Cross Timbers Royalty Trust (CRT): Marketing Mix Analysis [Dec-2025 Updated]

You're digging into the market mechanics of a passive entity like Cross Timbers Royalty Trust (CRT), and as an analyst who's seen it all, I can tell you the traditional 4 Ps-Product, Place, Promotion, Price-look very different here than for a typical operating company. Honestly, for CRT, the entire marketing mix boils down to the hard assets and the mechanics of getting cash into your brokerage account; the 'product' is that monthly net profits distribution, which, as of late 2025, saw a payout of about $0.036930 per unit, while the unit itself traded near $8.91. Keep reading, because we break down exactly how this non-operating trust manages its market presence using only SEC filings and exchange liquidity, which is a masterclass in passive financial engineering.

Cross Timbers Royalty Trust (CRT) - Marketing Mix: Product

You're looking at the core offering of Cross Timbers Royalty Trust (CRT), which isn't a physical good or a traditional service; it's a claim on the future cash flow generated by existing oil and gas reserves. The product is fundamentally a stream of monthly cash distributions derived from two distinct sets of underlying mineral interests.

The structure of this claim is defined by the units of beneficial interest you hold. These units represent your fractional ownership in the net profits generated by the assets conveyed to the Trust. The Trust itself has no operations; it is purely a pass-through vehicle managed by Argent Trust Company, as Trustee, to collect and distribute this income to unitholders monthly.

The asset base that generates this product is static. Cross Timbers Royalty Trust was created on February 12, 1991, and its assets are finite, meaning no new properties are permitted to be added to the Trust's portfolio. This lack of acquisition capability means the product's long-term viability is entirely dependent on the decline rates and commodity prices affecting the existing reserves.

The income stream is segmented based on the nature of the underlying interest, which directly impacts the risk profile of the cash flow you receive. This structure is key to understanding the product's value proposition:

• The Trust holds a 90% net profits interest in royalty and overriding royalty properties located in Texas, Oklahoma, and New Mexico.
• These 90% NPI assets are primarily tied to long-lived gas properties, often in the San Juan Basin, and are generally cost-insulated, meaning the income varies mainly with sales volumes or prices.
• The Trust also holds a 75% net profits interest in underlying working interest properties in Texas and Oklahoma, which are predominantly oil-producing.
• These 75% NPI assets are subject to costs, as net profits are calculated after reducing production and development expenses.

The core product is the monthly cash distribution of net profits income, paid to month-end unitholders of record within ten business days of the prior month's proceeds being calculated by XTO Energy Inc. For context on the recent value of this product, here are some figures from 2025:

To give you a sense of the underlying asset health impacting the distribution, consider the cost situation on the working interest properties. As of the November 2025 declaration, the cumulative excess costs remaining on the Texas Working Interest net profits interests totaled $5,320,000, which included accrued interest of $1,437,000. This highlights the direct impact costs have on the 75% NPI component of the product.

The Trust's overall financial scale, which underpins the product, shows a market capitalization of approximately $57 million. The total assets reported for the fiscal year ending 2024-12-31 were $3.81M, with the Q3 2025 figure reported at $3.72M USD. In 2024, the revenue mix was 72% oil and 28% gas. The monthly distribution is the tangible output of this entire structure.

Here is a snapshot of recent production volumes and prices that feed into the net profits calculation for a distribution period, using data from the November 2025 declaration:

The gas volumes and prices are critical because the 90% NPI gas assets are cost-insulated, offering a more stable revenue base compared to the oil properties. Finance: draft 13-week cash view by Friday.

Cross Timbers Royalty Trust (CRT) - Marketing Mix: Place

You're looking at how Cross Timbers Royalty Trust (CRT) gets its units into the hands of investors and how the cash flow gets distributed back. For a royalty trust, Place isn't about stocking shelves; it's about market access and administrative flow. The entire distribution mechanism is built around the public exchange and the Trustee's function.

The units of beneficial interest in Cross Timbers Royalty Trust are publicly traded on the New York Stock Exchange (NYSE) under the ticker symbol CRT. This listing has been in place since the units were sold in its initial public offering in February 1992. The trust itself is headquartered in Dallas, Texas, which is also the base for the entity managing the flow of funds.

Distribution of the units to the market is entirely dependent on existing unit holders selling their interests through established financial intermediaries. The Trust itself cannot buy or sell units, nor does it offer a direct purchase or distribution reinvestment program (DRIP). Liquidity, therefore, is purely market-driven on the exchange. As of late November 2025, the Trust had 6.00 million shares outstanding, with a market capitalization reported at $52.86 million on December 1, 2025. The closing stock price on November 28, 2025, was $8.91.

The operational center for managing the pass-through of the royalty income is the Trustee, which is Argent Trust Company, located at 3838 Oak Lawn Ave, Suite 1720, Dallas, Texas, 75219-4518. Argent Trust Company receives the net profits income from XTO Energy Inc., which operates the underlying properties located across Texas, Oklahoma, and New Mexico. The Trustee then calculates and pays the monthly cash distributions to the month-end unitholders of record within ten business days.

The accessibility of the units is defined by the brokerage infrastructure. You won't find a direct sales channel for Cross Timbers Royalty Trust units. You use standard brokerage and investment platforms to transact. Here's a quick view of the market context defining that accessibility as of late 2025:

• Traded Exchange: NYSE
• Ticker Symbol: CRT
• 52-Week Price Range (as of late 2025): $7.07 to $13.31
• Latest Declared Distribution (November 2025): $0.036930 per unit
• Record Date for December Payment: November 28, 2025

The Trustee's role in the Place strategy is critical because it is the final point of contact for the cash flow mechanism, even if it's not a sales channel. The Trustee manages the reserve for trust expenses, which was funded at $1,300,000 as of the third quarter 2025 report. The structure dictates that the only way to access the asset is via the secondary market, which is why market data is so important to the Place component.

