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55f

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-K

​ | ​
☒ | ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
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For the fiscal year ended: December 31, 2025
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☐ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
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For the transition period from to

Commission file number: 001-38005

Kimbell Royalty Partners, LP

(Exact name of registrant as specified in its charter)

​ | ​ | ​
Delaware (State or other jurisdiction of incorporation or organization) | 1311 (Primary Standard Industrial Classification Code Number) | 47-5505475 (I.R.S. Employer Identification No.)

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777 Taylor Street, Suite 810

Fort Worth, Texas 76102

(817) 945-9700

(Address, including zip code, and telephone number, including area code, of registrant’s principal executive offices)

Securities registered pursuant to Section 12(b) of the Exchange Act:

​ | ​ | ​ | ​ | ​
Title of class | ​ | Trading Symbol | ​ | Name of each exchange on which registered
Common Units Representing Limited Partner Interests | ​ | KRP | ​ | New York Stock Exchange

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Securities registered pursuant to Section 12(g) of the Exchange Act: None

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes ☒ No ☐

Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or 15(d) of the Act. Yes ☐ No ☒

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer | ☒ | ​ | Accelerated filer | ☐
Non-accelerated filer | ☐ | ​ | Smaller reporting company | ☐
Emerging growth company | ☐ | ​ | ​ | ​
​ | ​ | ​ | ​

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report. ☒

If securities are registered pursuant to Section 12(b) of the Exchange Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction of an error to previously issued financial statements. Yes ☐ No ☒

Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant’s executive officers during the relevant recovery period pursuant to §240.10D-1(b). ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

The aggregate market value of the registrant’s common units held by non-affiliates of the registrant as of June 30, 2025, was $1.2 billion, based on the closing price of such common units of $13.96 as reported on the New York Stock Exchange on June 30, 2025. As of February 20, 2026, the registrant had outstanding 93,396,488 common units representing limited partner interests and 14,491,540 Class B units representing limited partner units.

Documents Incorporated by Reference: None

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Table of Contents

Kimbell Royalty Partners, LP

​

TABLE OF CONTENTS

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PART I
Item 1. Business | 12
Item 1A. Risk Factors | 33
Item 1B. Unresolved Staff Comments | 65
Item 1C. Cybersecurity | 65
Item 2. Properties | 67
Item 3. Legal Proceedings | 67
Item 4. Mine Safety Disclosures | 67
PART II
Item 5. Market for Registrant’s Common Equity, Related Unitholder Matters and Issuer Purchases of Equity Securities | 68
Item 6. [Reserved] | 71
Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations | 71
Item 7A. Quantitative and Qualitative Disclosures about Market Risk | 85
Item 8. Financial Statements and Supplementary Data | 89
Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure | 89
Item 9A. Controls and Procedures | 90
Item 9B. Other Information | 93
Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections | 93
​ | ​
PART III
Item 10. Directors, Executive Officers and Corporate Governance | 93
Item 11. Executive Compensation and Other Information | 97
Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Unitholder Matters | 107
Item 13. Certain Relationships and Related Party Transactions, and Director Independence | 111
Item 14. Principal Accounting Fees and Services | 116
PART IV
Item 15. Exhibits, Financial Statement Schedules | 116
Item 16. Form 10-K Summary | 119
Signatures | 120

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GLOSSARY OF TERMS

The following are definitions of certain terms used in this Annual Report on Form 10-K (“Annual Report”).

Basin. A large depression on the earth’s surface in which sediments accumulate.

Bbl. One stock tank barrel, or 42 U.S. gallons liquid volume.

Boe. Barrels of oil equivalent, with six thousand cubic feet of natural gas being equivalent to one barrel of oil at the pressure and temperature base standard of each respective state in which the gas is produced.

Boe/d. Boe per day.

British Thermal Unit (Btu). The quantity of heat required to raise the temperature of one pound of water by one degree Fahrenheit.

Completion. The process of treating a drilling well followed by the installation of permanent equipment for the production of natural gas or oil, or in the case of a dry hole, the reporting of abandonment to the appropriate agency.

Condensate. Liquid hydrocarbons associated with the production of a primarily natural gas reserve.

Crude oil. Liquid hydrocarbons retrieved from geological structures underground to be refined into fuel sources.

Deterministic method. The method of estimating reserves or resources under which a single value for each parameter (from the geoscience, engineering, or economic data) in the reserves calculation is used in the reserves estimation procedure.

Developed acreage. The number of acres that are allocated or assignable to productive wells or wells capable of production.

Development costs. Capital costs incurred in the acquisition, exploitation and exploration of proved oil and natural gas reserves divided by proved reserve additions and revisions to proved reserves.

Development well. A well drilled within the proved area of an oil and natural gas reservoir to the depth of a stratigraphic horizon known to be productive.

Differential. An adjustment to the price of oil or natural gas from an established spot market price to reflect differences in the quality and/or location of oil or natural gas.

DUCs. Drilled but uncompleted wells.

Dry hole or dry well. A well found to be incapable of producing hydrocarbons in sufficient quantities such that proceeds from the sale of such production exceed production expenses and taxes.

Economically producible. A resource that generates revenue that exceeds, or is reasonably expected to exceed, the costs of the operation.

Electrical log. Provide information on porosity, hydraulic conductivity and fluid content of formations drilled in fluid-filled boreholes.

Exploration. A drilling or other project which may target proven or unproven reserves (such as probable or possible reserves).

Extension well. A well drilled to extend the limits of a known reservoir.

Field. An area consisting of either a single reservoir or multiple reservoirs, all grouped on or related to the same individual geological structural feature and/or stratigraphic condition.

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Formation. A layer of rock which has distinct characteristics that differs from nearby rock.

Fracturing. The process of creating and preserving a fracture or system of fractures in a reservoir rock typically by injecting a fluid under pressure through a wellbore and into the targeted formation.

Gross acres or gross wells. The total acres or wells, as the case may be, in which a working interest is owned.

Horizontal drilling. A drilling technique used in certain formations where a well is drilled vertically to a certain depth and then drilled at a right angle within a specified interval.

Hydraulic fracturing. A process used to stimulate production of hydrocarbons. The process involves the injection of water, sand and chemicals under pressure into the formation to fracture the surrounding rock and stimulate production.

Lease bonus. Usually a one-time payment made to a mineral owner as consideration for the execution of an oil and natural gas lease.

Lease operating expense. All direct and allocated indirect costs of lifting hydrocarbons from a producing formation to the surface constituting part of the current operating expenses of a working interest. Such costs include labor, superintendence, supplies, repairs, maintenance, allocated overhead charges, workover, insurance and other expenses incidental to production, but exclude lease acquisition or drilling or completion expenses.

MBbl/d. MBbl per day.

MBbls. One thousand barrels of oil or other liquid hydrocarbons.

MBoe. One thousand barrels of oil equivalent, determined using a ratio of six Mcf of natural gas to one Bbl of oil.

Mcf. One thousand cubic feet of natural gas.

Mineral interests. Real-property interests that grant ownership of the oil and natural gas under a tract of land and the rights to explore for, drill for and produce oil and natural gas on that land or to lease those exploration and development rights to a third party.

MMBtu. One million British Thermal Units.

MMcf. One million cubic feet of natural gas.

Net acres. The sum of the fractional working interest owned in gross acres.

Net revenue interest. An owner’s interest in the revenues of a well after deducting proceeds allocated to royalty, overriding royalty and other non-cost-bearing interests.

Natural gas. A combination of light hydrocarbons that, in average pressure and temperature conditions, is found in a gaseous state. In nature, it is found in underground accumulations, and may potentially be dissolved in oil or may also be found in its gaseous state.

Natural gas liquids or NGLs. Hydrocarbons found in natural gas which may be extracted as liquefied petroleum gas and natural gasoline.

Nonparticipating royalty interest. A type of non-cost-bearing royalty interest, which is carved out of the mineral interest and represents the right, which is typically perpetual, to receive a fixed cost-free percentage of production or revenue from production, without an associated right to lease.

Oil. Crude oil and condensate.

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Oil and natural gas properties. Tracts of land consisting of properties to be developed for oil and natural gas resource extraction.

Operator. The individual or company responsible for the exploration and/or production of an oil or natural gas well or lease. Refers to the operator of record and any lessor or working interest holder for which the operator is acting.

Overriding royalty interest or ORRI. A fractional, undivided interest or right of participation in the oil or natural gas, or in the proceeds from the sale of the oil or gas, produced from a specified tract or tracts, which are limited in duration to the terms of an existing lease and which are not subject to any portion of the expense of development, operation or maintenance.

Pad drilling. The practice of drilling multiple wellbores from a single surface location.

PDP. Proved developed producing.

Play. A set of discovered or prospective oil and/or natural gas accumulations sharing similar geologic, geographic and temporal properties, such as source rock, reservoir structure, timing, trapping mechanism and hydrocarbon type.

Plugging and abandonment. Refers to the sealing off of fluids in the strata penetrated by a well so that the fluids from one stratum will not escape into another or to the surface. Regulations of all states require plugging of abandoned wells.

Pooling. The majority of our producing acreage is pooled with third party acreage. Pooling refers to an operator’s consolidation of multiple adjacent leased tracts, which may be covered by multiple leases with multiple lessors, in order to maximize drilling efficiency or to comply with state mandated well spacing requirements. Pooling dilutes our royalty in a given well or unit, but it also increases both the acreage footprint and the number of wells in which we have an economic interest. To estimate our total potential drilling locations in a given play, we include third party acreage that is pooled with our acreage.

Production costs. The production or operational costs incurred while extracting and producing, storing and transporting oil and/or natural gas. Typical of these costs are wages for workers, facilities lease costs, equipment maintenance, logistical support, applicable taxes and insurance.

PUD. Proved undeveloped.

Productive well. A well that is found to be capable of producing hydrocarbons in sufficient quantities such that proceeds from the sale of the production exceed production expenses and taxes.

Prospect. A specific geographic area which, based on supporting geological, geophysical or other data and also preliminary economic analysis using reasonably anticipated prices and costs, is deemed to have potential for the discovery of commercial hydrocarbons.

Proved developed reserves. Reserves that can be expected to be recovered through existing wells with existing equipment and operating methods.

Proved developed producing reserves. Reserves expected to be recovered from existing completion intervals in existing wells.

Proved reserves. The estimated quantities of oil, natural gas and NGLs which geological and engineering data demonstrate with reasonable certainty to be commercially recoverable in future years from known reservoirs under existing economic and operating conditions.

Proved undeveloped reserves. Proved reserves that are expected to be recovered from new wells on undrilled acreage or from existing wells where a relatively major expenditure is required for recompletion.

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Recompletion. The process of re-entering an existing wellbore that is either producing or not producing and completing new reservoirs in an attempt to establish or increase existing production.

Reserves. Reserves are estimated remaining quantities of oil and natural gas and related substances anticipated to be economically producible, as of a given date, by application of development projects to known accumulations. In addition, there must exist, or there must be a reasonable expectation that there will exist, the legal right to produce or a revenue interest in the production, installed means of delivering oil and natural gas or related substances to the market and all permits and financing required to implement the project. Reserves should not be assigned to adjacent reservoirs isolated by major, potentially sealing, faults until those reservoirs are penetrated and evaluated as economically producible. Reserves should not be assigned to areas that are clearly separated from a known accumulation by a non-productive reservoir (i.e., absence of reservoir, structurally low reservoir or negative test results). Such areas may contain prospective resources (i.e., potentially recoverable resources from undiscovered accumulations).

Reservoir. A porous and permeable underground formation containing a natural accumulation of producible natural gas and/or oil that is confined by impermeable rock or water barriers and is separate from other reservoirs.

Resource play. A set of discovered or prospective oil and/or natural gas accumulations sharing similar geologic, geographic and temporal properties, such as source rock, reservoir structure, timing, trapping mechanism and hydrocarbon type.

Royalty interest. An interest that gives an owner the right to receive a portion of the resources or revenues without having to carry any costs of development.

SCOOP. South Central Oklahoma Oil Province.

Secondary recovery. The second stage of hydrocarbon production during which an external fluid, such as water or gas, is injected into the reservoir through injection wells located in rock that has fluid communication with production wells.

Seismic data. Seismic data is used by scientists to interpret the composition, fluid content, extent and geometry of rocks in the subsurface. Seismic data is acquired by transmitting a signal from an energy source, such as dynamite or water, into the earth. The energy so transmitted is subsequently reflected beneath the earth’s surface and a receiver is used to collect and record these reflections.

Shale. A fine grained sedimentary rock formed by consolidation of clay- and silt-sized particles into thin, relatively impermeable layers. Shale can include relatively large amounts of organic material compared with other rock types and thus has the potential to become rich hydrocarbon source rock. Its fine grain size and lack of permeability can allow shale to form a good cap rock for hydrocarbon traps.

Spacing. The distance between wells producing from the same reservoir. Spacing is often expressed in terms of acres, e.g., 40-acre spacing, and is often established by regulatory agencies.

STACK. Sooner Trend, Anadarko Basin, Canadian and Kingfisher counties, Oklahoma.

Standardized measure. The present value of estimated future net revenue to be generated from the production of proved reserves, determined in accordance with the rules and regulations of the Securities and Exchange Commission (using prices and costs in effect as of the date of estimation), less future development, production and income tax expenses, and discounted at 10% per annum to reflect the timing of future net revenue. Standardized measure does not give effect to derivative transactions.

Tertiary recovery. Traditionally, the third stage of hydrocarbon production, comprising recovery methods that follow water flooding or pressure maintenance. The principal tertiary recovery techniques used are thermal methods, gas injection and chemical flooding.

Tight formation. A formation with low permeability that produces natural gas with low flow rates for long periods of time.

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Undeveloped acreage. Lease acreage on which wells have not been drilled or completed to a point that would permit the production of commercial quantities of oil and natural gas regardless of whether such acreage contains proved reserves.

Wellbore. The hole drilled by the bit that is equipped for oil or natural gas production on a completed well.

Working interest. An operating interest that gives the owner the right to drill, produce and conduct operating activities on the property and receive a share of production and requires the owner to pay a share of the costs of drilling and production operations.

WTI. West Texas Intermediate oil, which is a light, sweet crude oil, characterized by an American Petroleum Institute gravity, of API gravity, between 39 and 41 and a sulfur content of approximately 0.4 weight percent that is used as a benchmark for the other crude oils.

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Cautionary Statement Regarding Forward-Looking Statements

Certain statements and information in this Annual Report may constitute forward-looking statements. Forward-looking statements give our current expectations, contain projections of results of operations or of financial condition, or forecasts of future events. Words such as “may,” “assume,” “forecast,” “position,” “predict,” “strategy,” “expect,” “intend,” “plan,” “estimate,” “anticipate,” “believe,” “project,” “budget,” “potential,” or “continue,” and similar expressions are used to identify forward-looking statements. They can be affected by assumptions used or by known or unknown risks or uncertainties. Consequently, no forward-looking statements can be guaranteed. When considering these forward-looking statements, you should keep in mind the risk factors and other cautionary statements in this Annual Report. Actual results may vary materially. You are cautioned not to place undue reliance on any forward-looking statements. You should also understand that it is not possible to predict or identify all such factors and should not consider the following list to be a complete statement of all potential risks and uncertainties. All comments concerning our expectations for future revenues and operating results are based on our forecasts for our existing operations and do not include the potential impact of future operations or acquisitions. Factors that could cause our actual results to differ materially from the results contemplated by such forward-looking statements include:

| ● | our ability to replace our reserves;

| ● | our ability to make, consummate and integrate acquisitions of assets or businesses and realize the benefits or effects of any acquisitions or the timing, final purchase price or consummation of any acquisitions;

| ● | our ability to execute our business strategies;

| ● | the volatility of realized prices for oil, natural gas and NGLs, including as a result of actions by, or disputes among or between, members of the Organization of Petroleum Exporting Countries (“OPEC”) and other foreign, oil-exporting countries;

| ● | the level of production on our properties;

| ● | the level of drilling and completion activity by the operators of our properties;

| ● | our ability to forecast identified drilling locations, gross horizontal wells, drilling inventory and estimates of reserves on our properties and on properties we seek to acquire;

| ● | regional supply and demand factors, delays or interruptions of production;

| ● | industry, economic, business or political conditions, including the energy and environmental proposals being considered and evaluated by the federal government and other regulating bodies;

| ● | trade policies and tensions, including changes in, or the imposition of, tariffs and/or trade barriers and the economic impacts, volatility and uncertainty resulting therefrom, which may have varying effects on commodity prices;

| ● | the continued threat of terrorism and the impact of military and other action and armed conflict, such as the current conflict between Russia and Ukraine, the conflict in the Middle East and recent U.S. military action in Venezuela;

| ● | revisions to our reserve estimates as a result of changes in commodity prices, decline curves and other uncertainties;

| ● | impacts of impairment expense on our financial statements;

| ● | competition in the oil and natural gas industry generally and the mineral and royalty industry in particular;

| ● | the ability of the operators of our properties to obtain capital or financing needed for development and exploration operations;

| ● | title defects in the properties in which we acquire an interest;

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| ● | the availability or cost of rigs, completion crews, equipment, raw materials, supplies, oilfield services or personnel to the operators of our properties;

| ● | restrictions on or the availability of the use of water in the business of the operators of our properties;

| ● | the availability of transportation facilities;

| ● | the ability of the operators of our properties to comply with applicable governmental laws and regulations and to obtain permits and governmental approvals;

| ● | federal and state legislative and regulatory initiatives relating to the environment, hydraulic fracturing, tax laws and other matters affecting the oil and gas industry, including regulation, proposals and executive orders focused on addressing climate change;

| ● | future operating results;

| ● | exploration and development drilling prospects, inventories, projects and programs;

| ● | operating hazards faced by the operators of our properties;

| ● | the ability of the operators of our properties to keep pace with technological advancements;

| ● | uncertainties regarding United States federal income tax law, including the treatment of our future earnings and distributions;

| ● | our ability to maintain effective internal controls over financial reporting and disclosure controls and procedures; and

| ● | certain factors discussed elsewhere in this Annual Report.

Readers are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date hereof. We undertake no obligation to publicly update or revise any forward-looking statements after the date they are made, whether as a result of new information, future events or otherwise. All forward-looking statements are expressly qualified in their entirety by the foregoing cautionary statements.

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Summary of Risk Factors

Risks Related to Our Organization and Structure

| ● | We may not have sufficient available cash to pay any quarterly distribution on our common units (defined below).

| ● | Our cash flow may prevent us from paying cash distributions.

| ● | The amount of our quarterly cash distributions, if any, is directly dependent on the performance of our business. We do not have a minimum quarterly distribution and could pay no distribution with respect to any particular quarter.

| ● | Our partnership agreement requires that we distribute all of our available cash, which could limit our ability to grow and make acquisitions.

| ● | The limited liability company agreement of our General Partner (defined below) contains provisions that may restrict our ability to pursue our business strategies.

| ● | Our General Partner and its affiliates, including our Sponsors (defined below) and their affiliates, have conflicts of interest with us and limited duties to us and our unitholders.

| ● | Our partnership agreement does not restrict our Sponsors and their affiliates or the Contributing Parties (defined below) from competing with us.

| ● | Our General Partner intends to limit its liability under contractual arrangements between us and third parties such that these third parties would not have recourse against our General Partner or its assets.

| ● | Neither we, our General Partner nor our subsidiaries have any employees, and we rely solely on Kimbell Operating (defined below) to manage and operate, or arrange for the management and operation of, our business.

| ● | Our partnership agreement restricts the remedies available to our unitholders for actions by our General Partner that might otherwise constitute breaches of fiduciary duty.

| ● | Our partnership agreement replaces our General Partner’s fiduciary duties with contractual standards.

| ● | Holders of our common units have limited voting rights and cannot elect our General Partner or its directors.

| ● | Even if our unitholders are dissatisfied, they cannot remove our General Partner without its consent.

| ● | Our partnership agreement restricts the voting rights of unitholders owning 20% or more of the interests in any class of our securities.

| ● | Cost reimbursements due to our General Partner for services provided to us or on our behalf will reduce cash available for distribution.

| ● | Our General Partner interest or the control of our General Partner may be transferred to a third party without unitholder consent.

| ● | Our sole cash-generating asset is our membership interest in the Operating Company.

| ● | Unitholders may have liability to repay distributions and may be personally liable for the obligations of the partnership.

| ● | Increases in interest rates may cause the market price of our common units to decline.

| ● | Our General Partner has a call right that may require unitholders to sell their units.

| ● | We may issue additional common units and other equity interests ranking junior to the Series A preferred units without unitholder approval, which would dilute existing common unitholder ownership interests.

| ● | There are no limitations in our partnership agreement on our ability to issue units ranking senior in right of distributions or liquidation to our common units.

| ● | The market price of our common units could be materially adversely affected by sales of substantial amounts of our common units in the public or private markets.

| ● | The price of our common units may fluctuate, and unitholders could lose their investment.

| ● | The New York Stock Exchange (the “NYSE”) does not require a publicly traded partnership to comply with certain corporate governance requirements.

| ● | Our partnership agreement includes exclusive forum, venue and jurisdiction provisions applicable to our unitholders.

| ● | If a unitholder is an ineligible holder, the units of such unitholder may be subject to redemption.

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| ● | Our Series A preferred units have rights, preferences and privileges that are not held by, and are preferential to the rights of, holders of our common units.

| ● | The terms of our Series A preferred units contain covenants that may limit our business flexibility.

Risks Related to Economic Conditions and Our Industry

| ● | Our revenues are derived from royalty payments that are based on the variable prices at which oil, natural gas and NGLs are sold.

| ● | A deterioration in general economic, business or industry conditions would materially adversely affect our business.

| ● | Conservation measures and technological advances could reduce demand for oil and natural gas.

| ● | Intense competition in the oil and natural gas industry may adversely affect our operators.

| ● | The results of exploratory drilling in shale plays will be subject to risks and may not meet our expectations for reserves or production.

| ● | The marketability of oil and natural gas production is dependent upon transportation and other facilities.

| ● | Drilling for and producing oil and natural gas are high-risk activities.

Risks Related to Our Indebtedness and Derivatives

| ● | Our derivative activities could result in financial losses and reduce earnings.

| ● | Restrictions in our secured revolving credit facility and future debt agreements could limit our growth or ability to pay distributions.

| ● | Any significant reduction in our borrowing base under our secured revolving credit facility may negatively impact our ability to fund our operations.

| ● | Our debt levels may limit our flexibility to obtain additional financing.

Risks Related to Our Operations

| ● | Our business is difficult to evaluate because we have made several significant acquisitions.

| ● | We depend on unaffiliated operators for all of the exploration, development and production on the properties in which we own mineral and royalty interests.

| ● | We may not be able to terminate our leases if any of the operators of our properties declare bankruptcy.

| ● | Our success depends on replacing reserves through acquisitions and the development of our properties.

| ● | Our failure to identify, complete and integrate acquisitions would slow our growth.

| ● | Any acquisitions of additional mineral and royalty interests will be subject to substantial risks.

| ● | If we are unable to make acquisitions on economically acceptable terms, our future growth will be limited.

| ● | Prospect areas on our properties may not yield oil or natural gas in commercially viable quantities.

| ● | Our estimated reserves are based on many assumptions that may prove to be inaccurate.

| ● | We do not intend to retain cash from our operations for replacement capital expenditures.

| ● | We rely on a few key individuals whose absence or loss could materially adversely affect our business.

| ● | Loss of our or our operators’ information and computer systems could materially adversely affect our business.

| ● | Title to the properties in which we have an interest may be impaired by title defects.

| ● | The potential drilling locations of operators of our properties are susceptible to uncertainties.

| ● | Acreage must be drilled before lease expiration in order to hold the acreage by production.

| ● | The unavailability, high cost, or shortages of materials, equipment or personnel may result in increased costs for our operators.

| ● | Operating hazards and uninsured risks may result in substantial losses to the operators of our properties, which could materially adversely affect our business.

| ● | If the operators of our properties suspend our right to receive royalty payments for any reason, our business may be adversely affected.

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| ● | We will be required to take write-downs of the carrying values of our proved properties if commodity prices decrease to a level such that the future cash flows discounted at 10% from our proved properties are less than their carrying value.

Tax Risks to Common Unitholders

| ● | We may incur substantial income tax liabilities.

| ● | Taxable gain or loss on the sale of our common units could be more or less than expected.

| ● | Our tax liability may be greater than expected if we do not generate sufficient depletion deductions.

| ● | Future tax legislation could have an adverse impact on our cash tax liabilities.

| ● | Certain decreases in the price of our common units could adversely affect our cash available for distribution.

| ● | The IRS Form 1099-DIV that you receive from your broker may over-report your dividend income and failure to report your dividend income accurately may cause the IRS to assert audit adjustments.

| ● | The portion of our distributions taxable as dividends may be greater than expected.

| ● | If the Operating Company became a publicly traded partnership taxable as a corporation for United States federal income tax purposes, we and the Operating Company might be subject to potentially significant tax inefficiencies.

Legal, Environmental and Regulatory Risks

| ● | Oil and natural gas operations are subject to various governmental laws and regulations, and compliance with such laws and regulations can be burdensome and expensive.

| ● | The operators of our properties are subject to complex and evolving environmental and occupational health and safety laws and regulations that may cause delays or expenses that could materially adversely affect our business.

| ● | Federal and state legislative and regulatory initiatives relating to hydraulic fracturing could result in increased costs and additional operating restrictions or delays.

| ● | The adoption of climate change legislation and regulations could result in increased operating costs of our operators and reduced demand for oil and natural gas.

| ● | Changes in U.S. trade policy and the impact of tariffs may have a material adverse effect on our business and results of operations.

General Risk Factors

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| ● | Increased costs of capital could materially adversely affect our business.

| ● | A terrorist attack or armed conflict could harm our business.

| ● | Cyber-attacks targeting systems and infrastructure used by the oil and gas industry and related regulations may adversely impact our operations.

| ● | Ineffective internal controls could impact our business and operating results.

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PART I

Unless the context otherwise requires, references to “Kimbell Royalty Partners, LP,” “our Partnership,” “we,” “our,” “us” or like terms refer to Kimbell Royalty Partners, LP and its subsidiaries. References to the “Operating Company” or “OpCo” refer to our subsidiary Kimbell Royalty Operating, LLC. References to “our General Partner” refer to Kimbell Royalty GP, LLC. References to “our Sponsors” refer to affiliates of our founders, Robert D. Ravnaas, Brett G. Taylor and Mitch S. Wynne, respectively. References to “Kimbell Holdings” refer to Kimbell GP Holdings, LLC, a jointly owned subsidiary of our Sponsors and the parent of our General Partner. References to the “Contributing Parties” refer to all entities and individuals, including affiliates of our Sponsors, that contributed, directly or indirectly, certain mineral and royalty interests to us at the closing of our initial public offering (“IPO”). References to “Kimbell Operating” refer to Kimbell Operating Company, LLC, a wholly owned subsidiary of our General Partner, which has entered into separate services agreements with entities controlled by affiliates of certain of our Sponsors and certain Contributing Parties as described herein.

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Item 1. Business

Overview

We are a Delaware limited partnership formed in 2015 to own and acquire mineral and royalty interests in oil and natural gas properties throughout the United States. We have elected to be taxed as a corporation for United States federal income tax purposes. As an owner of mineral and royalty interests, we are entitled to a portion of the revenues received from the production of oil, natural gas and associated NGLs from the acreage underlying our interests, net of post-production expenses and taxes. We are not obligated to fund drilling and completion costs, lease operating expenses or plugging and abandonment costs at the end of a well’s productive life. Our primary business objective is to provide increasing cash distributions to unitholders resulting from acquisitions from third parties, our Sponsors and the Contributing Parties and from organic growth through the continued development by working interest owners of the properties in which we own an interest.

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The diagram below depicts a simplified version of our organizational structure as of February 20, 2026:

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(1) | The Sponsors are affiliates of our founders, Messrs. R. Ravnaas, Taylor and Wynne.

(2) | Includes common units representing limited partner interests in the Partnership (“common units”) beneficially owned by the Sponsors other than those reflected as held by Kimbell GP Holdings, LLC. Also includes common units beneficially owned by our directors and officers and other of our affiliates.

(3) | Includes the Kimbell Art Foundation, Cupola Royalty Direct LLC, Rivercrest Capital Partners LP and MB Minerals L.P. and other holders or their respective affiliates.

(4) | Kimbell Operating has entered into a management services agreement with us and separate management services agreements with entities controlled by affiliates of certain of our Sponsors and certain Contributing Parties for the provision of certain management, administrative and operational services.

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Our Oil and Gas Assets

We categorize our oil and gas assets into two groups: mineral interests and overriding royalty interests.

Mineral Interests

Mineral interests are real property interests that are typically perpetual and grant ownership to all the oil and natural gas lying below the surface of the property, as well as the right to explore, drill and produce oil and natural gas on that property or to lease such rights to a third party. Mineral owners typically grant oil and gas leases to operators for an initial three-year term with an upfront cash payment to the mineral owners known as a lease bonus. Under the lease, the mineral owner retains a royalty interest entitling it to a cost-free percentage (usually ranging from 20-25%) of production or revenue from production. The lease can be extended beyond the initial term with continuous drilling, production or other operating activities. When production or drilling ceases on the leased property, the lease is typically terminated, subject to certain exceptions, and all mineral rights revert back to the mineral owner who can then lease the exploration and development rights to another party. We also own royalty interests that have been carved out of mineral interests and are known as nonparticipating royalty interests. Nonparticipating royalty interests are typically perpetual and have rights similar to mineral interests, including the right to a cost-free percentage of production revenues for minerals extracted from the acreage, without the associated executive right to lease and the right to receive lease bonuses.

We combine our mineral and nonparticipating royalty assets into one category because they share many of the same characteristics due to the nature of the underlying interest. For example, we receive similar royalties from operators with respect to our mineral interests or nonparticipating royalty interests as long as such interests are subject to an oil and gas lease. When evaluating our business, our management team does not distinguish between mineral and nonparticipating royalty interests on leased acreage due to the similarity of the royalties received by the interests.

Overriding Royalty Interests

In addition to mineral interests, we also own overriding royalty interests, which are royalty interests that burden the working interests of a lease and represent the right to receive a fixed, cost-free percentage of production or revenue from production from a lease. Overriding royalty interests typically remain in effect until the associated lease expires and, because substantially all the underlying leases are perpetual so long as production in paying quantities perpetuates the leasehold, substantially all of our overriding royalty interests are likewise perpetual.

Overview of Our Oil and Gas Assets and Operations

As of December 31, 2025, we owned mineral and royalty interests in approximately 12.3 million gross acres and overriding royalty interests in approximately 4.7 million gross acres, with approximately 54% of our aggregate acres located in the Permian Basin and Mid-Continent. We refer to these non-cost-bearing interests collectively as our “mineral and royalty interests.” As of December 31, 2025, over 99% of the acreage subject to our mineral and royalty interests was leased to working interest owners (including approximately 100% of our overriding royalty interests), and substantially all of those leases were held by production. Our mineral and royalty interests are located in 28 states and in every major onshore basin across the continental United States and include ownership in over 133,000 gross wells, including over 53,000 wells in the Permian Basin. The geographic breadth of our assets gives us exposure to potential production and reserves from new and existing plays. Over the long term, we expect working interest owners will continue to develop our acreage through infill drilling, horizontal drilling, hydraulic fracturing, recompletions and secondary and tertiary recovery methods. As an owner of mineral and royalty interests, we benefit from the continued development of the properties in which we own an interest without the need for investment of additional capital by us.

As of December 31, 2025, the estimated proved oil, natural gas and NGL reserves attributable to our interests in our underlying acreage were 72,944 MBoe (51.2% liquids, consisting of 30.1% oil and 21.1% NGLs) based on the reserve report prepared by Ryder Scott Company, L.P. (“Ryder Scott”). All of our reserves were classified as proved developed reserves. The properties underlying our mineral and royalty interests typically have low estimated decline rates. Our PDP reserves have an average estimated yearly decline rate of 13.5% during the initial five-years.

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Our revenues are derived from royalty payments we receive from the operators of our properties based on the sale of oil and natural gas production, as well as the sale of NGLs that are extracted from natural gas during processing. As of December 31, 2025, there were approximately 1,300 operators actively producing on our acreage, with our top ten operators (Conoco Phillips, Vital Energy, EOG Resources, Inc., Occidental Petroleum, Diamondback E&P LLC, CPX Energy Operating LLC, Pioneer Natural Resources Company, Devon Energy Production Company, Ovintiv Exploration
Inc. and Verdun Oil Company) together accounting for approximately 47.1% of our revenues.

During the years ended December 31, 2025, 2024 and 2023, payments we received from our top purchaser accounted for approximately 7.7%, 9.1% and 6.7%, respectively, of our revenues. We do not believe that the loss of any individual purchaser would have a material adverse effect on us due to the high number of purchasers actively producing on our acreage. As of December 31, 2025, there were 85 rigs (representing 16.1% market share of all rigs drilling in the continental United States as of such time) operating on our acreage compared to 87 rigs operating on our acreage as of December 31, 2024. Please read “Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations—Business Environment” for further discussion.

Our revenues and the amount of cash available for distribution on common units may vary significantly from period to period as a result of changes in volumes of production sold or changes in commodity prices. For the year ended December 31, 2025, our oil, natural gas and NGL revenues were generated 62% from oil sales, 25% from natural gas sales and 13% from NGL sales.

Business Strategies

Our primary business objective is to provide increasing cash distributions to unitholders resulting from acquisitions from third parties, our Sponsors and the Contributing Parties and from organic growth through the continued development by working interest owners of the properties in which we own an interest. We intend to accomplish this objective by executing the following strategies:

| ● | Acquire additional mineral and royalty interests from third parties and leverage our relationships with our Sponsors and the Contributing Parties to grow our business. We intend to make opportunistic acquisitions of mineral and royalty interests that have substantial resource and organic growth potential and meet our acquisition criteria, which include (i) mineral and royalty interests in high-quality producing acreage that enhance our asset base, (ii) significant amounts of recoverable oil and natural gas in place with geologic support for future production and reserve growth and (iii) a geographic footprint complementary to our diverse portfolio.

We also may have opportunities to acquire mineral or royalty interests from third parties jointly with our Sponsors and the Contributing Parties. We have a right to participate, at our option and on substantially the same or better terms, in up to 50% of any acquisitions, other than de minimis acquisitions, for which Messrs. R. Ravnaas, Taylor and Wynne provide, directly or indirectly, any oil and gas diligence, reserve engineering or other business services. We believe this arrangement will give us access to third party acquisition opportunities we might not otherwise be in a position to pursue. Please read “Item 13. Certain Relationships and Related Party Transactions, and Director Independence—Agreements and Transactions with Affiliates in Connection with our Initial Public Offering—Contribution Agreement.”

| ● | Acquire additional mineral and royalty interests from our Sponsors and the Contributing Parties. The Contributing Parties, including affiliates of our Sponsors, continue to own significant mineral and royalty interests in oil and gas properties. We believe our Sponsors and the Contributing Parties view our partnership as part of their growth strategy. In addition, we believe their direct or indirect ownership in us will incentivize them to offer us additional mineral and royalty interests from their existing asset portfolios in the future. The Contributing Parties have no obligation to sell any additional mineral and royalty interests to us or to accept any offer that we may make for any additional assets, and we may decide not to acquire such additional assets even if such Contributing Parties offer them to us. Please read “Item 13. Certain Relationships and Related Party Transactions, and Director Independence—Agreements and Transactions with Affiliates in Connection with our Initial Public Offering—Contribution Agreement.”

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| ● | Benefit from reserve, production and cash flow growth through organic production growth and development of our mineral and royalty interests. Our assets consist of diversified mineral and royalty interests. As of December 31, 2025, 56% and 54% of our well count and gross aggregate acreage, respectively, are located in the Permian Basin and Mid-Continent, which are among the most active areas in the country. Over the long term, we expect working interest owners will continue to develop our acreage through infill drilling, horizontal drilling, hydraulic fracturing, recompletions and secondary and tertiary recovery methods. As an owner of mineral and royalty interests, we are entitled to a portion of the revenues received from the production of oil, natural gas and associated NGLs from the acreage underlying our interests, net of post-production expenses and taxes. We are not obligated to fund drilling and completion costs, lease operating expenses or plugging and abandonment costs at the end of a well’s productive life. As such, we benefit from the continued development of the properties we own a mineral or royalty interest in without the need for investment of additional capital by us.

| ● | Maintain a conservative capital structure and prudently manage our business for the long term. We are committed to maintaining a conservative capital structure that will afford us the financial flexibility to execute our business strategies on an ongoing basis. The limited liability company agreement of our General Partner contains provisions that prohibit certain actions without a supermajority vote of at least 662/3% of the members of the General Partner’s Board of Directors (the “Board of Directors”). Among the actions requiring a supermajority vote are the incurrence of borrowings in excess of 2.5 times our Debt to EBITDAX Ratio (as defined in our General Partner’s limited liability company agreement) for the preceding four quarters and the issuance of any partnership interests that rank senior in right of distributions or liquidation to our common units. In addition, pursuant to the terms of our partnership agreement, we are prohibited from the issuance of any partnership interests that rank equal or senior in right of distributions or liquidation to our Series A Cumulative Convertible Preferred Units (“Series A preferred units”) without the consent of the holders of 662/3% of the outstanding Series A preferred units.

We have a $625.0 million secured revolving credit facility. During the year ended December 31, 2025, the Board of Directors approved the repayment of $56.5 million in outstanding borrowings under our secured revolving credit facility, which reduced our cash available for distribution on common units. Of the $56.5 million, $13.4 million was approved in connection with the fourth quarter distribution and will be repaid in the first quarter of 2026. With respect to future quarters, the Board of Directors may continue to allocate cash generated by our business to the repayment of outstanding borrowings under our secured revolving credit facility. We believe that this liquidity, along with internally generated cash from operations and access to capital markets, will provide us with the financial flexibility to grow our production, reserves and cash generated from operations through strategic acquisitions of mineral and royalty interests and the continued development of our existing assets.

Competitive Strengths

We believe that the following competitive strengths will allow us to successfully execute our business strategies and achieve our primary business objective:

| ● | Significant diversified portfolio of mineral and royalty interests in mature producing basins and exposure to undeveloped opportunities. We have a diversified, low decline asset base with exposure to high-quality conventional and unconventional plays. As of December 31, 2025, we owned mineral and royalty interests in approximately 12.3 million gross acres and overriding royalty interests in approximately 4.7 million gross acres, with approximately 54% of our aggregate acres located in the Permian Basin and Mid-Continent, and as of December 31, 2025, over 99% of the acreage subject to our mineral and royalty interests was leased to working interest owners (including approximately 100% of our overriding royalty interests), and substantially all of those leases were held by production. The estimated proved oil, natural gas and NGL reserves attributable to our interests in our underlying acreage were 72,944 MBoe (51.2% liquids, consisting of 30.1% oil and 21.1% NGLs) based on the reserve report prepared by Ryder Scott. All of our reserves were classified as proved developed reserves. The geographic breadth of our assets gives us exposure to potential production and reserves from new and existing plays without further required investment on our behalf. We believe that we will continue to benefit from these cost-free additions to production and reserves for the

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|  | foreseeable future as a result of technological advances and continuing interest by third party producers in development activities on our acreage.

| ● | Exposure to many of the leading resource plays in the United States. We expect the operators of our properties to continue to drill new wells and to complete drilled but uncompleted wells on our acreage, which we believe should substantially offset the natural production declines from our existing wells. We believe that our operators have significant drilling inventory remaining on the acreage underlying our mineral or royalty interests in multiple resource plays. Our mineral and royalty interests are located in 28 states and in every major onshore basin across the continental United States and include ownership in over 133,000 gross wells, including over 53,000 wells in the Permian Basin.

| ● | Financial flexibility to fund expansion. We believe that our conservative capital structure will permit us to maintain financial flexibility that will allow us to opportunistically purchase strategic mineral and royalty interests, subject to the supermajority vote provisions of the limited liability company agreement of our General Partner and the terms of our partnership agreement, which in certain circumstances requires the affirmative vote of 662/3% of our outstanding Series A preferred units, in each case as discussed above. Please read “Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations—Liquidity and Capital Resources—Indebtedness” for further information. We believe that we will be able to expand our asset base through acquisitions utilizing our secured revolving credit facility, internally generated cash from operations and access to capital markets.

| ● | Experienced and proven management team with a track record of making acquisitions. The members of our management team and Board of Directors have an average of over 33 years of oil and gas experience. Our management team and Board of Directors, which includes our founders, have a long history of buying mineral and royalty interests in high-quality producing acreage throughout the United States. Certain members of our management team have managed a significant investment program, investing in over 161 acquisitions. We believe we have a proven competitive advantage in our ability to source, engineer, evaluate, acquire and manage mineral and royalty interests in high-quality producing acreage.

Our Properties

Material Basins and Producing Regions

The following is an overview of the United States basins and producing regions we consider most material to our current and future business.

| ● | Permian Basin. The Permian Basin extends from southeastern New Mexico into West Texas and is currently one of the most active drilling regions in the United States. It includes three geologic provinces: the Midland Basin to the east, the Delaware Basin to the west and the Central Basin in between. The Permian Basin consists of mature legacy onshore oil and liquids-rich natural gas reservoirs and has been actively drilled over the past 90 years. The extensive operating history, favorable operating environment, mature infrastructure, long reserve life, multiple producing horizons, horizontal development potential and liquids-rich reserves make the Permian Basin one of the most prolific oil-producing regions in the United States. Our acreage underlies prospective areas for the Wolfcamp play in the Midland and Delaware Basins, the Spraberry formation in the Midland Basin and the Bone Spring formation in the Delaware Basin, which are among the most active plays in the country.

| ● | Mid-Continent. The Mid-Continent is a broad area containing hundreds of fields in Arkansas, Kansas, Louisiana, New Mexico, Oklahoma, Nebraska and Texas and including the Granite Wash, Cleveland and the Mississippi Lime formations. The Anadarko Basin is a structural basin centered in the western part of Oklahoma and the Texas Panhandle, extending into southwestern Kansas and southeastern Colorado. A key feature of the Anadarko Basin is the stacked geologic horizons including the Cana-Woodford and Springer shale in the SCOOP and STACK.

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| ● | Terryville/Cotton Valley/Haynesville. We own a substantial position in the core of the Terryville Field that the Contributing Parties acquired in 2007. Our mineral interests are leased and operated by Range Resources Corporation/Memorial Resource Development Corp. Producing since 1954, the Terryville Field is one of the most prolific natural gas fields in North America. Redevelopment of the field with horizontal drilling and modern completion techniques has resulted in high recoveries relative to drilling and completion costs, high initial production rates with high liquids yields and long reserve life with multiple stacked producing zones.

| ● | Appalachian Basin. The Appalachian Basin covers most of Pennsylvania, eastern Ohio, West Virginia, western Maryland, eastern Kentucky, central Tennessee, western Virginia, northwestern Georgia and northern Alabama. The basin’s most active plays in which we have acreage are the Marcellus Shale and Utica plays, which cover most of Pennsylvania, northern West Virginia and eastern Ohio. In addition to the Marcellus Shale and Utica plays, there are a number of other conventional and unconventional plays to which we have material exposure in the Appalachian Basin, including the Berea, Big Injun, Devonian, Huron and Rhinestreet.

| ● | Eagle Ford. The Eagle Ford shale formation stretches across south Texas and includes some of the most economic and productive areas in the United States. The Eagle Ford contains significant amounts of hydrocarbons and is considered the source rock, or the original source, for much of the oil and natural gas contained in the Austin Chalk Basin. The Eagle Ford shale formation has benefitted from improvements in horizontal drilling and hydraulic fracturing.

| ● | Bakken/Williston Basin. The Williston Basin stretches through North Dakota, the northwest part of South Dakota, and eastern Montana and is best known for the Bakken/Three Forks shale formations. The Bakken ranks as one of the largest oil developments in the United States in the past 40 years. Development of the Bakken became commercial on a large scale over the past ten years with the advent of horizontal drilling and hydraulic fracturing.

| ● | DJ Basin/Rockies/Niobrara. The Denver-Julesburg Basin, also known as the DJ Basin, is a geologic basin centered in eastern Colorado stretching into southeast Wyoming, western Nebraska and western Kansas. The area includes the Wattenberg Gas Field, one of the largest natural gas deposits in the United States, and the Niobrara formation. The Niobrara includes three separate zones and stretches from the DJ Basin up into the Powder River Basin in Wyoming. Development in this area is currently focused on horizontal drilling in the Niobrara and Codell formations.

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The following tables present information about our mineral and royalty interest acreage, well count and production by basin and producing region. We may own more than one type of interest in the same tract of land. Consequently, some of the acreage shown for one type of interest below may also be included in the acreage shown for another type of interest.

Mineral Interests

The following table sets forth information about our mineral and nonparticipating royalty interests. We combine our mineral and nonparticipating royalty assets into one category because they share many of the same characteristics due to the nature of the underlying interest.

​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | December 31, 2025
​ | ​ | Gross | ​ | Net |  | Percent
Basin or Producing Region | ​ | Acres | ​ | Acres | ​ | Leased
Permian Basin (1) | ​ | 3,072,785 | ​ | 23,336 | ​ | 99.1 | %
Mid‑Continent |  | 3,663,657 | ​ | 30,830 |  | 99.0 | %
Terryville/Cotton Valley/Haynesville |  | 1,301,662 | ​ | 6,725 |  | 99.6 | %
Appalachian Basin (2) | ​ | 434,116 | ​ | 16,968 | ​ | 99.8 | %
Eagle Ford |  | 476,193 | ​ | 5,059 |  | 96.8 | %
Barnett Shale/Fort Worth Basin |  | 316,408 | ​ | 3,548 |  | 99.1 | %
Bakken/Williston Basin (3) |  | 1,214,446 | ​ | 3,132 |  | 99.9 | %
San Juan Basin |  | 85,604 | ​ | 159 |  | 99.2 | %
Onshore California |  | 67,139 | ​ | 286 |  | 95.7 | %
DJ Basin/Rockies/Niobrara |  | 46,398 | ​ | 680 |  | 96.1 | %
Illinois Basin |  | 11,163 | ​ | 97 |  | 100.0 | %
Other Western (onshore) Gulf Basin |  | 614,310 | ​ | 4,247 |  | 98.0 | %
Other TX/LA/MS Salt Basin |  | 308,850 | ​ | 3,841 |  | 95.3 | %
Other |  | 677,085 | ​ | 3,306 |  | 99.1 | %
Total (4) |  | 12,289,816 |  | 102,214 |  | 99.0 | %

(1) | Includes mineral interests in approximately 1,540,949 gross (11,145 net) acres in the Wolfcamp/Bone Spring.

(2) | Includes mineral interests in approximately 209,340 gross (5,637 net) acres in the Marcellus/Utica.

(3) | Includes mineral interests in approximately 1,103,904 gross (3,013 net) acres in the Bakken/Three Forks.

(4) | Percentage leased represents the weighted average of our leased acres relative to our total acreage in the basins in which we own mineral interests.

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ORRIs

The following table sets forth information about our ORRIs:

​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | December 31, 2025
​ | ​ | Gross | ​ | Net | ​ | Percent
Basin or Producing Region | ​ | Acres | ​ | Acres | ​ | Producing
Permian Basin (1) | ​ | 333,243 | ​ | 4,465 | ​ | 100.0 | %
Mid‑Continent |  | 2,202,709 | ​ | 18,002 |  | 99.2 | %
Terryville/Cotton Valley/Haynesville |  | 127,245 | ​ | 1,194 |  | 99.6 | %
Appalachian Basin (2) | ​ | 307,238 | ​ | 6,235 | ​ | 100.0 | %
Eagle Ford |  | 147,955 | ​ | 1,671 |  | 100.0 | %
Barnett Shale/Fort Worth Basin |  | 76,755 | ​ | 593 |  | 100.0 | %
Bakken/Williston Basin (3) |  | 425,631 | ​ | 3,006 |  | 100.0 | %
San Juan Basin |  | 98,633 | ​ | 1,313 |  | 99.0 | %
Onshore California |  | 10,668 | ​ | 22 |  | 100.0 | %
DJ Basin/Rockies/Niobrara |  | 27,754 | ​ | 356 |  | 100.0 | %
Illinois Basin |  | 16,848 | ​ | 1,080 |  | 100.0 | %
Other Western (onshore) Gulf Basin |  | 89,209 | ​ | 1,215 |  | 100.0 | %
Other TX/LA/MS Salt Basin |  | 45,502 | ​ | 1,443 |  | 99.9 | %
Other |  | 814,386 | ​ | 15,544 |  | 100.0 | %
Total (4) |  | 4,723,776 |  | 56,139 |  | 99.6 | %

(1) | Includes overriding royalty interests in approximately 207,494 gross (2,025 net) acres in the Wolfcamp/Bone Spring.

(2) | Includes overriding royalty interests in approximately 254,348 gross (4,852 net) acres in the Marcellus/Utica.

(3) | Includes overriding royalty interests in approximately 411,439 gross (2,909 net) acres in the Bakken/Three Forks.

(4) | Percentage producing represents the weighted average of our acres that are producing relative to our total acreage in the basins in which we own ORRIs. Virtually all acreage is producing.

Wells

The following table sets forth the well count in which we had mineral or royalty interest:

​ | ​ | ​
Basin or Producing Region | ​ | December 31, 2025
Permian Basin | ​ | 53,181
Mid‑Continent |  | 21,181
Terryville/Cotton Valley/Haynesville |  | 16,444
Appalachian Basin |  | 3,994
Eagle Ford |  | 4,645
Barnett Shale/Fort Worth Basin |  | 5,949
Bakken/Williston Basin |  | 5,708
San Juan Basin |  | 1,907
Onshore California |  | 975
DJ Basin/Rockies/Niobrara |  | 12,641
Other |  | 6,681
Total |  | 133,306

​

Oil and Natural Gas Data

Proved Reserves

Evaluation and Review of Estimated Proved Reserves

Our historical reserve estimates as of December 31, 2025, 2024 and 2023 were prepared by Ryder Scott, an independent third party petroleum engineering firm. Ryder Scott does not own an interest in any of our properties and is not employed by us on a contingent basis.

Within Ryder Scott, the technical person primarily responsible for preparing the reserve estimates set forth in the reserve report incorporated herein is Mr. Scott Wilson, who has been practicing petroleum-engineering consulting at Ryder

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Scott since 2000. Mr. Wilson is a registered Professional Engineer in the States of Alaska, Colorado, Texas and Wyoming. He earned a Bachelor of Science Degree in Petroleum Engineering from the Colorado School of Mines in 1983 and a Master of Business Administration in Finance from the University of Colorado in 1985. As technical principal, Mr. Wilson meets or exceeds the education, training and experience requirements set forth in the Standards Pertaining to the Estimating and Auditing of Oil and Gas Reserves Information promulgated by the Society of Petroleum Engineers and is proficient in applying industry standard practices to engineering evaluations as well as in applying United States Securities and Exchange Commission (“SEC”) and other industry reserves definitions and guidelines. A copy of Ryder Scott’s estimated proved reserve report as of December 31, 2025 is attached as an exhibit to this Annual Report.

Our Chief Executive Officer, Robert D. Ravnaas, has agreed to provide us with reserve engineering services. Mr. R. Ravnaas is a petroleum engineer with over 36 years of reservoir and operations experience. Mr. R. Ravnaas and certain engineers and geoscience professionals under his supervision worked closely with our independent reserve engineers to ensure the integrity, accuracy and timeliness of the data used to calculate our proved reserves relating to our mineral and royalty interests. Mr. R. Ravnaas met with our independent reserve engineers periodically during the period covered by the reserve report to discuss the assumptions and methods used in the proved reserve estimation process. We provide historical information to the independent reserve engineers for our properties such as ownership interest, oil and gas production, well test data, commodity prices and operating and development costs. Operating and development costs are not realized to our interest but are used to calculate the economic limit life of the wells. These costs are estimated and checked by our independent reserve engineers.

Mr. R. Ravnaas is primarily responsible for the preparation of our reserves. In addition, the preparation of our proved reserve estimates is completed in accordance with internal control procedures, including the following:

| ● | review and verification of historical production data, which data is based on actual production as reported by the operators of our properties;

| ● | preparation of reserve estimates by Mr. R. Ravnaas or under his direct supervision;

| ● | review by Mr. R. Ravnaas of all of our reported proved reserves at the close of each quarter, including the review of all significant reserve changes; and

| ● | verification of property ownership by our land department.

Under SEC rules, proved reserves are those quantities of oil and natural gas, which, by analysis of geoscience and engineering data, can be estimated with reasonable certainty to be economically producible—from a given date forward, from known reservoirs and under existing economic conditions, operating methods and government regulations—prior to the time at which contracts providing the right to operate expire, unless evidence indicates that renewal is reasonably certain, regardless of whether deterministic or probabilistic methods are used for the estimation. If deterministic methods are used, the SEC has defined reasonable certainty for proved reserves as a “high degree of confidence that the quantities will be recovered.” All of our proved reserves as of December 31, 2025, 2024 and 2023 were estimated using a deterministic method. The estimation of reserves involves two distinct determinations. The first determination results in the estimation of the quantities of recoverable oil and gas, and the second determination results in the estimation of the uncertainty associated with those estimated quantities in accordance with the definitions established under SEC rules. The process of estimating the quantities of recoverable oil and gas reserves relies on the use of certain generally accepted analytical procedures. These analytical procedures fall into three broad categories or methods: (1) performance-based methods, (2) volumetric-based methods and (3) analogy. These methods may be used singularly or in combination by the reserve evaluator in the process of estimating the quantities of reserves. The proved reserves for our properties were estimated by performance methods, analogy or a combination of both methods. All proved producing reserves attributable to producing wells were estimated by performance methods. These performance methods include, but may not be limited to, decline curve analysis, which utilized extrapolations of available historical production and pressure data. All proved developed non-producing reserves were estimated by the analogy method.

To estimate economically recoverable proved reserves and related future net cash flows, Ryder Scott considered many factors and assumptions, including the use of reservoir parameters derived from geological, geophysical and engineering data which cannot be measured directly, economic criteria based on current costs and the SEC pricing

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requirements and forecasts of future production rates. To establish reasonable certainty with respect to our estimated proved reserves, the technologies and economic data used in the estimation of our proved reserves included production and well test data, downhole completion information, geologic data, electrical logs, radioactivity logs, core analyses, available seismic data and historical well cost and production cost data.

Summary of Estimated Proved Reserves

Estimates of reserves as of December 31, 2025, 2024 and 2023 were prepared using an average price equal to the unweighted arithmetic average of hydrocarbon prices received on a field-by-field basis on the first day of each month within the year ended December 31, 2025, 2024 and 2023, in accordance with SEC guidelines applicable to reserve estimates as of the end of such period. The unweighted arithmetic average first day of the month prices were $65.34, $75.48 and $78.22 per Bbl for oil and $3.39, $2.13 and $2.64 per MMBtu for natural gas at December 31, 2025, 2024 and 2023, respectively. The price per Bbl for NGLs was modeled as a percentage of oil price, which was derived from historical accounting data. Reserve estimates do not include any value for probable or possible reserves that may exist, nor do they include any value for undeveloped acreage. The reserve estimates represent our net revenue interest in our properties. Although we believe these estimates are reasonable, actual future production, cash flows, taxes, development expenditures, production costs and quantities of recoverable oil and natural gas reserves may vary substantially from these estimates.

The following table presents our estimated proved developed oil and natural gas reserves:

​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | December 31, | ​
​ | ​ | 2025 | ​ | ​ | 2024 | ​ | ​ | 2023 | ​
Estimated proved developed reserves: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Oil (MBbls) | ​ | 21,970 | ​ |  | 20,001 | ​ |  | 19,800 | ​
Natural gas (MMcf) | ​ | 213,589 | ​ |  | 204,253 | ​ |  | 204,542 | ​
Natural gas liquids (MBbls) | ​ | 15,376 | ​ |  | 13,498 | ​ |  | 11,519 | ​
Total (MBoe)(6:1) (1) | ​ | 72,944 | ​ |  | 67,541 | ​ |  | 65,409 | ​

(1) | Estimated proved developed reserves are presented on an oil-equivalent basis using a conversion of six Mcf per barrel of “oil equivalent.” This conversion is based on energy equivalence and not price or value equivalence. If a price equivalent conversion based on the twelve-month average prices for the y ears ended December 31, 2025, 2024 and 2023 was used, the conversion factor would be approximately 19.3 Mcf per Bbl of oil, 35.4 Mcf per Bbl of oil and 29.6 Mcf per Bbl of oil, respectively.

The foregoing reserves are all located within the continental United States. Reserve engineering is and must be recognized as a subjective process of estimating volumes of economically recoverable oil and natural gas that cannot be measured in an exact manner. The accuracy of any reserve estimate is a function of the quality of available data and of engineering and geological interpretation. As a result, the estimates of different engineers often vary. In addition, the results of drilling, testing, and production may justify revisions of such estimates. Accordingly, reserve estimates often differ from the quantities of oil and natural gas that are ultimately recovered. Estimates of economically recoverable oil and natural gas and of future net revenues are based on several variables and assumptions, all of which may vary from actual results, including geologic interpretation, prices, and future production rates and costs. Please read “Item 1A. Risk Factors.”

Additional information regarding our estimated proved reserves can be found in the reserve report as of December 31, 2025, which is included as an exhibit to this Annual Report.

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Oil, Natural Gas and NGL Production and Pricing

Production and Price History

The following table sets forth information regarding our production of oil and natural gas and certain price and cost information for each of the periods indicated:

​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Year Ended December 31,
​ | ​ | 2025 | ​ | 2024 | ​ | 2023
Production Data: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Oil and condensate (Bbls) | ​ | ​ | 3,061,920 | ​ | ​ | 2,836,913 | ​ | ​ | 2,392,622
Natural gas (Mcf) | ​ | ​ | 26,733,988 | ​ | ​ | 27,586,460 | ​ | ​ | 23,384,021
Natural gas liquids (Bbls) | ​ | ​ | 1,884,763 | ​ | ​ | 1,667,089 | ​ | ​ | 1,082,663
Total (Boe)(6:1) (1) | ​ | ​ | 9,402,348 | ​ | ​ | 9,101,745 | ​ | ​ | 7,372,622
Average daily production (Boe/d)(6:1) | ​ | ​ | 25,760 | ​ | ​ | 24,868 | ​ | ​ | 20,265
Average Realized Prices: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Oil and condensate (per Bbl) | ​ | $ | 63.84 | ​ | $ | 75.98 | ​ | $ | 76.55
Natural gas (per Mcf) | ​ | $ | 2.93 | ​ | $ | 1.82 | ​ | $ | 2.55
Natural gas liquids (per Bbl) | ​ | $ | 23.15 | ​ | $ | 23.34 | ​ | $ | 23.01
Average Unit Cost per Boe (6:1) | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Production and ad valorem taxes | ​ | $ | 2.17 | ​ | $ | 2.24 | ​ | $ | 2.76

(1) | “Btu-equivalent” production volumes are presented on an oil-equivalent basis using a conversion factor of six Mcf of natural gas per barrel of “oil equivalent,” which is based on approximate energy equivalency and does not reflect the price or value relationship between oil and natural gas.

