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Here are a few brief analogies for CKX Lands:

• It's like a Real Estate Investment Trust (REIT) focused on diverse land assets, generating income by leasing out its properties for activities such as oil and gas drilling, timber harvesting, and agriculture.
• Imagine a smaller, more diversified Weyerhaeuser (WY), where beyond timber, they also lease their extensive land holdings for oil and gas, farming, and other surface uses.

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• Oil and Gas Leasing: CKX Lands leases its properties for the exploration and extraction of minerals such as oil and gas.
• Timber Management and Leasing: The company manages its timberlands and leases them for raising and harvesting timber.
• Surface Use Leasing: CKX Lands leases its properties for various surface uses, including agriculture, right-of-ways, and hunting.

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Major Customers of CKX Lands (CKX)

CKX Lands, Inc. primarily generates revenue through leasing its properties for various uses. Based on the company description, its customer base consists of other companies and individuals who lease its land. Specific customer company names are not disclosed in the provided information. However, the major categories of its lessees can be identified:

• Oil and Gas Exploration and Production Companies: These companies lease mineral rights from CKX Lands for activities related to oil and gas extraction.
• Timber and Forestry Companies: These businesses lease land for raising and harvesting timber resources.
• Surface Land Lessees: This broad category includes:
  • Agricultural Businesses and Farmers: Entities that lease land for farming and other agricultural purposes.
  • Infrastructure and Utility Companies: Businesses requiring right-of-ways for pipelines, utility lines, or other infrastructure projects.
  • Recreational Users: Individuals or groups who lease land primarily for hunting and other recreational activities.

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William Gray Stream, President and Treasurer
Mr. Stream has served as President and Treasurer of CKX Lands, Inc. since July 15, 2020. He also holds the position of President of Matilda Stream Management, Inc., an investment holding company that oversees approximately 100,000 acres of land in Louisiana and provides wetland habitat restoration services. Mr. Stream is also the owner of Stream Wetlands Services, LLC, which offers wetlands restoration and mitigation services and has a lease agreement with CKX. He has a history of building and acquiring successful businesses across various industries and has served as a Director of Waitr Holdings Inc..

Scott A. Stepp, Chief Financial Officer
Mr. Stepp was appointed Chief Financial Officer of CKX Lands, Inc. effective May 9, 2022. He brings over 20 years of experience in investment banking, public, and private investments. Prior to joining CKX Lands, he served as the Chief Investment Officer of Matilda Stream Management, Inc., a single-family office in Lake Charles, LA, for eight years. Mr. Stepp previously held executive positions at investment banks and broker-dealers, where his focus was primarily on credit and special situations equity investments and research. He holds a BA from Georgetown University.

Lee W. Boyer, Secretary and Director
Mr. Boyer is the Secretary and a Director of CKX Lands, Inc. He is also an attorney with Stockwell, Sievert, Viccellio, Clements & Shaddock, L.L.P. His past roles include President of Second University Homesites, Inc., and he currently serves as Manager of Jones-Boyer, LLC and Boyer Properties, LLC, and Director of Mallard Bay Corp., LLC. Mr. Boyer's expertise encompasses land management, real estate law, rights-of-way, and oil and gas leasing activities.

Lane T. LaMure, Director
Mr. LaMure was appointed as a Director of CKX Lands, Inc. effective August 5, 2021. He possesses over two decades of public and private investment experience, having founded Enlight Capital, a private investment advisor for high-profile family offices and individuals. Earlier in his career, Mr. LaMure held executive positions at public and private investment funds, where he specialized in real estate and real estate-related investment opportunities. He holds MA and PhD degrees in Government from Harvard University, an MBA from the Harvard Business School, and BA and MA degrees in Political Science from Emory University.

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The key risks to CKX Lands, Inc. (symbol: CKX) primarily stem from its land ownership and management across the oil and gas, timber, and surface use segments in Louisiana.

1. Commodity Price Volatility: A significant portion of CKX Lands' revenue is derived from leasing its properties for activities dependent on fluctuating commodity prices. This includes oil and natural gas royalties, which are highly sensitive to market fluctuations caused by global events. Similarly, income from timber sales is subject to the volatility of timber prices, and revenue from agricultural leases can be impacted by commodity price shifts in the agriculture industry. Price drops in any of these key commodities can directly lead to reduced income and financial strain for the company.
2. Environmental Risks, Climate Change Impacts, and Regulatory Landscape: Given CKX Lands' extensive land holdings in Louisiana, the company faces substantial environmental and regulatory risks. Louisiana's low-lying terrain and coastal proximity make it highly susceptible to natural disasters such as hurricanes, floods, and coastal erosion. These events can cause significant damage to timber, agricultural lands, and infrastructure, leading to costly repairs and revenue losses. Furthermore, oil and gas operations, both historical and ongoing, pose risks of soil and water contamination, potentially leading to environmental liabilities, cleanup costs, and legal challenges. Changes in environmental regulations across all segments (oil and gas, timber, agriculture) can also increase operating costs and affect project timelines. Coastal erosion in Louisiana can also lead to the conversion of private lands to state ownership, potentially resulting in the loss of property and mineral rights for landowners like CKX Lands.
3. Depletion of Oil and Gas Reserves and Evolving Energy Landscape: The company's oil and gas income is dependent on the discovery and ongoing production from mineral leases. Over time, the oil and gas reserves under CKX Lands' holdings will naturally deplete, impacting future revenue from this segment. Beyond depletion, the broader global shift towards renewable energy sources and increasing governmental and societal focus on climate change could reduce long-term demand for fossil fuels. This evolving energy landscape could diminish the value and profitability of CKX Lands' oil and gas assets over time, as the industry faces pressure to adopt new regulations and deal with stakeholder concerns.

