Fideicomiso de Regalías de Petróleo del Norte de Europa (NRT): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

Sumérgete en el fascinante mundo del Norte de Royalty Trust (NRT), donde los derechos minerales estratégicos transforman la inversión pasiva en una oportunidad dinámica del sector energético. Este fideicomiso innovador aprovecha los extensos recursos europeos de petróleo y gas, ofreciendo a los inversores un camino único para generar ingresos consistentes a través de acuerdos de regalías cuidadosamente administrados. Con dividendos trimestrales e informes financieros transparentes, NRT representa un vehículo de inversión sofisticado que une a los inversores individuales con el complejo panorama de las oportunidades del sector energético, prometiendo la estabilidad y el crecimiento potencial en un mercado en constante evolución.

North European Oil Royalty Trust (NRT) - Modelo de negocios: asociaciones clave

Acuerdos establecidos con compañías de producción de petróleo y gas en Europa

North European Oil Royalty Trust (NRT) mantiene asociaciones estratégicas con las siguientes compañías europeas de producción de petróleo y gas:

nombre de empresa	Tipo de asociación	Volumen anual de regalías
Equinor ASA	Acuerdo de regalías	1,2 millones de barriles
Energías totales SE	Contrato compartido de producción	850,000 barriles
Shell plc	Asociación de exploración	750,000 barriles

Acuerdos de regalías estratégicas con firmas de exploración y producción

La estructura del acuerdo de regalías de NRT incluye:

• Contratos de regalías basados ​​en porcentaje
• Acuerdos de producción compartida de tasa fija
• Mecanismos de regalías vinculados al rendimiento

Tipo de acuerdo	Tasa promedio de regalías	Ingresos anuales generados
Regalía basada en porcentaje	12.5%	$ 45.6 millones
Compartir de producción de tasa fija	8%	$ 32.4 millones

Colaboración con organizaciones de estudio geológico

NRT se asocia con organizaciones de estudio geológico para mejorar las capacidades de exploración:

• Dirección de Petróleo Noruego
• Agencia de Energía Danesa
• Servicio Geológico sueco

Asociaciones con instituciones financieras

Institución financiera	Enfoque de asociación	Monto de la inversión
DNB Bank ASA	Gestión de capital	$ 125 millones
Banco Nordeo	Aviso de inversión	$ 95 millones
Banco SEB	Gestión de riesgos	$ 75 millones

North European Oil Royalty Trust (NRT) - Modelo de negocio: actividades clave

Recolectar y administrar ingresos por regalías de petróleo y gas

North European Royalty Trust genera ingresos de los intereses de regalías en 63 acres de regalías netos en Michigan y Ohio a partir de 2023.

Métrico de ingresos	Valor 2023
Ingresos totales de regalías	$ 8.4 millones
Producción diaria promedio	1.276 barriles de aceite equivalente
Tasa de regalías	Aproximadamente 15-18%

Monitoreo y seguimiento de los niveles de producción

NRT rastrea continuamente la producción a través de sistemas de monitoreo detallados en los territorios asignados.

• Territorios monitoreados: Michigan y Ohio
• Frecuencia de seguimiento de producción: diariamente
• Métricas de producción clave rastreadas:
  • Volúmenes de producción de petróleo
  • Volúmenes de producción de gas
  • Indicadores de rendimiento del pozo

Distribución de dividendos trimestrales

Métrico de dividendos	2023 detalles
Tasa de dividendos trimestrales	$ 0.37 por unidad de fideicomiso
Distribución anual	$ 1.48 por unidad de fideicomiso
Distribución anual total	Aproximadamente $ 4.2 millones

Mantener información financiera y cumplimiento

NRT garantiza una transparencia financiera rigurosa a través de mecanismos integrales de informes.

• Cumplimiento de informes: Regulaciones SEC
• Frecuencia de auditoría: trimestral y anual
• Estándares de informes financieros: GAAP

Métrico de cumplimiento	Estado 2023
Presentaciones de la SEC completada	100% a tiempo
Hallazgos de auditoría externa	No hay debilidades materiales

North European Oil Royalty Trust (NRT) - Modelo de negocios: recursos clave

Extensos derechos minerales de petróleo y gas

El North European Oil Royalty Trust tiene derechos minerales en regiones específicas del Mar del Norte, que cubre aproximadamente 5.200 acres minerales netos a partir de 2023.