​

Productive Wells

Productive wells consist of producing wells, wells capable of production, and exploratory, development or extension wells that are not dry wells. As of December 31, 2025, we owned mineral or royalty interests in over 133,000 gross productive wells, which consisted of over 98,000 oil wells and over 35,000 natural gas wells.

Acreage

Mineral and Royalty Interests

The following table sets forth information relating to the acreage underlying our mineral and nonparticipating royalty interests at December 31, 2025:

​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Developed | ​ | Undeveloped | ​ | Total
State |  | Acreage | ​ | Acreage | ​ | Acreage
Texas | ​ | 5,304,977 | ​ | 61,790 | ​ | 5,366,767
Oklahoma |  | 2,464,825 |  | 34,131 |  | 2,498,956
North Dakota |  | 1,097,983 |  | 1,000 |  | 1,098,983
Wyoming |  | 301,330 |  | 771 |  | 302,101
Kansas |  | 608,320 |  | 2,001 |  | 610,321
Louisiana |  | 618,711 |  | 1,045 |  | 619,756
Arkansas |  | 407,848 |  | 1,218 |  | 409,066
Montana |  | 165,955 |  | 5,059 |  | 171,014
New Mexico |  | 211,391 |  | 3,146 |  | 214,537
Utah | ​ | 144,053 | ​ | — | ​ | 144,053
Other |  | 836,591 | ​ | 17,671 |  | 854,262
Total |  | 12,161,984 | (1) | 127,832 | (2) | 12,289,816

(1) | Reflects mineral interests in approximately 12,161,984 total gross (92,454 net) developed acres.

(2) | Reflects mineral interests in approximately 127,832 total gross (9,760 net) undeveloped acres.

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ORRIs

The following table sets forth information relating to our acreage for our ORRIs at December 31, 2025:

​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Developed | ​ | Undeveloped | ​ | Total
State | ​ | Acreage | ​ | Acreage | ​ | Acreage
Texas | ​ ​ ​ | 1,415,796 | ​ ​ ​ | 680 | ​ ​ ​ | 1,416,476
Oklahoma |  | 1,346,251 |  | 16,440 |  | 1,362,691
North Dakota |  | 419,177 |  | — |  | 419,177
Wyoming |  | 350,846 |  | — |  | 350,846
Utah | ​ | 235,432 | ​ | — | ​ | 235,432
Colorado |  | 192,402 |  | — |  | 192,402
Pennsylvania |  | 124,298 |  | — |  | 124,298
West Virginia |  | 116,938 |  | — |  | 116,938
Louisiana |  | 119,062 |  | 450 |  | 119,512
New Mexico |  | 113,946 |  | 960 |  | 114,906
Other |  | 271,074 |  | 24 |  | 271,098
Total |  | 4,705,222 | (1) | 18,554 | (2) | 4,723,776

(1) | Reflects ORRIs in approximately 4,705,222 total gross (56,047 net) developed acres.

(2) | Reflects ORRIs in approximately 18,554 total gross (92 net) undeveloped acres.

Drilling Results

As a holder of mineral and royalty interests, we generally are not provided information as to whether any wells drilled on the properties underlying our acreage are classified as exploratory or as developmental wells. We are not aware of any dry holes drilled on the acreage underlying our mineral and royalty interests during the relevant period.

Competition

The oil and natural gas industry is intensely competitive; we primarily compete with companies for the acquisition of oil and natural gas properties some of whom have greater resources than we do. These companies may be able to pay more for productive oil and natural gas properties and exploratory prospects or to define, evaluate, bid for and purchase a greater number of properties and prospects than our financial or human resources permit. Additionally, many of our competitors are, or are affiliated with, operators that engage in the exploration and production of their oil and gas properties, which allows them to acquire larger assets that include operated properties. Our larger or more integrated competitors may be able to absorb the burden of existing, and any changes to, federal, state and local laws and regulations more easily than we can, which would adversely affect our competitive position. These companies may also have a greater ability to continue exploration activities during periods of low oil and natural gas market prices. Our ability to acquire additional properties in the future will be dependent upon our ability to evaluate and select suitable properties and to consummate transactions in a highly competitive environment. In addition, because we have fewer financial and human resources than many companies in our industry, we may be at a disadvantage in bidding for exploratory prospects and producing oil and natural gas properties.

Seasonal Nature of Business

Generally, demand for oil increases during the summer months and decreases during the winter months, while natural gas decreases during the summer months and increases during the winter months. Certain natural gas users utilize natural gas storage facilities and purchase some of their anticipated winter requirements during the summer, which can lessen seasonal demand fluctuations. Seasonal weather conditions and lease stipulations can limit drilling and producing activities and other oil and natural gas operations in a portion of our operating areas. These seasonal anomalies can pose challenges for the operators of our properties in meeting well drilling objectives and can increase competition for equipment, supplies and personnel during the spring and summer months, which could lead to shortages and increase costs or delay operations.

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Regulation

The following disclosure describes regulation directly associated with operators of oil and natural gas properties, including our current operators, and other owners of working interests in oil and natural gas properties.

Oil and natural gas operations are subject to various types of legislation, regulation and other legal requirements enacted by governmental authorities. This legislation and regulation affecting the oil and natural gas industry is under constant review for amendment or expansion. Some of these requirements carry substantial penalties for failure to comply. The regulatory burden on the oil and natural gas industry increases the cost of doing business.

Environmental Matters

Oil and natural gas exploration, development and production operations are subject to stringent laws and regulations governing the discharge of materials into the environment or otherwise relating to protection of the environment or occupational health and safety. These laws and regulations have the potential to impact production on our properties, which could materially adversely affect our business and our prospects. Numerous federal, state and local governmental agencies, such as the Environmental Protection Agency (“EPA”) and Department of the Interior (“DOI”), issue regulations that often require specific and costly compliance measures that carry substantial administrative, civil and criminal penalties and may result in injunctive obligations for non-compliance. These laws and regulations may require the acquisition of a permit before drilling commences, restrict the types, quantities and concentrations of various substances that can be released into the environment in connection with drilling and production activities, limit or prohibit construction or drilling activities on certain lands lying within wilderness, wetlands, ecologically sensitive and other protected areas, require action to prevent or remediate pollution from current or former operations, such as plugging abandoned wells or closing earthen pits, result in the suspension or revocation of necessary permits, licenses and authorizations, require that additional pollution controls be installed and impose substantial liabilities for pollution resulting from operations. The strict, joint and several liability nature of certain environmental laws and regulations could impose liability upon the operators of our properties regardless of fault. Moreover, it is not uncommon for neighboring landowners and other third parties to file claims for personal injury and property damage allegedly caused by the release of hazardous substances, hydrocarbons or other waste products into the environment. Changes in environmental laws and regulations occur frequently, and any changes that result in more stringent and costly pollution control or waste handling, storage, transport, disposal or cleanup requirements could materially adversely affect our business and prospects.

Non-Hazardous and Hazardous Waste

The federal Resource Conservation and Recovery Act, as amended (“RCRA”), and comparable state statutes and regulations promulgated thereunder, affect oil and natural gas exploration, development and production activities by imposing requirements regarding the generation, transportation, treatment, storage, disposal and cleanup of hazardous and non-hazardous wastes. With federal approval, the individual states administer some or all of the provisions of RCRA, sometimes in conjunction with their own, more stringent requirements. Administrative, civil and criminal penalties can be imposed for failure to comply with waste handling requirements. Although most wastes associated with the exploration, development and production of oil and natural gas are exempt from regulation as hazardous wastes under RCRA, these wastes typically constitute nonhazardous solid wastes that are subject to less stringent requirements under RCRA or related waste regulations. From time to time, the EPA and state regulatory agencies have considered the adoption of stricter disposal standards for nonhazardous wastes, including wastes generated during the exploration and production of crude oil and natural gas. Moreover, it is possible that some wastes generated in connection with exploration and production of oil and gas that are currently classified as nonhazardous may, in the future, be designated as “hazardous wastes,” resulting in the wastes being subject to more rigorous and costly management and disposal requirements. Any changes in the laws and regulations in the future could have a material adverse effect on the operators of our properties’ capital expenditures and operating expenses, which in turn could effect production from the acreage underlying our mineral and royalty interests and have a material adverse effect on our business and prospects.

Remediation

The federal Comprehensive Environmental Response, Compensation and Liability Act, as amended (“CERCLA”), and analogous state laws, generally impose strict, joint and several liability, without regard to fault or

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legality of the original conduct, on classes of persons who are considered to be responsible for the release of a “hazardous substance” into the environment. These persons include the current owner or operator of a contaminated facility, a former owner or operator of the facility at the time of contamination, and those persons that disposed or arranged for the disposal of the hazardous substance at the facility. Under CERCLA and comparable state statutes, persons deemed “responsible parties” may be subject to strict, joint and several liability for the costs of removing or remediating previously disposed wastes (including wastes disposed of or released by prior owners or operators) or property contamination (including groundwater contamination), for damages to natural resources and for the costs of certain health studies. In addition, it is not uncommon for neighboring landowners and other third parties to file claims for personal injury and property damage allegedly caused by the hazardous substances released into the environment. In addition, the risk of accidental spills or releases could expose the operators of the acreage underlying our mineral interests to significant liabilities that could have a material adverse effect on the operators’ businesses, financial condition and results of operations. Liability for any contamination under these laws could require the operators of the acreage underlying our mineral interests to make significant expenditures to investigate and remediate such contamination or attain and maintain compliance with such laws and may otherwise have a material adverse effect on their results of operations, competitive position or financial condition.

Water Discharges

The federal Water Pollution Control Act of 1972 (“Clean Water Act”), the Safe Drinking Water Act (“SDWA”), the Oil Pollution Act (“OPA”), and analogous state laws and regulations promulgated thereunder impose restrictions and strict controls regarding the unauthorized discharge of pollutants, including produced waters and other gas and oil wastes, into regulated waters. The discharge of pollutants into regulated waters is prohibited, except in accordance with the terms of a permit issued by the EPA or the state. The Clean Water Act and regulations implemented thereunder also prohibit the discharge of dredge and fill material into regulated waters, including jurisdictional wetlands, unless authorized by an appropriately issued permit. The EPA issued a final rule outlining its position on the federal jurisdictional reach over waters of the United States, in September 2015, but this rule was promptly challenged in courts and was enjoined by judicial action in some states.

In October 2019, the EPA and the United States Army Corps of Engineers issued a final rule that repealed the 2015 regulations and reinstated the agencies’ narrower pre-2015 scope of federal Clean Water Act jurisdiction. In April 2020, the EPA and the United States Army Corps of Engineers issued a new final waters of the United States (“WOTUS”) definition that provided a narrower scope of federal Clean Water Act jurisdiction than contemplated under the 2015 WOTUS definition, while also providing for greater predictability and consistency of federal Clean Water Act jurisdiction. On August 30, 2021, the U.S. District Court for the District of Arizona vacated and remanded the 2020 Rule, and in June 2021, the EPA and the Army Corp of Engineers announced their intention to initiate a new rulemaking process to restore the 2015 definition of “waters of the United States.” The proposed rule was published on December 7, 2021. Following a standard comment period, the final rule establishing a revised and “durable” WOTUS definition, which restored many of the elements of the 2015 rule, was published in the Federal Register on January 18, 2023. Multiple legal challenges to the January 2023 final rule followed. Additionally, in May 2023, the Supreme Court of the United States issued its decision in a case, Sackett v. EPA, that clarified and narrowed the reach of federal jurisdiction under the Clean Water Act by focusing on water bodies forming geographic features. Then in August 2023, the EPA and Army Corps of Engineers released the text of a rule further revising the WOTUS definition to incorporate certain limitations on jurisdictional reach explained in the Supreme Court’s decision in Sackett. Additional legal challenges to the January 2023 final rule and August 2023 regulation are proceeding in federal courts. With federal litigation ongoing, in March 2025, the EPA and Army Corps of Engineers issued updated guidance concerning determinations of whether a wetland has a “continuous surface connection” to a requisite jurisdictional water under the Clean Water Act to align with the Supreme Court decision in Sackett. If the January 2023 final rule or other expanded WOTUS definition is ultimately implemented, Clean Water Act jurisdiction will result in additional costs of compliance as well as increased monitoring, recordkeeping and recording for some of our facilities.

In addition, spill prevention, control and countermeasure plan requirements under federal law require appropriate containment berms and similar structures to help prevent the contamination of navigable waters in the event of a petroleum hydrocarbon tank spill, rupture or leak. The EPA has also adopted regulations requiring certain oil and natural gas exploration and production facilities to obtain individual permits or coverage under general permits for storm water discharges.

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The OPA is the primary federal law for oil spill liability. The OPA contains numerous requirements relating to the prevention of and response to petroleum releases into regulated waters, including the requirement that operators of offshore facilities and certain onshore facilities near or crossing waterways must develop and maintain facility response contingency plans and maintain certain significant levels of financial assurance to cover potential environmental cleanup and restoration costs. The OPA subjects owners of facilities to strict, joint and several liability for all containment and cleanup costs and certain other damages arising from a release, including, but not limited to, the costs of responding to a release of oil into surface waters.

Noncompliance with the Clean Water Act or the OPA may result in substantial administrative, civil and criminal penalties, as well as injunctive obligations, for the operators of the acreage underlying our mineral interests.

Air Emissions

The federal Clean Air Act, and comparable state laws and regulations, regulate emissions of various air pollutants through the issuance of permits and the imposition of other requirements. The EPA has developed, and continues to develop, stringent regulations governing emissions of air pollutants at specified sources. New facilities may be required to obtain permits before work can begin, and existing facilities may be required to obtain additional permits and incur capital costs in order to remain in compliance. For example, in May 2016, the EPA finalized regulations under the federal Clean Air Act that established new emission control requirements for oil and natural gas production and processing operations. In August 2020, the EPA issued two final rules that rescinded the methane-specific requirements of the regulations applicable to sources in the production and processing segments and removed the transmission and storage segments from the source category, which removes them from the scope of the regulations. The 2020 rules were later challenged in the U.S. Circuit Court for the D.C. Circuit. In addition, on January 20, 2021, President Biden issued an Executive Order on “Protecting Public Health and the Environment and Restoring Science to Tackle the Climate Crisis” directing the EPA to consider publishing a proposed rule suspending, revising or rescinding the 2020 rules. In January 2024, the EPA published a proposed rule to assess methane “waste emissions charges” from the oil and gas sector. The final rule became effective in May 2024, and in July 2024, the D.C. Circuit denied a request to delay EPA’s implementation of the 2024 rule. However, the final methane rule from May 2024 is no longer in effect and has no force of law following disapproval by a joint resolution of Congress in March 2025 pursuant to the Congressional Review Act. Implementation of more stringent laws and regulations, including the reinstatement of the final methane rule from May 2024 or enactment of future methane regulations, may increase the costs of compliance for oil and natural gas producers and impact production of the acreage underlying our mineral and royalty interests, and federal and state regulatory agencies can impose administrative, civil and criminal penalties for non-compliance with air permits or other requirements of the federal Clean Air Act and associated state laws and regulations. Moreover, obtaining or renewing permits has the potential to delay the development of oil and natural gas projects.

Climate Change

In 2009, the EPA found that emissions of greenhouse gases (“GHGs”), including carbon dioxide and methane, present an endangerment to public health and the environment. Relying on this finding, which is referred to as the 2009 Endangerment Finding, the EPA has adopted regulations under existing provisions of the federal Clean Air Act that, among other things, require preconstruction and operating permits for certain large stationary sources. In addition, the EPA has adopted rules requiring the monitoring and reporting of GHGs from certain onshore oil and natural gas production sources on an annual basis. On February 12, 2026, the EPA issued a final rule that rescinded the 2009 Endangerment Finding and repealed all GHG emission standards for motor vehicles that directly relied on the 2009 Endangerment Finding. The impact from the February 2026 rescission on other GHG regulations issued under the Clean Air Act that relied on the 2009 Endangerment Finding for legal support, including GHG regulations affecting the oil and gas industry, is uncertain.

During his presidency, President Biden issued Executive Orders seeking to adopt new regulations and policies to address climate change and suspend, revise or rescind prior agency actions that are identified as conflicting with the Biden administration’s climate policies. In his current presidential term, President Trump has reversed many climate-focused executive actions taken by President Biden. Congress has from time to time considered adopting legislation to reduce emissions of GHGs and many states have already taken legal measures to reduce emissions of GHGs primarily through the planned development of GHG emission inventories and/or regional GHG cap and trade programs. Although Congress has not adopted such legislation at this time, it may do so in the future, and many states continue to pursue regulations to

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reduce GHG emissions. Restrictions on emissions of methane or carbon dioxide that may be imposed in various states could adversely affect the oil and natural gas industry, and state and local climate change initiatives and, at this time, it is not possible to accurately estimate how potential future laws or regulations addressing GHG emissions would impact our business.

Additionally, efforts have been made and continue to be made in the international community toward the adoption of international treaties or protocols that would address global climate change issues. As an example, the United States participated in the United Nations Conference on Climate Change in 2015, which led to the creation of the Paris Climate Agreement (the “Paris Agreement”). In April 2016, the United States was one of 175 countries to sign the Paris Agreement, which requires member countries to review and “represent a progression” in their intended nationally determined contributions, which set GHG emission reduction goals, every five years beginning in 2020. The Paris Agreement entered into force in November 2016. Following a June 2017 announcement from President Trump, the United States withdrew from the Paris Agreement in November 2020. However, on January 20, 2021, President Biden signed an instrument that reversed this withdrawal, and the United States formally re-joined the Paris Agreement on February 19, 2021. In April 2021, President Biden announced a new, more rigorous nationally determined emissions reduction level of 50 percent to 52 percent from 2005 levels in economy-wide net GHG emissions by 2030, and in November 2021, the international community gathered again in Glasgow at the 26th Conference of the Parties (“COP26”). During COP26, multiple efforts (not having the effect of law) were announced, including a call for countries to eliminate certain fossil fuel subsidies and pursue further action to reduce non-carbon dioxide GHG emissions. Relatedly, the United States and European Union jointly announced at COP26 the launch of a Global Methane Pledge, an initiative joined by more than 100 countries, committing to a collective goal of reducing global methane emissions by at least 30 percent from 2020 levels by 2030, including “all feasible reductions” in the energy sector. During more recent COP meetings, the United States and other participating countries have reaffirmed these emission reduction goals. In January 2025, President Trump ordered the U.S. Ambassador to the United Nations to submit a formal written notification of the United States’ withdrawal from the Paris Agreement, which withdrawal by the United States became effective on January 27, 2026. The impacts of international efforts, pledges, agreements and any legislation or regulation promulgated to fulfill prior commitments by the United States under the Paris Agreement or other international conventions cannot be predicted at this time. Additionally, the Inflation Reduction Act, signed into law in August 2022, contains hundreds of billions of dollars in incentives for the development of renewable energy, clean fuels, electric vehicles, carbon capture and sequestration, and supporting energy transition infrastructure. The substantial incentives contained in the Inflation Reduction Act could further accelerate the transition of the U.S. economy away from the use of fossil fuels towards lower-emitting alternatives.

Moreover, activists and members of the investment community concerned about the potential effects of climate change have directed their attention at sources of funding for energy companies, which has resulted in certain financial institutions, funds and other sources of capital restricting or eliminating their investment in oil and natural gas activities. Ultimately, this could make it more difficult for operators on our properties to secure funding for exploration and production activities. Additionally, activist shareholders have introduced proposals that may seek to force companies to adopt aggressive emission reduction targets or restrict more carbon-intensive activities. While we cannot predict the outcomes of such proposals, they could ultimately make it more difficult or costly for operators to engage in exploration and production activities.

Finally, one potential consequence of climate change could be increased severity of extreme weather conditions such as more intense hurricanes, thunderstorms, tornados, droughts and snow or ice storms, as well as rising sea levels. Another possible consequence of climate change is increased volatility in seasonal temperatures. Extreme weather conditions can interfere with production and increase costs, and damage resulting from extreme weather may not be fully insured. However, at this time, we are unable to determine the extent to which climate change may lead to increased storm or weather hazards affecting our business.

Regulation of Hydraulic Fracturing

Hydraulic fracturing is an important and common practice that is used to stimulate production of hydrocarbons from tight formations. The process involves the injection of water, sand and chemicals under pressure into formations to fracture the surrounding rock and stimulate production. Hydraulic fracturing operations have historically been overseen by state regulators as part of their oil and natural gas regulatory programs. From time to time, legislation has been introduced before Congress that would provide for federal regulation of hydraulic fracturing and would require disclosure

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of the chemicals used in the fracturing process. If enacted, these or similar bills could result in additional permitting requirements for hydraulic fracturing operations as well as various restrictions on those operations. In March 2015, the Bureau of Land Management (“BLM”) adopted a rule requiring, among other things, public disclosure to the BLM of chemicals used in hydraulic fracturing operations after fracturing operations have been completed and would strengthen standards for wellbore integrity and management of fluids that return to the surface during and after fracturing operations on federal and Indian lands. That rule was rescinded in December 2017. This rescission was upheld in March 2020 by the United States District Court for the Northern District of California, but the decision has been appealed. If these requirements went into effect, they could result in delays in operations at well sites and increased costs to make wells productive.

In addition, governments have studied the environmental aspects of hydraulic fracturing practices. For example, in December 2016, the EPA issued its final report on a study it had conducted over several years regarding the effects of hydraulic fracturing on drinking water sources. The final report, contrary to several previously published draft reports issued by the EPA, did not find evidence that hydraulic fracturing has led to widespread, systematic impacts on drinking water resources but did identify instances in which impacts to drinking water may occur, including situations involving large volume spills and inadequate mechanical integrity of wells. The report also noted significant data gaps that prevented the EPA from determining the extent or severity of these impacts. This study and other ongoing or proposed studies, depending on their degree of pursuit and whether any meaningful results are obtained, could spur initiatives to further regulate hydraulic fracturing under the SDWA or other regulatory authorities.

Several states have adopted, or are considering adopting, regulations that could restrict or prohibit hydraulic fracturing in certain circumstances and/or require the disclosure of the composition of hydraulic fracturing fluids. In addition, local governments also may seek to adopt ordinances within their jurisdictions regulating the time, place and manner of drilling activities in general or hydraulic fracturing activities in particular or prohibit the performance of well drilling in general or hydraulic fracturing in particular.

There has been increasing public controversy regarding hydraulic fracturing with regard to the use of fracturing fluids, impacts on drinking water supplies, use of water and the potential for impacts to surface water, groundwater and the environment generally. A number of lawsuits and enforcement actions have been initiated across the country implicating hydraulic fracturing practices. State and federal regulatory agencies recently have focused on a possible connection between the hydraulic fracturing related activities, particularly the disposal of produced water in underground injection wells, and the increased occurrence of seismic activity. When caused by human activity, such events are called induced seismicity. In some instances, operators of injection wells in the vicinity of seismic events have been ordered to reduce injection volumes or suspend operations. Some state regulatory agencies, including those in Colorado, Ohio, Oklahoma and Texas, have modified their regulations or taken other regulatory actions to curtail injection of produced water to account for induced seismicity. These developments could result in additional regulation and restrictions on the use of injection wells and hydraulic fracturing. Such regulations and restrictions could cause delays and impose additional costs and restrictions on the operators of our properties and on their waste disposal activities.

If new laws or regulations that significantly restrict hydraulic fracturing and related activities are adopted, such laws could make it more difficult or costly to perform fracturing to stimulate production from tight formations as well as make it easier for third parties opposing the hydraulic fracturing process to initiate legal proceedings based on allegations that specific chemicals used in the fracturing process could adversely affect groundwater. In addition, if hydraulic fracturing is further regulated at the federal or state level, fracturing activities could become subject to additional permitting and financial assurance requirements, more stringent construction specifications, increased monitoring, reporting and recordkeeping obligations, plugging and abandonment requirements and also to attendant permitting delays and potential increases in costs. Such legislative changes could cause our operators to incur substantial compliance costs, and compliance or the consequences of any failure to comply by operators could have a material adverse effect on our financial condition and results of operations. At this time, it is not possible to estimate the impact on our business of newly enacted or potential federal or state legislation governing hydraulic fracturing.

Other Regulation of the Oil and Natural Gas Industry

The oil and natural gas industry is extensively regulated by numerous federal, state and local authorities. Legislation affecting the oil and natural gas industry is under constant review for amendment or expansion, frequently

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increasing the regulatory burden. Also, numerous departments and agencies, both federal and state, are authorized by statute to issue rules and regulations that are binding on the oil and natural gas industry and its individual members, some of which carry substantial penalties for failure to comply. Although the regulatory burden on the oil and natural gas industry increases the cost of doing business and potentially delays operations, these burdens generally do not affect us any differently or to any greater or lesser extent than they affect other companies in the industry with similar types, quantities and locations of production.

The availability, terms and cost of transportation significantly affect sales of oil and natural gas. The interstate transportation of oil and natural gas and the sale for resale of natural gas is subject to federal regulation, including regulation of the terms, conditions and rates for interstate transportation, storage and various other matters, primarily by the Federal Energy Regulatory Commission (“FERC”). Federal and state regulations govern the price and terms for access to oil and natural gas pipeline transportation. FERC’s regulations for interstate oil and natural gas transmission in some circumstances may also affect the intrastate transportation of oil and natural gas.

Although oil and natural gas prices are currently unregulated, Congress historically has been active in the area of oil and natural gas regulation. We cannot predict whether new legislation to regulate oil and natural gas might be proposed, what proposals, if any, might be enacted by Congress or the various state legislatures, and what effect, if any, the proposals might have on our operations. Sales of crude oil, condensate and NGLs are not currently regulated and are made at market prices.

Drilling and Production

The operations of the operators of our properties are subject to various types of regulation at the federal, state and local levels. These types of regulation include requiring permits for the drilling of wells, drilling bonds and reports concerning operations. The state, and some counties and municipalities, in which we operate also regulate one or more of the following:

| ● | the location of wells;

| ● | the method of drilling and casing wells;

| ● | the timing of construction or drilling activities, including seasonal wildlife closures;

| ● | the rates of production or “allowables;”

| ● | the surface use and restoration of properties upon which wells are drilled;

| ● | the plugging and abandoning of wells; and

| ● | notice to, and consultation with, surface owners and other third parties.

State laws regulate the size and shape of drilling and spacing units or proration units governing the pooling of oil and natural gas properties. Some states allow forced pooling or integration of tracts to facilitate exploration while other states rely on voluntary pooling of lands and leases. In some instances, forced pooling or unitization may be implemented by third parties and may reduce our interest in the unitized properties. In addition, state conservation laws establish maximum rates of production from oil and natural gas wells, generally prohibit the venting or flaring of natural gas and impose requirements regarding the ratability of production. These laws and regulations may limit the amount of oil and natural gas that the operators of our properties can produce from our wells or limit the number of wells or the locations at which operators can drill. Moreover, each state generally imposes a production or severance tax with respect to the production and sale of oil, natural gas and NGLs within its jurisdiction. States do not regulate wellhead prices or engage in other similar direct regulation, but we cannot assure you that they will not do so in the future. The effect of such future regulations may be to limit the amounts of oil and natural gas that may be produced from our wells, negatively affect the economics of production from these wells or to limit the number of locations operators can drill.

Federal, state and local regulations provide detailed requirements for the abandonment of wells, closure or decommissioning of production facilities and pipelines and for site restoration in areas where the operators of our properties

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operate. The United States Army Corps of Engineers and many other state and local authorities also have regulations for plugging and abandonment, decommissioning and site restoration. Although the United States Army Corps of Engineers does not require bonds or other financial assurances, some state agencies and municipalities do have such requirements.

Natural Gas Sales and Transportation

FERC has jurisdiction over the transportation and sale for resale of natural gas in interstate commerce by natural gas companies under the Natural Gas Act of 1938 (“NGA”) and the Natural Gas Policy Act of 1978. Since 1978, various federal laws have been enacted which have resulted in the complete removal of all price and non-price controls for sales of domestic natural gas sold in “first sales.”

Under the Energy Policy Act of 2005, FERC has substantial enforcement authority to prohibit the manipulation of natural gas markets and enforce its rules and orders, including the ability to assess substantial civil penalties. FERC also regulates interstate natural gas transportation rates and service conditions and establishes the terms under which the operators of our properties may use interstate natural gas pipeline capacity, as well as the revenues the operators of our properties receive for sales of natural gas and release of natural gas pipeline capacity. Interstate pipeline companies are required to provide nondiscriminatory transportation services to producers, marketers and other shippers, regardless of whether such shippers are affiliated with an interstate pipeline company. FERC’s initiatives have led to the development of a competitive, open access market for natural gas purchases and sales that permits all purchasers of natural gas to buy gas directly from third party sellers other than pipelines.

Gathering service, which occurs upstream of jurisdictional transmission services, is regulated by the states onshore and in state waters. Section 1(b) of the NGA exempts natural gas gathering facilities from regulation by FERC under the NGA. Although its policy is still in flux, FERC has in the past reclassified certain jurisdictional transmission facilities as non-jurisdictional gathering facilities, which may increase the operators’ costs of transporting gas to point-of-sale locations. This may, in turn, affect the costs of marketing natural gas that the operators of our properties produce.

Historically, the natural gas industry has been very heavily regulated; therefore, we cannot guarantee that the less stringent regulatory approach currently pursued by FERC and Congress will continue indefinitely into the future nor can we determine what effect, if any, future regulatory changes might have on our natural gas related activities.

Oil Sales and Transportation

Sales of crude oil, condensate and NGLs are not currently regulated and are made at negotiated prices. Nevertheless, Congress could reenact price controls in the future.

Crude oil sales are affected by the availability, terms and cost of transportation. The transportation of oil in common carrier pipelines is also subject to rate regulation. FERC regulates interstate oil pipeline transportation rates under the Interstate Commerce Act and intrastate oil pipeline transportation rates are subject to regulation by state regulatory commissions. The basis for intrastate oil pipeline regulation, and the degree of regulatory oversight and scrutiny given to intrastate oil pipeline rates, varies from state to state. Insofar as effective interstate and intrastate rates are equally applicable to all comparable shippers, we believe that the regulation of oil transportation rates will not affect our operations in any materially different way than such regulation will affect the operations of our competitors.

Further, interstate and intrastate common carrier oil pipelines must provide service on a non-discriminatory basis. Under this open access standard, common carriers must offer service to all similarly situated shippers requesting service on the same terms and under the same rates. When oil pipelines operate at full capacity, access is governed by prorationing provisions set forth in the pipelines’ published tariffs. Accordingly, we believe that our access to oil pipeline transportation services will not materially differ from our competitors’ access to oil pipeline transportation services.

State Regulation

Texas regulates the drilling for, and the production, gathering and sale of, oil and natural gas, including imposing severance taxes and requirements for obtaining drilling permits. Texas currently imposes a 4.6% severance tax (2.3% for enhanced recovery) on the market value of oil production and a 7.5% severance tax on the market value of natural gas

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production. States also regulate the method of developing new fields, the spacing and operation of wells and the prevention of waste of oil and natural gas resources.

States may regulate rates of production and may establish maximum daily production allowables from oil and natural gas wells based on market demand or resource conservation, or both. States do not regulate wellhead prices or engage in other similar direct economic regulation, but we cannot assure you that they will not do so in the future. Should direct economic regulation or regulation of wellhead prices by the states increase, this could limit the amount of oil and natural gas that may be produced from our wells and the number of wells or locations the operators of our properties can drill.

The petroleum industry is also subject to compliance with various other federal, state and local regulations and laws. Some of those laws relate to resource conservation and equal employment opportunity. We do not believe that compliance with these laws will have a material adverse effect on our business.

Title to Properties

We believe that the title to our assets is satisfactory in all material respects. Although title to these properties is subject to encumbrances in some cases, such as customary interests generally retained in connection with the acquisition of real property, customary royalty interests and contract terms and restrictions, liens under operating agreements, liens related to environmental liabilities associated with historical operations, liens for current taxes and other burdens, easements, restrictions and minor encumbrances customary in the oil and natural gas industry, we believe that none of these liens, restrictions, easements, burdens and encumbrances will materially detract from the value of these properties or from our interest in these properties. Under our secured revolving credit facility, we have granted the lenders a lien on substantially all of the mineral and royalty interests of our wholly owned subsidiaries.

Human Capital Resources

The officers of our General Partner manage our operations and activities. However, neither we, our General Partner nor our subsidiaries have employees. We have entered into a management services agreement with Kimbell Operating, which in turn has entered into separate services agreements with entities controlled by affiliates of certain of our Sponsors and certain Contributing Parties, pursuant to which they and Kimbell Operating provide management, administrative and operational services for us, including the operation of our properties, and we may refer to individuals providing these services as our employees for ease of reference. The compensation for all of our employees is indirectly paid by us pursuant to the management services agreement with Kimbell Operating. Please read “Item 13. Certain Relationships and Related Party Transactions, and Director Independence—Management Services Agreements” for more information regarding such management services agreements.

Our success depends on our ability to continue to attract, retain and motivate qualified employees. We recognize that we are in a competitive marketplace when it comes to finding top talent. As a result, talent acquisition and the retention of employees continue to be a priority initiative for us. We strive to continue to attract, retain and motivate qualified employees by offering competitive compensation and benefits in an inclusive and safe workplace, with opportunities for our employees to grow and develop in their careers. Our employees may participate in a robust benefits program, which includes a focus on health and wellness, and we offer a variety of other employee perks.

As of December 31, 2025, Kimbell Operating had approximately 29 employees performing services for our operations and activities. Women represent approximately 34% of our workforce, and men represent approximately 66%. We believe that our employees are one of our greatest assets and that we are made up of talented and dedicated employees working together to achieve common and rewarding goals. We value integrity, hard work, dedication and teamwork. Our goal is to promote an environment where employees are encouraged to do their best work with high professional standards.

Facilities

Our principal executive offices are located at 777 Taylor Street, Suite 810, Fort Worth, Texas 76102. We believe that our leased facilities are adequate for our current operations.

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Additional Information

We electronically file various reports with the SEC including annual reports on Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K and amendments to such reports. The SEC maintains an internet site that contains reports and information statements, and other information regarding issuers that file electronically with the SEC at www.sec.gov. Additionally, information about us, including our reports filed with the SEC, is available through our website at www.kimbellrp.com. These reports are accessible at no charge through our website and are made available as soon as reasonably practicable after such material is filed with or furnished to the SEC. Our website and the information contained on that site, or connected to that site, are not incorporated by reference into this Annual Report.

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Item 1A. Risk Factors

There are many factors that could have a material adverse effect on our operating results, financial condition and cash flows. New risks may emerge at any time, and we cannot predict those risks or estimate the extent to which they may affect financial performance. Each of the risks described below could adversely impact the value of our common units.

Risks Related to Our Organization and Structure

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We may not have sufficient available cash to pay any quarterly distribution on our common units.

We may not have sufficient available cash each quarter to enable us to pay any distributions to our common unitholders. The holders of our Series A preferred units (to the extent of a distribution equal to 6.0% per annum plus accrued and unpaid distributions) and Class B units representing limited partnership interests in the Partnership (“Class B Units”) (to the extent of a distribution equal to 2.0% per quarter on such holder’s Class B Contribution (as defined below)) are entitled to receive quarterly cash distributions prior to distributions to holders of our common units. Substantially all of the cash we have to distribute each quarter depends upon the amount of oil, natural gas and NGL revenues we generate, which is dependent upon the prices that the operators of our properties realize from the sale of oil and natural gas production. In addition, the actual amount of our available cash we will have to distribute each quarter will be reduced by replacement capital expenditures we make, payments in respect of our debt instruments and other contractual obligations, tax obligations, general and administrative expenses and fixed charges and reserves for future operating or capital needs that the Board of Directors may determine are appropriate.

The holders of our Series A preferred units are entitled to receive cumulative quarterly distributions equal to 6.0% per annum plus accrued and unpaid distributions. In addition, each holder of Class B units has paid five cents per Class B unit to us as an additional capital contribution for the Class B units (such aggregate amount, the “Class B Contribution”) in exchange for Class B units. Each holder of Class B units is entitled to receive cash distributions equal to 2.0% per quarter on their respective Class B Contribution. Holders of our Series A preferred units and Class B units are entitled to receive quarterly cash distributions prior to distributions on our common units.

The amount of cash we have available for distribution to holders of our common units depends primarily on our cash flow and not solely on profitability, which may prevent us from paying cash distributions during periods when we record net income.

The amount of cash we have available for distribution to holders of our common units depends primarily upon our cash flow and not solely on profitability, which will be affected by non-cash items such as impairment expense or unit-based compensation expense. For example, we may have significant capital expenditures in the future. While these items may not affect our profitability in a quarter, they would reduce the amount of cash available for distribution to holders of our common units with respect to such quarter. As a result, we may pay cash distributions during periods in which we record net losses for financial accounting purposes and may be unable to pay cash distributions during periods in which we record net income.

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The amount of our quarterly cash distributions, if any, may vary significantly both quarterly and annually and is directly dependent on the performance of our business. We do not have a minimum quarterly distribution or employ structures intended to consistently maintain or increase distributions over time and could pay no distribution with respect to any particular quarter.

Our future business performance may be volatile, and our cash flows may be unstable. Please read “—All of our revenues are derived from royalty payments that are based on the price at which oil, natural gas and NGLs produced from the acreage underlying our interests is sold. The volatility of these prices due to factors beyond our control greatly affects our business, financial condition, results of operations and cash available for distribution on common units.” We do not have a minimum quarterly distribution or employ structures intended to consistently maintain or increase distributions over time. Because our quarterly distributions will significantly correlate to the cash we generate each quarter after payment of our fixed and variable expenses, future quarterly distributions paid to our unitholders will vary significantly from quarter to quarter and may be zero. Please read “Item 5. Market for Registrant’s Common Equity, Related Unitholder Matters and Issuer Purchases of Equity Securities—Cash Distribution Policy and Restrictions on Distributions.”

Furthermore, unlike other public companies, we do not currently intend to retain cash from our operations for capital expenditures necessary to replace our existing oil and natural gas reserves or otherwise maintain our asset base (“replacement capital expenditures”). The Board of Directors may change our distribution policy and decide to withhold replacement capital expenditures from cash available for distribution, which would reduce the amount of cash available for distribution in the quarter(s) in which any such amounts are withheld. Over the long term, if our reserves are depleted and our operators become unable to maintain production on our existing properties and we have not been retaining cash for replacement capital expenditures, the amount of cash generated from our existing properties will decrease and we may have to reduce the amount of distributions payable to our unitholders. To the extent that we do not withhold replacement capital expenditures, a portion of our cash available for distribution will represent a return of your capital.

Our partnership agreement requires that we distribute all of our available cash, which could limit our ability to grow and make acquisitions.

Our partnership agreement requires that we distribute all of our available cash each quarter. As a result, we will have limited cash available to reinvest in our business or to fund acquisitions, and we may rely upon external financing sources, including commercial bank borrowings and the issuance of debt and equity securities, to fund our acquisitions and growth capital expenditures. To the extent we are unable to finance growth externally, our distribution policy will significantly impair our ability to grow. In addition, the incurrence of commercial borrowings or other debt to finance our growth strategy would result in increased interest expense, which, in turn, would reduce the available cash that we have to distribute to our common unitholders.

We have funded a significant portion of the consideration paid in connection with many of our acquisitions with the issuance of equity securities, including common units and securities that are convertible or exchangeable into common units. There are no limitations in our partnership agreement on our ability to issue additional common units and, as a limited partnership, we are not required to seek unitholder approval for issuances of common units (including issuances in excess of 20% of our outstanding equity securities or issuances of equity to certain affiliates). To the extent we issue additional units in connection with any acquisitions or growth capital expenditures or as in-kind distributions, the payment of distributions on those additional units may increase the risk that we will be unable to maintain or increase our per unit distribution level.

The limited liability company agreement of our General Partner contains restrictive covenants, governance and other provisions that may restrict our ability to pursue our business strategies.

The limited liability company agreement of our General Partner, which is controlled by our Sponsors, contains provisions that prohibit certain actions without a supermajority vote of at least 662/3% of the members of the Board of Directors, including:

| ● | the incurrence of borrowings in excess of 2.5 times our Debt to EBITDAX Ratio for the preceding four quarters;

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| ● | the reservation of a portion of cash generated from operations to finance acquisitions;

| ● | modifications to the definition of “available cash” in our partnership agreement; and

| ● | the issuance of any partnership interests that rank senior in right of distributions or liquidation to our common units.

The Board of Directors is made up of seven members. Therefore, the vote of three directors would be sufficient to prevent us from undertaking the items discussed above. These restrictions may limit our ability to obtain future financings and acquire additional oil and gas properties. We may also be prevented from taking advantage of business opportunities that arise because of the limitations that these restrictions impose on us. Our inability to execute financings or acquire additional properties may materially adversely affect our results of operations and cash available for distribution on common units.

Our General Partner and its affiliates, including our Sponsors and their respective affiliates, have conflicts of interest with us and limited duties to us and our unitholders, and they may favor their own interests to the detriment of us and our unitholders. Additionally, we have no control over the business decisions and operations of our Sponsors and their respective affiliates, which are under no obligation to adopt a business strategy that favors us.

As of February 20, 2026, the owners of our Sponsors own or control up to an aggregate of approximately 2.5% of our outstanding common units and Class B units (or approximately 2.3% of our units, including our Series A preferred units on an as-converted basis), and our Sponsors indirectly own and control our General Partner. Our General Partner has sole responsibility for conducting our business and managing our operations. Although our General Partner has a duty to manage us in a manner that is in, or not adverse to, the best interests of us and our unitholders, the directors and officers of our General Partner also have a duty to manage our General Partner in a manner that is beneficial to Kimbell Holdings and its parents, our Sponsors. Conflicts of interest may arise between our Sponsors and their respective affiliates, including our General Partner, on the one hand, and us and our unitholders, on the other hand. In resolving these conflicts, our General Partner may favor its own interests and the interests of its affiliates, including our Sponsors and their respective affiliates, over the interests of our unitholders. These conflicts include, among others, the following situations:

| ● | neither our partnership agreement nor any other agreement requires our Sponsors or the Contributing Parties to pursue a business strategy that favors us or utilizes our assets, which could involve decisions by our Sponsors to undertake acquisition opportunities for themselves or any other investment partnership that they control, and the directors and officers of our Sponsors and the Contributing Parties have a fiduciary duty to make these decisions in the best interests of our Sponsors and such Contributing Parties, which may be contrary to our interests;

| ● | our Sponsors may change their strategy or priorities in a way that is detrimental to our future growth and acquisition opportunities;

| ● | many of the officers and directors of our General Partner are also officers or directors of, and equity owners in, our Sponsors and the Contributing Parties and owe fiduciary duties to our Sponsors, or any other investment partnership that they control, and the Contributing Parties and their respective owners;

| ● | our partnership agreement does not limit our Sponsors’ or their respective affiliates’ ability to compete with us and, subject to the 50% participation right included in the contribution agreement that we entered into with our Sponsors and the Contributing Parties in connection with our IPO, neither our Sponsors nor the Contributing Parties have any obligation to present business opportunities to us;

| ● | our Sponsors may be constrained by the terms of their current or future debt instruments from taking actions, or refraining from taking actions, that may be in our best interests;

| ● | our partnership agreement replaces the fiduciary duties that would otherwise be owed by our General Partner with contractual standards governing its duties, limiting our General Partner’s liabilities, and restricting the

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|  | remedies available to our unitholders for actions that, without these limitations, might constitute breaches of fiduciary duty;

| ● | except in limited circumstances, our General Partner has the power and authority to conduct our business without unitholder approval;

| ● | contracts between us, on the one hand, and our General Partner and its affiliates, on the other hand, may not be the result of arm’s length negotiations;

| ● | disputes may arise under agreements we have with our General Partner or its affiliates;

| ● | our General Partner determines the amount and timing of acquisitions and dispositions, borrowings, issuance of additional partnership securities and the creation, reduction or increase of cash reserves, each of which can affect the amount of cash that is distributed to our unitholders;

| ● | our General Partner determines which costs incurred by it or its affiliates are reimbursable by us;

| ● | our partnership agreement does not restrict our General Partner from causing us to reimburse it or its affiliates for any services rendered to us or entering into additional contractual arrangements with any of these entities on our behalf;

| ● | we have entered into a management services agreement with Kimbell Operating, which in turn has entered into separate services agreements with entities controlled by affiliates of certain of our Sponsors and certain Contributing Parties, pursuant to which they and Kimbell Operating provide management, administrative and operational services to us, and such entities also provide these services to certain other entities, including certain of the Contributing Parties;

| ● | our General Partner intends to limit its liability regarding our contractual and other obligations;

| ● | our General Partner may exercise its right to call and purchase all of the common units and Class B units not owned by it and its affiliates if it and its affiliates own more than 80% of our common units and Class B units (taken as a single class);

| ● | our General Partner controls the enforcement of obligations owed to us by our General Partner and its affiliates, including under the contribution agreement entered into in connection with our IPO and other agreements with our Sponsors and the Contributing Parties; and

| ● | our General Partner decides whether to retain separate counsel, accountants or others to perform services for us.

Our partnership agreement does not restrict our Sponsors and their respective affiliates or the Contributing Parties from competing with us. Certain of our directors and officers may in the future spend significant time serving, and may have significant duties with, investment partnerships or other private entities that compete with us in seeking out acquisitions and business opportunities and, accordingly, may have conflicts of interest in allocating time or pursuing business opportunities.

Our partnership agreement provides that our General Partner is restricted from engaging in any business activities other than acting as our General Partner and those activities incidental to its ownership of interests in us. Affiliates of our General Partner are not prohibited from owning projects or engaging in businesses that compete directly or indirectly with us. Similarly, our partnership agreement does not limit our Sponsors’ or their respective affiliates’ ability to compete with us and, subject to the 50% participation right included in the contribution agreement that we entered into with our Sponsors and the Contributing Parties in connection with our IPO, neither our Sponsors nor the Contributing Parties have any obligation to present business opportunities to us.

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Affiliates of our Sponsors currently hold interests in, and may make investments in and purchases of, entities that acquire and own mineral and royalty interests. In addition, certain of our officers and directors, including the individuals who control our Sponsors, may in the future hold similar positions with investment partnerships or other private entities that are in the business of identifying and acquiring mineral and royalty interests. In such capacities, these individuals would likely devote significant time to such other businesses and would be compensated by such other businesses for the services rendered to them. The positions of these directors and officers may give rise to duties that are in conflict with duties owed to us. In addition, these individuals may become aware of business opportunities that may be appropriate for presentation to us as well as the other entities with which they are or may be affiliated. Due to these potential future affiliations, they may have duties to present potential business opportunities to those entities prior to presenting them to us, which could cause additional conflicts of interest. Our Sponsors and their respective affiliates are under no obligation to make any acquisition opportunities available to us, except as provided for under the contribution agreement entered into in connection with our IPO.

Under the terms of our partnership agreement, the doctrine of corporate opportunity, or any analogous doctrine, does not apply to our General Partner or any of its affiliates, including its executive officers and directors, our Sponsors and their respective affiliates or the Contributing Parties. Any such person or entity that becomes aware of a potential transaction, agreement, arrangement or other matter that may be an opportunity for us does not have any duty to communicate or offer such opportunity to us. Any such person or entity is not liable to us or to any limited partner for breach of any fiduciary duty or other duty by reason of the fact that such person or entity pursues or acquires such opportunity for itself, directs such opportunity to another person or entity or does not communicate such opportunity or information to us. This may create actual and potential conflicts of interest between us and affiliates of our General Partner and result in less than favorable treatment of us and holders of our units.

Our General Partner intends to limit its liability regarding our obligations.

Our General Partner intends to limit its liability under contractual arrangements between us and third parties so that the counterparties to such arrangements have recourse only against our assets, and not against our General Partner or its assets. Our General Partner may therefore cause us to incur indebtedness or other obligations that are nonrecourse to our General Partner. Our partnership agreement permits our General Partner to limit its liability, even if we could have obtained more favorable terms without the limitation on liability. In addition, we are obligated to reimburse or indemnify our General Partner to the extent that it incurs obligations on our behalf. Any such reimbursement or indemnification payments would reduce the amount of cash otherwise available for distribution to our unitholders.

Neither we, our General Partner nor our subsidiaries have any employees, and we rely solely on Kimbell Operating to manage and operate, or arrange for the management and operation of, our business. The management team of Kimbell Operating, which includes the individuals who will manage us, also provides substantially similar services to other entities and thus is not solely focused on our business.

Neither we, our General Partner nor our subsidiaries have any employees, and we rely solely on Kimbell Operating to manage us and operate our assets. We have entered into a management services agreement with Kimbell Operating, which in turn has entered into separate services agreements with entities controlled by affiliates of certain of our Sponsors and certain Contributing Parties, pursuant to which they and Kimbell Operating provide management, administrative and operational services to us.

Kimbell Operating also provides substantially similar services and personnel to other entities, including certain of the Contributing Parties, and, as a result, may not have sufficient human, technical and other resources to provide those services at a level that it would be able to provide to us if it did not provide similar services to these other entities. Additionally, Kimbell Operating may make internal decisions on how to allocate its available resources and expertise that may not always be in our best interest compared to those of other entities or other affiliates of our General Partner. There is no requirement that Kimbell Operating favor us over these other entities in providing its services. If the employees of Kimbell Operating do not devote sufficient attention to the management and operation of our business, our financial results may suffer and our ability to make distributions to our unitholders may be reduced.

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Our partnership agreement replaces fiduciary duties applicable to a corporation with contractual duties and restricts the remedies available to our unitholders for actions taken by our General Partner that might otherwise constitute breaches of fiduciary duty.

Our partnership agreement contains provisions that replace fiduciary duties applicable to a corporation with contractual duties and restrict the remedies available to unitholders for actions taken by our General Partner that might otherwise constitute breaches of fiduciary duty under state fiduciary duty law. For example, our partnership agreement provides that:

| ● | whenever our General Partner (acting in its capacity as our General Partner), the Board of Directors or any committee thereof (including the conflicts committee) makes a determination or takes, or declines to take, any other action in their respective capacities, our General Partner, the Board of Directors and any committee thereof (including the conflicts committee), as applicable, is required to make such determination, or take or decline to take such other action, in good faith, meaning that it subjectively believed that the decision was in, or not adverse to, our best interests, and, except as specifically provided by our partnership agreement, will not be subject to any other or different standard imposed by our partnership agreement, Delaware law or any other law, rule or regulation or at equity;

| ● | our General Partner will not have any liability to us or our unitholders for decisions made in its capacity as a general partner so long as such decisions are made in good faith;

| ● | our General Partner and its officers and directors will not be liable for monetary damages to us or our limited partners resulting from any act or omission unless there has been a final and non-appealable judgment entered by a court of competent jurisdiction determining that our General Partner or its officers and directors, as the case may be, acted in bad faith or engaged in fraud or willful misconduct or, in the case of a criminal matter, acted with knowledge that the conduct was unlawful; and

| ● | our General Partner will not be in breach of its obligations under the partnership agreement (including any duties to us or our unitholders) if a transaction with an affiliate or the resolution of a conflict of interest is:

| ● | approved by the conflicts committee of the Board of Directors, although our General Partner is not obligated to seek such approval;

| ● | approved by the vote of a majority of the outstanding common units, excluding any common units owned by our General Partner and its affiliates;

| ● | determined by the Board of Directors to be on terms no less favorable to us than those generally being provided to or available from third parties; or

| ● | determined by the Board of Directors to be fair and reasonable to us, taking into account the totality of the relationships among the parties involved, including other transactions that may be particularly favorable or advantageous to us.

In connection with a situation involving a transaction with an affiliate or a conflict of interest, any determination by our General Partner or the conflicts committee must be made in good faith. If an affiliate transaction or the resolution of a conflict of interest is not approved by our common unitholders or the conflicts committee and the Board of Directors determines that the resolution or course of action taken with respect to the affiliate transaction or conflict of interest satisfies either of the standards set forth in the third and fourth sub bullet points above, then it will be presumed that, in making its decision, the Board of Directors acted in good faith, and in any proceeding brought by or on behalf of any limited partner or the partnership challenging such determination, the person bringing or prosecuting such proceeding will have the burden of overcoming such presumption.

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Our partnership agreement replaces our General Partner’s fiduciary duties to our unitholders with contractual standards governing its duties.

Our partnership agreement contains provisions that eliminate the fiduciary standards to which our General Partner would otherwise be held by state fiduciary duty law and replaces those duties with several different contractual standards. For example, our partnership agreement permits our General Partner to make a number of decisions in its individual capacity, as opposed to in its capacity as our General Partner, free of any duties to us and our unitholders other than the implied contractual covenant of good faith and fair dealing, which means that a court will enforce the reasonable expectations of the partners where the language in the partnership agreement does not provide for a clear course of action. This provision entitles our General Partner to consider only the interests and factors that it desires and relieves it of any duty or obligation to give any consideration to any interest of, or factors affecting, us, our affiliates or our limited partners. Examples of decisions that our General Partner may make in its individual capacity include:

| ● | how to allocate corporate opportunities among us and its other affiliates;

| ● | whether to exercise its limited call right;

| ● | whether to seek approval of the resolution of a conflict of interest by the conflicts committee of the Board of Directors or by the unitholders;

| ● | how to exercise its voting rights with respect to the units it owns;

| ● | whether to sell or otherwise dispose of any units or other partnership interests it owns; and

| ● | whether or not to consent to any merger or consolidation of the partnership or amendment to the partnership agreement.

By acquiring an interest in us, a limited partner agrees to become bound by the provisions in the partnership agreement, including the provisions discussed above.

Holders of our common units have limited voting rights and are not entitled to elect our General Partner or its directors, which could reduce the price at which our common units will trade.

Unlike the holders of common stock in a corporation, our unitholders have only limited voting rights on matters affecting our business and, therefore, limited ability to influence management’s decisions regarding our business. Our unitholders have no right on an annual or ongoing basis to elect our General Partner or its Board of Directors. The Board of Directors, including the independent directors, is chosen entirely by our Sponsors, as a result of such Sponsors controlling our General Partner, and not by our unitholders. Please read “Item 13. Certain Relationships and Related Party Transactions, and Director Independence.” Unlike publicly traded corporations, we do not conduct annual meetings of our unitholders to elect directors or conduct other matters routinely conducted at annual meetings of stockholders of corporations. As a result of these limitations, the price at which our common units will trade could be diminished because of the absence or reduction of a takeover premium in the trading price.

Even if our unitholders are dissatisfied, they cannot initially remove our General Partner without its consent.

If our unitholders are dissatisfied with the performance of our General Partner, they will have limited ability to remove our General Partner. Our General Partner may not be removed unless such removal is both (i) for cause and (ii) approved by the vote of the holders of not less than 662/3% of all outstanding units (including common units and Class B units held by the General Partner and its affiliates).

Our partnership agreement restricts the voting rights of unitholders owning 20% or more of the interests in any class of our securities, subject to certain exceptions.

Our partnership agreement restricts unitholders’ voting rights by providing that any units held by a person that owns 20% or more of any class of units then outstanding, other than our General Partner, its affiliates and their transferees, the Contributing Parties and their respective affiliates, persons who acquired such units with the prior approval of the

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Board of Directors, holders of Series A preferred units in connection with any vote, consent or approval of holders of the Series A preferred units, voting as a separate class or on an as-converted basis with the holders of common units, and holders who own 20% or more of any class of units as a result of any redemption or purchase of any other holder’s units or any conversion of the Series A preferred units at our option, may not vote on any matter. Our partnership agreement also contains provisions limiting the ability of unitholders to call meetings or to acquire information about our operations, as well as other provisions limiting the ability of our unitholders to influence the manner or direction of management.

Cost reimbursements due to our General Partner and its affiliates for services provided to us or on our behalf will reduce cash available for distribution to our common unitholders. Our partnership agreement and the limited liability company agreement of the Operating Company do not set a limit on the amount of expenses for which our General Partner and its affiliates may be reimbursed. The amount and timing of such reimbursements will be determined by our General Partner.

Prior to paying any distribution on our common units, we will reimburse our General Partner and its affiliates, including Kimbell Operating pursuant to its management services agreement discussed below, for all expenses they incur and payments they make on our behalf. Our partnership agreement and limited liability company agreement of the Operating Company do not set a limit on the amount of expenses for which our General Partner and its affiliates may be reimbursed. These expenses include salary, bonus, incentive compensation and other amounts paid to persons who perform services for us or on our behalf and expenses allocated to our General Partner by its affiliates. Our partnership agreement and the limited liability company agreement of the Operating Company provide that our General Partner will determine the expenses that are allocable to us. The reimbursement of expenses and payment of fees, if any, to our General Partner and its affiliates will reduce the amount of cash available for distribution to our common unitholders. Please read “Item 5. Market for Registrant’s Common Equity, Related Unitholder Matters and Issuer Purchases of Equity Securities— Cash Distribution Policy and Restrictions on Distributions.”

We have entered into a management services agreement with Kimbell Operating, which in turn has entered into separate services agreements with entities controlled by affiliates of certain of our Sponsors and certain Contributing Parties, pursuant to which they and Kimbell Operating provide management, administrative and operational services to us. Amounts paid to Kimbell Operating and such other entities under their respective services agreements will reduce the amount of cash available for distribution to our common unitholders. Please read “Item 13. Certain Relationships and Related Party Transactions, and Director Independence —Agreements and Transactions with Affiliates in Connection with our Initial Public Offering—Management Services Agreements.”

Our General Partner interest or the control of our General Partner may be transferred to a third party without unitholder consent.

Our General Partner may transfer its general partner interest to a third party without the consent of our unitholders. Furthermore, our partnership agreement does not restrict the ability of the owner of our General Partner to transfer its membership interests in our General Partner to a third party. After any such transfer, the new member or members of our General Partner would then be in a position to replace the Board of Directors and executive officers of our General Partner with its own designees and thereby exert significant control over the decisions taken by the Board of Directors and executive officers of our General Partner. This effectively permits a “change of control” without the vote or consent of the unitholders.

