Quarterly report [Sections 13 or 15(d)]

CONDENSED CONSOLIDATED BALANCE SHEETS

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CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Mar. 31, 2026
Dec. 31, 2025
ASSETS    
Cash and cash equivalents $ 247,571 $ 144,809
Accounts receivable and accrued receivables, net 181,053 164,905
Prepaid expenses and other current assets 5,866 5,295
Tax like-kind exchange escrow 595 595
Prepaid income taxes 0 3,716
Total current assets 435,085 319,320
Royalty interests acquired, net 831,450 840,024
Real estate acquired 179,129 179,129
Property, plant and equipment, net 166,751 164,538
Intangible assets, net 32,260 32,846
Real estate and royalty interests assigned through the Declaration of Trust, no value assigned:    
Equity investment 50,000 50,000
Financing receivable, net 19,984 0
Operating lease right-of-use assets 13,404 13,683
Other assets 23,390 23,738
Total assets 1,751,453 1,623,278
LIABILITIES AND EQUITY    
Accounts payable and accrued expenses 40,541 39,578
Ad valorem and other taxes payable 2,945 8,912
Income taxes payable 37,271 4,007
Unearned revenue 22,168 20,107
Credit facility 0 0
Total current liabilities 102,925 72,604
Deferred taxes payable 57,691 54,107
Unearned revenue - noncurrent 18,973 21,072
Operating lease liabilities 15,844 16,175
Accrued liabilities - noncurrent 74 413
Total liabilities 195,507 164,371
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, 2026 and December 31, 2025 0 0
Common stock, $0.01 par value; 139,610,808 shares authorized as of March 31, 2026 and December 31, 2025, 68,974,187 and 68,938,230 outstanding as of March 31, 2026 and December 31, 2025, respectively 691 691
Treasury stock, at cost; 284,041 and 319,998 shares as of March 31, 2026 and December 31, 2025, respectively (132,908) (151,242)
Additional paid-in capital 2,909 9,906
Accumulated other comprehensive income 3,791 4,150
Retained earnings 1,681,463 1,595,402
Total equity 1,555,946 1,458,907
Total liabilities and equity 1,751,453 1,623,278
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