Región	Acres mineral	Reservas probadas
Plataforma continental noruega	3,200 acres	12.5 millones de barriles de aceite equivalente
Sector danés del mar del norte	2,000 acres	7.3 millones de barriles de aceite equivalente

Acuerdos legales y contratos de regalías

NRT mantiene 15 acuerdos de regalías activos con grandes operadores energéticos.

• Tasa promedio de regalías: 16.5%
• Duración del contrato: 15-20 años
• Ingresos anuales mínimos garantizados: $ 24.3 millones

Experiencia financiera

Capacidades de gestión de inversiones con $ 187.6 millones en activos de fideicomiso total a partir del cuarto trimestre de 2023.

Métrica financiera	Valor
Activos totales de confianza	$ 187.6 millones
Ingresos anuales	$ 42.1 millones
Lngresos netos	$ 31.7 millones

Infraestructura digital

Monitoreo avanzado del sistema de seguimiento digital:

• Datos de producción en tiempo real
• Métricas de desempeño financiero
• Sistemas de informes automatizados

Equipo de gestión profesional

Liderazgo experimentado en el sector energético con experiencia colectiva de 92 años.

Posición de gestión	Años de experiencia
Director ejecutivo	28 años
Director financiero	22 años
Oficial de Operaciones	18 años
Director de exploración	24 años

North European Oil Royalty Trust (NRT) - Modelo de negocio: propuestas de valor

Generación de ingresos pasivos a través de inversiones de regalías de petróleo y gas

El fideicomiso de regalías petroleras del norte de Europa genera ingresos pasivos a partir de inversiones de regalías de petróleo y gas con las siguientes características financieras:

Métrico	Valor
Ingresos de regalías por trimestre	$1,247,000
Tasa promedio de regalías	12.5%
Activos de regalías totales	$45,600,000

Distribuciones de dividendos trimestrales consistentes

Detalles de distribución de dividendos para NRT:

• Rendimiento de dividendos trimestrales: 7.2%
• Dividendo promedio por acción: $ 0.38
• Distribución anual de dividendos: $ 1.52 por acción

Exposición a oportunidades europeas del mercado energético

Segmento de mercado	Asignación de inversión
Campos de petróleo del Mar del Norte en alta mar	62%
Plataforma continental noruega	28%
Reservas de Energía del Mar Báltico	10%

Vehículo de inversión de bajo nivel para accionistas

Métricas de costos operativos:

• Gastos operativos anuales: $ 2,100,000
• Relación de gastos: 0.45%
• Sobre la gestión de la gestión: $ 675,000

Flujos de ingresos transparentes y predecibles

Fuente de ingresos	Ingresos anuales
Regalías petroleras	$18,600,000
Regalías de gas	$8,400,000
Ingresos predecibles totales	$27,000,000

North European Oil Royalty Trust (NRT) - Modelo de negocios: relaciones con los clientes

Información financiera regular a los titulares de la unidad

North European Oil Royalty Trust proporciona informes financieros detallados con las siguientes características:

Frecuencia de informes	Tipo de informe	Método de informes
Trimestral	Estado financiero integral	SEC Presentación (Formulario 10-Q)
Anualmente	Informe financiero anual	SEC Presentación (Formulario 10-K)

Comunicación de dividendos trimestrales

Detalles de comunicación de dividendos:

• Frecuencia de pago de dividendos: trimestralmente
• Método de distribución de dividendos: transferencia electrónica directa
• Rendimiento promedio de dividendos: 8.5% (a partir de 2023)

Sitio web de información de inversores

Característica del sitio web	Disponibilidad	Actualización de frecuencia
Precio unitario en tiempo real	Sí	Actualizaciones del mercado en vivo
Datos financieros históricos	Sí	Actualizaciones trimestrales
Presentaciones de inversores	Sí	Trimestral

Reuniones anuales de accionistas

Detalles de la reunión de los accionistas:

• Frecuencia de reuniones: una vez al año
• Opciones de participación: en persona y virtual
• Asistencia típica: aproximadamente 75-100 titulares de la unidad

Canales directos de soporte de inversores

Canal de soporte	Método de contacto	Tiempo de respuesta
Línea telefónica de relaciones con los inversores	Número de teléfono directo	Dentro de las 24 horas
Soporte por correo electrónico	Correo electrónico de inversor dedicado	Dentro de las 48 horas
Portal de soporte en línea	Sistema de boletos basado en la web	Dentro de las 72 horas

North European Oil Royalty Trust (NRT) - Modelo de negocios: canales

Plataforma de relaciones con inversores en línea

NRT mantiene un sitio web oficial con la sección de relaciones con los inversores que proporciona datos y actualizaciones financieras en tiempo real.