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Our sole cash-generating asset is our membership interest in the Operating Company, and we are accordingly dependent upon distributions from the Operating Company to pay taxes and cover our expenses and to make distributions to our unitholders.

We are a holding company, and we have no material assets other than our membership interest in the Operating Company. We have no independent means of generating revenue. To the extent the Operating Company has available cash, we intend to cause the Operating Company to make distributions to its unitholders, including us, in an amount sufficient to cover all applicable taxes at assumed tax rates, to reimburse us for our expenses and to allow us to make distributions to our unitholders. To the extent that we need funds and the Operating Company is restricted from making such distributions under applicable law or regulation or under the terms of any financing arrangements, or is otherwise unable to provide such funds, it could materially adversely affect our liquidity and financial condition.

Unitholders may have liability to repay distributions and in certain circumstances may be personally liable for the obligations of the partnership.

Under certain circumstances, unitholders may have to repay amounts wrongfully returned or distributed to them. Under Section 17-607 of the Delaware Revised Uniform Limited Partnership Act (the “Delaware Act”), we may not pay a distribution to our unitholders if the distribution would cause our liabilities to exceed the fair value of our assets. Delaware law provides that for a period of three years from the date of the impermissible distribution, limited partners who received the distribution and who knew at the time of the distribution that it violated Delaware law will be liable to the limited partnership for the distribution amount. Liabilities to partners on account of their partnership interests and liabilities that are non-recourse to the partnership are not counted for purposes of determining whether a distribution is permitted.

A limited partner that participates in the control of our business within the meaning of the Delaware Act may be held personally liable for our obligations under the laws of Delaware, to the same extent as our General Partner. This liability would extend to persons who transact business with us under the reasonable belief that the limited partner is a general partner. Neither our partnership agreement nor the Delaware Act specifically provides for legal recourse against our General Partner if a limited partner were to lose limited liability through any fault of our General Partner.

Increases in interest rates may cause the market price of our common units to decline.

The recent increases in interest rates may cause a corresponding decline in demand for equity investments in general, and in particular, for yield-based equity investments such as our common units. Any such increase in interest rates or reduction in demand for our common units resulting from other relatively more attractive investment opportunities may cause the trading price of our common units to decline. A global economic slowdown or recession and macroeconomic trends (such as higher inflation, volatility in the financial markets, increasing interest rates and currency rate fluctuations) may also result in unfavorable impact to the trading price of our common units.

Our General Partner has a call right that may require unitholders to sell their units at an undesirable time or price.

If at any time our General Partner and its affiliates (including our Sponsors and their respective affiliates) own more than 80% of the sum of the number of our common units then outstanding and the number of Class B units then outstanding, our General Partner will have the right, which it may assign to any of its affiliates or to us, but not the obligation, to acquire all, but not less than all, of the common units and Class B units (being treated as a single class of units) held by unaffiliated persons at a price not less than the then-current market price of the common units, as calculated in accordance with our partnership agreement. As a result, unitholders may be required to sell their common units or Class B units at an undesirable time or price and may not receive any return or a negative return on their investment. Unitholders may also incur a tax liability upon a sale of their units. Our General Partner is not obligated to obtain a fairness opinion regarding the value of the common units or Class B units to be repurchased by it upon exercise of the limited call right. There is no restriction in our partnership agreement that prevents our General Partner from causing us to issue additional common units or Class B units and then exercising its call right. If our General Partner exercised its limited call right, the effect would be to take us private and, if the units were subsequently deregistered, we would no longer be subject to the reporting requirements of the Securities Exchange Act of 1934, as amended (the “Exchange Act”).

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We may issue additional common units and other equity interests ranking junior to the Series A preferred units without unitholder approval, which would dilute existing common unitholder ownership interests.

Under our partnership agreement, we are authorized, without the vote of unitholders, to issue an unlimited number of additional partnership interests that, with respect to distributions on such partnership interests or distributions in respect of such partnership interests upon our liquidation, dissolution and winding up, rank junior to the Series A preferred units. The issuance of additional partnership interests that rank equal to or senior to the Series A preferred units requires the consent of the holders of 662/3% of the outstanding Series A preferred units. The terms of our partnership agreement and the limited liability company agreement of the Operating Company also authorize us and it to issue an unlimited number of Class B units and OpCo common units, respectively, which are together exchangeable on a one-for-one basis into common units. The issuance by us of additional common units or other equity interests of equal or senior rank to the common units would have the following effects:

| ● | the proportionate ownership interest of unitholders in us immediately prior to the issuance will decrease;

| ● | the amount of cash distributions on each common unit may decrease;

| ● | the ratio of our taxable income to distributions may increase;

| ● | the relative voting strength of each previously outstanding common unit may be diminished; and

| ● | the market price of the common units may decline.

There are no limitations in our partnership agreement on our ability to issue units ranking senior in right of distributions or liquidation to our common units.

In accordance with Delaware law and the provisions of our partnership agreement, we may issue additional partnership interests that rank senior in right of distributions, liquidation or voting to our common units. In prior years, we have issued preferred units that ranked senior in right of distributions and liquidation to our common units, and we may issue senior partnership interests again in the future. The issuance by us of units of senior rank may (i) reduce or eliminate the amount of cash available for distribution to our common unitholders; (ii) diminish the relative voting strength of the total common units outstanding as a class; or (iii) subordinate the claims of the common unitholders to our assets in the event of our liquidation.

The market price of our common units could be materially adversely affected by sales of substantial amounts of our common units in the public or private markets, including sales by our Sponsors, the Contributing Parties and other selling unitholders pursuant to any registration rights agreements.

As of December 31, 2025, we had 93,396,488 common units outstanding and 14,491,540 Class B units outstanding. Our Class B units are exchangeable on a one-for-one basis, together with an equal number of common units of the Operating Company (“OpCo common units”), for common units. In addition, our Series A preferred units may be converted into common units at the then-applicable conversion rate.

A large percentage of our equity securities, including securities that are convertible or exchangeable into common units, are held by a relatively limited number of investors. Further, we have entered into registration rights agreements with many of such investors, pursuant to which we have filed registration statements with the SEC to facilitate potential future sales of such common units by them. Sales by holders of a substantial number of our common units in the public markets, or the perception that such sales might occur, could have a material adverse effect on the price of our common units or could impair our ability to obtain capital through an offering of equity securities.

The price of our common units may fluctuate significantly, and unitholders could lose all or part of their investment.

The market price of our common units may be influenced by many factors, some of which are beyond our control, including:

| ● | changes in commodity prices;

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| ● | public reaction to our press releases, announcements and filings with the SEC;

| ● | fluctuations in broader securities market prices and volumes, particularly among securities of oil and natural gas companies and securities of publicly traded limited partnerships and limited liability companies;

| ● | changes in market valuations of similar companies;

| ● | departures of key personnel;

| ● | commencement of or involvement in litigation;

| ● | variations in our quarterly results of operations or those of other oil and natural gas companies;

| ● | changes in general economic conditions, financial markets or the oil and natural gas industry;

| ● | announcements by us or our competitors of significant acquisitions or other transactions;

| ● | variations in the amount of our quarterly cash distributions to our unitholders;

| ● | changes in accounting standards, policies, guidance, interpretations or principles;

| ● | the failure of securities analysts to cover our common units or changes in their recommendations and estimates of our financial performance;

| ● | future sales of our common units; and

| ● | the other factors described in these “Risk Factors.”

The New York Stock Exchange (the “NYSE”) does not require a publicly traded partnership like us to comply with certain of its corporate governance requirements.

Because we are a publicly traded partnership, the NYSE does not require us to have, and we do not have, a majority of independent directors on our Board of Directors or to establish a compensation committee or a nominating and corporate governance committee. Additionally, any future issuance of common units or other securities, including to affiliates, will not be subject to the NYSE’s shareholder approval rules that apply to corporations. Accordingly, unitholders will not have the same protections afforded to stockholders of certain corporations that are subject to all of the NYSE’s corporate governance requirements. Please read “Item 10. Directors, Executive Officers and Corporate Governance.”

Our partnership agreement includes exclusive forum, venue and jurisdiction provisions. By acquiring an interest in us, a limited partner is irrevocably consenting to these provisions regarding claims, suits, actions or proceedings and submitting to the exclusive jurisdiction of Delaware courts.

Our partnership agreement is governed by Delaware law. Our partnership agreement includes exclusive forum, venue and jurisdiction provisions designating Delaware courts as the exclusive venue for most claims, suits, actions and proceedings involving us or our officers, directors and employees. By acquiring an interest in us, a limited partner is irrevocably consenting to these provisions regarding claims, suits, actions or proceedings and submitting to the exclusive jurisdiction of Delaware courts. These provisions may have the effect of discouraging lawsuits against us and our General Partner’s officers and directors.

If a unitholder is an ineligible holder, the units of such unitholder may be subject to redemption.

We have adopted certain requirements regarding those investors who may own our units. Ineligible holders are limited partners whose nationality, citizenship or other related status would create a substantial risk of cancellation or forfeiture of any property in which we have an interest, as determined by our General Partner with the advice of counsel. If a unitholder is an ineligible holder, in certain circumstances as set forth in our partnership agreement, the units held by

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such unitholder may be redeemed by us at the then-current market price. The redemption price will be paid in cash or by delivery of a promissory note, as determined by our General Partner.

Our Series A preferred units have rights, preferences and privileges that are not held by, and are preferential to the rights of, holders of our common units.

On September 13, 2023, we issued 325,000 preferred units representing limited partner interests in the Partnership. On May 7, 2025, we completed the redemption of 162,500 Series A preferred units, representing 50% of the then-outstanding Series A preferred units. Our Series A preferred units rank senior to our common units with respect to distribution rights and rights upon liquidation. These preferences could adversely affect the market price for our common units or could make it more difficult for us to sell our common units in the future.

Until the conversion of the Series A preferred units into common units or their redemption, holders of the Series A preferred units are entitled to receive cumulative quarterly distributions equal to 6.0% per annum plus accrued and unpaid distributions. We have the right, in any four non-consecutive quarters, to elect not to pay such quarterly distribution in cash and instead have the unpaid distribution amount added to the liquidation preference at the rate of 10.0% per annum. If we make such an election in consecutive quarters or if we fail to pay in full, in cash and when due, any distribution owed to the Series A preferred units or otherwise materially breach our obligations to the holders of the Series A preferred units, the distribution rate will increase to 20.0% per annum until the accumulated distributions are paid in full in cash, or any such material breach is cured, as applicable. Each holder of Series A preferred units has the right to share in any special distributions by us of cash, securities or other property pro rata with the common units on an as-converted basis, subject to customary adjustments. We cannot declare or make any distributions, redemptions, or repurchases on any junior securities, including any of our common units, prior to paying the quarterly distribution payable to the Series A preferred units, including any previously accrued and unpaid distributions. Our obligation to pay distributions on our Series A preferred units could impact our liquidity and reduce the amount of cash flow available for working capital, capital expenditures, growth opportunities, acquisitions and other general partnership purposes. Our obligations to the holders of the Series A preferred units could also limit our ability to obtain additional financing or increase our borrowing costs, which could have an adverse effect on our financial condition.

The terms of our Series A preferred units contain covenants that may limit our business flexibility.

The terms of our Series A preferred units contain covenants preventing us from taking certain actions without the approval of the holders of 662/3% of the outstanding Series A preferred units, voting separately as a class. The need to obtain the approval of holders of the Series A preferred units before taking these actions could impede our ability to take certain actions that management or our board of directors may consider to be in the best interests of our common unitholders.

The affirmative vote of 662/3% of the outstanding Series A preferred units, voting separately as a class, will be necessary to amend our partnership agreement in any manner that is materially adverse to any of the rights, preferences and privileges of the Series A preferred units. The affirmative vote of 662/3% of the outstanding Series A preferred units voting separately as a class, will be necessary to, among other things, (i) issue, authorize or create any additional Series A preferred units or any class or series of partnership interests (or any obligation or security convertible into, exchangeable for or evidencing the right to purchase any class or series of partnership interests) that, with respect to distributions on such partnership interests or distributions in respect of such partnership interests upon our liquidation, dissolution and winding up, ranks equal to or senior to the Series A preferred units or (ii) under certain circumstances, incur certain indebtedness for borrowed money.

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Risks Related to Economic Conditions and Our Industry

All of our revenues are derived from royalty payments that are based on the price at which oil, natural gas and NGLs produced from the acreage underlying our interests is sold. The volatility of these prices due to factors beyond our control greatly affects our business, financial condition, results of operations and cash available for distribution on common units.

Our revenues, operating results, cash available for distribution on common units and the carrying value of our oil and natural gas properties depend significantly upon the prevailing prices for oil, natural gas and NGLs. Historically, oil, natural gas and NGL prices have been volatile and are subject to fluctuations in response to changes in supply and demand, market uncertainty and a variety of additional factors that are beyond our control, including:

| ● | the domestic and foreign supply of and demand for oil, natural gas and NGLs;

| ● | the level of prices and expectations about future prices of oil, natural gas and NGLs;

| ● | the level of global oil and natural gas exploration and production;

| ● | the cost of exploring for, developing, producing and delivering oil and natural gas;

| ● | the price and quantity of foreign imports;

| ● | the level of United States domestic production;

| ● | political and economic conditions in oil producing regions, including the Middle East, Africa, South America and Russia;

| ● | the ability of members of the OPEC to agree to and maintain oil price and production controls;

| ● | the ability of Iran to increase the export of oil and natural gas upon the relaxation of international sanctions;

| ● | speculative trading in crude oil, natural gas and NGL derivative contracts;

| ● | the level of consumer product demand;

| ● | weather conditions and other natural disasters, the frequency and impact of which could be increased by the effects of climate change;

| ● | risks associated with operating drilling rigs;

| ● | technological advances affecting energy consumption;

| ● | domestic and foreign governmental regulations and taxes;

| ● | the continued threat of terrorism and the impact of military and other action, including military actions involving Russia and Ukraine and the conflict in the Middle East;

| ● | the proximity, cost, availability and capacity of oil and natural gas pipelines and other transportation facilities;

| ● | the price and availability of alternative fuels; and

| ● | overall domestic and global economic conditions.

These factors and the volatility of the energy markets make it extremely difficult to predict future oil and natural gas price movements with any certainty. For example, during the past five years, the posted price for WTI, has ranged

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from a low of $47.47 per Bbl in January 2021 to a high of $123.64 per Bbl in March 2022, and the Henry Hub spot market price of natural gas has ranged from a low of $1.21 per MMBtu in November 2024 to a high of $23.86 per MMBtu in February 2021. On December 31, 2025, the WTI posted price for crude oil was $57.26 per Bbl and the Henry Hub spot market price of natural gas was $4.00 per MMBtu. On February 17, 2026, the WTI posted price for crude oil was $62.53 per Bbl and the Henry Hub spot market price of natural gas was $3.13 per MMBtu. Reductions in prices can be caused by many factors, including increases in oil and natural gas production and reserves from unconventional (shale) reservoirs, without an offsetting increase in demand, as well as actions by the OPEC to maintain or raise production levels. This environment could cause prices to remain at current levels or to fall to lower levels.

Any substantial decline in the price of oil, natural gas and NGLs or prolonged period of low commodity prices will materially adversely affect our business, financial condition, results of operations and cash available for distribution on common units. We may use various derivative instruments in connection with anticipated oil and natural gas sales to minimize the impact of commodity price fluctuations. However, we cannot always hedge the entire exposure of our operations from commodity price volatility. To the extent we do not hedge against commodity price volatility, or our hedges are not effective, our results of operations and financial position may be diminished.

In addition, lower oil and natural gas prices may reduce the amount of oil and natural gas that can be produced economically by our operators. This may result in our having to make substantial downward adjustments to our estimated proved reserves, which could negatively impact our borrowing base and our ability to fund our operations. If this occurs or if production estimates change or exploration or development results deteriorate, full-cost efforts method of accounting principles may require us to write down, as a non-cash charge to earnings, the carrying value of our oil and natural gas properties. Our operators could also determine during periods of low commodity prices to shut in or curtail production from wells on our properties. In addition, they could determine during periods of low commodity prices to plug and abandon marginal wells that otherwise may have been allowed to continue to produce for a longer period under conditions of higher prices. Specifically, they may abandon any well if they reasonably believe that the well can no longer produce oil or natural gas in commercially paying quantities.

A deterioration in general economic, business or industry conditions would materially adversely affect our results of operations, financial condition and cash available for distribution on common units.

Concerns over global economic conditions, higher interest rates, supply chain constraints, energy costs, geopolitical issues, inflation, the availability and cost of credit, and slow economic growth in the United States can contribute to economic uncertainty and diminish expectations for the global economy. In addition, consequences associated with the ongoing invasion of Ukraine by Russia, the conflict in the Middle East, recent U.S. military action in Venezuela and the occurrence or threat of terrorist attacks in the United States or other countries could adversely affect the economies of the United States and other countries. Concerns about global economic growth have had a significant adverse impact on global financial markets and commodity prices. With current global economic growth slowing, demand for oil, natural gas and NGL production has, in turn, softened. An oversupply of crude oil in 2015 led to a severe decline in worldwide oil prices. If the economic climate in the United States or abroad deteriorates, worldwide demand for petroleum products could further diminish, which could impact the price at which oil, natural gas and NGLs from our properties are sold, affect the ability of vendors, suppliers and customers associated with our properties to continue operations and ultimately materially adversely impact our results of operations, financial condition and cash available for distribution on common units.

Conservation measures and technological advances could reduce demand for oil and natural gas.

Fuel conservation measures, alternative fuel requirements, increasing consumer demand for alternatives to oil and natural gas, technological advances in fuel economy and energy-generation devices could reduce demand for oil and natural gas. The impact of the changing demand for oil and natural gas services and products may materially adversely affect our business, financial condition, results of operations and cash available for distribution on common units.

Competition in the oil and natural gas industry is intense, which may adversely affect our operators’ ability to succeed.

The oil and natural gas industry is intensely competitive, and the operators of our properties compete with other companies that may have greater resources. Many of these companies explore for and produce oil and natural gas, carry

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on midstream and refining operations, and market petroleum and other products on a regional, national or worldwide basis. In addition, these companies may have a greater ability to continue exploration activities during periods of low oil and natural gas market prices. Our operators’ larger competitors have substantially greater financial and technological resources and may be able to absorb the burden of present and future federal, state, local and other laws and regulations more easily than our operators can, which would adversely affect our operators’ competitive position. Our operators may have fewer financial and human resources than many companies in our operators’ industry and may be at a disadvantage in bidding for exploratory prospects and producing oil and natural gas properties.

We also compete with producers of alternative fuels or other forms of energy, including wind, solar and electric power, and in the future, could face increasing competition due to the development and adoption of new technologies and incentives granted to develop such technologies.

The results of exploratory drilling in shale plays will be subject to risks associated with drilling and completion techniques and drilling results may not meet our expectations for reserves or production.

The operators of our properties may use the latest drilling and completion techniques in their operations, and these techniques come with inherent risks. Certain of the new techniques that the operators of our properties may adopt, such as horizontal drilling, infill drilling and multi-well pad drilling, may cause irregularities or interruptions in production due to, in the case of infill drilling, offset wells being shut in and, in the case of multi-well pad drilling, the time required to drill and complete multiple wells before these wells begin producing. The results of drilling in new or emerging formations are more uncertain initially than drilling results in areas that are more developed and have a longer history of established production. Newer or emerging formations and areas often have limited or no production history and consequently the operators of our properties will be less able to predict future drilling results in these areas.

Ultimately, the success of these drilling and completion techniques can only be evaluated over time as more wells are drilled and production profiles are established over a sufficiently long time period. If our operators’ drilling results are weaker than anticipated or they are unable to execute their drilling program on our properties because of capital constraints, lease expirations, access to gathering systems or declines in oil and natural gas prices, our operating and financial results in these areas may be lower than we anticipate. Further, as a result of any of these developments we could incur material write-downs of our oil and natural gas properties and the value of our undeveloped acreage could decline, and our results of operations and cash available for distribution on common units could be materially adversely affected.

The marketability of oil and natural gas production is dependent upon transportation and other facilities, certain of which neither we nor the operators of our properties control. If these facilities are unavailable, our operators’ operations could be interrupted and our results of operations and cash available for distribution on common units could be materially adversely affected.

The marketability of our operators’ oil and natural gas production will depend in part upon the availability, proximity and capacity of transportation facilities, including gathering systems, trucks and pipelines, owned by third parties. Neither we nor the operators of our properties control these third party transportation facilities and our operators’ access to them may be limited or denied. Insufficient production from the wells on our acreage or a significant disruption in the availability of third party transportation facilities or other production facilities could adversely impact our operators’ ability to deliver to market or produce oil and natural gas and thereby cause a significant interruption in our operators’ operations. If they are unable, for any sustained period, to implement acceptable delivery or transportation arrangements or encounter production related difficulties, they may be required to shut in or curtail production. In addition, the amount of oil and natural gas that can be produced and sold may be subject to curtailment in certain other circumstances outside of our or our operators’ control, such as pipeline interruptions due to maintenance, excessive pressure, inability of downstream processing facilities to accept unprocessed gas, physical damage to the gathering system or transportation system or lack of contracted capacity on such systems. The curtailments arising from these and similar circumstances may last from a few days to several months. In many cases, we and our operators are provided with limited notice, if any, as to when these curtailments will arise and the duration of such curtailments. Any such shut in or curtailment, or an inability to obtain favorable terms for delivery of the oil and natural gas produced from our acreage, could materially adversely affect our financial condition, results of operations and cash available for distribution on common units.

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Drilling for and producing oil and natural gas are high-risk activities with many uncertainties that may materially adversely affect our business, financial condition, results of operations and cash available for distribution on common units.

The drilling activities of the operators of our properties will be subject to many risks. For example, we will not be able to assure our unitholders that wells drilled by the operators of our properties will be productive. Drilling for oil and natural gas often involves unprofitable efforts, not only from dry wells but also from wells that are productive but do not produce sufficient oil or natural gas to return a profit at then realized prices after deducting drilling, operating and other costs. The seismic data and other technologies used do not provide conclusive knowledge prior to drilling a well that oil or natural gas is present or that it can be produced economically. The costs of exploration, exploitation and development activities are subject to numerous uncertainties beyond our control and increases in those costs can adversely affect the economics of a project. Further, our operators’ drilling and producing operations may be curtailed, delayed, canceled or otherwise negatively impacted as a result of other factors, including:

| ● | unusual or unexpected geological formations;

| ● | loss of drilling fluid circulation;

| ● | title problems;

| ● | facility or equipment malfunctions;

| ● | unexpected operational events;

| ● | shortages or delivery delays of equipment and services;

| ● | compliance with environmental and other governmental requirements; and

| ● | adverse weather conditions.

Any of these risks can cause substantial losses, including personal injury or loss of life, damage to or destruction of property, natural resources and equipment, pollution, environmental contamination or loss of wells and other regulatory penalties. In the event that planned operations, including the drilling of development wells, are delayed or cancelled, or existing wells or development wells have lower than anticipated production due to one or more of the factors above or for any other reason, our financial condition, results of operations and cash available for distribution to our common unitholders may be materially adversely affected.

Risks Related to Our Indebtedness and Derivatives

​

Our derivative activities could result in financial losses and reduce earnings.

To achieve a more predictable cash flow and to reduce our exposure to adverse fluctuations in the prices of oil and natural gas, we currently have entered, and may in the future enter, into derivative contracts for a portion of our future oil and natural gas production, including fixed price swaps, collars and basis swaps. We have not designated and do not plan to designate any of our derivative contracts as hedges for accounting purposes and, as a result, record all derivative contracts on our balance sheet at fair value with changes in fair value recognized in current period earnings. Accordingly, our earnings may fluctuate significantly as a result of changes in the fair value of our derivative contracts. Derivative contracts also expose us to the risk of financial loss in some circumstances, including when:

| ● | production is less than expected;

| ● | the counterparty to the derivative contract defaults on its contract obligation; or

| ● | the actual differential between the underlying price in the derivative contract and actual prices received is materially different from that expected.

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In addition, these types of derivative contracts can limit the benefit we would receive from increases in the prices for oil and natural gas.

Restrictions in our secured revolving credit facility and future debt agreements could limit our growth and our ability to engage in certain activities, including our ability to pay distributions to our unitholders.

Our secured revolving credit facility has commitments up to $625.0 million. Our secured revolving credit facility is secured by substantially all of our assets. Our secured revolving credit facility contains various covenants and restrictive provisions that limit our ability to, among other things:

| ● | incur or guarantee additional debt;

| ● | make distributions on, or redeem or repurchase, common units, including if an event of default or borrowing base deficiency exists;

| ● | make certain investments and acquisitions;

| ● | incur certain liens or permit them to exist;

| ● | enter into certain types of transactions with affiliates;

| ● | merge or consolidate with another company; and

| ● | transfer, sell or otherwise dispose of assets.

Our secured revolving credit facility also contains covenants requiring us to maintain the following financial ratios or to reduce our indebtedness if we are unable to comply with such ratios: (i) a Debt to EBITDAX Ratio (as defined in the secured revolving credit facility) of not more than 3.5 to 1.0; and (ii) a ratio of current assets to current liabilities of not less than 1.0 to 1.0. Our ability to meet those financial ratios and tests can be affected by events beyond our control. These restrictions may also limit our ability to obtain future financings to withstand a future downturn in our business or the economy in general, or to otherwise conduct necessary corporate activities. We may also be prevented from taking advantage of business opportunities that arise or paying distributions to our common unitholders or OpCo common unitholders because of the limitations that the restrictive covenants under our secured revolving credit facility impose on us. For example, our secured revolving credit facility restricts us from paying distributions to our common unitholders and OpCo common unitholders if our Debt to EBITDAX Ratio exceeds 3.0 to 1.0 on a trailing twelve-month basis.

A failure to comply with the provisions of our secured revolving credit facility could result in an event of default, which could enable the lenders to declare, subject to the terms and conditions of our secured revolving credit facility, any outstanding principal of that debt, together with accrued and unpaid interest, to be immediately due and payable. If the payment of the debt is accelerated, cash flows from our operations may be insufficient to repay such debt in full, and our unitholders could experience a partial or total loss of their investment. Our secured revolving credit facility contains events of default customary for transactions of this nature, including the occurrence of a change of control. Please read “Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations—Liquidity and Capital Resources—Indebtedness.”

Any significant reduction in our borrowing base under our secured revolving credit facility as a result of the periodic borrowing base redeterminations or otherwise may negatively impact our ability to fund our operations.

Our secured revolving credit facility limits the amounts we can borrow up to a borrowing base amount, which the lenders, in their sole discretion, determine on a semi-annual basis based upon projected revenues from the oil and natural gas properties securing our loan. The borrowing base is determined based on our oil and gas properties and the oil and gas properties of our wholly owned subsidiaries. We have non-wholly owned subsidiaries whose assets are not subject to a lien and not included in borrowing base valuations. The lenders can unilaterally adjust the borrowing base and the borrowings permitted to be outstanding under our secured revolving credit facility. Any increase in the borrowing base requires the consent of the lenders holding 100% of the commitments. If the requisite number of lenders do not agree to an increase, then the borrowing base will be the lowest borrowing base acceptable to such lenders. Decreases in the

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available borrowing amount could result from declines in oil and natural gas prices, operating difficulties or increased costs, declines in reserves, lending requirements or regulations or certain other circumstances. Outstanding borrowings in excess of the borrowing base must be repaid, or we must pledge other oil and natural gas properties as additional collateral after applicable grace periods. We do not have substantial unpledged properties, and we may not have the financial resources in the future to make mandatory principal prepayments required under our secured revolving credit facility.

Our debt levels may limit our flexibility to obtain additional financing and pursue other business opportunities.

As of December 31, 2025, we had approximately $441.5 million in borrowings outstanding under our senior secured credit facility. Our existing and any future indebtedness could have important consequences to us, including:

| ● | our ability to obtain additional financing, if necessary, for working capital, capital expenditures, acquisitions or other purposes may be impaired, or such financing may not be available on terms acceptable to us;

| ● | covenants in our existing and future credit and debt arrangements will require us to meet financial tests that may affect our flexibility in planning for and reacting to changes in our business, including possible acquisition opportunities;

| ● | our access to the capital markets may be limited;

| ● | our borrowing costs may increase;

| ● | we will need a substantial portion of our cash flow to make principal and interest payments on our indebtedness, reducing the funds that would otherwise be available for operations, future business opportunities and distributions to unitholders; and

| ● | our debt level will make us more vulnerable than our competitors with less debt to competitive pressures or a downturn in our business or the economy generally.

Our ability to service our indebtedness will depend upon, among other things, our future financial and operating performance, which will be affected by prevailing economic conditions and financial, business, regulatory and other factors, some of which are beyond our control. If our operating results are not sufficient to service our current or future indebtedness, we will be forced to take actions such as reducing distributions, reducing or delaying business activities, acquisitions, investments and/or capital expenditures, selling assets, restructuring or refinancing our indebtedness, or seeking additional equity capital or bankruptcy protection. We may not be able to effect any of these remedies on satisfactory terms or at all.

Risks Related to Our Operations

​

Our business is difficult to evaluate because we have made several significant acquisitions.

We have grown our business primarily through acquisitions, which have significantly expanded our portfolio of mineral and royalty interests. We do not have historical financial statements with respect to our mineral and royalty interests for periods prior to their acquisition by the respective sellers. As a result, with respect to many of our assets, including any assets that we may acquire in the future, there is, or may be, only limited historical financial information available upon which to base an evaluation of our performance.

We depend on unaffiliated operators for all of the exploration, development and production on the properties in which we own mineral and royalty interests. Substantially all of our revenue is derived from royalty payments made by these operators. A reduction in the expected number of wells to be drilled on the acreage underlying our interests by these operators or the failure of these operators to adequately and efficiently develop and operate the underlying acreage could materially adversely affect our results of operations and cash available for distribution on common units.

Because we depend on our third party operators for all of the exploration, development and production on our properties, we have no control over the operations related to our properties. As of December 31, 2025, we received revenue from approximately 1,300 operators and we received approximately 47.1% of revenues from the top ten purchasers of our properties. During the year ended December 31, 2025, payments we received from our top purchaser accounted for

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approximately 7.7% of our revenues. In the absence of a specific contractual obligation, any development and production activities will be subject to their sole discretion (subject, however, to certain implied obligations to develop imposed by state law). The operators of our properties could determine to drill and complete fewer wells on our acreage than we currently expect. The success and timing of drilling and development activities on our properties, and whether the operators elect to drill any additional wells on our acreage, depends on a number of factors that will be largely outside of our control, including:

| ● | the capital costs required for drilling activities by the operators of our properties, which could be significantly more than anticipated;

| ● | the ability of the operators of our properties to access capital;

| ● | prevailing commodity prices;

| ● | the availability of suitable drilling equipment, production and transportation infrastructure and qualified operating personnel;

| ● | the operators’ expertise, operating efficiency and financial resources;

| ● | approval of other participants in drilling wells;

| ● | the operators’ expected return on investment in wells drilled on our acreage as compared to opportunities in other areas;

| ● | the selection of technology;

| ● | the selection of counterparties for the marketing and sale of production; and

| ● | the rate of production of the reserves.

The operators may elect not to undertake development activities, or may undertake these activities in an unanticipated fashion, which may result in significant fluctuations in our oil, natural gas and NGL revenues and cash available for distribution on common units. Additionally, if an operator were to experience financial difficulty, the operator might not be able to pay its royalty payments or continue its operations, which could have a material adverse impact on us. Sustained reductions in production by the operators of our properties may also materially adversely affect our results of operations and cash available for distribution on common units.

We may not be able to terminate our leases if any of the operators of the properties in which we own mineral interests declare bankruptcy, and we may experience delays and be unable to replace operators that do not make royalty payments.

A failure on the part of the operators of the properties in which we own mineral interests to make royalty payments typically gives us the right to terminate the lease, repossess the property and enforce payment obligations under the lease. If we repossessed any of the properties in which we own mineral interests, we would seek a replacement operator. However, we might not be able to find a replacement operator and, if we did, we might not be able to enter into a new lease on favorable terms within a reasonable period of time. In addition, the outgoing operator could be subject to bankruptcy proceedings that could prevent the execution of a new lease or the assignment of the existing lease to another operator. In addition, if we enter into a new lease, the replacement operator may not achieve the same levels of production or sell oil, natural gas or NGLs at the same price as the operator it replaced.

Our future success depends on replacing reserves through acquisitions and the exploration and development activities of the operators of our properties.

Our future success depends upon our ability to acquire additional oil and natural gas reserves that are economically recoverable. Our proved reserves will generally decline as reserves are depleted, except to the extent that successful exploration or development activities are conducted on our properties, or we acquire properties containing proved reserves, or both. Because we depend on our third party operators for all of the exploration, development and

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production on our properties, we have no control over the operations related to our properties. In addition, we do not currently intend to retain cash from our operations for capital expenditures necessary to replace our existing oil and gas reserves or otherwise maintain an asset base. To increase reserves and production, we would need the operators of our properties to undertake replacement activities or use third parties to accomplish these activities.

Our failure to successfully identify, complete and integrate acquisitions of properties or businesses would slow our growth and could materially adversely affect our results of operations and cash available for distribution on common units.

We depend in part on acquisitions to grow our reserves, production and cash generated from operations. Our decision to acquire a property will depend in part on the evaluation of data obtained from production reports and engineering studies, geophysical and geological analyses and seismic data, and other information, the results of which are often inconclusive and subject to various interpretations. The successful acquisition of properties requires an assessment of several factors, including:

| ● | recoverable reserves;

| ● | future oil, natural gas and NGL prices and their applicable differentials;

| ● | development plans;

| ● | operating costs; and

| ● | potential environmental and other liabilities.

The accuracy of these assessments is inherently uncertain, and we may not be able to identify attractive acquisition opportunities. In connection with these assessments, we perform a review of the subject properties that we believe to be generally consistent with industry practices, given the nature of our interests. Our review will not reveal all existing or potential problems, nor will it permit us to become sufficiently familiar with the properties to assess fully their deficiencies and capabilities. Inspections are often not performed on every well, and environmental problems, such as groundwater contamination, are not necessarily observable even when an inspection is undertaken. Even when problems are identified, the seller may be unwilling or unable to provide effective contractual protection against all or part of the problems. Even if we do identify attractive acquisition opportunities, we may not be able to complete the acquisition or do so on commercially acceptable terms. Unless our operators further develop our existing properties, we will depend on acquisitions to grow our reserves, production and cash flow.

There is intense competition for acquisition opportunities in our industry. Competition for acquisitions may increase the cost of, or cause us to refrain from, completing acquisitions. Our ability to complete acquisitions is dependent upon, among other things, our ability to obtain debt and equity financing and, in some cases, regulatory approvals. Further, these acquisitions may be in geographic regions in which we do not currently hold assets, which could result in unforeseen operating difficulties. In addition, if we acquire interests in new states, we may be subject to additional and unfamiliar legal and regulatory requirements. Compliance with regulatory requirements may impose substantial additional obligations on us and our management, cause us to expend additional time and resources in compliance activities and increase our exposure to penalties or fines for non-compliance with such additional legal requirements. Further, the success of any completed acquisition will depend on our ability to integrate effectively the acquired business into our existing business. The process of integrating acquired businesses may involve unforeseen difficulties and may require a disproportionate amount of our managerial and financial resources. In addition, potential future acquisitions may be larger and for purchase prices significantly higher than those paid for earlier acquisitions.

No assurance can be given that we will be able to identify suitable acquisition opportunities, negotiate acceptable terms, obtain financing for acquisitions on acceptable terms or successfully acquire identified targets. Our failure to minimize any unforeseen difficulties could materially adversely affect our financial condition and cash available for distribution on common units. The inability to effectively manage these acquisitions could reduce our focus on subsequent acquisitions, which, in turn, could negatively impact our growth and cash available for distribution on common units.

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Any acquisitions of additional mineral and royalty interests that we complete will be subject to substantial risks.

Even if we do make acquisitions that we believe will increase our cash generated from operations, these acquisitions may nevertheless result in a decrease in our cash distributions per unit. Any acquisition involves potential risks, including, among other things:

| ● | the validity of our assumptions about estimated proved reserves, future production, prices, revenues, capital expenditures and production costs;

| ● | a decrease in our liquidity by using a significant portion of our cash generated from operations or borrowing capacity to finance acquisitions;

| ● | a significant increase in our interest expense or financial leverage if we incur debt to finance acquisitions;

| ● | the assumption of unknown liabilities, losses or costs for which we are not indemnified or for which any indemnity we receive is inadequate;

| ● | mistaken assumptions about the overall cost of equity or debt;

| ● | our inability to obtain satisfactory title to the assets we acquire;

| ● | our inability to hire, train or retain qualified personnel to manage and operate our growing business and assets; and

| ● | the occurrence of other significant changes, such as impairment of oil and natural gas properties, goodwill or other intangible assets, asset devaluation or restructuring charges.

In addition, we may enter into transition services agreements with future sellers (or their affiliates) of any mineral and royalty interests that we may acquire. The services to be provided under such transition services agreements may not be performed timely and effectively, and any significant disruption in such transition services or unanticipated costs related to such services could adversely affect our business and results of operations.

If we are unable to make acquisitions on economically acceptable terms from our Sponsors, the Contributing Parties or third parties, our future growth will be limited.

Our ability to grow depends in part on our ability to make acquisitions that increase our cash generated from our mineral and royalty interests. The acquisition component of our strategy is based, in large part, on our expectation of ongoing acquisitions from industry participants, including our Sponsors and the Contributing Parties. There can be no assurance that, should the Contributing Parties choose to sell any additional mineral and royalty interests, any offer will be made to us, and there can be no assurance we will reach agreement on the terms with respect to the assets or any other acquisition opportunities offered to us by any of our Sponsors and the Contributing Parties or be able to obtain financing for such acquisition opportunities. Furthermore, many factors could impair our access to future acquisitions, including a change in control of any of our Sponsors and the Contributing Parties. A material decrease in the sale of oil and natural gas properties by any of our Sponsors and the Contributing Parties or by third parties would limit our opportunities for future acquisitions and could materially adversely affect our business, results of operations, financial condition and ability to pay quarterly cash distributions to our unitholders.

Prospect areas on our properties, which are in various stages of development, may not yield oil or natural gas in commercially viable quantities.

Project areas on our properties are in various stages of development, ranging from project areas with current drilling or production activity to project areas that have limited drilling or production history. If the wells in the process of being completed do not produce sufficient revenues or if dry holes are drilled, our financial condition, results of operations and cash available for distribution on common units may be materially adversely affected.

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Our estimated reserves are based on many assumptions that may prove to be inaccurate. Any material inaccuracies in these reserve estimates or underlying assumptions will materially affect the quantities and present value of our reserves.

It is not possible to measure underground accumulations of oil or natural gas in an exact way. Oil and natural gas reserve engineering requires subjective estimates of underground accumulations of oil and natural gas and assumptions concerning future oil and natural gas prices, production levels, ultimate recoveries and operating and development costs. As a result, estimated quantities of proved reserves, projections of future production rates and the timing of development expenditures may prove to be incorrect.

Our historical estimates of proved reserves and related valuations as of December 31, 2025, 2024 and 2023 were prepared by Ryder Scott, an independent petroleum engineering firm, which conducted a well-by-well review of all of our properties for the period covered by its reserve report using information provided by us. Over time, we may make material changes to reserve estimates taking into account the results of actual drilling, testing and production and changes in prices. Some of our reserve estimates were made without the benefit of a lengthy production history, which are less reliable than estimates based on a lengthy production history. In estimating our reserves, we and our reserve engineers make certain assumptions that may prove to be incorrect, including assumptions regarding future oil and natural gas prices, production levels and operating and development costs. Any significant variance from these assumptions to actual figures could greatly affect our estimates of reserves, the economically recoverable quantities of oil and natural gas attributable to any particular group of properties, the classifications of reserves based on risk of recovery and estimates of future net cash flows. Numerous changes over time to the assumptions on which our reserve estimates are based, as described above, often result in the actual quantities of oil and natural gas that are ultimately recovered being different from our reserve estimates.

The present value of future net cash flows from our proved reserves is not necessarily the same as the current market value of our estimated reserves. In accordance with rules established by the SEC and the Financial Accounting Standards Board (the “FASB”), we base the estimated discounted future net cash flows from our proved reserves on the twelve-month average oil and gas index prices, calculated as the unweighted arithmetic average for the first-day-of-the-month price for each month, and costs in effect on the date of the estimate, holding the prices and costs constant throughout the life of the properties. Actual future prices and costs may differ materially from those used in the present value estimate, and future net present value estimates using then current prices and costs may be significantly less than the current estimate. In addition, the 10% discount factor we use when calculating discounted future net cash flows may not be the most appropriate discount factor based on interest rates in effect from time to time and risks associated with us or the oil and natural gas industry in general.

We do not intend to retain cash from our operations for replacement capital expenditures. Unless we replenish our oil and natural gas reserves, our cash generated from operations and our ability to pay distributions to our unitholders could be materially adversely affected.

Producing oil and natural gas wells are characterized by declining production rates that vary depending upon reservoir characteristics and other factors. Our oil and natural gas reserves and the operators’ production thereof and our cash generated from operations and ability to pay distributions are highly dependent on the successful development and exploitation of our current reserves. As of December 31, 2025, the average estimated yearly five-year decline rate for our existing proved developed producing reserves is 13.5%. However, the production decline rates of our properties may be significantly higher than currently estimated if the wells on our properties do not produce as expected. We may also not be able to acquire additional reserves to replace the current and future production of our properties at economically acceptable terms, which could materially adversely affect our business, financial condition, results of operations and cash available for distribution on common units.

We are unlikely to be able to sustain or increase distributions without making accretive acquisitions or capital expenditures that maintain or grow our asset base. We will need to make substantial capital expenditures to maintain and grow our asset base, which will reduce our cash available for distribution on common units. We do not intend to retain cash from our operations for replacement capital expenditures primarily due to our expectation that the continued development of our properties and completion of drilled but uncompleted wells by working interest owners will substantially offset the natural production declines from our existing wells.

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Over a longer period of time, if we do not set aside sufficient cash reserves or make sufficient expenditures to maintain or grow our asset base, we would expect to reduce our distributions. With our reserves decreasing, if we do not reduce our distributions, then a portion of the distributions may be considered a return of part of the unitholders’ investment in us as opposed to a return on the unitholders’ investment.

We rely on a few key individuals whose absence or loss could materially adversely affect our business.

Many key responsibilities within our business have been assigned to a small number of individuals. We rely on our founders for their knowledge of the oil and natural gas industry, relationships within the industry and experience in identifying, evaluating and completing acquisitions. We have entered into a management services agreement with Kimbell Operating, which in turn has entered into separate services agreements with certain entities controlled by affiliates of certain of our Sponsors, pursuant to which they and Kimbell Operating provide management, administrative and operational services to us. In addition, under each of their respective services agreements, affiliates of certain of our Sponsors will identify, evaluate and recommend to us acquisition opportunities and negotiate the terms of such acquisitions. The loss of their services, or the services of one or more members of our executive team or those providing services to us pursuant to a contract, could materially adversely affect our business. Further, we do not maintain “key person” life insurance policies on any of our executive team or other key personnel. As a result, we are not insured against any losses resulting from the death of these key individuals.

Loss of our or our operators’ information and computer systems could materially adversely affect our business.

We are dependent on our and our operators’ information systems and computer-based programs. If any of such programs or systems were to fail for any reason, including as a result of a cyber-attack, or create erroneous information in our or our operators’ hardware or software network infrastructure, possible consequences include loss of communication links and inability to automatically process commercial transactions or engage in similar automated or computerized business activities. In addition to the service providers who provide substantial services to us under our services agreement with Kimbell Operating, we rely on third party service providers to perform some of our data entry, investor relations and other functions. If the programs or systems used by our third party service providers are not adequately functioning, we could experience loss of important data. Any of the foregoing consequences could materially adversely affect our business.

Title to the properties in which we have an interest may be impaired by title defects.

We depend in part on acquisitions to grow our reserves, production and cash generated from operations. We have in the past elected not to, and may in the future not elect to, incur the expense of retaining lawyers to examine the title to acquired mineral interests. Rather, we may rely upon the judgment of oil and gas lease brokers or landmen who perform the fieldwork in examining records in the appropriate governmental office before attempting to acquire a lease in a specific mineral interest. The existence of a material title deficiency can render an interest worthless and can materially adversely affect our results of operations, financial condition and cash available for distribution on common units. No assurance can be given that we will not suffer a monetary loss from title defects or title failure. Additionally, undeveloped acreage has greater risk of title defects than developed acreage. If there are any title defects or defects in assignment of leasehold rights in properties in which we hold an interest, we will suffer a financial loss.

The potential drilling locations identified by the operators of our properties are susceptible to uncertainties that could materially alter the occurrence or timing of their drilling.

The ability of the operators of our properties to drill and develop identified potential drilling locations depends on a number of uncertainties, including the availability of capital, construction of infrastructure, inclement weather, regulatory changes and approvals, oil and natural gas prices, costs, drilling results and the availability of water. Further, the potential drilling locations identified by the operators of our properties are in various stages of evaluation, ranging from locations that are ready to drill to locations that will require substantial additional interpretation. The use of technologies and the study of producing fields in the same area will not enable the operators of our properties to know conclusively prior to drilling whether oil or natural gas will be present or, if present, whether oil or natural gas will be present in sufficient quantities to be economically viable. Even if sufficient amounts of oil or natural gas exist, the operators of our properties may damage the potentially productive hydrocarbon-bearing formation or experience mechanical difficulties while drilling or completing the well, possibly resulting in a reduction in production from the well or

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abandonment of the well. If the operators of our properties drill additional wells that they identify as dry holes in current and future drilling locations, their drilling success rate may decline and materially harm their business as well as ours.

We cannot assure our unitholders that the analogies our operators draw from available data from the wells on our acreage, more fully explored locations or producing fields will be applicable to their drilling locations. Further, initial production rates reported by our or other operators in the areas in which our reserves are located may not be indicative of future or long-term production rates. Because of these uncertainties, we do not know if the potential drilling locations our operators have identified will ever be drilled or if our operators will be able to produce oil or natural gas from these or any other potential drilling locations. As such, the actual drilling activities of the operators of our properties may materially differ from those presently identified, which could materially adversely affect our business, results of operation and cash available for distribution on common units.

Acreage must be drilled before lease expiration, generally within three to five years, in order to hold the acreage by production. Our operators’ failure to drill sufficient wells to hold acreage may result in loss of the lease and prospective drilling opportunities.

Leases on oil and natural gas properties typically have a term of three to five years, after which they expire unless, prior to expiration, production is established within the spacing units covering the undeveloped acres. Any reduction in our operators’ drilling programs, either through a reduction in capital expenditures or the unavailability of drilling rigs, could result in the loss of acreage through lease expirations which may terminate our overriding royalty interests derived from such leases. If our royalties are derived from mineral interests and production or drilling ceases on the leased property, the lease is typically terminated, subject to certain exceptions, and all mineral rights revert back to us and we will have to seek new lessees to explore and develop such mineral interests. Any such losses of our operators or lessees could materially and adversely affect the growth of our financial condition, results of operations and cash available for distribution on common units.

The unavailability, high cost, or shortages of rigs, equipment, raw materials, supplies or personnel may restrict or result in increased costs for operators related to developing and operating our properties.

The oil and natural gas industry is cyclical, which can result in shortages of drilling rigs, equipment, raw materials (particularly sand and other proppants), supplies and personnel. When shortages occur, the costs and delivery times of rigs, equipment, and supplies increase and demand for, and wage rates of, qualified drilling rig crews also rise with increases in demand. We cannot predict whether these conditions will exist in the future and, if so, what their timing and duration will be. In accordance with customary industry practice, the operators of our properties rely on independent third party service providers to provide many of the services and equipment necessary to drill new wells. If the operators of our properties are unable to secure a sufficient number of drilling rigs at reasonable costs, our financial condition and results of operations could suffer. In addition, they may not have long-term contracts securing the use of their rigs, and the operator of those rigs may choose to cease providing services to them. Shortages of drilling rigs, equipment, raw materials (particularly sand and other proppants), supplies, personnel, trucking services, tubulars, fracking and completion services and production equipment could delay or restrict our operators’ exploration and development operations, which in turn could materially adversely affect our financial condition, results of operations and cash available for distribution on common units.

Operating hazards and uninsured risks may result in substantial losses to the operators of our properties, and any losses could materially adversely affect our results of operations and cash available for distribution on common units.

The operators of our properties will be subject to all of the hazards and operating risks associated with drilling for and production of oil and natural gas, including the risk of fire, explosions, blowouts, surface cratering, uncontrollable flows of natural gas, oil and formation water, pipe or pipeline failures, abnormally pressured formations, casing collapses and environmental hazards such as oil spills, natural gas leaks and ruptures or discharges of toxic gases. In addition, their operations will be subject to risks associated with hydraulic fracturing, including any mishandling, surface spillage or potential underground migration of fracturing fluids, including chemical additives. The occurrence of any of these events could result in substantial losses to the operators of our properties due to injury or loss of life, severe damage to or destruction of property, natural resources and equipment, pollution or other environmental damage, clean-up responsibilities, regulatory investigations and penalties, suspension of operations and repairs required to resume operations.

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If the operators of our properties suspend our right to receive royalty payments due to title or other issues, our business, financial condition, results of operations and cash available for distribution on common units may be adversely affected.

We depend in part on acquisitions to grow our reserves, production and cash generated from operations. In connection with these acquisitions, and in subsequent acquisitions, record title to a significant amount of the acquired mineral and royalty interests was conveyed to us or our subsidiaries by asset assignment, and we or our subsidiaries became the record owner of these interests. Upon such a change in ownership, and at regular intervals pursuant to routine audit procedures at each of our operators otherwise at its discretion, the operator of the underlying property has the right to investigate and verify the title and ownership of mineral and royalty interests with respect to the properties it operates. If any title or ownership issues are not resolved to its reasonable satisfaction in accordance with customary industry standards, the operator may suspend payment of the related royalty. If an operator of our properties is not satisfied with the documentation we provide to validate our ownership, it may place our royalty payment in suspense until such issues are resolved, at which time we would receive in full payments that would have been made during the suspense period, without interest. Certain of our operators impose significant documentation requirements for title transfer and may keep royalty payments in suspense for significant periods of time. During the time that an operator puts our assets in pay suspense, we would not receive the applicable mineral or royalty payment owed to us from sales of the underlying oil or natural gas related to such mineral or royalty interest. If a significant amount of our royalty interests are placed in suspense, our quarterly distribution may be reduced significantly. With each acquisition, we expect the risk of payment suspense to be greatest during the immediately succeeding fiscal quarters due to the number of title transfers that will take place.

We will be required to take write-downs of the carrying values of our proved properties if commodity prices decrease to a level such that the future cash flows discounted at 10% from our proved properties are less than their carrying value.

Accounting standards require that we periodically review the carrying value of our properties for possible impairment. Based on specific market factors and circumstances at the time of prospective impairment reviews, and the continuing evaluation of development plans, production data, economics and other factors, we may be required to write down the carrying value of our properties. The net capitalized costs of proved oil and natural gas properties are subject to a full cost ceiling limitation for which the costs are not allowed to exceed their related estimated future net revenues discounted at 10%. To the extent capitalized costs of evaluated oil and natural gas properties, net of accumulated depreciation, depletion, amortization and impairment, exceed estimated discounted future net revenues of proved oil and natural gas reserves, the excess capitalized costs are charged to expense. The risk that we will be required to recognize impairments of our oil and natural gas properties increases during periods of low commodity prices. In addition, impairments would occur if we were to experience sufficient downward adjustments to our estimated proved reserves or the present value of estimated future net revenues. An impairment recognized in one period may not be reversed in a subsequent period even if higher oil and natural gas prices increase the cost center ceiling applicable to the subsequent period.

We did not record an impairment on our oil and natural gas properties for the year ended December 31, 2025. We recorded an impairment on our oil and natural gas properties of $62.1 million and $18.2 million for the years ended December 31, 2024 and 2023, respectively, as a result of the decline in oil and natural gas prices.

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Tax Risks to Common Unitholders

We may incur substantial income tax liabilities on our allocable share of income from the Operating Company.

We are classified as a corporation for United States federal income tax purposes and for state income tax purposes in most states in which we do business. Current law provides that we are subject to federal income tax on our taxable income at the United States corporate tax rate, which is currently 21.0%, and to state income tax at rates that vary from state to state. The amount of cash available for distribution to you will be reduced by the amount of any such income taxes payable by us.

Taxable gain or loss on the sale of our common units could be more or less than expected.

A holder of common units generally will recognize capital gain or loss on a sale, an exchange, certain redemptions, or other taxable dispositions of our common units equal to the difference, if any, between the amount realized upon the disposition of such common units and the holder’s adjusted tax basis in those units. To the extent that the amount of our distributions exceeds our current and accumulated earnings and profits, the distributions will be treated as a tax-free return of capital and will reduce a holder’s tax basis in the common units. Because our distributions in excess of our earnings and profits decrease a holder’s tax basis in the common units, such excess distributions will result in a corresponding increase in the amount of gain, or a corresponding decrease in the amount of loss, recognized by the holder upon the sale of the common units.

Our tax liability may be greater than expected if we do not generate sufficient depletion deductions to offset our taxable income and reduce our tax liability.

We expect to generate depletion deductions that we can use to offset our taxable income; however, there is no guarantee that we will not have any taxable income as a result of our equity interests in the Operating Company. Because an entity-level tax is imposed on us due to our status as a corporation for U.S. federal income tax purposes, our distributable cash flow may be substantially reduced by our tax liabilities.

While we expect that our depletion deductions will be available to us as a benefit, in the event that the depletion deductions are not available as expected, are successfully challenged by the Internal Revenue Service (“IRS”) (in a tax audit or otherwise) or are subject to future limitations, our ability to realize these benefits may be limited. Further, the IRS or other tax authorities could challenge one or more tax positions we or the Operating Company take. Further, any change in law may affect our tax positions.

Future tax legislation could have an adverse impact on our cash tax liabilities, results of operations and financial condition, which could affect our cash available for distribution on common units and the value of our common units.

Changes in federal income tax law relating to our tax treatment could result in (i) our being subject to additional taxation at the entity level with the result that we would have less cash available for distribution on common units and (ii) a greater portion of our distributions being treated as taxable dividends. Congress could, in the future, enact tax law changes, such as increasing the corporate tax rate or reducing or eliminating certain tax preferences currently available with respect to production of oil and gas. We are unable to predict whether any such changes will be enacted, but any such changes could have a material impact on our cash tax liabilities, results of operations or financial condition. Moreover, we are subject to tax in numerous jurisdictions. Changes in current law in these jurisdictions could result in our being subject to additional taxation at the entity level with the result that we would have less cash available for distribution on common units.

Certain decreases in the price of our common units could adversely affect our amount of cash available for distribution on common units.

Changes in certain market conditions may cause the price of our common units to decrease. If holders of our OpCo common units and Class B units exercise their right to exchange those units for common units at a point in time when the price of our common units is relatively low, the ratio of our income tax deductions to gross income could decline. Any resulting decline in the ratio of our income tax deductions to gross income could result in our being subject to tax

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sooner than expected, our tax liability being greater than expected or a greater portion of our distributions being treated as taxable dividends.

The IRS Form 1099-DIV that you receive from your broker may over-report your dividend income with respect to our units for United States federal income tax purposes, and failure to report your dividend income in a manner consistent with the IRS Form 1099-DIV that you receive from your broker may cause the IRS to assert audit adjustments to your United States federal income tax return.

Distributions we pay with respect to our units constitute “dividends” for United States federal income tax purposes to the extent of our current and accumulated earnings and profits. Distributions we pay in excess of our earnings and profits are not to be treated as “dividends” for United States federal income tax purposes; instead, they are treated first as a tax-free return of capital to the extent of your tax basis in your units and then as capital gain realized on the sale or exchange of such units.

If you are a holder of our common units, the IRS Form 1099-DIV may not be consistent with our determination of the amount that constitutes a “dividend” to you for United States federal income tax purposes or you may receive a corrected IRS Form 1099-DIV (and you may therefore need to file an amended federal, state or local income tax return). We will attempt to timely notify you of available information to assist you with your income tax reporting (such as posting the correct information on our website). However, the information that we provide to you may be inconsistent with the amounts reported to you by your broker on IRS Form 1099-DIV, and the IRS may disagree with any such information and may make audit adjustments to your tax return.

The portion of our distributions taxable as dividends may be greater than expected.

If we make distributions from current or accumulated earnings and profits as computed for United States federal income tax purposes, such distributions will generally be taxable to our common unitholders as dividend income for United States federal income tax purposes. Under current law, distributions paid to non-corporate United States common unitholders will be subject to United States federal income tax at preferential rates, provided that certain holding period and other requirements are satisfied. It is difficult to predict whether we will generate earnings and profits in any given tax year. Although we expect that a significant portion of our distributions to common unitholders will exceed our current and accumulated earnings and profits as computed for United States federal income tax purposes, and therefore constitute a non-taxable return of capital to each unitholder to the extent of such unitholder’s basis in its common units, this may not occur. In addition, although distributions treated as a return of capital are generally non-taxable to the extent of a unitholder’s basis in its common units, such distributions will reduce such unitholder’s adjusted tax basis in its common units, which will result in an increase in the amount of gain (or a decrease in the amount of loss) that will be recognized by the unitholder on a future disposition of our common units, and to the extent any such distribution exceeds a unitholder’s basis in its common units, such distribution will be treated as gain on the sale or exchange of such common units.

If the Operating Company were to become a publicly traded partnership taxable as a corporation for United States federal income tax purposes, we and the Operating Company might be subject to potentially significant tax inefficiencies.

We intend to operate such that the Operating Company does not become a publicly traded partnership taxable as a corporation for United States federal income tax purposes. A “publicly traded partnership” is a partnership the interests of which are traded on an established securities market or are readily tradable on a secondary market or the substantial equivalent thereof. Under certain circumstances, it is possible that certain exchanges of the OpCo common units could cause the Operating Company to be treated as a publicly traded partnership. Applicable United States Treasury regulations provide for certain safe harbors from treatment as a publicly traded partnership, and we intend to operate such that exchanges of the OpCo common units qualify for one or more such safe harbors. If the Operating Company were to become a publicly traded partnership taxable as a corporation for United States federal income tax purposes, significant tax inefficiencies might result for us and for the Operating Company including as a result of our inability to file a consolidated United States federal income tax return with the Operating Company. In addition, we would no longer have the benefit of increases in the tax bases of the Operating Company’s assets.

