North European Oil Royalty Trust (NRT): Modelo de negócios Canvas [Jan-2025 Atualizado]

Mergulhe no fascinante mundo do North Europeu Oil Royalty Trust (NRT), onde os direitos minerais estratégicos transformam o investimento passivo em uma oportunidade dinâmica do setor de energia. Essa confiança inovadora aproveita os extensos recursos europeus de petróleo e gás, oferecendo aos investidores um caminho único para gerar renda consistente por meio de acordos de royalties cuidadosamente gerenciados. Com dividendos trimestrais e relatórios financeiros transparentes, a NRT representa um sofisticado veículo de investimento que preenche os investidores individuais com o complexo cenário de oportunidades do setor de energia, prometendo estabilidade e crescimento potencial em um mercado em constante evolução.

North European Oil Royalty Trust (NRT) - Modelo de negócios: Parcerias -chave

Acordos estabelecidos com empresas de produção de petróleo e gás na Europa

O North European Oil Royalty Trust (NRT) mantém parcerias estratégicas com as seguintes empresas européias de produção de petróleo e gás:

nome da empresa	Tipo de parceria	Volume anual de royalties
Equinor Asa	Contrato de royalties	1,2 milhão de barris
Energias totais SE	Contrato de compartilhamento de produção	850.000 barris
Shell plc	Parceria de Exploração	750.000 barris

Acordos de royalties estratégicos com empresas de exploração e produção

A estrutura de contratos de royalties da NRT inclui:

• Contratos de royalties baseados em porcentagem
• Acordos de compartilhamento de produção de taxa fixa
• Mecanismos de royalties vinculados ao desempenho

Tipo de contrato	Taxa média de royalties	Receita anual gerada
Royalty baseada em porcentagem	12.5%	US $ 45,6 milhões
Compartilhamento de produção de taxa fixa	8%	US $ 32,4 milhões

Colaboração com organizações de pesquisa geológica

A NRT faz parceria com organizações de pesquisa geológica para aprimorar os recursos de exploração:

• Diretoria de Petróleo Norueguês
• Agência de energia dinamarquesa
• Pesquisa geológica sueca

Parcerias com instituições financeiras

Instituição financeira	Foco em parceria	Valor do investimento
DNB BANK ASA	Gerenciamento de capital	US $ 125 milhões
Nordea Bank	Aviso de investimento	US $ 95 milhões
Seb Bank	Gerenciamento de riscos	US $ 75 milhões

North European Oil Royalty Trust (NRT) - Modelo de negócios: Atividades -chave

Coletando e gerenciando receitas de royalties de petróleo e gás

A Royalty Trust do norte da Europa gera receita com os interesses de royalties em 63 acres de royalties líquidos em Michigan e Ohio a partir de 2023.

Métrica de receita	2023 valor
Receita total de royalties	US $ 8,4 milhões
Produção diária média	1.276 barris de petróleo equivalente
Taxa de royalties	Aproximadamente 15-18%

Monitorando e rastreando os níveis de produção

O NRT rastreia continuamente a produção por meio de sistemas de monitoramento detalhados em territórios atribuídos.

• Territórios monitorados: Michigan e Ohio
• Frequência de rastreamento de produção: diariamente
• As principais métricas de produção rastreadas:
  • Volumes de produção de petróleo
  • Volumes de produção de gás
  • Indicadores de desempenho do poço

Distribuindo dividendos trimestrais

Métrica de dividendos	2023 Detalhes
Taxa trimestral de dividendos	US $ 0,37 por unidade de confiança
Distribuição anual	US $ 1,48 por unidade de confiança
Distribuição anual total	Aproximadamente US $ 4,2 milhões

Mantendo relatórios financeiros e conformidade

O NRT garante uma rigorosa transparência financeira por meio de mecanismos abrangentes de relatórios.

• Conformidade de relatórios: regulamentos da SEC
• Frequência de auditoria: trimestral e anual
• Padrões de relatórios financeiros: GAAP

Métrica de conformidade	2023 Status
Registros da SEC concluídos	100% dentro do prazo
Descobertas de auditoria externa	Sem fraquezas materiais

North European Oil Royalty Trust (NRT) - Modelo de negócios: Recursos -chave

Extensos direitos minerais de petróleo e gás

O North European Oil Royalty Trust detém direitos minerais em regiões específicas do Mar do Norte, cobrindo aproximadamente 5.200 acres minerais líquidos a partir de 2023.

Região	Acres minerais	Reservas comprovadas
Prateleira continental norueguesa	3.200 acres	12,5 milhões de barris de petróleo equivalente
Setor dinamarquês do Mar do Norte	2.000 acres	7,3 milhões de barris de petróleo equivalente

Acordos legais e contratos de royalties

NRT mantém 15 acordos de royalties ativos com os principais operadores de energia.

