Annual report pursuant to Section 13 and 15(d)

CONSOLIDATED BALANCE SHEETS

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CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
ASSETS    
Cash and cash equivalents $ 369,835 $ 725,169
Accounts receivable and accrued receivables, net 126,670 128,971
Prepaid expenses and other current assets 5,318 2,944
Tax like-kind exchange escrow 1,546 5,380
Total current assets 503,369 862,464
Royalty interests acquired, net 432,401 46,609
Real estate acquired 143,178 130,024
Property, plant and equipment, net 122,578 89,587
Intangible assets, net 35,188 21,025
Real estate and royalty interests assigned through the Declaration of Trust, no value assigned:    
Operating lease right-of-use assets 1,163 1,861
Other assets 10,143 4,828
Total assets 1,248,020 1,156,398
LIABILITIES AND EQUITY    
Accounts payable and accrued expenses 26,958 22,501
Ad valorem and other taxes payable 8,418 10,761
Income taxes payable 4,388 4,795
Unearned revenue 6,797 6,330
Total current liabilities 46,561 44,387
Deferred taxes payable 47,401 42,365
Unearned revenue - noncurrent 20,636 25,006
Operating lease liabilities 453 1,170
Accrued liabilities - noncurrent 504 274
Total liabilities 115,555 113,202
Commitments and contingencies (Note 13) 0 0
Equity:    
Preferred stock, $0.01 par value; 1,000,000 shares authorized, none outstanding as of December 31, 2024 and 2023 0 0
Common stock, $0.01 par value; 46,536,936 shares authorized as of December 31, 2024 and 2023, 22,971,803 and 23,007,681 outstanding as of December 31, 2024 and 2023, respectively 231 78
Treasury stock, at cost; 114,273 and 86,929 shares as of December 31, 2024 and 2023, respectively (168,843) (144,998)
Additional paid-in capital 19,900 14,613
Accumulated other comprehensive income 3,583 1,831
Retained earnings 1,277,594 1,171,672
Total equity 1,132,465 1,043,196
Total liabilities and equity 1,248,020 1,156,398
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