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Legal, Environmental and Regulatory Risks

​

Oil and natural gas operations are subject to various governmental laws and regulations. Compliance with these laws and regulations can be burdensome and expensive, and failure to comply could result in significant liabilities, which could reduce our cash available for distribution on common units.

Operations on the properties in which we hold interests are subject to various federal, state and local governmental regulations that may be changed from time to time in response to economic and political conditions. Matters subject to regulation include drilling operations, discharges or releases of pollutants or wastes and production and conservation matters (discussed in more detail below). From time to time, regulatory agencies have imposed price controls and limitations on production by restricting the rate of flow of oil and natural gas wells below actual production capacity to conserve supplies of oil and natural gas. For example, on January 20, 2021, the Acting Secretary for the Department of the Interior signed an order suspending new fossil fuel leasing and permitting on federal lands for 60 days. In addition, President Biden issued certain Executive Orders focused on addressing climate change, which, among other things, directed the Secretary of the Interior to pause entering into new oil and natural gas leases on public lands or offshore waters “to the extent possible” pending completion of a comprehensive review and reconsideration of federal oil and gas permitting and leasing practices. In addition, some states have taken legal measures to restrict new oil and gas leases on state lands or to otherwise challenge new oil and gas development, including through restriction or prohibition of hydraulic fracturing in certain circumstances. In January 2025, President Trump issued certain Executive Orders directing federal agencies to facilitate the identification, leasing, siting, production, transportation, refining, and generation of domestic energy resources, including, but not limited to, on federal lands, and to expedite completion of infrastructure, energy, environmental and natural resources projects that fall under their purview. Potential legal challenges to President Trump’s Executive Orders, or other contrary actions by state or local agencies, may negatively impact oil and gas operations and favor renewable energy projects in the United States, which may negatively impact the demand for oil and natural gas.

In addition, the production, handling, storage, transportation, remediation, emission and disposal of oil and natural gas, by-products thereof and other substances and materials produced or used in connection with oil and natural gas operations are subject to regulation under federal, state and local laws and regulations primarily relating to protection of human health and safety and the environment. Failure to comply with these laws and regulations by the operators of our properties may result in the assessment of sanctions, including administrative, civil or criminal penalties, permit revocations, requirements for additional pollution controls and injunctions limiting or prohibiting some or all of their operations. Moreover, these laws and regulations have continually imposed increasingly strict requirements for water and air pollution control and solid waste management.

Laws and regulations governing exploration and production may also affect production levels. The operators of our properties must comply with federal and state laws and regulations governing conservation matters, including:

| ● | provisions related to the unitization or pooling of the oil and natural gas properties;

| ● | the establishment of maximum rates of production from wells;

| ● | the spacing of wells;

| ● | the plugging and abandonment of wells; and

| ● | the removal of related production equipment.

Additionally, state and federal regulatory authorities may expand or alter applicable pipeline safety laws and regulations, compliance with which may require increased capital costs on the part of our operators and third party downstream natural gas transporters associated with production from our properties.

The operators of our properties must also comply with laws and regulations prohibiting fraud and market manipulations in energy markets. To the extent the operators of our properties are shippers on interstate pipelines, they must comply with the tariffs of those pipelines and with federal policies related to the use of interstate capacity.

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The operators of our properties may be required to make significant expenditures to comply with the governmental laws and regulations described above and are subject to potential fines and penalties if they are found to have violated these laws and regulations. These and other potential regulations could increase the operating costs of the operators and delay production from our properties, which could reduce the amount of cash available for distribution to our common unitholders.

The operators of our properties are subject to complex and evolving environmental and occupational health and safety laws and regulations. As a result, they may incur significant delays, costs and liabilities that could materially adversely affect our business and financial condition.

The operators of our properties may incur significant delays, costs and liabilities as a result of environmental and occupational health and safety laws and regulations applicable to their exploration, development and production activities on our properties. These delays, costs and liabilities could arise under a wide range of federal, regional, state and local laws and regulations relating to protection of the environment and worker health and safety. These laws, regulations and enforcement policies have become increasingly strict over time, resulting in longer waiting periods to receive permits and other regulatory approvals, and we believe this trend will continue. These laws include, but are not limited to, the federal Clean Air Act (and comparable state laws and regulations that impose obligations related to air emissions), the Clean Water Act and OPA (and comparable state laws and regulations that impose requirements related to discharges of pollutants into regulated bodies of water), the RCRA (and comparable state laws that impose requirements for the handling and disposal of waste), the CERCLA, also known as the “Superfund” law, and the community right to know regulations under Title III of the act (and comparable state laws that regulate the cleanup of hazardous substances that may have been released at properties currently or previously owned or operated by our operators or at locations our operators sent waste for disposal and comparable state laws that require organization and/or disclosure of information about hazardous materials our operators use or produce), the federal Occupational Safety and Health Act (which establishes workplace standards for the protection of health and safety of employees and requires a hazardous communications program) and the Endangered Species Act and the Migratory Bird Treaty Act (and comparable state laws that seek to ensure activities do not jeopardize endangered or threatened animals, fish, plant species by limiting or prohibiting construction activities in areas that are inhabited by such species and penalizing the taking, killing or possession of migratory birds).

Failure to comply with these laws and regulations may result in the assessment of administrative, civil and criminal penalties, imposition of cleanup and site restoration costs and liens and, in some instances, issuance of orders or injunctions limiting or requiring discontinuation of certain operations. Additionally, actions taken by federal or state agencies under these laws and regulations, such as the designation of previously unprotected species as being endangered or threatened or the designation of previously unprotected areas as a critical habitat for such species, can cause the operators of our properties to incur additional costs or become subject to operating restrictions.

Strict, joint and several liabilities may be imposed under certain environmental laws, which could cause the operators of our properties to become liable for the conduct of others or for consequences of our operators’ actions that were in compliance with all applicable laws at the time those actions were taken. In addition, claims for damages to persons or property, including natural resources, may result from the environmental and worker health and safety impacts of operations by the operators of our properties. Also, new laws, regulations or enforcement policies could be more stringent and impose unforeseen liabilities, significantly increase our operating or compliance costs, reduce our liquidity, delay or halt our operations or otherwise alter the way we conduct our business. If the operators of our properties are not able to recover the resulting costs through insurance or increased revenues, our business, financial condition or results of operations could be materially and adversely affected. Please read “Item 1. Business—Regulation” for a description of the laws and regulations that affect the operators of our properties and that may affect us.

Federal and state legislative and regulatory initiatives relating to hydraulic fracturing could result in increased costs and additional operating restrictions or delays.

The operators of our properties use hydraulic fracturing for the completion of their wells. Hydraulic fracturing is a process that involves pumping fluid and proppant at high pressure into a hydrocarbon bearing formation to create and hold open fractures. Those fractures enable gas or oil to move through the formation’s pores to the wellbore. Typically, the fluid used in this process is primarily water. In plays where hydraulic fracturing is necessary for successful development, the demand for water may exceed the supply. If the operators of our properties are unable to obtain water to use in their

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operations from local sources or are unable to effectively utilize flowback water, they may be unable to economically drill for or produce oil and natural gas, which could materially adversely affect our financial condition, results of operations and cash available for distribution on common units.

Certain governmental reviews have been conducted or are underway that focus on the potential environmental impacts of hydraulic fracturing. For example, in December 2016, the EPA released its final report on the potential impacts of hydraulic fracturing on drinking water resources, concluding that hydraulic fracturing activities can impact drinking water resources under certain circumstances, including large volume spills and inadequate mechanical integrity of wells. These and other ongoing or proposed studies could spur initiatives to further regulate hydraulic fracturing and could ultimately make it more difficult or costly for the operators of our properties to perform fracturing and increase the costs of compliance and doing business. Additional legislation or regulation could also make it easier for parties opposing the hydraulic fracturing process to initiate legal proceedings based on allegations that specific chemicals used in the fracturing process could adversely affect groundwater. There has also been increasing public controversy regarding hydraulic fracturing with regard to the use of fracturing fluids, impacts on drinking water supplies, the use of water and the potential for impacts to surface water, groundwater and the environment generally. The imposition of stringent new regulatory and permitting requirements related to the practice of hydraulic fracturing could significantly increase our cost of doing business, could create adverse effects on our operators, including creating delays related to the issuance of permits and, depending on the specifics of any particular proposal that is enacted, could be material.

State and federal regulatory agencies recently have focused on a possible connection between the hydraulic fracturing related activities, particularly the disposal of produced water in underground injection wells, and the increased occurrence of seismic activity. When caused by human activity, such events are called induced seismicity. In some instances, operators of injection wells in the vicinity of seismic events have been ordered to reduce injection volumes or suspend operations. Some state regulatory agencies, including those in Colorado, Ohio, Oklahoma and Texas, have modified their regulations or taken other regulatory actions to curtail injection of produced water to account for induced seismicity. Regulatory agencies at all levels are continuing to study the possible linkage between oil and gas activity and induced seismicity. These developments could result in additional regulation and restrictions on the use of injection wells and hydraulic fracturing. Such regulations and restrictions could cause delays and impose additional costs and restrictions on the operators of our properties and on their waste disposal activities. Please read “Item 1. Business—Regulation” for a description of the laws and regulations that affect the operators of our properties and that may affect us.

The adoption of climate change legislation and regulations could result in increased operating costs and reduced demand for the oil and natural gas that our operators produce.

Climate change and sustainability and other environmental considerations are a growing global concern with increasing focus from the public, investors and other stakeholders. In 2009, the EPA found that emissions of carbon dioxide, methane and other GHGs present an endangerment to public health and the environment. Relying on this finding, referred to as the 2009 Endangerment Finding, the EPA has adopted regulations under existing provisions of the federal Clean Air Act that, among other things, require preconstruction and operating permits for certain large stationary sources. In addition, the EPA has adopted rules requiring the monitoring and reporting of GHG emissions from specified onshore oil and natural gas production sources in the United States on an annual basis, which include operations on certain of our properties. On February 12, 2026, the EPA issued a final rule that rescinded the 2009 Endangerment Finding and repealed all GHG emission standards for motor vehicles that directly relied on the 2009 Endangerment Finding. The impact from the February 2026 rescission on other GHG regulations issued under the Clean Air Act that relied on the 2009 Endangerment Finding for legal support, including GHG regulations affecting the oil and gas industry, is uncertain. Potential legal challenges to EPA’s rescission of the 2009 Endangerment Finding, or the imposition of additional regulatory burden on oil and gas development by state or local agencies in response to EPA’s repeal of federal GHG regulations, could increase the costs of development and production, reducing the profits available to us and potentially impairing our operator’s ability to economically develop our properties.

During his presidency, President Biden issued Executive Orders seeking to adopt new regulations and policies to address climate change and suspend, revise or rescind prior agency actions that are identified as conflicting with the Biden Administration’s climate policies, including, for example, directing the Secretary of the Interior to pause new oil and natural gas leases on public lands or in offshore waters pending completion of a comprehensive review and reconsideration of federal oil and gas permitting and leasing practices. In his current presidential term, President Trump has reversed many

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climate-focused executive actions taken by President Biden. Congress has from time to time considered adopting legislation to reduce emissions of GHGs and many states have already taken legal measures to reduce emissions of GHGs primarily through the planned development of GHG emission inventories and/or regional GHG cap and trade programs. Potential legal challenges to President Trump’s Executive Orders, imposition of additional regulatory burden on oil and gas development by state or local agencies, or any expansion of federal climate regulations could increase the costs of development and production, reducing the profits available to us and potentially impairing our operator’s ability to economically develop our properties. Please read “Item 1. Business—Regulation” for a description of the laws and regulations that affect the operators of our properties and that may affect us.

Efforts have been made and continue to be made in the international community toward the adoption of international treaties or protocols that would address global climate change issues. For example, in April 2016, the United States was one of 175 countries to sign the Paris Agreement, which requires member countries to review and “represent a progression” in their intended nationally determined contributions, which set GHG emission reduction goals, every five years beginning in 2020. The Paris Agreement entered into force in November 2016. In line with a June 2017 announcement from President Trump, the United States withdrew from the Paris Agreement in November 2020. However, on January 20, 2021, President Biden signed an instrument that reversed this withdrawal, and the United States formally re-joined the Paris Agreement on February 19, 2021. In April 2021, President Biden announced a new, more rigorous nationally determined emissions reduction level of 50 percent to 52 percent from 2005 levels in economy-wide net GHG emissions by 2030, and in November 2021, the international community gathered again in Glasgow at COP26. During more recent COP meetings, including COP26, multiple efforts (not having the effect of law) were announced, including a call for countries to eliminate certain fossil fuel subsidies and pursue further action to reduce non-carbon dioxide GHG emissions. Relatedly, the United States and European Union jointly announced at COP26 the launch of a Global Methane Pledge, an initiative joined by more than 100 countries, committing to a collective goal of reducing global methane emissions by at least 30 percent from 2020 levels by 2030, including “all feasible reductions” in the energy sector. In January 2025, President Trump ordered the U.S. Ambassador to the United Nations to submit a formal written notification of the United States’ withdrawal from the Paris Agreement, which withdrawal by the United States became effective on January 27, 2026. Initiatives to implement pledges made at COP meetings, the Paris Agreement goals or other or similar initiatives or regulatory changes could result in increased costs of development and production, reducing the profits available to us and potentially impairing our operators’ ability to economically develop our properties.

Congress has from time to time considered legislation to reduce emissions of GHGs and may consider adopting legislation to reduce GHG emissions at the federal level in the coming years. In the absence of federal climate legislation, a number of state and regional efforts have emerged that are aimed at tracking or reducing GHG emissions by means of cap and trade programs. These programs typically require major sources of GHG emissions to acquire and surrender emission allowances in return for emitting those GHGs. Although it is not possible at this time to predict how legislation or new regulations that may be adopted to address GHG emissions would impact our business, any future laws and regulations imposing reporting obligations on, or limiting emissions of GHGs from, our operators’ equipment and operations could require them to incur costs to reduce emissions of GHGs associated with their operations. In addition, substantial limitations on GHG emissions could adversely affect demand for the oil and natural gas produced from our properties. Restrictions on emissions of methane or carbon dioxide that may be imposed in various states, as well as state and local climate change initiatives, could adversely affect the oil and natural gas industry, and, at this time, it is not possible to accurately estimate how potential future laws or regulations addressing GHG emissions would impact our business.

Moreover, activists and members of the investment community concerned about the potential effects of climate change have directed their attention at sources of funding for energy companies, which has resulted in certain financial institutions, funds and other sources of capital restricting or eliminating their investment in oil and natural gas activities. Ultimately, this could make it more difficult for operators on our properties to secure funding for exploration and production activities. Additionally, activist shareholders have introduced proposals that may seek to force companies to adopt aggressive emission reduction targets or restrict more carbon-intensive activities. While we cannot predict the outcomes of such proposals, they could ultimately make it more difficult for operators to engage in exploration and production activities.

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Finally, increasing concentrations of GHGs in the Earth’s atmosphere may produce climate changes that have significant physical effects, such as increased frequency and severity of storms, droughts, floods, and other climatic events; if any of these effects were to occur, they could materially adversely affect our properties and operations.

Changes in U.S. trade policy and the impact of tariffs may have a material adverse effect on our business and results of operations.

Our business and results of operations may be adversely affected by uncertainty and changes in U.S. trade policies, including tariffs, trade agreements or other trade restrictions imposed by the U.S. or other governments. Several recent tariff announcements by the U.S. federal government have been followed by announcements of limited exemptions and temporary pauses. These actions are unprecedented, have caused substantial uncertainty and volatility in financial markets and may result in retaliatory measures on U.S. goods and commodities.

Tariffs or other trade restrictions may lead to continuing uncertainty and volatility in U.S. and global financial and economic conditions and commodity markets, declining consumer confidence, significant inflation and diminished expectations for the economy, and increased volatility in commodity prices. Such conditions could have a material adverse impact on our business, results of operations and cash flows. Also, disruptions and volatility in the financial markets may lead to adverse changes in the availability, terms and cost of capital. Such adverse changes could increase our costs of capital and limit our access to external financing sources to fund acquisitions, capital projects, or refinancing of debt maturities on similar terms, which could in turn reduce our cash flows and limit our ability to pursue growth opportunities.

Changes in tariffs and trade restrictions can be announced with little or no advance notice. The adoption and expansion of tariffs or other trade restrictions, increasing trade tensions, or other changes in governmental policies related to taxes, tariffs, trade agreements or policies, are difficult to predict, which makes attendant risks difficult to anticipate and mitigate. If we are unable to navigate further changes in U.S. or international trade policy, it could have a material adverse impact on our business and results of operations.

General Risk Factors

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Increased costs of capital could materially adversely affect our business.

Our business, ability to make acquisitions and operating results could be harmed by factors such as the availability, terms and cost of capital or increases in interest rates. Changes in any one or more of these factors could cause our cost of doing business to increase, limit our access to capital, limit our ability to pursue acquisition opportunities and place us at a competitive disadvantage. Certain institutional lenders who provide financing to oil and gas companies have become more attentive to sustainable lending practices and some of them may substantially reduce, or elect not to provide, funding for oil and gas companies. A significant reduction in the availability of credit could materially and adversely affect our ability to achieve our planned growth and operating results.

A terrorist attack or armed conflict could harm our business.

Terrorist activities, anti-terrorist activities and other armed conflicts involving the United States or other countries may adversely affect the United States and global economies. If any of these events occur, the resulting political instability and societal disruption could reduce overall demand for oil and natural gas, potentially putting downward pressure on demand for our operators’ services and causing a reduction in our revenues. Oil and natural gas facilities, including those of our operators, could be direct targets of terrorist attacks, and if infrastructure integral to our operators is destroyed or damaged, they may experience a significant disruption in their operations. Any such disruption could materially adversely affect our financial condition, results of operations and cash available for distribution on common units.

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Cyber-attacks targeting systems and infrastructure used by the oil and gas industry and related regulations may adversely impact our operations and, if we are unable to obtain and maintain adequate protection for our data, our business may be harmed.

The oil and natural gas industry has become increasingly dependent on digital technologies to conduct certain exploration, development and production activities. For example, the oil and natural gas industry depends on digital technology to estimate quantities of oil, natural gas and NGL reserves, process and record financial and operating data, analyze seismic and drilling information, and communicate with customers, employees and third party partners. At the same time, cyber incidents, including deliberate attacks or unintentional events, have increased. The United States government has issued public warnings that indicate that energy assets might be specific targets of cyber security threats. We are dependent on our and our operators’ information systems and computer-based programs. If any of such programs or systems were to fail for any reason, including as a result of a cyber-attack, or create erroneous information in our or our operators’ hardware or software network infrastructure, possible consequences include loss of communication links and inability to automatically process commercial transactions or engage in similar automated or computerized business activities. In addition to the service providers who provide substantial services to us under our services agreement with Kimbell Operating, we rely on third party service providers to perform some of our data entry, investor relations and other functions. If the programs or systems used by our third party service providers are not adequately functioning, we could experience loss of important data.

In addition, unauthorized access to our reserves information or other proprietary or commercially sensitive information could lead to data corruption, communication interruption or other disruptions in our operations or planned business transactions, any of which could have a material adverse impact on our results of operations. Our systems for protecting against cyber security risks may not be sufficient. Further, as cyber-attacks continue to evolve, including by state actors or other abroad, we or our service providers, who we are generally obligated to reimburse for costs incurred in connection with the provision of their services to us, may be required to expend significant additional resources to continue to modify or enhance our protective measures or to investigate and remediate any vulnerabilities to cyber-attacks. In addition, new laws and regulations governing data privacy and the unauthorized disclosure of confidential information pose increasingly complex compliance challenges and potentially elevate costs, and any failure to comply with these laws and regulations could result in significant penalties and legal liability.

Ineffective internal controls could impact our business and operating results.

Our internal control over financial reporting may not prevent or detect misstatements because of its inherent limitations, including the possibility of human error, failure or interruption of information technology systems, the circumvention or overriding of controls, or fraud. Even effective internal controls can provide only reasonable assurance with respect to the preparation and fair presentation of financial statements. If we fail to maintain the adequacy of our internal controls, including any failure to implement required new or improved controls, or if we experience difficulties in their implementation, our business and operating results could be harmed and we could fail to meet our financial reporting obligations.

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Item 1B. Unresolved Staff Comments

None.

Item 1C. Cybersecurity

Risk Management and Strategy

We have established policies and processes for assessing, identifying, and managing material risk from cybersecurity threats. Our processes for assessing, identifying, and managing material risks from cybersecurity threats have been integrated into our overall risk management system and processes.

Our privacy and cybersecurity policies encompass incident response procedures, information security and operator management. In order to help develop these policies and procedures, we monitor the privacy and cybersecurity

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laws, regulations and guidance applicable to us, as well as proposed privacy and cybersecurity laws, regulations, guidance and emerging risks.

We conduct periodic risk assessments to identify cybersecurity threats, as well as assessments in the event of a material change in our business practices that may affect information systems that are vulnerable to such cybersecurity threats. These risk assessments include identification of reasonably foreseeable internal and external risks, software which helps identify potential weaknesses in our systems, the likelihood and potential damage that could result from such risks, and the sufficiency of existing policies, procedures, systems, and safeguards in place to manage such risks.

We continually monitor our network and firewall for security weaknesses using third party applications and we perform external penetration testing which is performed by a third party consultant on an annual basis. In total, we engage third parties in connection with our risk assessment processes. These service providers work closely with our team and our managed service providers to assist us to design and implement our cybersecurity policies and procedures, as well as to monitor and test our safeguards.

We require each third-party service provider to certify that it has the ability to implement and maintain appropriate security measures, consistent with all applicable laws, to implement and maintain reasonable security measures in connection with their work with us, and to promptly report any suspected breach of its security measures that may affect our company.

As described in Item 1A “Risk Factors,” our operations rely on the secure processing, storage and transmission of confidential and other information in our computer systems and networks. Computer viruses, hackers, or employee misconduct and other external hazards could expose our information systems to security breaches, cybersecurity incidents or other disruptions, any of which could materially and adversely affect our business. If any of such programs or systems were to fail as a result of a cyber-attack, or create erroneous information in our or our operators’ hardware or software network infrastructure, possible consequences include loss of communication links and inability to automatically process commercial transactions or engage in similar automated or computerized business activities.

While we have experienced cybersecurity incidents, to date, we are not aware that we have experienced a material cybersecurity incident during the 2025 fiscal year.

The sophistication of cybersecurity threats, including through the use of artificial intelligence, continues to increase, and the controls and preventative actions we take to reduce the risk of cybersecurity incidents and protect our systems, including the regular testing of our cybersecurity incident response plan, may be insufficient. In addition, new technology that could result in greater operational efficiency may further expose our computer systems to the risk of cybersecurity incidents.

Governance

As part of our overall risk management approach, we prioritize the identification and management of cybersecurity risk at several levels, including oversight from our Board of Directors, executive commitment and employee training. Our Audit Committee, comprised of independent directors from our Board of Directors, oversees the Board’s responsibilities relating to the operational (including information technology (IT) risks, business continuity and data security) risk affairs of the Partnership.

Our Chief Operating Officer and Security Officer/Director of IT are primarily responsible for assessing and managing our material risks from cybersecurity threats with assistance from third-party service providers.

Our Chief Operating Officer and Security Officer/Director of IT oversee our cybersecurity policies and processes, including those described in “Risk Management and Strategy” above. The cybersecurity risk management program includes tools and activities to prevent, detect, and analyze current and emerging cybersecurity threats, and plans and strategies to address threats and incidents.

Our Security Officer/Director of IT provide periodic briefings to the audit committee regarding the Partnership’s cybersecurity risks and activities, including any recent cybersecurity incidents and related responses, cybersecurity systems

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testing, activities of third parties, and the like. Our audit committee provides regular updates to the board of directors on such reports.

At the employee level, we maintain an experienced information technology team who are tasked with implementing our privacy and cybersecurity program and support the Chief Operating Officer and Security Officer/Director of IT in carrying out reporting, security and mitigation functions. We also hold employee trainings on privacy and cybersecurity, records and information management, conduct phishing tests and generally seek to promote awareness of cybersecurity risk through communication and education of our employee population.

Item 2. Properties

The information required by Item 2 is contained in “Item 1. Business,” and such information is incorporated into this Item 2 by reference herein.

Item 3. Legal Proceedings

Although we may, from time to time, be involved in various legal claims arising out of our operations in the normal course of business, we do not believe that the resolution of these matters will have a material adverse impact on our financial condition or results of operations.

Items 4. Mine Safety Disclosures

Not applicable.

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Part II

Item 5. Market for Registrant’s Common Equity, Related Unitholder Matters and Issuer Purchases of Equity Securities

Our common units are listed on the NYSE under the symbol “KRP.” As of February 20, 2026, there were 93,396,488 common units outstanding held by 126 holders of record and 14,491,540 Class B units outstanding held by 14 holders of record. Because many of our common units are held by brokers and other institutions on behalf of unitholders, we are unable to estimate the total number of unitholders represented by these holders of record.

Cash Distribution Policy

The limited liability company agreement of the Operating Company requires it to distribute all of its cash on hand at the end of each quarter in an amount equal to its available cash for such quarter. In turn, our partnership agreement requires us to distribute all of our cash on hand at the end of each quarter in an amount equal to our available cash for such quarter. Available cash for each quarter will be determined by the Board of Directors following the end of such quarter. “Available cash,” as used in this context, is defined in the limited liability company agreement of the Operating Company and our partnership agreement. We expect that the Operating Company’s available cash for each quarter will generally equal its Adjusted EBITDA for the quarter, less cash needed for debt service and other contractual obligations and fixed charges and reserves for future operating or capital needs that the Board of Directors may determine is appropriate, and we expect that our available cash for each quarter will generally equal our Adjusted EBITDA for the quarter (and will be our proportional share of the available cash distributed by the Operating Company for that quarter), less cash needs for debt service and other contractual obligations, tax obligations, fixed charges and reserves for future operating or capital needs that the Board of Directors may determine is appropriate.

The Board of Directors approved the allocation of 25% of our cash available for distribution on common units for the fourth quarter of 2025 for the repayment of $13.4 million in outstanding borrowings under our secured revolving credit facility during its determination of “available cash” for the fourth quarter of 2025. With respect to future quarters, the Board of Directors intends to continue to allocate a portion of our cash available for distribution on common units to the repayment of outstanding borrowings under our secured revolving credit facility and may allocate such cash in other manners in which the Board of Directors determines to be appropriate at the time. The Board of Directors may further change its policy with respect to cash distributions in the future. Any such allocation, whether for debt repayment or another purpose, would have the effect of reducing the amount of cash distribution to our common unitholders.

Unlike other public companies, we do not currently intend to retain cash from our operations for capital expenditures necessary to replace our existing oil and natural gas reserves or otherwise maintain our asset base (“replacement capital expenditures”). The Board of Directors may change our distribution policy and decide to withhold replacement capital expenditures from cash available for distribution, which would reduce the amount of cash available for distribution in the quarter(s) in which any such amounts are withheld. Over the long term, if our reserves are depleted and our operators become unable to maintain production on our existing properties and we have not been retaining cash for replacement capital expenditures, the amount of cash generated from our existing properties will decrease and we may have to reduce the amount of distributions payable to our unitholders. To the extent that we do not withhold replacement capital expenditures, a portion of our cash available for distribution will represent a return of your capital.

It is our intent, subject to market conditions, to finance acquisitions of mineral and royalty interests that increase our asset base largely through external sources, such as borrowings under our secured revolving credit facility and the issuance of equity and debt securities, although the Board of Directors may choose to reserve a portion of cash generated from operations to finance such acquisitions as well.

Definition of Available Cash

Our partnership agreement requires that, for the quarters ending March 31, June 30 and September 30, we distribute all of our available cash to common unitholders of record on the applicable record date by the earlier of (i) 20 business days following the publication of our results of operations with respect to such quarter or (ii) 60 days following the end of such quarter. For the quarter ending December 31, our partnership agreement requires that we distribute all of

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our available cash to common unitholders of record on the applicable record date by the earlier of (i) 20 business days following the publication of our results of operations with respect to such quarter or (ii) 90 days following the end of such quarter. Our partnership agreement generally defines “available cash” for any quarter as:

| ● | the sum of:

| ● | all of our and our subsidiaries’ cash and cash equivalents on hand at the end of that quarter;

| ● | as determined by our General Partner, all of our and our subsidiaries’ cash or cash equivalents on hand on the date of determination of available cash for that quarter resulting from working capital borrowings (as described below) made after the end of that quarter; and

| ● | all of our cash and cash equivalents received by us from distributions on OpCo common units by the Operating Company made with respect to that quarter subsequent to the end of that quarter and prior to the date of distribution of available cash;

| ● | less the amount of cash reserves established by our General Partner to:

| ● | provide for the proper conduct of our business (including reserves for our future capital expenditures and for our future credit needs);

| ● | comply with applicable law or any debt instrument or other agreement or obligation to which we or our subsidiaries are a party or to which our or our subsidiaries’ assets are subject; or

| ● | provide funds for distributions to our unitholders and to our General Partner for any one or more of the next four quarters;

Working capital borrowings are generally borrowings incurred under a credit facility, commercial paper facility or similar financing arrangement that are used solely for working capital purposes or to pay distributions to unitholders, and with the intent of the borrower to repay such borrowings within 12 months with funds other than additional working capital borrowings.

The limited liability company agreement of the Operating Company requires that, for the quarters ending March 31, June 30 and September 30, the Operating Company distribute its available cash to holders of record of its OpCo common units on the applicable record date by the earlier of (i) 20 business days following the publication by the managing member of the Operating Company of its results of operations with respect to such quarter or (ii) 60 days following the end of such quarter. For the quarter ended December 31, the limited liability company agreement of the Operating Company requires that the Operating Company distribute its available cash to holders of record of its OpCo common units on the applicable record date by the earlier of (i) 20 business days following the publication by the managing member of the Operating Company of its results of operations with respect to such quarter or (ii) 90 days following the end of such quarter. The limited liability company agreement of the Operating Company generally defines “available cash” as:

| ● | the sum of:

| ● | all cash and cash equivalents of the Operating Company and its subsidiaries on hand at the end of that quarter; and

| ● | as determined by the managing member of the Operating Company, all cash or cash equivalents of the Operating Company and its subsidiaries on hand on the date of determination of available cash for that quarter resulting from working capital borrowings (as described below) made after the end of that quarter;

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| ● | less the amount of cash reserves established by the managing member of the Operating Company to:

| ● | provide for the proper conduct of the business of the Operating Company and its subsidiaries (including reserves for future capital expenditures and for future credit needs of the Operating Company and its subsidiaries);

| ● | comply with applicable law or any debt instrument or other agreement or obligation to which the managing member of the Operating Company, the Operating Company or any of their subsidiaries is a party or to which its assets are subject; and

| ● | provide funds for distributions to the Operating Company’s unitholders for any one or more of the next four quarters.

In addition, the limited liability company agreement of our General Partner contains provisions that prohibit certain actions without a supermajority vote of at least 662/3% of the members of the Board of Directors, including:

| ● | the incurrence of borrowings in excess of 2.5 times our Debt to EBITDAX Ratio for the preceding four quarters;

| ● | the reservation of a portion of cash generated from operations to finance acquisitions;

| ● | modifications to the definition of “available cash” in our partnership agreement; and

| ● | the issuance of any partnership interests that rank senior in right of distributions or liquidation to our common units.

Method of Distributions

Subject to the distribution preferences of the Series A preferred units and the Class B units, we intend to distribute available cash to our common unitholders pro rata. Our partnership agreement permits, but does not require, us to borrow to pay distributions. Accordingly, there is no guarantee that we will pay any distribution on the units in any quarter. The Series A preferred units and Class B units will receive the distribution preference described below.

Series A preferred units

As of February 20, 2026, we had 162,500 Series A preferred units outstanding. Until the conversion of the Series A preferred units into common units or their redemption, holders of the Series A preferred units are entitled to receive cumulative quarterly distributions equal to 6.0% per annum plus accrued and unpaid distributions. We have the right, in any four non-consecutive quarters, to elect not to pay such quarterly distribution in cash and instead have the unpaid distribution amount added to the liquidation preference at the rate of 10.0% per annum. If we make such an election in consecutive quarters or otherwise materially breach our obligations to the holders of the Series A preferred units, the distribution rate will increase to 20.0% per annum until the accumulated distributions are paid or the breach is cured, as applicable. Each holder of Series A preferred units has the right to share in any special distributions by us of cash, securities or other property pro rata with the common units on an as-converted basis, subject to customary adjustments. We cannot pay any distributions on any junior securities, including any of the common units, prior to paying the quarterly distribution payable to the Series A preferred units, including any previously accrued and unpaid distributions.

Class B units

As of February 20, 2026, we had 14,491,540 Class B units outstanding. Each holder of Class B units pays five cents per Class B unit to us as an additional capital contribution for the Class B units (such aggregate amount, the “Class B Contribution” and such per unit amount, the “Class B Capital Contribution Per Unit Amount”) in exchange for Class B units. Each holder of Class B units is entitled to receive cash distributions equal to 2.0% per quarter on their respective Class B Contribution subsequent to distributions on the Series A preferred units but prior to distributions on our common units.

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Common Units

As of February 20, 2026, we had 93,396,488 common units outstanding. Subject to the distribution preferences of the Series A preferred units and Class B units, each common unit is entitled to receive cash distributions to the extent we distribute available cash. Common units do not accrue arrearages. Subject to the voting rights of the Series A preferred units, our partnership agreement allows us to issue an unlimited number of additional equity interests of equal or senior rank.

General Partner Interest

Our General Partner owns a non-economic general partner interest in us and therefore is not entitled to receive cash distributions. However, it may acquire common units and other partnership interests in the future and will be entitled to receive pro rata distributions in respect of those partnership interests.

Securities Authorized for Issuance under Equity Compensation Plans

See “Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Unitholder Matters” for information regarding our equity compensation plans as of December 31, 2025.

Unregistered Sales of Equity Securities

On February 12, 2025, we issued 3,162 common units to Gregory James Rasmussen in exchange for 3,162 OpCo common units and an equal number of Class B units pursuant to the terms of the Exchange Agreement, dated as of September 23, 2018, by and among us, the General Partner, the Operating Company and the other holders of OpCo common units and Class B units from time to time party thereto (the “Exchange Agreement”).

On February 14, 2025, we issued 29,418 common units to Gregory Scott Rasmussen in exchange for 29,418 OpCo common units and an equal number of Class B units pursuant to the terms of the Exchange Agreement.

The issuance of each of the foregoing securities was exempt from the registration requirements of the Securities Act in reliance upon Section 4(a)(2) of the Securities Act.

Item 6. [Reserved]

​

Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations

The following discussion and analysis is intended to help the reader understand our business, financial condition, results of operations, liquidity and capital resources and should be read together with “Item 8. Financial Statements and Supplementary Data” and related notes included elsewhere in this Annual Report.

This discussion contains forward-looking statements that are based on the views and beliefs of our management, as well as assumptions and estimates made by our management. Such views, beliefs, assumptions and estimates may, and often do, vary from actual results and the differences can be material. Actual results could differ materially from such forward-looking statements as a result of various factors, including those that may not be in the control of our management. We do not undertake any obligation to publicly update any forward-looking statements except as otherwise required by applicable law. For further information on items that could impact our future operating performance or financial condition, please read the sections entitled “Risk Factors” and “Forward-Looking Statements” elsewhere in this Annual Report.

Overview

As of December 31, 2025, we owned mineral and royalty interests in approximately 12.3 million gross acres and overriding royalty interests in approximately 4.7 million gross acres, with approximately 54% of our aggregate acres located in the Permian Basin and Mid-Continent. As of December 31, 2025, over 99% of the acreage subject to our mineral and royalty interests was leased to working interest owners, including approximately 100% of our overriding royalty interests, and substantially all of those leases were held by production. Our mineral and royalty interests are located in 28

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states and in every major onshore basin across the continental United States and include ownership in over 133,000 gross wells, including over 53,000 wells in the Permian Basin.

The following table summarizes information about the number of drilled but uncompleted wells (“DUCs”) and permitted locations on acreage in which we have a mineral or royalty interest as of December 31, 2025:

​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Basin or Producing Region(1) | ​ | Gross DUCs | ​ | Gross Permits | ​ | Net DUCs | ​ | Net Permits
Permian Basin | ​ | 660 | ​ | 393 | ​ | 3.53 | ​ | 1.63
Mid‑Continent |  | 96 | ​ | 57 | ​ | 0.40 | ​ | 0.34
Terryville/Cotton Valley/Haynesville |  | 62 | ​ | 27 | ​ | 0.34 | ​ | 0.18
Appalachian Basin | ​ | 6 | ​ | 4 | ​ | 0.02 | ​ | 0.04
Bakken/Williston Basin |  | 39 | ​ | 116 | ​ | 0.17 | ​ | 0.13
Eagle Ford |  | 29 | ​ | 25 | ​ | 0.16 | ​ | 0.09
DJ Basin/Rockies/Niobrara |  | 8 | ​ | 6 | ​ | 0.04 | ​ | 0.02
Total |  | 900 | ​ | 628 | ​ | 4.66 | ​ | 2.43

(1) | The above table represents DUCs and permitted locations only, and there is no guarantee that the DUCs or permitted locations will be developed into producing wells in the future.

The following table summarizes estimates of our remaining horizontal drilling inventory by basin as of December 31, 2025:

​ | ​ | ​ | ​ | ​ | ​ | ​
Basin or Producing Region | ​ | Gross Locations(1) | ​ | Net Locations(1) | ​ | Average Gross Horizontal Wells/DSU(2)
Permian Basin | ​ | 4,446 | ​ | 32.50 | ​ | 12.0
Mid‑Continent |  | 2,056 | ​ | 10.73 | ​ | 6.8
Haynesville |  | 911 | ​ | 11.61 | ​ | 5.9
Appalachia | ​ | 230 | ​ | 2.03 | ​ | 7.6
Bakken |  | 1,308 | ​ | 2.50 | ​ | 8.5
Eagle Ford |  | 1,242 | ​ | 12.76 | ​ | 6.9
Rockies |  | 148 | ​ | 0.98 | ​ | 10.5
Total |  | 10,341 | ​ | 73.11 | ​ | 8.3

(1) | These locations only include our major properties and do not include locations from our minor properties, which generally include properties with less than a 0.1% net revenue interest and are time consuming to quantify, but in the estimation of our management, could add up to an additional 15% to our net inventory in the aggregate.

(2) | Gross horizontal wells per drilling spacing unit (“DSU”) from our internal reserves database as of December 31, 2025. DSUs vary in size.

Recent Developments

Quarterly Distributions

On February 26, 2026, the Board of Directors declared a quarterly cash distribution of $0.37 per common unit and $0.357502 per OpCo common unit for the quarter ended December 31, 2025. We intend to pay the distributions on March 25, 2026 to common unitholders and OpCo common unitholders of record as of the close of business on March 18, 2026.

The $0.012498 excluded from the OpCo common unit distribution corresponds to a tax refund received by us in the fourth quarter of 2025. Under the limited liability company agreement of the Operating Company, we do not reimburse the Operating Company for federal income tax refunds received by us.

We will pay a quarterly cash distribution on the Series A preferred units of approximately $2.5 million for the quarter ended December 31, 2025. We intend to pay the distribution subsequent to February 26, 2026, and prior to the distribution on the common units and OpCo common units.

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Business Environment

Global Conflicts

In February 2022, Russia invaded Ukraine and is still engaged in active armed conflict against the country. In October 2023, armed active conflict escalated in the Middle East between Israel and Hamas. These conflicts, along with the recent U.S. military action in Venezuela, and the applicable sanctions imposed in response have led to regional instability and caused dramatic fluctuations in global financial markets and have increased the level of global economic and political uncertainty, including uncertainty about world-wide oil supply and demand, which in turn has increased volatility in commodity prices. To date, we have not experienced a material impact to operations or the consolidated financial statements as a result of these conflicts; however, we will continue to monitor for events that could materially impact us.

Government Legislation

On July 4, 2025, Public Law No. 119-21, commonly referred to as the One Big Beautiful Bill Act (the “Act”), was enacted by the U.S. government. Key provisions of the Act affecting us include: (i) the permanent reduction of the corporate tax rate, (ii) the permanent extension of 100% bonus depreciation for qualified property, and (iii) modifications to the calculation for excess business interest expense limitation under § 163(j) to adjusted taxable income calculation on the business interest expense limitation. In accordance with ASC Topic 740, Income Taxes, we have recognized the effects of the new tax law in the period of enactment. The impact of the Act for the quarter ended September 30, 2025, the reporting period that included the enactment date, resulted in a reduction to current income tax expense, primarily due to the changes to the 163(j) interest limitation.

Commodity Prices and Demand

Oil and natural gas prices have been historically volatile and may continue to be volatile in the future. As noted above, the supply and demand imbalance resulting from various OPEC announcements and the current conflict between Russia and Ukraine and in the Middle East, have created increased volatility in oil and natural gas prices. The table below demonstrates such volatility for the periods presented as reported by the United States Energy Information Administration (the “EIA”).

​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Year Ended December 31, 2025 | ​ | Year Ended December 31, 2024 | ​ | Year Ended December 31, 2023
​ | ​ | High | ​ ​ ​ | Low | ​ | High | ​ ​ ​ | Low | ​ | High | ​ ​ ​ | Low
Oil ($/Bbl) | ​ | $ | 80.73 | ​ | $ | 55.44 | ​ | $ | 87.69 | ​ | $ | 66.73 | ​ | $ | 93.67 | ​ | $ | 66.61
Natural gas ($/MMBtu) | ​ | $ | 9.86 | ​ | $ | 2.65 | ​ | $ | 13.20 | ​ | $ | 1.21 | ​ | $ | 3.78 | ​ | $ | 1.74

​

On February 17, 2026, the WTI posted price for crude oil was $62.53 per Bbl and the Henry Hub spot market price of natural gas was $3.13 per MMBtu.

The following table, as reported by the EIA, sets forth the average prices for oil and natural gas.

​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | Year Ended December 31,
​ | ​ | ​ | 2025 | ​ | 2024 |  | 2023
Oil ($/Bbl) | ​ | ​ | $ | 65.39 | ​ | $ | 76.63 | ​ | $ | 77.58
Natural gas ($/MMBtu) | ​ | ​ | $ | 3.52 | ​ | $ | 2.19 | ​ | $ | 2.53

Rig Count

Drilling on our acreage is dependent upon the exploration and production companies that lease our acreage. As such, we monitor rig counts in an effort to identify existing and future leasing and drilling activity on our acreage.

The Baker Hughes United States rotary rig count decreased 8.0% to 527 active land rigs at December 31, 2025 compared to 573 active land rigs at December 31, 2024. The decrease in rig count is primarily related to a decrease in the average prices received for oil, partially offset by an increase in the average price received for natural gas, coupled with domestic and international uncertainties, as noted above.

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The 573 active rig count at December 31, 2024 decreased 4.8% compared to 602 active land rigs at December 31, 2023. The overall decrease in rig count at December 31, 2024 compared December 31, 2023 was primarily attributable to the volatility and decrease in the average daily prices for oil and natural gas.

The following table summarizes the number of active rigs operating on our acreage by United States basins and producing regions for the periods indicated.

​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | December 31,
Basin or Producing Region | ​ | 2025 | ​ | 2024 | ​ | 2023
Permian Basin | ​ | 46 | ​ | 46 | ​ | 50
Mid‑Continent | ​ | 14 | ​ | 18 | ​ | 17
Terryville/Cotton Valley/Haynesville | ​ | 11 | ​ | 9 | ​ | 13
Appalachian Basin | ​ | — | ​ | — | ​ | 3
Bakken/Williston Basin | ​ | 5 | ​ | 7 | ​ | 6
Eagle Ford | ​ | 7 | ​ | 5 | ​ | 8
DJ Basin/Rockies/Niobrara | ​ | 2 | ​ | 1 | ​ | 1
Other | ​ | — | ​ | 1 | ​ | —
Total | ​ | 85 | ​ | 87 | ​ | 98

​

Sources of Our Revenue

Our revenues are derived from royalty payments we receive from our operators based on the sale of oil, natural gas and NGL production, as well as the sale of NGLs that are extracted from natural gas during processing. Our revenues may vary significantly from period to period as a result of changes in volumes of production sold or changes in commodity prices received.

The following table presents the breakdown of our oil, natural gas, and NGL revenues for the following periods:

​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Year Ended December 31,
​ | ​ | 2025 | ​ ​ ​ | 2024 | ​ ​ ​ | 2023
Revenue | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Oil revenue | ​ | 62 | % | ​ | 71 | % | ​ | 69 | %
Natural gas revenue | ​ | 25 | % | ​ | 16 | % | ​ | 22 | %
NGL revenue | ​ | 13 | % | ​ | 13 | % | ​ | 9 | %
​ | ​ | 100 | % | ​ | 100 | % | ​ | 100 | %

We have entered into oil and natural gas commodity derivative agreements, which extend through December 2027, to establish, in advance, a price for the sale of a portion of the oil and natural gas produced from our mineral and royalty interests. For further discussion on our commodity derivative agreements, see “Note 4—Derivatives.”

Reserves and Pricing

The tables below identify our proved reserves at December 31, 2025, 2024 and 2023, in each case based on the reserve report prepared by Ryder Scott. The prices used to estimate proved reserves for the respective periods were held constant throughout the life of the properties and have been adjusted for quality, transportation fees, geographical differentials, marketing bonuses or deductions and other factors affecting the price received at the wellhead.

​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | December 31,
Estimated Net Proved Reserves | ​ ​ ​ | 2025 | ​ | 2024 | ​ | 2023
Oil (MBbls) |  | 21,970 | ​ | 20,001 | ​ | 19,800
Natural gas (MMcf) |  | 213,589 | ​ | 204,253 | ​ | 204,542
Natural gas liquids (MBbls) |  | 15,376 | ​ | 13,498 | ​ | 11,519
Total (MBoe)(6:1) |  | 72,944 | ​ | 67,541 | ​ | 65,409

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​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | December 31,
Unweighted Arithmetic Average First‑Day‑of‑the‑Month Prices | ​ ​ ​ | 2025 | ​ | 2024 | ​ | 2023
Oil (Bbls) | ​ | $ | 65.34 | ​ | $ | 75.48 | ​ | $ | 78.22
Natural gas (Mcf) | ​ | $ | 3.39 | ​ | $ | 2.13 | ​ | $ | 2.64

​

Factors Affecting the Comparability of Our Results

Our historical financial condition and results of operations may not be comparable, either from period to period or going forward, to our future financial condition and results of operations, for the reasons described below.

Ongoing Acquisition Opportunities

Acquisitions are an important part of our growth strategy, and we expect to pursue acquisitions of mineral and royalty interests from third parties, affiliates of our Sponsors and the Contributing Parties. As a part of these efforts, we often engage in discussions with potential sellers or other parties regarding the possible purchase of or investment in mineral and royalty interests, including in connection with a dropdown of assets from affiliates of our Sponsors and the Contributing Parties. Such efforts may involve participation by us in processes that have been made public and involve a number of potential buyers or investors, commonly referred to as “auction” processes, as well as situations in which we believe we are the only party or one of a limited number of parties who are in negotiations with the potential seller or other party. These acquisition and investment efforts often involve assets which, if acquired or constructed, could have a material effect on our financial condition and results of operations. Material acquisitions that would impact the comparability of our results for the years ended December 31, 2025, 2024 and 2023 include the acquisition of mineral and royalty interests from Boren Minerals (the “Boren Acquisition”), the acquisition of certain mineral and royalty assets held by MB Minerals, L.P. and certain of its affiliates (the “MB Minerals Acquisition”) and the acquisition of all issued and outstanding membership interests of Cherry Creek Minerals LLC pursuant to a securities purchase agreement with LongPoint Minerals II, LLC (the “LongPoint Acquisition”).

Further, the affiliates of our Sponsors and Contributing Parties have no obligation to sell any assets to us or to accept any offer that we may make for such assets, and we may decide not to acquire such assets even if such parties offer them to us. We may decide to fund any acquisition, including any potential dropdowns, with cash, common units, other equity securities, proceeds from borrowings under our secured revolving credit facility or the issuance of debt securities, or any combination thereof. In addition to acquisitions, we also consider from time to time divestitures that may benefit us and our unitholders.

We typically do not announce a transaction until after we have executed a definitive agreement. Past experience has demonstrated that discussions and negotiations regarding a potential transaction can advance or terminate in a short period of time. Moreover, the closing of any transaction for which we have entered into a definitive agreement may be subject to customary and other closing conditions, which may not ultimately be satisfied or waived. Accordingly, we can give no assurance that our current or future acquisition or investment efforts will be successful or that our strategic asset divestitures will be completed. Although we expect the acquisitions and investments we make to be accretive in the long term, we can provide no assurance that our expectations will ultimately be realized. We will not know the immediate results of any acquisition until after the acquisition closes, and we will not know the long term results for some time thereafter.

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Impairment of Oil and Natural Gas Properties

Accounting standards require that we periodically review the carrying value of our properties for possible impairment. Based on specific market factors and circumstances at the time of prospective impairment reviews, and the continuing evaluation of development plans, production data, economics and other factors, we may be required to write down the carrying value of our properties. The net capitalized costs of proved oil and natural gas properties are subject to a full cost ceiling limitation for which the costs are not allowed to exceed their related estimated future net revenues discounted at 10%. To the extent capitalized costs of evaluated oil and natural gas properties, net of accumulated depreciation, depletion, amortization and impairment, exceed estimated discounted future net revenues of proved oil and natural gas reserves, the excess capitalized costs are charged to expense. The risk that we will be required to recognize impairments of our oil and natural gas properties increases during periods of low commodity prices. In addition, impairments would occur if we were to experience sufficient downward adjustments to our estimated proved reserves or the present value of estimated future net revenues. An impairment recognized in one period may not be reversed in a subsequent period even if higher oil and natural gas prices increase the cost center ceiling applicable to the subsequent period. Further, if the price of oil, natural gas and NGLs decreases in future periods, we may be required to record additional impairments as a result of the full-cost ceiling limitation.

We did not record an impairment on our oil and natural gas properties for the year ended December 31, 2025. We recorded an impairment on our oil and natural gas properties of $62.1 million and $18.2 million during the years ended December 31, 2024 and 2023, respectively, primarily attributable to the decline in the 12-month average price of oil and natural gas.

Principal Components of Our Cost Structure

As an owner of mineral and royalty interests, we are not obligated to fund drilling and completion costs, lease operating expenses or plugging and abandonment costs at the end of a well’s productive life.

Production and Ad Valorem Taxes

Production taxes are paid on produced oil, natural gas and NGLs based on a percentage of revenues from products sold at fixed rates established by federal, state or local taxing authorities. Where available, we benefit from tax credits and exemptions in our various taxing jurisdictions. We are also subject to ad valorem taxes in the counties where our production is located. Ad valorem taxes are jurisdictional taxes levied on the value of oil, natural gas and NGLs minerals and reserves. Rates, methods of calculating property values, and timing of payments vary between taxing authorities.

Depreciation and Depletion

We follow the full cost method of accounting for costs related to our oil, natural gas and NGL mineral and royalty properties. Under this method, all such costs are capitalized and amortized on an aggregate basis over the estimated lives of the properties using the unit-of-production method. The capitalized costs are subject to a ceiling test, which limits such pooled costs to the aggregate of the present value of future net revenues attributable to proved oil, natural gas and NGL reserves discounted at 10%, including the effect of income taxes. The full cost ceiling is evaluated at the end of each fiscal quarter and additionally when events indicate possible impairment. Costs associated with unevaluated properties are excluded from the full-cost pool until a determination as to whether or not proved reserves can be assigned to the properties. The inclusion of our unevaluated costs into the amortization base is expected to be completed within five years.

Marketing and Other Deductions

Marketing and other deductions include product marketing expense, which is a post-production expense. Generally, the terms of the lease governing the development of our properties permit the operator to pass through these expenses to us by deducting a pro rata portion of such expenses from our production revenues.

General and Administrative Expense

General and administrative expenses are costs not directly associated with the production of oil, natural gas and NGLs and include the cost of executives and employees and related benefits, office expenses and fees for professional

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services. We have entered into a management services agreement with Kimbell Operating, which in turn has entered into separate services agreements with entities controlled by affiliates of certain of our Sponsors and certain Contributing Parties, pursuant to which they and Kimbell Operating provide management, administrative and operational services to us. In addition, under each of their respective services agreements, affiliates of our Sponsors will identify, evaluate and recommend to us acquisition opportunities and negotiate the terms of such acquisitions.

Interest Expense

We finance a portion of our capital requirements and acquisitions with borrowings under our secured revolving credit facility. As a result, we incur interest expense, which is included in our accompanying consolidated statements of operations. Please read “Liquidity and Capital Resources—Indebtedness” for further discussion of our secured revolving credit facility.

Income Tax Expense

We have elected to be taxed as a corporation for United States federal income tax purposes. As a result, we are subject to federal income tax on our taxable income at the United States corporate tax rate, which is currently 21.0%.

Texas imposes a franchise tax, commonly referred to as the Texas margin tax, which is considered an income tax, at a rate of 0.75% on gross revenues less certain deductions, as specifically set forth in the Texas margin tax statute. A significant portion of our mineral and royalty interests are located in Texas basins and producing regions.

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Results of Operations

The table below summarizes our revenue and expenses and production data for the periods indicated.

​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Year Ended December 31,
​ | ​ | 2025 | ​ | 2024 | ​ | 2023
​ | ​ | (In thousands, except production data)
Operating Results: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Revenue | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Oil, natural gas and NGL revenues | ​ | $ | 317,473 | ​ | $ | 304,605 | ​ | $ | 267,586
Lease bonus and other income | ​ | ​ | 4,266 | ​ | ​ | 6,047 | ​ | ​ | 5,594
Gain (loss) on commodity derivative instruments, net | ​ | ​ | 12,091 | ​ | ​ | (1,345) | ​ | ​ | 20,888
Total revenues | ​ | ​ | 333,830 | ​ | ​ | 309,307 | ​ | ​ | 294,068
Costs and expenses | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Production and ad valorem taxes | ​ |  | 20,440 | ​ |  | 20,407 | ​ |  | 20,326
Depreciation and depletion expense | ​ |  | 124,554 | ​ |  | 135,123 | ​ |  | 96,477
Impairment of oil and natural gas properties | ​ |  | — | ​ |  | 62,118 | ​ |  | 18,220
Marketing and other deductions | ​ |  | 16,350 | ​ |  | 16,122 | ​ |  | 12,566
General and administrative expense | ​ |  | 39,657 | ​ |  | 38,543 | ​ |  | 35,678
Consolidated variable interest entities related: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
General and administrative expense | ​ | ​ | — | ​ |  | — | ​ | ​ | 927
Total costs and expenses | ​ |  | 201,001 | ​ |  | 272,313 | ​ |  | 184,194
Operating income | ​ |  | 132,829 | ​ |  | 36,994 | ​ |  | 109,874
Other (expense) income | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Interest expense | ​ |  | (34,470) | ​ |  | (26,695) | ​ |  | (25,950)
Loss on extinguishment of debt | ​ |  | — | ​ |  | — | ​ |  | (480)
Other expense | ​ |  | (12) | ​ |  | — | ​ | ​ | (181)
Consolidated variable interest entities related: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Interest earned on marketable securities in trust account | ​ | ​ | — | ​ |  | — | ​ | ​ | 3,509
Net income before income taxes | ​ | ​ | 98,347 | ​ | ​ | 10,299 | ​ | ​ | 86,772
Income tax (benefit) expense | ​ | ​ | (1,304) | ​ | ​ | (771) | ​ | ​ | 3,766
Net income | ​ | ​ | 99,651 | ​ | ​ | 11,070 | ​ | ​ | 83,006
Distribution and accretion on Series A preferred units | ​ | ​ | (34,852) | ​ | ​ | (21,091) | ​ | ​ | (6,310)
Net (income) loss and distributions and accretion on Series A preferred units attributable to non-controlling interests | ​ | ​ | (8,704) | ​ | ​ | 1,254 | ​ | ​ | (16,465)
Distribution to Class B unitholders | ​ | ​ | (58) | ​ | ​ | (72) | ​ | ​ | (89)
Net income (loss) attributable to common units of Kimbell Royalty Partners, LP | ​ | $ | 56,037 | ​ | $ | (8,839) | ​ | $ | 60,142
Production Data: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Oil (Bbls) | ​ |  | 3,061,920 | ​ |  | 2,836,913 | ​ |  | 2,392,622
Natural gas (Mcf) | ​ |  | 26,733,988 | ​ |  | 27,586,460 | ​ |  | 23,384,021
Natural gas liquids (Bbls) | ​ |  | 1,884,763 | ​ |  | 1,667,089 | ​ |  | 1,082,663
Combined volumes (Boe) (6:1) | ​ |  | 9,402,348 | ​ |  | 9,101,745 | ​ |  | 7,372,622

​

Comparison of the Year Ended December 31, 2025 to the Year Ended December 31, 2024 and the Year Ended December 31, 2024 to the Year Ended December 31, 2023

Oil, Natural Gas and NGL Revenues

For the year ended December 31, 2025, our oil, natural gas and NGL revenues were $317.5 million, an increase of $12.9 million from $304.6 million for the year ended December 31, 2024. The increase in oil, natural gas and NGL revenues was primarily related to an increase in the average prices received for natural gas coupled with an increase in combined production volumes for the year ended December 31, 2025, partially offset by a decrease in the average prices received for oil and NGLs, as discussed below.

Our revenues for the year ended December 31, 2024 increased by $37.0 million, from $267.6 million for the year ended December 31, 2023. The increase in oil, natural gas and NGL revenues was primarily related to an increase in production volumes for the year ended December 31, 2024 as discussed below.

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Our revenues are a function of oil, natural gas, and NGL production volumes sold and average prices received for those volumes. The production volumes were 9,402,348 Boe or 25,760 Boe/d, for the year ended December 31, 2025, an increase of 300,603 Boe or 892 Boe/d, from 9,101,745 Boe or 24,868 Boe/d, for the year ended December 31, 2024. The increase in production volumes for the year ended December 31, 2025 was primarily attributable to production associated with the Boren Acquisition.

