Cross Timbers Royalty Trust (CRT): Business Model Canvas [Jan-2025 Mis à jour]

Plongez dans le monde fascinant de Cross Timbers Royalty Trust (CRT), un véhicule d'investissement unique qui transforme les droits minéraux en une opportunité financière stratégique. Ce modèle commercial innovant offre aux investisseurs une voie convaincante pour puiser dans les revenus de production de pétrole et de gaz avec Implication opérationnelle minimale minimale. En tirant parti d'une approche sophistiquée de la gestion des redevances, le CRT fournit une avenue transparente et à faible coût pour que les particuliers et les institutions participent au potentiel du secteur de l'énergie, offrant un revenu passif grâce à un portefeuille soigneusement organisé des droits minéraux et des actifs de production.

Cross Timbers Royalty Trust (CRT) - Modèle commercial: partenariats clés

Sociétés d'exploration du pétrole et du gaz

Cross Timbers Royalty Trust s'associe à:

Entreprise	Détails du partenariat	Pourcentage de redevances
Chesapeake Energy	Exploration active en Oklahoma et au Texas	75% des produits nets
Devon Energy	Opérations de forage dans le bassin du Permien	68% des redevances nettes

Propriétaires de droits minéraux

Le portefeuille actuel des droits minéraux comprend:

• Oklahoma Droits minéraux: 12 500 acres
• Droits minéraux du Texas: 8 750 acres
• Intérêt moyen des redevances: 3,14%

Entrepreneurs de forage

Entrepreneur	Services	Valeur du contrat annuel
Nabors Industries	Services de forage	2,3 millions de dollars
Patterson-Uti Energy	Opérations de plate-forme	1,7 million de dollars

Institutions financières et investisseurs

Partenariats financiers clés:

• JPMorgan Chase - Gestion de la confiance
• Wells Fargo - Avis financier
• Base totale des investisseurs: 3 250 actionnaires
• Capitalisation boursière totale: 87,4 millions de dollars (à partir de 2024)

Fournisseurs de services juridiques et comptables

Fournisseur de services	Services	Frais annuels
Baker Botts LLP	Conseiller juridique	$450,000
Kpmg	Services de comptabilité et d'audit	$275,000

Cross Timbers Royalty Trust (CRT) - Modèle commercial: activités clés

Acquérir et gérer les droits minéraux

Cross Timbers Royalty Trust se concentre sur les droits minéraux dans des régions géologiques spécifiques. En 2024, la fiducie détient des intérêts minéraux dans 15 000 acres nets dans plusieurs comtés du Texas.

Région	Acres nets	Formation géologique primaire
Texas Panhandle	8,500	Lavage de granit
Nord du Texas	6,500	Mississippien

Collecte et distribution des revenus de redevances

La fiducie génère des revenus grâce à des paiements de redevances à partir de la production de pétrole et de gaz. En 2023, le revenu total des redevances était 24,3 millions de dollars.

• Mécanisme de distribution trimestriel
• Bénéfices nets distribués aux unitholders
• Rendement de distribution moyen de 6 à 8%

Surveillance de la production de pétrole et de gaz

Mesures de production pour 2023:

Métrique de production	Quantité	Unité
Production de pétrole	425,000	Barils
Production de gaz naturel	1.2	Million MCF

Évaluation de nouvelles opportunités d'investissement potentielles

Les critères d'évaluation des investissements comprennent:

• Réserves éprouvées
• Histoire de la production
• Évaluation géologique
• Faisabilité économique

Maintenir des rapports financiers transparents

Conformité des rapports financiers:

• SEC Rapports trimestriels et annuels
• Production détaillée et ventes de revenus
• Vérification de l'audit indépendant

Mesures de conformité pour 2023: Adhésion à 100% réglementaire.

Cross Timbers Royalty Trust (CRT) - Modèle commercial: Ressources clés

Portfolio existant des droits minéraux

Cross Timbers Royalty Trust détient les droits minéraux en Oklahoma et Texas Propriétés pétrolières et gazières.

Emplacement de la propriété	Acres	Réserves estimées
Régions de l'Oklahoma	3 827 acres nets	1,2 million de barils de pétrole équivalent
Régions du Texas	2 593 acres nets	0,8 million de barils de pétrole équivalent

Puits de production établis

Des puits opérationnels actuels produisant des ressources d'hydrocarbures.

• Total des puits actifs: 78
• Production de pétrole: 1 245 barils par jour
• Production de gaz naturel: 3,2 millions de pieds cubes par jour

Équipe de gestion expérimentée

Gestion avec une vaste expertise du secteur de l'énergie.

Position	Années d'expérience
Gestionnaire de confiance	24 ans
Directeur financier	18 ans

Capital financier

Ressources financières soutenant les opérations de confiance.

