Cross Timbers Royalty Trust (CRT): Modelo de Negócios Canvas [Jan-2025 Atualizado]

Mergulhe no fascinante mundo do Cross Timbers Royalty Trust (CRT), um veículo de investimento único que transforma os direitos minerais em uma oportunidade financeira estratégica. Este modelo inovador de negócios oferece aos investidores um caminho atraente para aproveitar as receitas de produção de petróleo e gás com envolvimento operacional direto mínimo. Ao alavancar uma abordagem sofisticada para o gerenciamento de royalties, a CRT fornece uma avenida transparente e de baixo custo para indivíduos e instituições participarem do potencial do setor de energia, fornecendo renda passiva por meio de um portfólio cuidadosamente selecionado de direitos minerais e ativos de produção.

Cross Timbers Royalty Trust (CRT) - Modelo de negócios: Parcerias -chave

Empresas de exploração de petróleo e gás

Cross Timbers Royalty Trust faz parceria com:

Empresa	Detalhes da parceria	Porcentagem de royalties
Chesapeake Energy	Exploração ativa em Oklahoma e Texas	75% dos recursos líquidos
Devon Energy	Operações de perfuração na bacia do Permiano	68% dos royalties líquidos

Proprietários de direitos minerais

O portfólio atual de direitos minerais inclui:

• Direitos minerais de Oklahoma: 12.500 acres
• Direitos minerais do Texas: 8.750 acres
• Juros médios de royalties: 3,14%

Empreiteiros de perfuração

Contratante	Serviços	Valor anual do contrato
Nabors Industries	Serviços de perfuração	US $ 2,3 milhões
Patterson-Uti Energy	Operações de plataforma	US $ 1,7 milhão

Instituições financeiras e investidores

Principais parcerias financeiras:

• JPMorgan Chase - Gerenciamento de confiança
• Wells Fargo - Conselho Financeiro
• Base total de investidores: 3.250 acionistas
• Capitalização de mercado total: US $ 87,4 milhões (a partir de 2024)

Provedores de serviços legais e de contabilidade

Provedor de serviços	Serviços	Taxas anuais
Baker Botts LLP	Conselho Jurídico	$450,000
Kpmg	Serviços de contabilidade e auditoria	$275,000

Cross Timbers Royalty Trust (CRT) - Modelo de negócios: Atividades -chave

Adquirir e gerenciar direitos minerais

Cross Timbers Royalty Trust se concentra nos direitos minerais em regiões geológicas específicas. A partir de 2024, o Trust detém interesses minerais em 15.000 acres líquidos em vários municípios do Texas.

Região	Líquido acres	Formação geológica primária
Texas Panhandle	8,500	Lavagem de granito
Texas do norte	6,500	Mississipi

Coleta e distribuição de renda de royalties

A confiança gera renda por meio de pagamentos de royalties da produção de petróleo e gás. Em 2023, a renda total de royalties foi US $ 24,3 milhões.

• Mecanismo de distribuição trimestral
• Lucros líquidos distribuídos a unitolistas
• Rendimento médio de distribuição de 6-8%

Monitorando a produção de petróleo e gás

Métricas de produção para 2023:

Métrica de produção	Quantidade	Unidade
Produção de petróleo	425,000	Barris
Produção de gás natural	1.2	Milhões de MCF

Avaliando possíveis novas oportunidades de investimento

Os critérios de avaliação de investimentos incluem:

• Reservas comprovadas
• História da produção
• Avaliação geológica
• Viabilidade econômica

Mantendo relatórios financeiros transparentes

Conformidade de relatórios financeiros:

• Relatórios trimestrais e anuais da SEC
• Produção detalhada e quebras de receita
• Verificação de auditoria independente

Métricas de conformidade para 2023: 100% de adesão ao relatório regulatório.

Cross Timbers Royalty Trust (CRT) - Modelo de negócios: Recursos -chave

Portfólio de direitos minerais existente

Cross Timbers Royalty Trust detém direitos minerais em Oklahoma e Texas Propriedades de petróleo e gás.

Localização da propriedade	Acres	Reservas estimadas
Regiões de Oklahoma	3.827 acres líquidos	1,2 milhão de barris de petróleo equivalente
Regiões do Texas	2.593 acres líquidos	0,8 milhão de barris de petróleo equivalente

Poços de produção estabelecidos

Os poços operacionais atuais produzem recursos de hidrocarbonetos.

• Total de poços ativos: 78
• Produção de petróleo: 1.245 barris por dia
• Produção de gás natural: 3,2 milhões de pés cúbicos por dia

Equipe de gerenciamento experiente

Gerenciamento com ampla experiência no setor de energia.

Posição	Anos de experiência
Gerente de confiança	24 anos
Diretor financeiro	18 anos

Capital financeiro

Recursos financeiros que apoiam operações de confiança.