Our production volumes for the year ended December 31, 2024 increased by 1,729,123 Boe or 4,603 Boe/d, from 7,372,622 Boe or 20,265 Boe/d, for the year ended December 31, 2023. The increase in production for the year ended December 31, 2024 was primarily attributable to production associated with the MB Minerals Acquisition and the LongPoint Acquisition, which included a full year of production for the year ended December 31, 2024, compared to a partial year of production for the year ended December 31, 2023.

Our operators received an average of $63.84 per Bbl of oil, $2.93 per Mcf of natural gas and $23.15 per Bbl of NGL for the volumes sold during the year ended December 31, 2025 and $75.98 per Bbl of oil, $1.82 per Mcf of natural gas and $23.34 per Bbl of NGL for the volumes sold during the year ended December 31, 2024. The year ended December 31, 2025 decreased 16.0% or $12.14 per Bbl of oil and increased 61.0% or $1.11 per Mcf of natural gas compared to the year ended December 31, 2024. This change is consistent with prices experienced in the market, specifically when compared to the EIA average price decrease of 14.7% or $11.24 per Bbl of oil and increase of 60.7% or $1.33 per Mcf of natural gas for the comparable periods.

Average prices received by our operators during the year ended December 31, 2024 decreased 0.7% or $0.57 per Bbl of oil and 28.6% or $0.73 per Mcf of natural gas compared to the year ended December 31, 2023, which our operators received an average of $76.55 per Bbl of oil, $2.55 per Mcf of natural gas and $23.01 per Bbl of NGL. This change is consistent with prices experienced in the market, specifically when compared to the EIA average price decrease of 1.2% or $0.95 per Bbl of oil and 13.4% or $0.34 per Mcf of natural gas for the comparable periods.

Lease Bonus and Other Income

For the year ended December 31, 2025 lease bonus and other income was $4.3 million, a decrease of $1.7 million compared to $6.0 million for the year ended December 31, 2024. The decrease in lease bonus and other income was due to a large lease bonus received during the year ended December 31, 2024.

Our lease bonus and other income for the year ended December 31, 2024 increased by $0.4 million compared to $5.6 million for the year ended December 31, 2023. The increase in lease bonus and other income is primarily due to a large number of lease bonuses received during the year ended December 31, 2024.

Gain (Loss) on Commodity Derivative Instruments

Gain on commodity derivative instruments for the year ended December 31, 2025 included $7.2 million of mark-to-market gains and $4.9 million of gains on the settlement of commodity derivative instruments compared to $12.2 million of mark-to-market losses and $10.9 million of gains on the settlement of commodity derivative instruments for the year ended December 31, 2024. We recorded a mark-to-market gain for the year ended December 31, 2025 as a result of the maturity of derivative contracts with lower strike pricing. We recorded a mark-to-market loss for the year ended December 31, 2024 as a result of the increase in oil and natural gas strip pricing from the year ended December 31, 2023, offset by realized gains on the settlement of commodity derivative instruments.

Gain on commodity derivative instruments for the year ended December 31, 2023 included $26.4 million of mark-to-market gains and $5.5 million of losses on the settlement of commodity derivative instruments. We recorded a mark-to-market gain for the year ended December 31, 2023 as a result of the maturity of derivative contracts with lower strike pricing. This gain was partially offset by the realized losses on the settlement of commodity derivative instruments.

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Production and Ad Valorem Taxes

Production and ad valorem taxes for the years ended December 31, 2025 and 2024 remained flat at $20.4 million.

For the year ended December 31, 2024, production and ad valorem taxes remained relatively flat compared to $20.3 million for the year ended December 31, 2023.

Depreciation and Depletion Expense

Depreciation and depletion expense for the year ended December 31, 2025 was $124.6 million, a decrease of $10.5 million from $135.1 million for the year ended December 31, 2024. The decrease in depreciation and depletion expense was due to the impairment that was recorded during the year ended December 31, 2024, which significantly reduced our net capitalized oil and natural gas properties, partially offset by the Boren Acquisition, which increased our net capitalized oil and natural gas properties.

For the year ended December 31, 2024, depreciation and depletion expense increased by $38.6 million from $96.5 million for the year ended December 31, 2023. The increase in depreciation and depletion expense was due to the MB Minerals Acquisition and the LongPoint Acquisition, which significantly increased our net capitalized oil and natural gas properties.

Our average depletion rate per barrel was $13.22 for the year ended December 31, 2025, a decrease of $1.58 per barrel from the $14.80 average depletion rate per barrel for the year ended December 31, 2024. The decrease in the depletion rate was due to the impairment that was recorded during the year ended December 31, 2024, which significantly reduced our net capitalized oil and natural gas properties, partially offset by the Boren Acquisition, which increased our net capitalized oil and natural gas properties.

For the year ended December 31, 2024, our average depletion rate per barrel increased by $1.77 per barrel from the $13.03 average depletion rate per barrel for the year ended December 31, 2023. The increase in the depletion rate was due to the MB Minerals Acquisition and the LongPoint Acquisition, which significantly increased our net capitalized oil and natural gas properties.

Impairment of Oil and Natural Gas Properties

​

We did not record an impairment on our oil and natural gas properties for the year ended December 31, 2025.

We recorded an impairment on our oil and natural gas properties of $62.1 million and $18.2 million during the years ended December 31, 2024 and 2023, respectively, primarily attributable to the decline in the 12-month average price of oil and natural gas.

Marketing and Other Deductions

Our marketing and other deductions include product marketing expense, which is a post-production expense. Marketing and other deductions for the year ended December 31, 2025 remained relatively flat at $16.4 million compared to $16.1 million for the year ended December 31, 2024.

Marketing and other deductions for the year ended December 31, 2024 increased by $3.5 million from $12.6 million for the year ended December 31, 2023. The increase in marketing and other deductions was primarily related to marketing and other deductions associated with the MB Minerals Acquisition and the LongPoint Acquisition, which included a full year of marketing and other deductions for the year ended December 31, 2024, compared to a partial year of marketing and other deductions for the year ended December 31, 2023.

General and Administrative Expense

General and administrative expenses for the year ended December 31, 2025 were $39.7 million, an increase of $1.2 million from $38.5 million for the year ended December 31, 2024. The increase in general and administrative expenses was attributable to an increase in costs associated with Partnership growth.

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General and administrative expenses for the year ended December 31, 2024 increased by $2.8 million from $35.7 million for the year ended December 31, 2023. The increase in general and administrative expenses was attributable to a $3.3 million increase in unit-based compensation expense, partially offset by a $0.4 million decrease in cash expenses.

Interest Expense

Interest expense for the year ended December 31, 2025 was $34.5 million as compared to interest expense of $26.7 million for the year ended December 31, 2024. The increase in interest expense was primarily due to an increase in the overall debt balance as a result of additional borrowings to complete the partial redemption of the Series A preferred units and the Boren Acquisition.

Interest expense for the year ended December 31, 2024 increased by $0.7 million compared to interest expense of $26.0 million for the year ended December 31, 2023. The increase in interest expense was attributable to an increase in the overall long-term debt balance as a result of borrowings associated with the MB Minerals Acquisition and the LongPoint Acquisition in May 2023 and September 2023, respectively. This increase was partially offset by a decrease in the weighted average interest rate on our outstanding borrowings from 8.62% at December 31, 2023 to 8.42% at December 31, 2024, coupled with the repayment of $60.0 million on our secured revolving credit facility for the year ended December 31, 2024.

Income Tax (Benefit) Expense

For the year ended December 31, 2025 we recognized an income tax benefit of $1.3 million, resulting in an effective tax benefit of 1.33%, compared to an income tax benefit of $0.8 million for the year ended December 31, 2024, resulting in an effective tax rate of 7.49%. We recognized an income tax expense of $3.8 million for the year ended December 31, 2023, resulting in an effective tax rate of 4.34%.

Additionally, we assess the likelihood that our deferred tax assets will be recovered from future taxable income and, to the extent we believe that recovery is more likely than not, do not establish a valuation allowance. As of December 31, 2025, 2024 and 2023, we recorded a full valuation allowance on our deferred tax assets. As a result, we did not recognize a benefit from our net operating losses for the respective periods. See Note 13—Income Taxes for further discussion.

Liquidity and Capital Resources

Overview

Our primary sources of liquidity are cash flows from operations and equity and debt financings, and our primary uses of cash are distributions to our unitholders and for growth capital expenditures, including the acquisition of mineral and royalty interests in oil and natural gas properties. On December 16, 2025, we entered into a Second Amended and Restated Credit Agreement (the “Second A&R Credit Agreement”). See “Indebtedness” below for further discussion of our secured revolving credit facility.

Cash Distribution Policy

The limited liability company agreement of the Operating Company requires it to distribute all of its cash on hand at the end of each quarter in an amount equal to its available cash for such quarter. In turn, our partnership agreement requires us to distribute all of our cash on hand at the end of each quarter in an amount equal to our available cash for such quarter. Available cash for each quarter will be determined by the Board of Directors following the end of such quarter. “Available cash,” as used in this context, is defined in our partnership agreement and in the limited liability company agreement of the Operating Company, and in “Item 5. Market for Registrant’s Common Equity, Related Unitholder Matters and Issuer Purchases of Equity Securities—Definition of Available Cash.” We expect that the Operating Company’s available cash for each quarter will generally equal its Adjusted EBITDA for the quarter, less cash needed for debt service and other contractual obligations and fixed charges and reserves for future operating or capital needs that the Board of Directors may determine is appropriate, and we expect that our available cash for each quarter will generally equal our Adjusted EBITDA for the quarter (and will be our proportional share of the available cash distributed by the

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Operating Company for that quarter), less cash needs for debt service and other contractual obligations, tax obligations, fixed charges and reserves for future operating or capital needs that the Board of Directors may determine is appropriate.

The Board of Directors approved the allocation of 25% of our cash available for distribution on common units for the fourth quarter of 2025 for the repayment of $13.4 million in outstanding borrowings under our secured revolving credit facility during its determination of “available cash” for the fourth quarter of 2025. With respect to future quarters, the Board of Directors intends to continue to allocate a portion of our cash available for distribution on common units to the repayment of outstanding borrowings under our secured revolving credit facility and may allocate such cash in other manners in which the Board of Directors determines to be appropriate at the time. The Board of Directors may further change its policy with respect to cash distributions in the future.

It is our intent, subject to market conditions, to finance acquisitions of mineral and royalty interests that increase our asset base largely through external sources, such as borrowings under our secured revolving credit facility and the issuance of equity and debt securities. For example, the purchase price paid in the Boren Acquisition was partially funded by the proceeds from the underwritten public offering of 11,500,000 common units which resulted in net proceeds of approximately $163.6 million (the “2025 Equity Offering”), we issued 5,369,218 OpCo common units and an equal number of Class B units and 557,302 common units as partial consideration in connection with the MB Minerals Acquisition and the purchase price paid in the LongPoint Acquisition was partially funded by the net proceeds from the Preferred Unit Transaction. The Board of Directors may choose to reserve a portion of cash generated from operations to finance such acquisitions as well. We do not currently intend to (i) maintain excess distribution coverage for the purpose of maintaining stability or growth in our quarterly distribution, (ii) otherwise reserve cash for distributions or (iii) incur debt to pay quarterly distributions, although the Board of Directors may do so if they believe it is warranted. See “Recent Developments—Fourth Quarter Distributions” above for discussion of our fourth quarter 2025 distributions.

Cash Flows

The following table presents our cash flows for the periods indicated.

​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Year Ended December 31,
​ | ​ | 2025 | ​ ​ | 2024 | ​ | 2023
​ | ​ | (In thousands)
Cash Flow Data: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Net cash provided by operating activities | ​ | $ | 246,462 | ​ | $ | 250,916 | ​ | $ | 174,268
Net cash used in investing activities | ​ |  | (223,481) | ​ |  | (210) | ​ |  | (246,677)
Net cash (used in) provided by financing activities | ​ |  | (13,172) | ​ |  | (247,531) | ​ |  | 78,375
Net increase in cash and cash equivalents | ​ | $ | 9,809 | ​ | $ | 3,175 | ​ | $ | 5,966

Operating Activities

Operating cash flow is impacted by many variables, the most significant of which are the changes in oil, natural gas and NGL production volumes due to acquisitions or other external factors and changes in prices for oil, natural gas and NGLs we receive from our operators on those volumes. Prices for these commodities are determined primarily by prevailing market conditions. Regional and worldwide economic activity, weather and other substantially variable factors influence market conditions for these products. These factors are beyond our control and are difficult to predict. Cash flows provided by operating activities for the year ended December 31, 2025 were $246.5 million, a decrease of $4.4 million compared to $250.9 million for the year ended December 31, 2024.

Cash flows provided by operating activities for the year ended December 31, 2024 increased by $76.6 million compared to $174.3 million for the year ended December 31, 2023.

Investing Activities

Cash flows used in investing activities for the year ended December 31, 2025 were $223.5 million compared to $0.2 million for the year ended December 31, 2024. For the year ended December 31, 2025, cash flows used in investing activities primarily related to the Boren Acquisition. For the year ended December 31, 2024, cash flows used in investing activities included the purchase of equipment.

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For the year ended December 31, 2023, cash flows used in investing activities included $490.7 million used to fund costs associated with the MB Minerals Acquisition and the LongPoint Acquisition and $0.1 million used to fund the purchase of equipment, partially offset by $243.2 million of cash received from investment held in trust related to Kimbell Tiger Acquisition Corporation (“TGR”) and $0.9 million in cash received from the dissolution of TGR.

Financing Activities

Cash flows used in financing activities were $13.2 million for the year ended December 31, 2025 compared to $247.5 million of cash flows provided by financing activities for the year ended December 31, 2024. Cash flows used in financing activities for the year ended December 31, 2025 consists primarily of $179.9 million used to redeem a portion of the Series A preferred units, $187.3 million of distributions paid to holders of common units, OpCo common units, Series A preferred units and Class B units, $493.3 million used to repay borrowings under our secured revolving credit facility and $5.1 million of restricted units repurchased for tax withholding, partially offset by $163.6 million in proceeds from the 2025 Equity Offering and $695.6 million of additional borrowings under our secured revolving credit facility.

Cash flows used in financing activities for the year ended December 31, 2024 consists primarily of $187.2 million of distributions paid to holders of common units, OpCo common units, Series A preferred units and Class B units, $60.0 million used to repay borrowings under our secured revolving credit facility, $4.9 million of restricted units repurchased for tax withholding and $0.3 million paid in connection with the redemption of Class B units, partially offset by $5.0 million of additional borrowings under our secured revolving credit facility.

Cash flows provided by financing activities for the year ended December 31, 2023 consists of $314.0 million in net proceeds from the issuance of Series A preferred units, $201.1 million of additional borrowings under our secured revolving credit facility, $110.7 million in proceeds from the 2023 Equity Offering, and $0.3 million in Class B contributions, partially offset by $243.2 million of distributions to common unitholders of TGR, $153.0 million of distributions paid to holders of common units, OpCo common units, Series A preferred units and Class B units, $139.9 million used to repay borrowings under our secured revolving credit facility, $4.9 million of restricted units repurchased for tax withholding and a $6.7 million payment of loan origination costs.

Capital Expenditures

During the year ended December 31, 2025, we paid approximately $222.8 million primarily to fund the Boren Acquisition. During the year ended December 31, 2023, we paid approximately $490.7 million primarily to fund the MB Minerals Acquisition and the LongPoint Acquisition.

Indebtedness

On December 16, 2025, we entered into a Second A&R Credit Agreement, which amended and restated our existing Amended and Restated Credit Agreement, dated as of June 13, 2023 (as amended on July 24, 2023, December 8, 2023, and May 1, 2025). The Second A&R Credit Agreement provides for, among other things, (i) a senior secured reserve-based revolving credit facility in an aggregate maximum principal amount of up to $1.5 billion with an initial borrowing base of $625.0 million and an initial aggregate elected commitments amount of up to $625.0 million, including a sub-facility for the issuance of letters of credit of up to $10.0 million and (ii) an extension of the maturity date of the Second A&R Credit Agreement to December 16, 2030.

For additional information on our Second A&R Credit Agreement, please read Note 8―Long-Term Debt to the consolidated financial statements included elsewhere in this Annual Report.

Off-Balance Sheet Arrangements

As of December 31, 2025, we did not have any off-balance sheet arrangements.

Tax Matters

Even though we are organized as a limited partnership under state law, we are treated as a corporation for United States federal income tax purposes. Accordingly, we are subject to United States federal income tax at regular corporate

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rates on our net taxable income. The non-controlling interest, which is held by the OpCo common unitholders, is not subject to federal income taxes. We estimate that a portion of our quarterly distributions will constitute a non-taxable reduction to the tax basis of unitholders’ common units. The reduced tax basis will increase unitholders’ capital gain (or decrease unitholders’ capital loss) when unitholders sell their common units. We currently believe that the portion that constitutes dividends for U.S. federal income tax purposes will be considered qualified dividends, subject to holding period and certain other conditions, which are subject to a tax rate of 0%, 15% or 20% depending on the income level and tax filing status of a unitholder for 2025. Our estimates regarding treatment of our distributions are based on currently available information only and are subject to change, including with respect to prior quarters.

Distributions in excess of the amount taxable as dividend income will reduce a common unitholder’s tax basis in its common units or produce capital gain to the extent they exceed a common unitholder’s tax basis. Any reduced tax basis will increase a common unitholder’s capital gain when it sells its common units. Our estimates are the result of certain non-cash expenses (principally depletion) substantially offsetting our taxable income and tax “earnings and profits.” Our estimates of the tax treatment of earnings and distributions are based upon assumptions regarding the capital structure and earnings of the Operating Company, our capital structure and the amount of the earnings of the Operating Company allocated to us. Many factors may impact these estimates, including changes in drilling and production activity, commodity prices, future acquisitions or changes in the business, economic, regulatory, legislative, competitive or political environment in which we operate. These estimates are based on current tax law and tax reporting positions that we have adopted and with which the Internal Revenue Service could disagree. These estimates are not fact and should not be relied upon as being necessarily indicative of future results, and no assurances can be made regarding these estimates. You are encouraged to consult with your tax advisor on this matter. Please read “Item 1A. Risk Factors—Tax Risks” elsewhere in this Annual Report.

New and Revised Financial Accounting Standards

The effects of new accounting pronouncements are discussed in Note 2—Summary of Significant Accounting Policies within the financial statements included elsewhere in this Annual Report.

Critical Accounting Estimates

The discussion and analysis of our financial condition and results of operations are based upon our consolidated financial statements, which have been prepared in accordance with generally accepted accounting principles in the United States (“GAAP”). Certain of our accounting policies involve judgments and uncertainties to such an extent that there is a reasonable likelihood that materially different amounts would have been reported under different conditions, or if different assumptions had been used. Below, we have provided expanded discussion of our more significant accounting estimates.

See Note 2—Summary of Significant Accounting Policies to our financial statements for a summary of our significant accounting policies.

Oil, Natural Gas and NGL Reserves

We account for oil and natural gas producing activities using the full cost method of accounting, which is dependent on the estimation of proved reserves to determine the rate at which we record depletion in our oil and natural gas properties and whether the value of our evaluated oil and natural gas properties is permanently impaired based on the quarterly full cost ceiling impairment test. Further, we utilize estimated proved reserves to assign fair value to acquired mineral and royalty interests. As such, we consider the estimation of proved reserves to be a critical accounting estimate.

Our independent engineers prepare our estimates of oil, natural gas and NGL reserves and associated future net revenues. The SEC has defined proved reserves as the estimated quantities of oil and gas which geological and engineering data demonstrate with reasonable certainty to be recoverable in future years from known reservoirs under existing economic and operating conditions. The process of estimating oil, natural gas and NGL reserves is complex, requiring significant decisions in the evaluation of available geological, geophysical, engineering and economic data. Significant inputs included in the calculation of future net cash flows include anticipated production of proved reserves and other relevant data. The data for a given property may also change substantially over time as a result of numerous factors, including development activity, evolving production history and a continual reassessment of the viability of production

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under changing economic conditions. As a result, material revisions to existing reserve estimates occur from time to time, and reserve estimates are often different from the quantities of oil and natural gas that are ultimately recovered. Although every reasonable effort is made to ensure that reserve estimates reported represent the most accurate assessments possible, the subjective decisions and variances in available data for various properties increase the likelihood of significant changes in these estimates. If such changes are material, they could significantly affect future amortization of capitalized costs and result in impairment of assets that may be material. Revisions of previous quantity estimates accounted for the change in the total standardized measure of our reserves from December 31, 2024 to December 31, 2025, and were primarily related to technical revisions due to changes in commodity prices, historical and projected performance and other factors. Additionally, we continue to not intend to book PUD reserves.

Additionally, costs associated with unevaluated properties are excluded from the full cost pool until we have made a determination as to the existence of proved reserves, which is primarily based upon when such properties become producing. We assess all items classified as unevaluated property on a periodic basis for possible impairment. We assess properties on an individual basis or as a group if properties are individually insignificant. The assessment includes consideration of the following factors, among others: the operators’ intent to drill; remaining lease term; geological and geophysical evaluations; the operators’ drilling results and activity; the assignment of proved reserves; and the economic viability of operator development if proved reserves are assigned. During any period in which these factors indicate an impairment, carrying value in excess of estimated recoverable value for such property and all or a portion of the associated leasehold costs are transferred to the full cost pool and are then subject to amortization or potential impairment.

Acquisitions of Mineral and Royalty Interests

Acquisitions of mineral and royalty interests were accounted for as asset acquisitions, whereby the purchase price and associated transaction costs are capitalized and allocated to the acquired mineral and royalty interests. The allocation is determined based on whether the interests acquired relate to proved or unproved oil and natural gas properties, utilizing the estimated fair value of proved reserves as of the date of acquisition. The valuation of proved reserves is based on a projection of future cash flows using objective future pricing assumptions and a discount rate consistent with our estimated cost of capital at the time of the acquisition. The remaining capitalized acquisition costs are allocated to the unproved properties acquired.

Revenue Recognition

Mineral and royalty interests represent the right to receive revenues from the sale of oil, natural gas and NGLs, less production and ad valorem taxes and post-production expenses. The pricing of oil, natural gas and NGLs from the properties in which we own a mineral or royalty interest is primarily determined by supply and demand in the marketplace and can fluctuate considerably. As an owner of mineral and royalty interests, we have no involvement or operational control over the volumes and method of sale of the oil, natural gas and NGLs produced and sold from the property. We have no rights or obligations to explore, develop or operate the property and do not incur any of the costs of exploration, development and operation of the property. Oil, natural gas and NGL revenues from our mineral and royalty interests are recognized at the point control of the product is transferred to the purchaser. The price and volumes of certain sales are based on estimates that are sometimes not available until future periods. In such cases, estimated realizations are accrued when the sale is recognized and are finalized when the price and volume is available. Such adjustments to revenue from performance obligations satisfied in previous periods are not significant.

Item 7A. Quantitative and Qualitative Disclosures about Market Risk

Commodity Price Risk

Our major market risk exposure is in the pricing applicable to the oil, natural gas and NGL production of our operators. Realized pricing is primarily driven by the prevailing worldwide price for crude oil and spot market prices applicable to our natural gas production. Pricing for oil, natural gas and NGL production has been volatile and unpredictable for several years, and we expect commodity prices to be even more volatile in the future as a result of ongoing international supply and demand imbalances and limited international storage capacity. The prices that our operators receive for production depend on many factors outside of our or their control. To reduce the impact of

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fluctuations in oil and natural gas prices on our revenues, we entered into commodity derivative contracts to reduce our exposure to price volatility of oil and natural gas. The counterparties to the contracts are unrelated third parties.

Our commodity derivative contracts consist of fixed price swaps, under which we receive a fixed price for the contract and pays a floating market price to the counterparty over a specified period for a contracted volume.

Our oil fixed price swap transactions are settled based upon the average daily prices for the calendar month of the contract period, and our natural gas fixed price swap transactions are settled based upon the last day settlement of the first nearby month futures contract of the contract period. Settlement for oil derivative contracts occurs in the succeeding month and natural gas derivative contracts are settled in the production month.

Because we have not designated any of our derivative contracts as hedges for accounting purposes, changes in fair values of our derivative contracts will be recognized as gains and losses in current period earnings. As a result, our current period earnings may be significantly affected by changes in the fair value of our commodity derivative contracts. Changes in fair value are principally measured based on future prices as of period-end compared to the contract price. See Note 4—Derivatives to the consolidated financial statements included elsewhere in this Annual Report for additional information regarding our commodity derivatives.

Counterparty and Customer Credit Risk

Our derivative contracts expose us to credit risk in the event of nonperformance by counterparties. While we do not require our counterparties to our derivative contracts to post collateral, we do evaluate the credit standing of such counterparties as we deem appropriate. This evaluation includes reviewing a counterparty’s credit rating and latest financial information. As of December 31, 2025, we had seven counterparties to our derivative contracts, which are also lenders under our credit facility.

As an owner of mineral and royalty interests, we have no control over the volumes or method of sale of oil, natural gas and NGLs produced and sold from the underlying properties. During the years ended December 31, 2025, 2024 and 2023, our top purchaser accounted for approximately 7.7%, 9.1% and 6.7%, respectively, of our oil, natural gas and NGL revenues. It is believed that the loss of any single purchaser would not have a material adverse effect on our results of operations.

Interest Rate Risk

We will have exposure to changes in interest rates on our indebtedness. As of December 31, 2025, we had total borrowings outstanding under our secured revolving credit facility of $441.5 million. The impact of a 1% increase in the interest rate on this amount of debt would have resulted in an increase in interest expense of approximately $4.4 million annually, assuming that our indebtedness remained constant throughout the year.

Inflation

Inflation in the United States did not have a material impact on our results of operations for the period from January 1, 2023 through December 31, 2025. However, rising inflation in wages and other costs has the potential to adversely affect our results of operations, cash flows and financial position by increasing our overall cost structure. In addition, the existence of inflation in the economy has the potential to result in higher interest rates, which could result in higher borrowing costs, supply shortages, increased costs of labor and other similar effects.

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Non-GAAP Financial Measures

Adjusted EBITDA and Cash Available for Distribution on Common Units

Adjusted EBITDA and cash available for distribution on common units are used as supplemental non-GAAP financial measures (as defined below) by management and external users of our financial statements, such as industry analysts, investors, lenders and rating agencies. We believe Adjusted EBITDA and cash available for distribution on common units are useful because they allow us to more effectively evaluate our operating performance and compare the results of our operations period to period without regard to our financing methods or capital structure. In addition, management uses Adjusted EBITDA to evaluate cash flow available to pay distributions to our unitholders.

We define Adjusted EBITDA as net income (loss), net of depreciation and depletion expense, interest expense, income taxes, impairment of oil and natural gas properties, non cash unit based compensation, loss on extinguishment of debt, unrealized gains and losses on derivative instruments, cash distribution from affiliate, equity income (loss) in affiliate, gains and losses on sales of assets and operational impacts of a variable interest entity, which include general and administrative expense and interest income. Adjusted EBITDA is not a measure of net income (loss) or net cash provided by operating activities as determined by GAAP. We exclude the items listed above from net income (loss) in arriving at Adjusted EBITDA because these amounts can vary substantially from company to company within our industry depending upon accounting methods and book values of assets, capital structures and the method by which the assets were acquired. Certain items excluded from Adjusted EBITDA are significant components in understanding and assessing a company’s financial performance, such as a company’s cost of capital and tax structure, as well as historic costs of depreciable assets, none of which are components of Adjusted EBITDA. We define cash available for distribution on common units as Adjusted EBITDA, less cash needed for debt service and other contractual obligations, tax obligations, fixed charges and reserves for future operating or capital needs that the Board of Directors may determine is appropriate.

Adjusted EBITDA and cash available for distribution on common units should not be considered an alternative to net income (loss), oil, natural gas and NGL revenues, net cash flows provided by operating activities or any other measure of financial performance or liquidity presented in accordance with GAAP. Our computations of Adjusted EBITDA and cash available for distribution on common units may not be comparable to other similarly titled measures of other companies.

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The tables below present a reconciliation of Adjusted EBITDA and cash available for distribution on common units to net income and net cash provided by operating activities, our most directly comparable GAAP financial measures, for the periods indicated.

​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Year Ended December 31,
​ | ​ | 2025 | ​ | 2024 | ​ | 2023
​ | ​ | (In thousands)
Reconciliation of net income to Adjusted EBITDA and cash available for distribution on common units: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Net income | ​ | $ | 99,651 | ​ | $ | 11,070 | ​ | $ | 83,006
Depreciation and depletion expense | ​ | ​ | 124,554 | ​ | ​ | 135,123 | ​ | ​ | 96,477
Interest expense | ​ | ​ | 34,470 | ​ | ​ | 26,695 | ​ | ​ | 25,950
Income tax (benefit) expense | ​ | ​ | (1,304) | ​ | ​ | (771) | ​ | ​ | 3,766
EBITDA | ​ | ​ | 257,371 | ​ | ​ | 172,117 | ​ | ​ | 209,199
Impairment of oil and natural gas properties | ​ | ​ | — | ​ | ​ | 62,118 | ​ | ​ | 18,220
Unit-based compensation | ​ | ​ | 16,323 | ​ | ​ | 16,386 | ​ | ​ | 13,112
Loss on extinguishment of debt | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 480
(Gain) loss on derivative instruments, net of settlements | ​ | ​ | (7,227) | ​ | ​ | 12,211 | ​ | ​ | (26,371)
Consolidated variable interest entities related: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Interest earned on marketable securities in trust account | ​ | ​ | — | ​ | ​ | — | ​ | ​ | (3,509)
General and administrative expense | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 927
Consolidated Adjusted EBITDA | ​ | ​ | 266,467 | ​ | ​ | 262,832 | ​ | ​ | 212,058
Adjusted EBITDA attributable to non-controlling interest | ​ | ​ | (35,793) | ​ | ​ | (44,884) | ​ | ​ | (46,476)
Adjusted EBITDA attributable to Kimbell Royalty Partners, LP | ​ | ​ | 230,674 | ​ | ​ | 217,948 | ​ | ​ | 165,582
Adjustments to reconcile Adjusted EBITDA to cash available for distribution | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Cash interest expense | ​ | ​ | 27,624 | ​ | ​ | 20,988 | ​ | ​ | 18,519
Cash distribution to Series A preferred unitholders | ​ | ​ | 10,523 | ​ | ​ | 16,223 | ​ | ​ | 4,552
Cash income tax (refund) expense | ​ | ​ | (2,112) | ​ | ​ | — | ​ | ​ | 1,642
Distribution to Class B unitholders | ​ | ​ | 58 | ​ | ​ | 72 | ​ | ​ | 89
Cash available for distribution on common units | ​ | $ | 194,581 | ​ | $ | 180,665 | ​ | $ | 140,780

​

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​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Year Ended December 31,
​ | ​ | 2025 | ​ | 2024 | ​ | 2023
​ | ​ | (In thousands)
Reconciliation of net cash provided by operating activities to Adjusted EBITDA and cash available for distribution on common units: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Net cash provided by operating activities | ​ | $ | 246,462 | ​ | $ | 250,916 | ​ | $ | 174,268
Interest expense | ​ |  | 34,470 | ​ |  | 26,695 | ​ |  | 25,950
Income tax (benefit) expense | ​ | ​ | (1,304) | ​ | ​ | (771) | ​ | ​ | 3,766
Impairment of oil and natural gas properties | ​ |  | — | ​ |  | (62,118) | ​ |  | (18,220)
Amortization of right-of-use assets | ​ | ​ | (348) | ​ |  | (349) | ​ | ​ | (336)
Amortization of loan origination costs | ​ |  | (2,356) | ​ |  | (2,126) | ​ |  | (1,943)
Loss on extinguishment of debt | ​ | ​ | — | ​ | ​ | — | ​ | ​ | (480)
Unit-based compensation | ​ |  | (16,323) | ​ |  | (16,386) | ​ |  | (13,112)
Forfeiture of restricted units | ​ | ​ | 57 | ​ |  | — | ​ | ​ | ​
Gain (loss) on derivative instruments, net of settlements | ​ |  | 7,227 | ​ |  | (12,211) | ​ |  | 26,371
Changes in operating assets and liabilities: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Oil, natural gas and NGL receivables | ​ |  | (9,343) | ​ |  | (13,096) | ​ |  | 12,027
Accounts receivable and other current assets | ​ |  | (1,352) | ​ |  | 1,071 | ​ |  | (1,863)
Accounts payable | ​ |  | 917 | ​ |  | 90 | ​ |  | (509)
Other current liabilities | ​ |  | (1,039) | ​ |  | 20 | ​ |  | (1,264)
Operating lease liabilities | ​ | ​ | 303 | ​ |  | 382 | ​ | ​ | 348
Consolidated variable interest entities related: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Interest earned on marketable securities in trust account | ​ | ​ | — | ​ |  | — | ​ | ​ | 3,509
Other assets and liabilities | ​ | ​ | — | ​ |  | — | ​ | ​ | 687
EBITDA | ​ | ​ | 257,371 | ​ | ​ | 172,117 | ​ | ​ | 209,199
Add: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Impairment of oil and natural gas properties | ​ |  | — | ​ |  | 62,118 | ​ |  | 18,220
Unit-based compensation | ​ |  | 16,323 | ​ |  | 16,386 | ​ |  | 13,112
Loss on extinguishment of debt | ​ |  | — | ​ |  | — | ​ |  | 480
(Gain) loss on derivative instruments, net of settlements | ​ |  | (7,227) | ​ |  | 12,211 | ​ |  | (26,371)
Consolidated variable interest entities related: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Interest earned on marketable securities in Trust Account | ​ | ​ | — | ​ | ​ | — | ​ | ​ | (3,509)
General and administrative expense | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 927
Consolidated Adjusted EBITDA | ​ | ​ | 266,467 | ​ | ​ | 262,832 | ​ | ​ | 212,058
Adjusted EBITDA attributable to non-controlling interest | ​ | ​ | (35,793) | ​ | ​ | (44,884) | ​ | ​ | (46,476)
Adjusted EBITDA attributable to Kimbell Royalty Partners, LP | ​ | ​ | 230,674 | ​ | ​ | 217,948 | ​ | ​ | 165,582
Adjustments to reconcile Adjusted EBITDA to cash available for distribution | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Cash interest expense | ​ | ​ | 27,624 | ​ | ​ | 20,988 | ​ | ​ | 18,519
Cash distribution to Series A preferred unitholders | ​ | ​ | 10,523 | ​ | ​ | 16,223 | ​ | ​ | 4,552
Cash income tax (refund) expense | ​ | ​ | (2,112) | ​ | ​ | — | ​ | ​ | 1,642
Distribution to Class B unitholders | ​ | ​ | 58 | ​ | ​ | 72 | ​ | ​ | 89
Cash available for distribution on common units | ​ | $ | 194,581 | ​ | $ | 180,665 | ​ | $ | 140,780

​

​

Item 8. Financial Statements and Supplementary Data

The Partnership’s consolidated financial statements required by this item are included in this Annual Report beginning on page F-1.

Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure

None.

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Item 9A. Controls and Procedures

Evaluation of Disclosure Controls and Procedures

As required by Rule 13a-15(b) under the Exchange Act, we have evaluated, under the supervision and with the participation of management of our General Partner, including our General Partner’s principal executive officer and principal financial officer, the effectiveness of the design and operation of our disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act) as of the end of the period covered by this Annual Report. Disclosure controls and procedures are defined as controls designed to ensure that the information required to be disclosed in reports that we file or submit under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in the rules and forms of the SEC and that such information is accumulated and communicated to management, including our General Partner’s principal executive officer and principal financial officer, as appropriate, to allow timely decisions regarding required disclosure. Based upon that evaluation, our General Partner’s management, including its principal executive officer and principal financial officer concluded that our disclosure controls and procedures were effective as of December 31, 2025.

Management’s Report on Internal Control Over Financial Reporting

Our management is responsible for establishing and maintaining adequate internal control over financial reporting, as such term is defined in Rule 13a-15(f) under the Exchange Act. Our internal control over financial reporting is a process designed under the supervision of our General Partner’s principal executive officer and principal financial officer to provide reasonable assurance regarding the reliability of financial reporting and the preparation of our financial statements for external purposes in accordance with generally accepted accounting principles.

Internal control over financial reporting includes those policies and procedures that:

| ● | Pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of our assets;

| ● | Provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that our receipts and expenditures are being made only in accordance with authorizations of our General Partner’s management and directors; and

| ● | Provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use or disposition of our assets that could have a material effect on the financial statements.

Internal control over financial reporting cannot provide absolute assurance of achieving financial reporting objectives because of its inherent limitations. Internal control over financial reporting is a process that involves human diligence and compliance and is subject to lapses in judgment and breakdowns resulting from human failures. Internal control over financial reporting can also be circumvented by collusion or improper management override. Because of such limitations, there is a risk that material misstatements may not be prevented or detected on a timely basis by internal control over financial reporting. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate. However, these inherent limitations are known features of the financial reporting process. Therefore, it is possible to design into the process safeguards to reduce, though not eliminate, the risk.

As of December 31, 2025, our management assessed the effectiveness of our internal control over financial reporting based on the criteria for effective internal control over financial reporting established by the Committee of Sponsoring Organizations of the Treadway Commission (“COSO”) in Internal Control—Integrated Framework (2013). Management’s assessment included an evaluation of the design of our internal control over financial reporting and testing of the operational effectiveness of our internal control over financial reporting. Based upon that evaluation, our General Partner’s management, including its principal executive officer and principal financial officer concluded that our internal controls over financial reporting were effective as of December 31, 2025.

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Changes in Internal Control over Financial Reporting

There have not been any changes in our internal control over financial reporting that occurred during the quarter ended December 31, 2025 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

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REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

Board of Directors of Kimbell Royalty GP, LLC and Unitholders of

Kimbell Royalty Partners, LP

​

Opinion on internal control over financial reporting

We have audited the internal control over financial reporting of Kimbell Royalty Partners, LP (a Delaware limited partnership) and subsidiaries (collectively, the “Partnership”) as of December 31, 2025, based on criteria established in the 2013 Internal Control—Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (“COSO”). In our opinion, the Partnership maintained, in all material respects, effective internal control over financial reporting as of December 31, 2025, based on criteria established in the 2013 Internal Control—Integrated Framework issued by COSO.

We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (“PCAOB”), the consolidated financial statements of the Partnership as of and for the year ended December 31, 2025, and our report dated February 26, 2026 expressed an unqualified opinion on those financial statements.

​

Basis for opinion

The Partnership’s management is responsible for maintaining effective internal control over financial reporting and for its assessment of the effectiveness of internal control over financial reporting, included in the accompanying Management’s Report on Internal Control Over Financial Reporting. Our responsibility is to express an opinion on the Partnership’s internal control over financial reporting based on our audit. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Partnership in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audit in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether effective internal control over financial reporting was maintained in all material respects. Our audit included obtaining an understanding of internal control over financial reporting, assessing the risk that a material weakness exists, testing and evaluating the design and operating effectiveness of internal control based on the assessed risk, and performing such other procedures as we considered necessary in the circumstances. We believe that our audit provides a reasonable basis for our opinion.

Definition and limitations of internal control over financial reporting

A company’s internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A company’s internal control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company’s assets that could have a material effect on the financial statements.

Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

/s/ GRANT THORNTON LLP

Dallas, Texas

February 26, 2026

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Item 9B. Other Information

N o n e.

Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections

Not applicable.

PART III

Item 10. Directors, Executive Officers and Corporate Governance

The following table shows information for the executive officers, directors and director nominees of our General Partner as of December 31, 2025. Directors hold office until their successors have been elected or qualified or until the earlier of their death, resignation, removal or disqualification. Executive officers serve at the discretion of the Board of Directors. Messrs. R. Ravnaas and D. Ravnaas are father and son, respectively.

​ | ​ | ​ | ​ | ​
Name | ​ ​ ​ | Age | ​ ​ ​ | Position With Our General Partner
Robert D. Ravnaas | ​ | 68 | ​ | Chief Executive Officer and Chairman of the Board of Directors
R. Davis Ravnaas | ​ | 40 | ​ | President and Chief Financial Officer
Matthew S. Daly | ​ | 53 | ​ | Chief Operating Officer
R. Blayne Rhynsburger | ​ | 39 | ​ | Controller
Brett G. Taylor | ​ | 65 | ​ | Executive Vice Chairman of the Board of Directors
T. Scott Martin | ​ | 75 | ​ | Director
Mitch S. Wynne | ​ | 67 | ​ | Director
William H. Adams III | ​ | 67 | ​ | Independent Director
Craig Stone | ​ | 62 | ​ | Independent Director
Erik B. Daugbjerg | ​ | 56 | ​ | Independent Director

​

Robert D. Ravnaas. Robert D. Ravnaas was appointed Chief Executive Officer of our General Partner and Chairman of the Board of Directors in November 2015. Mr. R. Ravnaas served as President of Cawley, Gillespie & Associates, Inc., a petroleum engineering firm, from 2011 until February 2017. He also served as President and director of Rivercrest Royalties II, LLC from 2014 until December 2017, and as President and director of our Predecessor from 2013 until our IPO, and he is a partial owner of certain of the Contributing Parties. Prior to joining Cawley, Gillespie & Associates, Inc. in 1983, he worked as a Production Engineer for Amoco Production Company from 1981 to 1983. Mr. R. Ravnaas received a Bachelor of Science degree with special honors in Chemical Engineering from the University of Colorado at Boulder and a Master of Science degree in Petroleum Engineering from the University of Texas at Austin. He is a registered professional engineer in Texas and a member of the Society of Petroleum Engineers, the Society of Petroleum Evaluation Engineers and the American Association of Petroleum Geologists. Mr. R. Ravnaas was selected to serve as a director because of his broad knowledge of, and extensive experience in, the oil and gas industry.

R. Davis Ravnaas. R. Davis Ravnaas was appointed President and Chief Financial Officer of our General Partner in November 2015. Mr. D. Ravnaas co-founded our Predecessor in October 2013, served as Vice President and Chief Financial Officer from November 2013 to October 2015 and served as President and Chief Financial Officer of our Predecessor from October 2015 until our IPO. He has also served as Vice President and Chief Financial Officer of Rivercrest Royalties Holdings II, LLC and/or its predecessor, Rivercrest Royalties II, LLC, since August 2014, and he is a partial owner of certain of the Contributing Parties. From 2010 to 2012, Mr. D. Ravnaas was responsible for sourcing, evaluating and monitoring investments in energy and industrials companies as an associate investment professional with Crestview Partners, a New York based private equity fund with $6.0 billion under management. Mr. D. Ravnaas left Crestview Partners in 2012 to attend the Stanford Graduate School of Business, where he earned his Master in Business Administration in 2014. Mr. D. Ravnaas also has an AB in Economics from Princeton University and a MSc in Finance and Economics from the London School of Economics.

Matthew S. Daly. Matthew S. Daly was appointed Chief Operating Officer of our General Partner in May 2017. Mr. Daly has served as Senior Vice President—Corporate Development of our General Partner since September 2016.

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Mr. Daly served as Senior Vice President—Corporate Development of our Predecessor from August 2016 until our IPO. From 2014 to 2016, Mr. Daly served as Senior Analyst—Energy at Hirzel Capital Management LLC, a Dallas-based hedge fund, where he managed public energy investments. From 2004 to 2013, he served as Senior Analyst—Energy at Kleinheinz Capital Partners, Inc., where he managed public and private energy investments and assisted with macro hedging trades. From 2002 to 2004, Mr. Daly was a Vice President—Mergers and Acquisitions at Lazard Frères & Co. in New York City. Mr. Daly has a Bachelor of Business Administration from the University of Texas at Austin and a Master of Business Administration from the University of Chicago Booth School of Business and is a certified public accountant.

R. Blayne Rhynsburger. R. Blayne Rhynsburger has served as the Controller of the General Partner since February 2017. Mr. Rhynsburger previously served as the Controller of our Predecessor from November 2015 until our IPO. Prior to that time, Mr. Rhynsburger served as audit manager from July 2014 to November 2015, audit senior from July 2011 to June 2014, and audit staff from September 2009 to June 2011 at Whitley Penn LLP, where he specialized in assurance and advisory services for clients in multiple industries, primarily energy clients in the public and private sectors. Mr. Rhynsburger also has served as an adjunct professor of petroleum accounting in the graduate school of Texas Christian University’s Neeley School of Business since 2015. Mr. Rhynsburger holds a Bachelor of Business Administration degree in Accounting and Finance and a Master of Accounting degree from Texas Christian University. He is also a member of the Texas Society of Certified Public Accountants.

Brett G. Taylor. Brett G. Taylor was appointed as Executive Vice Chairman of the Board of Directors in November 2015. Mr. Taylor has over 40 years of experience in the oil and gas industry as a petroleum landman. He began his career at Texas Oil and Gas Corporation from 1982 to 1985. He then spent thirteen years at Fortson Oil Company, where he served as Land Manager and Vice President—Land from 1985 to 1998. In 1998, Mr. Taylor co-founded, with Joe B. Neuhoff, Neuhoff-Taylor Royalty Company and began acquiring producing royalties and minerals. He has also served as President and Chief Executive Officer of various private companies since 1998, and certain of such companies are Contributing Parties. Mr. Taylor has a Bachelor of Business Administration—Petroleum Land Management degree from the University of Texas at Austin and is a member of the American Association of Professional Landmen. Mr. Taylor was selected to serve as a director because of his broad knowledge of land management, oil and gas title, due diligence and related matters.

T. Scott Martin. T. Scott Martin was appointed as a director of our General Partner in November 2015. Mr. Martin served as Chief Executive Officer of our Predecessor since July 2014 until our IPO. He has also served as Chairman of the board of directors of Rivercrest Royalties Holdings II, LLC and/or its predecessor, Rivercrest Royalties II, LLC, since July 2015. In October 2023, Mr. Martin was appointed CEO and Chairman of the Board of Evergreen Natural Resources, LLC. He has over 46 years of experience in the oil and gas industry. Mr. Martin founded Ellora Energy LLC in 1995 and was Chairman and Chief Executive Officer of Ellora Energy Inc. from 2002 to 2010. Before that, he was Chief Operating Officer of Alta Energy Corporation from 1992 to 1994, Chief Executive Officer of TPEX Exploration, Inc. from 1990 to 1992 and a consulting engineer at BWAB, Inc. from 1985 to 1990. Mr. Martin began his career in the oil and gas industry in 1979 at Amoco Production Company. Mr. Martin has a Bachelor of Arts degree in Biology from Colorado College and a degree in Chemical Engineering from the University of Colorado at Boulder. He is a member of the Society of Petroleum Engineers and the Independent Petroleum Association of America. Mr. Martin was selected to serve as a director because of his broad knowledge of, and extensive experience in, the oil and gas industry.

Mitch S. Wynne. Mitch S. Wynne was appointed as a director of our General Partner in November 2015. He has been President and owner of Wynne Petroleum Co. since 1992. Mr. Wynne has been engaged in the oil and gas industry for 40 years. In 2013, he founded MSW Royalties, LLC, a Contributing Party, where he serves as manager. Mr. Wynne served on the board of Inspire Insurance Solutions from 1997 to 2002, Millers Mutual Insurance in 1997 and the All Saints’ Episcopal School from 1994 to 1996. He has also served on the board of the Union Gospel Mission in Fort Worth since 2010. Mr. Wynne has a Bachelor of Arts degree in Political Science from Washington and Lee University. Mr. Wynne was selected to serve as a director because of his broad knowledge of, and extensive experience in, the oil and gas industry.

William H. Adams III. William H. Adams III was appointed as a director of our General Partner effective as of the date that our common units were first listed on the NYSE. Since 2007, Mr. Adams has served as Chairman of Texas Appliance Supply, Inc., a wholesale and retail appliance distribution company. From 1981 to 2006, Mr. Adams held a variety of positions in the commercial and energy banking sector, including as Executive Regional President of Texas Bank in Fort Worth and as President of Frost Bank—Arlington. From 2001 to 2010, Mr. Adams served as a member of

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the board of directors of XTO Energy, Inc. Mr. Adams currently serves as a member of the board of directors of TXO Energy Partners, LP, a publicly traded oil and gas production company, and as a member of the board of directors of Graham Savings and Loan, SSB, a privately owned savings bank. Mr. Adams has a Bachelor of Business Administration in Finance from Texas Tech University. Mr. Adams was selected to serve as a director because of his extensive experience in the energy banking sector and as a former director of a public oil and gas company.

Craig Stone. Craig Stone was appointed as a director of our General Partner effective as of the date that our common units were first listed on the NYSE. Mr. Stone concluded a 30-year career with Ernst & Young LLP when he retired effective September 2015. Prior to his retirement from Ernst & Young LLP, Mr. Stone was an audit partner and the Fort Worth Managing Partner at Ernst & Young LLP. Over the course of his career, he has served many public oil and gas clients and assisted in numerous mergers, acquisitions and public offerings, including initial public offerings, secondary offerings and public debt transactions. Prior to retiring in 2023, Mr. Stone held a ministry position with the Hills Church where he oversaw and managed campus construction and enhancement plans and other strategic expansion initiatives. He has a Bachelor of Science in Accounting from Abilene Christian University and is a certified public accountant. Mr. Stone was selected to serve as a director because of his extensive financial experience with public oil and gas companies.

Erik Daugbjerg. Erik Daugbjerg was appointed as a director of our General Partner in April 2018. Mr. Daugbjerg has more than 24 years of experience in upstream and midstream energy companies, including founding roles at two oil and gas operators based in the Permian Basin. Prior to Concho Resources, Inc.’s acquisition of RSP Permian, Inc. in July 2018, Mr. Daugbjerg served as the Executive Vice President of Land and Business Development of RSP Permian, Inc., a role to which he was appointed in March 2017. Starting in 2010, Mr. Daugbjerg served in various other roles for RSP Permian, Inc. and its affiliates, including Vice President of Business Development and Vice President of Marketing. Mr. Daugbjerg has a Bachelor in Business Administration degree from Southern Methodist University and is active with several Texas energy industry organizations. Mr. Daugbjerg was selected to serve as a director because of his broad knowledge of, and extensive experience in, the oil and gas industry.

Board Leadership Structure

Robert D. Ravnaas currently serves as the Chief Executive Officer and Chairman of the Board of Directors. The Board of Directors has no policy with respect to the separation of the offices of chairman of the Board of Directors and chief executive officer. Instead, that relationship is defined and governed by the limited liability company agreement of our General Partner, which permits the same person to hold both offices. Directors of the Board of Directors are appointed by Kimbell Holdings, which is jointly owned by our Sponsors. Accordingly, unlike holders of common stock in a corporation, our unitholders will have only limited voting rights on matters affecting our business or governance, subject in all cases to any specific unitholder rights contained in our partnership agreement.

Director Independence

Because we are a limited partnership, we rely on an exemption from the provisions of the NYSE Listed Company Manual that would otherwise require our Board of Directors to be composed of a majority of independent directors. We are not required to have a compensation committee or a nominating and governance committee, although we have elected to confer matters related to the compensation of the executive officers and directors of our General Partner to the conflicts and compensation committee. In addition, we are required to have an audit committee composed of at least three members who meet the independence and experience tests established by the NYSE and the Exchange Act. Our Board of Directors has determined that William H. Adams III, Craig Stone and Erik B. Daugbjerg, each of whom serves on our audit committee (the “Audit Committee”) and our conflicts and compensation committee (the “Conflicts and Compensation Committee”), are independent under the independence standards of the NYSE and the Exchange Act.

Board Role in Risk Oversight

Our corporate governance guidelines (“Governance Guidelines”) provide that the Board of Directors is responsible for reviewing the process for assessing the major risks facing us and the options for their mitigation. This responsibility is largely satisfied by the Audit Committee, which is responsible for reviewing and discussing with management and our registered public accounting firm our major risk exposures and the policies management has implemented to monitor such exposures, including our financial risk exposures and risk management policies. Our

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Governance Guidelines are available on our website at www.kimbellrp.com under “Investor Relations—Corporate Governance.”

Committees of the Board of Directors

The Board of Directors has an audit committee and a conflicts and compensation committee. The Board of Directors may also have such other committees as it determines from time to time.

Audit Committee

We are required to have an audit committee of at least three members, and all its members are required to meet the independence and experience standards established by the NYSE and Rule 10A-3 promulgated under the Exchange Act. The Audit Committee is composed of William H. Adams III, Craig Stone and Erik B. Daugbjerg. The Audit Committee assists the Board of Directors in its oversight of the integrity of our financial statements and our compliance with legal and regulatory requirements and partnership policies and controls. The Audit Committee has the sole authority to retain and terminate our independent registered public accounting firm, approves all auditing services and related fees and the terms thereof performed by our independent registered public accounting firm, and pre-approves any non-audit services and tax services to be rendered by our independent registered public accounting firm. The Audit Committee is also responsible for confirming the independence and objectivity of our independent registered public accounting firm. Our independent registered public accounting firm is given unrestricted access to the Audit Committee and our management, as necessary.

Each of Messrs. Adams, Stone and Daugbjerg is deemed to be “financially literate” as defined by the listing standards of NYSE, and Mr. Stone is deemed an “audit committee financial expert,” as defined in SEC regulations. Each of the members of the Audit Committee is independent under the independence standards of the NYSE. Our Audit Committee charter is available on our website at www.kimbellrp.com under “Investor Relations—Corporate Governance.”

Conflicts and Compensation Committee

In accordance with the terms of our partnership agreement, at least two members of the Board of Directors will serve on our Conflicts and Compensation Committee to review specific matters that may involve conflicts of interest. The Conflicts and Compensation Committee is also responsible for the oversight, and periodic review of, the General Partner’s compensation philosophy and the effectiveness of the various elements of the General Partner’s compensation program. The Conflicts and Compensation Committee is currently composed of William H. Adams III, Craig Stone and Erik B. Daugbjerg. The members of our Conflicts and Compensation Committee cannot be officers or employees of our General Partner or directors, officers or employees of its affiliates or the Contributing Parties and must meet the independence and experience standards established by the NYSE and the Exchange Act to serve on an audit committee of a board of directors. In addition, the members of our Conflicts and Compensation Committee cannot own any interest in our General Partner, its affiliates or the Contributing Parties or any interest in us or our subsidiaries other than common units and awards, if any, under our long-term incentive plan. Our Conflicts and Compensation Committee charter is available on our website at www.kimbellrp.com under “Investor Relations—Corporate Governance.”

Delinquent Section 16(a) Reports

Section 16(a) of the Exchange Act requires directors, executive officer and persons who beneficially own more than 10 percent of a registered class of our equity securities to file with the SEC initial reports of ownership and reports or changes in ownership of such equity securities. Such persons are also required to furnish us with copies of all Section 16(a) forms that they file. Based solely on a review of the copies of such reports furnished to us and written representations that no other reports were required, we believe that during fiscal year 2025 all of our directors, executive officers and persons who beneficially own more than 10 percent of a registered class of our equity securities complied on a timely basis with all applicable filing requirements under Section 16(a) of the Exchange Act, except that one Form 4 filing was filed late in 2025 by Mitch S. Wynne, related to a single transaction.

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Code of Business Conduct and Ethics

We have adopted a Code of Business Conduct and Ethics applicable to all employees, directors and officers, including our principal executive officer, principal financial officer, and principal accounting officer. Our Code of Business Conduct and Ethics covers topics including, but not limited to, conflicts of interest, insider dealing, competition, discrimination and harassment, confidentiality, bribery and corruption, sanctions and compliance procedures. Our Code of Business Conduct and Ethics is posted on the “Corporate Governance” section of our website at www.kimbellrp.com under “Investor Relations—Corporate Governance.” Any amendment to, or waiver from, our Code of Business Conduct and Ethics relating to any of our executive officers will be posted on our website.

Insider Trading Policy

We have adopted an insider trading policy and procedures governing the purchase, sale, and/or other dispositions of our securities by our directors, officers and employees, as well as by the Partnership itself, that are reasonably designed to promote compliance with insider trading laws, rules and regulations, and any NYSE listing standards. A copy of our Insider Trading Policy is filed hereto as Exhibit 19.1.

Corporate Governance Information

Interested parties may communicate directly with the independent members of the Board of Directors by submitting correspondence in an envelope marked “Confidential” addressed to the “Independent Members of the Board” in care of the secretary of the General Partner at the following address:

Kimbell Royalty Partners, LP

777 Taylor Street, Suite 810

Fort Worth, Texas 76102

Our Governance Guidelines, which contain our definition of director independence, provide that the non-management directors of the Board of Directors will meet periodically in executive sessions without management participation. Additionally, all of the independent directors of the Board of Directors meet in executive sessions without management participation or participation by non-independent directors at least once a year. Currently, the chairman of the Audit Committee of the Board of Directors, Craig Stone, presides at the executive sessions of the non-management directors and the executive sessions of the independent directors. This information is also available on our website at www.kimbellrp.com under “Investor Relations—Corporate Governance.”

Item 11. Executive Compensation and Other Information

Compensation Discussion and Analysis

This compensation discussion and analysis (the “CD&A”) provides information about the compensation objectives and policies for our principal executive officer, our principal financial officer and our two other executive officers (collectively our named executive officers or “NEOs”) during the last completed fiscal year. Our NEOs for the year ended December 31, 2025 include:

​ | ​ | ​
Name | ​ | Principal Position
Robert D. Ravnaas | ​ | Chairman and Chief Executive Officer (“CEO”)
R. Davis Ravnaas | ​ | President and Chief Financial Officer (“CFO”)
Matthew S. Daly | ​ | Chief Operating Officer (“COO”)
R. Blayne Rhynsburger | ​ | Controller

​

This discussion is intended to provide context for the tabular disclosure provided in the executive compensation tables below and to provide investors with the material information necessary to understanding our executive compensation program.

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Overview of Our Executive Compensation Program

Our General Partner has sole responsibility for conducting our business and managing our operations, and its executive officers and its Board of Directors make decisions on our behalf. As is typical of publicly traded limited partnerships, we do not directly employ any of the persons responsible for managing our business. Our General Partner’s executive officers manage and operate our business as part of the services provided by Kimbell Operating to our General Partner under a management services agreement. All of our General Partner’s executive officers and other employees necessary to operate our business are employed and compensated by Kimbell Operating or an entity with which Kimbell Operating arranges for the provision of services. The compensation for all our executive officers is indirectly paid by us pursuant to the management services agreement with Kimbell Operating as described in “Item 13. Certain Relationships and Related Party Transactions, and Director Independence—Management Services Agreements.” Neither Kimbell Operating nor any affiliated entity has entered into any employment agreement with any of its executive officers.

