Quarterly report [Sections 13 or 15(d)]

CONDENSED CONSOLIDATED BALANCE SHEETS

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CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Jun. 30, 2026
Dec. 31, 2025
ASSETS    
Cash and cash equivalents $ 248,612 $ 144,809
Accounts receivable and accrued receivables, net 174,770 164,905
Prepaid expenses and other current assets 5,062 5,295
Tax like-kind exchange escrow 0 595
Prepaid income taxes 0 3,716
Total current assets 428,444 319,320
Royalty interests acquired, net 820,373 840,024
Real estate acquired 289,291 179,129
Property, plant and equipment, net 182,877 164,538
Intangible assets, net 31,675 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 20,376 0
Operating lease right-of-use assets 13,130 13,683
Other assets 23,308 23,738
Total assets 1,859,474 1,623,278
LIABILITIES AND EQUITY    
Accounts payable and accrued expenses 40,775 39,578
Ad valorem and other taxes payable 5,431 8,912
Income taxes payable 28,933 4,007
Unearned revenue 18,986 20,107
Credit facility 0 0
Total current liabilities 94,125 72,604
Deferred taxes payable 59,298 54,107
Unearned revenue - noncurrent 18,036 21,072
Operating lease liabilities 15,513 16,175
Accrued liabilities - noncurrent 104 413
Total liabilities 187,076 164,371
Commitments and contingencies (Note 12) 0 0
Equity:    
Preferred stock, $0.01 par value; 1,000,000 shares authorized, none outstanding as of June 30, 2026 and December 31, 2025 0 0
Common stock, $0.01 par value; 139,610,808 shares authorized as of June 30, 2026 and December 31, 2025, 68,974,683 and 68,938,230 outstanding as of June 30, 2026 and December 31, 2025, respectively 691 691
Treasury stock, at cost; 283,545 and 319,998 shares as of June 30, 2026 and December 31, 2025, respectively (132,673) (151,242)
Additional paid-in capital 7,011 9,906
Accumulated other comprehensive income 3,433 4,150
Retained earnings 1,793,936 1,595,402
Total equity 1,672,398 1,458,907
Total liabilities and equity 1,859,474 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