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What changed in CKX LANDS, INC.'s 10-K — 2024 vs 2025

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Paragraph-level year-over-year comparison of CKX LANDS, INC.'s 2024 and 2025 10-K annual filings, covering the Business, Risk Factors, Legal Proceedings, Cybersecurity, MD&A and Market Risk sections. Every new, removed and edited paragraph is highlighted side-by-side so you can see exactly what management changed in the 2025 report.

+85 added−78 removedSource: 10-K (2026-03-31) vs 10-K (2025-03-25)

Top changes in CKX LANDS, INC.'s 2025 10-K

85 paragraphs added · 78 removed · 67 edited across 7 sections

Item 1. Business

Business — how the company describes what it does

7 edited+6 added−4 removed21 unchanged
Biggest changeAdditionally, a sale of the Company or all or substantially all of its assets would be subject to a number of conditions and contingencies, including the approval of the Company’s shareholders.
Biggest changeThere can be no assurance that such efforts will result in a negotiated partition of the Company’s co-owned acreage and that the Company can avoid a court-ordered partition. Additionally, a sale of the Company or all or substantially all of its assets would be subject to a number of conditions and contingencies, including the approval of the Company’s shareholders.
As part of management’s desire to maximize value for shareholders through this process, the Company expects to seek to partition, in kind or by sale, ownership of its undivided interests in lands co-owned with others.
As part of management’s efforts to maximize value for shareholders through the strategic alternative evaluation, the Company expects to seek to partition, in kind or by sale, ownership of its undivided interests in lands co-owned with others.
There can be no assurance that this process will result in the successful negotiation of a definitive agreement for a transaction or any other strategic outcome, or that the Board will recommend that CKX’s shareholders approve any transaction.
There can be no assurance that this process will result in the successful negotiation of a definitive agreement for a transaction or any other strategic outcome, or that the Board will recommend that CKX’s shareholders approve any transaction. Employees The Company has two employees, both of whom are part-time.
The Company does not spend any money on research and development. Because of the nature of the Company’s revenue streams, the effect of competition on the Company and its results of operations is not material. Employees The Company has two employees, both of whom are part-time.
The Company does not spend any money on research and development. Because of the nature of the Company’s revenue streams, the effect of competition on the Company and its results of operations is not material.
The Board has formed a subcommittee to provide oversight and management of the process. Since the April 18, 2024 update, management and the Board subcommittee, together with the Company’s financial advisors, have continued working with interested parties and have advanced discussions with a potential counterparty.
The Board has formed a subcommittee to provide oversight and management of the process. Since the April 18, 2024 update, management and the Board subcommittee, together with the Company’s financial advisors, continue to engage with interested parties.
As of December 31, 2024, there are no longer any unvested awards under the plan, however, 36,551 shares issuable pursuant to awards that vested in 2024 have not yet been issued. 2 Customers The Company’s customers are those who have mineral leases on Company lands, purchase timber in competitive bids or execute surface leases for farming, hunting, right of ways or other purposes.
There are no further unvested awards outstanding under the Plan. 2 Customers The Company’s customers are those who have mineral leases on Company lands, purchase timber in competitive bids or execute surface leases for farming, hunting, right of ways or other purposes.
The Company granted awards for all 357,000 shares issuable under the plan on June 13, 2022.
The Company granted awards for all 357,000 shares issuable under the plan on June 13, 2022. As of December 31, 2024, 76,755 restricted stock units and 83,345 performance shares had vested, representing a total of 160,100 issuable shares under the Plan.
Removed
There can be no assurance that the Company will be successful in reaching a negotiated partition of its co-owned acreage that would avoid the need to seek partition in court.
Added
On November 18, 2025, the Company sold to Southern Pine Plantations of Georgia, Inc. approximately 6,548 acres of land wholly-owned by the Company in Allen, Beauregard, Calcasieu, Cameron, Jefferson Davis, Natchitoches, Rapides and Sabine Parishes of the State of Louisiana. The Company disclosed the completion of the transaction on its Current Report on Form 8-K filed November 20, 2025.
Removed
Of those awards, 25,582 restricted stock units vested and the underlying shares were issued during the year ended December 31, 2023, and 36,551 restricted stock units and 51,761 performance share units vested and the underlying performance shares were issued during the year ended December 31, 2024.
Added
The adjusted purchase price was $8,618,021.70, paid in cash. The transaction was executed pursuant to an Agreement of Purchase and Sale effective August 14, 2025, as amended, that contemplated the sale of approximately 7,014 acres.
Removed
During 2024, the Company received approximately 77.19% of its total revenues from the following customers: Customer Revenue Type % of Total Revenue Pehler & Associates, LLC Surface Lease 35.28 % TC Louisiana Intrastate Pipeline Surface Lease 15.82 % Total Ballard Exploration Company Oil & Gas 10.20 % Total Daylight Petroleum Oil & Gas 4.10 % East LA CCS LLC Oil & Gas 3.58 % Total Chato Energy, LLC Oil & Gas 2.75 % Sunchase Power, LLC Oil & Gas 2.74 % Total EOG Resources, Inc.
Added
Certain portions of the originally contemplated property were excluded from the sale in accordance with the Agreement, resulting in a reduction of the original purchase price equal to $1,316.05 per excluded acre. The completion of this transaction represents a significant step in the Company’s ongoing evaluation of strategic alternatives.
Removed
Oil & Gas 2.73 % Loss of cash receipts from any of these customers or revenue streams would have a material adverse effect on the Company.
Added
As of December 31, 2024, a total of 123,549 of the issuable shares had been issued to employees, with 36,551 shares underlying vested restricted stock units remaining unissued. The Company issued those shares on April 16, 2025.
Added
On July 15, 2024, all 196,900 unvested performance shares awarded to employees under the Plan lapsed without the performance criteria being achieved and were forfeited by the grantees.
Added
During 2025, the Company received approximately 64.02% of its total revenues from the following customers: Customer Revenue Type % of Total Revenue Riceland Petroleum Company Oil & Gas 22.86 % Beau Shell Logging, LLC Timber 11.31 % Sunchase Power, LLC Surface lease 6.43 % Ballard Exploration Company Oil & Gas 5.36 % Cedar Holdco, LLC Surface Lease 5.28 % Daylight Petroleum Oil & Gas 5.03 % Chato Energy, LLC Oil & Gas 4.17 % Salty Oaks, LLC Hunting Lease 3.58 % Loss of cash receipts from any of these customers or revenue streams would have a material adverse effect on the Company.