Our General Partner’s Conflicts and Compensation Committee has adopted an annual review process for our executive compensation program. This annual review typically occurs in December of each year, and the most recent review was conducted in December 2025. This process allows us to adjust our compensation practices and targets based on prevailing market and industry conditions at the time, which aligns our compensation philosophy with our business objectives and, thereby, the interests of our executive officers with those of our unitholders.

Our Compensation Philosophy

Our compensation program is designed to reward performance and to align the interests of our executive officers with those of our unitholders. As discussed further below, we seek to tie our compensation metrics to the achievement of performance goals and the creation of unitholder value. Our long-term incentives, in the form of restricted unit awards, represent a significant portion of the total compensation paid to our executive officers. In addition, these equity awards incentivize the creation of unitholder value and encourage retention of executives and key employees through the use of multi-year vesting schedules.

Use of an Independent Compensation Advisory Firm

Our General Partner’s Conflicts and Compensation Committee has engaged Pearl Meyer LLC (“Pearl Meyer”) to review our compensation practices against the norms of its competitive markets and to evaluate and recommend appropriate changes to our compensation practices consistent with our objectives.

The Conflicts and Compensation Committee is responsible for approving the scope of work performed by Pearl Meyer and considering its independence in light of the rules of the SEC and the NYSE. Pearl Meyer provides the Conflicts and Compensation Committee with a letter confirming its independence and the Conflicts and Compensation Committee determined that Pearl Meyer was independent under the relevant rules.

Peer Group Used in Determining 2025 Compensation

Pearl Meyer was engaged to perform a formal survey to identify a peer group of upstream oil and gas companies, as well as mineral and royalty companies, of comparable size to the Partnership. This peer group, which was updated in Fall of 2024 to set compensation metrics for 2025 performance, is used by the Conflicts and Compensation Committee to provide comparative market compensation data and guideposts on the basis of which the Conflicts and Compensation Committee determines NEO compensation.

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The peer group is comprised of the following thirteen companies:

​

​ | ​
Black Stone Minerals, L.P. | Magnolia Oil & Gas Corporation
Callon Petroleum Company | Northern Oil and Gas, Inc.
Comstock Resources, Inc. | SM Energy Company
Crescent Energy Company | Sitio Royalties Corp.
Gulfport Energy Corporation | Talos Energy Inc.
HighPeak Energy, Inc. | Vital Energy Inc.
Mach Natural Resources LP | ​

Key Components of Our 2025 Executive Compensation Program and Compensation Mix

Our executive compensation program has been customized to align with our business objectives and to align the interests of our executive officers with those of our unitholders. We annually evaluate the various components of our compensation program relative to the competitive market. Our compensation and benefit programs for 2025 consisted of the following key components, which are described in greater detail below:

| ● | Base salary;

| ● | Long-term incentive restricted units;

| ● | Non-equity incentive plan compensation, consisting of short-term incentive cash bonuses (“STI Bonuses”);

| ● | Other compensation, consisting of distributions received from restricted unit awards; and

| ● | Broad-based retirement, health and welfare benefits.

In allocating compensation among the various components, we emphasize performance-based, at-risk compensation while also seeking to provide competitive levels of fixed compensation. Long-term incentives constitute the largest portion of total compensation and provide an important alignment to common unitholder interests. We do not target a specific percentage for each element of compensation relative to total compensation. We evaluate each element against the competitive market within the parameters of our compensation strategy. Therefore, the relative weighting of each element of our total pay mix may change over time as the competitive market moves or other market conditions that affect us change. Our resulting compensation mix reflects alignment with our compensation strategy of competitively targeting the market for all elements of compensation. Below expected performance against the goals in our short or long-term plans will generally yield below market total pay but performance above our operational and financial targets can yield pay above market median into the upper third quartile of the market.

Base Salary

Each NEO’s base salary is a fixed component of compensation based on the position, the incumbent’s experience and demonstrated level of expertise. Base pay, once set each year, does not vary depending on the level of performance achieved. As a result, our philosophy is to set base salary at a sufficient level necessary to attract and retain individuals with superior talent, expertise and experience. We review the base salaries for each NEO annually as well as at the time of any promotion or significant change in job responsibilities, and in connection with each review, we consider individual and company performance over the course of that year.

Long-Term Incentive Awards

The Conflicts and Compensation Committee makes determinations regarding long-term incentive restricted unit awards for NEOs in the first quarter of each year, subsequent to year-end results. The target awards for 2025 performance were set in December 2024, with the actual number of restricted units granted determined in February 2026, after the Conflicts and Compensation Committee reviews the Partnership’s 2025 performance. The Conflicts and Compensation Committee believes that this approach furthers its philosophy of rewarding performance by determining the number of restricted stock units only after the achievement of performance metrics is known. Mr. Rhynsburger does not participate in the executive compensation programs described in this CD&A; his compensation is determined in accordance with the

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compensation programs applicable to employees generally, which did not include Partnership performance criteria, and instead is based on peer benchmarking for similar positions as well as his individual contributions and performance.

Because the determination of the number of restricted units in respect to 2025 performance is made in February 2026, after year end, pursuant to SEC reporting requirements, the value of those awards is not included in the compensation tables included herein, and will be included in the following year. For example, this year’s Summary Compensation Table reports the value of the restricted units that were granted to NEOs in February 2025 in relation to 2024 fiscal year performance.

Long-term incentive restricted unit awards are made pursuant to the Amended and Restated Kimbell Royalty GP, LLC 2017 Long-Term Incentive Plan. Additionally, each award is subject to the terms and conditions of the award agreement that we entered into with the applicable NEO. The restricted units vest in one-third installments on each of the first three anniversaries of the grant date, subject to the grantee’s continuous service through each applicable vesting date. Upon a grantee’s termination of service for any reason other than death or disability, all unvested restricted units will be immediately forfeited as of the date of termination. In the case of termination resulting from death or disability, all unvested restricted units will become fully vested as of the date of termination. Long-term incentive awards under the executive compensation program have quantitative measures directly linked to the desired financial and operational goals, as described below under “—Factors Used in Determining Incentive Compensation.” The target restricted unit awards set in December 2023 for 2024 performance were 186,000, 165,000 and 102,000 restricted units for Messrs. Robert D. Ravnaas, R. Davis Ravnaas and Matthew S. Daly, respectively. In February 2025, the Conflicts and Compensation Committee determined that, based on the achievement of performance criteria as set forth in last year’s Form 10-K, that 150.0% of the target restricted units for Messrs. Robert D. Ravnaas, R. Davis Ravnaas and Matthew S. Daly would be granted for 2024 performance, resulting in awards of 279,000, 247,500 and 153,000 restricted units, respectively. As described above, Mr. Rhynsburger’s compensation was determined based on benchmarking of similar positions, and he was granted 16,025 restricted units. Because these grants were made in 2025, they are included in the compensation tables included in this Form 10-K.

In December 2024, the Conflicts and Compensation Committee set the target restricted unit awards for 2025 performance at 186,000, 165,000 and 102,000 restricted units for Messrs. Robert D. Ravnaas, R. Davis Ravnaas and Matthew S. Daly, respectively. The Conflicts and Compensation Committee’s decisions as to the actual number of restricted units granted were made in February 2026, after the review of the achievement of compensation factors, as described below.

The Conflicts and Compensation Committee has not granted, nor does it intend to grant, equity awards in anticipation of the release of material, nonpublic information. Similarly, the Partnership has not timed, nor does it intend to time, the release of material, nonpublic information based on equity award grant dates. The Partnership has not previously granted option awards to its directors or employees.

STI Bonuses

The STI Bonuses provide our NEOs with an incentive in the form of an annual cash bonus to achieve our overall qualitative business goals. Bonuses for each of Messrs. Robert D. Ravnaas, R. Davis Ravnaas and Matthew S. Daly are based on their achievement of the targets relating to the four factors described below and KRP’s core competency goals, which include achievement of strategic objectives, goals in compliance and ethics and teamwork within the Partnership. The prioritization of KRP’s various core competencies varies by year based in part on the previous year’s performance, and the various core competencies bear differently on the Conflicts and Compensation Committee’s determination of the NEO’s STI Bonuses depending on facts and circumstances considered, with no single factor being determinative to the overall bonus decision. In making the bonus determinations for Messrs. Robert D. Ravnaas, R. Davis Ravnaas and Matthew S. Daly, other post-performance evaluation criteria taken into account include performance in internal and public financial reporting, budgeting and forecasting processes, compliance and infrastructure and investment and cost-savings initiatives. Non-financial factors considered also included, among other items, providing strategic leadership and direction for the Partnership, including corporate governance matters, managing the strategic direction of the Partnership, increasing operational efficiency, expanding our asset base and communicating to investors and other important constituencies. The actual amounts of the annual bonus for Messrs. Robert D. Ravnaas, R. Davis Ravnaas and Matthew S. Daly are determined by the Conflicts and Compensation Committee in its sole discretion and may be higher or lower than their target amounts.

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As described above, Mr. Rhynsburger’s STI Bonus was determined based on benchmarking of similar positions, and he was awarded a STI Bonus of $97,800 for the year ended December 31, 2025.

In December 2024, the Conflicts and Compensation Committee set the target STI Bonuses for 2025 performance at $677,040, $649,740 and $529,620 for Messrs. Robert D. Ravnaas, R. Davis Ravnaas and Matthew S. Daly, respectively. The Conflicts and Compensation Committee’s decisions as to the actual STI Bonuses earned for 2025 performance was made in February 2026, after the review of the achievement of compensation factors, as described below.

Factors Used for Determining Incentive Compensation and Compensation Decisions for 2024 Performance

The Conflicts and Compensation Committee approved five factors, which are described in further detail below, to be used in determining the 2023 long-term and short-term incentive awards for our NEOs, other than Mr. R. Blayne Rhynsburger. Four of the five factors are quantitative in nature and one is qualitative. The four quantitative factors consist of target objectives relating to (i) increase in barrels of oil produced (“production growth”), (ii) replacing proved developed producing reserves (“PDP reserve replacement”), (iii) controlling cash general and administrative expense per barrel of oil equivalent (“Cash G&A expense per Boe”) and (iv) unitholder return relative to select peer companies (“relative unitholder return”). The fifth and only qualitative factor is the achievement of certain core competencies, with such core competencies and the achievement thereof to be determined by the Conflicts and Compensation Committee in its discretion.

The chart below displays each compensation factor for 2025, its relative weight, the target objective and the percentage of the target STI Bonuses and target restricted units to be awarded based on the level of achievement for such related target objective.

​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | Percentage of Target to be Awarded Based on Level of Achievement of Target Objective for 2025
Compensation Factor | ​ | Weight | ​ | Target Objective for 2025 | ​ | Below Target Objective | ​ | At Target Objective | ​ | Above Target Objective
Production growth | ​ | 20% | ​ | 0% - 4% Growth | ​ | 50% | ​ | 100% | ​ | 150%
PDP reserve replacement | ​ | 20% | ​ | 95% - 100% Replacement | ​ | 50% | ​ | 100% | ​ | 150%
Cash G&A expense per BOE | ​ | 20% | ​ | $2.55 - $2.75 | ​ | 50% | ​ | 100% | ​ | 150%
Achievement of core competencies | ​ | 20% | ​ | Committee Discretion | ​ | 50% | ​ | 100% | ​ | 150%
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | Percentage of Target to be Awarded Based on Peer Ranking of TSR for Calendar Year 2025
Relative unitholder return | ​ | 20% | ​ | Peer Ranking of TSR(1) | ​ | 4th | ​ | 3rd | ​ | 2nd | ​ | 1st
​ | ​ | ​ | ​ | ​ | ​ | 50% | ​ | 75% | ​ | 150% | ​ | 200%

​

(1) | Ranking of total shareholder return (“TSR”) for calendar year 2025 include the following companies: KRP, Black Stone Minerals, L.P., Viper Energy Partners LP and Sitio Royalties Corp. If a peer company is acquired during year, TSR will be calculated from January 1, 2025 through the day of the deal closing.

Pearl Meyer’s analysis determined that the proposed 2025 compensation at the target levels was below the median of the peer group for Messrs. Robert D. Ravnaas and above the median for R. Davis Ravnaas and Matthew S. Daly.

The chart below displays our actual 2025 results for each compensation.

​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Compensation Factor | ​ | Weight | ​ | Target Objective for 2025 | ​ | Actual 2025 Results for the Partnership | ​ | Actual 2025 Results Compared to Target Objectives
Production growth | ​ | 20% | ​ | 0% - 4% Growth | ​ | 3.3% Growth | ​ | At Target
PDP reserve replacement | ​ | 20% | ​ | 95% - 100% Replacement | ​ | 163% Replacement | ​ | Above Target
Cash G&A expense per BOE | ​ | 20% | ​ | $2.55 - $2.75 | ​ | $2.48 | ​ | Above Target
Achievement of core competencies | ​ | 20% | ​ | Committee Discretion | ​ | At Target | ​ | At Target
Relative unitholder return | ​ | 20% | ​ | Peer Ranking of TSR | ​ | 4th | ​ | Below Target

​

​

The 2025 STI Bonuses and restricted unit awards were calculated using the respective percentage of level of achievement of each target objective and multiplying it by the target STI Bonuses and restricted unit award. Our actual

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results achieved with respect to the four quantitative compensation factors were above the target objective for two quantitative factors, at the target objective for one quantitative factor and below the target objective for the fourth quantitative factor for 2025. For the fifth and sole qualitative compensation factor, the Conflicts and Compensation Committee determined that the NEOs had met the target objective for the achievement of core competencies. As each compensation factor was equally weighted at 20% and the actual results achieved for two compensation factors were above the target objective, two compensation factors were at the target objective and one compensation factor was below the target objective, the Conflicts and Compensation Committee determined that the STI Bonuses and restricted unit awards for Messrs. Robert D. Ravnaas, R. Davis Ravnaas and Matthew S. Daly would be set at amounts equal to 110.0% of their 2025 target amounts. The chart below displays the actual 2025 STI Bonuses earned and restricted unit awards granted for 2025 performance, based on the level of achievement of each compensation factor.

​ | ​ | ​ | ​ | ​ | ​
Name | ​ | Long-Term Restricted Units Awarded (1) | ​ | STI Bonus Earned
Robert D. Ravnaas | ​ | 204,600 | ​ | $ | 744,744
R. Davis Ravnaas | ​ | 181,500 | ​ | $ | 714,714
Matthew S. Daly | ​ | 112,200 | ​ | $ | 582,582
R. Blayne Rhynsburger (2) | ​ | 42,375 | ​ | $ | 97,800

(1) | As described above, the restricted units were not granted until February 2026, after the Conflicts and Compensation Committee’s determination of the achievement of 2025 compensation factors.

(2) | As described above, Mr. Rhynsburger’s compensation for 2025 was determined pursuant to the compensation programs applicable to employees generally, and not pursuant to the compensation factors described in this CD&A.

Health, Welfare and Additional Benefits

Our NEOs are eligible to participate in the employee benefit plans and programs that the Partnership offers to its employees, subject to the terms and eligibility requirements of those plans.

Retirement Benefits

We currently maintain a 401(k) Plan, which permits all eligible employees, including the NEOs, to make voluntary pre-tax or after-tax (Roth) contributions to the plan. In addition, we are permitted to make discretionary matching contributions under the plan. Company matching contributions vest immediately. All contributions under the plan are subject to certain annual dollar limitations, which are periodically adjusted for changes in the cost of living.

Compensation Policies and Practices as they Relate to Risk Management

Our management team and our Conflicts and Compensation Committee, with the assistance of our independent compensation consultant, each play a role in evaluating and mitigating any risk that may exist relating to our compensation plans, practices, and policies for all employees, including our NEOs. We reviewed our compensation plans and philosophy and concluded that our compensation programs do not create risks that are reasonably likely to have a material adverse impact on our business or our financial condition. The objective of the review was to identify any compensation plans, practices or policies that may encourage employees to take unnecessary risks that could threaten our company. No such plans, practices or policies were identified.

Conflicts and Compensation Committee Report

The Conflicts and Compensation Committee has reviewed and discussed the compensation discussion and analysis included in this Annual Report on Form 10-K with management and, based on such review and discussions, the Conflicts and Compensation Committee recommended to the Board of Directors that the compensation discussion and analysis be included in this Annual Report on Form 10-K.

Respectfully submitted,

Members of the Conflicts and Compensation Committee,

Mr. William H. Adams III, as Chairman, Mr. Craig Stone, Mr. Erik B. Daugbjerg

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Summary Compensation Table

The table below presents the annual compensation of our Named Executive Officers for the years ended December 31, 2025, 2024 and 2023. Our NEOs do not hold any equity options, so that portion of the table is omitted below.

​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | Non-Equity | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | Long-Term | ​ | Incentive Plan | ​ | Other | ​ | ​ | ​
Name | ​ | Year | ​ | Salary | ​ | Restricted Units (1)(2) | ​ | Compensation (1)(3) | ​ | Compensation (4) | ​ | Total
Robert D. Ravnaas | ​ | 2025 | ​ | $ | 677,040 | ​ | $ | 4,433,310 | ​ | $ | 744,744 | ​ | $ | 821,015 | ​ | $ | 6,676,109
Chairman and CEO | ​ | 2024 | ​ | $ | 651,000 | ​ | $ | 3,640,950 | ​ | $ | 976,500 | ​ | $ | 787,143 | ​ | $ | 6,055,593
​ | ​ | 2023 | ​ | $ | 620,000 | ​ | $ | 3,105,828 | ​ | $ | 775,000 | ​ | $ | 739,161 | ​ | $ | 5,239,989
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
R. Davis Ravnaas | ​ | 2025 | ​ | $ | 649,740 | ​ | $ | 3,932,775 | ​ | $ | 714,714 | ​ | $ | 730,300 | ​ | $ | 6,027,529
President and CFO | ​ | 2024 | ​ | $ | 624,750 | ​ | $ | 3,229,875 | ​ | $ | 937,125 | ​ | $ | 686,188 | ​ | $ | 5,477,938
​ | ​ | 2023 | ​ | $ | 595,000 | ​ | $ | 2,755,170 | ​ | $ | 743,750 | ​ | $ | 615,945 | ​ | $ | 4,709,865
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Matthew S. Daly | ​ | 2025 | ​ | $ | 529,620 | ​ | $ | 2,431,170 | ​ | $ | 582,582 | ​ | $ | 458,135 | ​ | $ | 4,001,507
COO | ​ | 2024 | ​ | $ | 509,250 | ​ | $ | 1,996,650 | ​ | $ | 763,875 | ​ | $ | 439,448 | ​ | $ | 3,709,223
​ | ​ | 2023 | ​ | $ | 485,000 | ​ | $ | 1,703,196 | ​ | $ | 606,250 | ​ | $ | 412,798 | ​ | $ | 3,207,244
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
R. Blayne Rhynsburger | ​ | 2025 | ​ | $ | 318,240 | ​ | $ | 254,637 | ​ | $ | 97,800 | ​ | $ | 67,791 | ​ | $ | 738,468
Controller | ​ | 2024 | ​ | $ | 306,000 | ​ | $ | 241,305 | ​ | $ | 72,800 | ​ | $ | 70,515 | ​ | $ | 690,620
​ | ​ | 2023 | ​ | $ | 270,000 | ​ | $ | 233,909 | ​ | $ | 70,000 | ​ | $ | 67,841 | ​ | $ | 641,750

(1) | NEOs receive their long-term incentive restricted units and STI Bonus in the first quarter of the following year, subsequent to year-end results. Long-term incentive restricted units are recognized in the year in which they are awarded, whereas STI Bonuses are recognized in the year in which they are accrued for. As a result, the amounts set forth under “Long-Term Restricted Stock Units” in the table reflect the restricted units that were granted to the executive officers in 2025, the number of which represent the achievement of compensation factors for fiscal 2024.

(2) | Amounts reflect the grant date value as determined pursuant to FASB Accounting Standards Codification (“ASC”) Topic 718, “Compensation – Stock Compensation”, without regard to potential forfeitures. Amounts for 2025, 2024 and 2023 reflect the grant date fair value of our common units, computed based on the average of the opening and closing price on the February 25, 2025 grant date at $15.89 per common unit, February 16, 2024 grant date at $15.66 per common unit and the February 21, 2023 grant date at $15.18 per common unit, respectively.

(3) | Our non-equity incentive plan compensation consists of the STI Bonus for each of the NEOs.

(4) | Amounts reflected in “Other Compensation” are presented in the table below:

​

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​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | Distributions | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | on Long-Term | ​ | 401(k) Matching | ​ | Total Other
Name | ​ | Year | ​ | Restricted Units | ​ | Contributions | ​ | Compensation
Robert D. Ravnaas | ​ | 2025 | ​ | $ | 803,515 | ​ | $ | 17,500 | ​ | $ | 821,015
​ | ​ | 2024 | ​ | $ | 769,893 | ​ | $ | 17,250 | ​ | $ | 787,143
​ | ​ | 2023 | ​ | $ | 722,661 | ​ | $ | 16,500 | ​ | $ | 739,161
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
R. Davis Ravnaas | ​ | 2025 | ​ | $ | 712,800 | ​ | $ | 17,500 | ​ | $ | 730,300
​ | ​ | 2024 | ​ | $ | 668,938 | ​ | $ | 17,250 | ​ | $ | 686,188
​ | ​ | 2023 | ​ | $ | 599,445 | ​ | $ | 16,500 | ​ | $ | 615,945
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Matthew S. Daly | ​ | 2025 | ​ | $ | 440,635 | ​ | $ | 17,500 | ​ | $ | 458,135
​ | ​ | 2024 | ​ | $ | 422,198 | ​ | $ | 17,250 | ​ | $ | 439,448
​ | ​ | 2023 | ​ | $ | 396,298 | ​ | $ | 16,500 | ​ | $ | 412,798
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
R. Blayne Rhynsburger | ​ | 2025 | ​ | $ | 50,291 | ​ | $ | 17,500 | ​ | $ | 67,791
​ | ​ | 2024 | ​ | $ | 53,265 | ​ | $ | 17,250 | ​ | $ | 70,515
​ | ​ | 2023 | ​ | $ | 51,341 | ​ | $ | 16,500 | ​ | $ | 67,841

Grants of Plan-Based Awards

The following table provides information concerning each grant of an award made to a named executive officer for fiscal year 2025. Our NEOs do not hold any equity options, so that portion of the table is omitted below.

​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | Estimated Possible Payouts Under Non-Equity Incentive Plan Awards (1) | ​ | Estimated Future Payouts Under Equity Incentive Plan Awards (2) | ​ | ​ | ​
Name | ​ | Grant Date | ​ | ​ | Minimum | ​ | ​ | Target | ​ | ​ | Maximum | ​ | Minimum | ​ | Target | ​ | Maximum | ​ | Total (3)
Robert D. Ravnaas | ​ | — | ​ | $ | 338,520 | ​ | $ | 677,040 | ​ | $ | 1,083,264 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | 2/25/2025 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | 93,000 | ​ | 186,000 | ​ | 297,600 | ​ | $ | 4,433,310
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
R. Davis Ravnaas | ​ | — | ​ | $ | 324,870 | ​ | $ | 649,740 | ​ | $ | 1,039,584 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | 2/25/2025 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | 82,500 | ​ | 165,000 | ​ | 264,000 | ​ | $ | 3,932,775
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Matthew S. Daly | ​ | — | ​ | $ | 264,810 | ​ | $ | 529,620 | ​ | $ | 847,392 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | 2/25/2025 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | 51,000 | ​ | 102,000 | ​ | 163,200 | ​ | $ | 2,431,170
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
R. Blayne Rhynsburger | ​ | — | ​ | $ | 97,800 | ​ | $ | 97,800 | ​ | $ | 97,800 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | 2/25/2025 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | 16,025 | ​ | 16,025 | ​ | 16,025 | ​ | $ | 254,637

(1) | Amounts in these columns represent the minimum, target, and maximum possible payouts for STI Bonus. The actual value of bonuses paid to our NEOs for 2025 under this program can be found in the “Non-Equity Incentive Plan Compensation” column of the Summary Compensation Table above. STI Bonuses were approved by the Conflicts and Compensation Committee on February 24, 2026.

(2) | Amounts in these columns represent the minimum, target, and maximum possible awards for long-term incentive restricted units. The actual number of restricted units granted were: 279,000, 247,500 and 153,000 for Messrs. Robert D. Ravnaas, R. Davis Ravnaas and Matthew S. Daly, respectively.

(3) | Amounts reflect the grant date value as determined pursuant to FASB Accounting Standards Codification (“ASC”) Topic 718, “Compensation – Stock Compensation”, without regard to potential forfeitures. Amounts reflect the grant date fair value of our common units, computed based on the average of the opening and closing price on the February 25, 2025 grant date at $15.89 per common unit. These amounts are included in the “Long Term Restricted Units” column of the Summary Compensation Table above.

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Outstanding Equity Awards

The following table reflects information regarding outstanding unvested restricted units held by our NEOs as of December 31, 2025. Our NEOs do not hold any equity options, so that portion of the table is omitted below.

​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Unit Awards
​ | ​ | Number of | ​ | Market Value of
​ | ​ | Restricted Units that | ​ | Restricted Units that
Name | ​ | have not vested (1) | ​ | have not vested (2)
Robert D. Ravnaas | ​ | 502,197 | ​ | $ | 5,905,837
R. Davis Ravnaas | ​ | 445,500 | ​ | $ | 5,239,080
Matthew S. Daly | ​ | 275,397 | ​ | $ | 3,238,669
R. Blayne Rhynsburger | ​ | 31,432 | ​ | $ | 369,640

(1) | The NEO’s outstanding restricted units will generally vest in accordance with the schedule set forth above under “Long-Term Incentive Awards” so long as the NEO remains employed by the Partnership or one of its affiliates through such dates.

(2) | Reflects the market value of our common units computed based on the closing price, $11.76, of our common units on December 31, 2025.

Units Vested

The following table provides information related to the vesting of restricted units held by a named executive officer during fiscal year ended 2025. Our NEOs do not hold any equity options, so that portion of the table is omitted below.

​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Name | ​ | Date Vested | ​ | Number of Units Acquired on Vesting | ​ | Value of Unit Realized on Vesting | ​ | Total
Robert D. Ravnaas | ​ | 3/3/2025 | ​ | 71,041 | ​ | 15.32 | ​ | $ | 1,088,348
​ | ​ | 3/3/2025 | ​ | 68,199 | ​ | 15.32 | ​ | $ | 1,044,809
​ | ​ | 3/4/2025 | ​ | 77,502 | ​ | 14.42 | ​ | $ | 1,117,579
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
R. Davis Ravnaas | ​ | 3/3/2025 | ​ | 55,000 | ​ | 15.32 | ​ | $ | 842,600
​ | ​ | 3/3/2025 | ​ | 60,500 | ​ | 15.32 | ​ | $ | 926,860
​ | ​ | 3/4/2025 | ​ | 68,750 | ​ | 14.42 | ​ | $ | 991,375
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Matthew S. Daly | ​ | 3/3/2025 | ​ | 38,958 | ​ | 15.32 | ​ | $ | 596,837
​ | ​ | 3/3/2025 | ​ | 37,399 | ​ | 15.32 | ​ | $ | 572,953
​ | ​ | 3/4/2025 | ​ | 42,502 | ​ | 14.42 | ​ | $ | 612,879
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
R. Blayne Rhynsburger | ​ | 3/3/2025 | ​ | 4,756 | ​ | 15.32 | ​ | $ | 72,862
​ | ​ | 3/3/2025 | ​ | 5,137 | ​ | 15.32 | ​ | $ | 78,699
​ | ​ | 3/4/2025 | ​ | 5,137 | ​ | 14.42 | ​ | $ | 74,076

(1) | Value calculated based on the closing price on the NYSE of our common units on the day prior to the vesting date.

Potential Payments upon Termination or Change in Control

Our NEOs are not party to employment or severance agreements or programs that would provide for payments in the event of a termination of employment or change in control. The terms of the restricted unit awards do, however, have accelerated vesting provisions in certain circumstances. Upon a NEO’s termination of service for any reason other than death or disability, all unvested restricted units will be immediately forfeited as of the date of termination. In the case of termination resulting from death or disability, all unvested restricted units will become fully vested as of the date of termination. Upon a change of control, any unvested restricted units will be vested as of the date of such change in control.

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The following table presents payments that would occur in the event of death or disability, or change in control, as applicable, as of the last business day of 2025. Our NEOs do not hold any equity options, so that portion of the table is omitted below.

​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Unit Awards
​ | ​ | Number of | ​ | Market Value of
​ | ​ | Restricted Units Vested | ​ | Restricted Units Vested
Name | ​ | Upon Qualifying Event | ​ | Upon Qualifying Event
Robert D. Ravnaas | ​ | 502,197 | ​ | $ | 5,905,837
R. Davis Ravnaas | ​ | 445,500 | ​ | $ | 5,239,080
Matthew S. Daly | ​ | 275,397 | ​ | $ | 3,238,669
R. Blayne Rhynsburger | ​ | 31,432 | ​ | $ | 369,640

Director Compensation

Officers or employees of the Partnership who also serve as directors of our General Partner will not receive additional compensation for such service. Each director of our General Partner who is not employed by Kimbell Operating or engaged by Kimbell Operating through a management services agreement (a “non-employee director”) receives the following cash compensation:

| ● | (i) for a non-independent director, an annual base retainer fee of $87,318 per year or (ii) for an independent director, an annual base retainer fee of $115,977 per year,

| ● | an additional retainer of $15,000 per year for an independent director who serves as a member of the Audit Committee or the Conflicts and Compensation Committee, and

| ● | all retainers are paid in cash on a quarterly basis in arrears. Our non-employee directors do not receive any meeting fees, but each director is reimbursed for travel and miscellaneous expenses to attend meetings and activities of the Board of Directors or its committees.

In addition to cash compensation, our non-employee directors receive annual equity-based compensation under the LTIP. Our non-employee directors were granted awards under the LTIP on February 25, 2025 consisting of 82,965 restricted units and 119,922 restricted units on each February 19, 2024 and February 21, 2023.

The following table provides information concerning the compensation of our directors who are not NEOs for the year ended December 31, 2025. Our NEOs do not hold any equity options, so that portion of the table is omitted below.

​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | All Other | ​ | ​ | ​
Name | ​ | Fees Earned | ​ | Unit Awards (5) | ​ | Compensation | ​ | Total
William H. Adams III (1) | ​ | $ | 130,977 | ​ | $ | 179,335 | ​ | $ | — | ​ | $ | 310,312
Erik Daugbjerg (1) | ​ | $ | 130,977 | ​ | $ | 179,335 | ​ | $ | — | ​ | $ | 310,312
T. Scott Martin (2) | ​ | $ | 87,318 | ​ | $ | 132,141 | ​ | $ | — | ​ | $ | 219,459
Craig Stone (1) | ​ | $ | 130,977 | ​ | $ | 179,335 | ​ | $ | — | ​ | $ | 310,312
Brett G. Taylor (3) | ​ | $ | — | ​ | $ | 3,081,135 | ​ | $ | 619,164 | ​ | $ | 3,700,299
Mitch S. Wynne (4) | ​ | $ | — | ​ | $ | 648,169 | ​ | $ | 120,000 | ​ | $ | 768,169

(1) | Mr. Adams’, Mr. Daugbjerg’s and Mr. Stone’s Fees Earned include the annual cash retainer fee and committee member fees for each non-employee director, as more fully explained above. Mr. Adams, Mr. Daugbjerg and Mr. Stone each have 21,543 unvested restricted units outstanding as of December 31, 2025.

(2) | Mr. Martin’s Fees Earned includes the annual cash retainer fee for each non-employee director, as more fully explained above. Mr. Martin has 15,873 unvested restricted units outstanding as of December 31, 2025.

(3) | Mr. Taylor’s All Other Compensation consists of his salary and bonus earned as an employee of Kimbell Operating. Mr. Taylor has 349,024 unvested restricted units outstanding as of December 31, 2025.

(4) | Mr. Wynne’s All Other Compensation consists of payments made to K3 Royalties, LLC (“K3 Royalties”) as described in “Item 13. Certain Relationships and Related Party Transactions, and Director Independence—Management Services Agreements.” Mr. Wynne has 81,582 unvested restricted units outstanding as of December 31, 2025.

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(5) | Amounts reflect the grant date value as determined pursuant to FASB ASC Topic 718, “Compensation – Stock Compensation”, without regard to potential forfeitures. The grant date fair value of our common units is computed based on the average of the opening and closing price on the February 25, 2025 grant date at $15.89 per common unit.

Compensation Committee Interlocks and Insider Participation

The Conflicts and Compensation Committee includes the following members: Mr. William H. Adams III, as Chairman, Mr. Craig Stone and Mr. Erik B. Daugbjerg.

None of our officers or employees has been or will be members of the Conflicts and Compensation Committee. None of our executive officers currently serve, or has served during the last year, on the board of directors or compensation committee of a company that has an executive officer that serves on our Board of Directors or Conflicts and Compensation Committee. No member of our Board of Directors is an executive officer of a company in which one of our executive officers currently serves, or has served during the last year, as a member of the board of directors or compensation committee of that company.

Pay Ratio

Pursuant to Item 402(u) of Regulation S-K, we are disclosing the pay ratio and supporting information comparing the median of the annual total compensation of our employees (including full-time, part-time, seasonal and temporary employees) other than Mr. Robert D. Ravnaas, our Chief Executive Officer, and the annual total compensation of our Chief Executive Officer. The pay ratio is calculated in a manner consistent with Item 402(u) of Regulation S-K. For the year ended December 31, 2025, our last completed fiscal year:

| ● | The median of the annual total compensation of all of our employees, other than our Chief Executive Officer, is $434,699

| ● | The annual total compensation of our Chief Executive Officer is $6,676,109.

| ● | The ratio of the annual total compensation of our Chief Executive Officer to the median of the annual total compensation of all other employees is 15 to 1.

To identify the median employee for 2025 (the “2025 Median Employee”), we reviewed our employee population as of December 31, 2025. For 2025, we used wages reported in Box 1 of IRS Form W-2 during the 12-month period ending on December 31, 2025, as a consistently applied compensation measure. We did not annualize the wages for new employees or employees on unpaid leave of absence who were employed for less than the full fiscal year, or make cost of living adjustments. Based on this methodology, we identified an employee whose compensation was at the median of the employee data.

Once we identified the 2025 Median Employee, we calculated the annual total compensation using the rules applicable to the Summary Compensation Table. With respect to the annual total compensation of our Chief Executive Officer we used the amount reported in the “Total” column for 2025 in the Summary Compensation Table above.

The pay ratio rules provide companies with flexibility to select the methodology and assumptions used to identify the median employee, calculate the median employee’s compensation and estimate the pay ratio. As a result, our methodology may differ from those used by other companies, including those within our industry, and may not be comparable to pay ratios reported by other companies.

Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Unitholder Matters

The following table presents information regarding the beneficial ownership of our common units and Class B units as of February 20, 2026 by:

| ● | each unitholder known by us to beneficially hold 5% or more of our common units and Class B units;

| ● | each of our General Partner’s directors and executive officers; and

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| ● | all of our General Partner’s directors and executive officers as a group.

Beneficial ownership is determined under the rules of the SEC and generally includes voting or investment power with respect to securities. Unless otherwise noted, the address for each beneficial owner listed below is 777 Taylor Street, Suite 810, Fort Worth, Texas 76102.

​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ ​ ​ | ​ | ​ ​ ​ | Percentage of |
​ | ​ | ​ | ​ | ​ | ​ | Common Units | ​ | Common Units |
​ | ​ | Common | ​ | Class B | ​ | Beneficially | ​ | Beneficially |
Name of Beneficial Owner | ​ | Units | ​ | Units | ​ | Owned (1) | ​ | Owned (1) |
MB Minerals, L.P. (2) | ​ | 4,541,914 | ​ | 5,369,218 | ​ | 9,911,132 |  | 9.2 | %
Directors and Officers | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Robert D. Ravnaas (3) | ​ | 1,274,759 | ​ | — |  | 1,274,759 |  | 1.2 | %
R. Davis Ravnaas (4) | ​ | 1,329,653 | ​ | — |  | 1,329,653 |  | 1.2 | %
Matthew S. Daly (5) | ​ | 682,843 | ​ | — |  | 682,843 |  | * | %
Blayne Rhynsburger (6) | ​ | 43,663 | ​ | — | ​ | 43,663 | ​ | * | %
Brett G. Taylor (7) | ​ | 899,514 | ​ | — |  | 899,514 |  | * | %
Mitch S. Wynne (8) | ​ | 281,463 | ​ | — |  | 281,463 |  | * | %
T. Scott Martin (9) | ​ | 107,558 | ​ | — |  | 107,558 |  | * | %
William H. Adams III | ​ | 101,460 | ​ | — |  | 101,460 |  | * | %
Craig Stone | ​ | 76,188 | ​ | — |  | 76,188 |  | * | %
Erik B. Daugbjerg | ​ | 105,991 | ​ | — | ​ | 105,991 | ​ | * | %
All directors and executive officers as a group (10 persons) | ​ | 4,903,092 | ​ | — |  | 4,903,092 |  | 4.5 | %

* | Less than 1%

(1) | Assumes the full exchange of all outstanding OpCo common units and Class B units for common units.

(2) | Based on a Schedule 13D/A filed on May 19, 2023, the holder’s beneficial ownership includes 4,541,914 Common Units that are held of record by EnCap Energy Capital Fund VIII, L.P. (“EnCap Fund VIII”), and 5,369,218 Class B Units (and an equivalent number of OpCo common units) that are held of record by MB Minerals, L.P. EnCap Partners GP is the sole general partner of EnCap Partners, LP, which is the managing member of EnCap Investments Holdings, LLC, a Delaware limited liability company, which is the sole member of EnCap Investments GP, L.L.C., a Delaware limited liability company, which is the general partner of EnCap Investments L.P., which is the general partner of EnCap Equity Fund VIII GP, L.P. and EnCap Equity Fund IX GP, L.P., a Delaware Limited partnership, which are the sole general partners of EnCap Fund VIII and EnCap Fund IX, respectively. EnCap Fund IX is the sole stockholder of Sabalo Midland Basin, which is the general partner of MB Minerals. Therefore, EnCap Partners GP, through its indirect ownership and management of EnCap Fund VIII and MB Minerals, may be deemed to share the right to direct the vote or disposition of the reported Securities. The securities reported above are beneficially owned by MB Minerals, L.P. The principal business address of MB Minerals, L.P. is 9651 Katy Freeway, Suite 600, Houston, TX, 77024.

(3) | Robert D. Ravnaas is a partner, member of or trustee in certain entities that directly or indirectly hold, in the aggregate, 799,404 common units, of which 772,562 common units are deemed to be beneficially owned by Mr. Ravnaas and included in the table above. Mr. R. Ravnaas is also a partner or member in certain entities that hold, in the aggregate, 3,076,559 Class B units, however Mr. R. Ravnaas is deemed not to beneficially own any of the Class B units held by such entities. Mr. R. Ravnaas has a pecuniary interest in an aggregate of approximately 772,562 common units and 15,163 Class B units based on his ownership interest in such entities, and Mr. R. Ravnaas disclaims beneficial ownership of the securities that may be deemed to be owned by such entities except to the extent of his pecuniary interest therein.

(4) | R. Davis Ravnaas is a partner or member in certain entities that hold, directly or indirectly, in the aggregate, 332,492 common units, of which 290,022 common units are deemed to be beneficially owned by Mr. Ravnaas and included in the table above. Mr. D. Ravnaas is also a partner or member in certain entities that hold, in the aggregate 3,076,559 Class B units, however Mr. D. Ravnaas is deemed not to beneficially own any of the Class B units held by such entities. Mr. D. Ravnaas has a pecuniary interest in an aggregate of approximately 290,022 common units and 15,163

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| Class B units based on his ownership interest in such entities, and Mr. D. Ravnaas disclaims beneficial ownership of the securities that may be deemed to be owned by such entities except to the extent of his pecuniary interest therein.

(5) | Matthew Daly is a member of an entity that holds 2,813,179 Class B units, however Mr. Daly is not deemed to beneficially own any of the Class B units held by such entity. Mr. Daly has a pecuniary interest in approximately 3,516 Class B units owned by the entity based on his ownership interest in that entity, and Mr. Daly disclaims beneficial ownership of the securities that may be deemed to be owned by such entity except to the extent of his pecuniary interest therein.

(6) | Blayne Rhynsburger is a member of an entity that indirectly holds 2,813,179 Class B units, however Mr. Rhynsburger is not deemed to beneficially own any of the Class B units held by such entity. Mr. Rhynsburger has a pecuniary interest in approximately 563 Class B units owned by the entity based on his ownership interest in that entity, and Mr. Rhynsburger disclaims beneficial ownership of the securities that may be deemed to be owned by such entity except to the extent of his pecuniary interest therein.

(7) | Brett G. Taylor is a partner in, member of or sole trustee of certain entities that hold, directly or indirectly, in the aggregate, 373,519 common units, and Mr. Taylor may be deemed to have voting or investment power with respect to such common units. Mr. Taylor has a pecuniary interest in an aggregate of approximately 353,519 common units based on his ownership interest in such entities, and Mr. Taylor disclaims beneficial ownership of the common units that may be deemed to be owned by such entities except to the extent of his pecuniary interest therein.

(8) | Mitch S. Wynne is a member of or trustee of certain entities that hold, directly or indirectly, in the aggregate, 49,916 common units, and Mr. Wynne may be deemed to have voting or investment power with respect to all of such common units. Mr. Wynne has a pecuniary interest in an aggregate of approximately 13,000 common units based on his ownership interest in such entities, and Mr. Wynne disclaims beneficial ownership of the common units that may be deemed to be owned by such entities except to the extent of his pecuniary interest therein.

(9) | T. Scott Martin is a member of an entity that holds, in the aggregate, 12,970 common units. Mr. Martin is deemed to beneficially own such common units, and such common units are included in the table above. Mr. Martin is also a partner or member in certain entities that hold, in the aggregate, 3,076,559 Class B units, however Mr. Martin is deemed not to beneficially own any of the Class B units held by such entities. Mr. Martin has a pecuniary interest in approximately 12,970 common units and 15,163 Class B units based on his ownership interest in such entities, and Mr. Martin disclaims beneficial ownership of the securities that may be deemed to be owned by such entities except to the extent of his pecuniary interest therein.

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The below table sets forth the beneficial ownership of our Series A preferred units known by us to beneficially hold 5% or more of our Series A preferred units. The Series A Purchasers collectively hold all of the Series A preferred units.

​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Series A | ​ | Percentage of | ​
​ | ​ | Preferred Units | ​ | Series A | ​
​ | ​ | Beneficially | ​ | Preferred Units | ​
Name of Beneficial Owner (1) | ​ | Owned | ​ ​ ​ | Owned |
APOLLO DEFINED RETURN AGGREGATOR A, L.P. (2)(3) | ​ | 19,500 | ​ | 12.0 | %
APOLLO CREDIT STRATEGIES MASTER FUND, LTD (2)(4) | ​ | 55,500 | ​ | 34.2 | %
APOLLO ROYALTIES FUND I, L.P. (5)(6) | ​ | 20,000 | ​ | 12.3 | %
AHVF (AIV), L.P. (6)(7) | ​ | 22,408 | ​ | 13.8 | %
AHVF TE/892/QFPF (AIV), L.P. (6)(7) | ​ | 18,200 | ​ | 11.2 | %

(1) | The principal business address of each selling unitholder is c/o Apollo Capital Management, L.P., 9 West 57th Street, 41st Floor, New York, NY 10019.

(2) | Apollo Capital Management GP, LLC, a Delaware limited liability company (“Capital Management GP”), serves as the general partner of Apollo Capital Management, L.P., a Delaware limited partnership (“Capital Management LP”). Apollo Management Holdings, L.P., a Delaware limited partnership (“Management Holdings”), serves as the sole member and manager of Capital Management GP, and Apollo Management Holdings GP, LLC, a Delaware limited liability company (“Management Holdings GP”), serves as the general partner of Management Holdings. Marc Rowan, James Zelter and Scott Kleinman are the managers, as well as the executive officers, of Management Holdings GP, and thus have voting or investment control over the common units listed above. Each of Messrs. Kleinman, Rowan and Zelter disclaims beneficial ownership of the reported units, other than to the extent of any pecuniary interest he may have therein.

(3) | Apollo Defined Return Management, L.P., a Delaware limited partnership, serves as the investment manager of Apollo Defined Return Aggregator A, L.P. Apollo Defined Return Management GP, LLC, a Delaware limited liability company, serves as the general partner for Apollo Defined Return Management, L.P. Capital Management LP serves as the sole member for Apollo Defined Return Management GP, LLC.

(4) | Apollo ST Fund Management LLC, a Delaware limited liability company, serves as the investment manager for Apollo Credit Strategies Master Fund Ltd. Apollo ST Operating LP, a Delaware limited partnership, serves as the sole member for Apollo ST Fund Management LLC. Apollo ST Capital LLC, a Delaware limited liability company, serves as the sole member for Apollo ST Operating LP. ST Management Holdings, LLC, a Cayman Islands limited liability company, serves as the sole member for Apollo ST Capital LLC. Capital Management LP serves as the managing member for ST Management Holdings, LLC.

(5) | Apollo Royalties Management I, LLC, a Delaware limited liability company, serves as the investment manager for Apollo Royalties Fund I, L.P. Apollo Management, L.P., a Delaware limited partnership (“Management LP”), serves as the sole member for Apollo Royalties Management I, LLC.

(6) | Apollo Management GP, LLC, a Delaware limited liability company, serves as the general partner for Management LP. Management Holdings serves as the sole member for Apollo Management GP, LLC. Management Holdings GP serves as the general partner for Management Holdings. Marc Rowan, James Zelter and Scott Kleinman are the managers of Apollo Management Holdings GP, LLC and thus have voting or investment control over the common units listed above. Each of Messrs. Kleinman, Rowan and Zelter disclaims beneficial ownership of the reported units, other than to the extent of any pecuniary interest he may have therein.

(7) | Apollo Hybrid Value Management, L.P., a Delaware limited partnership (“Hybrid Value Management LP”), serves as the investment manager for AHVF (AIV), L.P., AHVF TE/892/QFPF (AIV), L.P. and AHVF Intermediate Holdings, L.P. Apollo Hybrid Value Management GP, LLC, a Delaware limited liability company (“Hybrid Value Management GP”), serves as the general partner for Hybrid Value Management LP. Management LP serves as the sole member for Hybrid Value Management GP.

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The below table sets forth the beneficial ownership of the equity interests in our General Partner:

​ | ​ | ​ | ​
Name of Beneficial Owner (1) | ​ ​ ​ | Membership Interest |
Kimbell GP Holdings, LLC (2) |  | 100 | %
Robert D. Ravnaas (3) |  | 33.33 | %
Brett G. Taylor (3) |  | 33.33 | %
Mitch S. Wynne (3) |  | 16.67 | %

(1) | The address for each beneficial owner in this table is 777 Taylor Street, Suite 810, Fort Worth, Texas 76102.

(2) | Kimbell GP Holdings, LLC is controlled by entities affiliated with Robert D. Ravnaas, Brett G. Taylor and Mitch S. Wynne.

(3) | Messrs. R. Ravnaas, Taylor and Wynne, by virtue of their indirect ownership interest in Kimbell GP Holdings, LLC, which owns our General Partner, may be deemed to beneficially own the non-economic general partner interest in us held by our General Partner. Each of Messrs. R. Ravnaas, Taylor and Wynne disclaims beneficial ownership of this interest.

Equity Compensation Plan Information

On May 1, 2024, the Board of Directors approved and adopted the first amendment to the Amended and Restated Kimbell Royalty GP, LLC 2017 Long-Term Incentive Plan (as so amended, the “A&R LTIP”), which increased the number of common units available to be awarded under the A&R LTIP by 4,684,622 common units, which increased the total number of common units available to be awarded under the A&R LTIP, after taking into account previously awarded common units, to 6,765,012 common units. The following table provides certain information with respect to this plan as of December 31, 2025:

​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ ​ ​ | Number of | ​ ​ ​ | ​ | ​ ​ ​ | ​
​ | ​ | Securities to be | ​ | Weighted | ​ | Number of Securities
​ | ​ | Issued Upon | ​ | -Average | ​ | Remaining Available for
​ | ​ | Exercise of | ​ | Exercise Price | ​ | Future Issuance Under
​ | ​ | Outstanding | ​ | of Outstanding | ​ | Equity Compensation
​ | ​ | Options, | ​ | Options, | ​ | Plans (Excluding
​ | ​ | Warrants | ​ | Warrants and | ​ | Securities Reflected in
​ | ​ | and Rights(1) | ​ | Rights(2) | ​ | Column(a))
​ | ​ | (a) | ​ | (b) | ​ | (c)
Equity compensation plans approved by unitholders |  | — |  | — |  | 5,551,401
Equity compensation plans not approved by unitholders |  | — |  | — |  | —
Total | ​ | — | ​ | — | ​ | 5,551,401

(1) | The long-term incentive plan currently permits the grant of awards covering an aggregate of 12,926,222 units of which, 7,374,821 restricted and common units have been granted. Because these awards have already resulted in the issuance of common units (whether or not restricted), they are not included in column (a).

Item 13. Certain Relationships and Related Party Transactions, and Director Independence

As of February 20, 2026, Kimbell Holdings owns 30,000 common units, representing 0.03% of our limited partner interests outstanding. In addition, Kimbell Holdings owns a 100.0% membership interest in the General Partner, which owns a non-economic general partner interest in us. Messrs. R. Ravnaas and Taylor each own a 33.33% interest in Kimbell Holdings, and Mr. Wynne owns a 16.67% interest in Kimbell Holdings. Kimbell Holdings and each of the Sponsors may be deemed to be a “parent” by virtue of their control over the General Partner. Please read “Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Unitholder Matters” for more information relating to each Sponsor’s beneficial ownership in us and the General Partner.

Distributions and Payments to our General Partner and its Affiliates

Distributions

We generally make cash distributions to our unitholders pro rata. Our General Partner owns a non-economic general partner interest in us and therefore is not entitled to receive cash distributions. However, it may acquire common

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units and other partnership interests in the future and will be entitled to receive pro rata distributions in respect of those partnership interests.

Kimbell Holdings is entitled to receive its pro rata portion of the distributions we make on our common units.

The sellers from our 2018 dropdown are entitled to receive their pro rata portion of the distributions the Operating Company makes on the OpCo common units, and, as the holder of Class B units, they are also entitled to receive cash distributions equal to 2.0% per quarter on their respective Class B Contribution.

Payments

We will reimburse our General Partner and its affiliates, including Kimbell Operating pursuant to its management services agreement discussed below, for all expenses they incur and payments they make on our behalf. Our partnership agreement and the limited liability company agreement of the Operating Company provide that our General Partner will determine the expenses that are allocable to us, but do not limit the amount of expenses for which our General Partner and its affiliates may be reimbursed. These expenses include salary, bonus, incentive compensation and other amounts paid to persons who perform services for us or on our behalf and expenses allocated to our General Partner by its affiliates.

Agreements and Transactions with Affiliates in Connection with our Initial Public Offering

In connection with our IPO, we entered into certain agreements and transactions with our Sponsors, the Contributing Parties and their respective affiliates, as described in more detail below. These agreements and transactions were not the result of arm’s-length negotiations and they, or any of the transactions that they provide for, were not effected on terms at least as favorable to the parties to these agreements as could have been obtained from unaffiliated third parties. Because some of these agreements related to formation transactions that, by their nature, would not occur in a third party situation, it is not possible to determine what the differences would be in the terms of these transactions when compared to the terms of transactions with an unaffiliated third party. We believe the terms of these agreements to be comparable to the terms of agreements used in similarly structured transactions.

Contribution Agreement

In connection with our IPO, we entered into a contribution agreement with our Sponsors and the Contributing Parties that effected the transfer of the mineral and royalty interests owned by the Contributing Parties to us and the use of the net proceeds of our IPO, and also addressed the following matters:

| ● | our option to participate in certain acquisitions by the Contributing Parties of mineral and royalty interests;

| ● | our Sponsors’ and the Contributing Parties’ registration rights with respect to the registration and sale of common units held by them or their affiliates; and

| ● | the Contributing Parties’ obligation to indemnify us for certain limited matters associated with the mineral and royalty interests and associated entities, and our obligation to indemnify the Contributing Parties for certain limited matters related to the mineral and royalty interests and associated entities to the extent they are not required to indemnify us.

Participation Right. Pursuant to the contribution agreement, we have a right to participate, at our option and on substantially the same or better terms, in up to 50% of any acquisitions, other than de minimis acquisitions, for which Messrs. R. Ravnaas, Taylor and Wynne provide, directly or indirectly, any oil and gas diligence, reserve engineering or other business services. Unless consented to in writing by our General Partner on our behalf, the participation right shall be on terms and conditions substantially the same as or better than the acquisition by our Sponsors and the Contributing Parties. The participation right will last for so long as any of our Sponsors or their respective affiliates control our General Partner.

Registration Rights. Pursuant to the contribution agreement, the Contributing Parties have specified demand and piggyback participation rights with respect to the registration and sale of common units held by them or their affiliates. At any time following the time when we are eligible to file a registration statement on Form S-3, each of our Sponsors has

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the right to cause us to prepare and file a registration statement on Form S-3 with the SEC covering the offering and sale of common units held by its affiliates. We are not obligated to effect more than one such demand registration in any 12-month period or two such demand registrations in the aggregate. If we propose to file a registration statement pursuant to a Sponsor’s demand registration discussed above, the Contributing Parties may request to “piggyback” onto such registration statement in order to offer and sell common units held by them or their affiliates. We have agreed to pay all registration expenses in connection with such demand and piggyback registrations. Registration expenses do not include underwriters’ compensation, stock transfer taxes or counsel fees.

Indemnification. The Contributing Parties made representations and warranties to us regarding their respective mineral and royalty interests and the associated entities. In addition, the Contributing Parties are, severally but not jointly, obligated to indemnify us for any federal, state and local income tax liabilities attributable to the ownership and operation of the mineral and royalty interests and the associated entities prior to the closing of our IPO until 30 days after the applicable statute of limitations. This indemnification obligation is capped at ten percent of the net proceeds received by any such Contributing Party with respect to the entity or asset that is subject to such claim for indemnification. The Contributing Parties are not required to indemnify us for breaches of any other representations and warranties under the contribution agreement, including breaches related to other title matters, consents and permits or compliance with environmental laws, and such other representations and warranties did not survive the closing of our IPO.

In addition, the Contributing Parties will indemnify us indefinitely against losses arising from certain liens created during their ownership of the entities and breaches of special warranty of title relating to the assets contributed to us in connection with our IPO. This indemnification obligation is capped at the net proceeds received by any such Contributing Party with respect to the entity or asset that is subject to such claim for indemnification.

We have agreed to indemnify the Contributing Parties for breaches of specified representation and warranties and for events and conditions associated with the ownership or operation of the mineral and royalty interests and the associated entities (other than any liabilities for which the Contributing Parties are specifically required to indemnify us as described above). Our indemnification obligation for breaches of specified representations and warranties is capped at ten percent of the aggregate net proceeds received by all of the Contributing Parties. Our indemnification obligation for all other liabilities is capped at the aggregate net proceeds received by all of the Contributing Parties.

Management Services Agreements

Management Services Agreement with Kimbell Operating

We have entered into a management services agreement with Kimbell Operating, pursuant to which Kimbell Operating provides management, administrative, operational and acquisition services to us, including via the services agreements with the Sponsor Managers and the Non-Sponsor Managers (each as defined below). The management services agreement with Kimbell Operating is under terms and conditions similar to those described below in “—Services Agreements with Our Sponsors” and “—Other Services Agreements,” except that neither party to the agreement may terminate unless all of the services agreements with the Sponsor Managers and the Non-Sponsor Managers have terminated. During the years ended December 31, 2025, 2024 and 2023, we paid to Kimbell Operating services fees equal to $0.1 million, respectively, which amounts represent an estimated allocation of all projected costs to be incurred by Kimbell Operating in providing such services to us for the respective year, including pursuant to the services agreements with the Sponsor Managers and the Non-Sponsor Managers.

Services Agreement with Our Sponsor

Services. Kimbell Operating currently has a services agreement with K3 Royalties (the “Sponsor Manager”), which is an entity controlled by Mr. Wynne. Pursuant to this agreement, the Sponsor Manager provides management, administrative and operational services to Kimbell Operating. In addition, the Sponsor Manager or its affiliates provide acquisition services to us, including identifying, evaluating and recommending to us acquisition opportunities and any related negotiating of such opportunities. The services to be provided by the Sponsor Manager are as set forth below:

| ● | K3 Royalties: For all of our assets and the assets of our affiliates, K3 Royalties assists in sourcing, evaluating and recommending acquisitions, and assists with business development, investor and public relations and

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|  | relationship management with our sponsors, past and future sellers of mineral assets and the Kimbell Art Foundation.

The Sponsor Manager has the exclusive right to provide the acquisition services listed above in connection with acquisitions by us, as well as the exclusive right to provide any additional management services reasonably required with respect to properties newly acquired by us.

Service Fees and Reimbursement. Under the services agreement, Kimbell Operating paid to K3 Royalties a monthly services fee of $10,000 for the years ended December 31, 2025, 2024 and 2023. These amounts represent an estimated allocation of all projected costs to be incurred by such Sponsor Manager in providing services to Kimbell Operating for the respective year. Upon the approval of the Board of Directors, Kimbell Operating will continue to pay a monthly services fee of $10,000 to K3 Royalties, for the period from January 1, 2026 through December 31, 2026.

Subject to the approval of the Board of Directors, the monthly services fee will be adjusted in the future (i) annually, (ii) in the event of any sale of serviced properties or (iii) in the event of the provision of any additional management services (including with respect to acquisitions of new properties). In addition, Kimbell Operating is required to reimburse each Sponsor Manager for all other reasonable costs and expenses (including, but not limited to, third party expenses and expenditures) that such Sponsor Manager incurs on behalf of Kimbell Operating in providing services. If Kimbell Operating terminates a services agreement for any reason other than the Sponsor Manager’s default (as described below), then Kimbell Operating will also reimburse the applicable Sponsor Manager for its reasonable costs and expenses incurred in connection with such termination.