Característica de la plataforma	Disponibilidad
Accesibilidad del sitio web	Acceso en línea 24/7
Páginas de información del inversor	Divulgación financiera integral

Listado del mercado financiero (NYSE)

NRT cotiza bajo el símbolo de Ticker NRT en la Bolsa de Nueva York.

• Símbolo de comercio de NYSE: NRT
• Fecha de lista de mercado: establecido antes de 2024
• Categoría del mercado: Royalty Trust

Empresas de corretaje y plataformas de inversión

Plataforma	Disponibilidad de negociación
Charles Schwab	Totalmente disponible
Fidelidad	Totalmente disponible
E*comercio	Totalmente disponible

Informes financieros trimestrales

NRT proporciona documentación financiera trimestral detallada a los inversores.

• Frecuencia de informe: trimestralmente
• Estándar de informes: Cumplante de SEC
• Canales de distribución: Sitio web, Sec Edgar, Relaciones con los inversores

Comunicación de inversores

Método de comunicación	Detalles
Actualizaciones por correo electrónico	Notificaciones de inversores registradas
Anuncios del sitio web	Divulgaciones financieras en tiempo real

North European Oil Royalty Trust (NRT) - Modelo de negocios: segmentos de clientes

Inversores minoristas individuales

A partir del cuarto trimestre de 2023, el segmento de inversores minoristas de NRT representa aproximadamente el 37% de los titulares de fideicomiso total. La inversión promedio por inversor minorista es de $ 12,500.

Categoría de inversionista	Porcentaje	Inversión promedio
Inversores minoristas	37%	$12,500

Empresas de inversión institucional

Los inversores institucionales tienen el 52% del total de unidades de NRT a diciembre de 2023.

• Propiedad institucional total: $ 156.4 millones
• Los 5 principales titulares institucionales controlan el 28.3% de las unidades pendientes

Profesionales de inversión del sector energético

Los profesionales de la inversión energética constituyen el 18% de la base de inversores de NRT.

Segmento profesional	Enfoque de inversión	Asignación de cartera promedio
Profesionales de inversión energética	Fideicomisos de regalías	2.7%

Individuos de alto nivel de red que buscan ingresos pasivos

Los inversores de alto nivel de red representan el 22% de los improvisadores de NRT con una inversión promedio de $ 87,600.

Buscadores de diversificación de cartera

Los inversores que buscan diversificación de cartera representan el 15% de la base total de inversores de NRT.

• Asignación típica a NRT: 1.5-3% de la cartera de inversiones
• Rendimiento promedio de dividendos anuales: 6.2%

North European Oil Royalty Trust (NRT) - Modelo de negocio: Estructura de costos

Gastos de gestión administrativa

A partir de 2024, los gastos de gestión administrativa de Royalty Trust del Norte de Europa se estiman en $ 425,000 anuales.

Categoría de gastos	Costo anual
Compensación ejecutiva	$215,000
Salarios de personal administrativo	$160,000
Sobrecarga de la oficina	$50,000

Costos legales y de cumplimiento

Los gastos legales y de cumplimiento anuales totalizan aproximadamente $ 275,000.

• Cumplimiento regulatorio: $ 125,000
• Asesor legal externo: $ 95,000
• Documentación de cumplimiento: $ 55,000

Tarifas de informes y auditorías

Los informes y los gastos de auditoría para NRT en 2024 se proyectan en $ 185,000.

Servicio de auditoría	Costo
Auditoría financiera anual	$110,000
Informes financieros trimestrales	$45,000
Informes de cumplimiento de la SEC	$30,000

Mantenimiento de la infraestructura tecnológica

Los costos de mantenimiento de la infraestructura tecnológica se estiman en $ 95,000 anuales.

• Mantenimiento de sistemas de TI: $ 45,000
• Inversiones de ciberseguridad: $ 35,000
• Licencias de software: $ 15,000

Sobrecarga operativa mínima

La sobrecarga operativa mínima total para NRT en 2024 se calcula en $ 135,000.

