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Oil and Gas Royalty Interests | 6 Months Ended
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Jun. 30, 2026
Real Estate [Abstract] |
Oil and Gas Royalty Interests | Oil and Gas Royalty Interests As of June 30, 2026 and December 31, 2025, the net book value of the oil and gas royalty interests we owned was as follows (in thousands):
|  | June 30, 2026 |  | December 31, 2025
Oil and gas royalty interests: |  |  |  |
1/16th nonparticipating perpetual royalty interests (1) |  | $ | — |  |  | $ | — |
1/128th nonparticipating perpetual royalty interests (2) |  | — |  |  | — |
Royalty interests acquired, at cost (3) |  | 897,437 |  |  | 897,437 |
Total royalty interests |  | 897,437 |  |  | 897,437 |
Less: accumulated depletion |  | (77,064) |  |  | (57,413) |
Royalty interests, net |  | $ | 820,373 |  |  | $ | 840,024 |
(1)Royalty interests assigned through the Declaration of Trust. Nonparticipating perpetual royalty interests in 185,369 NRA as of June 30, 2026 and December 31, 2025. (2)Royalty interests assigned through the Declaration of Trust. Nonparticipating perpetual royalty interests in 5,308 NRA as of June 30, 2026 and December 31, 2025. (3)Royalty interest in 33,380 NRA as of June 30, 2026 and December 31, 2025 There were no acquisitions of oil and gas royalty interests during the six months ended June 30, 2026. During the six months ended June 30, 2025, we acquired oil and gas royalty interests for a purchase price of approximately $3.5 million, net of post-closing adjustments. In addition, during the six months ended June 30, 2025, we received a $3.9 million post-closing adjustment from the seller related to curative title defects for a prior year acquisition. There were no sales of oil and gas royalty interests during the six months ended June 30, 2026 or 2025. Depletion expense was $11.1 million and $8.7 million for the three months ended June 30, 2026 and 2025, respectively. Depletion expense was $19.7 million and $16.0 million for the six months ended June 30, 2026 and 2025, respectively.

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