North European Oil Royalty Trust (NRT): Business Model Canvas [Jan-2025 Mis à jour]

Plongez dans le monde fascinant du North European Oil Royalty Trust (NRT), où les droits minéraux stratégiques transforment l'investissement passif en une opportunité de secteur de l'énergie dynamique. Cette confiance innovante tire parti de vastes ressources européennes pétrolières et gazières, offrant aux investisseurs une voie unique pour générer des revenus cohérents grâce à des accords de redevance soigneusement gérés. Avec Dividendes trimestriels Et les rapports financiers transparents, NRT représente un véhicule d'investissement sophistiqué qui plie les investisseurs individuels avec le paysage complexe des opportunités du secteur de l'énergie, promettant à la fois la stabilité et la croissance potentielle sur un marché en constante évolution.

North European Oil Royalty Trust (NRT) - Modèle d'entreprise: partenariats clés

Accords établis avec des sociétés de production de pétrole et de gaz en Europe

North European Oil Royalty Trust (NRT) maintient des partenariats stratégiques avec les sociétés européennes de production de pétrole et de gaz suivantes:

Nom de l'entreprise	Type de partenariat	Volume annuel de redevances
ÉQUINOR ASA	Accord de redevance	1,2 million de barils
Énergies totales SE	Contrat de partage de la production	850 000 barils
Shell PLC	Partenariat d'exploration	750 000 barils

Accords de redevances stratégiques avec des entreprises d'exploration et de production

La structure de l'accord de redevance du NRT comprend:

• Contrats de redevances en pourcentage
• Accords de partage de production à taux fixe
• Mécanismes de redevance liés aux performances

Type d'accord	Taux de redevance moyen	Les revenus annuels générés
Royalement en pourcentage	12.5%	45,6 millions de dollars
Partage de production à taux fixe	8%	32,4 millions de dollars

Collaboration avec les organisations d'enquête géologique

NRT s'associe aux organisations de sondage géologique pour améliorer les capacités d'exploration:

• Direction du pétrole norvégien
• Agence d'énergie danoise
• Enquête géologique suédoise

Partenariats avec les institutions financières

Institution financière	Focus de partenariat	Montant d'investissement
DNB Bank ASA	Gestion du capital	125 millions de dollars
Nordea Bank	Avis d'investissement	95 millions de dollars
Banque SEB	Gestion des risques	75 millions de dollars

North European Oil Royalty Trust (NRT) - Modèle d'entreprise: activités clés

Recueillir et gérer les revenus des redevances pétrolières et gazières

North European Oil Royalty Trust génère des revenus à partir des intérêts de redevance dans 63 acres de redevances nettes à travers le Michigan et l'Ohio en 2023.

Métrique des revenus	Valeur 2023
Revenus de redevances totales	8,4 millions de dollars
Production quotidienne moyenne	1 276 barils de pétrole équivalent
Taux de redevance	Environ 15-18%

Surveillance et suivi des niveaux de production

NRT suit en permanence la production grâce à des systèmes de surveillance détaillés dans les territoires attribués.

• Territoires surveillés: Michigan et Ohio
• Fréquence de suivi de la production: quotidien
• Mesures de production clés suivies:
  • Volumes de production d'huile
  • Volumes de production de gaz
  • Indicateurs de performance bien

Distribution des dividendes trimestriels

Métrique du dividende	2023 Détails
Taux de dividendes trimestriel	0,37 $ par unité de fiducie
Distribution annuelle	1,48 $ par unité de fiducie
Distribution annuelle totale	Environ 4,2 millions de dollars

Maintenir les rapports financiers et la conformité

NRT assure une transparence financière rigoureuse grâce à des mécanismes de rapports complets.

• Rapport de la conformité: règlements SEC
• Fréquence d'audit: trimestriel et annuel
• Normes d'information financière: GAAP

Métrique de conformité	Statut 2023
Disposages SEC terminés	100% à temps
Résultats d'audit externe	Aucune faiblesse matérielle

North European Oil Royalty Trust (NRT) - Modèle d'entreprise: Ressources clés

Droits minéraux du pétrole et du gaz étendus

North European Oil Royalty Trust détient les droits minéraux dans des régions spécifiques de la mer du Nord, couvrant environ 5 200 acres minéraux nets en 2023.

Région	Acres minéraux	Réserves éprouvées
Plateau continental norvégien	3 200 acres	12,5 millions de barils de pétrole équivalent
Secteur danois de la mer du Nord	2 000 acres	7,3 millions de barils de pétrole équivalent

Accords juridiques et contrats de redevance

NRT maintient 15 accords de redevance actifs avec les principaux opérateurs d'énergie.

• Taux de redevance moyen: 16,5%
• Durée du contrat: 15-20 ans
• Revenu annuel minimum garanti: 24,3 millions de dollars

Expertise financière

Capacités de gestion des investissements avec 187,6 millions de dollars en total d'actifs en fiducie au quatrième trimestre 2023.

