Kimbell Royalty Partners (KRP) 10-Q 6 May 21 2021 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2021	Apr. 30, 2021
Document Information
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2021
Document Transition Report	false
Entity Registrant Name	Kimbell Royalty Partners, LP
Entity File Number	001-38005
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	47-5505475
Entity Address, Address Line One	777 Taylor Street, Suite 810
Entity Address, City or Town	Fort Worth
Entity Address, State or Province	TX
Entity Address, Postal Zip Code	76102
City Area Code	817
Local Phone Number	945-9700
Title of 12(b) Security	Common Units Representing Limited Partner Interests
Trading Symbol	KRP
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	true
Entity Ex Transition Period	true
Entity Shell Company	false
Entity Central Index Key	0001657788
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q1
Amendment Flag	false
Common Units
Document Information
Entity Common Stock, Shares Outstanding		39,748,270
Class B
Document Information
Entity Common Stock, Shares Outstanding		20,779,781

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)	Mar. 31, 2021	Dec. 31, 2020
Current assets
Cash and cash equivalents	$ 8,124,335	$ 9,804,977
Oil, natural gas and NGL receivables	24,768,091	17,552,756
Accounts receivable and other current assets	1,557,818	973,956
Total current assets	34,450,244	28,331,689
Property and equipment, net	2,111,648	1,964,660
Investment in affiliate (equity method)	5,048,254	5,134,951
Oil and natural gas properties
Oil and natural gas properties, using full cost method of accounting ($208,157,655 and $225,681,626 excluded from depletion at March 31, 2021 and December 31, 2020, respectively)	1,149,587,975	1,149,095,232
Less: accumulated depreciation, depletion and impairment	(635,786,468)	(628,102,279)
Total oil and natural gas properties, net	513,801,507	520,992,953
Right-of-use assets, net	3,071,305	3,123,454
Derivative assets	697,068
Loan origination costs, net	4,799,491	5,086,486
Total assets	563,979,517	564,634,193
Current liabilities
Accounts payable	1,042,416	888,735
Other current liabilities	3,672,874	4,765,161
Derivative liabilities	11,112,053	3,113,178
Total current liabilities	15,827,343	8,767,074
Operating lease liabilities, excluding current portion	2,796,946	2,848,452
Derivative liabilities	8,540,050	3,167,685
Long-term debt	168,534,231	171,550,142
Total liabilities	195,698,570	186,333,353
Commitments and contingencies (Note 15)
Mezzanine equity:
Series A preferred units (55,000 units issued and outstanding as of March 31, 2021 and December 31, 2020)	43,281,567	42,666,102
Unitholders' equity:
Common units (39,769,896 units and 38,918,689 units issued and outstanding as of March 31, 2021 and December 31, 2020, respectively)	251,263,288	257,593,307
Class B units (20,779,781 units issued and outstanding as of March 31, 2021 and December 31, 2020, respectively)	1,038,989	1,038,989
Total unitholders' equity	252,302,277	258,632,296
Noncontrolling interest	72,697,103	77,002,442
Total equity	324,999,380	335,634,738
Total liabilities, mezzanine equity and unitholders' equity	$ 563,979,517	$ 564,634,193

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($)	Mar. 31, 2021	Dec. 31, 2020
CONDENSED CONSOLIDATED BALANCE SHEETS
Oil and natural gas properties excluded from depletion	$ 208,157,655	$ 225,681,626
Temporary equity, issued (in units)	55,000	55,000
Temporary equity, outstanding (in units)	55,000	55,000
Common units, issued (in units)	39,769,896	38,918,689
Common units, outstanding (in units)	39,769,896	38,918,689
Class B units, issued (in units)	20,779,781	20,779,781
Class B units, outstanding (in units)	20,779,781	20,779,781

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
(Loss) gain on commodity derivative instruments	$ (14,135,728)	$ 10,132,613
Total revenues	22,419,090	35,947,371
Costs and expenses
Production and ad valorem taxes	2,431,830	1,621,743
Depreciation and depletion expense	7,911,148	13,270,683
Impairment of oil and natural gas properties	0	70,925,731
Marketing and other deductions	3,295,286	2,131,552
General and administrative expense	6,796,385	6,524,311
Total costs and expenses	20,434,649	94,474,020
Operating income (loss)	1,984,441	(58,526,649)
Other income (expense)
Equity income in affiliate	185,080	163,554
Interest expense	(2,095,098)	(1,421,304)
Other income	462,771
Net income (loss) before income taxes	537,194	(59,784,399)
Net income (loss)	537,194	(59,784,399)
Distribution and accretion on Series A preferred units	(1,577,968)	(3,076,684)
Net loss and distributions and accretion on Series A preferred units attributable to noncontrolling interests	357,179	23,584,856
Distribution on Class B units	(20,780)	(24,807)
Net loss attributable to common units	$ (704,375)	$ (39,301,034)
Net loss attributable to common units
Net loss attributable to common units (basic) (in dollar per share)	$ (0.02)	$ (1.29)
Net loss attributable to common units (diluted) (in dollar per share)	$ (0.02)	$ (1.29)
Weighted average number of common units outstanding
Weighted average number of common units outstanding Basic (in units)	37,693,469	30,528,819
Weighted average number of common units outstanding Diluted (in units)	37,693,469	30,528,819
Oil, natural gas and NGL revenues
Revenue	$ 36,368,510	$ 25,585,439
Lease bonus and other income
Revenue	$ 186,308	$ 229,319

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN UNITHOLDERS' EQUITY - USD ($)	Limited PartnersCommon Units	Limited PartnersClass B Common Units	Non Controlling Interest	Total
Unitholders' capital, beginning balance at Dec. 31, 2019	$ 282,549,841	$ 1,277,880	$ 281,157,393	$ 564,985,114
Unitholders' capital, beginning balance (in units) at Dec. 31, 2019	23,518,652	25,557,606
Increase (Decrease) in Unitholders' Capital
Common units issued for equity offering	$ 73,601,668			73,601,668
Common units issued for equity offering (in units)	5,000,000
Conversion of Class B units to common units	$ 75,578,037	$ (245,678)	(75,578,037)	(245,678)
Conversion of Class B units to common units (in units)	4,913,559	(4,913,559)
Redemption of Series A preferred units	$ (16,150,018)		(9,697,873)	(25,847,891)
Unit-based compensation	$ 2,107,587			2,107,587
Unit-based compensation (in units)	946,638
Distributions to unitholders	$ (11,122,088)		(9,616,966)	(20,739,054)
Distribution and accretion on Series A preferred units	(1,922,344)		(1,154,340)	(3,076,684)
Distribution on Class B units	(24,807)			(24,807)
Net income (loss)	(37,353,883)		(22,430,516)	(59,784,399)
Unitholders' capital, ending balance at Mar. 31, 2020	$ 367,263,993	$ 1,032,202	162,679,661	530,975,856
Unitholders' capital, ending balance (in units) at Mar. 31, 2020	34,378,849	20,644,047
Unitholders' capital, beginning balance at Dec. 31, 2020	$ 257,593,307	$ 1,038,989	77,002,442	$ 335,634,738
Unitholders' capital, beginning balance (in units) at Dec. 31, 2020	38,918,689	20,779,781		38,918,689
Increase (Decrease) in Unitholders' Capital
Restricted units repurchased for tax withholding	$ (923,587)			$ (923,587)
Restricted units repurchased for tax withholding (in units)	(85,360)
Unit-based compensation	$ 2,692,494			2,692,494
Unit-based compensation (in units)	936,567
Distributions to unitholders	$ (7,394,551)		(3,948,160)	(11,342,711)
Distribution and accretion on Series A preferred units	(1,036,432)		(541,536)	(1,577,968)
Distribution on Class B units	(20,780)			(20,780)
Net income (loss)	352,837		184,357	537,194
Unitholders' capital, ending balance at Mar. 31, 2021	$ 251,263,288	$ 1,038,989	$ 72,697,103	$ 324,999,380
Unitholders' capital, ending balance (in units) at Mar. 31, 2021	39,769,896	20,779,781		39,769,896

