets 5,295 5,318
Tax like-kind exchange escrow 595 1,546
Prepaid income taxes 3,716 0
Total current assets 319,320 503,369
Royalty interests acquired, net 840,024 432,401
Real estate acquired 179,129 143,178
Property, plant and equipment, net 164,538 122,578
Intangible assets, net 32,846 35,188
Real estate and royalty interests assigned through the Declaration of Trust, no value assigned:    
Equity investment 50,000 0
Operating lease right-of-use assets 13,683 1,163
Other assets 23,738 10,143
Total assets 1,623,278 1,248,020
LIABILITIES AND EQUITY    
Accounts payable and accrued expenses 39,578 26,958
Ad valorem and other taxes payable 8,912 8,418
Income taxes payable 4,007 4,388
Unearned revenue 20,107 6,797
Credit facility 0 0
Total current liabilities 72,604 46,561
Deferred taxes payable 54,107 47,401
Unearned revenue - noncurrent 21,072 20,636
Operating lease liabilities 16,175 453
Accrued liabilities - noncurrent 413 504
Total liabilities 164,371 115,555
Commitments and contingencies (Note 14) 0 0
Equity:    
Preferred stock, $0.01 par value; 1,000,000 shares authorized, none outstanding as of December 31, 2025 and December 31, 2024 0 0
Common stock, $0.01 par value; 139,610,808 shares authorized as of December 31, 2025 and December 31, 2024, 68,938,230 and 68,915,409 outstanding as of December 31, 2025 and December 31, 2024, respectively 691 231
Treasury stock, at cost; 319,998 and 342,819 shares as of December 31, 2025 and December 31, 2024, respectively (151,242) (168,843)
Additional paid-in capital 9,906 19,900
Accumulated other comprehensive income 4,150 3,583
Retained earnings 1,595,402 1,277,594
Total equity 1,458,907 1,132,465
Total liabilities and equity 1,623,278 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