Quarterly report [Sections 13 or 15(d)]

CONDENSED CONSOLIDATED BALANCE SHEETS

v3.26.3
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Sep. 30, 2026
Dec. 31, 2025
ASSETS    
Cash and cash equivalents $ 369,558 $ 144,809
Accounts receivable and accrued receivables, net 169,545 164,905
Prepaid expenses and other current assets 14,281 5,295
Tax like-kind exchange escrow 0 595
Prepaid income taxes 0 3,716
Total current assets 553,384 319,320
Royalty interests acquired, net 803,363 840,024
Real estate acquired 301,869 179,129
Property, plant and equipment, net 191,792 164,538
Intangible assets, net 31,089 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 20,768 0
Operating lease right-of-use assets 12,853 13,683
Other assets 22,946 23,738
Total assets 1,988,064 1,623,278
LIABILITIES AND EQUITY    
Accounts payable and accrued expenses 41,937 39,578
Ad valorem and other taxes payable 6,497 8,912
Income taxes payable 36,169 4,007
Unearned revenue 17,709 20,107
Credit facility 0 0
Total current liabilities 102,312 72,604
Deferred taxes payable 49,742 54,107
Unearned revenue - noncurrent 18,526 21,072
Operating lease liabilities 15,228 16,175
Accrued liabilities - noncurrent 135 413
Total liabilities 185,943 164,371
Commitments and contingencies (Note 12) 0 0
Equity:    
Preferred stock, $0.01 par value; 1,000,000 shares authorized, none outstanding as of September 30, 2026 and December 31, 2025 0 0
Common stock, $0.01 par value; 139,610,808 shares authorized as of September 30, 2026 and December 31, 2025, 68,974,683 and 68,938,230 outstanding as of September 30, 2026 and December 31, 2025, respectively 691 691
Treasury stock, at cost; 283,545 and 319,998 shares as of September 30, 2026 and December 31, 2025, respectively (132,673) (151,242)
Additional paid-in capital 11,179 9,906
Accumulated other comprehensive income 3,074 4,150
Retained earnings 1,919,850 1,595,402
Total equity 1,802,121 1,458,907
Total liabilities and equity 1,988,064 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