Here are 1-2 brief analogies to describe CKX Lands:

• Like a Weyerhaeuser (WY) that also collects oil and gas royalties.
• A specialized REIT for natural resource lands (timber, oil & gas).

• Timber Sales: The company generates revenue by harvesting and selling timber from its managed forests.
• Land Sales: CKX Lands sells portions of its extensive land holdings, often for development or conservation.
• Land Leasing: It leases its land to third parties for activities such as agriculture, hunting, or other recreational uses.

CKX Lands (symbol: CKX) primarily sells its products and services to other companies. However, specific names of major customer companies are not disclosed in their public filings (such as 10-K reports). This is typically because no single customer accounts for a significant enough portion of their revenue to require individual disclosure under SEC regulations.

CKX Lands serves the following categories of customer companies:

• Timber and Wood Product Companies: These include logging operations, sawmills, and other manufacturers in the wood products industry that purchase timber from CKX Lands' forest properties in Louisiana.
• Energy Exploration and Production Companies: These companies lease land and subsurface rights from CKX Lands for the exploration, drilling, and production of oil and natural gas.
• Agricultural and Industrial Businesses: Various companies lease land from CKX Lands for agricultural cultivation, industrial development, rights-of-way for infrastructure, and other commercial or specialized uses.

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Gray Stream, Chairman and President

Gray Stream was appointed President and Treasurer of CKX Lands, Inc. effective July 15, 2020, and subsequently became Chairman and President, relinquishing the Treasurer role upon Scott Stepp's appointment as CFO. He is also the president of Matilda Stream Management, Inc., an investment holding company that manages approximately 100,000 acres of land in Louisiana and provides wetland habitat restoration services. Mr. Stream has experience in building and acquiring successful businesses across various industries. He has been a long-time director of CKX Lands and previously chaired the audit committee. His background includes experience in oil and gas, timber, agriculture, wetlands, ranching, and commercial and residential real estate. He agreed to a 100% stock-based compensation plan, heavily weighted towards performance metrics, demonstrating a strong alignment with shareholders.

Scott Stepp, Chief Financial Officer

Scott Stepp was appointed Chief Financial Officer of CKX Lands, Inc. on May 9, 2022. He has over 20 years of experience in investment banking, as well as public and private investment. Most recently, he served for eight years as the Chief Investment Officer of Matilda Stream Management, Inc., a single-family office based in Lake Charles, LA. Prior to that, Mr. Stepp 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 degree from Georgetown University.

Lee Boyer, Secretary & Director

Lee Boyer previously served as President and Treasurer before Gray Stream's appointment in July 2020. He transitioned to the role of Secretary and continues to serve as a Director. Mr. Boyer is an attorney with Stockwell, Sievert, Viccellio, Clements & Shaddock, L.L.P., and has experience in land management, real estate law, rights of way, and oil and gas leasing activities. He was also the former President of Second University Homesites, Inc., and a manager for Jones-Boyer, LLC and Boyer Properties, LLC.

Lane LaMure, Director

Lane LaMure was appointed as a Director to the CKX Lands, Inc. board effective August 5, 2021. He brings over two decades of public and private investment experience, most recently as the founder of Enlight Capital, a private investment advisor to high-profile family offices and individuals. Mr. LaMure previously 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.

Eugene T. Minvielle, Financial Professional, MSE Partners, LLC (Director)

Eugene T. Minvielle serves as a Financial Professional at MSE Partners, LLC and is a Director of CKX Lands. His experience in oil and gas and financial reporting, including previous experience as chief financial officer of an upstream oil and gas company, qualifies him for his role as a director.

The increasing frequency and intensity of climate-change related events, such as wildfires, prolonged droughts, and pest infestations, pose a clear emerging threat to CKX Lands. These events directly impact the company's primary assets (timberlands) by destroying standing timber, reducing future timber yields, and increasing operational costs for fire suppression and forest health management. This environmental shift fundamentally threatens the long-term viability and valuation of their timberland holdings, which are central to their revenue generation through timber sales.

CKX Lands, Inc. (CKX) primarily generates revenue through its ownership and management of land and mineral interests in Louisiana and Texas. The company's main products and services include oil and gas royalties and mineral leases, timber sales, and surface leases for agricultural and other uses.