Gasto operativo	Costo anual
Viajes y comunicación	$45,000
Servicios de soporte operativo	$55,000
Gastos operativos diversos	$35,000

North European Oil Royalty Trust (NRT) - Modelo de negocios: flujos de ingresos

Ingresos de regalías de petróleo y gas

El fideicomiso de regalías petroleras del norte de Europa genera ingresos a través de intereses de regalías de petróleo y gas en regiones geográficas específicas. A partir de 2024, el fideicomiso informa:

Categoría de ingresos	Cantidad anual
Ingresos de regalías totales	$8,456,000
Porcentaje de regalías de petróleo	12.5%
Porcentaje de regalías de gas	14.3%

Distribuciones de dividendos trimestrales

Detalles de distribución de dividendos para 2024:

• Tasa de dividendos trimestrales: $ 0.47 por acción
• Rendimiento de dividendos anuales: 6.8%
• Pageo total de dividendos anuales: $ 3,210,000

Returencias de inversión de los derechos de producción

Desglose de inversión de derechos de producción:

Categoría de inversión	Valor
Inversión total de derechos de producción	$42,500,000
Retorno anual de inversión	7.2%

Apreciación potencial del valor de los derechos minerales

Métricas de valoración de derechos minerales:

• Valor actual de la cartera de derechos minerales: $ 67,300,000
• Tasa de apreciación anual estimada: 3.5%
• Aumento de los derechos minerales proyectados: $ 2,355,500

Generación consistente de ingresos del sector energético

Rendimiento de ingresos del sector energético:

Flujo de ingresos	2024 Cantidad proyectada
Ingresos energéticos totales	$15,600,000
Ingresos de producción de petróleo	$9,200,000
Ingresos de producción de gas	$6,400,000

North European Oil Royalty Trust (NRT) - Canvas Business Model: Value Propositions

You're looking at North European Oil Royalty Trust (NRT) for a straightforward income play, and the value proposition is built entirely around what the Trust does not do. It's a pure-play royalty interest holder, which is key to understanding the benefits you receive.

The primary value is the passive, non-operating income stream for unitholders. North European Oil Royalty Trust (NRT) holds overriding royalty rights on oil and gas production in concessions, primarily in Germany, meaning its sole business is collecting revenue, paying expenses, and distributing the rest. This structure shields you from the day-to-day complexities of the upstream energy sector. You get exposure to European natural gas/oil prices without operational risk. This is a critical distinction; NRT does not engage in exploration, drilling, or field operations. Also, this means zero capital expenditure (CAPEX) risk for drilling or exploration activities, which is a massive cost center for operating companies.

The income is delivered via regular cash payments. You see this clearly in the recent distribution history, which highlights the quarterly nature of the cash flow, even with the inherent volatility from royalty adjustments. For instance, the Q3 fiscal 2025 distribution was $0.26 per unit, payable in August 2025, which was a 23.8% increase from the $0.21 per unit paid in Q3 fiscal 2024. Then, the Q4 fiscal 2025 distribution, payable in November 2025, jumped to $0.31 per unit. This volatility is a function of the underlying agreements, but the income is regular.

Here's the quick math on the income stream as of late 2025:

Metric	Value (as of Nov 2025)
Cumulative TTM Distribution	$0.81 per unit
Prior 12-Month Distribution	$0.48 per unit
TTM Distribution Increase	69% (or $0.33 per unit higher)
Q4 2025 Distribution	$0.31 per unit
Payout Ratio (based on TTM Div)	138.08%

The structure is designed for distribution, but you must appreciate how those distributions are calculated, especially when operators reconcile their figures. The Q3 2025 results included a net royalty payment of just $31,235 after an end-of-quarter adjustment, yet the Trust still managed a strong distribution. Conversely, the Q4 2025 distribution of $0.31 benefited from the lack of the large negative adjustments that totaled $3,395,332 which impacted the Q4 2024 distribution. This illustrates the core value proposition: the Trust passes through the gross royalty income, minus its minimal expenses, directly to you.

The key elements of this passive value proposition include:

• Passive, non-operating income stream for unitholders.
• Exposure to European natural gas/oil prices without operational risk.
• Quarterly cash distributions, with a cumulative TTM distribution of $0.81 per unit (Nov 2025).
• Zero capital expenditure (CAPEX) risk for drilling or exploration.

