SCHEDULE: Kimbell Royalty Partners LP: EnCap Exits Stake

Kimbell Royalty Partners LP files Schedule 13D Amendment No. 6, indicating EnCap Partners GP has ceased to be the beneficial owner of more than 5% of the Common Units.

Summary

• This filing is an amendment to a Schedule 13D, specifically Amendment No. 6, for Kimbell Royalty Partners, LP.
• The primary purpose of this amendment is to serve as an exit filing, as EnCap Partners GP is no longer the beneficial owner of more than 5% of the Common Units.
• The reporting persons, including MB Minerals, L.P., Sabalo Midland Basin, Inc., EnCap Energy Capital Legacy Fund VIII, L.P., EnCap Energy Capital Fund IX, L.P., and EnCap Partners GP, LLC, are disclaiming beneficial ownership beyond their pecuniary interest.
• As of April 2, 2026, EnCap Partners GP ceased to be the beneficial owner of more than 5% of the Common Units.
• The filing details the beneficial ownership of various EnCap entities, with EnCap Partners GP potentially sharing the right to direct the vote or disposition of securities held by MB Minerals and EnCap Legacy Fund VIII.
• The aggregate percentage of Common Units beneficially owned by EnCap Partners GP is reported as 4.93%, based on an assumed 99,559,213 Common Units outstanding as of February 20, 2026, adjusted for recent issuances and potential exchanges.

Sentiment

Score: 5

Explanation: StockSavvy.ai views this filing as neutral, primarily reporting a change in ownership status rather than new financial performance or strategic initiatives.

Positives

• The filing indicates a reduction in ownership by a significant entity (EnCap Partners GP), which could be interpreted positively by some investors if it signals a shift away from concentrated ownership or potential future strategic changes.
• The clear disclosure of the exit as an 'exit filing' provides transparency to the market regarding the change in beneficial ownership.

Negatives

• The reduction in ownership by EnCap Partners GP, which previously held a significant stake (up to 4.93%), might be viewed negatively if their investment was seen as a stabilizing or growth-driving factor.
• The complex structure of beneficial ownership and the repeated disclaimers of beneficial ownership suggest a deliberate effort to limit liability, which can sometimes be perceived as a lack of full commitment or transparency.

Risks

• The filing does not explicitly mention any new risks or challenges. The primary focus is on the change in beneficial ownership.
• Potential future changes in the strategic direction or management of Kimbell Royalty Partners, LP, following the reduced influence of EnCap entities, could represent an indirect risk.

Future Outlook

The filing does not contain specific forward-looking statements or guidance. Its primary purpose is to report a change in beneficial ownership.

Management Comments

• Neither the filing of this Schedule 13D nor any of its contents shall be deemed to constitute an admission by any Reporting Person that it is the beneficial owner of any Securities for purposes of Section 13(d) of the Exchange Act, or for any other purpose, and such beneficial ownership is expressly disclaimed.

Industry Context

StockSavvy.ai notes that Schedule 13D filings, particularly amendments indicating a reduction in stake or an exit by significant investors like EnCap, are closely watched in the energy and royalty sectors. Such filings can signal shifts in market sentiment, potential strategic realignments, or changes in the competitive landscape for asset acquisition and management.

Stakeholder Impact

• Shareholders: The reduction in ownership by EnCap Partners GP may lead to increased float or potential changes in the company's strategic direction, which could impact share price and investor sentiment.
• Creditors: No direct impact mentioned, but any significant strategic shift resulting from reduced investor influence could indirectly affect the company's financial stability.
• Management: May need to adapt strategies or investor relations efforts in light of the reduced influence of a major stakeholder.

Next Steps

• The reporting persons have disclaimed beneficial ownership beyond their pecuniary interest.
• Further filings may be required if ownership levels change significantly in the future.

Key Dates

Keywords

Kimbell Royalty Partners, Schedule 13D, SEC Filing, Beneficial Ownership, EnCap Partners GP, MB Minerals, Exit Filing, Common Units, Limited Partner Interests, Royalty Partners