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EARNINGS (LOSS) PER COMMON UNIT | 12 Months Ended
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Dec. 31, 2025
EARNINGS (LOSS) PER COMMON UNIT |
EARNINGS (LOSS) PER COMMON UNIT | NOTE 11—EARNINGS (LOSS) PER COMMON UNIT Basic earnings (loss) per common unit is calculated by dividing net income attributable to common units by the weighted-average number of common units outstanding during the period. Diluted net income per common unit gives effect, when applicable, to unvested restricted units granted under the Partnership’s A&R LTIP (as defined in Note 12) for its employees and directors and potential conversion of Series A preferred units and Class B units. The Partnership uses the “if-converted” method to determine the potential dilutive effect of exchanges of outstanding Series A preferred units and Class B units (and corresponding units of Kimbell Royalty Partners, LP), and the treasury stock method to determine the potential dilutive effect of vesting of outstanding restricted units granted under the Partnership’s LTIP. The Partnership does not use the two-class method because the Class B units and the unvested restricted units granted under the Partnership’s A&R LTIP are nonparticipating securities. The following table summarizes the calculation of weighted average common units outstanding used in the computation of diluted earnings (loss) per common unit: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Year Ended December 31,
​ | ​ | 2025 | ​ | 2024 | ​ | 2023
​ | ​ | (In thousands)
Net income (loss) attributable to common units of Kimbell Royalty Partners, LP | ​ | $ | 56,037 | ​ | $ | (8,839) | ​ | $ | 60,142
Net adjustment to accretion of redeemable non-controlling interest in Kimbell Tiger Acquisition Corporation and write-off of deferred underwriting commissions | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 1,572
Net (loss) income attributable to common units of Kimbell Royalty Partners, LP after accretion of redeemable non-controlling interest in Kimbell Tiger Acquisition Corporation and write-off of deferred underwriting commissions | ​ | ​ | 56,037 | ​ | ​ | (8,839) | ​ | ​ | 61,714
Distribution and accretion on Series A preferred units | ​ | ​ | 34,852 | ​ | ​ | 21,091 | ​ | ​ | 6,310
Net income (loss) attributable to non-controlling interests in OpCo and distribution to Class B unitholders | ​ | ​ | 8,762 | ​ | ​ | (1,182) | ​ | ​ | 16,554
Diluted net income attributable to common units of Kimbell Royalty Partners, LP | ​ | $ | 99,651 | ​ | $ | 11,070 | ​ | $ | 84,578
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Weighted average number of common units outstanding: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Basic | ​ | ​ | 90,803 | ​ | ​ | 76,240 | ​ | ​ | 66,595
Effect of dilutive securities: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Series A preferred units | ​ | ​ | 14,506 | ​ | ​ | 21,566 | ​ | ​ | 6,500
Class B units | ​ | ​ | 14,495 | ​ | ​ | 17,116 | ​ | ​ | 18,851
Restricted units | ​ | ​ | 1,503 | ​ | ​ | 1,127 | ​ | ​ | 1,112
Diluted | ​ | ​ | 121,307 | ​ | ​ | 116,049 | ​ | ​ | 93,058
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Net income per unit attributable to common units of Kimbell Royalty Partners, LP | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Basic | ​ | $ | 0.62 | ​ | $ | (0.12) | ​ | $ | 0.93
Diluted | ​ | $ | 0.62 | ​ | $ | (0.12) | ​ | $ | 0.91
​ The calculation of diluted net income per share for the years ended December 31, 2025 and 2023 includes the conversion of Series A preferred units to common units and Class B units to common units calculated using the “if-converted” method and units of unvested restricted units calculated using the treasury stock method. The calculation of diluted net loss per share for the year ended December 31, 2024 excludes the conversion of Series A preferred units to common units, the conversion of Class B units to common units and unvested restricted units because their inclusion in the calculation would be anti-dilutive.

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