Item 1A. Risk Factors

Risk Factors — what could go wrong, per management

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Biggest changeIn addition, speculation regarding any developments related to the review of strategic alternatives and perceived uncertainties related to the future of the Company could cause our stock price to fluctuate significantly. 3 Our operations and properties could be adversely affected by hurricanes or other adverse weather events, natural disasters, or other significant disruptions.
Biggest changeIn addition, the strategic alternative process, speculation regarding any developments related to the process, and perceived uncertainties related to the future of the Company may have had, and could continue to have, a negative effect on the market price of our common stock, and could cause our stock price to fluctuate significantly. 3 We co-own approximately 90% of our net acres with other persons.
Significant expansion involves risks, such as: ● the availability and terms of financing for the transaction and its effect on our financial condition; ● increased expenses and working capital needs; ● successfully integrating an acquired asset into our existing business, including: o the distraction of our current management from our existing business operations; o the potential loss of key employees or customers of an acquired business; o identifying key managers to run an acquired business; o implementing and maintaining consistent standards, controls, procedures and information systems across the company; o managing the geographic distance of an acquired asset from our other assets and management team; and o exposure to unforeseen or undisclosed liabilities of any acquired asset. 7 If we are unable to integrate a new asset into our existing business and manage a larger overall company efficiently, the expansion could adversely affect our operations, financial results and prospects, and we might not realize the cost savings and synergies we expected from the expansion.
Significant expansion involves risks, such as: ● the availability and terms of financing for the transaction and its effect on our financial condition; ● increased expenses and working capital needs; ● successfully integrating an acquired asset into our existing business, including: o the distraction of our current management from our existing business operations; o the potential loss of key employees or customers of an acquired business; o identifying key managers to run an acquired business; o implementing and maintaining consistent standards, controls, procedures and information systems across the company; o managing the geographic distance of an acquired asset from our other assets and management team; and o exposure to unforeseen or undisclosed liabilities of any acquired asset. 8 If we are unable to integrate a new asset into our existing business and manage a larger overall company efficiently, the expansion could adversely affect our operations, financial results and prospects, and we might not realize the cost savings and synergies we expected from the expansion.
Likewise, if a significant number of our directors were to be incapacitated, the continuity of our operations might be materially and adversely affected. ● We depend on third parties for the generation of revenues, such as exploration and production companies, land management companies, surface lessees and timber mills.
Likewise, if a significant number of our directors were to be incapacitated, the continuity of our operations might be materially and adversely affected. 7 ● We depend on third parties for the generation of revenues, such as exploration and production companies, land management companies, surface lessees and timber mills.
The cost of being a publicly traded company is substantial, not only in absolute terms but, more importantly, in relation to the overall scope of the operations of a small company. 6 Changing laws, regulations and standards relating to corporate governance and public disclosure has created uncertainty for public companies and significantly increased the costs and risks associated with accessing the public markets and public reporting.
The cost of being a publicly traded company is substantial, not only in absolute terms but, more importantly, in relation to the overall scope of the operations of a small company. 6 Changing laws, regulations and standards relating to corporate governance and public disclosure have created uncertainty for public companies and significantly increased the costs and risks associated with accessing the public markets and public reporting.
However, our lack of control over our co-owned lands may prevent us from managing those lands in the manner we think is in the best interest of our company and our shareholders, and could negatively affect our revenues and profitability, and the value of our undivided interests.
However, our lack of control over our co-owned lands may prevent us from managing those lands in the manner we think is in the best interest of our company and our shareholders, and could negatively affect our revenues and profitability, the value of our undivided interests, and thus the value of our business.
Additional risks not currently known to us or that we currently deem to be immaterial also may materially adversely affect our business, financial condition, or results of operations in future periods. We cannot assure you that our exploration of strategic alternatives will result in us pursuing a transaction or that any such transaction would be successfully completed.
Additional risks not currently known to us or that we currently deem to be immaterial also may materially adversely affect our business, financial condition, or results of operations in future periods. We cannot assure you that our exploration of strategic alternatives will result in us pursuing further transactions or that any such transactions would be successfully completed.
We have approximately 13,674 net acres of timberland in various stages of growth or age classes. A typical pine timber stand will be harvested after 30 to 35 years of growth with some thinning occurring during this time. A hardwood stand will be harvested after 45 to 50 years of growth.
We have approximately 3,862 net acres of timberland in various stages of growth or age classes. A typical pine timber stand will be harvested after 30 to 35 years of growth with some thinning occurring during this time. A hardwood stand will be harvested after 45 to 50 years of growth.
Disruptions in commercial activity and changes in consumer spending resulting from the COVID-19 pandemic significantly affected worldwide commerce and the global economy. Although we operated continuously throughout the pandemic, and while conditions in the U.S. and around the world significantly improved, we cannot predict how new variants of coronavirus or other viral outbreaks could impact our operations in the future.
Disruptions in commercial activity and changes in consumer spending resulting from the COVID-19 pandemic significantly affected worldwide commerce and the global economy. Although we operated continuously throughout the pandemic, and while conditions in the U.S. and around the world significantly improved, we cannot predict how future viral outbreaks could impact our operations.
The effects of future significant adverse events and disasters are uncertain. It is possible that such events, and economic conditions resulting from those events, could affect our business in the future in ways that we do not or cannot now anticipate. Our overall business is subject to risks associated with the real estate industry.
The effects of future significant adverse events and disasters are uncertain. It is possible that such events, and economic conditions resulting from those events, could affect our business in the future in ways that we do not or cannot now anticipate.
In addition, we could be affected by other significant events in the United States or abroad that could cause similar disruptions in commerce, like future pandemics, the outbreak of war or other hostilities, geopolitical conflicts, cyberattacks affecting infrastructure we depend on, and climate emergencies.