Term and Termination. The initial term of the services agreement with the Sponsor Manager was five years, after which date they will continue on a year-to-year basis unless terminated by Kimbell Operating or by the applicable Sponsor Manager upon 90 days’ notice, except as otherwise stated below:

| ● | The applicable Sponsor Manager may terminate its services agreement, or the provision of any service thereunder, upon at least 180 days’ notice to Kimbell Operating.

| ● | The applicable Sponsor Manager may terminate its services agreement upon a default by Kimbell Operating, which includes (i) Kimbell Operating’s failure to perform any of its material obligations under the agreement, where such default continues unremedied for a period of 15 days after notice thereof, and (ii) the occurrence of certain events relating to the bankruptcy or insolvency of Kimbell Operating.

| ● | Kimbell Operating may terminate a services agreement upon a default by the applicable Sponsor Manager, upon 15 days’ notice to such Sponsor Manager. A Sponsor Manager is in default upon the occurrence of any gross negligence or willful misconduct of such Sponsor Manager in performing services under its services agreement, which results in material harm to us and our affiliates, including Kimbell Operating (the “Partnership Service Group”).

| ● | Kimbell Operating or the Sponsor Manager may terminate the applicable services agreement if, at any time, the Sponsors or their affiliates no longer control our General Partner, upon at least 90 days’ notice to the other party.

Kimbell Operating’s only remedy for a Sponsor Manager’s default under its services agreement is the termination of the applicable agreement as described in the third bullet point above.

Indemnification. Under the services agreement with the Sponsor Manager, Kimbell Operating agreed to indemnify the Sponsor Manager, its affiliates and any of their respective employees, officers, directors and agents from and against all liability, demands, claims, actions or causes of action, assessments, losses, damages, costs and expenses (including legal fees) resulting from or arising out of (i) any material breach by Kimbell Operating of the applicable services agreement or (ii) the personal injury, death, property damage or liability of any member of the Partnership Service Group, any third party or any of their respective employees, officers, directors and agents arising from, connected with or under the applicable services agreement. The Sponsor Managers do not have corresponding indemnification obligations with respect to Kimbell Operating.

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Limited Liability Company Agreement of Kimbell Holdings

Our Sponsors have entered into the limited liability company agreement of Kimbell Holdings. Kimbell Holdings is the sole member of our General Partner. Pursuant to Kimbell Holdings’ limited liability company agreement, for so long as Messrs. R. Ravnaas, Taylor and Wynne (or their designated successors) serve as directors of Kimbell Holdings, such persons will also serve as directors of our General Partner.

Other Transactions and Relationships with Related Persons

Family members of certain of our General Partner’s executive officers and directors serve as officers or employees of our General Partner and Kimbell Operating. Rand P. Ravnaas, the son of Robert D. Ravnaas and the brother of R. Davis Ravnaas, serves as Vice President—Business Development of our General Partner and Kimbell Operating, and he is a partial owner of certain of the Contributing Parties. In addition, Peter Alcorn, the son-in-law of Mitch Wynne, serves as Vice President—Land of our General Partner and Kimbell Operating, and he is a partial owner of certain of the Contributing Parties. Each of these family members will participate in the A&R LTIP and receive compensation comprising a base salary and bonuses commensurate with other similarly-situated employees.

John Wynne, the son of Mitch S. Wynne, acts as our agent at Higginbotham Insurance & Financial Services, which provides director and officer insurance to us. John Wynne derived a commission of approximately $25,700, $26,400 and $26,500 for the years ended December 31, 2025, 2024 and 2023, respectively, for the placement of our insurance coverage. Our annual premium expense was approximately $583,300, $599,600 and $602,600 for the years ended December 31, 2025, 2024 and 2023, respectively.

Procedures for Review, Approval and Ratification of Transactions with Related Persons

The Board of Directors has adopted policies for the review, approval and ratification of transactions with related persons. The Board of Directors has adopted a written code of business conduct and ethics, under which a director is expected to bring to the attention of our chief executive officer or the Board of Directors any conflict or potential conflict of interest that may arise between the director or any affiliate of the director, on the one hand, and us or our General Partner on the other. The resolution of any conflict or potential conflict should, at the discretion of the Board of Directors in light of the circumstances, be determined by a majority of the disinterested directors.

If a conflict or potential conflict of interest arises between our General Partner or its affiliates, including our Sponsors or their respective affiliates, on the one hand, and us or our unitholders, on the other hand, the resolution of any such conflict or potential conflict should be addressed by the Board of Directors in accordance with the provisions of our partnership agreement. At the discretion of the Board of Directors in light of the circumstances, the resolution may be determined by the Board of Directors in its entirety or by the conflicts committee.

Under our code of business conduct and ethics, executive officers are required to avoid conflicts of interest unless approved by the Board of Directors.

The code of business conduct and ethics described above was adopted in connection with the closing of our IPO, and as a result, certain of the transactions described above were not reviewed according to such procedures.

Director Independence

Because we are a publicly traded partnership, the NYSE does not require our Board of Directors to have a majority of independent directors. For a discussion of the independence of our Board of Directors, please read “Item 10. Directors, Executive Officers and Corporate Governance.”

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Item 14. Principal Accounting Fees and Services

We have engaged Grant Thornton LLP as our independent registered public accounting firm. The Audit Committee’s charter requires the Audit Committee to approve in advance all audit and non-audit services to be provided by Grant Thornton LLP. All services reported in the audit, audit-related, tax and all other fees categories below with respect to our annual reports for the years ended December 31, 2025, 2024 and 2023 were approved by the Audit Committee. The following table sets forth audit and non-audit fees we have paid to Grant Thornton LLP for the periods indicated (in thousands).

​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Year Ended December 31,
​ | ​ | 2025 | ​ | 2024 | ​ | 2023
Audit Fees (1) | ​ | $ | 1,016,000 | ​ | $ | 1,032,000 | ​ | $ | 1,011,000
Audit-Related Fees (2) | ​ |  | — | ​ |  | — | ​ |  | —
Tax Fees (3) | ​ |  | — | ​ |  | — | ​ |  | —
All Other Fees (4) | ​ |  | — | ​ |  | — | ​ |  | —
Total | ​ | $ | 1,016,000 | ​ | $ | 1,032,000 | ​ | $ | 1,011,000

(1) | Audit fees represent aggregate fees for audit services, which relate to the fiscal year consolidated audit, quarterly reviews, registration statements and comfort letters.

(2) | Audit-related fees relate to assurance and related services that are reasonably related to the performance of the audit or review of our financial statements or that are traditionally performed by the independent auditor, such as employee benefit plan audits or agreed upon procedures required to comply with financial, accounting or regulatory reporting.

(3) | Tax fees relate to professional services rendered in connection with tax audits and tax consulting and planning services.

(4) | All other fees represent fees for services not classifiable under the other categories listed in the table above.

PART IV

Item 15. Exhibits, Financial Statement Schedules

(a)(1) Financial Statements

Our consolidated financial statements are included under Part II, Item 8 of this Annual Report. For a listing of these statements and accompanying notes, please read “Index to Financial Statements” on page F-1 of this Annual Report.

(a)(2) Financial Statement Schedules

All schedules have been omitted because they are either not applicable, not required or the information called for therein appears in the consolidated financial statements or notes thereto.

(a)(3) List of Exhibits

​

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​

EXHIBIT INDEX

Exhibit Number | ​ | Description
3.1 | — | Certificate of Limited Partnership of Kimbell Royalty Partners, LP (incorporated by reference to Exhibit 3.1 to Kimbell Royalty Partners, LP’s Registration Statement on Form S-1 (File No. 333-215458) filed on January 6, 2017)
3.2 | — | Fifth Amended and Restated Agreement of Limited Partnership of Kimbell Royalty Partners, LP, dated as of September 13, 2023 (incorporated by reference to Exhibit 3.1 to Kimbell Royalty Partners, LP’s Current Report on Form 8-K filed September 13, 2023)
3.3 | — | Certificate of Formation of Kimbell Royalty GP, LLC (incorporated by reference to Exhibit 3.3 to Kimbell Royalty Partners, LP’s Registration Statement on Form S-1 (File No. 333-215458) filed on January 6, 2017)
3.4 | — | First Amended and Restated Limited Liability Company Agreement of Kimbell Royalty GP, LLC, dated as of February 8, 2017 (incorporated by reference to Exhibit 3.2 to Kimbell Royalty Partners, LP’s Current Report on Form 8-K filed on February 14, 2017)
3.5 | — | Third Amended and Restated Limited Liability Company Agreement of Kimbell Royalty Operating, LLC, dated as of September 13, 2023 (incorporated by reference to Exhibit 3.2 to Kimbell Royalty Partners, LP’s Current Report on Form 8 K filed on September 13, 2023)
4.1 | — | Amended and Restated Registration Rights Agreement, dated as of March 25, 2019, by and among Kimbell Royalty Partners, LP, EIGF Aggregator III LLC, TE Drilling Aggregator LLC, Haymaker Management, LLC, Haymaker Minerals & Royalties, LLC, AP KRP Holdings, L.P., ATCF SPV, L.P., Zeus Investments, L.P., Apollo Kings Alley Credit SPV, L.P., Apollo Thunder Partners, L.P., AIE III Investments, L.P., Apollo Union Street SPV, L.P., Apollo Lincoln Private Credit Fund, L.P., Apollo SPN Investments I (Credit), LLC, AA Direct, L.P., PEP I Holdings, LLC, PEP II Holdings, LLC, PEP III Holdings, LLC, Cupola Royalty Direct, LLC, Kimbell Art Foundation and Rivercrest Capital Partners LP (incorporated by reference to Exhibit 4.1 to Kimbell Royalty Partners, LP’s Current Report on Form 8-K filed on March 26, 2019)
4.2 | — | Registration Rights Agreement, dated as of December 15, 2022, by and among Kimbell Royalty Partners, LP and Hatch Royalty LLC (incorporated by reference to Exhibit 4.1 to Kimbell Royalty Partners, LP’s Current Report on Form 8-K filed on December 15, 2022)
4.3 | — | Registration Rights Agreement, dated as of May 17, 2023, by and among between Kimbell Royalty Partners, LP and MB Minerals, L.P. (incorporated by reference to Exhibit 4.1 to Kimbell Royalty Partners, LP Current Report on Form 8-K filed on May 18, 2023)
4.4 | — | Registration Rights Agreement, dated as of September 13, 2023, by and among Kimbell Royalty Partners, LP and the parties listed on the signature page thereof (incorporated by reference to Exhibit 4.1 to Kimbell Royalty Partners, LP’s Current Report on Form 8 K filed on September 13, 2023)
4.5 | — | Description of Common Units Representing Limited Partnership Interests (incorporated by reference to Exhibit 4.5 to Kimbell Royalty Partners, LP’s Current Report on Form 10-K filed on February 21, 2024)
10.1† | — | Amended and Restated Kimbell Royalty GP, LLC 2017 Long-Term Incentive Plan (incorporated by reference to Exhibit 10.1 to Kimbell Royalty Partners, LP’s Current Report on Form 8-K filed on May 18, 2022)
10.2† | — | First Amendment to the Amended and Restated Kimbell Royalty GP, LLC 2017 Long-Term Incentive Plan (incorporated by reference to Exhibit 10.1 to Kimbell Royalty Partners, LP’s Current Report on 10-Q filed on May 2, 2024)
10.3† | — | Form of Kimbell Royalty GP, LLC 2017 Long-Term Incentive Plan Restricted Unit Agreement (incorporated by reference to Exhibit 10.1 to Kimbell Royalty Partners, LP’s Current Report on Form 8-K filed on May 11, 2017)
10.4† | — | Form of Kimbell Royalty GP, LLC 2017 Long-Term Incentive Plan Director Unit Agreement (incorporated by reference to Exhibit 10.2 to Kimbell Royalty Partners, LP’s Form 10-Q filed on August 14, 2017)

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10.5† | — | Form of Kimbell Royalty GP, LLC 2017 Long-Term Incentive Plan 2018 Restricted Unit Agreement (incorporated by reference to Exhibit 10.4 to Kimbell Royalty Partners, LP’s Annual Report on Form 10-K filed on March 9, 2018)
10.6 | — | Second Amended and Restated Credit Agreement, dated as of December 16, 2025, by and among Kimbell Royalty Partners, LP, each of the guarantors party thereto, the several lenders from time to time parties thereto and Citibank, N.A., as administrative agent (incorporated by reference to Exhibit 10.1 to Kimbell Royalty Partners, LP’s Current Report on Form 8-K filed on December 16, 2025)
10.7† | — | Management Services Agreement, dated February 8, 2017, by and among Kimbell Royalty Partners, LP, Kimbell Royalty GP, LLC, Kimbell Royalty Holdings, LLC and Kimbell Operating Company, LLC (incorporated by reference to Exhibit 10.1 to Kimbell Royalty Partners, LP’s Current Report on Form 8-K filed on February 14, 2017)
10.8† | — | Amendment No. 1 to Management Services Agreement, dated December 10, 2018, by and among Kimbell Royalty Partners, LP, Kimbell Royalty GP, LLC, Kimbell Royalty Holdings, LLC and Kimbell Operating Company, LLC (incorporated by reference to Exhibit 10.10 to Kimbell Royalty Partners, LP’s Annual Report on Form 10-K filed on March 12, 2019)
10.9† | — | Amendment No. 2 to Management Services Agreement, dated December 16, 2019, by and among Kimbell Royalty Partners, LP, Kimbell Royalty GP, LLC, Kimbell Royalty Holdings, LLC and Kimbell Operating Company, LLC (incorporated by reference to Exhibit 10.13 to Kimbell Royalty Partners, LP’s Form 10-K filed on February 28, 2020)
10.10† | — | Management Services Agreement, dated February 8, 2017, by and between K3 Royalties, LLC and Kimbell Operating Company, LLC (incorporated by reference to Exhibit 10.4 to Kimbell Royalty Partners, LP’s Current Report on Form 8-K filed on February 14, 2017)
10.11† | — | Amendment No. 1 to Management Services Agreement, dated March 7, 2018, by and between K3 Royalties, LLC and Kimbell Operating Company, LLC (incorporated by reference to Exhibit 10.11 to Kimbell Royalty Partners, LP’s Annual Report on Form 10-K filed on March 9, 2018)
10.12† | — | Amendment No. 2 to Management Services Agreement, dated December 10, 2018, by and between K3 Royalties, LLC and Kimbell Operating Company, LLC (incorporated by reference to Exhibit 10.17 to Kimbell Royalty Partners, LP’s Annual Report on Form 10-K filed on March 12, 2019)
10.13† | — | Amendment No. 3 to Management Services Agreement, dated December 16, 2019, by and between K3 Royalties, LLC and Kimbell Operating Company, LLC (incorporated by reference to Exhibit 10.18 to Kimbell Royalty Partners, LP’s Form 10-K filed on February 28, 2020)
10.14 | — | Exchange Agreement, dated as of September 23, 2018, by and among Haymaker Minerals & Royalties, LLC, EIGF Aggregator III LLC, TE Drilling Aggregator LLC, Haymaker Management, LLC, Kimbell Art Foundation, Kimbell Royalty Partners, LP, Kimbell Royalty GP, LLC and Kimbell Royalty Operating, LLC (incorporated by reference to Exhibit 10.1 to Kimbell Royalty Partners, LP’s Current Report on Form 8-K filed on September 25, 2018)
10.15 | — | Board Representation and Observation Agreement, dated as of September 13, 2023, by and among Kimbell Royalty Partners, LP, Kimbell GP Holdings, LLC, Apollo Accord+ Aggregator A, L.P., Apollo Accord V Aggregator A, L.P., Apollo Defined Return Aggregator A, L.P., Apollo Calliope Fund, L.P., Apollo Excelsior, L.P., Apollo Credit Strategies Master Fund Ltd., Apollo Atlas Master Fund, LLC, Apollo Union Street SPV, L.P., Host Plus PTY Limited - Accord, Apollo Delphi Fund, L.P., Apollo Royalties Fund I, L.P., AHVF (AIV), L.P., AHVF Intermediate Holdings, L.P., AHVF TE/892/QFPF (AIV), L.P. and ACMP Holdings, LLC (incorporated by reference to Exhibit 10.1 to Kimbell Royalty Partners, LP’s Current Report on Form 8 K filed on September 13, 2023)
10.16 | — | Purchase and Sale Agreement, dated as of January 7, 2025, by and between Boren Minerals and Kimbell Royalty Partners, LP. (incorporated by reference to Exhibit 10.1 to Kimbell Royalty Partners, LP’s Current Report on Form 8 K filed on January 7, 2025)
19.1 | — | Kimbell Royalty Partners, LP Insider Trading Policy (incorporated by reference to Exhibit 19.1 to Kimbell Royalty Partners, LP’s Current Report on Form 10 K filed on February 27, 2025)
21.1* | — | List of Subsidiaries of Kimbell Royalty Partners, LP
23.1* | — | Consent of Grant Thornton LLP
23.2* | — | Consent of Ryder Scott Company, L.P.
31.1* | — | Certification of Chief Executive Officer pursuant to Rule 13a-14(a)/15d-14(a) under the Securities Exchange Act of 1934

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31.2* | — | Certification of Chief Financial Officer pursuant to Rule 13a-14(a)/15d-14(a) under the Securities Exchange Act of 1934
32.1** | — | Certification of Chief Executive Officer pursuant to 18. U.S.C. Section 1350
32.2** | — | Certification of Chief Financial Officer pursuant to 18. U.S.C. Section 1350
97.1 | — | Kimbell Royalty Partners, LP Policy for the Recovery of Erroneously Awarded Compensation (incorporated by reference to Exhibit 97.1 to Kimbell Royalty Partners, LP’s Annual Report on Form 10-K filed on February 21, 2024)
99.1* | — | Report of Ryder Scott Company, L.P. as of December 31, 2025
101.INS* | — | Inline XBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document
101.SCH* | — | Inline XBRL Taxonomy Extension Schema Document
101.CAL* | — | Inline XBRL Taxonomy Extension Calculation Linkbase Document
101.DEF* | — | Inline XBRL Taxonomy Extension Definition Linkbase Document
101.LAB* | — | Inline XBRL Taxonomy Extension Label Linkbase Document
101.PRE* | — | Inline XBRL Taxonomy Extension Presentation Linkbase Document
104* | — | Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101)

* —Filed herewith.

** —Furnished herewith.

† —Management contract or compensatory plan or arrangement required to be filed as an exhibit to this Annual Report pursuant to Item 15(b).

Item 16. Form 10-K Summary

The Partnership has elected not to include summary information.

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SIGNATURES

Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

​ | ​ | ​ |  |
​ | ​ ​ ​ | Kimbell Royalty Partners, LP
​ | ​ |
​ | ​ | By: | Kimbell Royalty GP, LLC
​ | ​ | ​ | its general partner
​ | ​ | ​
Date: February 26, 2026 | ​ | By: | /s/ Robert D. Ravnaas
​ | ​ | ​ | Name: | Robert D. Ravnaas
​ | ​ | ​ | Title: | Chief Executive Officer and Chairman

​

Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

Name | ​ ​ ​ | Title | ​ ​ ​ | Date
​ | ​ | ​ | ​ | ​
/s/ Robert D. Ravnaas | ​ | Chairman of the Board of Directors and Chief | ​ | ​
Robert D. Ravnaas | ​ | Executive Officer (Principal Executive Officer) | ​ | February 26, 2026
​ | ​ | ​ | ​ | ​
/s/ R. Davis Ravnaas | ​ | President and Chief Financial Officer (Principal | ​ | ​
R. Davis Ravnaas | ​ | Financial Officer) | ​ | February 26, 2026
​ | ​ | ​ | ​ | ​
/s/ R. Blayne Rhynsburger | ​ | ​ | ​ | ​
R. Blayne Rhynsburger | ​ | Controller (Principal Accounting Officer) | ​ | February 26, 2026
​ | ​ | ​ | ​ | ​
/s/ William H. Adams III | ​ | ​ | ​ | ​
William H. Adams III | ​ | Director | ​ | February 26, 2026
​ | ​ | ​ | ​ | ​
/s/ Erik B. Daugbjerg | ​ | ​ | ​ | ​
Erik B. Daugbjerg | ​ | Director | ​ | February 26, 2026
​ | ​ | ​ | ​ | ​
/s/ T. Scott Martin | ​ | ​ | ​ | ​
T. Scott Martin | ​ | Director | ​ | February 26, 2026
​ | ​ | ​ | ​ | ​
/s/ Craig Stone | ​ | ​ | ​ | ​
Craig Stone | ​ | Director | ​ | February 26, 2026
​ | ​ | ​ | ​ | ​
/s/ Brett G. Taylor | ​ | ​ | ​ | ​
Brett G. Taylor | ​ | Director | ​ | February 26, 2026
​ | ​ | ​ | ​ | ​
/s/ Mitch S. Wynne | ​ | ​ | ​ | ​
Mitch S. Wynne | ​ | Director | ​ | February 26, 2026
​ | ​ | ​ | ​ | ​

​

​

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INDEX TO FINANCIAL STATEMENTS

​

Report of Independent Registered Public Accounting Firm (PCAOB ID Number 248) | F-2
​ | ​
Consolidated Balance Sheets as of December 31, 2025 and 2024 | F-4
​ | ​
Consolidated Statements of Operations for the Years Ended December 31, 2025, 2024 and 2023 | F-5
​ | ​
Consolidated Statements of Changes in Unitholders’ Equity for the Years Ended December 31, 2025, 2024 and 2023 | F-6
​ | ​
Consolidated Statements of Cash Flows for the Years Ended December 31, 2025, 2024 and 2023 | F-7
​ | ​
Notes to Consolidated Financial Statements | F-9

​

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REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

​

Board of Directors of Kimbell Royalty GP, LLC and Unitholders of

Kimbell Royalty Partners, LP

​

Opinion on the financial statements

We have audited the accompanying consolidated balance sheets of Kimbell Royalty Partners, LP (a Delaware limited partnership) and subsidiaries (collectively, the “Partnership”) as of December 31, 2025 and 2024, the related consolidated statements of operations, changes in unitholders’ equity, and cash flows for each of the three years in the period ended December 31, 2025, and the related notes (collectively referred to as the “consolidated financial statements”). In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Partnership as of December 31, 2025 and 2024, and the results of its operations and its cash flows for each of the three years in the period ended December 31, 2025, in conformity with accounting principles generally accepted in the United States of America.

We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (“PCAOB”), the Partnership’s internal control over financial reporting as of December 31, 2025, based on criteria established in the 2013 Internal Control—Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (“COSO”), and our report dated February 26, 2026 expressed an unqualified opinion.

Basis for opinion

These consolidated financial statements are the responsibility of the Partnership’s management. Our responsibility is to express an opinion on the Partnership’s consolidated financial statements based on our audits. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Partnership in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

Critical audit matters

The critical audit matter communicated below is a matter arising from the current period audit of the financial statements that was communicated or required to be communicated to the audit committee and that: (1) relates to accounts or disclosures that are material to the financial statements and (2) involved our especially challenging, subjective, or complex judgments. The communication of critical audit matters does not alter in any way our opinion on the financial statements, taken as a whole, and we are not, by communicating the critical audit matter below, providing a separate opinion on the critical audit matter or on the accounts or disclosures to which it relates.

Accrued oil, natural gas, and NGL revenues

As described further in Note 2 to the consolidated financial statements, the Partnership recognizes oil, natural gas, and NGL revenues in the month production is delivered to the purchaser. As a non-operator and an owner of mineral and royalty interests, the Partnership has no involvement or operational control over the volumes and method of sale of the oil, natural gas, and NGLs produced and sold from the properties. The Partnership has limited visibility to when wells start producing and production settlement statements from operators may not be received for one to four months after the date production is delivered. As a result, the Partnership is required to estimate accrued revenues each reporting period based on estimates of production delivered to purchasers and the prices that will be received on those volumes. As of December 31, 2025, the Partnership has accrued $37 million of revenues, within the oil, natural gas, and NGL receivables line item

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in the consolidated balance sheet. We identified the estimation of accrued oil, natural gas, and NGL revenues as a critical audit matter.

​

The principal consideration for our determination that the estimation of accrued oil, natural gas, and NGL revenues is a critical audit matter is that auditing the Partnership’s estimate of accrued oil, natural gas, and NGL revenues is complex and judgmental as changes in certain inputs and assumptions, such as estimated production volumes and the price that will be received for those volumes, could have a significant impact on the measurement of accrued oil, natural gas, and NGL revenues.

​

Our audit procedures related to the estimation of accrued oil, natural gas, and NGL revenues included the following, among others.

| • | We tested the design and operating effectiveness of key internal controls over the Partnership’s accrued revenue process.

| • | We tested a sample of revenue transactions to support inputs used in the estimation of accrued revenues, including the actual volume of production delivered to purchasers and the realized prices received on those volumes.

| • | We evaluated the prices used by the Partnership to estimate the price to be received for the sale of oil, natural gas, and NGL production by independently developing an expectation of price using publicly available prices and historical differentials.

| • | We tested the historical accuracy of prior period estimates of accrued revenues by performing a lookback analysis to evaluate the reasonableness of management’s estimates and to identify indicators of management bias in significant assumptions used to derive accrued revenues.

| • | We assessed the completeness and accuracy of the accrued revenues through disaggregated analytical procedures by product type, and compared the pricing used to publicly available market prices and historical differentials.

​

/s/ GRANT THORNTON LLP

We have served as the Partnership’s auditor since 2015.

​

Dallas, Texas

February 26, 2026

​

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KIMBELL ROYALTY PARTNERS, LP

CONSOLIDATED BALANCE SHEETS

​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | December 31, | ​ | December 31,
​ | ​ | 2025 | ​ | 2024
​ | ​ | (In thousands, except unit amounts)
ASSETS | ​ | ​ | ​ | ​ | ​ | ​
Current assets | ​ | ​ | ​ | ​ | ​ | ​
Cash and cash equivalents | ​ | $ | 43,977 | ​ | $ | 34,168
Oil, natural gas and NGL receivables | ​ | ​ | 36,582 | ​ | ​ | 45,924
Derivative assets | ​ | ​ | 6,504 | ​ | ​ | 2,404
Accounts receivable and other current assets | ​ | ​ | 1,420 | ​ | ​ | 2,771
Total current assets | ​ | ​ | 88,483 | ​ | ​ | 85,267
Property and equipment, net | ​ | ​ | 629 | ​ | ​ | 267
Oil and natural gas properties | ​ | ​ | ​ | ​ | ​ | ​
Oil and natural gas properties, using full cost method of accounting ($174,189 and $115,200 excluded from depletion at December 31, 2025 and December 31, 2024, respectively) | ​ | ​ | 2,271,470 | ​ | ​ | 2,048,712
Less: accumulated depreciation, depletion and impairment | ​ | ​ | (1,148,157) | ​ | ​ | (1,023,890)
Total oil and natural gas properties, net | ​ | ​ | 1,123,313 | ​ | ​ | 1,024,822
Right-of-use assets, net | ​ | ​ | 4,606 | ​ | ​ | 3,730
Derivative assets | ​ | ​ | 2,587 | ​ | ​ | 566
Loan origination costs, net | ​ | ​ | 9,722 | ​ | ​ | 5,263
Total assets | ​ | $ | 1,229,340 | ​ | $ | 1,119,915
​ | ​ | ​ | ​ | ​ | ​ | ​
LIABILITIES, MEZZANINE EQUITY AND UNITHOLDERS' EQUITY | ​ | ​ | ​ | ​ | ​ | ​
Current liabilities | ​ | ​ | ​ | ​ | ​ | ​
Accounts payable | ​ | $ | 3,144 | ​ | $ | 6,505
Other current liabilities | ​ | ​ | 7,097 | ​ | ​ | 5,986
Derivative liabilities | ​ | ​ | — | ​ | ​ | 255
Total current liabilities | ​ | ​ | 10,241 | ​ | ​ | 12,746
Operating lease liabilities, excluding current portion | ​ | ​ | 4,411 | ​ | ​ | 3,562
Derivative liabilities | ​ | ​ | 28 | ​ | ​ | 879
Long-term debt | ​ | ​ | 441,500 | ​ | ​ | 239,160
Other liabilities | ​ | ​ | — | ​ | ​ | 73
Total liabilities | ​ | ​ | 456,180 | ​ | ​ | 256,420
Commitments and contingencies (Note 15) | ​ | ​ | ​ | ​ | ​ | ​
Mezzanine equity: | ​ | ​ | ​ | ​ | ​ | ​
Series A preferred units (162,500 and 325,000 units issued and outstanding as of December 31, 2025 and 2024, respectively) | ​ | ​ | 158,793 | ​ | ​ | 316,002
Kimbell Royalty Partners, LP unitholders' equity: | ​ | ​ | ​ | ​ | ​ | ​
Common units (93,396,488 units and 80,969,651 units issued and outstanding as of December 31, 2025 and 2024, respectively) | ​ | ​ | 531,121 | ​ | ​ | 463,496
Class B units (14,491,540 units and 14,524,120 units issued and outstanding as of December 31, 2025 and 2024, respectively) | ​ | ​ | 724 | ​ | ​ | 726
Total Kimbell Royalty Partners, LP unitholders' equity | ​ | ​ | 531,845 | ​ | ​ | 464,222
Non-controlling interest in OpCo | ​ | ​ | 82,522 | ​ | ​ | 83,271
Total unitholders' equity | ​ | ​ | 614,367 | ​ | ​ | 547,493
Total liabilities, mezzanine equity and unitholders' equity | ​ | $ | 1,229,340 | ​ | $ | 1,119,915

​

The accompanying notes are an integral part of these consolidated financial statements.

​

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KIMBELL ROYALTY PARTNERS, LP

CONSOLIDATED STATEMENTS OF OPERATIONS

​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Year Ended December 31,
​ | ​ | 2025 | ​ | 2024 | ​ | 2023
​ | ​ | (In thousands, except per unit data)
Revenue | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Oil, natural gas and NGL revenues | ​ | $ | 317,473 | ​ | $ | 304,605 | ​ | $ | 267,586
Lease bonus and other income | ​ | ​ | 4,266 | ​ | ​ | 6,047 | ​ | ​ | 5,594
Gain (loss) on commodity derivative instruments, net | ​ | ​ | 12,091 | ​ | ​ | (1,345) | ​ | ​ | 20,888
Total revenues | ​ | ​ | 333,830 | ​ | ​ | 309,307 | ​ | ​ | 294,068
Costs and expenses | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Production and ad valorem taxes | ​ | ​ | 20,440 | ​ | ​ | 20,407 | ​ | ​ | 20,326
Depreciation and depletion expense | ​ | ​ | 124,554 | ​ | ​ | 135,123 | ​ | ​ | 96,477
Impairment of oil and natural gas properties | ​ | ​ | — | ​ | ​ | 62,118 | ​ | ​ | 18,220
Marketing and other deductions | ​ | ​ | 16,350 | ​ | ​ | 16,122 | ​ | ​ | 12,566
General and administrative expense | ​ | ​ | 39,657 | ​ | ​ | 38,543 | ​ | ​ | 35,678
Consolidated variable interest entities related: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
General and administrative expense | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 927
Total costs and expenses | ​ | ​ | 201,001 | ​ | ​ | 272,313 | ​ | ​ | 184,194
Operating income | ​ | ​ | 132,829 | ​ | ​ | 36,994 | ​ | ​ | 109,874
Other (expense) income | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Interest expense | ​ | ​ | (34,470) | ​ | ​ | (26,695) | ​ | ​ | (25,950)
Loss on extinguishment of debt | ​ | ​ | — | ​ | ​ | — | ​ | ​ | (480)
Other expense | ​ | ​ | (12) | ​ | ​ | — | ​ | ​ | (181)
Consolidated variable interest entities related: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Interest earned on marketable securities in trust account | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 3,509
Net income before income taxes | ​ | ​ | 98,347 | ​ | ​ | 10,299 | ​ | ​ | 86,772
Income tax (benefit) expense | ​ | ​ | (1,304) | ​ | ​ | (771) | ​ | ​ | 3,766
Net income | ​ | ​ | 99,651 | ​ | ​ | 11,070 | ​ | ​ | 83,006
Distribution and accretion on Series A preferred units | ​ | ​ | (34,852) | ​ | ​ | (21,091) | ​ | ​ | (6,310)
Net (income) loss and distributions and accretion on Series A preferred units attributable to non-controlling interests | ​ | ​ | (8,704) | ​ | ​ | 1,254 | ​ | ​ | (16,465)
Distribution to Class B unitholders | ​ | ​ | (58) | ​ | ​ | (72) | ​ | ​ | (89)
Net income (loss) attributable to common units of Kimbell Royalty Partners, LP | ​ | $ | 56,037 | ​ | $ | (8,839) | ​ | $ | 60,142
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Net income (loss) 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
Weighted average number of common units outstanding | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Basic | ​ | ​ | 90,803 | ​ | ​ | 76,240 | ​ | ​ | 66,595
Diluted | ​ | ​ | 121,307 | ​ | ​ | 116,049 | ​ | ​ | 93,058

​

The accompanying notes are an integral part of these consolidated financial statements.

​

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KIMBELL ROYALTY PARTNERS, LP

CONSOLIDATED STATEMENTS OF CHANGES IN UNITHOLDERS’ EQUITY

​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | Non-controlling | ​ | ​
​ | ​ | Common Units | ​ ​ | Amount | ​ | ​ ​Class B Units | ​ ​ | Amount | ​ | Interest in OpCo | ​ | Total
​ | ​ | (In thousands)
Balance at January 1, 2023 | ​ | ​ | 64,232 | ​ | ​ | 463,752 | ​ | ​ | 15,484 | ​ | ​ | 774 | ​ | ​ | 111,983 | ​ | $ | 576,509
Common units issued for equity offering | ​ | ​ | 8,338 | ​ | ​ | 110,711 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 110,711
Units issued for acquisition | ​ | ​ | 557 | ​ | ​ | 8,655 | ​ | ​ | 5,369 | ​ | ​ | 268 | ​ | ​ | 83,384 | ​ | ​ | 92,307
Conversion of Class B units to common units | ​ | ​ | 6 | ​ | ​ | 48 | ​ | ​ | (6) | ​ | ​ | — | ​ | ​ | (48) | ​ | ​ | —
Restricted units repurchased for tax withholding | ​ | ​ | (280) | ​ | ​ | (4,852) | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | (4,852)
Unit-based compensation | ​ | ​ | 998 | ​ | ​ | 13,112 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 13,112
Distributions to unitholders | ​ | ​ | — | ​ | ​ | (120,373) | ​ | ​ | — | ​ | ​ | — | ​ | ​ | (31,551) | ​ | ​ | (151,924)
Distribution and accretion on Series A preferred units | ​ | ​ | — | ​ | ​ | (4,921) | ​ | ​ | — | ​ | ​ | — | ​ | ​ | (1,389) | ​ | ​ | (6,310)
Distribution to Class B unitholders | ​ | ​ | — | ​ | ​ | (89) | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | (89)
Accretion of redeemable non-controlling interest in Kimbell Tiger Acquisition Corporation | ​ | ​ | — | ​ | ​ | 1,193 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 380 | ​ | ​ | 1,573
Change in ownership of consolidated subsidiaries, net | ​ | ​ | — | ​ | ​ | 23,421 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | (23,421) | ​ | ​ | —
Net income | ​ | ​ | — | ​ | ​ | 65,152 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 17,854 | ​ | ​ | 83,006
Balance at December 31, 2023 | ​ | ​ | 73,851 | ​ | ​ | 555,809 | ​ | ​ | 20,847 | ​ | ​ | 1,042 | ​ | ​ | 157,192 | ​ | ​ | 714,043
Conversion of Class B units to common units | ​ | ​ | 6,323 | ​ | ​ | 44,716 | ​ | ​ | (6,323) | ​ | ​ | (316) | ​ | ​ | (44,716) | ​ | ​ | (316)
Restricted units repurchased for tax withholding | ​ | ​ | (292) | ​ | ​ | (4,914) | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | (4,914)
Unit-based compensation | ​ | ​ | 1,088 | ​ | ​ | 16,386 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 16,386
Distributions to unitholders | ​ | ​ | — | ​ | ​ | (135,880) | ​ | ​ | — | ​ | ​ | — | ​ | ​ | (31,733) | ​ | ​ | (167,613)
Distribution and accretion on Series A preferred units | ​ | ​ | — | ​ | ​ | (17,536) | ​ | ​ | — | ​ | ​ | — | ​ | ​ | (3,555) | ​ | ​ | (21,091)
Distribution to Class B unitholders | ​ | ​ | — | ​ | ​ | (72) | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | (72)
Change in ownership of consolidated subsidiaries, net | ​ | ​ | — | ​ | ​ | (3,782) | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 3,782 | ​ | ​ | —
Net income | ​ | ​ | — | ​ | ​ | 8,769 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 2,301 | ​ | ​ | 11,070
Balance at December 31, 2024 | ​ | ​ | 80,970 | ​ | ​ | 463,496 | ​ | ​ | 14,524 | ​ | ​ | 726 | ​ | ​ | 83,271 | ​ | ​ | 547,493
Common units issued for equity offering | ​ | ​ | 11,500 | ​ | ​ | 163,575 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 163,575
Conversion of Class B units to common units | ​ | ​ | 32 | ​ | ​ | 187 | ​ | ​ | (32) | ​ | ​ | (2) | ​ | ​ | (187) | ​ | ​ | (2)
Restricted units repurchased for tax withholding | ​ | ​ | (315) | ​ | ​ | (5,081) | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | (5,081)
Forfeiture of restricted units | ​ | ​ | (4) | ​ | ​ | (57) | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | (57)
Unit-based compensation | ​ | ​ | 1,213 | ​ | ​ | 16,323 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 16,323
Distributions to unitholders | ​ | ​ | — | ​ | ​ | (149,435) | ​ | ​ | — | ​ | ​ | — | ​ | ​ | (23,190) | ​ | ​ | (172,625)
Distribution and accretion on Series A preferred units | ​ | ​ | — | ​ | ​ | (30,169) | ​ | ​ | — | ​ | ​ | — | ​ | ​ | (4,683) | ​ | ​ | (34,852)
Distribution to Class B unitholders | ​ | ​ | — | ​ | ​ | (58) | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | (58)
Change in ownership of consolidated subsidiaries, net | ​ | ​ | — | ​ | ​ | (13,924) | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 13,924 | ​ | ​ | —
Net income | ​ | ​ | — | ​ | ​ | 86,264 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 13,387 | ​ | ​ | 99,651
Balance at December 31, 2025 | ​ | ​ | 93,396 | ​ | $ | 531,121 | ​ | ​ | 14,492 | ​ | $ | 724 | ​ | $ | 82,522 | ​ | $ | 614,367

​

The accompanying notes are an integral part of these consolidated financial statements.

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KIMBELL ROYALTY PARTNERS, LP

CONSOLIDATED STATEMENTS OF CASH FLOWS

​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Year Ended December 31,
​ | ​ | 2025 | ​ ​ | 2024 | ​ | 2023
​ | ​ | (In thousands)
CASH FLOWS FROM OPERATING ACTIVITIES | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Net income | ​ | $ | 99,651 | ​ | $ | 11,070 | ​ | $ | 83,006
Adjustments to reconcile net income to net cash provided by operating activities: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Depreciation and depletion expense | ​ | ​ | 124,554 | ​ | ​ | 135,123 | ​ | ​ | 96,477
Impairment of oil and natural gas properties | ​ | ​ | — | ​ | ​ | 62,118 | ​ | ​ | 18,220
Amortization of right-of-use assets | ​ | ​ | 348 | ​ | ​ | 349 | ​ | ​ | 336
Amortization of loan origination costs | ​ | ​ | 2,356 | ​ | ​ | 2,126 | ​ | ​ | 1,943
Loss on extinguishment of debt | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 480
Unit-based compensation | ​ | ​ | 16,323 | ​ | ​ | 16,386 | ​ | ​ | 13,112
Forfeiture of restricted units | ​ | ​ | (57) | ​ | ​ | — | ​ | ​ | —
(Gain) loss on derivative instruments, net of settlements | ​ | ​ | (7,227) | ​ | ​ | 12,211 | ​ | ​ | (26,371)
Changes in operating assets and liabilities: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Oil, natural gas and NGL receivables | ​ | ​ | 9,343 | ​ | ​ | 13,096 | ​ | ​ | (12,027)
Accounts receivable and other current assets | ​ | ​ | 1,352 | ​ | ​ | (1,071) | ​ | ​ | 1,863
Accounts payable | ​ | ​ | (917) | ​ | ​ | (90) | ​ | ​ | 509
Other current liabilities | ​ | ​ | 1,039 | ​ | ​ | (20) | ​ | ​ | 1,264
Operating lease liabilities | ​ | ​ | (303) | ​ | ​ | (382) | ​ | ​ | (348)
Consolidated variable interest entities related: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Interest earned on marketable securities in trust account | ​ | ​ | — | ​ | ​ | — | ​ | ​ | (3,509)
Other assets and liabilities | ​ | ​ | — | ​ | ​ | — | ​ | ​ | (687)
Net cash provided by operating activities | ​ | ​ | 246,462 | ​ | ​ | 250,916 | ​ | ​ | 174,268
CASH FLOWS FROM INVESTING ACTIVITIES | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Purchases of property and equipment | ​ | ​ | (734) | ​ | ​ | (188) | ​ | ​ | (141)
Proceeds from sale of property and equipment | ​ | ​ | 12 | ​ | ​ | — | ​ | ​ | —
Purchase of oil and natural gas properties | ​ | ​ | (222,759) | ​ | ​ | (22) | ​ | ​ | (490,666)
Proceeds from trust of variable interest entity | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 931
Consolidated variable interest entities related: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Cash paid for transaction costs | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 32
Cash received from investments held in trust | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 243,167
Net cash used in investing activities | ​ | ​ | (223,481) | ​ | ​ | (210) | ​ | ​ | (246,677)
CASH FLOWS FROM FINANCING ACTIVITIES | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Proceeds from the issuance of Series A preferred units, net of issuance costs | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 313,951
Proceeds from equity offering, net of issuance costs | ​ | ​ | 163,575 | ​ | ​ | — | ​ | ​ | 110,711
Contributions from Class B unitholders | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 268
Redemption of Class B contributions on converted units | ​ | ​ | (2) | ​ | ​ | (316) | ​ | ​ | —
Redemption of Series A preferred units | ​ | ​ | (179,908) | ​ | ​ | — | ​ | ​ | —
Distribution to common unitholders | ​ | ​ | (149,435) | ​ | ​ | (135,880) | ​ | ​ | (120,373)
Distribution to OpCo unitholders | ​ | ​ | (23,190) | ​ | ​ | (31,733) | ​ | ​ | (31,551)
Distribution to Series A preferred unitholders | ​ | ​ | (14,598) | ​ | ​ | (19,513) | ​ | ​ | (962)
Distribution to Class B unitholders | ​ | ​ | (58) | ​ | ​ | (72) | ​ | ​ | (89)
Borrowings on long-term debt | ​ | ​ | 695,636 | ​ | ​ | 4,960 | ​ | ​ | 201,084
Repayments on long-term debt | ​ | ​ | (493,296) | ​ | ​ | (60,000) | ​ | ​ | (139,900)
Payment of loan origination costs | ​ | ​ | (6,815) | ​ | ​ | (63) | ​ | ​ | (6,745)
Restricted units repurchased for tax withholding | ​ | ​ | (5,081) | ​ | ​ | (4,914) | ​ | ​ | (4,852)
Consolidated variable interest entities related: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | —
Redemption of Kimbell Tiger Acquisition Corporation equity units | ​ | ​ | — | ​ | ​ | — | ​ | ​ | (243,167)
Net cash (used in) provided by financing activities | ​ | ​ | (13,172) | ​ | ​ | (247,531) | ​ | ​ | 78,375
NET INCREASE IN CASH AND CASH EQUIVALENTS | ​ | ​ | 9,809 | ​ | ​ | 3,175 | ​ | ​ | 5,966
CASH AND CASH EQUIVALENTS, beginning of period | ​ | ​ | 34,168 | ​ | ​ | 30,993 | ​ | ​ | 25,027
CASH AND CASH EQUIVALENTS, end of period | ​ | $ | 43,977 | ​ | $ | 34,168 | ​ | $ | 30,993

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KIMBELL ROYALTY PARTNERS, LP

CONSOLIDATED STATEMENTS OF CASH FLOWS — (Continued)

​

​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Year Ended December 31,
​ | ​ | 2025 | ​ ​ | 2024 | ​ | 2023
​ | ​ | (In thousands)
Supplemental cash flow information: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Cash paid for interest | ​ | $ | 31,910 | ​ | $ | 25,278 | ​ | $ | 23,728
Cash (refund from) paid for taxes | ​ | $ | (3,928) | ​ | $ | — | ​ | $ | 2,281
Non-cash investing and financing activities: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Units issued in exchange for oil and natural gas properties | ​ | $ | — | ​ | $ | — | ​ | $ | 92,039
Deemed distribution to Series A preferred units | ​ | $ | 1,070 | ​ | $ | 1,579 | ​ | $ | 474
Distribution on Series A preferred units in accounts payable | ​ | $ | 2,458 | ​ | $ | 4,902 | ​ | $ | 4,875
Recognition of tenant improvement asset | ​ | $ | 73 | ​ | $ | 125 | ​ | $ | 125
Right-of-use assets obtained in exchange for operating lease liabilities | ​ | $ | 1,224 | ​ | $ | 1,890 | ​ | $ | —
Consolidated variable interest entities related: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Reduction of deferred underwriting commission associated with redemption of Kimbell Tiger Acquisition Corporation equity units | ​ | $ | — | ​ | $ | — | ​ | $ | (8,050)

The accompanying notes are an integral part of these consolidated financial statements.

​

F-8

​

​

Unless the context otherwise requi res, references to “Kimbell Royalty Partners, LP,” “the Partnership,” or like terms refer to Kimbell Royalty Partners, LP and its subsidiaries. References to the “Operating Company” or “OpCo” refer to Kimbell Royalty Operating, LLC. References to “the General Partner” refer to Kimbell Royalty GP, LLC. References to “Kimbell Operating” refer to Kimbell Operating Company, LLC, a wholly owned subsidiary of the General Partner. References to “the Sponsors” refer to affiliates of the Partnership’s founders, Robert D. Ravnaas, Brett G. Taylor and Mitch S. Wynne, respectively. References to the “Contributing Parties” refer to all entities and individuals, including certain affiliates of the Sponsors, that contributed, directly or indirectly, certain mineral and royalty interests to the Partnership.

NOTE 1—ORGANIZATION AND BASIS OF PRESENTATION

Organization

Kimbell Royalty Partners, LP is a Delaware limited partnership formed in 2015 to own and acquire mineral and royalty interests in oil and natural gas properties throughout the United States. The Partnership has elected to be taxed as a corporation for United States federal income tax purposes. As an owner of mineral and royalty interests, the Partnership is entitled to a portion of the revenues received from the production of oil, natural gas and associated natural gas liquids (“NGL”) from the acreage underlying its interests, net of post-production expenses and taxes. The Partnership is not obligated to fund drilling and completion costs, lease operating expenses or plugging and abandonment costs at the end of a well’s productive life. The Partnership’s primary business objective is to provide increasing cash distributions to unitholders resulting from acquisitions from third parties, its Sponsors and the Contributing Parties and from organic growth through the continued development by working interest owners of the properties in which it owns an interest.

Basis of Presentation

The Partnership’s year-end is December 31. The accompanying consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) and all intercompany balances are eliminated in consolidation. A summary of the significant accounting policies applied in the preparation of the accompanying consolidated financial statements follows.

Use of Estimates

Preparation of the Partnership’s financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts in the financial statements and notes. Actual results could differ from those estimates.

Segment Reporting

The Partnership has one business activity as the owner of mineral and royalty interests and operates in a single operating and reportable segment. Operating segments are defined as components of an enterprise for which separate financial information is evaluated regularly by the chief operating decision maker (the “CODM”) in deciding how to allocate resources and assess performance. The segment participates in activities and derives revenue as described in the organization section on a consolidated basis. The Partnership’s CODM is our Chief Operating Officer.

The CODM assesses performance for the segment and decides how to allocate resources based on net income presented on a consolidated basis, for purposes of allocating resources and evaluating financial performance as presented on the consolidated statement of operations. The CODM uses this measure in the annual budgeting and monthly forecasting process and to evaluate income generated from segment assets to distribute cash to unitholders and deciding whether to reinvest profits for new or existing mineral and royalty interest through acquisitions or organic growth. The measure of segment assets is reported on the balance sheet as total consolidated assets. The accounting policies of the segment are the same as those described in the summary of significant accounting policies.

Significant segment expenses of the Partnership include production and ad valorem taxes, depreciation and depletion expense, impairment of oil and natural gas properties, marketing and other deductions, general and administrative expense and interest expense. Other segment items included in net income are income tax expenses and

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other income (expense) line items. All significant segment expenses and other segment items are presented individually in the consolidated statements of operations.

Global Conflicts

In February 2022, Russia invaded Ukraine and is still engaged in active armed conflict against the country. In October 2023, armed active conflict escalated in the Middle East between Israel and Hamas. These conflicts, along with the recent U.S. military action in Venezuela, and the sanctions imposed in response have led to regional instability and caused dramatic fluctuations in global financial markets and have increased the level of global economic and political uncertainty, including uncertainty about world-wide oil supply and demand, which in turn has increased volatility in commodity prices. To date, the Partnership has not experienced a material impact to operations or the consolidated financial statements as a result of these conflicts; however, the Partnership will continue to monitor for events that could materially impact them.

President Trump has executed several executive orders, some of which impact the oil and gas industry, and he and others in Congress have indicated the potential for further changes to regulations, many of which could impact the oil and gas industry, as well as the implementation of tariffs on foreign goods and services. It is uncertain at this time to what extent such changes in regulations and tariffs will impact our business. Tariffs on foreign goods and services could result in other countries instituting tariffs on U.S. goods and services, which could impact the demand for and price of commodities, increase the price of supplies and raw materials that we rely on, and could impact interest rates. A changing regulatory environment and domestic or foreign tariffs could ultimately impact our operations and expenses.

NOTE 2—SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Management Estimates

The preparation of the consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses, as well as certain financial statement disclosures. The Partnership evaluates estimates and assumptions on an ongoing basis using historical experience and other factors, including the current economic and commodity price environment. While management believes that the estimates and assumptions used in the preparation of the financial statements are appropriate, actual results could differ from these estimates. Significant estimates made in preparing these financial statements include the estimate of third party operated royalty income related to expected sales volumes and prices, the estimates of proved oil, natural gas and NGL reserves and related present value estimates of future net cash flows from those properties, the carrying value of oil and natural gas interests and recoverability of costs of unevaluated properties.

The discounted present value of the proved oil, natural gas and NGL reserves is a major component of the ceiling test calculation and requires many subjective judgments. Estimates of reserves are forecasts based on engineering and geological analyses. Different reserve engineers could reach different conclusions as to estimated quantities of oil, natural gas and NGL reserves based on the same information.

The passage of time provides more qualitative and quantitative information regarding reserve estimates, and revisions are made to prior estimates based on updated information. However, there can be no assurance that more significant revisions will not be necessary in the future. Significant downward revisions could result in ceiling test impairment representing a non-cash charge to income. In addition to the impact on the calculation of the ceiling test, estimates of proved reserves are also a major component of the calculation of depletion.

Cash and Cash Equivalents

The Partnership considers all highly liquid instruments with a maturity date of three months or less at date of purchase to be cash and cash equivalents.

At times, the Partnership maintains deposits in federally insured financial institutions in excess of federally insured limits. Management monitors the credit ratings and concentration of risk with these financial institutions on a continuing basis to safeguard cash deposits. The Partnership has not experienced any losses related to amounts in excess of federally insured limits.

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Oil, Natural Gas and NGL Receivables

Oil, natural gas and NGL receivables consists of revenue payments due to the Partnership from its mineral and royalty interests. The Partnership estimates and records an allowance for expected credit losses when failure to collect the receivable is considered probable based on the relevant facts and circumstances surrounding the receivable. As of December 31, 2025 and 2024, no allowance for expected credit losses is deemed necessary based upon a review of current receivables and the lack of historical write offs.

Commodity Derivatives

The Partnership’s ongoing operations expose it to changes in the market price for oil and natural gas. To manage risks related to fluctuations in prices attributable to its projected oil and natural gas production, the Partnership entered into oil and natural gas derivative contracts. Entrance into such contracts is dependent upon prevailing or anticipated market conditions.

Derivative instruments are recognized at fair value. If a right of offset exists under master netting arrangements and certain other criteria are met, derivative assets and liabilities with the same counterparty are netted on the consolidated balance sheet. The Partnership does not specifically designate derivative instruments as cash flow hedges, even though they reduce its exposure to changes in oil and natural gas prices; therefore, gains and losses arising from changes in the fair value of derivatives are recognized on a net basis in the consolidated statements of operations within gain (loss) on commodity derivative instruments.

Property and Equipment

Property and equipment includes office furniture and equipment, leasehold improvements, and computer hardware and equipment and is stated at historical cost. Depreciation and amortization are calculated using the straight-line method over expected useful lives ranging from three to seven years. Leasehold improvements are depreciated over the shorter of the expected useful life or the term of the underlying lease.

Loan Origination Costs

Certain direct costs associated with the Partnership’s secured revolving credit facility are presented in the consolidated balance sheets as loan origination costs. These costs are amortized over the term of the secured revolving credit facility and included as a component of interest expense in the consolidated statements of operations.

Oil and Natural Gas Properties

The Partnership follows the full-cost method of accounting for costs related to its oil and natural gas properties. Under this method, all such costs are capitalized and amortized on an aggregate basis over the estimated lives of the properties using the unit-of-production method.

The capitalized costs are subject to a ceiling test, which limits capitalized costs to the aggregate of the present value of future net revenues attributable to proved oil, natural gas and NGL reserves discounted at 10% plus the lower of cost or market value of unproved properties. Costs associated with unevaluated properties are excluded from the full-cost pool until a determination as to the existence of proved reserves is able to be made.

While the quantities of proved reserves require substantial judgment, the associated prices of oil, natural gas and NGL reserves that are included in the discounted present value of the reserves are objectively determined. The ceiling test calculation requires use of the unweighted arithmetic average of the first day of the month price during the 12-month period ending on the balance sheet date and costs in effect as of the last day of the accounting period, which are generally held constant for the life of the properties. The present value is not necessarily an indication of the fair value of the reserves. Oil, natural gas and NGL prices have historically been volatile, and the prevailing prices at any given time may not reflect the Partnership’s or the industry’s forecast of future prices. For discussion regarding impairment on the Partnership’s oil and natural gas properties see Note 6—Oil and Natural Gas Properties.

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The Partnership’s oil and natural gas properties are depleted on the unit-of-production method using estimates of proved oil, natural gas and NGL reserves. Sales or other dispositions of oil and gas properties are accounted for as adjustments to capitalized costs, with no gain or loss recorded unless the ratio of cost to estimated proved reserves would significantly change. No gains or losses were recorded for the years ended December 31, 2025, 2024 or 2023.

The Partnership assesses all unevaluated properties on periodic basis for possible impairment. The Partnership assesses properties on an individual basis or as a group if properties are individually insignificant. The assessment includes consideration of the following factors, among others: economic and market conditions; operators’ intent to drill; remaining lease term; geological and geophysical evaluations; operators’ drilling results and activity; the assignment of proved reserves; and the economic viability of operator development if proved reserves are assigned. Costs associated with unevaluated properties are excluded from the full cost pool until a determination as to the existence of proved reserves is able to be made. During any period in which these factors indicate an impairment, all or a portion of the associated leasehold costs are transferred to the full cost pool and are then subject to amortization and to the full cost ceiling test.

Due to the nature of the Partnership’s mineral and royalty interests, there are no exploratory activities pending determination, and no exploratory costs were charged to expense for the years ended December 31, 2025, 2024 or 2023.

Earnings (Loss) Per 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—Unit Based Compensation) and potential conversion of Series A Cumulative Convertible Preferred Units representing limited partner interests in the Partnership (the “Series A preferred units”) and Class B units representing limited partnership interests in the Partnership (“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 A&R LTIP.

Other Current Liabilities

Other current liabilities consist primarily of accrued bonuses, accrued interest, revenue payable, accrued tax liability, ad valorem taxes and short-term operating lease liabilities.

Income Taxes

As discussed further in Note 1—Organization and Basis of Presentation, the Partnership has elected to be taxed as a corporation for United States federal income tax purposes.

Deferred tax assets and liabilities are recognized for the future tax consequences attributable to temporary differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period of the enactment date. Valuation allowances are established when it is more likely than not that some or all of the deferred tax assets will not be realized.

Uncertain tax positions are recognized in the financial statements only if that position is more-likely-than-not of being sustained upon examination by taxing authorities, based on the technical merits of the position. The Partnership had no uncertain tax positions at December 31, 2025, 2024 and 2023.

The Partnership recognizes interest and penalties related to uncertain tax positions in income tax expense. For the years ended December 31, 2025, 2024 and 2023, the Partnership did not recognize any interest or penalty expense related to uncertain tax positions.

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Concentration of Credit Risk

The Partnership has no involvement or operational control over the volumes and method of sale of oil, natural gas and NGLs produced and sold from the properties. It is believed that the loss of any single purchaser would not have a material adverse effect on the results of operations.

During the years ended December 31, 2025, 2024 and 2023, the Partnership’s top purchaser accounted for approximately 7.7%, 9.1% and 6.7%, respectively, of oil, natural gas and NGL sales revenue.

Commodity derivative financial instruments may expose the Partnership to credit risk; however, the Partnership monitors the creditworthiness of its counterparties. While the Partnership does not require the counterparties to its derivative contracts to post collateral, the Partnership does evaluate the credit standing of such counterparties as they deem appropriate. This evaluation includes reviewing a counterparty’s credit rating and latest financial information.

Non-controlling Interest

Non-controlling interest in the accompanying consolidated financial statements represents OpCo common units, as defined in Note 10—Unitholders’ Equity and Partnership Distributions. The Partnership’s Class B units are exchangeable on a one-for-one basis, together with an equal number of OpCo common units, for common units of the Partnership. When OpCo common unitholders’ relative ownership interest in the Operating Company changes, adjustments to non-controlling interest and common unitholder equity will occur. Because these changes in the Partnership’s ownership interest in the Operating Company did not result in a change of control, the transactions were accounted for as equity transactions under ASC Topic 810, “Consolidation.”

Change in Ownership of Consolidated Subsidiaries

The Partnership’s relative ownership interest in OpCo can change due to the Partnership’s public offerings, issuance of units for acquisitions, issuance of unit-based compensation, conversion of Class B to common units, repurchases of common units and distribution rights paid on the Partnership’s units. These changes in ownership percentage result in adjustments to non-controlling interest and common unitholders' equity.

