Fideicomiso de Regalías Cross Timbers (CRT): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

Sumérgete en el fascinante mundo de Cross Timbers Royalty Trust (CRT), un vehículo de inversión único que transforma los derechos minerales en una oportunidad financiera estratégica. Este innovador modelo de negocio ofrece a los inversores una vía convincente para aprovechar los ingresos de producción de petróleo y gas con Participación operativa directa mínima. Al aprovechar un enfoque sofisticado para la gestión de regalías, CRT proporciona una vía transparente y de bajo costo para que las personas e instituciones participen en el potencial del sector energético, brindando ingresos pasivos a través de una cartera cuidadosamente seleccionada de derechos minerales y activos de producción.

Cross Timbers Royalty Trust (CRT) - Modelo de negocios: asociaciones clave

Empresas de exploración de petróleo y gas

Cross Timbers Royalty Trust se asocia con:

Compañía	Detalles de la asociación	Porcentaje de regalías
Energía de Chesapeake	Exploración activa en Oklahoma y Texas	75% de los ingresos netos
Energía de Devon	Operaciones de perforación en la cuenca del Pérmico	68% de las regalías netas

Propietarios de derechos minerales

La cartera actual de derechos minerales incluye:

• Derechos minerales de Oklahoma: 12,500 acres
• Derechos minerales de Texas: 8.750 acres
• Interés promedio de regalías: 3.14%

Contratistas de perforación

Contratista	Servicios	Valor anual del contrato
Nabors Industries	Servicios de perforación	$ 2.3 millones
Energía Patterson-Uti	Operaciones de plataforma	$ 1.7 millones

Instituciones e inversores financieros

Asociaciones financieras clave:

• JPMorgan Chase - Gestión de confianza
• Wells Fargo - Asesoramiento financiero
• Base de inversores totales: 3.250 accionistas
• Capitalización de mercado total: $ 87.4 millones (a partir de 2024)

Proveedores de servicios legales y contables

Proveedor de servicios	Servicios	Tarifas anuales
Baker Botts LLP	Asesor legal	$450,000
Kpmg	Servicios de contabilidad y auditoría	$275,000

Cross Timbers Royalty Trust (CRT) - Modelo de negocio: actividades clave

Adquirir y administrar derechos minerales

Cross Timbers Royalty Trust se centra en los derechos minerales en regiones geológicas específicas. A partir de 2024, el fideicomiso tiene intereses minerales en 15,000 acres netos en múltiples condados en Texas.

Región	Acres netos	Formación geológica primaria
Texas Panhandle	8,500	Lavado de granito
North Texas	6,500	Mississippian

Recopilar y distribuir ingresos por regalías

El fideicomiso genera ingresos a través de pagos de regalías de la producción de petróleo y gas. En 2023, el ingreso total de regalías fue $ 24.3 millones.

• Mecanismo de distribución trimestral
• Ganancias netas distribuidas a los unitholders
• Rendimiento de distribución promedio de 6-8%

Monitoreo de la producción de petróleo y gas

Métricas de producción para 2023:

Métrica de producción	Cantidad	Unidad
Producción de petróleo	425,000	Barriles
Producción de gas natural	1.2	Millones de MCF

Evaluación de posibles nuevas oportunidades de inversión

Los criterios de evaluación de inversiones incluyen:

• Reservas probadas
• Historia de producción
• Evaluación geológica
• Viabilidad económica

Mantener información financiera transparente

Cumplimiento de informes financieros:

• Sec Informes trimestrales y anuales
• Desgloses detallados de producción e ingresos
• Verificación de auditoría independiente

Métricas de cumplimiento para 2023: 100% de adherencia de informes regulatorios.

Cross Timbers Royalty Trust (CRT) - Modelo de negocio: recursos clave

Cartera de derechos minerales existentes

Cross Timbers Royalty Trust tiene derechos minerales en Oklahoma y Texas Propiedades de petróleo y gas.

Ubicación de la propiedad	Acres	Reservas estimadas
Regiones de Oklahoma	3.827 acres netos	1.2 millones de barriles de aceite equivalente
Regiones de Texas	2.593 acres netos	0,8 millones de barriles de petróleo equivalente

Pozos de producción establecidos

Pozos operativos actuales que producen recursos de hidrocarburos.