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
CASH FLOWS FROM OPERATING ACTIVITIES
Net income (loss)	$ 537,194	$ (59,784,399)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation and depletion expense	7,911,148	13,270,683
Impairment of oil and natural gas properties	0	70,925,731
Amortization of right-of-use assets	71,785	67,470
Amortization of loan origination costs	371,487	266,318
Equity income in affiliate	(185,080)	(163,554)
Cash distribution from affiliate	216,738
Unit-based compensation	2,692,494	2,107,587
Loss (gain) on derivative instruments, net of settlements	12,674,172	(8,978,861)
Changes in operating assets and liabilities:
Oil, natural gas and NGL receivables	(7,215,335)	4,913,049
Accounts receivable and other current assets	(583,862)	(508,985)
Accounts payable	153,681	(450,579)
Other current liabilities	(1,092,287)	(809,594)
Operating lease liabilities	(71,142)	(67,260)
Net cash provided by operating activities	15,480,993	20,787,606
CASH FLOWS FROM INVESTING ACTIVITIES
Purchases of property and equipment	(373,947)	(40,596)
Purchase of oil and natural gas properties	(492,743)	(197,700)
Deposits on oil and natural gas properties		(9,681,408)
Investment in affiliate		(1,274,900)
Cash distribution from affiliate	55,039	17,961
Net cash used in investing activities	(811,651)	(11,176,643)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from equity offering		73,601,668
Redemption of Class B contributions on converted units		(245,678)
Redemption on Series A preferred units		(61,089,600)
Distributions to common unitholders	(7,394,551)	(11,122,088)
Distribution to OpCo unitholders	(3,948,160)	(9,616,966)
Distribution and accretion on Series A preferred units	(962,503)	(1,925,000)
Distribution on Class B units	(20,780)	(24,807)
Borrowings on long-term debt	484,089	71,088,125
Repayments on long-term debt	(3,500,000)	(70,000,000)
Payment of loan origination costs	(84,492)
Restricted units repurchased for tax withholding	(923,587)
Net cash used in financing activities	(16,349,984)	(9,334,346)
NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS	(1,680,642)	276,617
CASH AND CASH EQUIVALENTS, beginning of period	9,804,977	14,204,250
CASH AND CASH EQUIVALENTS, end of period	8,124,335	14,480,867
Supplemental cash flow information:
Cash paid for interest	1,673,361	1,126,666
Non-cash investing and financing activities:
Non-cash deemed distribution to Series A preferred units	$ 615,465	1,151,684
Non-cash effect of Series A preferred unit redemption		$ 25,847,891

ORGANIZATION AND BASIS OF PRESE

ORGANIZATION AND BASIS OF PRESENTATION	3 Months Ended
	Mar. 31, 2021
ORGANIZATION AND BASIS OF PRESENTATION
ORGANIZATION AND BASIS OF PRESENTATION	Unless the context otherwise requi res, references to “Kimbell Royalty Partners, LP,” the “Partnership,” or like terms refer to Kimbell Royalty Partners, LP and its subsidiaries. References to the “Operating Company” refer to Kimbell Royalty Operating, LLC. References to the “General Partner” refer to Kimbell Royalty GP, LLC. References to “Kimbell Operating” refer to Kimbell Operating Company, LLC, a wholly owned subsidiary of the General Partner. References to the “Sponsors” refer to affiliates of the Partnership’s founders, Ben J. Fortson, Robert D. Ravnaas, Brett G. Taylor and Mitch S. Wynne, respectively. References to the “Contributing Parties” refer to all entities and individuals, including certain affiliates of the Sponsors, that contributed, directly or indirectly, certain mineral and royalty interests to the Partnership. NOTE 1—ORGANIZATION AND BASIS OF PRESENTATION Organization Kimbell Royalty Partners, LP is a Delaware limited partnership formed in 2015 to own and acquire mineral and royalty interests in oil and natural gas properties throughout the United States. Effective as of September 24, 2018, the Partnership has elected to be taxed as a corporation for United States federal income tax purposes. As an owner of mineral and royalty interests, the Partnership is entitled to a portion of the revenues received from the production of oil, natural gas and associated natural gas liquids (“NGL”) from the acreage underlying its interests, net of post-production expenses and taxes. The Partnership is not obligated to fund drilling and completion costs, lease operating expenses or plugging and abandonment costs at the end of a well’s productive life. The Partnership’s primary business objective is to provide increasing cash distributions to unitholders resulting from acquisitions from third parties, its Sponsors and the Contributing Parties and from organic growth through the continued development by working interest owners of the properties in which it owns an interest. Basis of Presentation The accompanying unaudited interim condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) for interim financial information and with the instructions to Form 10-Q and pursuant to the rules and regulations of the U.S. Securities and Exchange Commission. As a result, the accompanying unaudited interim condensed consolidated financial statements do not include all disclosures required for complete annual financial statements prepared in conformity with GAAP. Accordingly, the accompanying unaudited interim condensed consolidated financial statements and related notes should be read in conjunction with the Partnership’s Annual Report on Form 10-K for the year ended December 31, 2020, which contains a summary of the Partnership’s significant accounting policies and other disclosures. In the opinion of management of the General Partner, the unaudited interim condensed consolidated financial statements contain all adjustments necessary to fairly present the financial position and results of operations for the interim periods in accordance with GAAP and all adjustments are of a normal recurring nature. All material intercompany balances and transactions are eliminated in consolidation. The results of operations for any interim period are not necessarily indicative of the results to be expected for the full year. Preparation of the Partnership’s financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts in the financial statements and notes. Actual results could differ from those estimates. Segment Reporting The Partnership operates in a single reportable COVID-19 Pandemic and Impact on Global Demand for Oil and Natural Gas The global spread of coronavirus (“COVID-19”) created significant volatility, uncertainty, and economic disruption beginning in the first three months of 2020. On March 11, 2020, the World Health Organization (the “WHO”) declared the ongoing COVID-19 outbreak a pandemic and recommended containment and mitigation measures worldwide. The pandemic has reached more than 200 countries and has resulted in widespread adverse impacts on the global economy, the Partnership’s oil, natural gas, and NGL operators and other parties with whom the Partnership has business relations, including a significant reduction in the global demand for oil and natural gas. This significant decline in demand accelerated following the announcement of price reductions and production increases in March 2020 by members of the Organization of Petroleum Exporting Countries (“OPEC”) and other foreign, oil-exporting countries, raising concerns about global storage capacity. The resulting supply and demand imbalance led to a significantly weaker outlook for oil and gas producers in 2020. The Partnership has modified certain business practices (including those related to employee travel, employee work locations, and cancellation of physical participation in meetings, events and conferences) to conform to government restrictions and best practices encouraged by the Centers for Disease Control and Prevention (the “CDC”), the WHO and other governmental and regulatory authorities. In mid-March 2020, the Partnership restricted access to its offices to only essential employees, and directed the remainder of its employees to work from home to the extent possible. Beginning in mid-May 2020, the Partnership opened its offices to employees on a voluntary basis, with employees having the option to work from the office or from home. The Partnership will continue to give employees the option to work from the office or from home until the CDC recommends businesses and employers resume to pre-pandemic operations. These restrictions have had minimal impact on the Partnership’s operations to date and have allowed the Partnership to maintain the engagement and connectivity of its personnel, as well as minimize the number of employees in the office. The ultimate impacts of COVID-19 and the volatility in the oil and natural gas markets on the Partnership’s business, cash flows, liquidity, financial condition and results of operations will depend on a number of factors, including, among others, the ultimate severity of COVID-19, the consequences of governmental and other measures designed to prevent the spread of COVID-19, the development, availability and administration of effective treatments and vaccines, the duration of the pandemic, actions taken by members of OPEC and other foreign, oil-exporting countries, governmental authorities and other thirds parties, workforce availability, and the timing and extent of any return to normal economic and operating conditions.

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	3 Months Ended
	Mar. 31, 2021
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	NOTE 2—SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Significant Accounting Policies For a description of the Partnership’s significant accounting policies, see Note 2 of the consolidated financial statements included in the Partnership’s Annual Report on Form 10-K for the year ended December 31, 2020, as well as the items noted below. There have been no substantial changes in such policies or the application of such policies during the three months ended March 31, 2021, other than those discussed below in Recently Adopted Accounting Pronouncements. Recently Adopted Accounting Pronouncements In December 2019, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2019-12, “Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes,” that is expected to reduce cost and complexity related to accounting for income taxes. The Partnership adopted this update on January 1, 2021 and applied it prospectively. The adoption of this update did not have a material impact on the Partnership’s results of operations for the three months ended March 31, 2021.

ACQUISITIONS AND JOINT VENTURES

ACQUISITIONS AND JOINT VENTURES	3 Months Ended
	Mar. 31, 2021
ACQUISITIONS AND JOINT VENTURES
ACQUISITIONS AND JOINT VENTURES	NOTE 3 — ACQUISITIONS AND JOINT VENTURES Acquisitions On March 10, 2021, the Partnership completed the acquisition of certain mineral and royalty assets held by Nail Bay Royalties, LLC (“Nail Bay Royalties”) and Oil Nut Bay Royalties, LP for a total purchase price of $0.5 million. The assets acquired were managed by Nail Bay Royalties and Duncan Management, LLC (“Duncan Management”). See Note 13—Related Party Transactions, for further discussion of the Partnership’s relation to each entity. Joint Ventures On June 19, 2019, the Partnership entered into a joint venture (the “Joint Venture”) with Springbok SKR Capital Company, LLC and Rivercrest Capital Partners, LP, a related party. The Partnership’s ownership in the Joint Venture is 49.3% and its total capital commitment will not exceed $15.0 million. The Joint Venture is managed by Springbok Operating Company, LLC. The purpose of the Joint Venture is to make direct or indirect investments in royalty, mineral and overriding royalty interests and similar non-cost bearing interests in oil and gas properties, excluding leasehold or working interests. The Partnership utilizes the equity method of accounting for its investment in the Joint Venture. As of March 31, 2021, the Partnership had paid approximately $5.2 million under its capital commitment.

