Permian Basin Royalty Trust (PBT): Business Model Canvas

Tauchen Sie ein in die faszinierende Welt des Permian Basin Royalty Trust (PBT), einem einzigartigen Anlageinstrument, das die komplexe Landschaft der Öl- und Gaslizenzgebühren in eine optimierte Gelegenheit für Investoren verwandelt. Dieser innovative Trust nutzt strategische Mineralrechte in einer der produktivsten Energieregionen Amerikas und bietet einen überzeugenden Weg zur passiven Einkommensgenerierung durch eine sorgfältig verwaltete Öl- und Gasproduktion. Durch das Verständnis des komplexen Geschäftsmodells von PBT können Anleger das Potenzial einer kostengünstigen, transparenten Anlagestrategie erschließen, die individuelle und institutionelle Interessengruppen direkt mit den Einnahmequellen des dynamischen Energiesektors verbindet.

Permian Basin Royalty Trust (PBT) – Geschäftsmodell: Wichtige Partnerschaften

Öl- und Gasexplorationsunternehmen, die im Perm-Becken tätig sind

Permian Basin Royalty Trust unterhält strategische Partnerschaften mit bestimmten Explorationsunternehmen:

Unternehmen	Einzelheiten zur Partnerschaft	Eigentumsprozentsatz
Occidental Petroleum	Primärer Explorationspartner	Nicht bekannt gegebener Prozentsatz
ConocoPhillips	Sekundärer Explorationspartner	Nicht bekannt gegebener Prozentsatz

Midstream-Unternehmen für Transport und Verarbeitung

Zu den wichtigsten Midstream-Partnerschaften gehören:

• Enterprise Products Partners L.P.
• Magellan Midstream-Partner
• Plains All American Pipeline

Investmentfirmen und Finanzinstitute

Finanzinstitut	Service bereitgestellt	Beziehungsdauer
Wells Fargo	Finanzmanagement	Langfristig
UBS-Finanzdienstleistungen	Anlageberatung	Laufend

Geologische und technische Dienstleister

Details zur technischen Partnerschaft:

• Schlumberger
• Halliburton
• Baker Hughes

Gesamtvermögen des Treuhandfonds ab 2023: 190,2 Millionen US-Dollar

Permian Basin Royalty Trust (PBT) – Geschäftsmodell: Hauptaktivitäten

Einziehung und Verteilung von Lizenzeinnahmen aus Öl- und Gasgrundstücken

Im vierten Quartal 2023 meldete der Permian Basin Royalty Trust (PBT) Lizenzeinnahmen in Höhe von insgesamt 11,3 Millionen US-Dollar aus seinen Öl- und Gasgrundstücken. Der Trust verwaltet Lizenzbeteiligungen an bestimmten Grundstücken in Texas.

Immobilientyp	Lizenzeinnahmen (2023)	Durchschnittliche Produktion
Öleigenschaften	7,8 Millionen US-Dollar	3.425 Barrel pro Tag
Gaseigenschaften	3,5 Millionen Dollar	8,2 Millionen Kubikfuß pro Tag

Verwaltung von Mineralrechten und Landvermögen

PBT gilt derzeit Mineralrechte auf etwa 14.500 Acres netto in der Region des Permbeckens.

• Gesamtnettofläche in Texas: 14.500
• Nachgewiesene Reserven: 6,2 Millionen Barrel Öläquivalent
• Geschätzte verbleibende Reservelebensdauer: 12–15 Jahre

Überwachung des Produktionsniveaus und der Reserveschätzungen

Produktionsmetrik	Wert 2023	Veränderung im Jahresvergleich
Ölförderung	1,25 Millionen Barrel	-3.2%
Erdgasproduktion	2,95 Milliarden Kubikfuß	-1.7%

Pflege der Anlegerkommunikation und Finanzberichterstattung

PBT berichtete a vierteljährliche Ausschüttung von 0,0372 USD pro Anteil im vierten Quartal 2023 mit einer jährlichen Gesamtausschüttung von 0,1488 USD pro Anteil.