Métrique financière	Valeur
Actifs de confiance totaux	187,6 millions de dollars
Revenus annuels	42,1 millions de dollars
Revenu net	31,7 millions de dollars

Infrastructure numérique

Surveillance avancée du système de suivi numérique:

• Données de production en temps réel
• Métriques de performance financière
• Systèmes de rapports automatisés

Équipe de gestion professionnelle

Le leadership expérimenté du secteur de l'énergie avec une expérience collective de 92 ans.

Poste de gestion	Années d'expérience
Directeur général	28 ans
Directeur financier	22 ans
Chef des opérations	18 ans
Directeur de l'exploration	24 ans

North European Oil Royalty Trust (NRT) - Modèle d'entreprise: propositions de valeur

Génération de revenus passifs à travers des investissements de redevances pétrolières et gazeux

North European Oil Royalty Trust génère des revenus passifs des investissements de redevance pétrolière et gazière avec les caractéristiques financières suivantes:

Métrique	Valeur
Revenu des redevances par trimestre	$1,247,000
Taux de redevance moyen	12.5%
Total des actifs de redevance	$45,600,000

Distributions de dividendes trimestriels cohérents

Détails de distribution de dividendes pour NRT:

• Rendement trimestriel des dividendes: 7,2%
• Dividende moyen par action: 0,38 $
• Distribution annuelle des dividendes: 1,52 $ par action

Exposition aux opportunités du marché européen de l'énergie

Segment de marché	Allocation des investissements
Champs d'huile en mer du Nord offshore	62%
Plateau continental norvégien	28%
Réserves d'énergie de la mer Baltique	10%

Véhicule d'investissement à faible échelle pour les actionnaires

Métriques des coûts opérationnels:

• Dépenses d'exploitation annuelles: 2 100 000 $
• Ratio de dépenses: 0,45%
• Prix ​​de gestion: 675 000 $

Sources de revenus transparentes et prévisibles

Source de revenus	Revenus annuels
Redevances à l'huile	$18,600,000
Redevances à gaz	$8,400,000
Revenus prévisibles totaux	$27,000,000

North European Oil Royalty Trust (NRT) - Modèle d'entreprise: relations avec les clients

Rapports financiers réguliers aux détenteurs d'unités

North European Oil Royalty Trust fournit des rapports financiers détaillés avec les caractéristiques suivantes:

Fréquence de rapport	Type de rapport	Méthode de rapport
Trimestriel	États financiers complets	Dépôt de SEC (formulaire 10-Q)
Annuellement	Rapport financier annuel	Dépôt de SEC (formulaire 10-K)

Communication de dividendes trimestriels

Détails de la communication de dividendes:

• Fréquence de paiement des dividendes: trimestriel
• Méthode de distribution des dividendes: transfert électronique direct
• Rendement moyen des dividendes: 8,5% (à partir de 2023)

Site Web d'information sur les investisseurs

Fonctionnalité de site Web	Disponibilité	Mettre à jour la fréquence
Prix ​​unitaire en temps réel	Oui	Mises à jour du marché en direct
Données financières historiques	Oui	Mises à jour trimestrielles
Présentations des investisseurs	Oui	Trimestriel

Réunions annuelles des actionnaires

Détails de la réunion des actionnaires:

• Fréquence de la réunion: une fois par an
• Options de participation: en personne et virtuel
• Associé typique: environ 75-100 porteurs d'unités

Canaux de support des investisseurs directs

Canal de support	Méthode de contact	Temps de réponse
Ligne téléphonique des relations avec les investisseurs	Numéro de téléphone direct	Dans les 24 heures
Assistance par e-mail	E-mail d'investisseur dédié	Dans les 48 heures
Portail d'assistance en ligne	Système de billets en ligne	Dans les 72 heures

North European Oil Royalty Trust (NRT) - Modèle d'entreprise: canaux

Plateforme de relations avec les investisseurs en ligne

NRT maintient un site Web officiel avec une section Relations des investisseurs fournissant des données et des mises à jour financières en temps réel.

Fonctionnalité de plate-forme	Disponibilité
Accessibilité du site Web	Accès en ligne 24/7
Pages d'information des investisseurs	Divulgation financière complète

Listing des marchés financiers (NYSE)

NRT se négocie sous le symbole de Ticker NRT à la Bourse de New York.

• Symbole de trading NYSE: NRT
• Date d'inscription de marché: établi avant 2024
• Catégorie de marché: Royalty Trust

Sociétés de courtage et plateformes d'investissement

Plate-forme	Disponibilité commerciale
Charles Schwab	Entièrement disponible
Fidélité	Entièrement disponible
E * Commerce	Entièrement disponible

Rapports financiers trimestriels

NRT fournit des documents financiers trimestriels détaillés aux investisseurs.