Given the nature of CKX Lands' business, identifying discrete addressable markets for "royalties" or "surface rents" is challenging, as these are revenue streams derived from larger underlying asset markets or industries. Therefore, the market sizes are presented for the overarching sectors from which CKX Lands derives its income, focusing on the U.S. regional markets where the company operates.

The addressable markets for CKX Lands' main products or services are as follows:

• Oil and Gas (U.S. - Texas and Louisiana): The U.S. oil and natural gas industry is substantial. As of 2023, the value of crude oil produced in Texas was approximately $183 billion. For natural gas, the marketed production in Texas was valued at about $49.4 billion in 2023. In Louisiana, the total value of natural gas production in 2023 was approximately $12 billion. These figures represent the total value of production in the primary states where CKX holds mineral interests, from which it receives royalties.
• Timber (U.S. - Southern States/Louisiana): The U.S. South is a dominant timber-producing region. The value of the timber harvested in Louisiana in 2021 was estimated to be over $1 billion. More broadly, the total economic impact of the forest products industry in the Southern United States was estimated at $273 billion in 2021.
• Agricultural Land Leasing (U.S. - Louisiana and Texas): The market for agricultural land is a significant asset class. In 2024, the average value of farm real estate in Louisiana was $4,700 per acre, and in Texas, it was $3,210 per acre. The total value of all farm real estate in Louisiana was approximately $22.6 billion, and in Texas, it was about $161.4 billion in 2024. These values represent the underlying assets that generate surface lease revenue for companies like CKX Lands.

Over the next 2-3 years, CKX Lands (CKX) is expected to have several key drivers for future revenue growth:

1. Increased Oil and Gas Production and Favorable Commodity Prices: CKX Lands derives significant revenue from oil and gas royalties. Recent financial reports indicate substantial increases in oil and gas revenue, driven by higher production volumes and favorable sales prices. For example, in Q1 2025, oil and gas revenue rose by 225.5% compared to the previous year. While commodity prices can be volatile, sustained production and strong pricing are direct drivers of growth in this segment.
2. Strategic Land Divestitures and Sales: The company's Board of Directors initiated a formal process in August 2023, with an update in April 2024, to evaluate strategic alternatives to enhance shareholder value, including the potential sale of all or part of the company's land interests. Occasional direct sales of land parcels are also part of CKX's business model. Such divestitures could unlock substantial asset value and generate significant revenue.
3. Acquisition of Additional Real Estate: CKX Lands maintains a focus on managing its existing timber and surface assets while actively evaluating opportunities for additional real estate acquisitions in Louisiana. Expanding its land holdings through strategic acquisitions would naturally broaden its asset base, leading to increased potential for revenue generation across all its segments.
4. Growth in Surface Lease Income: Revenue from surface leases for activities such as agriculture, hunting, and rights-of-way is a core component of CKX's income. While variable, an increase in demand for these uses or higher lease rates for its extensive landholdings could contribute to revenue growth.
5. Potential Revenue from Carbon Sequestration Projects: There is an indication that CKX Lands has exposure to the Gulf Coast Sequestration (GCS) project. Should this project become viable and activities commence on leased land, it could provide a new and potentially significant revenue stream for the company, including contingent payments based on revenue generated, with a guaranteed minimum payment under certain conditions.

Share Repurchases

• No purchases of CKX equity securities were made by the company during 2020.
• Share repurchases of common stock amounted to $208,854 for the six months ended June 30, 2024.
• Share repurchases have reportedly ceased, which may indicate that the company is moving forward with a potential sale process.

Share Issuance

• A stock incentive plan, effective July 15, 2020, authorized the company to grant up to 357,000 shares of common stock.
• All 357,000 authorized shares under the incentive plan were granted on June 13, 2022.
• 25,582 restricted stock units vested and were issued in 2023, and an additional 36,551 restricted stock units and 51,761 performance share units vested and were issued in 2024.

Capital Expenditures

• Capital expenditures for timber were $20,737 for the year ended December 31, 2024.
• For the nine months ended September 30, 2022, capital expenditures included $16,462 for timber, $564 for surface, and $12,271 for general corporate assets.
• The company has completed plans for three subdivisions, comprising 39 lots on approximately 415 acres in Calcasieu Parish and 160 acres in Beauregard Parish, to realize a return on its land investments.