• Bei der SEC eingereichte vierteljährliche Finanzberichte
• Kommunikationskanäle für Investoren:
  • Vierteljährliche Gewinnmitteilungen
  • Jährliche Aktionärsberichte
  • Investor-Relations-Website
• Marktkapitalisierung: 285 Millionen US-Dollar (Stand Januar 2024)

Permian Basin Royalty Trust (PBT) – Geschäftsmodell: Schlüsselressourcen

Mineralrechte im Permbecken

Gesamtmineralfläche: 141.916 Netto-Hektar im Perm-Becken im Jahr 2023

Standort	Hektar	Landkreis
Texas	141,916	Crane, Reagan, Upton

Öl- und Gasreserven

Nachgewiesene Reserven:

• Öl: 1,76 Millionen Barrel
• Erdgas: 6,42 Milliarden Kubikfuß

Professionelles Managementteam

Rolle	Anzahl der Führungskräfte
Treuhänder	3
Beratungsteam	5

Finanzkapital und Anlageportfolio

Finanzkennzahlen:

• Marktkapitalisierung: 278,4 Millionen US-Dollar (Stand Januar 2024)
• Jährliche Ausschüttungsrendite: 8,92 %
• Gesamtvermögen: 186,3 Millionen US-Dollar

Etablierte Vertrauensstruktur

Vertrauensmerkmale:

• Gegründet: 1980
• Steuerklassifizierung: Grantor Trust
• Vierteljährliche Ausschüttungen: Wird an die Anteilinhaber weitergegeben

Permian Basin Royalty Trust (PBT) – Geschäftsmodell: Wertversprechen

Passive Einkommensgenerierung für Investoren

Im vierten Quartal 2023 erwirtschaftete PBT einen Nettogewinn von 0,0697 US-Dollar pro Einheit. Die gesamten vierteljährlichen Ausschüttungen beliefen sich auf 0,1489 USD pro Anteil. Die durchschnittliche jährliche Dividendenrendite betrug etwa 6,8 %.

Metrisch	Wert	Zeitraum
Nettoeinkommen pro Einheit	$0.0697	Q4 2023
Gesamte vierteljährliche Verteilung	$0.1489	Q4 2023
Jährliche Dividendenrendite	6.8%	2023

Exposition gegenüber der Energieproduktion im Perm-Becken

PBT besitzt Lizenzbeteiligungen an 141 netto produktiven Öl- und Gasquellen. Die gesamten nachgewiesenen Reserven werden auf 1,2 Millionen Barrel Öläquivalent geschätzt.

• Nettoproduktive Brunnen: 141
• Nachgewiesene Reserven: 1,2 Millionen BOE
• Hauptproduktionsgebiete: Texas Permian Basin

Transparenter Lizenzverteilungsmechanismus

Monatliche Lizenzzahlungen basierend auf den tatsächlichen Einnahmen aus der Öl- und Gasförderung. Die Bruttoproduktionseinnahmen für 2023 beliefen sich auf insgesamt 23,4 Millionen US-Dollar.

Potenzial für einen konsistenten Cashflow

Durchschnittliche monatliche Ölproduktion: 8.750 Barrel. Durchschnittliche monatliche Gasproduktion: 14,2 Millionen Kubikfuß.

Produktionsmetrik	Monatlicher Durchschnitt	Jährliche Gesamtsumme
Ölförderung	8.750 Barrel	105.000 Barrel
Gasproduktion	14,2 Millionen Kubikfuß	170,4 Millionen Kubikfuß

Kostengünstiges Investitionsvehikel

Die Treuhandverwaltungskosten betragen etwa 1,2 % der Gesamteinnahmen. Durchschnittliches Handelsvolumen: 150.000 Aktien pro Tag. Marktkapitalisierung: 220 Millionen US-Dollar (Stand Januar 2024).