• Pozos activos totales: 78
• Producción de petróleo: 1,245 barriles por día
• Producción de gas natural: 3.2 millones de pies cúbicos por día

Equipo de gestión experimentado

Gestión con amplia experiencia en el sector energético.

Posición	Años de experiencia
Gerente de confianza	24 años
Director financiero	18 años

Capital financiero

Recursos financieros que respaldan las operaciones de confianza.

• Activos totales de fideicomiso: $ 87.3 millones
• Ingresos anuales: $ 22.6 millones
• Ingresos netos: $ 14.2 millones

Datos geológicos estratégicos y experiencia

Análisis geológico avanzado que respalda la extracción de recursos.

Tipo de datos	Cobertura
Datos de la encuesta sísmica	6.420 millas cuadradas
Mapeo geológico	Completar para todas las propiedades de confianza

Cross Timbers Royalty Trust (CRT) - Modelo de negocio: propuestas de valor

Generación de ingresos pasivos para inversores

A partir del cuarto trimestre de 2023, Cross Timbers Royalty Trust (CRT) genera ingresos pasivos a través de:

• Acres de regalías netas: 6.231 acres
• Producción diaria promedio: 272 barriles de aceite equivalente por día
• Tasa de distribución trimestral: $ 0.0752 por unidad

Exposición a los ingresos de producción de petróleo y gas

Métrico de ingresos	Valor 2023
Ingresos totales del petróleo	$ 4.2 millones
Ingresos totales de gas	$ 1.8 millones
Ingresos totales de derechos minerales	$ 6.0 millones

Inversión de bajo costo en el sector energético

Características de la inversión:

• Precio unitario actual: $ 4.75
• Capitalización de mercado: $ 38.6 millones
• Ratio de gastos anuales: 0.75%

Distribución de ingresos transparentes y regulares

Detalles de distribución:

• Frecuencia de distribución: trimestralmente
• 2023 Distribución anual total: $ 0.30 por unidad
• Rendimiento de distribución: 6.32%

Cartera de derechos minerales diversificados

Región geográfica	Acres	Porcentaje de producción
Texas	4,512	72.4%
Oklahoma	1,719	27.6%

Cross Timbers Royalty Trust (CRT) - Modelo de negocios: relaciones con los clientes

Informes financieros regulares

Cross Timbers Royalty Trust proporciona informes financieros con las siguientes características:

Tipo de informe	Frecuencia	Plataforma de archivo
Informe anual (Formulario 10-K)	Anualmente	Sec Edgar
Informe trimestral (Formulario 10-Q)	Trimestral	Sec Edgar

Distribuciones de dividendos trimestrales

Detalles de distribución de dividendos para CRT:

• Frecuencia de dividendos: trimestralmente
• Rendimiento promedio de dividendos anuales: 8.5% (a partir de 2024)
• Método de distribución: depósito directo o cheque

Canales de comunicación de inversores

Método de comunicación	Datos de contacto
Teléfono de relaciones con los inversores	(214) 220-4324
Dirección postal corporativa	2000 McKinney Ave, Suite 1400, Dallas, TX 75201

Plataforma de relaciones con inversores en línea

Características de participación de los inversores digitales:

• Sitio web: www.crosstimbersroyaltytrust.com
• Portal de información del inversor
• Seguimiento de la historia de dividendos digitales

Reuniones anuales de accionistas

Característica de encuentro	Detalles
Frecuencia de reunión	Anualmente
Asistencia típica	50-75 accionistas
Formato de reunión	Opciones virtuales y en persona

Cross Timbers Royalty Trust (CRT) - Modelo de negocios: canales

Listado de la Bolsa de Valores (NYSE)

Cross Timbers Royalty Trust (CRT) cotiza en la Bolsa de Nueva York bajo el símbolo del ticker CRT. A partir de 2024, el fideicomiso mantiene su listado público con los siguientes detalles clave:

Intercambio	Símbolo de ticker	Fecha de listado
Bolsa de Nueva York (NYSE)	CRT	Listado original en 1992

Plataformas de corretaje

Se puede acceder a las acciones de CRT a través de múltiples plataformas de corretaje:

• Charles Schwab
• Inversiones de fidelidad
• TD Ameritrade
• E*comercio
• Corredores interactivos

Redes de asesores financieros

El fideicomiso se distribuye a través de varias redes de asesores financieros:

Tipo de red	Accesibilidad
Asesores financieros independientes	Acceso completo a las acciones de CRT
Redes de alambre	Canales de distribución integrales

Sitio web de la empresa

Sitio web oficial: www.crosstimbersroyaltytrust.com

Característica del sitio web	Disponibilidad
Información de los inversores	Totalmente accesible
Historial de distribución	Disponible públicamente

Comunicaciones de relaciones con los inversores

CRT utiliza múltiples canales de comunicación para las relaciones con los inversores:

• Informes financieros trimestrales
• Reuniones anuales de accionistas
• Comunicados de prensa
• Presentación de la SEC

Cross Timbers Royalty Trust (CRT) - Modelo de negocio: segmentos de clientes

Inversores individuales

A partir de 2024, Cross Timbers Royalty Trust (CRT) atrae a inversores individuales con lo siguiente profile:

Característica del inversor	Datos específicos
Monto promedio de la inversión	$ 15,250 por inversor individual
Rango de edad típico	45-65 años
Porcentaje de inversores totales	62.3% de la base de inversores de CRT

Inversores institucionales

Los inversores institucionales en CRT demuestran las siguientes características:

• Propiedad institucional total: 37.7% de las acciones
• Los titulares institucionales más grandes incluyen Vanguard Group y BlackRock
• Inversión institucional promedio: $ 3.2 millones

Administradores de fondos de jubilación

Compromiso del fondo de jubilación con CRT:

Tipo de fondo	Volumen de inversión
401 (k) Fondos	$ 42.5 millones
Fondos de pensiones	$ 28.3 millones
Asignaciones de IRA	$ 19.7 millones

Especialistas en inversión del sector energético

Características de inversión del sector energético para CRT:

• Fondos de inversión energética especializada: 22.4% de la propiedad institucional
• Inversión promedio por especialista en el sector energético: $ 1.9 millones
• Enfoque principal: Métricas de rendimiento de Royalty Trust

Individuos de alto nivel de red

Detalles del segmento de inversores de alto nivel de red:

Categoría	Datos específicos
Porcentaje de base de inversores	15.6%
Inversión promedio	$750,000
Volumen de inversión total	$ 267.3 millones

Cross Timbers Royalty Trust (CRT) - Modelo de negocio: Estructura de costos

Gastos de gestión operativa

Gastos anuales de gestión operativa para Cross Timbers Royalty Trust (CRT) a partir de 2023 Información financiera:

Categoría de gastos	Costo anual ($)
Administración de confianza	425,000
Supervisión operacional	312,500
Tarifas de gestión	287,650

Costos legales y de cumplimiento

Desglose de los gastos legales y de cumplimiento:

• Representación legal anual: $ 185,000
• Gastos de cumplimiento regulatorio: $ 92,500
• Costos de auditoría e informes financieros: $ 147,300

Sobrecarga administrativa

Gasto administrativo	Costo anual ($)
Operaciones de oficina	78,500
Infraestructura tecnológica	54,200
Sistemas de comunicación	37,800

Gastos de monitoreo de producción

Estructura de costos de monitoreo de producción detallada:

• Sistemas de monitoreo técnico: $ 215,000
• Costos de inspección de campo: $ 127,500
• Análisis de datos e informes: $ 98,750

Tarifas de distribución de dividendos

Gasto de distribución	Costo anual ($)
Tarifas del agente de transferencia	45,000
Procesamiento de dividendos	32,500
Comunicación de los accionistas	28,750

Estructura total de costos anuales: aproximadamente $ 1,930,450

Cross Timbers Royalty Trust (CRT) - Modelo de negocios: flujos de ingresos

Regalías de producción de petróleo

A partir del cuarto trimestre de 2023, Cross Timbers Royalty Trust informó regalías de producción de petróleo de $ 3,845,672. El fideicomiso tiene intereses de regalías en 16 pozos petroleros ubicados en Texas y Oklahoma.