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The global energy transition towards renewable energy sources and away from fossil fuels poses a clear emerging threat to CKX Lands' Oil and Gas segment. As advancements in renewable energy technologies accelerate and regulatory and societal pressures to decarbonize intensify, the long-term demand for and value of leasing properties for oil and gas mineral extraction could significantly diminish.

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For CKX Lands, Inc. (symbol: CKX), the addressable markets for its main products and services are as follows:

• Oil and Gas Leases: The revenue generated from onshore federal oil and natural gas leases in the U.S. totaled approximately $8.497 billion in 2023. In the first quarter of fiscal year 2025, federal oil and gas lease sales generated over $39 million. More recently, a Gulf of Mexico oil lease sale in March 2026 generated nearly $47 million, covering approximately 141,000 acres in federal waters. As of January 2021, approximately 26 million onshore and 12 million offshore acres in the U.S. were leased to oil and natural gas companies.
• Timber: The broader United States Wood and Timber Products Market is projected to expand from US$294.5 billion in 2024 to US$420.61 billion by 2033, demonstrating a compound annual growth rate (CAGR) of 4.04% from 2025 to 2033.
• Agricultural Land Leases: In 2024, the value of rented farmland and associated buildings in the United States exceeded $1.6 trillion. Landlords collectively received approximately $34.1 billion in rental income. In 2022, 39% of the 880 million acres of U.S. farmland was rented or leased.
• Hunting Leases: The hunting lease market for timberlands across the southeastern U.S. (a key region for CKX Lands) encompassed over 17 million acres and generated hundreds of millions of dollars in annual revenue for landowners. Basic rates for undeveloped hunting land in the U.S. typically range from $5 to $30 per acre per year.
• Right-of-Ways: null

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Here are 3-5 expected drivers of future revenue growth for CKX Lands (symbol: CKX) over the next 2-3 years:

1. Strategic Land Sales and Asset Monetization: CKX Lands is actively engaged in a formal process to evaluate strategic alternatives, including the potential disposition of assets to enhance stockholder value. This initiative has already led to significant land sales, such as the approximately 6,548 acres sold in November 2025 for over $8.6 million. The ongoing review suggests further opportunities to unlock value from its undervalued land portfolio through sales or liquidation.
2. Growth in Oil and Gas Royalty Income: The company generates revenue from mineral royalties, particularly from oil and gas production on its leased properties. While CKX is a passive participant in exploration and production, its oil and gas revenue can increase with new discoveries made by third parties and favorable fluctuations in commodity prices. This segment showed substantial growth, with oil and gas revenue rising by 225.5% in the first quarter of 2025 compared to the same period in 2024.
3. Acquisitions of Land or Other Assets: As part of its strategic evaluation, CKX Lands has identified opportunities for growth through the acquisition of land or other assets, as well as business combinations. This strategy indicates a potential path to expanding the company's asset base and, consequently, its revenue-generating capacity in its core segments.

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Share Repurchases

• CKX Lands, Inc. repurchased common stock amounting to $208,854 for the nine months ended September 30, 2024.
• Between December 31, 2024, and September 30, 2025, the company's treasury stock balance increased by $147,614, reflecting additional share repurchases.

Share Issuance

• A stock incentive plan was adopted in July 2020, authorizing the grant of up to 357,000 shares of common stock. All shares under this plan were granted on June 13, 2022.
• In 2022, 46,206 shares (14,622 restricted stock units and 31,584 performance share units) vested and were issued under the incentive plan.
• In 2023, 25,582 restricted stock units vested and were issued, and in 2024, 88,312 shares (36,551 restricted stock units and 51,761 performance share units) vested and were issued.

Capital Expenditures

• CKX Lands, Inc. reported $0 in capital expenditures during the third quarter of 2023.
• Capital expenditures were $2,277 for the nine months ended September 30, 2024.
• For the nine months ended September 30, 2025, capital expenditures totaled $1,570.