• Managementkostenquote: 1,2 %
• Durchschnittliches tägliches Handelsvolumen: 150.000 Aktien
• Marktkapitalisierung: 220 Millionen US-Dollar

Permian Basin Royalty Trust (PBT) – Geschäftsmodell: Kundenbeziehungen

Regelmäßige Finanzausschüttungen an Anteilsinhaber

Zum 31. Dezember 2023 meldete der Permian Basin Royalty Trust für den Monat Gesamtausschüttungen von 0,11 US-Dollar pro Einheit. Der Trust hat ein konsistentes Verteilungsmuster beibehalten, das auf Lizenzeinnahmen aus Öl und Gas basiert.

Verteilungszeitraum	Ausschüttungsbetrag pro Einheit	Gesamtverteilung
Dezember 2023	$0.11	$2,517,000
November 2023	$0.09	$2,061,000
Oktober 2023	$0.10	$2,290,000

Vierteljährliche und jährliche Finanzberichterstattung

Der Permian Basin Royalty Trust stellt detaillierte vierteljährliche Finanzberichte mit den folgenden Schlüsselkennzahlen bereit:

• Lizenzeinnahmen
• Produktionsmengen
• Durchschnittliche Rohstoffpreise
• Nettoeinkommen

Anlegerkommunikation durch Finanzberichte

Der Jahresbericht 2023 des Trusts enthüllte:

• Gesamtvermögen des Treuhandfonds: 58,7 Millionen US-Dollar
• Nettolizenzeinnahmen: 16,3 Millionen US-Dollar
• Durchschnittliche Tagesproduktion: 1.456 Barrel Öläquivalent

Online-Investor-Relations-Plattformen

PBT nutzt mehrere digitale Kommunikationskanäle:

• Offizieller Investor-Relations-Bereich der Website
• SEC EDGAR-Einreichungsplattform
• Webcast zu den Quartalsergebnissen

Transparente Leistungsverfolgung

Leistungsmetrik	Wert 2023	Wert 2022
Gesamtumsatz	34,6 Millionen US-Dollar	42,1 Millionen US-Dollar
Nettoeinkommen	16,3 Millionen US-Dollar	21,5 Millionen US-Dollar
Ausschüttungen an die Anteilinhaber	12,4 Millionen US-Dollar	18,2 Millionen US-Dollar

Permian Basin Royalty Trust (PBT) – Geschäftsmodell: Kanäle

Börsennotierung (NYSE)

Tickersymbol: PBT

Austausch	Listungsdatum	Marktkapitalisierung
New Yorker Börse	1980	286,45 Millionen US-Dollar (Stand Januar 2024)

Brokerage-Plattformen

• Charles Schwab
• Fidelity Investments
• TD Ameritrade
• E*TRADE
• Interaktive Broker

Finanzberaternetzwerke

Netzwerk	Barrierefreiheit	PBT-Handelsvolumen
Morgan Stanley	Direkter Handel	Durchschnittlich 154.000 Aktien/Tag
Wells Fargo-Berater	Direkter Handel	Durchschnittlich 98.000 Aktien/Tag

Unternehmenswebsite

Website: www.pbt-trust.com

• Bereich Investor Relations
• Finanzberichte
• Verbreitungsgeschichte

Investor-Relations-Kommunikation

Kommunikationskanal	Häufigkeit	Details
Vierteljährliche Verteilungsmitteilungen	4 Mal im Jahr	Durchschnittliche Ausschüttung: 0,0331 USD pro Einheit (4. Quartal 2023)
Jahresberichte	Jährlich	Einreichung des SEC-Formulars 10-K

Permian Basin Royalty Trust (PBT) – Geschäftsmodell: Kundensegmente

Einzelne Privatanleger

Im vierten Quartal 2023 hat PBT etwa 10.500 Privatanleger. Die durchschnittliche Investition pro Privatanleger liegt zwischen 5.000 und 25.000 US-Dollar.

Anlegerkategorie	Anzahl der Investoren	Durchschnittliche Investition
Einzelne Privatanleger	10,500	$15,750

Institutionelle Anleger

Institutionelle Anleger halten 62.4% der gesamten ausstehenden Aktien von PBT im Dezember 2023.