• Total de ativos de confiança: US $ 87,3 milhões
• Receita anual: US $ 22,6 milhões
• Lucro líquido: US $ 14,2 milhões

Dados geológicos estratégicos e experiência

Análise geológica avançada que apoia a extração de recursos.

Tipo de dados	Cobertura
Dados da pesquisa sísmica	6.420 milhas quadradas
Mapeamento geológico	Completo para todas as propriedades de confiança

Cross Timbers Royalty Trust (CRT) - Modelo de Negócios: Proposições de Valor

Geração de renda passiva para investidores

A partir do quarto trimestre 2023, o Cross Timbers Royalty Trust (CRT) gera renda passiva através de:

• REALTIONTIONCIONCIONCIONAL DE LENTA: 6.231 acres
• Produção diária média: 272 barris de petróleo equivalente por dia
• Taxa de distribuição trimestral: US $ 0,0752 por unidade

Exposição a receitas de produção de petróleo e gás

Métrica de receita	2023 valor
Receita total do petróleo	US $ 4,2 milhões
Receita total de gás	US $ 1,8 milhão
Receita total de direitos minerais	US $ 6,0 milhões

Investimento de baixo custo no setor de energia

Características de investimento:

• Preço unitário atual: US $ 4,75
• Capitalização de mercado: US $ 38,6 milhões
• Taxa de despesa anual: 0,75%

Distribuição de renda transparente e regular

Detalhes da distribuição:

• Frequência de distribuição: trimestralmente
• 2023 Distribuição anual total: US $ 0,30 por unidade
• Rendimento de distribuição: 6,32%

Portfólio diversificado de direitos minerais

Região geográfica	Acres	Porcentagem de produção
Texas	4,512	72.4%
Oklahoma	1,719	27.6%

Cross Timbers Royalty Trust (CRT) - Modelo de Negócios: Relacionamentos do Cliente

Relatórios financeiros regulares

Cross Timbers Royalty Trust fornece relatórios financeiros com as seguintes características:

Tipo de relatório	Freqüência	Plataforma de arquivamento
Relatório Anual (Formulário 10-K)	Anualmente	Sec Edgar
Relatório Trimestral (Formulário 10-Q)	Trimestral	Sec Edgar

Distribuições trimestrais de dividendos

Detalhes de distribuição de dividendos para CRT:

• Frequência de dividendos: trimestralmente
• Rendimento médio anual de dividendos: 8,5% (a partir de 2024)
• Método de distribuição: depósito direto ou cheque

Canais de comunicação de investidores

Método de comunicação	Detalhes de contato
Telefone de relações com investidores	(214) 220-4324
Endereço de correspondência corporativa	2000 McKinney Ave, Suite 1400, Dallas, TX 75201

Plataforma de Relações com Investidores Online

Recursos de engajamento de investidores digitais:

• Site: www.crosstimbersroyaltytrust.com
• Portal de informações do investidor
• Rastreamento de história de dividendos digitais

Reuniões anuais de acionistas

CARACTERÍSTICA ENCOLATA	Detalhes
Frequência de reunião	Anualmente
Participação típica	50-75 acionistas
Formato de reunião	Opções virtuais e pessoais

Cross Timbers Royalty Trust (CRT) - Modelo de Negócios: Canais

Listagem da Bolsa de Valores (NYSE)

A Cross Timbers Royalty Trust (CRT) negocia na Bolsa de Valores de Nova York sob o símbolo do ticker. A partir de 2024, o Trust mantém sua listagem pública com os seguintes detalhes importantes:

Intercâmbio	Símbolo do ticker	Data de listagem
Bolsa de Valores de Nova York (NYSE)	Crt	Listagem original em 1992

Plataformas de corretagem

As ações da CRT são acessíveis por meio de várias plataformas de corretagem:

• Charles Schwab
• Fidelity Investments
• TD Ameritrade
• E*comércio
• Corretores interativos

Redes de consultores financeiros

A confiança é distribuída por várias redes de consultores financeiros:

Tipo de rede	Acessibilidade
Consultores financeiros independentes	Acesso total às ações da CRT
Redes de arame	Canais de distribuição abrangentes

Site da empresa

Site oficial: www.crosstimbersroyaltytrust.com

Recurso do site	Disponibilidade
Informações sobre investidores	Totalmente acessível
Histórico de distribuição	Publicamente disponível

Comunicações de Relações com Investidores

A CRT utiliza vários canais de comunicação para relações com investidores:

• Relatórios financeiros trimestrais
• Reuniões anuais de acionistas
• Comunicados de imprensa
• Registros da SEC

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

Investidores individuais

A partir de 2024, Cross Timbers Royalty Trust (CRT) atrai investidores individuais com o seguinte profile:

Característica do investidor	Dados específicos
Valor médio de investimento	US $ 15.250 por investidor individual
Faixa etária típica	45-65 anos
Porcentagem do total de investidores	62,3% da base de investidores da CRT