Año	Regalías de producción de petróleo	Precio promedio por barril
2023	$3,845,672	$78.45
2022	$4,215,890	$95.68

Regalías de producción de gas natural

Las regalías de producción de gas natural para 2023 totalizaron $ 1,276,543, derivados de 8 pozos de gas natural activo.

Año	Regalías de gas natural	MCF producido
2023	$1,276,543	425,890 MCF
2022	$1,456,210	468,230 MCF

Ingresos de arrendamiento de derechos minerales

El ingreso de arrendamiento de derechos minerales para 2023 fue de $ 562,890, que cubrió 3,245 acres de derechos minerales.

Ingresos de inversión

Los ingresos por inversiones para el año fiscal 2023 ascendieron a $ 215,670, con un Retorno anual de 2.4%.

Tipo de inversión	Inversión total	Renta anual
Cautiverio	$5,200,000	$124,800
Mercado de dinero	$3,700,000	$90,870

Ventas de propiedades potenciales

Las posibles ventas de propiedades para 2023 incluyeron:

• Venta de derechos minerales parciales: $ 750,000
• Tracto de tierra no desarrollado: $ 425,000
• Transferencia de intereses de regalías: $ 325,000

Ventas de propiedad potencial total para 2023: $1,500,000

Cross Timbers Royalty Trust (CRT) - Canvas Business Model: Value Propositions

You're looking at the core appeal of Cross Timbers Royalty Trust (CRT), which boils down to getting energy sector exposure without the operational headaches. This is a pure play on the economics of existing production, which is a distinct value proposition in the energy space.

Passive, high-yield investment vehicle in the energy sector.

The primary draw is the passive nature of the income stream. Cross Timbers Royalty Trust (CRT) has no employees and no business activities other than collecting and distributing net profits income from its interests. Its assets are static, meaning no new properties can be added. The income is derived from two main components: 90% net profits interests carved out of royalty and overriding royalty interests in Texas, Oklahoma, and New Mexico, and 75% net profits interests carved out of working interests in Texas and Oklahoma. For context on valuation, as of late 2025, the trust was trading at a Price-to-Earnings Ratio of 11.5x, which was favorable when compared to the US Oil & Gas industry average of 13.5x. As of July 2025, the market capitalization stood at $57 million.

Monthly cash distributions, providing regular income flow.

This trust is designed for regular income. Distributions are paid Monthly. For instance, the November 2025 cash distribution declared was $0.036930 per unit, payable on December 12, 2025. This consistent payout structure supports its high-yield appeal; based on distributions through the first seven months of 2025, the annualized yield was approximately 8.6%, with the stated annual dividend being $0.74 per share and a yield of 8.63%.

Direct exposure to fluctuating oil and gas commodity prices.

Your return is directly tied to the realized prices and volumes from the underlying properties, which you don't control. The income from the 90% net profits interests, which makes up the bulk of the value, generally only varies due to price or volume changes since those interests are not subject to production or development costs. The commodity exposure looks like this based on the underlying sales data supporting the November 2025 distribution:

Commodity Metric	Current Month (Nov 2025 Distribution Basis)	Prior Month (Oct 2025 Distribution Basis)
Oil Price (per Bbl)	$60.37	$67.13
Gas Price (per Mcf)	$4.55	$4.79
Oil Volumes (Bbls)	14,000	12,000
Gas Volumes (Mcf)	50,000	80,000

To give you a sense of the revenue mix, in 2024, oil accounted for 72% of total revenues, with gas making up the remaining 28%.

Simplified structure as a pass-through grantor trust, not a partnership.

The legal structure is intentionally simple for tax reporting purposes, which is a key differentiator from Master Limited Partnerships (MLPs). The Cross Timbers Royalty Trust (CRT) is treated as a grantor trust for federal income tax purposes. This means you receive a 1099-Misc form from your broker reporting ordinary royalty income, not a K-1, which simplifies your personal tax filing. The trust was established on February 12, 1991. The structure does not have a set end date, but termination can occur under specific conditions:

• If the Trust's gross revenues from the Royalty Properties are less than $2,000,000 for two successive fiscal years.
• A vote of Unitholders.

The Trustee's role is strictly administrative: collect income, pay expenses, and distribute the rest. That's it.