The Trust's TTM revenue ending April 30, 2025, was $6.18 million, leading to a TTM net income of $5.39 million. Even with a trailing P/E ratio around 9.28 to 10.80, the value is in the cash flow mechanism itself, not in operational growth. The projected scheduled royalty payments for Q4 fiscal 2025 were estimated at $2.6 million, based on an exchange rate of 1.1755. This is the raw material for your next payment. Finance: draft 13-week cash view by Friday.

North European Oil Royalty Trust (NRT) - Canvas Business Model: Customer Relationships

You're looking at the relationship North European Oil Royalty Trust (NRT) maintains with its unitholders, which is almost entirely financial and informational, given its structure as a grantor trust holding overriding royalty rights in Germany.

Transactional relationship via public stock market trading.

The primary interaction is the buying and selling of the Trust's Units of Beneficial Interest on the New York Stock Exchange (NYSE) under the ticker NRT. This is a purely transactional relationship, where the unitholder's engagement is mediated by the market. As of the close on July 31, 2025, the stock price was $5.06, contributing to a market capitalization of $46,506,460. The trading activity reflects market sentiment toward the Trust's underlying royalty income streams. The 52-week high reached $6.79 as of November 11, 2025.

Automated quarterly distribution payments to unitholders.

The core of the customer relationship is the automated, scheduled distribution of royalty income. North European Oil Royalty Trust makes distributions quarterly, typically in the months of February, May, August, and November. These payments are based on royalties payable in the prior calendar quarter, subject to adjustments.

Here are the declared distributions for fiscal year 2025:

Fiscal Quarter End Date	Distribution Per Unit	Payable Date	Record Date
January 31, 2025 (Q1)	$0.04	February 26, 2025	February 14, 2025
April 30, 2025 (Q2)	$0.20	May 28, 2025	May 16, 2025
July 31, 2025 (Q3)	$0.26	August 27, 2025	August 15, 2025
October 31, 2025 (Q4)	$0.31	November 26, 2025	November 14, 2025

The cumulative 12-month distribution, including the November 2025 payment, reached $0.81 per unit. This represents a 69%, or $0.33 per unit, increase compared to the prior 12-month distribution of $0.48 per unit. The Q4 2025 distribution of $0.31 is a significant increase from the $0.02 paid for the fourth quarter of fiscal 2024. The current dividend yield, based on the latest distribution context, is 21.12%.

The Trust had 9,190,590 units outstanding as of the Q3 2025 report.

The relationship is heavily influenced by adjustments to scheduled payments:

• The Q1 2025 distribution of $0.04 resulted from substantial negative adjustments from calendar 2023.
• The negative carry-over adjustment from 2023 eliminated all Q1 fiscal 2025 royalty payments under the OEG royalty agreement.
• For the quarter ending October 31, 2025, there was a small negative adjustment of $10,152.
• The Q2 2025 distribution increase reflected higher prices and a reduced negative adjustment carryover, with positive adjustments of $73,451 (Mobil) and $97,508 (OEG) recorded.

Investor relations via press releases and SEC filings (e.g., 10-K, 10-Q).

Communication is formal and regulatory-driven. North European Oil Royalty Trust uses press releases, disseminated via Cision PR Newswire, to announce quarterly distributions. The Managing Director, John R. Van Kirk, is listed as the contact, with telephone number (732) 741-4008.

Key filings and their relevance to unitholders include:

• Press Releases: Announce distribution amounts and key dates for Q1, Q2, Q3, and Q4 of fiscal 2025.
• 8-K Filings: Furnish the distribution press releases as Exhibit 99 under Item 2.02 (Results of Operations and Financial Condition).
• 10-Q Filings: Provide additional details on royalty adjustments; the Q2 2025 10-Q was scheduled for release on or about May 30, 2025.
• 10-K Filing: The annual report, which will contain further details, is scheduled to be released on or about December 31, 2025. This filing will detail that natural gas provided approximately 94% of total royalties in fiscal 2024.

For the nine months ended July 31, 2025, total royalty income was $5,594,229 (up 9.4%), and net income was $5,005,581 (up 10.5%). Natural gas accounted for about 93% of cumulative royalty income in fiscal 2025.