In addition, we could be affected by other significant events in the United States or abroad that could cause similar disruptions in commerce, like future pandemics, the outbreak of war or other hostilities, geopolitical conflicts, and international trade measures and disputes, cyberattacks affecting infrastructure we depend on, changes in U.S. government spending and resulting economic uncertainties, and climate emergencies.
The process of reviewing strategic alternatives or its conclusion could adversely affect our business and our stockholders. In August 2023, we announced that our Board of Directors had determined to initiate a formal process to evaluate strategic alternatives for the Company to enhance value for stockholders.
The process of reviewing strategic alternatives or its conclusion may have adversely affected our business, our stockholders, and the market for our common stock, and such effects may continue. In August 2023, we announced that our Board of Directors had determined to initiate a formal process to evaluate strategic alternatives for the Company to enhance value for stockholders.
We have less control over the management of lands that we co-own versus lands of which we are the sole owner, which could negatively impact our revenues and financial condition. We co-own approximately 46% of our net acres with other persons.
We have less control over the management of lands that we co-own versus lands of which we are the sole owner, which could negatively impact our revenues and financial condition. Following the November 18, 2025 sale of approximately 6,548 of our wholly-owned acres, we co-own approximately 90% of our net acres with other persons.
The Board has formed a subcommittee to provide oversight and management of the process. Since the April 18, 2024 update, management and the Board subcommittee, together with the Company’s financial advisors, have continued working with interested parties and have advanced discussions with a potential counterparty.
The Board has formed a subcommittee to provide oversight and management of the process. Since the April 18, 2024 update, management and the Board subcommittee, together with the Company’s financial advisors, continue to engage with interested parties.
As part of management’s desire to maximize value for shareholders through this process, the Company expects to seek to partition, in kind or by sale, ownership of its undivided interests in lands co-owned with others.
As part of management’s efforts to maximize value for shareholders through the strategic alternative evaluation process, we expect to seek to partition, in kind or by sale, ownership of the Company’s undivided interests in lands co-owned with others.
Additionally, third-party managers may manage and own other properties that may compete with our properties, which may result in conflicts of interest and decisions regarding the operation of our properties that are not in our best interests.
Additionally, third-party managers may manage and own other properties that may compete with our properties, which may result in conflicts of interest and decisions regarding the operation of our properties that are not in our best interests. Potential environmental liabilities could result in substantial costs to us or cause our land to lose value.
For example, approximately 33 percent of our standing timber was at least partially damaged, and oil and gas production on our lands was temporarily interrupted due to Hurricane Laura in August 2020.
Depending on where any hurricane makes landfall or flooding occurs, our properties could be significantly damaged, and income-producing activities on our properties could be disrupted. For example, approximately 33 percent of our standing timber was at least partially damaged, and oil and gas production on our lands was temporarily interrupted due to Hurricane Laura in August 2020.
We have incurred and expect to continue to incur expenses, which could be substantial, associated with identifying, evaluating and negotiating potential strategic alternatives. The process of reviewing potential strategic alternatives may be time-consuming, distracting and disruptive to our business and our management team. We may also incur additional unanticipated expenses in connection with this process.
The process of reviewing potential strategic alternatives has been and may continue to be time-consuming, distracting and disruptive to our business and our management team. We may also incur additional unanticipated expenses in connection with this process. In addition, we may be subject to costly and time-consuming litigation related to the process.
Additionally, a sale of the Company or all or substantially all of its assets would be subject to a number of conditions and contingencies, including the approval of the Company’s shareholders.
Moreover, a sale of the Company or all or substantially all of its assets would be subject to a number of conditions and contingencies, including the approval of the Company’s shareholders. There can be no assurance that the Board will recommend that CKX’s shareholders approve any transaction, or that any transaction will receive shareholder approval.
In addition, we may be subject to costly and time-consuming litigation related to the process. Further, the process may result in the loss of potential business opportunities and have a negative effect on the market price and volatility of our common stock, as well as our ability to retain customers, recruit and retain qualified personnel, and maintain other business relationships.
Further, the process may result in the loss of potential business opportunities as well as our ability to retain customers, recruit and retain qualified personnel, and maintain other business relationships.
We cannot make any assurances about the timing or outcome of the process, including whether the process will result in a transaction; what the terms, structure, benefits and costs of any transaction will be; or that any transaction that is agreed to will be completed.
While the completion of this transaction was a significant step in the Company’s ongoing evaluation of strategic alternatives, we cannot assure you that the process will result in one or more definitive agreements for further transactions, what the timing or final outcome of the process will be, what the terms, structure, benefits and costs of any transaction will be, or that any transaction that is agreed to will be completed.
Our properties are located principally in southwest Louisiana, where major hurricanes and flooding have occurred. Depending on where any hurricane makes landfall or flooding occurs, our properties could be significantly damaged, and income-producing activities on our properties could be disrupted.
Our operations and properties could be adversely affected by hurricanes or other adverse weather events, natural disasters, or other significant disruptions. Our properties are located principally in southwest Louisiana, where major hurricanes and flooding have occurred.
Removed
There can be no assurance that the Company will be successful in reaching a negotiated partition of its co-owned acreage that would avoid the need to seek partition in court.
Added
As discussed in Part I, Item I of this report, on November 18, 2025, the Company sold approximately 6,548 acres of land wholly-owned by the Company in several parishes of the State of Louisiana for $8,618,021.70 in cash.
Removed
There can be no assurance that this process will result in the successful negotiation of a definitive agreement for a transaction or any other strategic outcome, or that the Board will recommend that CKX’s shareholders approve any transaction.
Added
We cannot assure you that that such efforts will result in a negotiated partition of the Company’s co-owned acreage and that the Company can avoid a court-ordered partition. We have incurred significant expenses associated with identifying, evaluating and negotiating potential strategic alternatives, and we expect to continue to incur such expenses.
Removed
Potential environmental liabilities could result in substantial costs to us or cause our land to lose value.
Added
Our overall business is subject to risks associated with the real estate industry.