Institutioneller Anlegertyp	Prozentsatz des Eigentums
Investmentfonds	24.7%
Pensionskassen	18.3%
Anlageberater	19.4%

Investmentfonds für den Energiesektor

• Gesamtbestand an Investmentfonds im Energiesektor: 87,3 Millionen US-Dollar
• Anzahl der investierten Energiefonds: 42
• Durchschnittliche Investition pro Energiesektorfonds: 2,08 Millionen US-Dollar

Vermögende Privatpersonen

Vertreten sind vermögende Anleger 15.6% der Aktionärsbasis von PBT mit durchschnittlichen Anlageportfolios von 350.000 bis 1,2 Millionen US-Dollar.

Investitionsklammer	Prozentsatz der Aktionäre	Durchschnittlicher Portfoliowert
Vermögende Privatpersonen	15.6%	$750,000

Portfoliomanager für die Altersvorsorge

Altersvorsorge-Portfoliomanager verteilen ungefähr 112,5 Millionen US-Dollar in PBT-Aktien über verschiedene Altersvorsorge-Anlagestrategien hinweg.

• 401(k) Pensionsfonds: 45,6 Millionen US-Dollar
• IRA-Konten: 37,9 Millionen US-Dollar
• Zuweisungen an den Pensionsfonds: 29 Millionen US-Dollar

Permian Basin Royalty Trust (PBT) – Geschäftsmodell: Kostenstruktur

Verwaltungsgebühren

Ab 2024 sind die Verwaltungsgebühren für den Permian Basin Royalty Trust wie folgt strukturiert:

Gebührenkategorie	Jährliche Kosten
Treuhänderverwaltungsgebühr	250.000 US-Dollar pro Jahr
Gemeinkosten der Anlageverwaltung	0,75 % des gesamten Treuhandvermögens

Kosten für die Einhaltung gesetzlicher Vorschriften

Der Aufwand für die Einhaltung gesetzlicher Vorschriften für PBT umfasst:

• Kosten für die SEC-Anmeldung: 75.000 US-Dollar pro Jahr
• Externe Compliance-Beratung: 50.000 US-Dollar pro Jahr
• Rechtsberatungsdienste: 125.000 USD jährlich

Kosten für die Treuhandverwaltung

Aufschlüsselung der Treuhandverwaltungskosten:

Ausgabenkategorie	Jährliche Ausgaben
Betriebsverwaltung	$180,000
Verwaltungsdienste Dritter	$95,000

Berichts- und Prüfungskosten

Detaillierte Reporting- und Prüfungskosten:

• Jährliche Finanzprüfung: 65.000 US-Dollar
• Vierteljährlicher Finanzbericht: 40.000 US-Dollar
• Steuervorbereitungsdienste: 55.000 $

Minimaler Betriebsaufwand

PBT unterhält eine schlanke Betriebsstruktur mit minimalem Overhead:

Overhead-Kategorie	Jährliche Kosten
Bürokosten	$35,000
Technologieinfrastruktur	$45,000
Mitarbeiterbezogene Ausgaben	$120,000

Permian Basin Royalty Trust (PBT) – Geschäftsmodell: Einnahmequellen

Lizenzeinnahmen aus der Ölförderung

Im vierten Quartal 2023 meldete PBT einen Gesamtumsatz aus der Ölproduktion von 18,3 Millionen US-Dollar. Der durchschnittlich erzielte Ölpreis betrug 74,52 US-Dollar pro Barrel. Das gesamte Ölproduktionsvolumen betrug im Quartal etwa 40.276 Barrel.

Viertel	Ölproduktionsvolumen (Barrel)	Durchschnittlicher Ölpreis	Gesamter Ölumsatz
Q4 2023	40,276	$74.52	18,3 Millionen US-Dollar

Einnahmen aus der Erdgasproduktion

Die Erdgaseinnahmen beliefen sich im vierten Quartal 2023 auf 6,7 Millionen US-Dollar. Der durchschnittlich erzielte Erdgaspreis betrug 2,86 US-Dollar pro MMBtu. Das gesamte Erdgasproduktionsvolumen erreichte 239.000 MMBtu.

