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Note 4 - Related Party Transactions
 12 Months Ended
Dec. 31, 2024
Notes to Financial Statements  
Related Party Transactions Disclosure [Text Block]
 

4.

Related Party Transactions

 

Our General Partner owns all of the partnership interests in the Operating Partnership. It is the employer of all personnel, owns the working interests and other properties underlying our NPI, and provides day-to-day operational and administrative services to us and the General Partner. In accordance with our partnership agreement, we reimburse the General Partner for certain allocable general and administrative costs, including rent, salaries, and employee equity and benefit plans that are not direct expenses. These types of reimbursements are limited to 5% of distributions, plus certain costs previously paid. All such costs have been below the annual 5% limit amount, including the allowable surplus carryforward, for the years ended December 31, 2024, 2023 and 2022. Additionally, certain reimbursable direct expenses such as professional and regulatory fees, as well as certain general and administrative costs that are related to regulatory matters, are not limited. Significant related party activity between the Partnership and the Operating Partnership that is included in the Partnership’s consolidated balance sheet and consolidated income statement as of and for the years ended  December 31, 2024, 2023 and 2022 consists of the following:

 

  

In Thousands

 

From/To Operating Partnership

 

2024

  

2023

  

2022

 

Net profits interest receivable

 $5,544  $8,275  $7,170 

Net profits interest revenue

 $21,856  $34,338  $28,207 

General & administrative expenses (receivable)/ payable

 $(199) $162  $68 

Total general & administrative expenses

 $6,485  $5,108  $3,399