Revenue from Contracts with Customers

The Partnership has the right to receive revenues from oil, natural gas and NGL sales obtained by the operator of the wells in which the Partnership owns a mineral or royalty interest. Revenue is recognized at the point control of the product is transferred to the purchaser. Virtually all of the pricing provisions in the Partnership’s contracts are tied to a market index.

The Partnership’s oil, natural gas and NGL sales contracts are generally structured whereby the producer of the properties in which the Partnership owns a mineral or royalty interest sells the Partnership’s proportionate share of oil, natural gas and NGL production to the purchaser and the Partnership collects its percentage royalty based on the revenue generated by the sale of the oil, natural gas and NGL. In this scenario, the Partnership recognizes revenue when control transfers to the purchaser at the wellhead or at the gas processing facility based on the Partnership’s percentage ownership share of the revenue, net of any deductions for gathering and transportation.

The following table disaggregates the Partnership’s oil, natural gas, and NGL revenues for the following periods:

​

​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Year Ended December 31,
​ | ​ | 2025 | ​ ​ ​ | 2024 | ​ ​ ​ | ​ | 2023
​ | ​ | (In thousands)
Oil revenue | ​ | $ | 195,471 | ​ | $ | 215,539 | ​ | $ | 183,151
Natural gas revenue | ​ | ​ | 78,364 | ​ | ​ | 50,156 | ​ | ​ | 59,525
NGL revenue | ​ | ​ | 43,638 | ​ | ​ | 38,910 | ​ | ​ | 24,910
Total Oil, natural gas and NGL revenues | ​ | $ | 317,473 | ​ | $ | 304,605 | ​ | $ | 267,586

​

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Transaction Price Allocated to Remaining Performance Obligations

The Partnership’s right to revenue does not originate until production occurs and, therefore, is not considered to exist beyond each day’s production. Therefore, there are no remaining performance obligation under any of the Partnership’s revenue contracts.

Contract Balances

Under the Partnership’s revenue contracts, it would have the right to receive revenue from the producer once production has occurred, at which point payment is unconditional. Accordingly, the Partnership’s revenue contracts do not give rise to contract assets or liabilities under GAAP.

Prior-Period Performance Obligations

The Partnership records revenue in the month production is delivered to the purchaser. However, settlement statements for certain oil, natural gas and NGL sales may not be received for one to four months after the date production is delivered, and as a result, the Partnership is required to estimate the revenue to be received based upon the Partnership’s interest. The Partnership records the differences between its estimates and the actual amounts received in the month that payment is received from the producer. Identified differences between the Partnership’s revenue estimates and actual revenue received historically have not been significant. For the year ended December 31, 2025, revenue recognized in the reporting period related to performance obligations satisfied in prior reporting periods was not material. The Partnership believes that the pricing provisions of its oil, natural gas and NGL contracts are customary in the industry. To the extent actual volumes and prices of oil and natural gas sales are unavailable for a given reporting period because of timing or information not received from third parties, the royalties related to expected sales volumes and prices for those properties are estimated and recorded.

Fair Value Measurements

The Partnership measures and reports certain assets and liabilities on a fair value basis and has classified and disclosed its fair value measurements using the levels of the fair value hierarchy. The carrying amount of cash and cash equivalents, accounts receivable, accounts payable, and other current liabilities as reflected in the consolidated balance sheets, approximate fair value because of the short-term maturity of these instruments. The carrying amount reported for long-term debt represents fair value as the interest rates approximate current market rates. These estimated fair values may not be representative of actual values of the financial instruments that could have been realized or that will be realized in the future. See Note 5—Fair Value Measurements for further discussion of the Partnership’s fair value measurements.

Recently Adopted Accounting Pronouncements

In December 2023, the FASB issued ASU 2023-09, “Income Taxes (Topic 740): Improvements to Income Tax Disclosures.” The amendments in this update apply to all entities that are subject to Topic 740, Income Taxes. The Partnership adopted ASU 2023-09 for the year ended December 31, 2025, on a prospective basis. The Partnership’s annual income tax disclosures have been expanded to provide additional transparency into the drivers of its effective tax rate and cash taxes paid, net of refunds received, to various jurisdictions. The disclosures reflect new quantitative thresholds and expanded presentation requirements introduced under ASU 2023-09. See Note 13—Income Taxes, for additional information.

Recently Issued Accounting Pronouncements

In November 2024, the FASB issued ASU 2024-03, “Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40).” The amendments in this update apply to all public business entities. The amendments in this update are effective for annual reporting periods beginning after December 15, 2026, and interim reporting periods beginning after December 15, 2027, with early adoption permitted. The amendments in this Update should be applied either (1) prospectively to financial statements issued for reporting periods after the effective date of this Update or (2) retrospectively to any or all prior periods presented in the financial statements. The Partnership is currently evaluating the impact of the adoption of this update but does not believe it will have a material impact on its financial position, results of operations or liquidity.

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NOTE 3—ACQUISITIONS

On January 17, 2025, the Partnership completed the acquisition of mineral and royalty interests from Boren Minerals (the “Boren Acquisition”) in a transaction valued at approximately $230.4 million, including transaction costs and certain customary post-closing adjustments. The Partnership funded the cash consideration of the purchase price with borrowings under its secured revolving credit facility and net proceeds from the 2025 Equity Offering (as defined in Note 11). The oil and gas properties acquired are located under the Mabee Ranch in the Midland Basin in Texas. The Boren Acquisition was accounted for as an asset acquisition and the allocation of the purchase price was $94.9 million to proved developed properties and $127.8 million to unevaluated properties.

NOTE 4—DERIVATIVES

Commodity Derivatives

The Partnership’s ongoing operations expose it to changes in the market price for oil and natural gas. To mitigate the inherent commodity price risk associated with its operations, the Partnership uses oil and natural gas commodity derivative financial instruments. From time to time, such instruments may include variable-to-fixed-price swaps, costless collars, fixed-price contracts, and other contractual arrangements. The Partnership enters into oil and natural gas derivative contracts that contain netting arrangements with each counterparty.

At December 31, 2025, the Partnership’s commodity derivative contracts consisted of fixed price swaps, under which the Partnership receives a fixed price for the contract and pays a floating market price to the counterparty over a specified period for a contracted volume.

The Partnership’s oil fixed price swap transactions are settled based upon the average daily prices for the calendar month of the contract period, and its natural gas fixed price swap transactions are settled based upon the last scheduled trading day of the first nearby month futures contract corresponding to the relevant contract period. Settlement for oil derivative contracts occurs in the succeeding month and natural gas derivative contracts are settled in the production month. Changes in the fair values of the Partnership’s commodity derivative instruments are recognized as gains or losses in the current period and are presented on a net basis within revenue in the accompanying consolidated statements of operations.

The Partnership has not designated any of its derivative contracts as hedges for accounting purposes. Changes in the fair value consisted of the following:

​

​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Year Ended December 31,
​ | ​ | 2025 | ​ | 2024 | ​ | 2023
​ | ​ | (In thousands)
Beginning fair value of derivative instruments | ​ | $ | 1,836 | ​ | $ | 14,047 | ​ | $ | (12,324)
Gain (loss) on commodity derivative instruments, net | ​ | ​ | 12,091 | ​ | ​ | (1,345) | ​ | ​ | 20,888
Net cash received on settlements of derivative instruments | ​ | ​ | (4,864) | ​ | ​ | (10,866) | ​ | ​ | 5,483
Ending fair value of derivative instruments | ​ | $ | 9,063 | ​ | $ | 1,836 | ​ | $ | 14,047

​

The following table presents the fair value of the Partnership’s derivative contracts for the periods indicated:

​

​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | December 31, | ​ | December 31,
Classification | ​ | Balance Sheet Location | ​ | 2025 | ​ | 2024
​ | ​ | ​ | ​ | (In thousands)
Assets: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Current assets | ​ | Derivative assets | ​ | $ | 6,504 | ​ | $ | 2,404
Long-term assets | ​ | Derivative assets | ​ | ​ | 2,587 | ​ | ​ | 566
Liabilities: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Current liabilities | ​ | Derivative liabilities | ​ | ​ | — | ​ | ​ | (255)
Long-term liabilities | ​ | Derivative liabilities | ​ | ​ | (28) | ​ | ​ | (879)
​ | ​ | ​ | ​ | $ | 9,063 | ​ | $ | 1,836

​

At December 31, 2025, the Partnership’s open commodity derivative contracts consisted of the following:

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Oil Price Swaps

​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Notional | ​ | Weighted Average | ​ | Range (per Bbl)
​ | ​ | Volumes (Bbl) | ​ | Fixed Price (per Bbl) | ​ | ​ | Low | ​ | High
January 2026 - December 2026 | ​ | 595,680 | ​ | $ | 67.75 | ​ | $ | 63.33 | ​ | $ | 70.78
January 2027 - December 2027 | ​ | 614,295 | ​ | $ | 61.31 | ​ | $ | 58.06 | ​ | $ | 63.75

Natural Gas Price Swaps

​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Notional | ​ | Weighted Average | ​ | Range (per MMBtu)
​ | ​ | Volumes (MMBtu) | ​ | Fixed Price (per MMBtu) | ​ | Low | ​ | High
January 2026 - December 2026 | ​ | 5,256,000 | ​ | $ | 3.69 | ​ | $ | 3.33 | ​ | $ | 4.07
January 2027 - December 2027 | ​ | 5,361,120 | ​ | $ | 3.93 | ​ | $ | 3.47 | ​ | $ | 4.46

​

​

NOTE 5—FAIR VALUE MEASUREMENTS

The Partnership measures and reports certain assets and liabilities on a fair value basis and has classified and disclosed its fair value measurements using the levels of the fair value hierarchy noted below. The carrying values of cash, oil, natural gas and NGL receivables, accounts receivable and other current assets and current and long-term liabilities included in the consolidated balance sheets approximated fair value at December 31, 2025 and 2024 due to their short-term duration and variable interest rates that approximate prevailing interest rates as of each reporting period. As a result, these financial assets and liabilities are not discussed below.

| ● | Level 1—Unadjusted quoted market prices for identical assets or liabilities in active markets.

| ● | Level 2—Quoted prices for similar assets or liabilities in non-active markets, or inputs that are observable for the asset or liability either directly or indirectly, for substantially the full term of the asset or liability.

| ● | Level 3— Measurement based on prices or valuations models that require inputs that are both unobservable and significant to the fair value measurement (including the Partnership’s own assumptions in determining fair value).

Assets and liabilities that are measured at fair value are classified based on the lowest level of input that is significant to the fair value measurement. The Partnership’s assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to the asset or liability. The Partnership recognizes transfers between fair value hierarchy levels as of the end of the reporting period in which the event or change in circumstances causing the transfer occurred. The Partnership did not have any transfers between Level 1, Level 2 or Level 3 fair value measurements during the years ended December 31, 2025 and 2024.

The Partnership’s commodity derivative instruments are classified within Level 2. The fair values of the Partnership’s oil and natural gas fixed price swaps are based upon inputs that are either readily available in the public market, such as oil and natural gas futures prices, volatility factors and discount rates, or can be corroborated from active markets.

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The following tables summarize the Partnership’s assets and liabilities measured at fair value on a recurring basis by the fair value hierarchy:

​

​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Fair Value Measurements Using | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Level 1 | ​ | Level 2 | ​ | Level 3 | ​ | Effect of Counterparty Netting | ​ | Total
​ | ​ | (In thousands)
December 31, 2025 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Assets | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Commodity derivative contracts | ​ | $ | — | ​ | $ | 9,686 | ​ | $ | — | ​ | $ | (595) | ​ | $ | 9,091
Liabilities | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Commodity derivative contracts | ​ | $ | — | ​ | $ | (623) | ​ | $ | — | ​ | $ | 595 | ​ | $ | (28)
December 31, 2024 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Assets | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Commodity derivative contracts | ​ | $ | — | ​ | $ | 4,476 | ​ | $ | — | ​ | $ | (1,506) | ​ | $ | 2,970
Liabilities | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Commodity derivative contracts | ​ | $ | — | ​ | $ | (2,640) | ​ | $ | — | ​ | $ | 1,506 | ​ | $ | (1,134)

​

Asset and Liabilities Measured at Fair Value on a Nonrecurring Basis

Certain assets and liabilities are measured at fair value on a nonrecurring basis in certain circumstances. These assets and liabilities can include mineral and royalty interests acquired in asset acquisitions.

NOTE 6—OIL AND NATURAL GAS PROPERTIES

Oil and natural gas properties consist of the following:

​

​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ ​ ​ | December 31, | ​ | December 31,
​ | ​ | 2025 | ​ | 2024
​ | ​ | (In thousands)
Oil and natural gas properties | ​ | ​ | ​ | ​ | ​ | ​
Proved properties | ​ | $ | 2,097,281 | ​ | $ | 1,933,512
Unevaluated properties | ​ | ​ | 174,189 | ​ | ​ | 115,200
Less: accumulated depreciation, depletion and impairment | ​ | ​ | (1,148,157) | ​ | ​ | (1,023,890)
Total oil and natural gas properties | ​ | $ | 1,123,313 | ​ | $ | 1,024,822
​ | ​ | ​ | ​ | ​ | ​ | ​
Costs not subject to depletion | ​ | ​ | ​ | ​ | ​ | ​
Incurred in 2025 | ​ | $ | 116,500 | ​ | ​ | ​
Incurred in 2024 | ​ | ​ | — | ​ | ​ | ​
Incurred in 2023 | ​ | ​ | 57,689 | ​ | ​ | ​
Prior | ​ | ​ | — | ​ | ​ | ​
Total costs not subject to depletion | ​ | $ | 174,189 | ​ | ​ | ​

​

The net capitalized costs of proved oil and natural gas properties are subject to a full-cost ceiling limitation for which the costs are not allowed to exceed their related estimated future net revenues discounted at 10%. Unevaluated properties are assessed on a periodic basis for possible impairment based on the following factors, among others: economic and market conditions, operators’ intent to drill, remaining lease term, geological and geophysical evaluations, operators’ drilling results and activity, the assignment of proved reserves and the economic viability of operator development if proved reserves are assigned. Costs associated with unevaluated properties are excluded from the full cost pool until a determination as to the existence of proved developed reserves is able to be made. During any period in which these factors indicate an impairment, all or a portion of the associated leasehold costs are transferred to the full cost pool and are then subject to amortization and to the full cost ceiling test.

The Partnership did not record an impairment on its oil and natural gas properties for the year ended December 31, 2025. As a result of its full cost ceiling analysis, the Partnership recorded an impairment on its oil and natural gas

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properties of $62.1 million and $18.2 million during the years ended December 31, 2024 and 2023. The impairments were primarily attributed to the decline in the 12-month average price of oil and natural gas.

Depletion expense for the years ended December 31, 2025, 2024 and 2023 was $124.3 million, $134.7 million and $96.1 million, respectively. For the years ended December 31, 2025, 2024 and 2023, the average depletion rate per barrel was $13.22, $14.80 and $13.03, respectively.

NOTE 7—LEASES

The Partnership is the lessee on a lease of administrative office space used for its operations. On December 26, 2024, the Partnership modified its existing operating leases associated with its main office used for operations. The modified operating lease includes $1.2 million of rent expense that had not yet commenced as of December 31, 2024. The lease commenced in February 2025, expanding the current office space and extending the lease term to 2035, with the exclusive right and option to renew and extend the lease at the expiration of the primary term. The Partnership does not have any material lessor arrangements. Substantially all of the Partnership’s leases are long-term operating leases with fixed payment terms and will now terminate in February 2035. The Partnership’s right-of-use (“ROU”) operating lease assets represent its right to use an underlying asset for the lease term, and its operating lease liabilities represent its obligation to make lease payments. ROU operating lease assets and operating lease liabilities are included in the accompanying consolidated balance sheets. Short-term operating lease liabilities are included in other current liabilities. The weighted average remaining lease term as of December 31, 2025 is 9.09 years.

Both the ROU operating lease assets and liabilities are recognized at the present value of the remaining lease payments over the lease term and do not include lease incentives. The Partnership’s leases do not provide an implicit rate that can readily be determined; therefore, the Partnership used a discount rate based on its incremental borrowing rate, which is determined by the information available in the secured revolving credit facility. The incremental borrowing rate reflects the estimated rate of interest that the Partnership would pay to borrow, on a collateralized basis over a similar term, an amount equal to the lease payments in a similar economic environment. The weighted average discount rate used for the operating lease was 7.51% for the year ended December 31, 2025.

Operating lease expense is recognized on a straight-line basis over the lease term and is included in general and administrative expense in the accompanying consolidated statements of operations. The total operating lease expense recorded for the years ended December 31, 2025, 2024 and 2023 was $0.7 million, $0.6 million and $0.6 million, respectively.

Maturities of lease liabilities as of December 31, 2025 are as follows:

​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Total | ​ | 2026 | ​ | 2027 | ​ | 2028 | ​ | 2029 | ​ | 2030 | ​ | Thereafter
​ | ​ | (In thousands)
Operating leases | ​ | $ | 6,581 | ​ | $ | 658 | ​ | $ | 668 | ​ | $ | 682 | ​ | $ | 702 | ​ | $ | 721 | ​ | $ | 3,150
Less: Imputed Interest | ​ |  | (1,852) | ​ |  | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Total | ​ | $ | 4,729 | ​ |  | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​

​

NOTE 8—LONG-TERM DEBT

On December 16, 2025, the Partnership entered into a Second Amended and Restated Credit Agreement (the “Second A&R Credit Agreement”), which amended and restated our existing Amended and Restated Credit Agreement, dated as of June 13, 2023 (as amended on July 24, 2023, December 8, 2023, and May 1, 2025). The Second A&R Credit Agreement provides for, among other things, (i) a senior secured reserve-based revolving credit facility in an aggregate maximum principal amount of up to $1.5 billion with an initial borrowing base of $625.0 million and an initial aggregate elected commitments amount of up to $625.0 million, including a sub-facility for the issuance of letters of credit of up to $10.0 million and (ii) an extension of the maturity date of the Second A&R Credit Agreement to December 16, 2030 (provided, that if (a) any Permitted Preferred Units (as defined in the Second A&R Credit Agreement) that were outstanding on December 16, 2025 remain outstanding on May 3, 2030, and (b) Liquidity (as defined in the Second A&R Credit Agreement) would be less than 10% of the Loan Limit (as defined in the Second A&R Credit Agreement), or the Debt to EBITDAX Ratio (as defined in the Second A&R Credit Agreement) would be greater than 3.00 x, or any Borrowing Base Deficiency (as defined in the Second A&R Credit Agreement) would exist (in each case immediately after giving

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pro forma effect to the exercise of any put right in respect of such Permitted Preferred Units), the maturity date shall be May 3, 2030).

The secured revolving credit facility bears interest at a rate equal to, at the Partnership’s election, either (a) the Secured Overnight Financing Rate (as defined in the Second A&R Credit Agreement) plus an applicable margin that varies from 2.50% to 3.50% per annum or (b) a base rate plus an applicable margin that varies from 1.50% to 2.50% per annum, based on borrowing base utilization.

The secured revolving credit facility is guaranteed by certain of the Partnership’s material subsidiaries and is collateralized by substantially all assets, including the oil and natural gas properties of such subsidiaries, including mortgages on at least 75% of the PV-9 of the proved developed reserves constituting borrowing base properties as set forth on the Partnership’s most recent reserve report. The borrowing base will be based on the value of the Partnership’s and certain of its material subsidiaries’ oil and natural gas properties. The borrowing base will be redetermined semi-annually on or about May 1 and November 1 of each year by the Lenders (as defined in the Second A&R Credit Agreement), with one interim unscheduled redetermination available to each of the Partnership and a group of certain Lenders between scheduled redeterminations during each calendar year. The first scheduled redetermination will be on or around May 1, 2026.

Customary borrowing base reductions and mandatory prepayments are required under the Second A&R Credit Agreement in connection with certain sales of certain types of borrowing base properties, sales of equity interests in guarantor subsidiaries owning such properties, certain debt issuances or certain types of swap terminations. In addition, Cash Balance (as defined in the Second A&R Credit Agreement) above $50.0 million and 10% of the Loan Limit is required to be applied weekly to prepay loans (without a commitment reduction) if not otherwise reduced to zero in a manner permitted by the Second A&R Credit Agreement.

The Partnership is required to pay a commitment fee that varies from 0.375% to 0.50% per annum on the average daily unused portion of the current aggregate commitments under the secured revolving credit facility. The Partnership is also required to pay customary letter of credit and fronting fees.

The Second A&R Credit Agreement requires the Partnership to maintain as of the last day of each fiscal quarter: (i) a Debt to EBITDAX Ratio (as defined in the Second A&R Credit Agreement) of not more than 3.5 to 1.0 and (ii) a ratio of current assets to current liabilities of not less than 1.0 to 1.0, calculated at the end of each fiscal quarter.

The Second A&R Credit Agreement also contains customary affirmative and negative covenants, including, among other things, as to compliance with laws (including environmental laws and anti-corruption laws), delivery of quarterly and annual financial statements and borrowing base certificates, conduct of business, maintenance of property, maintenance of insurance, entry into certain derivatives contracts, restrictions on the incurrence of liens, indebtedness, asset dispositions, restricted payments, and other customary covenants. These covenants are subject to a number of limitations and exceptions.

Additionally, the Second A&R Credit Agreement contains customary events of default and remedies for credit facilities of this nature. If the Partnership does not comply with the financial and other covenants in the Second A&R Credit Agreement, the Lenders may, subject to customary cure rights, require immediate payment of all amounts outstanding under the Second A&R Credit Agreement and any outstanding unfunded commitments may be terminated.

During the year ended December 31, 2025, the Partnership borrowed an additional $695.6 million under the secured revolving credit facility and repaid approximately $493.3 million of the outstanding borrowings. As of December 31, 2025, the Partnership’s outstanding balance was $441.5 million and there were no outstanding letters of credit under the secured revolving credit facility. The Partnership was in compliance with all covenants included in the secured revolving credit facility as of December 31, 2025.

As of December 31, 2025, borrowings under the secured revolving credit facility bore interest at SOFR plus a margin of 3.00% or the ABR (as defined in the Second A&R Credit Agreement) plus a margin of 2.00%. For the year ended December 31, 2025, the weighted average interest rate on the Partnership’s outstanding borrowings was 7.57%.

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NOTE 9—PREFERRED UNITS

On August 2, 2023, the Partnership entered into a Series A preferred unit purchase agreement with certain funds managed by affiliates of Apollo (NYSE: APO) (collectively, the “Series A Purchasers”) to issue and sell up to 400,000 Series A preferred units. On September 13, 2023, in connection with the closing of the acquisition of all issued and outstanding membership interests of Cherry Creek Minerals LLC pursuant to a securities purchase agreement with LongPoint Minerals II, LLC (the “LongPoint Acquisition”), the Partnership completed the private placement of 325,000 Series A preferred units to the Series A Purchasers for $1,000 per Series A preferred unit, resulting in gross proceeds to the Partnership of $325.0 million (the “Preferred Unit Transaction”). The Partnership used the net proceeds from the Preferred Unit Transaction to purchase 325,000 preferred units of the Operating Company (“OpCo preferred units”). The Operating Company in turn used the net proceeds to fund a portion of the LongPoint Acquisition. The Series A preferred units rank senior to the Partnership’s common units with respect to distribution rights and rights upon liquidation.

On May 7, 2025, the Partnership completed the redemption of 162,500 Series A preferred units, representing 50% of the then-outstanding Series A preferred units. The Series A preferred units were redeemed at a price of $1,121.92 per Series A preferred unit for an aggregate redemption price of $182.3 million. As the consideration transferred by the Partnership to redeem the Series A preferred units was greater than the carrying value of the Series A preferred units as of the redemption date, a deemed dividend distribution of $24.0 million was recognized in unitholders’ equity and non-controlling interest during the year ended December 31, 2025.

Until the conversion of the Series A preferred units into common units or their redemption, holders of the Series A preferred units are entitled to receive cumulative quarterly distributions equal to 6.0% per annum plus accrued and unpaid distributions. The Partnership has the right, in any four non-consecutive quarters, to elect not to pay such quarterly distribution in cash and instead have the unpaid distribution amount added to the liquidation preference at the rate of 10.0% per annum. If the Partnership makes such an election in consecutive quarters or if the Partnership fails to pay in full, in cash and when due, any distribution owed to the Series A preferred units or otherwise materially breaches its obligations to the holders of the Series A preferred units, the distribution rate will increase to 20.0% per annum until the accumulated distributions are paid in full in cash, or any such material breach is cured, as applicable. Each holder of Series A preferred units has the right to share in any special distributions by the Partnership of cash, securities or other property pro rata with the common units on an as-converted basis, subject to customary adjustments. The Partnership cannot declare or make any distributions, redemptions or repurchases on any junior securities, including any of their common units, prior to paying the quarterly distribution payable to the Series A preferred units, including any previously accrued and unpaid distributions.

Beginning with the earlier of (i) the second anniversary of the original issuance date and (ii) immediately prior to a liquidation of the Partnership, the Series A Purchasers may, at any time (but not more often than once per quarter), elect to convert all or any portion of their Series A preferred units into a number of common units determined by multiplying the number of Series A preferred units to be converted by the then-applicable conversion rate, provided that (a) any conversion is for an amount of common units with an aggregate value of at least $10.0 million or such lesser amount that covers all of the holders’ remaining Series A preferred units and (b) the closing price of the common units is at least 130% of the conversion price of $15.07, subject to certain anti-dilution adjustments (the “Conversion Price”) for 20 trading days during the 30-trading day period immediately preceding the conversion notice.

At any time on or after the second anniversary of the original issuance date, the Partnership will have the option to convert all or any portion of the Series A preferred units into a number of common units determined by the then-applicable conversion rate, provided that (i) any conversion is for an amount of common units with an aggregate value of at least $10.0 million or such lesser amount that covers all of the holders’ Series A preferred units, (ii) the common units are listed for, or admitted to, trading on a national securities exchange, (iii) the closing price of the common units is at least 160% of the Conversion Price for 20 trading days during the 30-trading day period immediately preceding the conversion notice and (iv) the Partnership has an effective registration statement on file with the United States Securities and Exchange Commission (“SEC”) covering resales of the underlying common units to be received by the holders of Series A preferred units upon such conversion.

The Series A preferred units are redeemable at the option of the Series A Purchasers after seven years from the effective date of the Series A preferred unit purchase agreement, August 2, 2023. The Series A preferred units may be

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redeemed by the Partnership at any time or in the event of a change of control. The Series A preferred units may be redeemed for a cash amount per Series A preferred unit equal to the product of (a) the number of outstanding Series A preferred units multiplied by (b) the greatest of (i) an amount (together with all prior distributions made in respect of such Series A preferred unit) necessary to achieve the Minimum IRR (as defined below), (ii) an amount (together with all prior distributions made in respect of such Series A preferred unit) necessary to achieve a return on investment equal to 1.2 times with respect to such Series A preferred unit and (iii) the Series A issue price plus accrued and unpaid distributions.

For purposes of the Series A preferred units, “Minimum IRR” means as of any measurement date: (a) prior to the fifth anniversary of the original issuance date, a 12.0% internal rate of return with respect to the Series A preferred units; (b) on or after the fifth anniversary of the original issuance date and prior to the sixth anniversary of the original issuance date, a 13.0% internal rate of return with respect to the Series A preferred units; and (c) on or after the sixth anniversary of the original issuance date, a 14.0% internal rate of return with respect to the Series A preferred units.

The Series A preferred units are classified as mezzanine equity on the consolidated sheets due to certain redemption provisions being outside of the Partnership’s control. The Partnership has elected to accrete changes in the redemption value of the Series A preferred units over the period from the date of issuance to the earliest redemption date. The Series A preferred units were estimated to be redeemable at a price of $1,146.25 per Series A preferred unit as of December 31, 2025, equal to 115% of par value.

The Series A preferred units had a carrying value of $158.8 million, including accrued distributions of $2.5 million, as of December 31, 2025, and a carrying value of $316.0 million, including accrued distributions of $4.9 million, as of December 31, 2024.

In connection with the issuance of the Series A preferred units, the Partnership granted holders of the Series A preferred units board observer rights beginning on the fifth anniversary of the original issuance date, board appointment rights beginning on the sixth anniversary of the original issuance date, and in the case of events of default with respect to the Series A preferred units, the right to appoint two members of the board beginning on the seventh anniversary of the original issuance date.

The terms of the Series A preferred units contain covenants preventing the Partnership from taking certain actions without the approval of the holders of 662/3% of the outstanding Series A preferred units, voting separately as a class.

​

​

NOTE 10—UNITHOLDERS’ EQUITY AND PARTNERSHIP DISTRIBUTIONS

The Partnership has issued units representing limited partner interests. As of December 31, 2025, the Partnership had a total of 93,396,488 common units issued and outstanding and 14,491,540 Class B units outstanding.

On January 9, 2025, the Partnership completed an underwritten public offering of 11,500,000 common units for net proceeds of approximately $163.6 million (the “2025 Equity Offering”). The Partnership used the net proceeds from the 2025 Equity Offering to purchase common units of the Operating Company (“OpCo common units”). The Operating Company ultimately used the net proceeds of the 2025 Equity Offering to fund the Boren Acquisition.

On August 7, 2023, the Partnership completed an underwritten public offering of 8,337,500 common units for net proceeds of approximately $110.7 million (the “2023 Equity Offering”). The Partnership used the net proceeds from the 2023 Equity Offering to purchase OpCo common units. The Operating Company in turn used the net proceeds to repay approximately $90.0 million of the outstanding borrowings under the Partnership’s secured revolving credit facility. The Operating Company used the remainder of the net proceeds of the 2023 Equity Offering for general corporate purposes.

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The following table summarizes the changes in the number of the Partnership’s common units:

​

​ | ​ | ​
​ | ​ | Common Units
Balance at December 31, 2024 | ​ | 80,969,651
Units issued for equity offering | ​ | 11,500,000
Common units issued under the A&R LTIP (1) | ​ | 1,213,611
Restricted units repurchased for tax withholding | ​ | (315,276)
Conversion of Class B units to common units | ​ | 32,580
Forfeiture of restricted units | ​ | (4,078)
Balance at December 31, 2025 | ​ | 93,396,488

(1) | Includes restricted units granted to certain employees, directors and consultants under the Kimbell Royalty GP, LLC 2017 Long-Term Incentive Plan on February 25, 2025.

The following table presents information regarding the common unit cash distributions approved by the General Partner’s Board of Directors (the “Board of Directors”) for the periods presented:

​

​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Amount per | ​ | Date | ​ | Unitholder | ​ | Payment
​ | ​ | Common Unit | ​ | Declared | ​ | Record Date | ​ | Date
Q1 2025 | ​ | $ | 0.47 | ​ | May 8, 2025 | ​ | May 20, 2025 | ​ | May 28, 2025
Q2 2025 | ​ | $ | 0.38 | ​ | August 7, 2025 | ​ | August 18, 2025 | ​ | August 25, 2025
Q3 2025 | ​ | $ | 0.35 | ​ | November 6, 2025 | ​ | November 17, 2025 | ​ | November 24, 2025
Q4 2025 | ​ | $ | 0.37 | ​ | February 26, 2026 | ​ | March 18, 2026 | ​ | March 25, 2026
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Q1 2024 | ​ | $ | 0.49 | ​ | May 2, 2024 | ​ | May 13, 2024 | ​ | May 20, 2024
Q2 2024 | ​ | $ | 0.42 | ​ | August 1, 2024 | ​ | August 12, 2024 | ​ | August 19, 2024
Q3 2024 | ​ | $ | 0.41 | ​ | November 7, 2024 | ​ | November 18, 2024 | ​ | November 25, 2024
Q4 2024 | ​ | $ | 0.40 | ​ | February 27, 2025 | ​ | March 18, 2025 | ​ | March 25, 2025
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Q1 2023 | ​ | $ | 0.35 | ​ | May 3, 2023 | ​ | May 15, 2023 | ​ | May 22, 2023
Q2 2023 | ​ | $ | 0.39 | ​ | August 2, 2023 | ​ | August 14, 2023 | ​ | August 21, 2023
Q3 2023 | ​ | $ | 0.51 | ​ | November 2, 2023 | ​ | November 13, 2023 | ​ | November 20, 2023
Q4 2023 | ​ | $ | 0.43 | ​ | February 21, 2024 | ​ | March 13, 2024 | ​ | March 20, 2024

​

The following table summarizes the changes in the number of the Partnership’s Class B units:

​

​ | ​ | ​
​ | ​ | Class B Units
Balance at December 31, 2024 | ​ | 14,524,120
Conversion of Class B units to common units | ​ | (32,580)
Balance at December 31, 2025 | ​ | 14,491,540

​

For each Class B unit issued, five cents have been paid to the Partnership as additional consideration (the “Class B Contribution”). Holders of the Class B units are entitled to receive cash distributions equal to 2.0% per quarter on their respective Class B Contribution, subsequent to distributions on the Series A preferred units but prior to distributions on the common units and OpCo common units.

Holders of the Class B units are entitled to one vote per share on all matters to be voted upon by the shareholders. Holders of the common units and the Class B units generally vote together as a single class on all matters presented to the Kimbell Royalty Partners, LP unitholders for their vote or approval. Holders of Class B units do not have any right to receive dividends or distributions upon a liquidation or winding up of Kimbell Royalty Partners, LP. The Class B units and OpCo common units are exchangeable together into an equal number of common units of the Partnership.

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Change in Ownership of Consolidated Subsidiaries

The following table summarizes the changes in common unitholders' equity due to changes in ownership interest during the period:

​

​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Year Ended December 31,
​ | ​ | 2025 | ​ | 2024 | ​ | 2023
​ | ​ | (In thousands)
Net income attributable to the Partnership | ​ | $ | 86,264 | ​ | $ | 8,769 | ​ | $ | 65,152
Changes in ownership of consolidated subsidiaries, net | ​ | ​ | (13,924) | ​ | ​ | (3,782) | ​ | ​ | 23,421
Change from net income attributable to the Partnership's unitholders and transfers to non-controlling interest | ​ | $ | 72,340 | ​ | $ | 4,987 | ​ | ​ | 88,573

​

​

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.

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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.

NOTE 12—UNIT-BASED COMPENSATION

On May 1, 2024, the Board of Directors approved and adopted the first amendment to the Amended and Restated Kimbell Royalty GP, LLC 2017 Long-Term Incentive Plan (as so amended, the “A&R LTIP”), which increased the number of common units available to be awarded under the A&R LTIP by 4,684,622 common units, which increased the total number of common units available to be awarded under the A&R LTIP, after taking into account previously awarded common units, to 6,765,012 common units. The Partnership’s A&R LTIP authorizes grants to its employees and directors. The restricted units issued under the Partnership’s A&R LTIP generally vest in one-third installments on each of the first three anniversaries of the grant date, subject to the grantee’s continuous service through the applicable vesting date. Compensation expense for such awards will be recognized over the term of the service period on a straight-line basis over the requisite service period for the entire award. Management elects not to estimate forfeiture rates and to account for forfeitures in compensation cost when they occur.

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Distributions related to the restricted units are paid concurrently with the Partnership’s distributions for common units. The fair value of the Partnership’s restricted units issued under the A&R LTIP to the Partnership’s employees and directors is determined by utilizing the market value of the Partnership’s common units on the respective grant date.

The following table presents a summary of the Partnership’s unvested restricted units.

​

​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | Weighted | ​ ​ ​ | Weighted
​ | ​ | ​ | ​ | Average | ​ | Average
​ | ​ | ​ | ​ | Grant-Date | ​ | Remaining
​ | ​ | ​ | ​ | Fair Value | ​ | Contractual
​ | ​ | Units | ​ | per Unit | ​ | Term
Unvested at December 31, 2024 | ​ | 1,992,201 | ​ | $ | 15.727 |  | 1.542 years
Awarded | ​ | 1,213,611 | ​ | ​ | 15.780 | ​ | —
Vested | ​ | (975,338) | ​ | ​ | 15.519 | ​ | —
Forfeited | ​ | (4,078) | ​ | ​ | 15.633 | ​ | —
Unvested at December 31, 2025 (1) | ​ | 2,226,396 | ​ | $ | 15.847 |  | 1.575 years

​

v

(1) | As of December 31, 2025, there was $35.3 million of unrecognized compensation expense associated with unvested restricted units based on the weighted average grant date fair value per unit of $15.847.

NOTE 13—INCOME TAXES

The Partnership’s income tax (benefit) expense is based on the estimated annual effective tax rate. The Partnership incurred a benefit of $1.3 million and $0.8 million for the years ended December 31, 2025 and 2024, respectively, and expense of $3.8 million for the year ended December 31, 2023. The Partnership has filed all tax returns to date that are currently due.

The components of income tax (benefit) expense are summarized as follows:

​

​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Year Ended December 31,
​ | ​ | 2025 | ​ | 2024 | ​ | 2023
​ | ​ | (In thousands)
Current | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Federal | ​ | $ | (1,395) | ​ | $ | (433) | ​ | $ | 2,469
State | ​ | ​ | 91 | ​ | ​ | (338) | ​ | ​ | 1,297
Total Current | ​ | ​ | (1,304) | ​ | ​ | (771) | ​ | ​ | 3,766
Deferred | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Federal | ​ | ​ | — | ​ | ​ | — | ​ | ​ | —
State | ​ | ​ | — | ​ | ​ | — | ​ | ​ | —
Total Deferred | ​ | ​ | — | ​ | ​ | — | ​ | ​ | —
Income tax (benefit) expense | ​ | $ | (1,304) | ​ | $ | (771) | ​ | $ | 3,766

​

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The Partnership’s income tax (benefit) expense differs from the amount derived by applying the statutory federal rate to pre-tax income principally due the effect of the following items:

​

​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Year Ended December 31,
​ | ​ | 2025
​ | ​ | (In thousands, except percentage values)
​ | ​ | ​ | Amount | ​ | Percent
U.S. federal statutory rate | ​ | $ | 20,653 | ​ | 21.00 | %
​ | ​ | ​ | ​ | ​ | ​ | ​
State and local income taxes, net of federal income tax effect (1) | ​ | ​ | 91 | ​ | 0.09 | %
Changes in valuation allowances | ​ | ​ | (1,917) | ​ | (1.95) | %
Nontaxable or nondeductible items | ​ | ​ | ​ | ​ | ​ | ​
Non-controlling interest | ​ | ​ | (1,848) | ​ | (1.88) | %
Income at OpCo | ​ | ​ | (18,805) | ​ | (19.12) | %
Other, net | ​ | ​ | 522 | ​ | 0.53 | %
Effective tax rate | ​ | $ | (1,304) | ​ | (1.33) | %

(1) | State taxes in Louisiana made up the majority of the tax effect in this category.

The Partnership’s effective income tax benefit was 1.33% for the year ended December 31, 2025. The Partnership earned income before taxes, as calculated under GAAP, for the current year and is recording a current income tax benefit of $1.3 million.

​

​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Year Ended December 31,
​ | ​ | 2024 | ​ | 2023
​ | ​ | (In thousands, except percentage values)
Net income before taxes | ​ | $ | 10,299 | ​ | ​ | $ | 86,772 | ​
Statutory rate | ​ | ​ | 21 | % | ​ | ​ | 21 | %
Income tax provision computed at statutory rate | ​ | ​ | 2,163 | ​ | ​ | ​ | 18,222 | ​
Reconciling items: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
State income taxes | ​ | ​ | (1,377) | ​ | ​ | ​ | 1,393 | ​
Non-controlling interest | ​ | ​ | 435 | ​ | ​ | ​ | (3,519) | ​
Income at OpCo | ​ | ​ | (2,597) | ​ | ​ | ​ | (14,703) | ​
Percentage depletion in excess of basis | ​ | ​ | (464) | ​ | ​ | ​ | — | ​
Change in valuation allowance, federal | ​ | ​ | (2) | ​ | ​ | ​ | 2,860 | ​
Change in valuation allowance, state | ​ | ​ | 1,038 | ​ | ​ | ​ | (96) | ​
Other, net | ​ | ​ | 33 | ​ | ​ | ​ | (391) | ​
Income tax (benefit) expense | ​ | $ | (771) | ​ | ​ | $ | 3,766 | ​

​

A significant reconciling item in the Partnership’s effective tax rate reconciliation relates to income allocated to non-controlling interest, which is held by the OpCo common unitholders and not subject to federal income taxes. While 100% of the Partnership’s income is included in its consolidated pre-tax book income, for U.S. federal income tax purposes, the Partnership is only subject to tax on the portion of Partnership income allocated to them as the C corporation. The income allocated to OpCo common unitholders is not taxable to the Partnership, resulting in a reduction to its effective tax rate compared to the statutory rate. This reconciling item reflects the exclusion from the Partnership’s taxable income of earnings allocated to OpCo common unitholders, consistent with the partnership tax rules under which income is taxed at the partner level and not at the partnership entity level.

The Partnership recorded a decrease in the valuation allowance related to federal deferred tax assets and an increase in the valuation allowance related to state deferred tax assets. These changes were primarily attributable to a true-up of prior-year amounts following the finalization of tax returns, resulting from changes in estimates the year ended December 31, 2025.

The Partnership’s effective tax rate is increased by state and local income taxes, which are imposed in addition to federal income taxes. The impact varies based on the mix of income earned in states with different tax rates and the availability of state tax credits and incentives.

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On July 4, 2025, Public Law No. 119-21, commonly referred to as the One Big Beautiful Bill Act (the “Act”), was enacted by the U.S. government. Key provisions of the Act affecting the Partnership include: (i) the permanent reduction of the corporate tax rate, (ii) the permanent extension of 100% bonus depreciation for qualified property, and (iii) modifications to the calculation for excess business interest expense limitation under § 163(j) to adjusted taxable income calculation on the business interest expense limitation. In accordance with ASC Topic 740, Income Taxes, the Partnership has recognized the effects of the new tax law in the period of enactment. The impact of the Act for the quarter ended September 30, 2025, the reporting period that included the enactment date, resulted in a reduction to current income tax expense, primarily due to the changes to the 163(j) interest limitation.

Deferred income taxes primarily represent the net tax effect of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. The components of the Partnership’s deferred taxes are detailed in the table below.

​

​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Year Ended December 31,
​ | ​ | 2025 | ​ | 2024 | ​ | 2023
​ | ​ | (In thousands)
Deferred tax asset | ​ | ​ | ​ | ​ | ​ | ​
Outside basis in OpCo | ​ | $ | 19,372 | ​ | $ | 17,826 | ​ | $ | 22,625
Net operating loss carryforward | ​ | ​ | 2,710 | ​ | ​ | — | ​ | ​ | —
State tax benefit | ​ | ​ | 2,450 | ​ | ​ | 1,424 | ​ | ​ | 386
Business interest deduction limitation | ​ | ​ | — | ​ | ​ | 6,172 | ​ | ​ | 1,376
Deferred tax asset | ​ | ​ | 24,532 | ​ | ​ | 25,422 | ​ | ​ | 24,387
Valuation allowance, federal | ​ | ​ | (22,082) | ​ | ​ | (23,998) | ​ | ​ | (24,001)
Valuation allowance, state | ​ | ​ | (2,450) | ​ | ​ | (1,424) | ​ | ​ | (386)
Net deferred tax asset | ​ | $ | — | ​ | $ | — | ​ | $ | —

​

The tax years ended December 31, 2022 through 2025 remain open to examination under the applicable statute of limitations in the United States and other jurisdictions in which the Partnership and its subsidiaries file income tax returns. In some instances, state statutes of limitations are longer than those under United States federal tax law. The Partnership believes that it is more likely than not that the benefit from the outside basis differences in the Partnership’s investment in the Operating Company and its federal and state loss carryforward will not be realized. In recognition of this risk, the Partnership has provided a valuation allowance of $24.5 million on the deferred tax assets.

Income taxes paid (net of refunds) were paid in the following jurisdictions:

​

​ | ​ | ​ | ​
​ | ​ | Year Ended December 31,
​ | ​ | 2025
​ | ​ | (In thousands)
Supplemental cash flow information: | ​ | ​ | ​
Cash paid for taxes - federal, net of refunds | ​ | $ | (2,112)
Cash paid for taxes - state, net of refunds | ​ | ​ | (1,816)
Total cash paid for taxes, net of refunds | ​ | $ | (3,928)

​

Other than cash payments or refunds for U.S. federal income tax shown in the table above, Oklahoma ($1.5 million refund), New Mexico ($0.7 million refund) and Texas ($0.3 million paid) are the only jurisdictions in which the Partnership received or paid more than 5% of total cash taxes in the year presented.

As of December 31, 2025, the Partnership has not recorded a reserve for any uncertain tax positions.

NOTE 14—RELATED PARTY TRANSACTIONS

The Partnership currently has a management services agreement with Kimbell Operating, which has a separate services agreement with K3 Royalties, LLC (“K3 Royalties”). Pursuant to the K3 Royalties service agreement, K3 Royalties and Kimbell Operating provide management, administrative and operational services to the Partnership. In addition, under each of their respective services agreements, affiliates of the Partnership’s Sponsors may identify, evaluate and recommend to the Partnership acquisition opportunities and negotiate the terms of such acquisitions. Amounts paid to Kimbell Operating and K3 Royalties under their respective services agreements will reduce the amount of cash available

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for distribution on common units to the Partnership’s unitholders. During the year ended December 31, 2025, the Partnership made payments to K3 Royalties in the amount of $120,000.

John Wynne, the son of Mitch S. Wynne, acts as the Partnership’s agent at Higginbotham Insurance & Financial Services, which provides director and officer insurance to the Partnership. John Wynne derived a commission of approximately $25,700 for the year ended December 31, 2025, for the placement of the Partnership’s insurance coverage. The Partnership’s annual premium expense was approximately $583,300 for the year ended December 31, 2025.

The Partnership received $187,031 in reimbursements from Rivercrest Capital Management, LLC for shared operating expenses for the year ended December 31, 2025.

NOTE 15—COMMITMENTS AND CONTINGENCIES

During the normal course of business, the Partnership may experience situations where disagreements occur relating to the ownership of certain mineral or overriding royalty interest acreage. Management is not aware of any legal, environmental or other commitments or contingencies that would have a material effect on the Partnership’s financial condition, results of operations or liquidity as of December 31, 2025.

NOTE 16—SUBSEQUENT EVENTS

The Partnership has evaluated events that occurred subsequent to December 31, 2025 in the preparation of its consolidated financial statements.

Distributions

On February 26, 2026, the Board of Directors declared a quarterly cash distribution of $0.37 per common unit and $0.357502 per OpCo common unit for the quarter ended December 31, 2025. The Partnership intends to pay this distribution on March 25, 2026 to common unitholders and OpCo common unitholders of record as of the close of business on March 18, 2026.

As to the Partnership, $0.012498 excluded from the OpCo common unit distribution corresponds to a tax refund received by the Partnership in the fourth quarter of 2025. Under the limited liability company agreement of the Operating Company, the Partnership does not reimburse the Operating Company for federal income tax refunds received by the Partnership.

The Partnership will pay a quarterly cash distribution on the Series A preferred units of approximately $2.5 million for the quarter ended December 31, 2025. The Partnership intends to pay the distribution subsequent to February 26, 2026 and prior to the distribution on the common units and OpCo common units.

Executive Bonus and LTIP Issuance

On February 24, 2026, the Conflicts and Compensation Committee of the Board of Directors approved short-term incentive cash bonuses for executive officers of approximately $2.4 million and the issuance of 1,216,990 restricted units to its employees and directors.

NOTE 17—SUPPLEMENTAL OIL AND GAS RESERVE INFORMATION (UNAUDITED)

The Partnership’s oil and natural gas reserves are attributable solely to properties within the United States. See the Partnership’s accompanying consolidated statements of operations for information about results of operations for oil and gas producing activities.

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Capitalized Oil and Natural Gas Costs

Aggregate capitalized costs related to oil and natural gas production activities with applicable accumulated depreciation, depletion and amortization are as follows:

​

​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | December 31, | ​ | December 31,
​ | ​ | 2025 | ​ | 2024
​ | ​ | (In thousands)
Oil, natural gas and NGL interests | ​ | ​ | ​ | ​ | ​ | ​
Proved properties | ​ | $ | 2,097,281 | ​ | $ | 1,933,512
Unevaluated properties | ​ | ​ | 174,189 | ​ | ​ | 115,200
Total oil, natural gas and NGL interests | ​ |  | 2,271,470 | ​ |  | 2,048,712
Accumulated depreciation, depletion, accretion and impairment | ​ |  | (1,148,157) | ​ |  | (1,023,890)
Net oil, natural gas and NGL interests capitalized | ​ | $ | 1,123,313 | ​ | $ | 1,024,822

​

Costs Incurred in Oil and Natural Gas Activities

Costs incurred in oil, natural gas and NGL acquisition and development activities are as follows:

​

​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Year Ended December 31,
​ | ​ | 2025 | ​ | 2024 | ​ | 2023
​ | ​ | (In thousands)
Acquisition costs | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Proved properties | ​ | $ | 95,000 | ​ | $ | 22 | ​ | $ | 260,146
Unevaluated properties | ​ | ​ | 127,759 | ​ | ​ | — | ​ | ​ | 322,559
Total costs incurred on oil, natural gas and NGL activities | ​ | $ | 222,759 | ​ | $ | 22 | ​ | $ | 582,705

​

Results of Operations from Oil, Natural Gas and NGL Producing Activities

The following schedule sets forth the revenues and expenses related to the production and sale of oil, natural gas and NGLs. It does not include any interest costs or general and administrative costs and, therefore, is not necessarily indicative of the contribution to the net operating results of the Partnership’s oil, natural gas and NGL operations.

​

​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Year Ended December 31,
​ | ​ | 2025 | ​ | 2024 | ​ | 2023
​ | ​ | (In thousands)
Oil, natural gas and NGL revenues | ​ | $ | 317,473 | ​ | $ | 304,605 | ​ | $ | 267,586
Lease bonus and other income | ​ | ​ | 4,266 | ​ | ​ | 6,047 | ​ | ​ | 5,594
Production and ad valorem taxes | ​ |  | (20,440) | ​ |  | (20,407) | ​ |  | (20,326)
Depreciation and depletion expense | ​ |  | (124,554) | ​ |  | (135,123) | ​ |  | (96,477)
Impairment of oil and natural gas properties | ​ |  | — | ​ |  | (62,118) | ​ |  | (18,220)
Marketing and other deductions | ​ |  | (16,350) | ​ |  | (16,122) | ​ |  | (12,566)
Results of operations from oil, natural gas and NGLs | ​ | $ | 160,395 | ​ | $ | 76,882 | ​ | $ | 125,591

​

The following tables summarize the net ownership interest in the proved oil, natural gas and NGL reserves and the standardized measure of discounted future net cash flows related to the proved oil, natural gas and NGL reserves. The estimates were prepared by the Partnership based on reserve reports prepared by Ryder Scott for the years ended December 31, 2025, 2024 and 2023. The proved oil, natural gas and NGL reserve estimates and other components of the standardized measure were determined in accordance with the authoritative guidance of the FASB and the SEC.

Proved Oil, Natural Gas and NGL Reserve Quantities

Proved reserves are those quantities of oil and gas, which, by analysis of geoscience and engineering data, can be estimated with reasonable certainty to be economically producible from a given date forward, from known reservoirs, and under existing economic conditions, operating methods, and government regulations. Proved developed reserves are proved reserves that can be expected to be recovered through existing wells with existing equipment and operating methods, or in which the cost of the required equipment is relatively minor compared to the cost of a new well.

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A Boe conversion ratio of six thousand cubic feet per barrel (6mcf/Bbl) of natural gas to barrels of oil equivalence is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a price equivalency at the wellhead. All Boe conversions in the report are derived from converting gas to oil in the ratio mix of six thousand cubic feet of gas to one barrel of oil.

The Partnership’s net proved oil, natural gas and NGL reserves and changes in net proved oil, natural gas and NGL reserves attributable to the oil, natural gas and NGL properties, which are located in multiple states are summarized below:

​

​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Crude Oil and | ​ | ​ | ​ | Natural Gas | ​ | ​
​ | ​ | Condensate | ​ | Natural Gas | ​ | Liquids | ​ | Total
​ | ​ ​ ​ | (MBbls) | ​ ​ ​ | (MMcf) | ​ ​ ​ | (MBbls) | ​ ​ ​ | (MBoe) (4)
Net proved reserves at January 1, 2023 | ​ | 12,355 | ​ | 160,298 | ​ | 7,388 | ​ | 46,459
Revisions of previous estimates (1) | ​ | 3,273 | ​ | 26,068 | ​ | 814 | ​ | 8,432
Purchase of minerals in place (2) | ​ | 6,565 | ​ | 41,560 | ​ | 4,400 | ​ | 17,892
Production | ​ | (2,393) | ​ | (23,384) | ​ | (1,083) | ​ | (7,374)
Net proved reserves at December 31, 2023 | ​ | 19,800 | ​ | 204,542 | ​ | 11,519 | ​ | 65,409
Revisions of previous estimates (1) | ​ | 3,038 | ​ | 27,297 | ​ | 3,646 | ​ | 11,234
Production | ​ | (2,837) | ​ | (27,586) | ​ | (1,667) | ​ | (9,102)
Net proved reserves at December 31, 2024 | ​ | 20,001 | ​ | 204,253 | ​ | 13,498 | ​ | 67,541
Revisions of previous estimates (1) | ​ | 2,795 | ​ | 30,045 | ​ | 2,408 | ​ | 10,211
Purchase of minerals in place (3) | ​ | 2,236 | ​ | 6,025 | ​ | 1,355 | ​ | 4,595
Production | ​ | (3,062) | ​ | (26,734) | ​ | (1,885) | ​ | (9,403)
Net proved reserves at December 31, 2025 | ​ | 21,970 | ​ | 213,589 | ​ | 15,376 | ​ | 72,944
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Net proved developed reserves | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
December 31, 2023 | ​ | 19,800 | ​ | 204,542 | ​ | 11,519 | ​ | 65,409
December 31, 2024 | ​ | 20,001 | ​ | 204,253 | ​ | 13,498 | ​ | 67,541
December 31, 2025 | ​ | 21,970 | ​ | 213,589 | ​ | 15,376 | ​ | 72,944

(1) | Revisions of previous estimates include technical revisions due to changes in commodity prices, historical and projected performance and other factors.

(2) | Includes the acquisition of mineral and royalty interests, primarily consisting of mineral and royalty interests in the Permian Basin and Mid-Continent.

(3) | Includes the acquisition of mineral and royalty interests, primarily consisting of mineral and royalty interests in the Permian Basin.

(4) | Includes total proved reserves of 9,798 MBoe, 10,273 MBoe and 14,399 MBoe as of December 31, 2025, 2024 and 2023, respectively, attributable to a non-controlling interest in the Partnership.

Revisions represent changes in previous reserves estimates, either upward or downward, resulting from new information normally obtained from development drilling and production history or resulting from a change in economic factors, such as commodity prices, operating costs or development costs.

Standardized Measure

The standardized measure of discounted future net cash flows before income taxes related to the proved oil, natural gas and NGL reserves of the properties is as follows (in thousands):

​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Year Ended December 31,
​ | ​ ​ ​ | 2025 | ​ | 2024 | ​ | 2023
​ | ​ | (In thousands)
Future cash inflows | ​ | $ | 2,213,270 | ​ | $ | 2,040,600 | ​ | $ | 2,226,313
Future production costs | ​ | ​ | (162,622) | ​ | ​ | (152,322) | ​ | ​ | (164,848)
Future state margin taxes | ​ | ​ | (47,672) | ​ | ​ | (45,384) | ​ | ​ | (49,144)
Future net cash flows | ​ | ​ | 2,002,976 | ​ | ​ | 1,842,894 | ​ | ​ | 2,012,321
Less 10% annual discount to reflect timing of cash flows | ​ | ​ | (1,033,046) | ​ | ​ | (955,134) | ​ | ​ | (1,037,192)
Standard measure of discounted future net cash flows | ​ | $ | 969,930 | ​ | $ | 887,760 | ​ | $ | 975,129

​

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Reserve estimates and future cash flows are based on the average market prices for sales of oil, natural gas and NGL adjusted for basis differentials, on the first calendar day of each month during the year. The average prices used for 2025, 2024 and 2023 were $65.34, $75.48 and $78.22 per barrel for crude oil and $3.39, $2.13 and $2.64 per Mcf for natural gas, respectively.

Future production costs are computed primarily by the Partnership’s petroleum engineers by estimating the expenditures to be incurred in producing the proved oil and gas reserves at the end of the year, based on year-end costs and assuming continuation of existing economic conditions. A discount factor of 10% was used to reflect the timing of future net cash flows. The standardized measure of discounted future net cash flows is not intended to represent the replacement cost or fair value of the properties. An estimate of fair value would also take into account, among other things, the recovery of reserves not presently classified as proved, anticipated future changes in prices and costs, and a discount factor more representative of the time value of money and the risks inherent in oil, natural gas and NGL reserve estimates.

Changes in Standardized Measure

Changes in the standardized measure of discounted future net cash flows before income taxes related to the proved oil, natural gas and NGL reserves of the properties are as follows (in thousands):

​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Year Ended December 31,
​ | ​ | 2025 | ​ | 2024 | ​ | 2023
​ | ​ | (In thousands)
Standardized measure - beginning of year | ​ | $ | 887,760 | ​ | $ | 975,129 | ​ | $ | 904,295
Sales, net of production costs | ​ | ​ | (278,867) | ​ | ​ | (266,202) | ​ | ​ | (236,953)
Net changes of prices and production costs related to future production | ​ | ​ | 10,854 | ​ | ​ | (107,311) | ​ | ​ | (302,599)
Revisions of previous quantity estimates, net of related costs | ​ | ​ | 139,001 | ​ | ​ | 151,289 | ​ | ​ | 128,727
Net changes in state margin taxes | ​ | ​ | (1,223) | ​ | ​ | 1,952 | ​ | ​ | 10,433
Accretion of discount | ​ | ​ | 70,163 | ​ | ​ | 76,600 | ​ | ​ | 78,425
Purchases of reserves in place | ​ | ​ | 98,210 | ​ | ​ | - | ​ | ​ | 435,230
Timing differences and other | ​ | ​ | 44,032 | ​ | ​ | 56,303 | ​ | ​ | (42,429)
Standardized measure - end of year | ​ | $ | 969,930 | ​ | $ | 887,760 | ​ | $ | 975,129

​

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