DERIVATIVES

DERIVATIVES	3 Months Ended
	Mar. 31, 2021
DERIVATIVES
DERIVATIVES	NOTE 4 — DERIVATIVES Commodity Derivatives The Partnership’s ongoing operations expose it to changes in the market price for oil and natural gas. To mitigate the inherent commodity price risk associated with its operations, the Partnership uses oil and natural gas commodity derivative financial instruments. From time to time, such instruments may include variable-to-fixed-price swaps, costless collars, fixed-price contracts, and other contractual arrangements. The Partnership enters into oil and natural gas derivative contracts that contain netting arrangements with each counterparty. As of March 31, 2021, the Partnership’s commodity derivative contracts consisted of fixed price swaps, under which the Partnership receives a fixed price for the contract and pays a floating market price to the counterparty over a specified period for a contracted volume. The Partnership hedges its production based on the amount of debt and/or preferred equity as a percent of its enterprise value. As of March 31, 2021, these economic hedges constituted approximately 34% of daily oil and natural gas production. The Partnership’s oil fixed price swap transactions are settled based upon the average daily prices for the calendar month of the contract period, and its natural gas fixed price swap transactions are settled based upon the last day settlement of the first nearby month futures contract of the contract period. Settlement for oil derivative contracts occurs in the succeeding month and natural gas derivative contracts are settled in the production month. Changes in the fair values of the Partnership’s commodity derivative instruments are recognized as gains or losses in the current period and are presented on a net basis within revenue in the accompanying unaudited interim condensed consolidated statements of operations. Interest Rate Swaps On January 27, 2021, the Partnership entered into an interest rate swap with Citibank, N.A., New York (“Citibank”) The Partnership has not designated any of its derivative contracts as hedges for accounting purposes. Changes in fair value consisted of the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31, ​ ​ 2021 ​ 2020 Beginning fair value of derivative instruments ​ $ (6,280,863) ​ $ 804,501 (Loss) gain on derivative instruments ​ ​ (13,672,957) ​ ​ 10,132,613 Net cash paid (received) on settlements of derivative instruments ​ ​ 998,785 ​ ​ (1,153,752) Ending fair value of derivative instruments ​ $ (18,955,035) ​ $ 9,783,362 ​ The following table presents the fair value of the Partnership’s derivative contracts for the periods indicated: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, ​ December 31, Classification ​ Balance Sheet Location ​ 2021 ​ 2020 Assets: ​ ​ ​ ​ ​ ​ ​ ​ Long-term assets ​ Derivative assets ​ $ 697,068 ​ $ — Liabilities: ​ ​ ​ ​ ​ ​ ​ ​ Current liabilities ​ Derivative liabilities ​ ​ (11,112,053) ​ ​ (3,113,178) Long-term liabilities ​ Derivative liabilities ​ ​ (8,540,050) ​ ​ (3,167,685) ​ ​ ​ ​ $ (18,955,035) ​ $ (6,280,863) ​ As of March 31, 2021, the Partnership’s open commodity derivative contracts consisted of the following: Oil Price Swaps ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Notional ​ Weighted Average ​ Range (per Bbl) ​ ​ Volumes (Bbl) ​ Fixed Price (per Bbl) ​ Low ​ High March 2021 - December 2021 ​ 448,902 ​ $ 44.23 ​ $ 34.95 ​ $ 56.10 January 2022 - December 2022 ​ 500,552 ​ $ 41.86 ​ $ 35.65 ​ $ 46.00 January 2023 - March 2023 ​ 91,854 ​ $ 53.38 ​ $ 53.38 ​ $ 53.38 ​ Natural Gas Price Swaps ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Notional ​ Weighted Average ​ Range (per MMBtu) ​ ​ Volumes (MMBtu) ​ Fixed Price (per MMBtu) ​ Low ​ High April 2021 - December 2021 ​ 5,188,150 ​ $ 2.45 ​ $ 2.33 ​ $ 2.58 January 2022 - December 2022 ​ 6,357,449 ​ $ 2.46 ​ $ 2.23 ​ $ 2.70 January 2023 - March 2023 ​ 1,204,308 ​ $ 2.73 ​ $ 2.73 ​ $ 2.73 ​

FAIR VALUE MEASUREMENTS

FAIR VALUE MEASUREMENTS	3 Months Ended
	Mar. 31, 2021
FAIR VALUE MEASUREMENTS
FAIR VALUE MEASUREMENTS	NOTE 5—FAIR VALUE MEASUREMENTS The Partnership measures and reports certain assets and liabilities on a fair value basis and has classified and disclosed its fair value measurements using the levels of the fair value hierarchy noted below. The carrying values of cash, oil, natural gas and NGL receivables, accounts receivable and other current assets and current and long-term liabilities included in the unaudited interim condensed consolidated balance sheets approximated fair value as of March 31, 2021 and December 31, 2020 due to their short-term duration and variable interest rates that approximate prevailing interest rates as of each reporting period. As a result, these financial assets and liabilities are not discussed below. ● Level 1— Unadjusted quoted market prices for identical assets or liabilities in active markets. ● Level 2—Quoted prices for similar assets or liabilities in non-active markets, or inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the asset or liability. ● Level 3—Measurement based on prices or valuations models that require inputs that are both unobservable and significant to the fair value measurement (including the Partnership’s own assumptions in determining fair value). Assets and liabilities that are measured at fair value are classified based on the lowest level of input that is significant to the fair value measurement. The Partnership’s assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to the asset or liability. The Partnership recognizes transfers between fair value hierarchy levels as of the end of the reporting period in which the event or change in circumstances causing the transfer occurred. The Partnership did not have any transfers between Level 1, Level 2 or Level 3 fair value measurements during the three months ended March 31, 2021 and 2020. Both the Partnership’s commodity derivative instruments and interest rate swap are classified within Level 2. The fair values of the Partnership’s oil and natural gas fixed price swaps are based upon inputs that are either readily available in the public market, such as oil and natural gas futures prices, volatility factors and discount rates, or can be corroborated from active markets. The following tables summarize the Partnership’s assets and liabilities measured at fair value on a recurring basis by the fair value hierarchy: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fair Value Measurements Using ​ ​ ​ ​ ​ ​ ​ ​ Level 1 ​ Level 2 ​ Level 3 ​ Effect of ​ Total March 31, 2021 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Assets ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Interest rate swap contracts ​ $ — ​ $ 697,068 ​ $ — ​ $ — ​ $ 697,068 Liabilities ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Commodity derivative contracts ​ $ — ​ $ (19,447,304) ​ $ — ​ $ — ​ $ (19,447,304) Interest rate swap contracts ​ $ — ​ $ (204,799) ​ $ — ​ $ — ​ $ (204,799) December 31, 2020 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Liabilities ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Commodity derivative contracts ​ $ — ​ $ (6,280,863) ​ $ — ​ $ — ​ $ (6,280,863) ​

OIL AND NATURAL GAS PROPERTIES

OIL AND NATURAL GAS PROPERTIES	3 Months Ended
	Mar. 31, 2021
OIL AND NATURAL GAS PROPERTIES
OIL AND NATURAL GAS PROPERTIES	NOTE 6—OIL AND NATURAL GAS PROPERTIES Oil and natural gas properties consist of the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, ​ December 31, ​ ​ 2021 ​ 2020 Oil and natural gas properties ​ ​ ​ ​ ​ ​ Proved properties ​ $ 941,430,320 ​ $ 923,413,606 Unevaluated properties ​ ​ 208,157,655 ​ ​ 225,681,626 Less: accumulated depreciation, depletion and impairment ​ ​ (635,786,468) ​ ​ (628,102,279) Total oil and natural gas properties ​ $ 513,801,507 ​ $ 520,992,953 ​ The Partnership assesses all unevaluated properties on a periodic basis for possible impairment. The Partnership assesses properties on an individual basis or as a group if properties are individually insignificant. The assessment includes consideration of the following factors, among others: economic and market conditions; operators’ intent to drill, remaining lease term, geological and geophysical evaluations, operators’ drilling results and activity, the assignment of proved reserves and the economic viability of operator development if proved reserves are assigned. Costs associated with unevaluated properties are excluded from the full cost pool until a determination as to the existence of proved reserves is able to be made. During any period in which these factors indicate an impairment, all or a portion of the associated leasehold costs are transferred to the full cost pool and are then subject to amortization and to the full cost ceiling test. The Partnership transferred $48.6 million to the full cost pool in the first quarter of 2020 as a result of this impairment assessment. The transfer resulted in an additional ceiling test impairment expense for the three months ended March 31, 2020 equal to the amount of the transfer. After evaluating certain external factors in the first quarter of 2020, including a significant decline in oil and natural gas prices, as well as longer-term commodity price outlooks, in each case related to reduced demand for oil and natural gas as a result of COVID-19, the announcement of price reductions and production increases in March 2020 by members of OPEC and other foreign, oil-exporting countries, and other supply factors, the Partnership determined that significant drilling uncertainty existed regarding its proved undeveloped (“PUD”) reserves that were included in its total estimated proved reserves as of December 31, 2019, as well as its unevaluated oil and natural gas properties. Specifically, with respect to the Partnership’s PUD reserves (which accounted for approximately 6.1% of total estimated proved reserves as of December 31, 2019), the Partnership determined that it did not have reasonable certainty as to the timing of the development of the PUD reserves and, therefore, recorded an impairment on such properties for the three months ended March 31, 2020. The Partnership did not book PUD reserves in its total estimated proved reserves as of December 31, 2020 and it does not intend to book PUD reserves going forward. The Partnership did not record an impairment on its oil and natural gas properties for the three months ended March 31, 2021. The Partnership recorded an impairment on its oil and natural gas properties of $70.9 million for the three months ended March 31, 2020, which can primarily be attributed to factors mentioned above.