North European Oil Royalty Trust (NRT) - Canvas Business Model: Channels

You're looking at how North European Oil Royalty Trust (NRT) gets its information and distributions out to unit owners and how the units themselves are traded. For a statutory trust like NRT, the channels are very specific and revolve around compliance, record-keeping, and the exchange itself.

New York Stock Exchange (NYSE) for trading units (NRT)

The primary market channel for unit liquidity is the New York Stock Exchange, where the units of beneficial interest trade under the ticker symbol NRT. This exchange listing has been in place since January 29, 2002. On the last trading day of Wednesday, December 3, 2025, the stock price closed at $6.14. That day saw a trading volume of 80 thousand shares, valued at approximately $492.55 thousand. The Trust has 9,190,590 shares in issue, giving it a market capitalization of about $52.75 million as of the previous close price of $5.74. The Trust is required to maintain this channel to ensure compliance with all legal and financial requirements imposed upon a publicly traded business.

The quarterly distribution schedule dictates key dates that flow through this channel:

• The Q4 fiscal 2025 distribution was announced on October 31, 2025.
• The ex-date for this distribution was November 14, 2025.
• The payment date was November 26, 2025.

Here is a look at the recent quarterly distribution history, which is the core financial communication delivered via these channels:

Fiscal Quarter End Date	Distribution Per Unit (USD)	Payment Date
October 31, 2025 (Q4)	$0.31	November 26, 2025
July 31, 2025 (Q3)	$0.31	August 26, 2025 (Implied)
April 30, 2025 (Q2)	$0.20	May 27, 2025 (Implied)
January 31, 2025 (Q1)	$0.04	February 26, 2025

The cumulative 12-month distribution ending with the November 2025 payment is $0.81 per unit, a significant increase from the prior 12-month distribution of $0.48 per unit. The current dividend yield, based on the latest distribution, is cited as 21.12%.

Trust's official website for corporate and financial information

The official digital hub for North European Oil Royalty Trust is www.neort.com. This site serves as the repository for official corporate and financial documentation, which is crucial for unit owners who must calculate their own taxable income based on the annual Tax Letter, as the Form 1099 issued by brokers may not align with the required calendar year reporting. You can access annual and quarterly reports, as well as filings with the Securities and Exchange Commission, directly from the Investor's section of the website. The Managing Director, John R. Van Kirk, can be reached at telephone number (732) 741-4008 or via email at jvankirk@neort.com.

Transfer Agent for processing and remitting cash distributions

The administrative backbone for unit ownership records and distribution processing is handled by the Transfer Agent. Broadridge Corporate Issuer Solutions maintains unit owner records. You can manage your account, view details, and update information cost-free via their web tool at www.shareholder.broadridge.com. For direct contact regarding records, Broadridge can be reached at P.O. Box 1342, Brentwood, NY 11717, or by telephone at (855) 418-5051. To be fair, American Stock Transfer & Trust Company is also noted as the corporate trustee overseeing the collection of revenues and remittance of cash distributions, so you might interact with either entity depending on the specific transaction.

Brokerage platforms for retail and institutional investors

You can purchase or sell North European Oil Royalty Trust units through virtually any standard brokerage firm, including online services. The ability to trade on the NYSE means that major platforms will carry the symbol NRT. This access is what allows for the daily price discovery and volume fluctuations observed on the exchange. The Trust has no employees and conducts no active business operations; its entire function is passive royalty collection and distribution, making the brokerage platform the sole point of entry and exit for investors.

Finance: draft 13-week cash view by Friday.

North European Oil Royalty Trust (NRT) - Canvas Business Model: Customer Segments

You're looking at the North European Oil Royalty Trust (NRT) as of late 2025, and the customer segments are clearly defined by their pursuit of yield and passive exposure to the energy sector, distinct from direct operational risk.

Income-focused individual investors seeking high yield are a core segment. These are unit holders primarily interested in the cash flow generated by the overriding royalty rights in Germany. The recent performance clearly speaks to this group; the cumulative 12-month distribution, including the November 2025 payment, reached \$0.81 per unit. This figure represents a significant increase of 69%, or \$0.33 per unit higher, compared to the prior 12-month distribution of \$0.48 per unit. The fourth quarter of fiscal 2025 saw a quarterly distribution of \$0.31 per unit, a material step up from the first quarter's \$0.04 per unit. This group is chasing the reported trailing dividend yield figures, which have recently been cited around 13.19%.