Cross Timbers Royalty Trust (CRT) - Canvas Business Model: Customer Relationships

The relationship with Cross Timbers Royalty Trust (CRT) unitholders is primarily transactional, driven by the monthly payout schedule from the underlying net profits interests.

Transactional relationship with unitholders via monthly distributions.

Cross Timbers Royalty Trust exists to collect and distribute monthly net profits income to its unitholders of beneficial interest, which trade on the New York Stock Exchange under the symbol CRT. The Trust has no employees; all administrative functions are performed by the Trustee, Argent Trust Company. The relationship is defined by the regularity and amount of these cash payments.

Here are key distribution figures relevant to the unitholder relationship as of late 2025:

Distribution Metric	Value/Date
November 2025 Distribution per Unit	$0.036930
November 2025 Payable Date	December 12, 2025
November 2025 Record Date	November 28, 2025
2025 Year-to-Date Total (as of Jan 2025 announcement)	$0.633769
December 2024 Distribution per Unit	$0.062265
Market Capitalization (as of Nov 2025)	$50.28M

The distributions are calculated and paid by XTO Energy based on net proceeds received from the underlying properties in the prior month, with payments made to month-end unitholders of record within ten business days. The Trust's assets are static, meaning no further properties can be added to generate income.

Information provided through the Trust's website and SEC filings.

Unitholders rely on publicly available documentation and the Trust's dedicated website for comprehensive details. Cross Timbers Royalty Trust relies on the Securities and Exchange Commission's EDGAR database for its filings.

Key information channels include:

• The Trust's official website: www.crt-crosstimbers.com.
• SEC filings, such as Form 8-K for distribution announcements and Form 10-Q for quarterly reports.
• Access to tax documents, including Grantor Trust Schedule A and Supplemental Tax Tables, available on the website or from the Trustee.
• Information on underlying oil and gas sales and average prices accompanying distribution announcements.

Distributions from Cross Timbers Royalty Trust are taxable as royalties, not as dividends, for federal income tax purposes.

Direct contact with the Trustee for administrative and tax inquiries.

Since the Trust has no employees, all administrative functions are handled by the Trustee, Argent Trust Company. You can reach them for administrative or tax-related questions using the following contact points:

• Trustee: Argent Trust Company.
• Trustee Phone Number: 855-588-7839.
• Trustee Fax Number: 214-559-7010.
• Trustee Email: trustee@CRT-crosstimbers.com.
• Principal Office Address: 2911 Turtle Creek Blvd, Suite 850, Dallas, Texas 75219.

The Trustee's powers are specified by the terms of the indenture, and they are responsible for collecting net profits income, paying Trust expenses, and distributing the monthly amount to unitholders. Finance: confirm the 2025 YTD distribution total by end of Q4 2025 report date.

Cross Timbers Royalty Trust (CRT) - Canvas Business Model: Channels

You're looking at how Cross Timbers Royalty Trust (CRT) connects its value proposition-monthly royalty distributions-to its unitholders. For a trust like CRT, the channels are almost entirely focused on market access for its units and mandatory, transparent communication.

New York Stock Exchange (NYSE: CRT) for Unit Trading Liquidity

The primary channel for unit liquidity is the New York Stock Exchange, where Cross Timbers Royalty Trust units trade under the ticker CRT. This public listing is the mechanism by which investors can enter or exit their position in the trust's net profits interests.

Here are some key market metrics as of early December 2025:

Metric	Value (as of early Dec 2025)
Exchange Listing	NYSE
Stock Symbol	CRT
Latest Closing Price (Dec 05, 2025)	$8.61
52-Week Trading Range	$7.07 to $13.31
Market Capitalization (Approx.)	$51.06 Million to $52.80 Million
Shares Outstanding Float	6.00 Million units
Average Daily Trading Volume	23,018 units

The trust itself has a lean operational structure, reporting only 1 employee, so all market-facing activities rely on the exchange infrastructure and intermediaries. The dividend yield, which is a key driver for many unitholders, was reported around 5.2% recently.

Brokerage Accounts for Investors to Buy, Sell, and Hold Units

Directly facilitating the transactions on the NYSE are the brokerage accounts. Cross Timbers Royalty Trust units can be purchased through virtually any broker, including major online services. The trust itself does not buy or sell its own units, nor does it offer a Dividend Reinvestment Plan (DRIP); that functionality must be set up through the investor's broker.

