CKX 10-K & 10-Q changes, risk factors and insider trading
Ckx Lands, Inc. · NYSE · Crude Petroleum & Natural Gas · CIK 352955 · All filings on SEC.gov
At a glance
What changed in the latest 10-K
Risk Factors
New heading “We co-own approximately 90% 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.”
Removed heading “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.”
Largest changes
“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. …”see in full comparison
“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. …”see in full comparison
“We co-own approximately 90% 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.”see in full comparison
“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.”see in full comparison
We cannot assure you that our exploration of strategic alternatives will result in us pursuingsee in full comparisonafurthertransactiontransactions or that any suchtransactiontransactions would be successfully completed. The process of reviewing strategic alternatives or its conclusioncouldmay have adverselyaffectaffected ourbusinessbusiness, our stockholders, and the market for ourstockholders.common stock, and such effects may continue.
“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. A majority of our co-owned acres are held in the form of a 1/6 undivided interest in approximately 33,200 acres (5,533 net acres) of predominantly undeveloped land located in Southern Louisiana. There is no formal co-ownership agreement in place with respect to our co-owned lands, so all major decisions concerning these lands require the unanimous agreement of all the co-owners. As a result, we cannot control these decisions. …”see in full comparison
Full comparison: every changed paragraph (16)
We cannot assure you that our exploration of strategic alternatives will result in us pursuing afurther transactiontransactions or that any such transactiontransactions would be successfully completed. The process of reviewing strategic alternatives or its conclusion couldmay have adversely affectaffected our businessbusiness, our stockholders, and the market for our stockholders.common stock, and such effects may continue.
Since the April 18, 2024 update, management and the Board subcommittee, together with the Company’s financial advisors, havecontinue continuedto workingengage with interested parties and have advanced discussions with a potential counterparty.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. 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.
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 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.
WeAs cannotdiscussed makein anyPart assurancesI, aboutItem I of this report, on November 18, 2025, the timingCompany orsold outcomeapproximately 6,548 acres of land wholly-owned by the Company in several parishes of the process,State includingof whetherLouisiana for $8,618,021.70 in cash. 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 aone transaction;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;be, or that any transaction that is agreed to will be completed. Entry into or completion of any potential transaction or other strategic alternatives would depend on a number of factors that may be beyond our control, including, among other things, general economic and market conditions, industry trends, regulatory approvals and the availability of financing for a potential transaction on reasonable terms. Even ifMoreover, a transactionsale isof enteredthe into,Company weor cannotall assureor yousubstantially 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 itthe Board will berecommend successful,that achieveCKX’s ourshareholders objectivesapprove any transaction, or have a positive effect on stockholder value. Our Board of Directors may also determine that noany transaction iswill inreceive theshareholder best interest of our stockholders.approval.
Even if a transaction is entered into, we cannot assure you that it will be successful, achieve our objectives or have a positive effect on stockholder value. Our Board of Directors may also determine that no transaction is in the best interest of our stockholders.
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. 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 andsignificant expect to continue to incur expenses, which could be substantial,expenses associated with identifying, evaluating and negotiating potential strategic alternatives.alternatives, and we expect to continue to incur such expenses. 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. 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.
In addition, the strategic alternative process, speculation regarding any developments related to the review of strategic alternativesprocess, 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.
We co-own approximately 90% 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. A majority of our co-owned acres are held in the form of a 1/6 undivided interest in approximately 33,200 acres (5,533 net acres) of predominantly undeveloped land located in Southern Louisiana. There is no formal co-ownership agreement in place with respect to our co-owned lands, so all major decisions concerning these lands require the unanimous agreement of all the co-owners. As a result, we cannot control these decisions. These decisions include, among other things, whether to sell the property (other than selling our undivided interest in the property), whether to lease the property for surface or mineral income, and whether to harvest timber on the property. We have historically enjoyed a constructive relationship with our co-owners, and believe all co-owners share a desire to maximize the value of the co-owned lands over the long term. 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.