LEASES

LEASES	3 Months Ended
	Mar. 31, 2021
LEASES
LEASES	NOTE 7—LEASES Substantially all of the Partnership’s leases are long-term operating leases with fixed payment terms and will terminate in June 2029. The Partnership’s right-of-use (“ROU”) operating lease assets represent its right to use an underlying asset for the lease term, and its operating lease liabilities represent its obligation to make lease payments. ROU operating lease assets and operating lease liabilities are included in the accompanying unaudited interim condensed consolidated balance sheets. Short term operating lease liabilities are included in other current liabilities. The weighted average remaining lease term as of March 31, 2021 is 8.08 years. Both the ROU operating lease assets and liabilities are recognized at the present value of the remaining lease payments over the lease term and do not include lease incentives. The Partnership’s leases do not provide an implicit rate that can readily be determined; therefore, the Partnership used a discount rate based on its incremental borrowing rate, which is determined by the information available in the secured revolving credit facility. The incremental borrowing rate reflects the estimated rate of interest that the Partnership would pay to borrow, on a collateralized basis over a similar term, an amount equal to the lease payments in a similar economic environment. The weighted average discount rate used for the operating lease was 6.75% for the three months ended March 31, 2021. Operating lease expense is recognized on a straight-line basis over the lease term and is included in general and administrative expense in the accompanying unaudited interim condensed consolidated statements of operations for the three months ended March 31, 2021 and 2020. The total operating lease expense recorded for both the three months ended March 31, 2021 and 2020 was $0.1 million, respectively. Currently, the most substantial contractual arrangements that the Partnership has classified as operating leases are the main office spaces used for operations. Future minimum lease commitments as of March 31, 2021 were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total ​ 2021 ​ 2022 ​ 2023 ​ 2024 ​ 2025 ​ Thereafter Operating leases ​ $ 4,050,131 ​ $ 363,626 ​ $ 486,045 ​ $ 487,787 ​ $ 488,725 ​ $ 497,033 ​ $ 1,726,915 Less: Imputed Interest ​ (973,300) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total ​ $ 3,076,831 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

LONG-TERM DEBT

LONG-TERM DEBT	3 Months Ended
	Mar. 31, 2021
LONG-TERM DEBT.
LONG-TERM DEBT	NOTE 8—LONG-TERM DEBT On January 11, 2017, the Partnership entered into a credit agreement (the “2017 Credit Agreement”) with Frost Bank, as administrative agent, and the lenders party thereto. On July 12, 2018, the Partnership entered into an amendment (the “First Credit Agreement Amendment”) to the Partnership’s 2017 Credit Agreement (the 2017 Credit Agreement as amended by the First Credit Agreement Amendment, the “2018 Amended Credit Agreement”). On December 8, 2020, the Partnership entered into Amendment No. 2 (the “Second Credit Agreement Amendment”) to the 2018 Amended Credit Agreement (the 2018 Amended Credit Agreement as amended by the Second Credit Agreement Amendment, the “Amended Credit Agreement”). The Second Credit Agreement Amendment amends the 2018 Amended Credit Agreement to, among other things, (i) increase commitments under the Amended Credit Agreement’s senior secured revolving credit facility from $225.0 million to $265.0 million, the availability of which will equal the lesser of the aggregate maximum elected commitments of the lenders up to $500.0 million, subject to the satisfaction of certain conditions and the election of existing lenders to increase commitments or the procurement of additional commitments from new lenders, and the borrowing base, (ii) extend the maturity date under the 2018 Amended Credit Agreement from February 8, 2022 to June 7, 2024, (iii) reflect the change in administrative agent from Frost to Citibank, N.A., New York (“Citibank”) under the Amended Credit Agreement, (iv) increase the applicable margin under the 2018 Amended Credit Agreement, which varies based upon the level of borrowing base usage, by 1.00% for each applicable level as set forth in the Amended Credit Agreement, such that the applicable margin will range from 2.00% to 3.00% in the case of ABR Loans (as defined in the Amended Credit Agreement) and 3.00% to 4.00% in the case of LIBOR Loans (as defined in the Amended Credit Agreement), (v) a LIBOR (as defined in the Amended Credit Agreement) floor of 0.25% , (vi) modify the Debt to EBITDAX Ratio (as defined in the Amended Credit Agreement) financial covenant to permit the numerator of the Debt to EBITDAX Ratio (as defined in the Amended Credit Agreement) to be calculated as Total Debt (as defined in the Amended Credit Agreement) minus up to $25 million in unrestricted cash held by the Partnership and its restricted subsidiaries and to decreases the maximum permitted Debt to EBITDAX Ratio (as defined in the Amended Credit Agreement) from 4.0 to 1.0 to 3.5 to 1.0, and (vii) modify the conditions permitting restricted distributions to holders of Kimbell Common Units (as defined in the Amended Credit Agreement) including, among other things, a limitation on such distributions to not be in excess of the Partnership’s Projected Cash Available For Distribution (as defined in the Amended Credit Agreement). In connection with our entry into the Second Credit Agreement Amendment, the borrowing base was set at $265.0 million. The borrowing base will be redetermined semi-annually on or about May 1 and November 1 of each year, beginning May 1, 2021, based on the value of the Partnership’s oil and natural gas properties and the oil and natural gas properties of the Partnership’s wholly owned subsidiaries. The Amended Credit Agreement contains various affirmative, negative and financial maintenance covenants. These covenants limit the Partnership’s ability to, among other things, incur or guarantee additional debt, make distributions on, or redeem or repurchase, common units and OpCo common units, make certain investments and acquisitions, incur certain liens or permit them to exist, enter into certain types of transactions with affiliates, merge or consolidate with another company and transfer, sell or otherwise dispose of assets. The Amended Credit Agreement also contains covenants requiring the Partnership to maintain the following financial ratios or to reduce the Partnership’s indebtedness if the Partnership is unable to comply with such ratios: (i) a Debt to EBITDAX Ratio (as defined in the Amended Credit Agreement 3.5 1.0 The Amended Credit Agreement also contains customary events of default, including non-payment, breach of covenants, materially incorrect representations, cross default, bankruptcy and change of control. During the three months ended March 31, 2021, the Partnership borrowed an additional $0.5 million under the secured revolving credit facility and repaid approximately $3.5 million of the outstanding borrowings. As of March 31, 2021, the Partnership’s outstanding balance was $168.5 million. The Partnership was in compliance with all covenants included in the secured revolving credit facility as of March 31, 2021. As of March 31, 2021, borrowings under the secured revolving credit facility bore interest at LIBOR plus a margin of 3.50% or the ABR (as defined in the Amended Credit Agreement) plus a margin of 2.50%. For the three months ended March 31, 2021, the weighted average interest rate on the Partnership’s outstanding borrowings was 3.75%.