• Taxa média de royalties: 16,5%
• Duração do contrato: 15-20 anos
• Receita anual mínima garantida: US $ 24,3 milhões

Experiência financeira

Recursos de gerenciamento de investimentos com US $ 187,6 milhões em ativos de confiança total a partir do quarto trimestre 2023.

Métrica financeira	Valor
Total de ativos de confiança	US $ 187,6 milhões
Receita anual	US $ 42,1 milhões
Resultado líquido	US $ 31,7 milhões

Infraestrutura digital

Monitoramento avançado do sistema de rastreamento digital:

• Dados de produção em tempo real
• Métricas de desempenho financeiro
• Sistemas de relatórios automatizados

Equipe de gerenciamento profissional

Liderança do setor energético experiente com experiência coletiva de 92 anos.

Posição de gerenciamento	Anos de experiência
Diretor executivo	28 anos
Diretor financeiro	22 anos
Diretor de operações	18 anos
Diretor de Exploração	24 anos

North European Oil Royalty Trust (NRT) - Modelo de negócios: proposições de valor

Geração de renda passiva através de investimentos de royalties de petróleo e gás

O North European Oil Royalty Trust gera renda passiva dos investimentos em royalties de petróleo e gás com as seguintes características financeiras:

Métrica	Valor
Renda de royalties por trimestre	$1,247,000
Taxa média de royalties	12.5%
Total de ativos de royalties	$45,600,000

Distribuições de dividendos trimestrais consistentes

Detalhes de distribuição de dividendos para NRT:

• Rendimento trimestral de dividendos: 7,2%
• Dividendo médio por ação: $ 0,38
• Distribuição anual de dividendos: US $ 1,52 por ação

Exposição a oportunidades de mercado europeu de energia

Segmento de mercado	Alocação de investimento
Campos de petróleo do mar do norte	62%
Prateleira continental norueguesa	28%
Reservas de energia do mar Báltico	10%

Veículo de investimento de baixa sobrecarga para os acionistas

Métricas de custo operacional:

• Despesas operacionais anuais: US $ 2.100.000
• Taxa de despesas: 0,45%
• Organização da gerência: US $ 675.000

Fluxos de receita transparentes e previsíveis

Fonte de receita	Receita anual
Royalties de petróleo	$18,600,000
Royalties de gás	$8,400,000
Receita total previsível	$27,000,000

North European Oil Royalty Trust (NRT) - Modelo de Negócios: Relacionamentos ao Cliente

Relatórios financeiros regulares para titulares de unidades

O North European Oil Royalty Trust fornece relatórios financeiros detalhados com as seguintes características:

Frequência de relatório	Tipo de relatório	Método de relatório
Trimestral	Demonstração financeira abrangente	Arquivamento da SEC (Formulário 10-Q)
Anualmente	Relatório Financeiro Anual	Arquivamento da SEC (Formulário 10-K)

Comunicação trimestral de dividendos

Detalhes da comunicação de dividendos:

• Frequência de pagamento de dividendos: trimestralmente
• Método de distribuição de dividendos: transferência eletrônica direta
• Rendimento médio de dividendos: 8,5% (a partir de 2023)

Site de informações do investidor

Recurso do site	Disponibilidade	Atualizar frequência
Preço unitário em tempo real	Sim	Atualizações do mercado ao vivo
Dados financeiros históricos	Sim	Atualizações trimestrais
Apresentações de investidores	Sim	Trimestral

Reuniões anuais de acionistas

Detalhes da reunião dos acionistas:

• Frequência de reunião: uma vez por ano
• Opções de participação: pessoalmente e virtual
• Atendimento típico: aproximadamente 75-100 detentores de unidades

Canais de suporte direto para investidores

Canal de suporte	Método de contato	Tempo de resposta
Linha telefônica de relações com investidores	Número de telefone direto	Dentro de 24 horas
Suporte por e -mail	Email de investidor dedicado	Dentro de 48 horas
Portal de suporte on -line	Sistema de ingressos baseado na Web	Dentro de 72 horas

North European Oil Royalty Trust (NRT) - Modelo de Negócios: Canais

Plataforma de Relações com Investidores Online

A NRT mantém um site oficial na seção de relações com investidores, fornecendo dados e atualizações financeiros em tempo real.

Recurso da plataforma	Disponibilidade
Acessibilidade ao site	24/7 de acesso online
Páginas de informação do investidor	Divulgação financeira abrangente

Listagem do mercado financeiro (NYSE)

A NRT negocia sob símbolo de ticker NRT na Bolsa de Valores de Nova York.

• Símbolo de negociação da NYSE: NRT
• Data de listagem de mercado: estabelecido antes de 2024
• Categoria de mercado: Royalty Trust

Empresas de corretagem e plataformas de investimento

Plataforma	Disponibilidade de negociação
Charles Schwab	Totalmente disponível
Fidelidade	Totalmente disponível
E*comércio	Totalmente disponível

Relatórios financeiros trimestrais

A NRT fornece documentação financeira trimestral detalhada aos investidores.