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. A majority of our co-owned acres are held in the form of a 1/6 undivided interest in approximately 33,200 acres (5,533 net acres) of predominantly undeveloped land located in Southern Louisiana. There is no formal co-ownership agreement in place with respect to our co-owned lands, so all major decisions concerning these lands require the unanimous agreement of all the co-owners. As a result, we cannot control these decisions. These decisions include, among other things, whether to sell the property (other than selling our undivided interest in the property), whether to lease the property for surface or mineral income, and whether to harvest timber on the property. We have historically enjoyed a constructive relationship with our co-owners, and believe all co-owners share a desire to maximize the value of the co-owned lands over the long term. 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.
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. 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. Among other possible effects, these kinds of events could materially and adversely affect us in the following ways:
Changing laws, regulations and standards relating to corporate governance and public disclosure hashave created uncertainty for public companies and significantly increased the costs and risks associated with accessing the public markets and public reporting. Over time, as the SEC and NYSE American have adopted new rules, including rules requiring us to make additional public disclosures, the costs and time necessary for us to comply with public company rules has increased. Failure to comply with these requirements can have numerous adverse consequences, including, but not limited to, our inability to file required periodic reports on a timely basis, loss of market confidence, delisting of our securities and/or governmental or private actions against us. Our efforts to comply with new and changing regulations are likely to continue to result in increased general and administrative expenses and a diversion of management time and attention.
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. 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. Among other possible effects, these kinds of events could materially and adversely affect us in the following ways:
Management's Discussion & Analysis (MD&A)
Largest changes
“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. The adjusted purchase price was $8,618,021.70, paid in cash. …”see in full comparison
Net cash provided by (used in) investing activities wassee in full comparison$4,121,020$14,276,515 and$391,315$(4,121,020) for the years ended December 31,20242025 and2023,2024, respectively. 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. 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, 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.
The Company had net income for the year ended December 31,see in full comparison20242025 of$250,224$3,009,972 compared to net income of$142,961$250,224 for the year ended December 31,2023.2024. This change was primarily attributable to an increase in gain on sale of$35,519landinoftotal$3,472,232revenue,and a decrease in general and administrativeexpensesexpense of$30,155$732,712, offset by a decrease in total revenue of $682,581, and an increaseof $46,646ininterest income, offset by an increase in deferredtotal income taxexpenses. Asexpense ofDecember 31, 2024, the Company has fully expensed all awards under its stock incentive plan.$879,296.
Gain on sale of land wassee in full comparison$85,636$3,577,868 and$149,992$85,636 for the years ended December 31,20242025 and2023,2024, respectively. For theyearsyear ended December 31,20242025, this consisted of a gain on sale of two 25-acre ranchette lots and2023,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. For the year ended December 31, 2024, this consisted of a gain on sale of one parcel of land.
“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. The adjusted purchase price was $8,618,022, resulting in a gain on sale of $3,282,469.”see in full comparison
Timber revenues weresee in full comparison1%11% and10%1% of total revenues for20242025 and2023,2024, respectively. Timber revenuesdecreasedincreased for the year ended December 31,2024,2025, as compared to the year ended December 31,2023,2024, by$131,922.$72,600. Management believes thedeclineincrease in timber revenueversuswas2023dueistoprimarilynormalabusinessresultvariationsofin timberharvestcustomers’timing, and, to a lesser extent, weather. In management’s opinion, demand for timber in the Company’s region was stable during 2024.harvesting.
Full comparison: every changed paragraph (24)
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, business combinations, dispositions of assets and reinvestment of the proceeds, and other alternatives. On August 21, 2023, the Company announced that the Board had determined to initiate a formal process to evaluate strategic alternatives for the Company to enhance value for stockholders and had retained a financial advisor in connection with the process.
On August 21, 2023, the Company announced that the Board had determined to initiate a formal process to evaluate strategic alternatives for the Company to enhance value for stockholders and had retained a financial advisor in connection with the process.
Since the April 18, 2024 update, management and the Board subcommittee, together with the Company’s financial advisors, havecontinue continuedto workingengage with interested parties and have advanced discussions with a potential counterparty.parties.
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. 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. 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.