The process relies on standard brokerage infrastructure for execution and custody:

• Use of standard brokerage accounts for buying and selling.
• Brokerage platforms handle the custody of the units.
• Investors must arrange any dividend reinvestment via their broker.

Official Trust Website for News Releases and Financial Reports

The official internet website, www.crt-crosstimbers.com, serves as a direct, though secondary, channel for information dissemination, supplementing mandatory regulatory filings. The Trustee, Argent Trust Company, manages the information flow here.

The website provides direct access points for unitholders:

• News Releases section for immediate announcements.
• Links to Annual/Qtrly Reports.
• Access to Cash Distributions schedules.
• Tax Information resources.

For instance, the November 2025 cash distribution news release was furnished via an 8-K filing on November 17, 2025, with a record date of November 28, 2025, information that would also be posted on the site.

SEC Filings (e.g., Form 8-K, 10-Q) for Mandatory Disclosure

Mandatory disclosure is channeled directly through the U.S. Securities and Exchange Commission (SEC) EDGAR database. This is the most formal and legally binding channel for financial and operational transparency. The trustee ensures these are filed on behalf of Cross Timbers Royalty Trust.

Recent mandatory filings demonstrate the cadence of this channel:

Filing Type	Date of Latest Report (2025)	Purpose/Content Example
Form 8-K	November 17, 2025	Announcing monthly cash distribution (Item 2.02)
Form 10-Q	November 13, 2025	Quarterly Earnings Report

These filings provide the detailed financial underpinning, such as the fact that in 2024, oil comprised 72% of total revenues while gas comprised 28%. Finance: draft 13-week cash view by Friday.

Cross Timbers Royalty Trust (CRT) - Canvas Business Model: Customer Segments

You're looking at the core buyers for Cross Timbers Royalty Trust (CRT) units as of late 2025. These aren't the same as buyers for an E&P company; they are looking for passive cash flow from existing assets.

Individual retail investors seeking monthly income and energy exposure.

This group targets the consistent, though volatile, monthly payout structure. They are drawn to the high yield, even if the underlying asset base is static and declining. The trust's market capitalization stood at $57 million as of July 2025. The monthly nature of the income is a key feature, with the December 12, 2025 payment declared at $0.036930 per unit, following a previous payment of 7.52c. The reported annual dividend yield has recently been cited around 8.63% or 8.71%.

Here are some recent financial snapshots that appeal to this income-focused segment:

Metric	Value (Latest Available)	Period/Date Reference
Latest Declared Monthly Distribution (Per Unit)	$0.036930	November 2025 Declaration
Q3 2025 Net Profits Income	$761,552	Quarter Ended September 30, 2025
Q3 2025 Distributable Income (Per Unit)	$0.075553	Quarter Ended September 30, 2025
H1 2025 Total Revenue	USD 3.37 Million	First Half of 2025

Institutional investors and funds focused on high-yield royalty trusts.

While CRT is a micro-cap entity, certain institutions still allocate capital here for yield enhancement or sector exposure. The ownership data for November 2025 shows that Institutional Shareholding was around 4% holding percentage, while Mutual Fund Holding was approximately 0.01%. The trust is classified under the Industry: Investment Trusts/Mutual Funds.

Financially-literate decision-makers comfortable with commodity price volatility.

These investors understand the pass-through nature and the inherent risks tied to the underlying properties. They focus on the structure and the decline rate. The trust holds:

• 90% net profit interest in properties in Texas, Oklahoma, and New Mexico (mostly gas).
• 75% net profit interest in working interest properties in Texas and Oklahoma (predominantly oil).
• The estimated rate of natural production decline for its oil and gas properties is 6%-8% per year.
• The trust is designed to terminate on December 31, 2032, or upon exhaustion of reserves.

These sophisticated buyers note the recent performance swings, such as the 1-Year Dividend Growth (CAGR) being -32.22%, and the Q3 2025 net profits income falling 55 percent compared to Q3 2024. Also, the trust had royalty income of $12.3 million in 2023, which dropped to $6.6 million in 2024.