PREFERRED UNITS

PREFERRED UNITS	3 Months Ended
	Mar. 31, 2021
PREFERRED UNITS
PREFERRED UNITS	NOTE 9—PREFERRED UNITS In July 2018, the Partnership completed the private placement of 110,000 Series A preferred units to certain affiliates of Apollo Capital Management, L.P. (the “Series A Purchasers”) for $1,000 per Series A preferred unit, resulting in gross proceeds to the Partnership of $110.0 million. Until the conversion of the Series A preferred units into common units or their redemption, holders of the Series A preferred units are entitled to receive cumulative quarterly distributions equal to 7.0% per annum plus accrued and unpaid distributions. In connection with the issuance of the Series A preferred units, the Partnership granted holders of the Series A preferred units board observer rights beginning on the third anniversary of the original issuance date, and board appointment rights beginning the fourth anniversary of the original issuance date and in the case of events of default with respect to the Series A preferred units. The Series A preferred units are convertible by the Series A Purchasers after two years at a 30% discount to the issue price, subject to certain conditions. The Partnership may redeem the Series A preferred units at any time. The Series A preferred units may be redeemed for a cash amount per Series A preferred unit equal to the product of (a) the number of outstanding Series A preferred units multiplied by (b) the greatest of (i) an amount (together with all prior distributions made in respect of such Series A preferred unit) necessary to achieve the Minimum IRR (as defined below), (ii) an amount (together with all prior distributions made in respect of such Series A preferred unit) necessary to achieve a return on investment equal to 1.2 referred unit and (iii) the Series A issue price plus accrued and unpaid distributions. For purposes of the , “Minimum IRR” means as of any measurement date: (a) prior to the fifth anniversary of the July 12, 2018 (the “Series A Issuance Date”), a 13.0% internal rate of return with respect to the Series A preferred units; (b) on or after the fifth anniversary of the Series A Issuance Date and prior to the sixth anniversary of the Series A Issuance Date, a 14.0% internal rate of return with respect to the Series A preferred units; and (c) on or after the sixth anniversary of the Series A Issuance Date, a 15.0% internal rate of return with respect to the Series A preferred units. On February 12, 2020, the Partnership completed the redemption of 55,000 Series A preferred units, representing 50% of the then-outstanding Series A preferred units. The Series A preferred units were redeemed at a price of $1,110.72 per Series A preferred unit for an aggregate redemption price of $61.1 million. As the consideration transferred by the Partnership to redeem the Series A preferred units was greater than 50% of the carrying value of the Series A preferred units as of the redemption date and 50% of the original intrinsic value of the beneficial conversion feature, a deemed dividend distribution of $5.7 million was recognized in unitholders’ equity and non-controlling interest during the three months ended March 31, 2020. The following table summarizes the changes in the number of the Series A preferred units: ​ ​ ​ ​ ​ ​ Series A ​ ​ Preferred Units Balance at December 31, 2020 ​ 55,000 Balance at March 31, 2021 ​ 55,000 ​

UNITHOLDERS' EQUITY AND PARTNER

UNITHOLDERS' EQUITY AND PARTNERSHIP DISTRIBUTIONS	3 Months Ended
	Mar. 31, 2021
UNITHOLDERS' EQUITY AND PARTNERSHIP DISTRIBUTIONS
UNITHOLDERS' EQUITY AND PARTNERSHIP DISTRIBUTIONS	NOTE 10—UNITHOLDERS’ EQUITY AND PARTNERSHIP DISTRIBUTIONS The Partnership has issued units representing limited partner interests. As of March 31, 2021, the Partnership had a total of 39,769,896 common units issued and outstanding In January 2020, the Partnership completed an underwritten public offering of 5,000,000 common units for net proceeds of approximately $73.6 million (the “2020 Equity Offering”). The Partnership used the net proceeds from the 2020 Equity Offering to purchase OpCo common units. The Operating Company in turn used the net proceeds to repay approximately $70.0 million of the outstanding borrowings under the Partnership’s secured revolving credit facility. In connection with the 2020 Equity Offering, certain selling unitholders sold 750,000 common units pursuant to the exercise of the underwriters’ option to purchase additional common units. The Partnership did not receive any proceeds from the sale of the common units by the selling unitholders. The following table summarizes the changes in the number of the Partnership’s common units: ​ ​ ​ ​ ​ ​ Common Units Balance at December 31, 2020 ​ 38,918,689 Common units issued under the LTIP (1) ​ 936,567 Restricted units repurchased for tax withholding ​ (85,360) Balance at March 31, 2021 ​ 39,769,896 (1) Includes restricted units granted to certain employees, directors and consultants under the Kimbell Royalty GP, LLC 2017 Long-Term Incentive Plan (as amended, the “LTIP”) on February 25, 2021. The following table presents information regarding the common unit cash distributions approved by the General Partner’s Board of Directors (the “Board of Directors”) for the periods presented: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Amount per ​ Date ​ Unitholder ​ Payment ​ ​ Common Unit ​ Declared ​ Record Date ​ Date Q1 2021 ​ $ 0.27 ​ April 23, 2021 ​ May 3, 2021 ​ May 10, 2021 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Q1 2020 ​ $ 0.17 ​ April 24, 2020 ​ May 4, 2020 ​ May 11, 2020 ​ The following table summarizes the changes in the number of the Partnership’s Class B units: ​ ​ ​ ​ ​ ​ Class B Units Balance at December 31, 2020 ​ 20,779,781 Balance at March 31, 2021 ​ 20,779,781 ​ For each Class B unit issued, five cents has been paid to the Partnership as additional consideration (the “Class B Contribution”). Holders of the Class B units, are entitled to receive cash distributions equal to 2.0% per quarter on their respective Class B Contribution, subsequent to distributions on the Series A preferred units but prior to distributions on the common units and OpCo common units. The Class B units and OpCo common units are exchangeable together into an equal number of common units of the Partnership.

NET LOSS PER COMMON UNIT

NET LOSS PER COMMON UNIT	3 Months Ended
	Mar. 31, 2021
NET LOSS PER COMMON UNIT
NET LOSS PER COMMON UNIT	NOTE 11—NET LOSS PER COMMON UNI T Basic loss per common unit is calculated by dividing net loss attributable to common units by the weighted-average number of common units outstanding during the period. Diluted net loss per common unit gives effect, when applicable, to unvested restricted units granted under the Partnership’s LTIP for its employees, directors and consultants and potential conversion of Class B units. The following table summarizes the calculation of weighted average common units outstanding used in the computation of diluted net loss per common unit: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31, ​ ​ 2021 ​ 2020 Net loss attributable to common units ​ $ (704,375) ​ $ (39,301,034) ​ ​ ​ ​ ​ ​ ​ Weighted average number of common units outstanding: ​ ​ ​ ​ ​ ​ Basic ​ ​ 37,693,469 ​ ​ 30,528,819 Effect of dilutive securities: ​ ​ ​ ​ ​ ​ Series A preferred units ​ ​ — ​ ​ — Class B units ​ ​ — ​ ​ — Restricted units ​ ​ — ​ ​ — Diluted ​ ​ 37,693,469 ​ ​ 30,528,819 ​ ​ ​ ​ ​ ​ ​ Net loss attributable to common units ​ ​ ​ ​ ​ ​ Basic ​ $ (0.02) ​ $ (1.29) Diluted ​ $ (0.02) ​ $ (1.29) ​ The calculation of diluted net loss per unit for the three months ended March 31, 2021 and 2020 excludes the conversion of Series A preferred units to common units, the conversion of Class B units to common units and 1,900,878 and 1,686,117 shares of unvested restricted units, respectively, because their inclusion in the calculation would be anti-dilutive.

UNIT-BASED COMPENSATION

UNIT-BASED COMPENSATION	3 Months Ended
	Mar. 31, 2021
UNIT-BASED COMPENSATION
UNIT-BASED COMPENSATION	NOTE 12—UNIT-BASED COMPENSATION The Partnership’s LTIP authorizes grants of up to 4,541,600 common units in the aggregate to its employees, directors and consultants. The restricted units issued under the Partnership’s LTIP generally vest in one third installments three Distributions related to the restricted units are paid concurrently with the Partnership’s distributions for common units. The fair value of the Partnership’s restricted units issued ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted Weighted ​ ​ ​ ​ Average ​ Average ​ ​ ​ ​ Grant-Date ​ Remaining ​ ​ ​ ​ Fair Value ​ Contractual ​ ​ Units ​ per Unit ​ Term Unvested at December 31, 2020 ​ 1,276,546 ​ $ 13.604 1.788 years Awarded ​ 936,567 ​ ​ 10.350 ​ — Vested ​ (312,235) ​ ​ 11.540 ​ — Unvested at March 31, 2021 ​ 1,900,878 ​ $ 12.340 2.161 years ​

RELATED PARTY TRANSACTIONS

RELATED PARTY TRANSACTIONS	3 Months Ended
	Mar. 31, 2021
RELATED PARTY TRANSACTIONS
RELATED PARTY TRANSACTIONS	NOTE 13—RELATED PARTY TRANSACTIONS The Partnership currently has a management services agreement with Kimbell Operating, which has separate services agreements with each of BJF Royalties, LLC (“BJF Royalties”), K3 Royalties, LLC (“K3 Royalties”), Nail Bay Royalties and Duncan Management, pursuant to which they and Kimbell Operating provide management, administrative and operational services to the Partnership. In addition, under each of their respective services agreements, affiliates of the Partnership’s Sponsors may identify, evaluate and recommend to the Partnership acquisition opportunities and negotiate the terms of such acquisitions. Amounts paid to Kimbell Operating and such other entities under their respective services agreements will reduce the amount of cash available for distribution on common units to the Partnership’s unitholders. During the three months ended March 31, 2021, the Partnership acquired certain assets managed by Nail Bay Royalties and Duncan Management. See Note 3—Acquisitions and Joint Ventures for further detail. During the three months ended March 31, 2021, no monthly services fee was paid to BJF Royalties. During the three months ended March 31, 2021, the Partnership made payments to K3 Royalties, Nail Bay Royalties and Duncan Management in the amount of $30,000, $75,329 and $137,120, respectively. Certain consultants who provide services under management services agreements are granted restricted units under the Partnership’s LTIP.

