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Moderate leverage; ~1.5x Debt/EBITDA on credit facility; 20bps rate rise adds ~$1-2M annual interest expense given floating-rate exposure

Floating-rate credit facility means 20bps increase raises cash interest cost modestly; partially offset by royalty income inflation linkage via commodity prices

High intensity; OPEC+ supply decisions and Russia-Ukraine conflict drive price volatility.

Permian Basin pipeline takeaway capacity constraints; Gulf Coast LNG export terminal access are top two geopolitical chokepoints affecting royalty value

Virtually no international revenue; 100% U.S.-based mineral royalties; sovereign currency devaluation exposure is effectively zero

Entirely domestic U.S. operations across Permian, Mid-Continent, Appalachia, and other basins; no foreign currency revenue exposure

High intensity; commodities: Crude Oil, Natural Gas, Coal, Refined Petroleum Products, Uranium, Steel (equipment); geopolitical: OPEC+ supply decisions and Russia-Ukraine conflict drive price volatility.

No single vendor exceeds 30% of operational input; relies on multiple E&P operators as lessees; operator concentration (e.g., top 5 operators) is monitored but substitutable

Asset-light mineral royalty aggregator; not cloud-dependent; termination of any cloud provider would cause operational disruption but not business model failure

Passive royalty income model with back-office data/analytics support; cloud dependency is administrative only, not core revenue-generating

Minimal API coupling risk; uses third-party production data aggregators (Enverus/DrillingInfo); switching possible within 3-6 months at moderate cost

LP units likely satisfy Howey Test (investment of money in common enterprise, expectation of profits from others' efforts); standard MLP securities risk, not novel

High

Minimal GDPR/CCPA exposure; no consumer personal data collected; counterparties are energy companies; compliance burden is low

Low antitrust risk; passive mineral rights holder with no pricing power over operators; fragmented royalty market with no dominant position

High burden; regimes: EPA, FERC, DOE, CFTC, OSHA, SEC; Accelerating emissions mandates and methane rules threaten capex economics.

~100% transactional/volume-based royalty revenue tied to oil and gas production volumes and commodity prices; no subscription or retainer contracts

Royalty percentage of gross wellhead revenue from oil, natural gas, and NGL production on owned mineral acres; purely production-volume driven

Royalty rates fixed in perpetuity by lease terms (typically 18-25%); pricing architecture is contractually locked but commodity price exposure creates revenue volatility

Low direct pricing power; royalty rates set at lease origination; upside comes from acquiring higher royalty-rate acreage and commodity price appreciation

Gross margins ~85-90%; minimal direct operating costs as passive royalty owner; G&A and financing costs are primary expense drivers

No free-rider problem; mineral rights are legally enforceable; operators must pay royalties or face legal action; near-zero churn risk on acreage

Highly sublinear; revenue can scale significantly via acquisitions without proportional headcount increases; ~60-70 employees managing $3B+ asset base

Marginal cost of growth is acquisition capital, not headcount; each royalty acquisition adds revenue with near-zero incremental operating cost

Not applicable; not a franchise business model

At 10x scale, royalty aggregation model remains viable; operator counterparty credit risk increases; acquisition multiples may compress with scale

No meaningful network effects; royalty ownership is non-networked; scale provides data/deal-flow advantages but not true network effect defensibility

8.0% Return on Assets (Excellent)

Moderate recession resistance; energy demand partially inelastic but commodity prices highly cyclical; dividend cuts occurred in 2020 oil price crash

Major and independent E&P operators acting as lessees/operators on Kimbell's mineral acreage (e.g., Pioneer, Devon, Diamondback)

No secondary customer segment; all revenue derived from E&P operator royalty payments; no direct consumer or retail exposure

["11-0000 Management Occupations", "13-0000 Business and Financial Operations Occupations", "15-0000 Computer and Mathematical Occupations", "17-0000 Architecture and Engineering Occupations", "19-0000 Life, Physical, and Social Science Occupations", "23-0000 Legal Occupations", "41-0000 Sales and Related Occupations", "43-0000 Office and Administrative Support Occupations", "47-0000 Construction and Extraction Occupations", "49-0000 Installation, Maintenance, and Repair Occupations", "53-0000 Transportation and Material Moving Occupations"]

0.33 (HIL — ~33% of characteristic roles agent-automatable)

0.1% CapEx / Revenue (Low-CapEx Asset-Light)

0001657788

KRP