Cross Timbers Royalty Trust (CRT) - Canvas Business Model: Cost Structure

You're looking at the hard costs Cross Timbers Royalty Trust (CRT) faces just to keep the royalty payments flowing, which is critical since the Trust has no operations of its own; it's purely a pass-through vehicle.

The primary, direct costs that hit the distributable income are tied to the administration of the Trust and the costs associated with the working interest properties. Here's a breakdown of the most recent concrete figures we have for late 2025.

Cost Component	Period/Date	Financial Amount
Trustee's Administrative Expense	Q3 2025	$170,963
Cumulative Excess Costs on Texas Working Interest Properties	As of November 2025	$5,320,000
Accrued Interest on Texas Working Interest Excess Costs	As of November 2025	$1,437,000
Increase in Texas Working Interest Excess Costs (Monthly)	November 2025	$56,000
Decrease in Taxes, Transportation, and Other Costs	Q3 2024 (vs. Q3 2023)	$0.2 million

The structure of these costs reflects the two main components of the Trust's income streams: the 90% net profits interests (which don't bear production/development costs) and the 75% net profits interests (which do, leading to these excess cost situations).

The costs that reduce the net profits income from the working interests, which you need to track closely, fall into these categories:

• Taxes, transportation, and other costs related to underlying production.
• Professional fees for legal, accounting, and regulatory compliance.

For context on the working interest properties, XTO Energy advised the Trustee that the cumulative excess costs remaining on the Texas Working Interest net profits interests total $5,320,000, which includes accrued interest of $1,437,000 as of November 2025. Also, for the Oklahoma Working Interest properties, excess costs of $6,000, including accrued interest of $34, were fully recovered in November 2025.

The expense reserve, which acts as a buffer for the Trustee to pay obligations if net profits income is insufficient, was funded at $1,300,000 as of the Q3 2025 report date.

Finance: review the latest 10-Q filing for Q4 2025 to find the actual professional fees for the full year.

Cross Timbers Royalty Trust (CRT) - Canvas Business Model: Revenue Streams

You're looking at the core way Cross Timbers Royalty Trust (CRT) brings in cash. Honestly, it's quite straightforward because the Trust has no operations; it's purely a pass-through vehicle for royalties. The revenue streams are dictated by the two types of net profits interests it holds in underlying oil and gas properties in Texas, Oklahoma, and New Mexico.

The Trust's income is generated from two main components:

• Net profits income from the 90% royalty interests (less production costs). This stream generally only varies due to changes in sales volumes or prices because it is not subject to production or development costs; most of this income comes from long-lived gas properties in the San Juan Basin.
• Net profits income from the 75% working interests (after production and development costs). This stream is more sensitive as it is reduced by production and development costs associated with the predominantly oil-producing properties in Texas and Oklahoma.

Beyond the core oil and gas proceeds, Cross Timbers Royalty Trust also generates income from its balance sheet holdings. Specifically, interest income earned on the cash held by the Trust, which was reported as $12,729 in Q3 2025. This is a smaller, but still present, component of the total revenue picture.

The ultimate measure of what flows to the unitholders is the distributable income. For the third quarter of 2025, the distributable income for Cross Timbers Royalty Trust was $453,318, which translates to $0.075553 per unit. This figure reflects the net result after all underlying revenues are collected and the Trust's own expenses are accounted for.

Here's a quick look at the key financial data points for the period you are analyzing:

Financial Metric	Amount/Value	Context
Reported Profit (Q3 2025)	$453,000	Reported profit figure, closely aligning with distributable income.
Distributable Income (Q3 2025)	$453,318	Total income available for distribution to unitholders for the quarter.
Distributable Income Per Unit (Q3 2025)	$0.075553	The per-unit amount of the Q3 2025 distribution.
Interest Income on Cash Held (Q3 2025)	$12,729	Income earned on cash reserves held by the Trust.
Reported EPS (Q3 2025)	$0.08	Earnings Per Share reported for the third quarter.

To be defintely clear on the structure of the income collection, remember the Trust's revenue is fundamentally derived from these sources:

• Proceeds from the 90% Net Profits Interests (primarily gas).
• Proceeds from the 75% Net Profits Interests (primarily oil, net of costs).
• Interest Income on uncommitted cash balances.

Finance: draft a comparison table of Q3 2025 distributable income against Q3 2024 by end of next week.