ADMINISTRATIVE SERVICES

ADMINISTRATIVE SERVICES	3 Months Ended
	Mar. 31, 2021
ADMINISTRATIVE SERVICES
ADMINISTRATIVE SERVICES	NOTE 14—ADMINISTRATIVE SERVICES Management Services Agreement The Partnership relies upon its officers, directors, Sponsors and outside consultants to further its business operations. The Partnership also hires independent contractors and consultants involved in land, technical, regulatory and other disciplines to assist its officers and directors. See Note 13―Related Party Transactions.

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	3 Months Ended
	Mar. 31, 2021
COMMITMENTS AND CONTINGENCIES.
COMMITMENTS AND CONTINGENCIES	NOTE 15—COMMITMENTS AND CONTINGENCIES During the normal course of business, the Partnership may experience situations where disagreements occur relating to the ownership of certain mineral or overriding royalty interest acreage. Management is not aware of any legal, environmental or other commitments or contingencies that would have a material effect on the Partnership’s financial condition, results of operations or liquidity as of March 31, 2021.

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	3 Months Ended
	Mar. 31, 2021
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS	NOTE 16—SUBSEQUENT EVENTS The Partnership has evaluated events that occurred subsequent to March 31, 2021 in the preparation of its unaudited interim condensed consolidated financial statements. Debt On April 27, 2021 the Partnership drew down $4.0 million on the senior secured revolving credit facility to fund certain operational expenses. Distributions On May 4, 2021, the Partnership paid a quarterly cash distribution on the Series A preferred units of approximately $1.0 million for the quarter ended March 31, 2021. On May 5, 2021, the Partnership paid a quarterly cash distribution to each Class B unitholder equal to 2.0% of such unitholder’s respective Class B Contribution, resulting in a total quarterly distribution of $20,780 for the quarter ended March 31, 2021. On April 23, 2021, the Board of Directors declared a quarterly cash distribution of $0.27 per common unit for the quarter ended March 31, 2021. The distribution will be paid on May 10, 2021 to common unitholders and OpCo common unitholders of record as of the close of business on May 3, 2021.

SUMMARY OF SIGNIFICANT ACCOUN_2

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	3 Months Ended
	Mar. 31, 2021
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Recently Adopted Accounting Pronouncements	Recently Adopted Accounting Pronouncements In December 2019, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2019-12, “Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes,” that is expected to reduce cost and complexity related to accounting for income taxes. The Partnership adopted this update on January 1, 2021 and applied it prospectively. The adoption of this update did not have a material impact on the Partnership’s results of operations for the three months ended March 31, 2021.

DERIVATIVES (Tables)

DERIVATIVES (Tables)	3 Months Ended
	Mar. 31, 2021
DERIVATIVES
Schedule of changes in fair value of derivative instruments	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31, ​ ​ 2021 ​ 2020 Beginning fair value of derivative instruments ​ $ (6,280,863) ​ $ 804,501 (Loss) gain on derivative instruments ​ ​ (13,672,957) ​ ​ 10,132,613 Net cash paid (received) on settlements of derivative instruments ​ ​ 998,785 ​ ​ (1,153,752) Ending fair value of derivative instruments ​ $ (18,955,035) ​ $ 9,783,362
Schedule of derivative contracts	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, ​ December 31, Classification ​ Balance Sheet Location ​ 2021 ​ 2020 Assets: ​ ​ ​ ​ ​ ​ ​ ​ Long-term assets ​ Derivative assets ​ $ 697,068 ​ $ — Liabilities: ​ ​ ​ ​ ​ ​ ​ ​ Current liabilities ​ Derivative liabilities ​ ​ (11,112,053) ​ ​ (3,113,178) Long-term liabilities ​ Derivative liabilities ​ ​ (8,540,050) ​ ​ (3,167,685) ​ ​ ​ ​ $ (18,955,035) ​ $ (6,280,863)
Schedule of commodity derivative contracts	Oil Price Swaps ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Notional ​ Weighted Average ​ Range (per Bbl) ​ ​ Volumes (Bbl) ​ Fixed Price (per Bbl) ​ Low ​ High March 2021 - December 2021 ​ 448,902 ​ $ 44.23 ​ $ 34.95 ​ $ 56.10 January 2022 - December 2022 ​ 500,552 ​ $ 41.86 ​ $ 35.65 ​ $ 46.00 January 2023 - March 2023 ​ 91,854 ​ $ 53.38 ​ $ 53.38 ​ $ 53.38 ​ Natural Gas Price Swaps ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Notional ​ Weighted Average ​ Range (per MMBtu) ​ ​ Volumes (MMBtu) ​ Fixed Price (per MMBtu) ​ Low ​ High April 2021 - December 2021 ​ 5,188,150 ​ $ 2.45 ​ $ 2.33 ​ $ 2.58 January 2022 - December 2022 ​ 6,357,449 ​ $ 2.46 ​ $ 2.23 ​ $ 2.70 January 2023 - March 2023 ​ 1,204,308 ​ $ 2.73 ​ $ 2.73 ​ $ 2.73

FAIR VALUE MEASUREMENTS (Tables

FAIR VALUE MEASUREMENTS (Tables)	3 Months Ended
	Mar. 31, 2021
FAIR VALUE MEASUREMENTS
Schedule of assets and liabilities measured at fair value on a recurring basis	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fair Value Measurements Using ​ ​ ​ ​ ​ ​ ​ ​ Level 1 ​ Level 2 ​ Level 3 ​ Effect of ​ Total March 31, 2021 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Assets ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Interest rate swap contracts ​ $ — ​ $ 697,068 ​ $ — ​ $ — ​ $ 697,068 Liabilities ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Commodity derivative contracts ​ $ — ​ $ (19,447,304) ​ $ — ​ $ — ​ $ (19,447,304) Interest rate swap contracts ​ $ — ​ $ (204,799) ​ $ — ​ $ — ​ $ (204,799) December 31, 2020 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Liabilities ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Commodity derivative contracts ​ $ — ​ $ (6,280,863) ​ $ — ​ $ — ​ $ (6,280,863)

OIL AND NATURAL GAS PROPERTIES

OIL AND NATURAL GAS PROPERTIES (Tables)	3 Months Ended
	Mar. 31, 2021
OIL AND NATURAL GAS PROPERTIES
Schedule of oil and natural gas properties	​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, ​ December 31, ​ ​ 2021 ​ 2020 Oil and natural gas properties ​ ​ ​ ​ ​ ​ Proved properties ​ $ 941,430,320 ​ $ 923,413,606 Unevaluated properties ​ ​ 208,157,655 ​ ​ 225,681,626 Less: accumulated depreciation, depletion and impairment ​ ​ (635,786,468) ​ ​ (628,102,279) Total oil and natural gas properties ​ $ 513,801,507 ​ $ 520,992,953

LEASES (Tables)

LEASES (Tables)	3 Months Ended
	Mar. 31, 2021
LEASES
Schedule of future minimum lease commitments	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total ​ 2021 ​ 2022 ​ 2023 ​ 2024 ​ 2025 ​ Thereafter Operating leases ​ $ 4,050,131 ​ $ 363,626 ​ $ 486,045 ​ $ 487,787 ​ $ 488,725 ​ $ 497,033 ​ $ 1,726,915 Less: Imputed Interest ​ (973,300) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total ​ $ 3,076,831 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

PREFERRED UNITS (Tables)

PREFERRED UNITS (Tables)	3 Months Ended
	Mar. 31, 2021
Series A Preferred Units
Preferred units
Summary of the changes in the number of the Series A Preferred Units	​ ​ ​ ​ ​ ​ Series A ​ ​ Preferred Units Balance at December 31, 2020 ​ 55,000 Balance at March 31, 2021 ​ 55,000

UNITHOLDERS' EQUITY AND PARTN_2

UNITHOLDERS' EQUITY AND PARTNERSHIP DISTRIBUTIONS (Tables)	3 Months Ended
	Mar. 31, 2021
Common units
Schedule of distributions approved by the Board of Directors	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Amount per ​ Date ​ Unitholder ​ Payment ​ ​ Common Unit ​ Declared ​ Record Date ​ Date Q1 2021 ​ $ 0.27 ​ April 23, 2021 ​ May 3, 2021 ​ May 10, 2021 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Q1 2020 ​ $ 0.17 ​ April 24, 2020 ​ May 4, 2020 ​ May 11, 2020 ​
Common Units
Common units
Schedule of changes in Partnership's units	​ ​ ​ ​ ​ ​ Common Units Balance at December 31, 2020 ​ 38,918,689 Common units issued under the LTIP (1) ​ 936,567 Restricted units repurchased for tax withholding ​ (85,360) Balance at March 31, 2021 ​ 39,769,896 (1) Includes restricted units granted to certain employees, directors and consultants under the Kimbell Royalty GP, LLC 2017 Long-Term Incentive Plan (as amended, the “LTIP”) on February 25, 2021.
Class B
Common units
Schedule of changes in Partnership's units	​ ​ ​ ​ ​ ​ Class B Units Balance at December 31, 2020 ​ 20,779,781 Balance at March 31, 2021 ​ 20,779,781