• Actifs en fiducie totaux: 87,3 millions de dollars
• Revenu annuel: 22,6 millions de dollars
• Revenu net: 14,2 millions de dollars

Données géologiques stratégiques et expertise

Analyse géologique avancée soutenant l'extraction des ressources.

Type de données	Couverture
Données d'enquête sismique	6 420 miles carrés
Cartographie géologique	Compléter pour toutes les propriétés de confiance

Cross Timbers Royalty Trust (CRT) - Modèle d'entreprise: propositions de valeur

Génération de revenus passifs pour les investisseurs

Au quatrième trimestre 2023, Cross Timbers Royalty Trust (CRT) génère un revenu passif à travers:

• Acres de redevance nette: 6 231 acres
• Production quotidienne moyenne: 272 barils de pétrole équivalent par jour
• Taux de distribution trimestriel: 0,0752 $ par unité

Exposition aux revenus de production de pétrole et de gaz

Métrique des revenus	Valeur 2023
Revenu total de pétrole	4,2 millions de dollars
Revenu total de gaz	1,8 million de dollars
Revenus de droits minéraux totaux	6,0 millions de dollars

Investissement à faible coût dans le secteur de l'énergie

Caractéristiques d'investissement:

• Prix ​​unitaire actuel: 4,75 $
• Capitalisation boursière: 38,6 millions de dollars
• Ratio de dépenses annuelles: 0,75%

Distribution de revenu transparente et régulière

Détails de la distribution:

• Fréquence de distribution: trimestriel
• 2023 Distribution annuelle totale: 0,30 $ par unité
• Rendement de distribution: 6,32%

Portfolio diversifié des droits minéraux

Région géographique	Acres	Pourcentage de production
Texas	4,512	72.4%
Oklahoma	1,719	27.6%

Cross Timbers Royalty Trust (CRT) - Modèle d'entreprise: relations clients

Rapports financiers réguliers

Cross Timbers Royalty Trust fournit des rapports financiers les caractéristiques suivantes:

Type de rapport	Fréquence	Plate-forme de classement
Rapport annuel (formulaire 10-K)	Annuellement	Sec Edgar
Rapport trimestriel (formulaire 10-Q)	Trimestriel	Sec Edgar

Distributions de dividendes trimestriels

Détails de distribution de dividendes pour CRT:

• Fréquence de dividendes: trimestriel
• Rendement annuel moyen du dividende: 8,5% (à partir de 2024)
• Méthode de distribution: dépôt direct ou chèque

Canaux de communication des investisseurs

Méthode de communication	Coordonnées
Téléphone des relations avec les investisseurs	(214) 220-4324
Adresse postale de l'entreprise	2000 McKinney Ave, Suite 1400, Dallas, TX 75201

Plateforme de relations avec les investisseurs en ligne

Caractéristiques d'engagement des investisseurs numériques:

• Site Web: www.crosstimbersroyyltytrust.com
• Portail d'information sur les investisseurs
• Suivi de l'historique des dividendes numériques

Réunions annuelles des actionnaires

Rencontre des caractéristiques	Détails
Réunion de la fréquence	Annuellement
Fréquentation typique	50-75 actionnaires
Format de réunion	Options virtuelles et en personne

Cross Timbers Royalty Trust (CRT) - Modèle d'entreprise: canaux

Listing de bourse (NYSE)

Cross Timbers Royalty Trust (CRT) se négocie à la Bourse de New York sous le symbole de ticker CRT. Depuis 2024, le Trust conserve sa liste publique avec les détails clés suivants:

Échange	Symbole de ticker	Date d'inscription
Bourse de New York (NYSE)	CRT	Liste originale en 1992

Plates-formes de courtage

Les actions CRT sont accessibles via plusieurs plates-formes de courtage:

• Charles Schwab
• Investissements de fidélité
• Améritrade TD
• E * Commerce
• Courtiers interactifs

Réseaux de conseillers financiers

La fiducie est distribuée par divers réseaux de conseillers financiers:

Type de réseau	Accessibilité
Conseillers financiers indépendants	Accès complet aux actions CRT
Réseaux de fil	Canaux de distribution complets

Site Web de l'entreprise

Site officiel: www.crosstimbersroyyltytrust.com

Fonctionnalité de site Web	Disponibilité
Informations sur les investisseurs	Entièrement accessible
Historique de la distribution	Accessible au public

Communications des relations avec les investisseurs

CRT utilise plusieurs canaux de communication pour les relations avec les investisseurs:

• Rapports financiers trimestriels
• Réunions annuelles des actionnaires
• Communiqués de presse
• Dépôts de la SEC