As part of management’s desireefforts to maximize value for shareholders through thisthe 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. There can be no assurance that thesuch Companyefforts will be successfulresult in reaching a negotiated partition of itsthe Company’s co-owned acreage and that wouldthe Company can avoid thea needcourt-ordered to seek partition in court.partition.
In 2019, the Company began developing several ranchette-style subdivisions on certain of its lands in Calcasieu and Beauregard Parishes using existing road rights of way. The Company has identified demand in those areas for ranchette-style lots, which consist of more than three acres each, and the Board of Directors and management believe this project will allow the Company to realize a return on its investment in the applicable lands after payment of expenses. The Company has completed and recorded plans for three subdivisions. 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, 2024,2025, the Company has closed on the sale of 2229 of the 39 lots. AsA portion of the dateacreage associated with these subdivisions was sold in November 2025, as part of this report, the Companytransaction iswith activelySouthern marketingPine thePlantations remainingof lots.Georgia, Inc.
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 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.
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. The adjusted purchase price was $8,618,022, resulting in a gain on sale of $3,282,469.
The Company had net income for the year ended December 31, 20242025 of $250,224$3,009,972 compared to net income of $142,961$250,224 for the year ended December 31, 2023.2024. This change was primarily attributable to an increase in gain on sale of $35,519land inof total$3,472,232 revenue,and a decrease in general and administrative expensesexpense of $30,155$732,712, offset by a decrease in total revenue of $682,581, and an increase of $46,646 in interest income, offset by an increase in deferredtotal income tax expenses. Asexpense of December 31, 2024, the Company has fully expensed all awards under its stock incentive plan.$879,296.
Total revenues for 20242025 were $1,521,124,$838,543, ana increasedecrease of approximately 2.4%44.9% when compared with 20232024 revenues of $1,485,605.$1,521,124. Total revenue consists of oil and gas, timber, and surface revenues. 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. Components of revenues for the year ended December 31, 20242025 as compared to 2023,2024, are as follows:
CKX received oil and/or gas revenues from 80 and 72 wells during the years ended December 31, 20242025 and 2023.2024, respectively.
(1) Before deduction of production costs and severance taxes (2) Excludes plant products Oil revenues increaseddecreased for the year ended December 31, 2024,2025, as compared to 2023,2024, by $52,249.$63,770. Gas revenues increased for the year ended December 31, 2024,2025, as compared to 2023,2024, by $34,629.$66,921. As indicated from the schedule above, the increasedecrease in oil revenues was due to an increasedecrease in net oil produced.produced and decrease in average oil sales price. The increase in gas revenues was due to an increase in net gas produced.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.
The following eight fields produced 96.70% of the Company’s oil and gas revenues in 2023. The following table shows the number of barrels of oil (Bbl Oil) and MCF of gas (MCF Gas) produced from these fields.
Timber revenues were 1%11% and 10%1% of total revenues for 20242025 and 2023,2024, respectively. Timber revenues decreasedincreased for the year ended December 31, 2024,2025, as compared to the year ended December 31, 2023,2024, by $131,922.$72,600. Management believes the declineincrease in timber revenue versuswas 2023due isto primarilynormal abusiness resultvariations ofin timber harvestcustomers’ timing, and, to a lesser extent, weather. In management’s opinion, demand for timber in the Company’s region was stable during 2024.harvesting.
Surface revenues were 71%39% and 64%71% of total revenues for 20242025 and 2023,2024, respectively. Surface revenues increaseddecreased for the year ended December 31, 2024,2025, as compared to 2023,2024, by $130,249.$752,804. ThisThe increasedecrease isin reflectivesurface revenue was due to lower right of sustainedway robust economic activityincome in the region,current includingyear industrialas projectcompared to the prior year, driven by normal fluctuations in regional development and pipeline construction.activity.
Oil and gas costs increaseddecreased for the year ended December 31, 20242025 as compared to 20232024 by $4,759.$3,133. These variances are due to the normal variations in year to year costs, which correlate directly with variations in revenues.