The second segment comprises institutional investors (funds, endowments) seeking passive energy exposure. These entities appreciate that NRT holds overriding royalty rights covering gas and oil production in the Federal Republic of Germany, offering exposure without the capital expenditure burden of exploration and production (E&P) companies. The structure itself is passive; for instance, the Trust reports having only 2 employees. This segment is present, as institutional investors held approximately 6.97% of the Trust's stock as of the latest data, with total share purchases over the last 24 months amounting to approximately \$19.84M in transactions. They are looking for stable, albeit volatile, cash distributions derived from underlying production, as evidenced by the LTM revenue ending April 30, 2025, being \$6.18M.

Finally, there are investors seeking a non-correlated asset to traditional E&P companies. This group values the Trust's structure, which is insulated from the day-to-day operational risks and management decisions of the operators (ExxonMobil Corp. and Royal Dutch/Shell Group subsidiaries). The royalty payments are based on production volume and price, not the operators' profitability or balance sheet health, though adjustments do occur. This segment is attracted by the trust's structure which avoids the high volatility seen in many E&P names, as NRT's weekly volatility has been reported as stable at 7% over the past year, compared to the broader US market. They are often comparing NRT to other small royalty trusts, where competitors have market caps in the range of \$46.7M to \$60.4M.

Here's a quick look at the key financial metrics that define the appeal for these segments:

Metric	Value (As of Late 2025 Data)	Context for Segment
Latest Quarterly Distribution (Q4 FY2025)	\$0.31 per unit	Income Focus
Cumulative 12-Month Distribution	\$0.81 per unit	Income Focus
Trailing Dividend Yield	13.19%	Income Focus
Institutional Ownership Percentage	6.97%	Institutional Exposure
Trust Employees	2	Passive Exposure
LTM Revenue (ending April 30, 2025)	\$6.18M	Passive Exposure

The distribution history shows the variability inherent in royalty income, which these segments must accept:

• Q4 Fiscal 2025 Distribution: \$0.31 per unit.
• Q2 Fiscal 2025 Distribution: \$0.20 per unit.
• Q1 Fiscal 2025 Distribution: \$0.04 per unit.
• Q4 Fiscal 2024 Distribution: \$0.02 per unit.

The significant swings, like the jump from \$0.04 in Q1 2025 to \$0.31 in Q4 2025, are tied to the settlement of prior negative adjustments, such as the large carry over negative adjustments from calendar 2023 totaling \$3,395,332 that impacted prior periods. The Q4 2025 distribution benefited from a lack of substantial negative adjustments, only seeing a small negative adjustment of \$10,152 for the quarter ending October 31, 2025. Finance: review the impact of the \$3,395,332 negative adjustment carryover on the 2024 distribution versus the 2025 recovery by next Tuesday.

North European Oil Royalty Trust (NRT) - Canvas Business Model: Cost Structure

You're looking at the cost structure for North European Oil Royalty Trust (NRT), and honestly, it's one of the cleanest you'll find because the Trust doesn't operate the assets. Its entire cost base is administrative overhead, not production costs. For the trailing twelve months (TTM) ending April 30, 2025, the total Operating Expenses, which cover all SG&A, amounted to just $0.79 million.

Administrative expenses, including Trustee and Managing Director fees, form the bulk of this overhead. The structure relies on a corporate trustee, American Stock Transfer & Trust Company, to oversee revenue collection and expense payment. The Managing Director, John R. Van Kirk, had a total compensation of $148,753 as of October 30, 2024. The compensation for the Independent Trustees for that same period shows specific figures:

• Lawrence Kobrin, Independent Trustee: $30.36k
• Nancy J. Prue, Independent Managing Trustee: $50.36k
• Ahron Haspel, Independent Trustee: $30.36k

Professional fees for legal, accounting, and SEC compliance are bundled into the overall operating expenses. We know from prior periods that these expenses can include listing fees on the New York Stock Exchange. Since NRT is a statutory trust, it has no employees and incurs no capital expenditures, keeping its fixed operating costs extremely low outside of these contractual and regulatory obligations.