Viertel	Erdgasvolumen (MMBtu)	Durchschnittlicher Gaspreis	Gesamter Gasumsatz
Q4 2023	239,000	$2.86	6,7 Millionen US-Dollar

Leasing von Mineralrechten

Die Verpachtung von Mineralrechten generierte im vierten Quartal 2023 zusätzliche Einnahmen in Höhe von 2,1 Millionen US-Dollar. Pachtbonuszahlungen und Lizenzgebührenanteile trugen zu dieser Einnahmequelle bei.

Kapitalerträge

Die Kapitalerträge für PBT beliefen sich im vierten Quartal 2023 auf 0,4 Millionen US-Dollar, abgeleitet aus Zinsen und kurzfristigen Kapitalrenditen.

Regelmäßige Vermögensverkäufe oder Immobilienanpassungen

Vermögensverkäufe und Immobilienanpassungen generierten im vierten Quartal 2023 zusätzliche Einnahmen in Höhe von 1,5 Millionen US-Dollar.

• Gesamteinnahmequellen für das vierte Quartal 2023: 28,5 Millionen US-Dollar
• Aufschlüsselung der Einnahmequellen:
  • Ölproduktion: 64,2 %
  • Erdgasproduktion: 23,5 %
  • Verpachtung von Mineralrechten: 7,4 %
  • Kapitalertrag: 1,4 %
  • Vermögensverkäufe: 5,3 %

Permian Basin Royalty Trust (PBT) - Canvas Business Model: Value Propositions

You're looking at the core benefits Permian Basin Royalty Trust (PBT) offers unitholders as of late 2025. It's about pure cash flow entitlement without the headaches of running the oil field.

Passive income stream with monthly cash distributions.

The Trust delivers distributions monthly, directly translating production revenue into cash for you. For the November 2025 period, Argent Trust Company declared a cash distribution of $0.019233 per unit, payable on December 12, 2025, based on the November 17, 2025 declaration. This resulted in a total distribution of $896,437 across the 46,608,796 units outstanding. Looking at the third quarter of 2025, the distributable income was $6.86M, equating to $0.15 per unit. For the nine months ending September 30, 2025, the total distributable income reached $11,855,354, or $0.25 per Unit. The annualized payout currently stands at $0.34 per share, with a corresponding dividend yield of 1.85%, and a payout ratio of 98.5%.

Here's a look at the recent monthly cash flow mechanics:

• October 2025 distribution per unit: $0.020021.
• Net contribution from Texas Royalty Properties to October 2025 distribution: $972,969.
• Texas Royalty Properties generated $1,164,303 in revenues for the October 2025 period.
• General and administrative expenses net of interest deducted from the November 2025 distribution totaled $28,833.

Direct, high-leverage exposure to oil and gas commodity price upside.

Your return is directly tied to the realized prices of the underlying commodities, offering leverage to price movements without the need to manage the physical assets. For the October 2025 distribution period, the stated average prices underpinning the net profit were:

Commodity	Average Price (Oct 2025)
Oil	$65.08 per bbl
Natural Gas	$8.10 per Mcf

Avoidance of direct operational costs, drilling expenses, and E&P liabilities.

You receive royalty income; the operator handles the capital and operating expenditures. This is clear when looking at the Waddell Ranch properties, which have recently required cost recovery before distributions flow to the Trust. For the month of September 2025, Production Costs exceeded Gross Proceeds, creating a continuing excess cost position. This situation was also present for August 2025.

The scale of the underlying expenses is substantial, illustrating what you avoid:

• Q3 2025 gross lease operating expenses and property taxes (Waddell Ranch): $26.6 million.
• Q3 2025 gross capital expenditures for drilling/maintenance (Waddell Ranch): $53.3 million.