Item 2. Properties

Properties — owned and leased real estate

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Biggest changeThe Louisiana parish location for these 100% owned lands is presented below: Parish Acres Segment(s) Beauregard 2,720 Oil and gas, timber and surface Calcasieu 2,301 Oil and gas, timber and surface Allen 1,121 Oil and gas, timber and surface Jefferson Davis 684 Timber and surface Natchitoches 200 Timber and surface Cameron 162 None Rapides 129 Timber Sabine 50 Timber Total 7,367 For management purposes, the Company classifies the 13,674 net acres owned by CKX as follows: 10,357 net acres are timber lands, 2,228 net acres are agriculture lands, 895 net acres are marsh lands, and 194 net acres are located in metropolitan areas.
Biggest changeThe Louisiana parish location for these 100% owned lands is presented below: Parish Acres Segment(s) Beauregard 123 Oil and gas, timber and surface Calcasieu 370 Oil and gas, timber and surface Allen 0 Oil and gas, timber and surface Jefferson Davis 59 Timber and surface Natchitoches 0 Timber and surface Cameron 160 None Rapides 3 Timber Total 715 For management purposes, the Company classifies the 7,023 net acres owned by CKX as follows: 3,862 net acres are timber lands, 2,077 net acres are agriculture lands, 890 net acres are marsh lands, and 194 net acres are located in metropolitan areas.
ITEM 2. PROPERTIES The Company owns approximately 13,674 net acres all located in Louisiana. The approximate gross and net acres located in each Louisiana parish are presented below.
ITEM 2. PROPERTIES The Company owns approximately 7,023 net acres all located in Louisiana. The approximate gross and net acres located in each Louisiana parish are presented below.
Landry 42 4 Timber Sabine 50 50 Timber Total 42,895 13,674 8 Included in the 13,674 net acres presented above, are approximately 7,367 acres owned 100% by the Company.
Landry 42 4 Timber Total 36,244 7,023 9 Included in the 7,023 net acres presented above, are approximately 715 acres owned 100% by the Company.
Parish Gross Acres Net Acres Segment(s) Calcasieu 15,736 4,635 Oil and gas, timber and surface Jefferson Davis 9,759 2,330 Oil and gas, timber and surface Allen 7,988 2,428 Oil and gas, timber and surface Beauregard 7,323 3,554 Oil and gas, timber and surface Cameron 1,248 274 Oil and gas, surface LaFourche 240 40 Oil and gas Natchitoches 200 200 Timber Vermilion 180 30 Oil and gas, surface Rapides 129 129 Timber St.
Parish Gross Acres Net Acres Segment(s) Calcasieu 13,805 2,704 Oil and gas, timber and surface Jefferson Davis 9,134 1,705 Oil and gas, timber and surface Allen 6,867 1,307 Oil and gas, timber and surface Beauregard 4,726 957 Oil and gas, timber and surface Cameron 1,246 272 Oil and gas, surface LaFourche 240 40 Oil and gas Natchitoches 1 1 Timber Vermilion 180 30 Oil and gas, surface Rapides 3 3 Timber St.

Item 3. Legal Proceedings

Legal Proceedings — active lawsuits and investigations

1 edited+0 added−0 removed1 unchanged
Biggest changeThe Company was not involved in any legal proceedings as of December 31, 2024. ITEM 4. MINE SAFETY DISCLOSURES Not applicable. PART II
Biggest changeThe Company was not involved in any legal proceedings as of December 31, 2025. ITEM 4. MINE SAFETY DISCLOSURES Not applicable. PART II

Item 4. Mine Safety Disclosures

Mine Safety Disclosures — required of mining issuers

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Biggest changeItem 4. Mine Safety Disclosure 9 PART II Item 5. Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 9 Item 6. [Reserved] 10 Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations 10 Item 7A. Quantitative and Qualitative Disclosures About Market Risk 14 Item 8.
Biggest changeItem 4. Mine Safety Disclosure 10 PART II Item 5. Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 10 Item 6. [Reserved] 11 Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations 11 Item 7A. Quantitative and Qualitative Disclosures About Market Risk 16 Item 8.
Financial Statements and Supplementary Data 14 Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 14 Item 9A. Controls and Procedures 15 Item 9B. Other Information 16
Financial Statements and Supplementary Data 16 Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 16 Item 9A. Controls and Procedures 17 Item 9B. Other Information 18