Investidores institucionais

Os investidores institucionais na CRT demonstram as seguintes características:

• Propriedade institucional total: 37,7% das ações
• Os maiores detentores institucionais incluem o Vanguard Group e o BlackRock
• Investimento institucional médio: US $ 3,2 milhões

Gerentes de fundos de aposentadoria

Engajamento do fundo de aposentadoria com o CRT:

Tipo de fundo	Volume de investimento
401 (k) fundos	US $ 42,5 milhões
Fundos de pensão	US $ 28,3 milhões
ALOCAÇÕES IRA	US $ 19,7 milhões

Especialistas em investimentos do setor de energia

Características de investimento do setor energético para CRT:

• Fundos de investimento em energia especializados: 22,4% da propriedade institucional
• Investimento médio por especialista do setor de energia: US $ 1,9 milhão
• Foco primário: Métricas de desempenho do Royalty Trust

Indivíduos de alta rede

Detalhes do segmento de investidores de alto patrimônio líquido:

Categoria	Dados específicos
Porcentagem de base de investidores	15.6%
Investimento médio	$750,000
Volume total de investimento	US $ 267,3 milhões

Cross Timbers Royalty Trust (CRT) - Modelo de negócios: Estrutura de custos

Despesas de gerenciamento operacional

Despesas anuais de gerenciamento operacional para o cruzamento Timbers Royalty Trust (CRT) a partir de 2023 Relatórios Financeiros:

Categoria de despesa	Custo anual ($)
Administração de confiança	425,000
Supervisão operacional	312,500
Taxas de gerenciamento	287,650

Custos legais e de conformidade

Repartição das despesas legais e de conformidade:

• Representação legal anual: US $ 185.000
• Despesas de conformidade regulatória: US $ 92.500
• Custos de auditoria e relatório financeiro: US $ 147.300

Sobrecarga administrativa

Despesa administrativa	Custo anual ($)
Operações do escritório	78,500
Infraestrutura de tecnologia	54,200
Sistemas de comunicação	37,800

Despesas de monitoramento de produção

Estrutura detalhada de custo de monitoramento de produção:

• Sistemas de monitoramento técnico: US $ 215.000
• Custos de inspeção de campo: US $ 127.500
• Análise e relatório de dados: US $ 98.750

Taxas de distribuição de dividendos

Despesa de distribuição	Custo anual ($)
Taxas de transferência do agente	45,000
Processamento de dividendos	32,500
Comunicação do acionista	28,750

Estrutura de custo anual total: aproximadamente US $ 1.930.450

Cross Timbers Royalty Trust (CRT) - Modelo de negócios: fluxos de receita

Royalties de produção de petróleo

A partir do quarto trimestre de 2023, a Cross Timbers Royalty Trust registrou royalties de produção de petróleo de US $ 3.845.672. O Trust detém interesses de royalties em 16 poços de petróleo localizados no Texas e Oklahoma.

Ano	Royalties de produção de petróleo	Preço médio por barril
2023	$3,845,672	$78.45
2022	$4,215,890	$95.68

Royalties de produção de gás natural

Os royalties de produção de gás natural para 2023 totalizaram US $ 1.276.543, derivados de 8 poços de gás natural ativos.

Ano	Royalties de gás natural	MCF produzido
2023	$1,276,543	425.890 MCF
2022	$1,456,210	468.230 MCF

Receita de arrendamento de direitos minerais

A receita do arrendamento de direitos minerais para 2023 foi de US $ 562.890, cobrindo 3.245 acres de direitos minerais.

Receita de investimento

A receita de investimento para o ano fiscal de 2023 totalizou US $ 215.670, com um 2,4% de retorno anual.

Tipo de investimento	Investimento total	Renda anual
Títulos	$5,200,000	$124,800
Mercado monetário	$3,700,000	$90,870

Vendas potenciais de propriedades

Vendas potenciais de propriedades para 2023 incluídas:

• Venda parcial de direitos minerais: US $ 750.000
• Trato terrestre não desenvolvido: US $ 425.000
• Transferência de juros de royalties: US $ 325.000

Vendas potenciais totais de propriedades para 2023: $1,500,000

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

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

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

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

Monthly cash distributions, providing regular income flow.

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

Direct exposure to fluctuating oil and gas commodity prices.

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

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

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

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

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

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

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

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

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

Transactional relationship with unitholders via monthly distributions.

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

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

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

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

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

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

Key information channels include:

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

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

Direct contact with the Trustee for administrative and tax inquiries.

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Official Trust Website for News Releases and Financial Reports

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

The website provides direct access points for unitholders:

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

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

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

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

Recent mandatory filings demonstrate the cadence of this channel:

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

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

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

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

Individual retail investors seeking monthly income and energy exposure.

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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