The structure of the distribution process can be summarized by the key entities involved in getting the cash to you, the unitholder, which is the ultimate 'product' delivery:

The Trust itself has no operations and cannot add properties; its assets are static, meaning the supply side of this 'product' is fixed. This static nature defintely reinforces the reliance on the secondary market for unit price discovery and investor access. Any transaction you make is executed through your broker, not directly with the Trust or the Trustee.

Finance: draft 13-week cash view by Friday.

Cross Timbers Royalty Trust (CRT) - Marketing Mix: Promotion

For Cross Timbers Royalty Trust (CRT), promotion is almost entirely synonymous with mandatory regulatory disclosure and compliance communication, reflecting its status as a non-operating trust whose only assets are net profits interests in oil and gas properties.

Primary communication is mandatory SEC filings (10-Q, 8-K) and press releases. You rely on the official filings made with the U.S. Securities and Exchange Commission (SEC) to understand the Trust's operational and financial status. For instance, the Q3 2025 results were detailed in the $\text{10-Q}$ filing on $\text{November 13, 2025}$, which noted that net profits income fell $\mathbf{55\%}$ to $\mathbf{\$761,552}$ due to lower oil and gas volumes and prices. The Trust's website, $\text{www.crt-crosstimbers.com}$, is the designated portal for accessing these documents, including the $\text{10-K}$, $\text{10-Q}$, and $\text{8-K}$ reports as soon as they are reasonably practicable after electronic filing.

Monthly press releases announce the cash distribution amount and underlying commodity prices. This is the most direct form of communication to unitholders regarding the return on their investment. The November 2025 cash distribution was announced via a news release on $\text{November 17, 2025}$, which was furnished as Exhibit $\text{99.1}$ to the $\text{8-K}$ filing. This release declared a distribution of $\mathbf{\$0.036930}$ per unit, payable on $\text{December 12, 2025}$, to unitholders of record on $\text{November 28, 2025}$. The communication details the underlying sales volumes and average prices that drove that specific distribution. To give you a sense of recent variability, here's a look at the key figures from recent distribution announcements:

You can see the distribution amount fluctuates significantly based on commodity prices and volumes; for example, the January 2025 distribution was $\mathbf{\$0.095045}$ per unit.

Investor relations are passive, limited to website disclosures and regulatory compliance. The Trust operates as an express trust created in $\text{1991}$ and its primary function is to collect and distribute net profits income. Investor interaction is therefore reactive, centered on providing mandated information. The Trustee, Argent Trust Company, manages these disclosures. You won't find proactive outreach or investor roadshows; the information flow is strictly one-way, driven by the reporting calendar.

The key points of contact and required disclosures are:

• SEC Filings: $\text{10-Q}$ (Quarterly), $\text{8-K}$ (Current Events).
• Distribution Announcements: Monthly press releases, furnished as $\text{8-K}$ Exhibit $\text{99.1}$.
• Website: $\text{www.crt-crosstimbers.com}$ for historical data and reports.
• Underlying Operator: XTO Energy Inc. provides operational updates to the Trustee.

No active marketing or advertising budget; it's a non-operating trust. Because Cross Timbers Royalty Trust only holds net profits interests and does not operate the underlying properties, there is no budget allocated for traditional marketing activities like advertising campaigns or sales promotions. The entire promotional effort is confined to fulfilling the legal requirement to inform unitholders about the distributions and the financial status of the underlying interests, which is handled through the regulatory filing process. The Trust cannot initiate actions like setting up a Dividend Reinvestment Plan (DRIP) for unitholders.

Cross Timbers Royalty Trust (CRT) - Marketing Mix: Price

You're looking at the pricing mechanism for Cross Timbers Royalty Trust (CRT), which, as a royalty trust, doesn't set a traditional product price but rather reflects the market value of its underlying assets' net profits interests. The unit price is determined by the open market, recently trading around $8.91 per unit as of November 28, 2025.

The actual cash return to you, the unitholder, is the variable monthly distribution. For the November 2025 period, the declared cash distribution was $0.036930 per unit, payable on December 12, 2025. This payout directly reflects the realized commodity prices for the period, which is a key external factor influencing your return.

Here's a quick look at the commodity realization behind that November 2025 payout, showing how the market dictates the distributable income:

Still, the final distributable amount isn't just about top-line revenue; it's net of costs, which is where the competitive attractiveness and accessibility of the distribution can be impacted. The structure of the trust means that specific property costs can reduce the income available for distribution, so you need to watch these figures closely. For instance, the cumulative excess costs on Texas properties are a drag on distributable income.

These cost recoveries and reserve policies affect the net price you ultimately receive:

• Underlying cumulative excess costs remaining on the Texas Working Interest net profits interests totaled $5,320,000 in late 2025, which includes accrued interest of $1,437,000.
• The Trustee is actively managing liquidity by withholding $50,000 monthly from distributions.
• This monthly withholding is intended to build the cash reserve account until it reaches a target of $1,500,000.

The pricing strategy here isn't about setting a price; it's about the Trustee's policy on cost management and reserve building, which directly impacts the final distribution amount you receive per unit. If onboarding takes 14+ days, churn risk rises-though for a trust like CRT, the risk is more about the timing of cash receipts versus the ex-dividend date. Finance: draft 13-week cash view by Friday.