Item 5. Market for Registrant's Common Equity

Market for Common Equity — stock, dividends, buybacks

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Biggest changeHolders On March 25, 2025, we had 265 stockholders of record. 9 Dividend Policy The Company does not currently pay dividends on a regular basis. In determining whether to declare a dividend, the Board of Directors takes into account the Company’s prior fiscal year’s cash flows from operations and the current economic conditions among other information deemed relevant.
Biggest changeHolders On March 30, 2026, we had 258 stockholders of record. 10 Dividend Policy The Company does not currently pay dividends on a regular basis. In determining whether to declare a dividend, the Board of Directors takes into account the Company’s prior fiscal year’s cash flows from operations and the current economic conditions among other information deemed relevant.
Pursuant to a dividend reversion clause in the Company’s Articles of Incorporation, dividends not claimed within one year after a dividend becomes payable will expire and revert in full ownership to the Company and the Company’s obligation to pay such dividend will cease. During 2024 and 2023, the Company received no dividend reversions.
Pursuant to a dividend reversion clause in the Company’s Articles of Incorporation, dividends not claimed within one year after a dividend becomes payable will expire and revert in full ownership to the Company and the Company’s obligation to pay such dividend will cease. During 2025 and 2024, the Company received no dividend reversions.
There were no sales of unregistered securities of the Company and no purchases of CKX equity securities by the Company during 2024 (other than shares that were withheld by the Company to satisfy tax withholding obligations of stock plan participants incurred upon the vesting of stock awards).
There were no sales of unregistered securities of the Company and no purchases of CKX equity securities by the Company during 2025 (other than shares that were withheld by the Company to satisfy tax withholding obligations of stock plan participants incurred upon the vesting of stock awards).
ITEM 5. MARKET FOR THE REGISTRANT ’ S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES The Company’s common stock trades on the NYSE American under the trading symbol CKX. Common Stock As of March 25, 2025, there were 2,027,032 shares outstanding.
ITEM 5. MARKET FOR THE REGISTRANT ’ S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES The Company’s common stock trades on the NYSE American under the trading symbol CKX. Common Stock As of March 30, 2026, there were 2,053,129 shares outstanding.

