Financial Analysis

NOTE 15COMMITMENTS AND CONTINGENCIES During the normal course of business, the Partnership may experience situations where disagreements occur relating to the ownership of certain mineral or overriding royalty interest acreage. Management is not aware of any legal, environmental or other commitments or contingencies that would have a material effect on the Partnerships financial condition, results of operations or liquidity as of December 31, 2025. …

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Year Ended December 31, 2025 2024 2023 (In thousands) Oil revenue $ 195,471 $ 215,539 $ 183,151 Natural gas revenue 78,364 50,156 59,525 NGL revenue 43,638 38,910 24,910 Total Oil, natural gas and NGL revenues $ 317,473 $ 304,605 $ 267,586 …

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NOTE 12UNIT-BASED COMPENSATION On May 1, 2024, the Board of Directors approved and adopted the first amendment to the Amended and Restated Kimbell Royalty GP, LLC 2017 Long-Term Incentive Plan (as so amended, the A&R LTIP) , which increased the number of common units available to be awarded under the A&R LTIP by 4,684,622 common units, which increased the total number of common units available to be awarded under the A&R LTIP, after taking into account previously awarded common units, to 6,765,012 common units. The Partnerships A&R LTIP authorizes grants to its employees and directors. The restricted units issued under the Partnerships A&R LTIP generally vest in one -third installments on each of the first three anniversaries of the grant date, subject to the grantees continuous service through the applicable vesting date. Compensation expense for such awards will be recognized over the term of the service period on a straight-line basis over the requisite service period for the entire award. Management elects not to estimate forfeiture rates and to account for forfeitures in compensation cost when they occur. Distributions related to the restricted units are paid concurrently with the Partnerships distributions for common units. The fair value of the Partnerships restricted units issued under the A&R LTIP to the Partnerships employees and directors is determined by utilizing the market value of the Partnerships common units on the respective grant dat …

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NOTE 5FAIR VALUE MEASUREMENTS The Partnership measures and reports certain assets and liabilities on a fair value basis and has classified and disclosed its fair value measurements using the levels of the fair value hierarchy noted below. The carrying values of cash, oil, natural gas and NGL receivables, accounts receivable and other current assets and current and long-term liabilities included in the consolidated balance sheets approximated fair value at December 31, 2025 and 2024 due to their short-term duration and variable interest rates that approximate prevailing interest rates as of each reporting period. As a result, these financial assets and liabilities are not discussed below. Level 1Unadjusted quoted market prices for identical assets or liabilities in active markets. Level 2Quoted prices for similar assets or liabilities in non-active markets, or inputs that are observable for the asset or liability either directly or indirectly, for substantially the full term of the asset or liability. Level 3 Measurement based on prices or valuations models that require inputs that are both unobservable and significant to the fair value measurement (including the Partnerships own assumptions in determining fair value). Assets and liabilities that are measured at fair value are classified based on the lowest level of input that is significant to the fair value measurement. The Partnerships assessment of the significance of a particular input to the fair value measurement in its …

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NOTE 13INCOME TAXES The Partnerships income tax (benefit) expense is based on the estimated annual effective tax rate. The Partnership incurred a benefit of $1.3 million and $0.8 million for the years ended December 31, 2025 and 2024, respectively, and expense of $3.8 million for the year ended December 31, 2023. The Partnership has filed all tax returns to date that are currently due. The components of income tax (benefit) expense are summarized as follows: Year Ended December 31, 2025 2024 2023 (In thousands) Current Federal $ (1,395) $ (433) $ 2,469 State 91 (338) 1,297 Total Current (1,304) (771) 3,766 Deferred Federal State Total Deferred Income tax (benefit) expense $ (1,304) $ (771) $ 3,766 The Partnerships income tax (benefit) expense differs from the amount derived by applying the statutory federal rate to pre-tax income principally due the effect of the following items: Year Ended December 31, 2025 (In thousands, except percentage values) Amount Percent U.S. federal statutory rate $ 20,653 21.00 % State and local income taxes, net of federal income tax effect (1) 91 0.09 % Changes in valuation allowances (1,917) (1.95) % Nontaxable or nondeductible items Non-controlling interest (1,848) (1.88) % Income at OpCo (18,805) (19.12) % Other, net 522 0.53 % Effective tax rate $ (1,304) (1.33) % (1) State taxes in Louisiana made up the majority of the tax effect in this category. The Partnerships effective income tax benefit was 1.33% for the year ended December 31, 2025. T …

