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UNITHOLDERS' EQUITY AND PARTNERSHIP DISTRIBUTIONS

12 Months Ended

Dec. 31, 2025

UNITHOLDERS' EQUITY AND PARTNERSHIP DISTRIBUTIONS

UNITHOLDERS' EQUITY AND PARTNERSHIP DISTRIBUTIONS

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.

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.

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

​

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