Item 7. Management's Discussion & Analysis

Management's Discussion & Analysis (MD&A) — revenue / margin commentary

28 edited+9 added−4 removed20 unchanged
Biggest changeNet cash used in financing activities was $208,854 and $87,156 for the year ended December 31, 2024, and 2023, respectively. For the years ended December 31, 2024 and 2023, this consisted of stock withheld to pay employee taxes of $208,854 and $87,156, respectively.
Biggest changeFor the years ended December 31, 2025 and 2024, this consisted of stock withheld to pay employee taxes of $147,614 and $208,854, respectively. Significant Accounting Policies For a discussion of significant accounting policies, see Note 1 in the notes to our audited financial statements included elsewhere in this Form 10-K.
In managing its lands, the Company relies on and has established relationships with real estate, forestry, environmental and agriculture consultants as well as attorneys with legal expertise in general corporate matters, real estate, and minerals. 10 The Company actively searches for additional real estate for purchase in Louisiana with a focus on southwest Louisiana and on timberland and agricultural land.
In managing its lands, the Company relies on and has established relationships with real estate, forestry, environmental and agriculture consultants as well as attorneys with legal expertise in general corporate matters, real estate, and minerals. 11 The Company actively searches for additional real estate for purchase in Louisiana with a focus on southwest Louisiana and on timberland and agricultural land.
For the years ended December 31, 2024 and 2023, this consisted of a gain on sale of one parcel of land. Outlook for Fiscal Year 2025 The Company will continue to consider and evaluate commercial, agricultural and timber lands, and other business opportunities for acquisitions and to evaluate its current holdings for divestiture.
For the year ended December 31, 2024, this consisted of a gain on sale of one parcel of land. Outlook for Fiscal Year 2026 The Company will continue to consider and evaluate commercial, agricultural and timber lands, and other business opportunities for acquisitions and to evaluate its current holdings for divestiture.
As part of management’s desire to maximize value for shareholders through this process, the Company expects to seek to partition, in kind or by sale, ownership of its undivided interests in lands co-owned with others.
As part of management’s efforts to maximize value for shareholders through the strategic alternative evaluation process, the Company expects to seek to partition, in kind or by sale, ownership of its undivided interests in lands co-owned with others.
These revenues are dependent on oil and gas producers’ activities, are not predictable and can vary significantly from year to year. Timber Timber revenues were 1% and 10% of total revenues for 2024 and 2023, respectively. Timber revenues decreased for the year ended December 31, 2024, as compared to the year ended December 31, 2023, by $131,922.
These revenues are dependent on oil and gas producers’ activities, are not predictable and can vary significantly from year to year. Timber Timber revenues were 11% and 1% of total revenues for 2025 and 2024, respectively. Timber revenues increased for the year ended December 31, 2025, as compared to the year ended December 31, 2024, by $72,600.
The Board has formed a subcommittee to provide oversight and management of the process. Since the April 18, 2024 update, management and the Board subcommittee, together with the Company’s financial advisors, have continued working with interested parties and have advanced discussions with a potential counterparty.
The Board has formed a subcommittee to provide oversight and management of the process. Since the April 18, 2024 update, management and the Board subcommittee, together with the Company’s financial advisors, continue to engage with interested parties.
Net cash used in investing activities was $4,121,020 and $391,315 for the years ended December 31, 2024 and 2023, respectively. For the year ended December 31, 2024, this included purchases of certificates of deposit of $7,340,724 offset by maturity of certificates of deposits of $3,079,122 and proceeds from the sale of fixed assets of $140,582.
For the year ended December 31, 2024, this included purchases of certificates of deposit of $7,340,724 offset by maturity of certificates of deposits of $3,079,122 and proceeds from the sale of fixed assets of $140,582. Net cash used in financing activities was $147,614 and $208,854 for the year ended December 31, 2025, and 2024, respectively.
The three subdivisions are located on approximately 415 acres in Calcasieu Parish and approximately 160 acres in Beauregard Parish and contain an aggregate of 39 lots. As of December 31, 2024, the Company has closed on the sale of 22 of the 39 lots. As of the date of this report, the Company is actively marketing the remaining lots.
The three subdivisions are located on approximately 415 acres in Calcasieu Parish and approximately 160 acres in Beauregard Parish and contain an aggregate of 39 lots. As of December 31, 2025, the Company has closed on the sale of 29 of the 39 lots.
These variances are due to the normal variations in year to year costs, which correlate directly with variations in revenues. Timber costs increased for the year ended December 31, 2024 as compared to 2023 by $5,784. This is primarily due to decreased timber management costs.
These variances are due to the normal variations in year to year costs, which correlate directly with variations in revenues. Timber costs decreased for the year ended December 31, 2025 as compared to 2024 by $5,590. Timber costs are related to general management of the Company’s timberland. The decrease is primarily due to decreased timber management costs.
The following schedule summarizes barrels and MCF produced and average price per barrel and per MCF for the years ended December 31, 2024 and 2023: Years Ended December 31, 2024 2023 Net oil produced (Bbl)(2) 4,558 3,826 Average oil sales price (per Bbl)(1,2) $ 77.84 $ 79.08 Net gas produced (MCF) 20,966 8,976 Average gas sales price (per MCF)(1) $ 3.18 $ 3.57 (1) Before deduction of production costs and severance taxes (2) Excludes plant products Oil revenues increased for the year ended December 31, 2024, as compared to 2023, by $52,249.
The following schedule summarizes barrels and MCF produced and average price per barrel and per MCF for the years ended December 31, 2025 and 2024: Years Ended December 31, 2025 2024 Net oil produced (Bbl)(2) 4,222 4,558 Average oil sales price (per Bbl)(1,2) $ 68.93 $ 77.84 Net gas produced (MCF) 34,610 20,966 Average gas sales price (per MCF)(1) $ 3.86 $ 3.18 (1) Before deduction of production costs and severance taxes (2) Excludes plant products Oil revenues decreased for the year ended December 31, 2025, as compared to 2024, by $63,770.
General and administrative expenses decreased for the year ended December 31, 2024 as compared to 2023 by $30,155. This is primarily due to decreased officer share-based compensation expense. Gain on Sale of Land and Equipment Gain on sale of land was $85,636 and $149,992 for the years ended December 31, 2024 and 2023, respectively.
General and administrative expenses decreased for the year ended December 31, 2025 as compared to 2024 by $732,712. This is primarily due to a decrease in professional expenses and share-based compensation expense. Gain on Sale of Land and Equipment Gain on sale of land was $3,577,868 and $85,636 for the years ended December 31, 2025 and 2024, respectively.