NET LOSS PER COMMON UNIT (Table

NET LOSS PER COMMON UNIT (Tables)	3 Months Ended
	Mar. 31, 2021
NET LOSS PER COMMON UNIT
Schedule of earnings (loss) per unit	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31, ​ ​ 2021 ​ 2020 Net loss attributable to common units ​ $ (704,375) ​ $ (39,301,034) ​ ​ ​ ​ ​ ​ ​ Weighted average number of common units outstanding: ​ ​ ​ ​ ​ ​ Basic ​ ​ 37,693,469 ​ ​ 30,528,819 Effect of dilutive securities: ​ ​ ​ ​ ​ ​ Series A preferred units ​ ​ — ​ ​ — Class B units ​ ​ — ​ ​ — Restricted units ​ ​ — ​ ​ — Diluted ​ ​ 37,693,469 ​ ​ 30,528,819 ​ ​ ​ ​ ​ ​ ​ Net loss attributable to common units ​ ​ ​ ​ ​ ​ Basic ​ $ (0.02) ​ $ (1.29) Diluted ​ $ (0.02) ​ $ (1.29)

UNIT-BASED COMPENSATION (Tables

UNIT-BASED COMPENSATION (Tables)	3 Months Ended
	Mar. 31, 2021
UNIT-BASED COMPENSATION
Schedule of unvested restricted stock activity	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted Weighted ​ ​ ​ ​ Average ​ Average ​ ​ ​ ​ Grant-Date ​ Remaining ​ ​ ​ ​ Fair Value ​ Contractual ​ ​ Units ​ per Unit ​ Term Unvested at December 31, 2020 ​ 1,276,546 ​ $ 13.604 1.788 years Awarded ​ 936,567 ​ ​ 10.350 ​ — Vested ​ (312,235) ​ ​ 11.540 ​ — Unvested at March 31, 2021 ​ 1,900,878 ​ $ 12.340 2.161 years

ORGANIZATION AND BASIS OF PRE_2

ORGANIZATION AND BASIS OF PRESENTATION (Details)	3 Months Ended
	Mar. 31, 2021segment
Segment Reporting
Number of operating units	1
Number of reporting units	1

ACQUISITIONS AND JOINT VENTUR_2

ACQUISITIONS AND JOINT VENTURES - Acquisitions (Details) - USD ($) $ in Millions	Mar. 10, 2021	Jun. 19, 2019	Mar. 31, 2021
Nail Bay Royalties
Acquisitions
Purchase price cash, gross	$ 0.5
Springbok SKR Capital Company, LLC and Rivercrest Capital Partners, LP.
Acquisitions
Joint Venture contributions			$ 5.2
Ownership interest (as a percent)		49.30%
Springbok SKR Capital Company, LLC and Rivercrest Capital Partners, LP. | Maximum
Acquisitions
Purchase price units value		$ 15

DERIVATIVES (Details)

DERIVATIVES (Details)	3 Months Ended
	Mar. 31, 2021USD ($)	Mar. 31, 2020USD ($)	Mar. 31, 2021USD ($)$ / bblMMBbls	Jan. 27, 2021USD ($)	Dec. 31, 2020USD ($)
Derivatives
Daily oil and natural gas production before Phillips acquisition hedged (as a percent)			34.00%
Change in fair values of derivative instruments
Beginning fair value of commodity derivative instruments | $	$ (6,280,863)	$ 804,501
(Loss) gain on derivative instruments | $	(13,672,957)	10,132,613
Net cash (received) paid on settlements of derivative instruments | $	998,785	(1,153,752)
Ending fair value of commodity derivative instruments | $	(18,955,035)	9,783,362
Assets:
Derivative assets | $			$ 697,068
Liabilities:
Current liability | $			(11,112,053)		$ (3,113,178)
Long-term liability | $			(8,540,050)		(3,167,685)
Derivative assets (liabilities) | $	(18,955,035)	$ 9,783,362	(18,955,035)		$ (6,280,863)
Interest Rate Swap
Derivatives
Derivative, Notional Amount | $			150,000,000	$ 150,000,000
Derivative hedging of outstanding debt (as a percent)				89.00%
Interest rate swap (as a percent)				3.90%
Commodity derivative contracts | $			500,000
Change in fair values of derivative instruments
Ending fair value of commodity derivative instruments | $	(204,799)
Liabilities:
Derivative Asset | $			697,068
Derivative contracts liabilities | $	$ (204,799)		$ (204,799)
Oil Price Swaps - March 2021 - December 2021
Derivatives
Notional Volumes | MMBbls			448,902
Weighted Average Fixed Price			44.23
Oil Price Swaps - January 2022 - December 2022
Derivatives
Notional Volumes | MMBbls			500,552
Weighted Average Fixed Price			41.86
Oil Price Swaps - January 2023 - March 2023
Derivatives
Notional Volumes | MMBbls			91,854
Weighted Average Fixed Price			53.38
Natural Gas Price Swaps - April 2021 - December 2021
Derivatives
Notional Volumes | MMBbls			5,188,150
Weighted Average Fixed Price			2.45
Natural Gas Price Swaps - January 2022 - December 2022
Derivatives
Notional Volumes | MMBbls			6,357,449
Weighted Average Fixed Price			2.46
Natural Gas Price Swaps - January 2023 - March 2023
Derivatives
Notional Volumes | MMBbls			1,204,308
Weighted Average Fixed Price			2.73
Minimum | Oil Price Swaps - March 2021 - December 2021
Derivatives
Weighted Average Fixed Price			34.95
Minimum | Oil Price Swaps - January 2022 - December 2022
Derivatives
Weighted Average Fixed Price			35.65
Minimum | Oil Price Swaps - January 2023 - March 2023
Derivatives
Weighted Average Fixed Price			53.38
Minimum | Natural Gas Price Swaps - April 2021 - December 2021
Derivatives
Weighted Average Fixed Price			2.33
Minimum | Natural Gas Price Swaps - January 2022 - December 2022
Derivatives
Weighted Average Fixed Price			2.23
Minimum | Natural Gas Price Swaps - January 2023 - March 2023
Derivatives
Weighted Average Fixed Price			2.73
Maximum | Oil Price Swaps - March 2021 - December 2021
Derivatives
Weighted Average Fixed Price			56.10
Maximum | Oil Price Swaps - January 2022 - December 2022
Derivatives
Weighted Average Fixed Price			46
Maximum | Oil Price Swaps - January 2023 - March 2023
Derivatives
Weighted Average Fixed Price			53.38
Maximum | Natural Gas Price Swaps - April 2021 - December 2021
Derivatives
Weighted Average Fixed Price			2.58
Maximum | Natural Gas Price Swaps - January 2022 - December 2022
Derivatives
Weighted Average Fixed Price			2.70
Maximum | Natural Gas Price Swaps - January 2023 - March 2023
Derivatives
Weighted Average Fixed Price			2.73

FAIR VALUE MEASUREMENTS (Detail

FAIR VALUE MEASUREMENTS (Details) - USD ($)	Mar. 31, 2021	Dec. 31, 2020
Commodity Derivative contract
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative contracts liabilities	$ (19,447,304)	$ (6,280,863)
Commodity Derivative contract | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative contracts liabilities	(19,447,304)	$ (6,280,863)
Interest Rate Swap
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Commodity derivative contracts	500,000
Commodity derivative contracts assets	697,068
Derivative contracts liabilities	(204,799)
Interest Rate Swap | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Commodity derivative contracts assets	697,068
Derivative contracts liabilities	$ (204,799)

OIL AND NATURAL GAS PROPERTIE_2

OIL AND NATURAL GAS PROPERTIES (Details) - USD ($)	3 Months Ended		12 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2020
OIL AND NATURAL GAS PROPERTIES
Proved properties	$ 941,430,320		$ 923,413,606
Unevaluated properties	208,157,655		225,681,626
Less: accumulated depreciation, depletion, and impairment	(635,786,468)		(628,102,279)
Total oil and natural gas properties, net	513,801,507		$ 520,992,953
Transfer to full cost pool		$ 48,600,000
Percent of proved undeveloped reserves of estimated proved reserves (as a percent)			6.10%
Impairment of oil and natural gas properties	$ 0	$ 70,925,731

LEASES (Details)

LEASES (Details) - USD ($)	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
LEASES
Operating lease weighted average remaining lease term	8 years 29 days
Operating lease weighted average discount rate (as a percent)	6.75%
Operating lease expense	$ 100,000	$ 100,000
2021	363,626
2022	486,045
2023	487,787
2024	488,725
2025	497,033
Thereafter	1,726,915
Total operating leases	4,050,131
Less Imputed Interest	(973,300)
Total	$ 3,076,831