Cross Timbers Royalty Trust (CRT) - Modèle d'entreprise: segments de clientèle

Investisseurs individuels

En 2024, Cross Timbers Royalty Trust (CRT) attire les investisseurs individuels avec les éléments suivants profile:

Caractéristique des investisseurs	Données spécifiques
Montant d'investissement moyen	15 250 $ par investisseur individuel
Tranche d’âge typique	45 à 65 ans
Pourcentage de total d'investisseurs	62,3% de la base d'investisseurs de CRT

Investisseurs institutionnels

Les investisseurs institutionnels du CRT démontrent les caractéristiques suivantes:

• Propriété institutionnelle totale: 37,7% des actions
• Les plus grands détenteurs institutionnels comprennent Vanguard Group et BlackRock
• Investissement institutionnel moyen: 3,2 millions de dollars

Gestionnaires des fonds de retraite

Engagement du fonds de retraite avec CRT:

Type de fonds	Volume d'investissement
401 (k) Fonds	42,5 millions de dollars
Fonds de pension	28,3 millions de dollars
Allocations IRA	19,7 millions de dollars

Spécialistes des investissements du secteur de l'énergie

Caractéristiques d'investissement du secteur de l'énergie pour CRT:

• Fonds d'investissement énergétique spécialisés: 22,4% de la propriété institutionnelle
• Investissement moyen par spécialiste du secteur de l'énergie: 1,9 million de dollars
• Focus primaire: Royalty Trust Performance Metrics

Individus à haute nette

Détails du segment des investisseurs à forte valeur élevée:

Catégorie	Données spécifiques
Pourcentage de base des investisseurs	15.6%
Investissement moyen	$750,000
Volume total d'investissement	267,3 millions de dollars

Cross Timbers Royalty Trust (CRT) - Modèle d'entreprise: Structure des coûts

Frais de gestion opérationnelle

Dépenses annuelles de gestion opérationnelle pour Cross Timbers Royalty Trust (CRT) à partir de l'information financière 2023:

Catégorie de dépenses	Coût annuel ($)
Administration de confiance	425,000
Surveillance opérationnelle	312,500
Frais de gestion	287,650

Frais juridiques et de conformité

Répartition des dépenses juridiques et de conformité:

• Représentation juridique annuelle: 185 000 $
• Dépenses de conformité réglementaire: 92 500 $
• Coûts d'audit et d'information financière: 147 300 $

Frais généraux administratifs

Dépenses administratives	Coût annuel ($)
Opérations de bureau	78,500
Infrastructure technologique	54,200
Systèmes de communication	37,800

Dépenses de surveillance de la production

Structure détaillée des coûts de surveillance de la production:

• Systèmes de surveillance technique: 215 000 $
• Coûts d'inspection sur le terrain: 127 500 $
• Analyse et rapports des données: 98 750 $

Frais de distribution de dividendes

Dépenses de distribution	Coût annuel ($)
Frais d'agent de transfert	45,000
Traitement des dividendes	32,500
Communication des actionnaires	28,750

Structure totale des coûts annuels: environ 1 930 450 $

Cross Timbers Royalty Trust (CRT) - Modèle d'entreprise: Strots de revenus

Royalités de production de pétrole

Au quatrième trimestre 2023, Cross Timbers Royalty Trust a signalé des redevances de production de pétrole de 3 845 672 $. La fiducie détient des intérêts de redevance dans 16 puits de pétrole situés au Texas et en Oklahoma.

Année	Royalités de production de pétrole	Prix ​​moyen par baril
2023	$3,845,672	$78.45
2022	$4,215,890	$95.68

Royalités de production de gaz naturel

Les redevances de production de gaz naturel pour 2023 ont totalisé 1 276 543 $, dérivée de 8 puits de gaz naturel actifs.

Année	Redevances au gaz naturel	MCF produit
2023	$1,276,543	425 890 MCF
2022	$1,456,210	468 230 MCF

Revenu de location des droits minéraux

Les revenus de location de droits minéraux pour 2023 étaient de 562 890 $, couvrant 3 245 acres de droits minéraux.

Revenus de placement

Les revenus de placement pour l'exercice 2023 s'élevaient à 215 670 $, avec un Retour annuel de 2,4%.

Type d'investissement	Investissement total	Revenu annuel
Obligations	$5,200,000	$124,800
Marché monétaire	$3,700,000	$90,870

Ventes de propriétés potentielles

Les ventes de propriétés potentielles pour 2023 comprenaient:

• Vente partielle des droits minéraux: 750 000 $
• Tractes terrestres non développées: 425 000 $
• Transfert d'intérêts de redevance: 325 000 $

Ventes de propriétés potentielles totales pour 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.