Gas revenues increased for the year ended December 31, 2024, as compared to 2023, by $34,629. As indicated from the schedule above, the increase in oil revenues was due to an increase in net oil produced. The increase in gas revenues was due to an increase in net gas produced.
Gas revenues increased for the year ended December 31, 2025, as compared to 2024, by $66,921. As indicated from the schedule above, the decrease in oil revenues was due to an decrease in net oil produced and decrease in average oil sales price.
Results of Operations - for the years ended December 31, 2024 and 2023 Revenue Total revenues for 2024 were $1,521,124, an increase of approximately 2.4% when compared with 2023 revenues of $1,485,605. Total revenue consists of oil and gas, timber, and surface revenues.
Results of Operations - for the years ended December 31, 2025 and 2024 Revenue Total revenues for 2025 were $838,543, a decrease of approximately 44.9% when compared with 2024 revenues of $1,521,124. Total revenue consists of oil and gas, timber, and surface revenues.
Field Bbl Oil MCF Gas Bon Air 1,762 18,631 South Bear Head Creek 1,476 129 Cowards Gully 644 - Gonzales County 615 174 Castor Creek 266 - South Lake Charles 189 2,185 Lake Arthur 1,034 1,689 North Indian Village 1,623 - 12 The following eight fields produced 96.70% of the Company’s oil and gas revenues in 2023.
Field Bbl Oil MCF Gas Bon Air 1,762 18,631 South Bear Head Creek 1,476 129 Cowards Gully 644 - Gonzales County 615 174 Castor Creek 266 - South Lake Charles 189 2,185 Lake Arthur 1,034 1,689 North Indian Village 1,623 - Lease and geophysical revenues decreased for the year ended December 31, 2025, as compared to 2024, by $5,528.
In the opinion of management, cash and cash equivalents are adequate for projected operations and possible land acquisitions. The Company’s Board of Directors regularly evaluates a range of strategic alternatives that could increase shareholder value, and the Board and management conduct due diligence activities in connection with such alternatives.
The Company’s Board of Directors regularly evaluates a range of strategic alternatives that could increase shareholder value, and the Board and management conduct due diligence activities in connection with such alternatives. These include opportunities for growth though the acquisitions of land or other assets or business combinations, dispositions of assets and reinvestment of the proceeds, and other alternatives.
The following eight fields produced 94.82% of the Company’s oil and gas revenues in 2024. The following table shows the number of barrels of oil (Bbl Oil) and MCF of gas (MCF Gas) produced from these fields.
The increase in gas revenues was due to an increase in net gas produced and increase in average gas sales price. The following eight fields produced 95.46% of the Company’s oil and gas revenues in 2025. The following table shows the number of barrels of oil (Bbl Oil) and MCF of gas (MCF Gas) produced from these fields.
Additionally, a sale of the Company or all or substantially all of its assets would be subject to a number of conditions and contingencies, including the approval of the Company’s shareholders.
There can be no assurance that such efforts will result in a negotiated partition of the Company’s co-owned acreage and that the Company can avoid a court-ordered partition. Additionally, a sale of the Company or all or substantially all of its assets would be subject to a number of conditions and contingencies, including the approval of the Company’s shareholders.
Components of revenues for the year ended December 31, 2024 as compared to 2023, are as follows: Years Ended December 31, 2024 2023 Change from Prior Year Percent Change from Prior Year Revenues: Oil and gas $ 417,846 $ 380,654 $ 37,192 9.8 % Timber sales 22,225 154,147 (131,922 ) (85.6 )% Surface revenue 1,081,053 950,804 130,249 13.7 % Total revenues $ 1,521,124 $ 1,485,605 $ 35,519 2.4 % 11 Oil and Gas Oil and gas revenues were 27% and 26% of total revenues for 2024 and 2023, respectively.
Components of revenues for the year ended December 31, 2025 as compared to 2024, are as follows: Years Ended December 31, 2025 2024 Change from Prior Year Percent Change from Prior Year Revenues: Oil and gas $ 415,469 $ 417,846 $ (2,377 ) (0.6 )% Timber sales 94,825 22,225 72,600 326.7 % Surface revenue 328,249 1,081,053 (752,804 ) (69.6 )% Total revenues $ 838,543 $ 1,521,124 $ (682,581 ) (44.9 )% 13 Oil and Gas Oil and gas revenues were 50% and 27% of total revenues for 2025 and 2024, respectively.
Analysis of Cash Flows Net cash provided by operating activities decreased by $672,192 to $204,761 for the year ended December 31, 2024, compared to $876,953 for the year ended December 31, 2023. The change in cash provided by operating activities was attributable primarily to a $459,337 decrease in current liabilities.
Analysis of Cash Flows Net cash provided by operating activities increased by $254,869 to $459,630 for the year ended December 31, 2025, compared to $204,761 for the year ended December 31, 2024.
Significant Accounting Policies For a discussion of significant accounting policies, see Note 1 in the notes to our audited financial statements included elsewhere in this Form 10-K. Off Balance Sheet Arrangements We do not have any off-balance sheet arrangements, financings, or other relationships with unconsolidated entities or other persons, also known as “special purpose entities” (SPEs).
Off Balance Sheet Arrangements We do not have any off-balance sheet arrangements, financings, or other relationships with unconsolidated entities or other persons, also known as “special purpose entities” (SPEs).
A breakdown of oil and gas revenues for the years ended December 31, 2024, as compared to 2023 are as follows: Years Ended December 31, 2024 2023 Change from Prior Year Percent Change from Prior Year Oil $ 354,821 $ 302,572 $ 52,249 17.3 % Gas 66,672 32,043 34,629 108.1 % Lease and geophysical (3,647 ) 46,039 (49,686 ) (107.9 )% Total revenues $ 417,846 $ 380,654 $ 37,192 9.8 % CKX received oil and/or gas revenues from 72 wells during the years ended December 31, 2024 and 2023.
A breakdown of oil and gas revenues for the years ended December 31, 2025, as compared to 2024 are as follows: Years Ended December 31, 2025 2024 Change from Prior Year Percent Change from Prior Year Oil $ 291,051 $ 354,821 $ (63,770 ) (18.0 )% Gas 133,593 66,672 66,921 100.4 % Lease and geophysical (9,175 ) (3,647 ) (5,528 ) (151.6 )% Total revenues $ 415,469 $ 417,846 $ (2,377 ) (0.6 )% CKX received oil and/or gas revenues from 80 and 72 wells during the years ended December 31, 2025 and 2024, respectively.
Summary of Fiscal Year 2024 Results The Company had net income for the year ended December 31, 2024 of $250,224 compared to net income of $142,961 for the year ended December 31, 2023.
The adjusted purchase price was $8,618,022, resulting in a gain on sale of $3,282,469. Summary of Fiscal Year 2025 Results The Company had net income for the year ended December 31, 2025 of $3,009,972 compared to net income of $250,224 for the year ended December 31, 2024.
The Company is working to identify additional undeveloped acres owned by the Company in Southwest Louisiana that would likewise be suitable for residential subdivisions. During 2024, the Company closed on the sale of one 25-acre ranchette lot in which it had a 100% ownership interest for net proceeds to the Company of $140,582.