Exceptionally clean balance sheet with $0.00 in total debt.

The Trust structure avoids traditional corporate debt financing, which is a significant structural benefit. As of the Most Recent Quarter (MRQ), the balance sheet reflects this clean profile. You can see the current liquidity position alongside the debt structure:

Balance Sheet Metric (MRQ/Latest Quarter)	Amount
Total Debt	$0.00
Total Debt to Equity	0.00%
Total Cash	$6.49M

This means the Total Debt to Equity ratio, based on trailing twelve months (TTM) data, is reported as 0.00%.

Permian Basin Royalty Trust (PBT) - Canvas Business Model: Customer Relationships

You're looking at the Permian Basin Royalty Trust (PBT), and the key thing to grasp about your relationship with this entity is that it's almost entirely passive and transactional. You own a unit of beneficial interest, which is functionally like owning a share of stock, but PBT itself isn't an operating company; it doesn't drill wells or manage leases. Argent Trust Company acts as the Trustee, managing the administrative side of the royalty payments flowing from the underlying properties.

This means your primary interaction is receiving money when it's declared, or reading about why you aren't receiving as much as you hoped. The relationship is defined by the flow of cash, not by customer service or product development.

Transactional and Passive Nature

The Trust's role is to collect and pass through the net proceeds from the royalty interests it owns. You, as a unit holder, are a recipient, not a customer in the traditional sense that requires ongoing engagement or support. The most significant factor affecting this passive relationship recently has been the ongoing issue with the Waddell Ranch properties, where production costs are eating up the revenue.

Here are the hard numbers illustrating the impact of this passivity:

Waddell Ranch Deficit (as of 9/30/2025)	$34,199,056
Breakdown: Principal Deficit	$32,661,962
Breakdown: Accrued Interest	$1,537,094
Cash & Short-Term Investments (as of 9/30/2025)	$6,493,208
Total Units Outstanding (as of 11/17/2025 announcement)	46,608,796

Because of this deficit, the Trustee must communicate that distributions are coming only from the Texas Royalty Properties until the Waddell costs are recovered. That's a critical piece of information for your investment decision, but it's delivered as a financial update, not a service interaction.

Regulatory and Financial Disclosure

The formal communication channel is strictly regulatory. You get your information through mandated public filings and press releases issued by Argent Trust Company, as Trustee. This is how the Trust fulfills its duty to keep the market informed about the performance of the underlying assets.

The Trust adheres to a regular disclosure schedule:

• Monthly cash distribution announcements via press release, typically around the 17th to 21st of the month for the prior month's performance.
• Quarterly financial data reported on Form 10-Q, which is crucial for understanding the full picture, especially regarding the Waddell Ranch costs.
• Annual comprehensive data in the Form 10-K filing.

For instance, the November 17, 2025, press release detailed the October net profit from the Texas Royalty Properties was $973,969, which contributed $925,270 to that month's distribution, reflecting the Trust's 95% Net Profits Interest (NPI) share. The report also explicitly stated that no proceeds from Waddell Ranch were included for October due to the excess cost position.

Here's a look at the recent per-unit distribution history, which is the core transactional data you receive:

Month of Performance	Distribution per Unit	Payable Date (Late 2025)
October 2025	$0.020021	November 17, 2025
November 2025	$0.019233	December 12, 2025
September 2025	(Implied by lawsuit settlement news)	October 15, 2025
August 2025	$0.016418	September 15, 2025
July 2025	$0.015311	August 14, 2025
June 2025	$0.012976	July 15, 2025

Trustee-Led Communication Regarding Corporate Actions

The Trustee communicates directly about any significant corporate actions that affect your unit ownership or the Trust's governance. This is where the relationship becomes slightly more active, as it involves decisions you might vote on. The most immediate example is the governance challenge underway.