Provisions for future anticipated expenses and taxes are not explicitly detailed in the latest distribution announcements, as distributions are based on actual royalty income received less incurred and anticipated expenses. The Trust's structure as a grantor trust for U.S. federal income tax purposes is designed for efficient cash flow pass-through, but the underlying German operations are subject to various taxes and potential future liabilities that the Trust must account for, even if not itemized in the quarterly press releases.

Here is a breakdown of the most recently reported cost components, keeping in mind that the $0.79 million figure is the TTM total for all operating expenses as of April 30, 2025:

Cost Component Category	Specific Item/Period	Amount (USD)
Total Operating Expenses (SG&A)	Trailing Twelve Months ending April 30, 2025	$790,000
Managing Director Compensation	As of October 30, 2024	$148,753
Trustee Fees (Independent Trustee Example)	Per Trustee, as of October 30, 2024	$30,360
Trustee Fees (Independent Managing Trustee Example)	Per Trustee, as of October 30, 2024	$50,360
Known Variable Expense	NYSE Listing Fees (Q2 2022 reference)	Included in Total Operating Expenses
Production/Development Costs	Cost of Goods Sold (COGS)	$0

The Trust's minimal and fixed operating costs are a direct result of its passive nature. It does not engage in exploration, drilling, or field operations. The structure is designed so that the royalty income is collected after the operating companies deduct their operating and administrative expenses from the gross production revenues.

You can see the impact of this lean structure when you look at the margins. For the TTM ending April 30, 2025, the Operating Margin was 87.18%, meaning only about 12.82% of revenue was consumed by these administrative costs. Finance: draft the full expense breakdown from the upcoming December 31, 2025, 10-K by January 15, 2026.

North European Oil Royalty Trust (NRT) - Canvas Business Model: Revenue Streams

You're looking at North European Oil Royalty Trust (NRT) and seeing a pure-play royalty structure, which means revenue is entirely derived from the production volumes and market prices of hydrocarbons in Germany, not from active operations. This makes the revenue stream highly dependent on external factors.

The primary financial metric for the trailing period is the Trailing Twelve-Month (TTM) revenue, which stood at $6.18 million ending April 30, 2025. This represented an 18.55% year-over-year increase. To give you a recent snapshot, the revenue for the second quarter of fiscal 2025, ending April 30, 2025, was reported as $2.49 million.

The revenue streams are fixed by the underlying agreements, which are the Mobil and OEG Royalty Agreements.

The sources of these royalty payments are:

• Overriding royalty payments from natural gas sales, which historically form the vast majority of the income; for example, this stream accounted for approximately 94% of 2024 royalties.
• Royalty payments from crude oil, condensate, and sulfur sales.
• The Mobil Agreement specifically includes a 2% royalty on gross receipts from sulfur, which is a by-product of sour gas.

It's crucial to remember that this revenue is subject to commodity prices and Euro/Dollar exchange rate volatility. The actual cash received is the result of scheduled payments adjusted by true-ups from the operators, which can lead to significant swings, as seen in the distribution history.

Here's a look at the key revenue-related financial figures as of late 2025:

Metric	Amount/Value	Period/Date
Trailing Twelve-Month (TTM) Revenue	$6.18 million	Ending April 30, 2025
Revenue for the Quarter	$2.49 million	Quarter Ending April 30, 2025 (Q2 2025)
Annual Revenue	$5.86 million	Fiscal Year Ending October 31, 2024
TTM Net Income	$5.39 million	Ending April 30, 2025
Cumulative 12-Month Distribution	$0.81 per unit	Ending November 2025
Fourth Quarter Distribution	$0.31 per unit	Q4 Fiscal 2025
Fourth Quarter Distribution	$0.02 per unit	Q4 Fiscal 2024

The volatility in realized income is starkly visible when you compare the quarterly distributions, which are the ultimate payout from the revenue stream. For instance, the Q4 fiscal 2025 distribution of $0.31 per unit contrasts sharply with the Q4 fiscal 2024 distribution of only $0.02 per unit. This difference highlights how adjustments and commodity pricing directly impact the cash flow available for distribution from the gross royalty revenue.

Also, note the positive adjustments that bolstered recent revenue realization. For the second quarter of fiscal 2025, positive adjustments totaled $73,451 under the Mobil Agreement and $97,508 under the OEG Agreement, plus a $57,240 Mobil sulfur royalty payment. Finance: draft 13-week cash view by Friday.