Timber costs increaseddecreased for the year ended December 31, 20242025 as compared to 20232024 by $5,784.$5,590. ThisTimber costs are related to general management of the Company’s timberland. The decrease is primarily due to decreased timber management costs.
General and administrative expenses decreased for the year ended December 31, 20242025 as compared to 20232024 by $30,155.$732,712. This is primarily due to decreaseda officerdecrease in professional expenses and share-based compensation expense.
Gain on sale of land was $85,636$3,577,868 and $149,992$85,636 for the years ended December 31, 20242025 and 2023,2024, respectively. For the yearsyear ended December 31, 20242025, this consisted of a gain on sale of two 25-acre ranchette lots and 2023,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. For the year ended December 31, 2024, this consisted of a gain on sale of one parcel of land.
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.2017. The Company believes direct land management and continuing economic activity in southwest Louisiana may be a catalyst for increased surface revenue.
Net cash provided by operating activities decreasedincreased by $672,192$254,869 to $459,630 for the year ended December 31, 2025, compared to $204,761 for the year ended December 31, 2024, compared to $876,953 for the year ended December 31, 2023.2024. The change in cash provided by operating activities was attributable primarily to a $459,337$2,759,748 decreaseincrease in currentnet liabilities.income, offset by an increase in gain on sale of land of $3,472,232.
Net cash provided by (used in) investing activities was $4,121,020$14,276,515 and $391,315$(4,121,020) for the years ended December 31, 20242025 and 2023,2024, respectively. 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. 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, 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.
What changed in the latest 10-Q
Risk Factors
We could not find a separate Risk Factors item in the latest 10-Q. Some companies leave it out of quarterly reports; see the annual 10-K risk factors and the original filing. Open the filing on SEC.gov.
Management's Discussion & Analysis (MD&A)
New heading “Revenue – Six Months Ended June 30, 2026”
New heading “Costs and Expenses – Three and Six Months Ended June 30, 2026”
New heading “Gain on Sale of Land – Three and Six Months Ended June 30, 2026”
Largest changes
see in full comparisonCostsTimber revenue was $0 for the three months ended June 30, 2026 andExpenses – Three Months Ended March 31, 20262025.
Net cash used in investing activities wassee in full comparison$(5,245,224)$2,248,924 for thethreesix months endedMarchJune31,30, 2026, while net cash provided by investing activities was$172,243$4,100,526 for thethreesix months endedMarchJune31,30, 2025. For thethreesix months endedMarchJune31,30, 2026, this resulted from purchases of certificates of deposits and securities of$2,229,234$4,478,158 and $3,015,990,respectively. For the three months ended March 31, 2025, this resulted from purchases of certificates of deposits of $6,502,665,respectively, offset by the maturity of certificates of deposits and the sale of securities of $2,229,235 and $3,015,990, respectively. For the six months ended June 30, 2025, this resulted from maturity of certificates of deposit of$6,674,908.$10,493,240 and proceeds from the sale of fixed assets of $358,123, offset by purchases of certificates of deposit of $6,750,837.
“General and administrative expenses decreased for the three months ended June 30, 2026 as compared to the three months ended June 30, 2025 by $8,577. This is primarily due to a decrease in franchise taxes. General and administrative expenses increased for the six months ended June 30, 2026 as compared to the six months ended June 30, 2025 by $23,011. This is primarily due to an increase in salaries and wages.”see in full comparison
Full comparison: every changed paragraph (38)
Since the November 2025 land sale, the Company has continued to explore with interested parties a range of options to maximize value for shareholders.
In 2019, the Company began developing several ranchette-style subdivisions on certain of its lands in Calcasieu and Beauregard Parishes using existing road rights of way. The Company has identified demand in those areas for ranchette-style lots, which consist of more than three acres each, and the Board of Directors and management believe this project will allow the Company to realize a return on its investment in the applicable lands after payment of expenses. The Company has completed and recorded plans for three subdivisions. 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 MarchJune 31,30, 2026, the Company has closed on the sale of 29 of the 39 lots. 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.
