CKX

CKX LANDS, INC.

NYSE · ENERGY · CRUDE PETROLEUM & NATURAL GAS

10.58

−0.03 −0.28%

USD · close Oct 23

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Work order

PASS · shorts 73

Insiders, 90 days

no open-market filings in 90 days

Congress, 90 days

0 / 0

no disclosures naming it

Big money

0 / 15

none of the tracked funds disclose it

Calls on record

nobody we score has called it yet

MKT CAP $21.7MP/E 7.5DIV YIELD —FCF YIELD —REV TTM $693K −17.1%NET INCOME $2.9M +702.1%NET CASH —52W 9.10 – 12.33SEC XBRL · TTM TO Invalid Date

How CKX rewrote its risk factors

10-K ITEM 1A · FY2024 → FY2025

Text kept

74%

of sentences unchanged

Added

new sentences

Dropped

sentences removed

Length

+251

words, now 5,435

New in FY2025

Since the April 18, 2024 update, management and the Board subcommittee, together with the Company’s financial advisors, continue to engage with interested 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 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 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.
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.
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.
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.
There are no further unvested awards outstanding under the Plan.
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.
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.
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.
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.
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.
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.
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 significant expenses associated with identifying, evaluating and negotiating potential strategic 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.
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.
In 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.
We co-own approximately 90% of our net acres with other persons.
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.
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 approximately 3,862 net acres of timberland in various stages of growth or age classes.
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.
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.

Gone since FY2024

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.
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.
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.
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.
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.
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.
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.
The process of reviewing strategic alternatives or its conclusion could adversely affect our business and our stockholders.
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.
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.
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, 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.
We have approximately 13,674 net acres of timberland in various stages of growth or age classes.
We co-own approximately 46% of our net acres with other persons.
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.
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.
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.

Sentence-level comparison of Item 1A in the two most recent 10-Ks (FY2024 ↗, FY2025 ↗). A reworded sentence counts as one dropped and one added, so heavy edits read as low “kept”. Headings and page furniture are stripped; nothing is summarised by a model.

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