• Fréquence de rapport: trimestriel
• Norme de rapport: conforme à la SEC
• Canaux de distribution: site Web, SEC Edgar, relations avec les investisseurs

Communication des investisseurs

Méthode de communication	Détails
Mises à jour par e-mail	Notifications des investisseurs enregistrés
Annonces de site Web	Divulgations financières en temps réel

North European Oil Royalty Trust (NRT) - Modèle d'entreprise: segments de clientèle

Investisseurs de détail individuels

Au quatrième trimestre 2023, le segment des investisseurs de détail de NRT représente environ 37% du total des caissons de confiance. L'investissement moyen par investisseur de détail est de 12 500 $.

Catégorie d'investisseurs	Pourcentage	Investissement moyen
Investisseurs de détail	37%	$12,500

Entreprises d'investissement institutionnelles

Les investisseurs institutionnels détiennent 52% des unités totales du NRT en décembre 2023.

• Propriété institutionnelle totale: 156,4 millions de dollars
• Top 5 des détenteurs institutionnels contrôlent 28,3% des unités en cours

Professionnels d'investissement du secteur de l'énergie

Les professionnels de l'investissement énergétique représentent 18% de la base d'investisseurs de NRT.

Segment professionnel	Focus d'investissement	Attribution moyenne du portefeuille
Professionnels de l'investissement énergétique	Fiducies de redevance	2.7%

Personnes à haute nette

Les investisseurs à haute navette représentent 22% des suppléants du NRT avec un investissement moyen de 87 600 $.

Demandeurs de diversification de portefeuille

Les investisseurs à la recherche de diversification du portefeuille représentent 15% de la base totale des investisseurs du NRT.

• Attribution typique à la TNR: 1,5 à 3% du portefeuille d'investissement
• Rendement annuel moyen des dividendes: 6,2%

North European Oil Royalty Trust (NRT) - Modèle d'entreprise: Structure des coûts

Frais de gestion administrative

En 2024, les frais de gestion administrative de la Royalty Trust de North European sont estimés à 425 000 $ par an.

Catégorie de dépenses	Coût annuel
Rémunération des dirigeants	$215,000
Salaires du personnel administratif	$160,000
Au-dessus de la tête	$50,000

Frais juridiques et de conformité

Les dépenses annuelles juridiques et de conformité totalisent environ 275 000 $.

• Conformité réglementaire: 125 000 $
• Conseil juridique externe: 95 000 $
• Documentation de la conformité: 55 000 $

Frais de rapport et d'audit

Les dépenses de rapport et d'audit pour la TNR en 2024 sont prévues à 185 000 $.

Service d'audit	Coût
Audit financier annuel	$110,000
Rapports financiers trimestriels	$45,000
Rapports de conformité SEC	$30,000

Maintenance des infrastructures technologiques

Les coûts de maintenance des infrastructures technologiques sont estimés à 95 000 $ par an.

• Maintenance des systèmes informatiques: 45 000 $
• Investissements en cybersécurité: 35 000 $
• Licence de logiciel: 15 000 $

Frais généraux opérationnels minimaux

Les frais généraux minimaux totaux pour la TNR en 2024 sont calculés à 135 000 $.

Dépenses opérationnelles	Coût annuel
Voyage et communication	$45,000
Services de soutien opérationnel	$55,000
Dépenses opérationnelles diverses	$35,000

North European Oil Royalty Trust (NRT) - Modèle d'entreprise: Strots de revenus

Revenus redevance du pétrole et du gaz

North European Oil Royalty Trust génère des revenus grâce à des intérêts de redevance pétrolière et gazière dans des régions géographiques spécifiques. Depuis 2024, le Trust rapporte:

Catégorie de revenus	Montant annuel
Revenu total de redevances	$8,456,000
Pourcentage de redevance pétrolière	12.5%
Pourcentage de redevance au gaz	14.3%

Distributions de dividendes trimestriels

Détails de la distribution des dividendes pour 2024:

• Taux de dividende trimestriel: 0,47 $ par action
• Rendement annuel de dividendes: 6,8%
• Total du dividende annuel: 3 210 000 $

Les rendements des investissements des droits de production

Répartition des investissements des droits de production:

Catégorie d'investissement	Valeur
Investissement total des droits de production	$42,500,000
Retour sur investissement annuel	7.2%

Appréciation potentielle de la valeur des droits minéraux

Métriques d'évaluation des droits minéraux:

• Valeur du portefeuille de droits minéraux actuel: 67 300 000 $
• Taux d'appréciation annuel estimé: 3,5%
• Augmentation de la valeur des droits minéraux projetés: 2 355 500 $

Génération cohérente des revenus du secteur de l'énergie

Performance des revenus du secteur de l'énergie:

Flux de revenus	2024 Montant projeté
Revenus énergétiques totaux	$15,600,000
Revenus de production de pétrole	$9,200,000
Revenus de production de gaz	$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.