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NOTE 7LEASES The Partnership is the lessee on a lease of administrative office space used for its operations. On December 26, 2024, the Partnership modified its existing operating leases associated with its main office used for operations. The modified operating lease includes $1.2 million of rent expense that had not yet commenced as of December 31, 2024. The lease commenced in February 2025, expanding the current office space and extending the lease term to 2035, with the exclusive right and option to renew and extend the lease at the expiration of the primary term. The Partnership does not have any material lessor arrangements. Substantially all of the Partnerships leases are long-term operating leases with fixed payment terms and will now terminate in February 2035. The Partnerships right-of-use (ROU) operating lease assets represent its right to use an underlying asset for the lease term, and its operating lease liabilities represent its obligation to make lease payments. ROU operating lease assets and operating lease liabilities are included in the accompanying consolidated balance sheets. Short-term operating lease liabilities are included in other current liabilities. The weighted average remaining lease term as of December 31, 2025 is 9.09 years. Both the ROU operating lease assets and liabilities are recognized at the present value of the remaining lease payments over the lease term and do not include lease incentives. The Partnerships leases do not provide an impli …

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NOTE 8LONG-TERM DEBT On December 16, 2025, the Partnership entered into a Second Amended and Restated Credit Agreement (the Second A&R Credit Agreement), which amended and restated our existing Amended and Restated Credit Agreement, dated as of June 13, 2023 (as amended on July 24, 2023, December 8, 2023, and May 1, 2025). The Second A&R Credit Agreement provides for, among other things, (i) a senior secured reserve-based revolving credit facility in an aggregate maximum principal amount of up to $1.5 billion with an initial borrowing base of $625.0 million and an initial aggregate elected commitments amount of up to $625.0 million, including a sub-facility for the issuance of letters of credit of up to $10.0 million and (ii) an extension of the maturity date of the Second A&R Credit Agreement to December 16, 2030 (provided, that if (a) any Permitted Preferred Units (as defined in the Second A&R Credit Agreement) that were outstanding on December 16, 2025 remain outstanding on May 3, 2030, and (b) Liquidity (as defined in the Second A&R Credit Agreement) would be less than 10% of the Loan Limit (as defined in the Second A&R Credit Agreement), or the Debt to EBITDAX Ratio (as defined in the Second A&R Credit Agreement) would be greater than 3.00 x, or any Borrowing Base Deficiency (as defined in the Second A&R Credit Agreement) would exist (in each case immediately after giving pro forma effect to the exercise of any put right in respect of such …

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In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures. The amendments in this update apply to all entities that are subject to Topic 740, Income Taxes. The Partnership adopted ASU 2023-09 for the year ended December 31, 2025, on a prospective basis. The Partnerships annual income tax disclosures have been expanded to provide additional transparency into the drivers of its effective tax rate and cash taxes paid, net of refunds received, to various jurisdictions. The disclosures reflect new quantitative thresholds and expanded presentation requirements introduced under ASU 2023-09. See Note 13Income Taxes, for additional information. Recently Issued Accounting Pronouncements In November 2024, the FASB issued ASU 2024-03, Income StatementReporting Comprehensive IncomeExpense Disaggregation Disclosures (Subtopic 220-40). The amendments in this update apply to all public business entities. The amendments in this update are effective for annual reporting periods beginning after December 15, 2026, and interim reporting periods beginning after December 15, 2027, with early adoption permitted. The amendments in this Update should be applied either (1) prospectively to financial statements issued for reporting periods after the effective date of this Update or (2) retrospectively to any or all prior periods presented in the financial statements. The Partnership is currently evaluating the impact of the adoption of this update bu …