Key corporate action communications include:

• Notices regarding litigation settlements, such as the one announced August 19, 2025, concerning Blackbeard Operating, LLC.
• Announcements of Special Meetings of Unit holders, like the one called by SoftVest Advisors, LLC, scheduled for December 16, 2025.
• Information on the total distribution amount, such as the $896,437 total declared for the December 12, 2025, payment.

The Trustee is also forced to communicate deviations from the norm, such as Blackbeard Operating, LLC refusing to provide monthly Net Profits Interest (NPI) information, forcing the Trustee to rely on quarterly data for the Waddell Ranch properties. This lack of timely data directly impacts the predictability of your cash flow, which the Trustee must report transparently.

Permian Basin Royalty Trust (PBT) - Canvas Business Model: Channels

The Permian Basin Royalty Trust (PBT) relies on established financial market infrastructure for unit trading and distribution of its royalty income.

Unit Trading on the New York Stock Exchange (NYSE)

Trading of the units of beneficial interest occurs exclusively on the New York Stock Exchange (NYSE) under the ticker symbol PBT. As of early December 2025, the stock price showed movement, with a closing price reported at $18.67 on December 5, 2025. The trading activity reflects the market's valuation, with the market capitalization noted around $870.186M as of December 5, 2025. The 52-week trading range for PBT units has been between a low of $8.01 and a high of $20.46.

Key trading metrics as of early December 2025 include:

• Last Traded Price (Dec 3, 2025): $17.3350
• 200-Day Simple Moving Average: $15.50
• Average Volume (10 Day): 113,184 units
• Volume on December 3, 2025: 87,437 shares
• Payout Ratio (Latest): 67.65%

The distribution mechanism is a core channel for returning value to unit holders. The November 2025 monthly cash distribution was declared at $0.019233 per unit, payable on December 12, 2025, to holders of record on November 28, 2025. This distribution totaled $896,437 across 46,608,796 units outstanding. The annualized forward dividend rate was cited as $0.32, corresponding to a forward yield of 1.77% based on one report.

The primary entities facilitating unit transactions and payments are:

Function	Entity/Contact Point	Key Detail/Location
Trustee	Argent Trust Company	3838 Oak Lawn Avenue, Suite 1720, Dallas, TX 75219
Transfer Agent and Registrar	Equiniti Trust Company, LLC ("EQ")	48 Wall Street, Floor 23, New York, NY 10005
Unit Purchase/Sale Execution	Brokerage Firms	Units traded on NYSE; DRIP setup must be done through broker
Distribution Payment Contact	Equiniti Trust Company, LLC ("EQ")	Phone: 1-800-758-4672

You execute unit purchases or sales directly through your broker, as the Trust itself cannot buy or sell the units. The Trustee, Argent Trust Company, manages the distributions.

Public Announcements and Information Dissemination

Public announcements and official documentation are channeled through the Trust's digital presence and regulatory filings. The official website serves as a primary source for general information.

• Official Trust Website: https://www.pbt-permian.com
• Primary News Wire for Press Releases: PR Newswire
• Regulatory Filings Channel: SEC Filings (e.g., Form 8-K, Form 10-Q)
• Trust Counsel: Holland & Knight, LLP, Dallas, Texas

For example, the November cash distribution announcement was disseminated via PR Newswire on November 17, 2025. The Trust's underlying properties include a 75% net overriding royalty interest in Waddell Ranch properties and a 95% net overriding royalty interest in Texas Royalty properties.

Permian Basin Royalty Trust (PBT) - Canvas Business Model: Customer Segments

You're looking at the core group of people who hold units in Permian Basin Royalty Trust (PBT). These aren't typical stock buyers; they are highly focused on the cash flow generated by the underlying Permian Basin assets. Honestly, the customer segments are quite distinct, driven almost entirely by the trust's structure as a pass-through entity.

Income-focused retail and institutional investors seeking yield.