A portion of the acreage associated with these subdivisions was sold in November 2025, as part of the transaction with Southern Pine Plantations of Georgia, Inc. During 2024, the Company closed on the sale of one 25-acre ranchette lot in which it had a 100% ownership interest for net proceeds to the Company of $140,582.
For the year ended December 31, 2023, this consisted of purchases of certificates of deposit of $1,525,173, costs of reforesting timber of $20,737, offset by maturity of certificates of deposits of $1,004,603 and proceeds from the sale of fixed assets of $149,992.
For the year ended December 31, 2025, this included purchases of certificates of deposit of $6,750,837 offset by maturity of certificates of deposits of $12,659,328, and proceeds from the sale of fixed assets of $8,368,024.
The Company believes direct land management and continuing economic activity in southwest Louisiana may be a catalyst for increased surface revenue. Liquidity and Capital Resources Sources of Liquidity The Company’s current assets totaled $9,579,388 and current liabilities equaled $264,183 at December 31, 2024. 13 As of December 31, 2024, and 2023, the Company had no outstanding debt.
Liquidity and Capital Resources Sources of Liquidity The Company’s current assets totaled $18,063,055 and current liabilities equaled $730,402 at December 31, 2025. 15 As of December 31, 2025, and 2024, the Company had no outstanding debt. In the opinion of management, cash and cash equivalents are adequate for projected operations and possible land acquisitions.
The Company will consider purchases outside of southwest Louisiana and will consider developing its properties for commercial or residential purposes. The Company began directly managing its lands in 2017, except for approximately 5,030 net acres of timber property in which the Company owns an undivided 1/6 interest, which is managed by Walker Louisiana Properties.
The Company will consider purchases outside of southwest Louisiana and will consider developing its properties for commercial or residential purposes. The Company began directly managing its lands in 2017. The Company believes direct land management and continuing economic activity in southwest Louisiana may be a catalyst for increased surface revenue.
Surface revenues increased for the year ended December 31, 2024, as compared to 2023, by $130,249. This increase is reflective of sustained robust economic activity in the region, including industrial project development and pipeline construction. Costs and Expenses Oil and gas costs increased for the year ended December 31, 2024 as compared to 2023 by $4,759.
The decrease in surface revenue was due to lower right of way income in the current year as compared to the prior year, driven by normal fluctuations in regional development activity. Costs and Expenses Oil and gas costs decreased for the year ended December 31, 2025 as compared to 2024 by $3,133.
This change was primarily attributable to an increase of $35,519 in total revenue, a decrease in general and administrative expenses of $30,155 and an increase of $46,646 in interest income, offset by an increase in deferred income tax expenses. As of December 31, 2024, the Company has fully expensed all awards under its stock incentive plan.
This change was primarily attributable to an increase in gain on sale of land of $3,472,232 and a decrease in general and administrative expense of $732,712, offset by a decrease in total revenue of $682,581, and an increase in total income tax expense of $879,296.
Removed
There can be no assurance that the Company will be successful in reaching a negotiated partition of its co-owned acreage that would avoid the need to seek partition in court.
Added
On November 18, 2025, the Company sold to Southern Pine Plantations of Georgia, Inc. approximately 6,548 acres of land wholly-owned by the Company in Allen, Beauregard, Calcasieu, Cameron, Jefferson Davis, Natchitoches, Rapides and Sabine Parishes of the State of Louisiana. The Company disclosed the completion of the transaction on its Current Report on Form 8-K filed November 20, 2025.
Removed
Field Bbl Oil MCF Gas Bon Air 617 5,726 South Bear Head Creek 1,137 759 Reeves 663 4,893 Cowards Gully 715 - Gonzales County 637 208 Castor Creek 452 - South Lake Charles 202 2,175 Lake Arthur 116 1,446 Lease and geophysical revenues decreased for the year ended December 31, 2024, as compared to 2023, by $49,686.
Added
The adjusted purchase price was $8,618,021.70, paid in cash. The transaction was executed pursuant to an Agreement of Purchase and Sale effective August 14, 2025, as amended, that contemplated the sale of approximately 7,014 acres.
Removed
Management believes the decline in timber revenue versus 2023 is primarily a result of timber harvest timing, and, to a lesser extent, weather. In management’s opinion, demand for timber in the Company’s region was stable during 2024. Surface Surface revenues were 71% and 64% of total revenues for 2024 and 2023, respectively.
Added
Certain portions of the originally contemplated property were excluded from the sale in accordance with the Agreement, resulting in a reduction of the original purchase price equal to $1,316.05 per excluded acre. The completion of this transaction represents a significant step in the Company’s ongoing evaluation of strategic alternatives.
Removed
These include opportunities for growth though the acquisitions of land or other assets or business combinations, dispositions of assets and reinvestment of the proceeds, and other alternatives.
Added
During 2025, the Company closed on the sale of two 25-acre lots and one 53-acre lot in Calcasieu parish in which it had a 100% ownership interest for net proceeds to the Company of $499,228, inclusive of a gain on the sales of $275,399. 12 Additionally, on November 18, 2025, the Company completed the sale of approximately 6,548 acres of land wholly‑owned by the Company in Allen, Beauregard, Calcasieu, Cameron, Jefferson Davis, Natchitoches, Rapides and Sabine Parishes of the State of Louisiana pursuant to the Agreement of Purchase and Sale, as amended.
Added
The decrease in revenues was due primarily to lower surface revenues, which in turn were driven by lower right of way income in fiscal year 2025 as compared to 2024.
Added
Field Bbl Oil MCF Gas Jennings, South 1,692 24,515 Bon Air 1,273 9,281 South Bear Head Creek 1,278 87 Cowards Gully 573 - Gonzales County 490 229 Castor Creek 197 - Lake Arthur 1,242 1,546 North Indian Village 1,374 - 14 The following eight fields produced 94.82% of the Company’s oil and gas revenues in 2024.
Added
Management believes the increase in timber revenue was due to normal business variations in timber customers’ harvesting. Surface Surface revenues were 39% and 71% of total revenues for 2025 and 2024, respectively. Surface revenues decreased for the year ended December 31, 2025, as compared to 2024, by $752,804.
Added
For the year ended December 31, 2025, this consisted of a gain on sale of two 25-acre ranchette lots and one 53-acre lot in Calcasieu parish, as well as the sale of 6,458 acres of land in various parishes. Refer to Note 4 to the financial statements for additional information.
Added
The change in cash provided by operating activities was attributable primarily to a $2,759,748 increase in net income, offset by an increase in gain on sale of land of $3,472,232. Net cash provided by (used in) investing activities was $14,276,515 and $(4,121,020) for the years ended December 31, 2025 and 2024, respectively.

Other CKX 10-K year-over-year comparisons