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NOTE 14RELATED PARTY TRANSACTIONS The Partnership currently has a management services agreement with Kimbell Operating, which has a separate services agreement with K3 Royalties, LLC (K3 Royalties). Pursuant to the K3 Royalties service agreement, K3 Royalties and Kimbell Operating provide management, administrative and operational services to the Partnership. In addition, under each of their respective services agreements, affiliates of the Partnerships Sponsors may identify, evaluate and recommend to the Partnership acquisition opportunities and negotiate the terms of such acquisitions. Amounts paid to Kimbell Operating and K3 Royalties under their respective services agreements will reduce the amount of cash available for distribution on common units to the Partnerships unitholders. During the year ended December 31, 2025, the Partnership made payments to K3 Royalties in the amount of $120,000. John Wynne, the son of Mitch S. Wynne, acts as the Partnerships agent at Higginbotham Insurance & Financial Services, which provides director and officer insurance to the Partnership. John Wynne derived a commission of approximately $25,700 for the year ended December 31, 2025, for the placement of the Partnerships insurance coverage. The Partnerships annual premium expense was approximately $583,300 for the year ended December 31, 2025. The Partnership received $187,031 in reimbursements from Rivercrest Capital Management, LLC for shared operating expenses for the year ended Dec …

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NOTE 2SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Management Estimates The preparation of the consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses, as well as certain financial statement disclosures. The Partnership evaluates estimates and assumptions on an ongoing basis using historical experience and other factors, including the current economic and commodity price environment. While management believes that the estimates and assumptions used in the preparation of the financial statements are appropriate, actual results could differ from these estimates. Significant estimates made in preparing these financial statements include the estimate of third party operated royalty income related to expected sales volumes and prices, the estimates of proved oil, natural gas and NGL reserves and related present value estimates of future net cash flows from those properties, the carrying value of oil and natural gas interests and recoverability of costs of unevaluated properties. The discounted present value of the proved oil, natural gas and NGL reserves is a major component of the ceiling test calculation and requires many subjective judgments. Estimates of reserves are forecasts based on engineering and geological analyses. Different reserve engineers could reach different conclusions as to estimated quantities of oil, natural gas and NGL reserves …

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NOTE 10UNITHOLDERS EQUITY AND PARTNERSHIP DISTRIBUTIONS The Partnership has issued units representing limited partner interests. As of December 31, 2025, the Partnership had a total of 93,396,488 common units issued and outstanding and 14,491,540 Class B units outstanding. On January 9, 2025, the Partnership completed an underwritten public offering of 11,500,000 common units for net proceeds of approximately $163.6 million (the 2025 Equity Offering). The Partnership used the net proceeds from the 2025 Equity Offering to purchase common units of the Operating Company (OpCo common units) . The Operating Company ultimately used the net proceeds of the 2025 Equity Offering to fund the Boren Acquisition. On August 7, 2023, the Partnership completed an underwritten public offering of 8,337,500 common units for net proceeds of approximately $110.7 million (the 2023 Equity Offering). The Partnership used the net proceeds from the 2023 Equity Offering to purchase OpCo common units. The Operating Company in turn used the net proceeds to repay approximately $90.0 million of the outstanding borrowings under the Partnerships secured revolving credit facility. The Operating Company used the remainder of the net proceeds of the 2023 Equity Offering for general corporate purposes. The following table summarizes the changes in the number of the Partnerships common units: Common Units Balance at December 31, 2024 80,969,651 Units issued for equity offering 11,500,000 Common units issued under …

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NOTE 16SUBSEQUENT EVENTS The Partnership has evaluated events that occurred subsequent to December 31, 2025 in the preparation of its consolidated financial statements. Distributions On February 26, 2026, the Board of Directors declared a quarterly cash distribution of $0.37 per common unit and $0.357502 per OpCo common unit for the quarter ended December 31, 2025. The Partnership intends to pay this distribution on March 25, 2026 to common unitholders and OpCo common unitholders of record as of the close of business on March 18, 2026. As to the Partnership, $0.012498 excluded from the OpCo common unit distribution corresponds to a tax refund received by the Partnership in the fourth quarter of 2025. Under the limited liability company agreement of the Operating Company, the Partnership does not reimburse the Operating Company for federal income tax refunds received by the Partnership. The Partnership will pay a quarterly cash distribution on the Series A preferred units of approximately $2.5 million for the quarter ended December 31, 2025. The Partnership intends to pay the distribution subsequent to February 26, 2026 and prior to the distribution on the common units and OpCo common units. Executive Bonus and LTIP Issuance On February 24, 2026, the Conflicts and Compensation Committee of the Board of Directors approved short-term incentive cash bonuses for executive officers of approximately $2.4 million and the issuance of 1,216,990 restricted units to its employees and dir …

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