LONG-TERM DEBT (Details)

LONG-TERM DEBT (Details) - USD ($)	Dec. 08, 2020	Mar. 31, 2021	Mar. 31, 2020	Dec. 07, 2020	Feb. 08, 2017
Long-term debt
Amortization of Debt Issuance Costs		$ 371,487	$ 266,318
Borrowings of debt		484,089	71,088,125
Repayment of debt		3,500,000	$ 70,000,000
Revolving credit facility
Long-term debt
Revolving credit facility maximum borrowings	$ 265,000,000			$ 225,000,000
Revolving credit facility increased maximum borrowing capacity if certain conditions are met	$ 500,000,000
Revolving credit facility outstanding		$ 168,500,000
Floor margin	0.25%
Permitted numerator subjected to cash	$ 25,000,000
Interest rate on outstanding borrowings (as a percent)		3.75%
Borrowing base	$ 265,000,000
Amount of applicable margin increase for each applicable level (as a percent)	1.00%
Borrowings of debt		$ 500,000
Revolving credit facility | LIBOR
Long-term debt
Variable rate		LIBOR
Margin (as a percent)		3.50%
Revolving credit facility | Prime
Long-term debt
Margin (as a percent)		2.50%
Revolving credit facility | Maximum
Long-term debt
Debt to EBITDAX ratio	400.00%				350.00%
Revolving credit facility | Maximum | LIBOR
Long-term debt
Margin (as a percent)	4.00%
Revolving credit facility | Maximum | Prime
Long-term debt
Margin (as a percent)	3.00%
Revolving credit facility | Minimum
Long-term debt
Debt to EBITDAX ratio	350.00%
Current assets to current liabilities ratio					100.00%
Revolving credit facility | Minimum | LIBOR
Long-term debt
Margin (as a percent)	3.00%
Revolving credit facility | Minimum | Prime
Long-term debt
Margin (as a percent)	2.00%

PREFERRED UNITS - Other (Detail

PREFERRED UNITS - Other (Details) - USD ($)	Feb. 12, 2020	Jul. 31, 2018	Mar. 31, 2021	Mar. 31, 2020
Series A Preferred Units
Preferred units
Redemption of Series A preferred units	55,000
Percentage of Series A preferred units redeemed	50.00%
Unit price (in dollars per unit)	$ 1,110.72
Series A preferred units redemption price	$ 61,100,000
Deemed distribution amount				$ 5,700,000
Series A Preferred Units | Minimum
Preferred units
Percent of consideration transferred to carrying value of units (as a percent)	50.00%
Percent of consideration transferred to original intrinsic value of units (as a percent)	50.00%
Affiliates of Apollo Capital Management, L.P.
Preferred units
Series A preferred units issued		110,000
Share price (in dollars per unit)		$ 1,000
Proceeds from the issuance of preferred units		$ 110,000,000
Distribution rate (as a percent)		7.00%
The period after issuance securities become convertible		2 years
Discount rate to the issue price (as a percent)		$ 30
Percent of redemption price exceeding invested capital for the Partnership to initiate redemption (as a percent)		120.00%
Minimum IRR prior to the fifth anniversary of Series A Issuance Date (as a percent)			13.00%
Minimum IRR on or after the fifth anniversary of Series A Issuance Date (as a percent)			14.00%
Minimum IRR on or after the sixth anniversary of Series A Issuance Date (as a percent)			15.00%

PREFERRED UNITS - Rollforward (

PREFERRED UNITS - Rollforward (Details) - Series A Preferred Units - shares	Feb. 12, 2020	Mar. 31, 2021	Dec. 31, 2020
Preferred units rollforward
Redemption of Series A preferred units	(55,000)
Balance		55,000	55,000

UNITHOLDERS' EQUITY AND PARTN_3

UNITHOLDERS' EQUITY AND PARTNERSHIP DISTRIBUTIONS (Details) - USD ($)	1 Months Ended	3 Months Ended
	Jan. 31, 2020	Mar. 31, 2021	Mar. 31, 2020	Mar. 31, 2021	Dec. 31, 2020
Common units
Units issued (in units)				39,769,896	38,918,689
Units outstanding (in units)		38,918,689		39,769,896	38,918,689
Repayment of debt		$ 3,500,000	$ 70,000,000
Capital rollforward
Unitholders' capital, beginning balance (in units)		38,918,689
Unitholders' capital, ending balance (in units)		39,769,896
Cash distributions declared and paid (in dollars per unit)		$ 0.27	$ 0.17
Common Units
Common units
Units outstanding (in units)		38,918,689		39,769,896	38,918,689
Capital rollforward
Unitholders' capital, beginning balance (in units)		38,918,689
Common units issued under the LTIP (in units)		936,567
Restricted units repurchased for tax withholding (in units)		(85,360)
Unitholders' capital, ending balance (in units)		39,769,896
Class B
Common units
Units outstanding (in units)		20,779,781		20,779,781	20,779,781
Capital rollforward
Unitholders' capital, beginning balance (in units)		20,779,781
Unitholders' capital, ending balance (in units)		20,779,781
Cash distributions (as a percent)		2.00%
Class B Common Units
Capital rollforward
Additional consideration paid per unit (in dollars per unit)		$ 0.05
Public Offering
Common units
Units issued (in units)	5,000,000
Proceeds from equity offering	$ 73,600,000
Repayment of debt	$ 70,000,000
Underwriters option to purchase additional units
Common units
Units issued (in units)	750,000

NET LOSS PER COMMON UNIT (Detai

NET LOSS PER COMMON UNIT (Details) - USD ($)	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Earnings per unit
Net loss attributable to common units	$ (704,375)	$ (39,301,034)
Weighted average number of common units outstanding Basic (in units)	37,693,469	30,528,819
Weighted average number of common units outstanding Diluted (in units)	37,693,469	30,528,819
Net loss attributable to common units per unit (basic)	$ (0.02)	$ (1.29)
Net loss attributable to common units per unit (diluted)	$ (0.02)	$ (1.29)
Restricted Units
Earnings per unit
Anti-dilutive options outstanding	1,900,878	1,686,117

UNIT-BASED COMPENSATION (Detail

UNIT-BASED COMPENSATION (Details) - $ / shares	3 Months Ended	12 Months Ended
	Mar. 31, 2021	Dec. 31, 2020
Unvested Units
Vesting (in units)	(312,235)
Unvested Weighted Average Grant-Date Fair Value
Vesting (in dollars per unit)	$ 11.540
Long-Term Incentive Plan
Unit-based compensation
Additional common units authorized for issuance	4,541,600
Vesting period	3 years
Long-Term Incentive Plan | First Anniversary
Unit-based compensation
Vesting percent	33.30%
Long-Term Incentive Plan | Second Anniversary
Unit-based compensation
Vesting percent	33.30%
Long-Term Incentive Plan | Third Anniversary
Unit-based compensation
Vesting percent	33.30%
Long-Term Incentive Plan | Restricted Units
Unvested Units
Unvested at beginning of period (in units)	1,276,546
Awarded (in units)	936,567
Unvested at end of period (in units)	1,900,878	1,276,546
Unvested Weighted Average Grant-Date Fair Value
Unvested at beginning of period (in dollars per unit)	$ 13.604
Awarded (in dollars per unit)	10.350
Unvested at end of period (in dollars per unit)	$ 12.340	$ 13.604
Weighted Average Remaining Contractual Term
Unvested contractual term, at end of period	2 years 1 month 28 days	1 year 9 months 13 days

RELATED PARTY TRANSACTIONS (Det

RELATED PARTY TRANSACTIONS (Details)	3 Months Ended
	Mar. 31, 2021USD ($)
BJF Royalties
Related Party Transactions
Payments made to related parties	$ 0
K3 Royalties
Related Party Transactions
Payments made to related parties	30,000
Nail Bay Royalties
Related Party Transactions
Payments made to related parties	75,329
Duncan Management
Related Party Transactions
Payments made to related parties	$ 137,120

SUBSEQUENT EVENTS (Details)

SUBSEQUENT EVENTS (Details) - USD ($)	May 05, 2021	May 04, 2021	Apr. 23, 2021	Mar. 31, 2021	Mar. 31, 2020	Apr. 27, 2021
Subsequent events
Distributions on Series A redeemable preferred units				$ 962,503	$ 1,925,000
Distributions to Class B unitholders				$ 20,780	$ 24,807
Subsequent Event
Subsequent events
Line of Credit Facility, Maximum Borrowing Capacity						$ 4,000,000
Subsequent Event | Class B Common Units
Subsequent events
Cash distributions (as a percent)	2.00%
Distributions to Class B unitholders	$ 20,780
Subsequent Event | Series A Preferred Stock
Subsequent events
Distributions on Series A redeemable preferred units		$ 1,000,000
Subsequent Event | Board of Directors
Subsequent events
Cash distributions declared (in dollars per unit)			$ 0.27