Oil and Gas Royalty Interests (Tables)

12 Months Ended

Dec. 31, 2025

As of December 31, 2025 and 2024, the net book value of the oil and gas royalty interests we owned was as follows (in thousands):


	December 31, 2025		December 31, 2024
Oil and gas royalty interests:
1/16th nonparticipating perpetual royalty interests (1)	$	—	$	—
1/128th nonparticipating perpetual royalty interests (2)	—		—
Royalty interests acquired, at cost (3)	897,437		447,071
Total royalty interests	897,437		447,071
Less: accumulated depletion	(57,413)		(14,670)
Royalty interests, net	$	840,024	$	432,401

(1)Royalty interests assigned through the Declaration of Trust dated February 1, 1888. Nonparticipating perpetual royalty interests in 185,369 NRA as of December 31, 2025 and 2024.

(2)Royalty interests assigned through the Declaration of Trust dated February 1, 1888. Nonparticipating perpetual royalty interests in 5,308 NRA as of December 31, 2025 and 2024.

(3)Royalty interest in 33,380 and 15,897 NRA as of December 31, 2025 and 2024, respectively.

Texas Pacific Land Corp 10-K