There were no sales of land during the three and six months ended June 30, 2026. During the six months ended June 30, 2025, the Company closed on the sale of one 25-acre lot and one 53-acre lot in Calcasieu parish in which it had a 100% ownership interest for net proceeds to the Company of $358,123, inclusive of a gain on the sale of $189,210.
There were no sales of land during the three months ended March 31, 2026 and 2025.
The Company’s results of operations for the three and six months ended MarchJune 31,30, 2026 were driven primarily by decreases in oil and gas revenues, partially offset by increases in surface revenues. The decrease in oil and gas revenue is due to a decline in net oil and gas produced as well as a decline in average oil sales price. In addition, prior‑period results included one‑time revenue from a single customer, Riceland Petroleum Company, which did not recur in the current period.produced. The decrease in revenues also reflects the sale of producing lands completed in November 2025, which reduced the Company’s oil and gas interests.
Revenue – Three Months Ended MarchJune 31,30, 2026
Total revenues for the three months ended MarchJune 31,30, 2026 were $170,660,$168,315, aan decreaseincrease of approximately 51.0%23.8% when compared with the same period in 2025. Total revenue consists of oil and gas,gas timber,revenues and surface revenues. Components of revenues for the three months ended MarchJune 31,30, 2026 as compared to 2025, are as follows:
Oil and Gas
Oil and gas revenues were 5%22% and 77%42% of total revenues for the three months ended MarchJune 31,30, 2026 and 2025, respectively.
CKX received oil and/or gas revenues from 4850 and 7176 wells during the three months ended MarchJune 31,30, 2026 and 2025, respectively.
Oil and gas revenues decreased for the three months ended MarchJune 31,30, 2026, as compared to the three months ended MarchJune 31,30, 2025, by $259,216.$19,935. The decrease was due to a decrease in the average oil sales and average gas sales prices as well as a decrease in net oil and gas produced, which partially resulted from the sale of producing lands in November 2025.
Timber revenue was $2,667 and $0 for the three months ended March 31, 2026 and 2025, respectively. The increase in timber revenues was due to normal business variations in timber customers’ harvesting.
Surface
Surface revenues increased for the three months ended March 31, 2026, as compared to the three months ended March 31, 2025, by $79,025. The increase in surface revenue was due to higher oil and gas delay rental income and higher surface lease income, as well as one small right of way payment received in the current quarter.
CostsTimber revenue was $0 for the three months ended June 30, 2026 and Expenses – Three Months Ended March 31, 20262025.
Oil and gas costs decreased for the three months ended March 31, 2026 as compared to the three months ended March 31, 2025 by $17,997. Oil and gas costs fluctuated proportionately with increased or decreased production.
TimberSurface costsrevenues decreasedincreased for the three months ended MarchJune 31,30, 2026, as compared to the three months ended MarchJune 31,30, 20252025, by $3,695. Timber costs are related to general management of the Company’s timberland.$52,313. The decreaseincrease isin primarilysurface revenue was due to decreasedhigher timbersurface managementlease costs.income, as well as one small right of way payment received in the current quarter.
Revenue – Six Months Ended June 30, 2026
Total revenues for the six months ended June 30, 2026 were $338,974, a decrease of approximately 30% when compared with the same period in 2025. Total revenue consists of oil and gas, timber, and surface revenues. Components of revenues for the six months ended June 30, 2026 as compared to 2025, are as follows:
Oil and gas revenues were 14% and 67% of total revenues for the six months ended June 30, 2026 and 2025, respectively.
CKX received oil and/or gas revenues from 50 and 76 wells during the six months ended June 30, 2026 and 2025, respectively.
GeneralOil and administrativegas expensesrevenues increaseddecreased for the threesix months ended MarchJune 31,30, 2026, as compared to the threesix months ended MarchJune 31,30, 20252025, by $31,589.$279,151. ThisThe isdecrease primarilywas due to ana increasedecrease in professionalnet expensesoil and salariesgas andproduced, wages.which partially resulted from the sale of producing lands in November 2025.
Timber revenue was $2,667 and $0 for the six months ended June 30, 2026 and 2025, respectively. The increase in timber revenues was due to normal business variations in timber customers’ harvesting.