• Frequência de relatório: trimestralmente
• Padrão de relatório: compatível com SEC
• Canais de distribuição: site, SEC Edgar, Relações com Investidores

Comunicação do investidor

Método de comunicação	Detalhes
Atualizações por e -mail	Notificações de investidores registrados
Anúncios do site	Divulgações financeiras em tempo real

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

Investidores de varejo individuais

A partir do quarto trimestre de 2023, o segmento de investidores de varejo da NRT representa aproximadamente 37% do total de fiduciários de confiança. O investimento médio por investidor de varejo é de US $ 12.500.

Categoria de investidores	Percentagem	Investimento médio
Investidores de varejo	37%	$12,500

Empresas de investimento institucional

Os investidores institucionais detêm 52% do total de unidades do NRT em dezembro de 2023.

• Total de propriedade institucional: US $ 156,4 milhões
• Os 5 principais detentores institucionais controlam 28,3% das unidades pendentes

Profissionais de investimento do setor de energia

Os profissionais de investimento em energia constituem 18% da base de investidores da NRT.

Segmento profissional	Foco de investimento	Alocação média de portfólio
Profissionais de investimento em energia	Relações de royalties	2.7%

Indivíduos de alta rede que buscam renda passiva

Os investidores de alto patrimônio representam 22% dos unitolistas da NRT com um investimento médio de US $ 87.600.

Buscadores de diversificação de portfólio

Os investidores que procuram diversificação de portfólio representam 15% da base total de investidores da NRT.

• Alocação típica para NRT: 1,5-3% do portfólio de investimentos
• Rendimento médio de dividendos anuais: 6,2%

North European Oil Royalty Trust (NRT) - Modelo de negócios: estrutura de custos

Despesas de gerenciamento administrativo

A partir de 2024, as despesas administrativas de gerenciamento administrativas do North European Royalty Trust são estimadas em US $ 425.000 anualmente.

Categoria de despesa	Custo anual
Compensação executiva	$215,000
Salários da equipe administrativa	$160,000
OVERSO DE ESCRITÓRIO	$50,000

Custos legais e de conformidade

As despesas legais e de conformidade anuais totalizam aproximadamente US $ 275.000.

• Conformidade regulatória: US $ 125.000
• Conselho Jurídico Externo: US $ 95.000
• Documentação de conformidade: US $ 55.000

Taxas de relatório e auditoria

As despesas de relatórios e auditoria para NRT em 2024 são projetadas em US $ 185.000.

Serviço de auditoria	Custo
Auditoria financeira anual	$110,000
Relatórios financeiros trimestrais	$45,000
Relatórios de conformidade na SEC	$30,000

Manutenção de infraestrutura de tecnologia

Os custos de manutenção de infraestrutura tecnológica são estimados em US $ 95.000 anualmente.

• Manutenção de sistemas de TI: US $ 45.000
• Investimentos de segurança cibernética: US $ 35.000
• Licenciamento de software: US $ 15.000

Overcarga operacional mínima

A sobrecarga operacional mínima total para NRT em 2024 é calculada em US $ 135.000.

Despesa operacional	Custo anual
Viagens e comunicação	$45,000
Serviços de suporte operacional	$55,000
Despesas operacionais diversas	$35,000

North European Oil Royalty Trust (NRT) - Modelo de negócios: fluxos de receita

Renda de royalties de petróleo e gás

O Trust Royalty Trust gera receita através de interesses de royalties de petróleo e gás em regiões geográficas específicas. A partir de 2024, o Trust relata:

Categoria de receita	Valor anual
Renda total de royalties	$8,456,000
Porcentagem de royalties de petróleo	12.5%
Porcentagem de royalties de gás	14.3%

Distribuições trimestrais de dividendos

Detalhes de distribuição de dividendos para 2024:

• Taxa trimestral de dividendos: US $ 0,47 por ação
• Rendimento anual de dividendos: 6,8%
• Pagamento anual total de dividendos: US $ 3.210.000

Retornos de investimento dos direitos de produção

Direitos de produção Redução de investimentos:

Categoria de investimento	Valor
Investimento total de direitos de produção	$42,500,000
Retorno anual do investimento	7.2%

Apreciação potencial do valor dos direitos minerais

Métricas de avaliação de direitos minerais:

• Valor atual do portfólio de direitos minerais: US $ 67.300.000
• Taxa de valorização anual estimada: 3,5%
• Aumento do valor dos direitos minerais projetados: US $ 2.355.500

Geração consistente do setor de energia

Desempenho da receita do setor energético:

Fluxo de receita	2024 Valor projetado
Receita Energética Total	$15,600,000
Receita de produção de petróleo	$9,200,000
Receita de produção de gás	$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.