Cross Timbers Royalty Trust (CRT) Q4 2025 earnings summary

Executive summary

• FY 2025 net profits income fell 13% YoY to $5.74 million, while distributable income declined to $4.49 million, or $0.748474 per unit.

• Q4 net profits income increased 11% YoY to $1.63 million; distributable income was $1.36 million, or $0.226840 per unit.

Financial highlights

• FY revenue was $14.59 million versus $17.32 million in 2024; net proceeds were $6.55 million versus $7.49 million.

• FY costs deducted from net profits income declined 18% YoY to $8.04 million, mainly reflecting lower development costs.

• FY administration expense was $847,078; interest income was $49,682 and cash reserves increased by $450,000.

• Q4 distributable income rose to $1.36 million from $1.32 million YoY, with per-unit distributions of $0.226840 versus $0.219599.

Outlook and guidance

• Natural production decline on underlying properties is estimated at 6%–8% annually; operators budgeted development costs net to the interests of $70,000 for 2026 and $60,000 for 2027.

• At March 13, 2026, the average NYMEX price for the following 12 months was $83.43/Bbl for oil and $3.84/MMBtu for gas; prices remain volatile.

• Estimated reserve-to-production index for underlying properties was ~9 years at Dec. 31, 2025, based on proved reserves and projected 2026 production.