Surface revenues increased for the six months ended June 30, 2026, as compared to the six months ended June 30, 2025, by $131,339. The increase in surface revenue was due to higher surface lease income, as well as one small right of way payment received in the current quarter.
Costs and Expenses – Three and Six Months Ended June 30, 2026
Oil and gas costs decreased for the three and six months ended June 30, 2026 as compared to the three and six months ended June 30, 2025 by $10,337 and $28,334, respectively. Oil and gas costs fluctuate proportionately with increased or decreased production.
Timber costs decreased for the three and six months ended June 30, 2026 as compared to the three and six months ended June 30, 2025 by $972 and $4,666, respectively. Timber costs are related to general management of the Company’s timberland. The decrease is primarily due to decreased timber management costs.
General and administrative expenses decreased for the three months ended June 30, 2026 as compared to the three months ended June 30, 2025 by $8,577. This is primarily due to a decrease in franchise taxes. General and administrative expenses increased for the six months ended June 30, 2026 as compared to the six months ended June 30, 2025 by $23,011. This is primarily due to an increase in salaries and wages.
Gain on Sale of Land – Three and Six Months Ended June 30, 2026
Gain on sale of land was $0 and $189,210 for the three and six months ended June 30, 2026 and 2025, respectively. For the three and six months ended June 30, 2025, this consisted of the sale of one 25-acre lot and one 53-acre lot in Calcasieu parish.
Current assets totaled $18,084,585$17,643,653 and current liabilities equaled $705,188$141,583 at MarchJune 31,30, 2026.
As of MarchJune 31,30, 2026 and December 31, 2025, the Company had no outstanding debt.
Net cash provided by (used in) operating activities was $(52,331464,225) and $118,664$94,026 for the threesix months ended MarchJune 31,30, 2026 and 2025, respectively. The decrease in cash provided by operating activities was attributable to a decrease in net income as well as a greater increase in current assets and greater decrease in current liabilities, which both resulted in an unfavorable impact on operating cash flows.
Net cash used in investing activities was $(5,245,224)$2,248,924 for the threesix months ended MarchJune 31,30, 2026, while net cash provided by investing activities was $172,243$4,100,526 for the threesix months ended MarchJune 31,30, 2025. For the threesix months ended MarchJune 31,30, 2026, this resulted from purchases of certificates of deposits and securities of $2,229,234$4,478,158 and $3,015,990, respectively. For the three months ended March 31, 2025, this resulted from purchases of certificates of deposits of $6,502,665,respectively, offset by the maturity of certificates of deposits and the sale of securities of $2,229,235 and $3,015,990, respectively. For the six months ended June 30, 2025, this resulted from maturity of certificates of deposit of $6,674,908.$10,493,240 and proceeds from the sale of fixed assets of $358,123, offset by purchases of certificates of deposit of $6,750,837.
Net cash used in financing activities was $0 and $147,614 for the six months ended June 30, 2026 and 2025, respectively. For the six months ended June 30, 2025, this resulted from repurchases of common stock from the withholding of shares to pay taxes upon the vesting of stock awards under the stock incentive plan.
Net cash used in financing activities was $0 for the three months ended March 31, 2026 and 2025.
There were no changes in our significant accounting policies and estimates during the threesix months ended MarchJune 31,30, 2026 from those set forth in “Significant Accounting Policies and Estimates” in our Annual Report on Form 10-K for the year ended December 31, 2025.
During the threesix months ended MarchJune 31,30, 2026, we did not have any off-balance sheet arrangements, financings, or other relationships with unconsolidated entities or other persons, also known as “special purpose entities” (SPEs).
CKX insider buying and selling (Form 4)
Since 2026-04-11, insiders reported open-market purchases in 0 Form 4 filings and open-market sales in 0 filings. Totals add up every open-market (code P and S) line in those filings, using the prices reported in the filings. Awards, option exercises, tax withholding and gifts are listed below but not counted.
No Form 4 stock transactions in this period.
Well-known investors holding CKX (13F)
None of the 59 investors we track reported a position in their latest 13F.