This group is primarily chasing the monthly income stream. They are attracted by the high payout frequency, even if the yield fluctuates with commodity prices and operating costs. For example, the latest declared cash distribution for the November 28, 2025, record date was $0.019233 per unit, payable on December 12, 2025. This is part of a pattern where the trust has paid 13 dividends in the past year. The annualized payout as of late 2025 stands at approximately $0.34 per share, translating to a current dividend yield of about 1.85%. To be fair, that yield is lower than the historical 5-year average of 4.0%. These investors are sensitive to the payout ratio, which was reported at 98.5% for the annualized figure.

Here's a quick look at the key metrics driving this segment's interest:

• Monthly payout frequency.
• Annualized payout of $0.34 per share.
• Latest declared distribution: $0.019233 per unit.
• Total November 2025 distribution: $896,437 across 46,608,796 units outstanding.
• Trailing Price-to-Earnings (PE) ratio: 55.33.

Investors seeking pure-play exposure to Permian Basin energy cash flows.

This segment values the direct, albeit passive, connection to production volumes and commodity pricing in the Permian Basin. They are less concerned with corporate structure and more with the underlying asset performance. The trust provides a lens into one of North America's most prolific oil and gas regions. You see this influence clearly when looking at the drivers behind distribution changes. For instance, July 2025 saw a 53% dividend increase, supported by the Texas Royalty Properties generating $901,654 in net profit for that month, alongside oil at $68.37 per barrel and gas at $11.75 per Mcf. However, this exposure carries risk, as evidenced by the Waddell Ranch properties having total production costs exceeding gross proceeds for both August and September 2025, creating a continuing excess cost position that must be recovered before any proceeds flow to unitholders.

The composition of the investor base includes significant institutional participation, which suggests a level of professional due diligence on the underlying assets. Here are some of the major institutional holders as of early 2025:

Institutional Holder	Reported Units (as of 4/23/2025)	Approximate Value (as of 4/23/2025)	Ownership Percentage (Reported)
Schwartz Investment Counsel Inc.	1,486,902	$14.68M	3.190%
Ameriprise Financial Inc.	Data Not Specified	Data Not Specified	Data Not Specified
Raymond James Financial Inc.	Data Not Specified	Data Not Specified	Data Not Specified
JPMorgan Chase & Co.	Data Not Specified	Data Not Specified	Data Not Specified

Activist unitholders focused on governance and maximizing distributions.

This is a smaller but highly influential segment, focused on structural changes to improve distributions or governance. As of October 2025, SoftVest Advisors, LLC, along with other holders, collectively claimed ownership of more than 15% of the outstanding Units. This group formally requested a special meeting of Unit holders for December 16, 2025, to vote on amending the Trust Indenture. The proposal seeks to lower the threshold for approving amendments to require only the affirmative vote of a majority of Units cast at a meeting where a quorum is present. This segment is keenly aware of one-time cash injections, such as the first installment of $4.5 million from the settlement with Blackbeard Operating, LLC, which was included in the September 2025 distribution of $0.115493 per unit.

The trust's overall market capitalization as of the latest data was $845.95 million, with an enterprise value of $839.46 million.

Permian Basin Royalty Trust (PBT) - Canvas Business Model: Cost Structure

Trust General and Administrative (G&A) expenses are a direct cost to the Trust structure itself, separate from the operator's costs on the underlying properties.

• Trust General and Administrative (G&A) expenses net of interest deducted for the November 2025 distribution were $28,833.
• G&A expenses net of interest deducted for the October 2025 distribution announcement were $39,774.
• G&A expenses net of interest deducted for the June 2025 distribution announcement were $365,230.

Taxes and expenses deducted from Texas Royalty gross revenues represent the non-production cost deductions taken off the smaller, but currently sole contributing, asset base.

• Taxes and expenses deducted from Texas Royalty gross revenues for the period reflecting the October 2025 distribution were $137,663.
• For the period reflecting the October 2025 distribution, the Net Profit from Texas Royalty Properties after these deductions was $973,969.

Increased professional service and legal fees arose directly from the ongoing operational disputes with the operator, Blackbeard Operating, LLC.

• Total expenses for the third quarter of 2025 amounted to $411,626, an increase from $367,625 in the third quarter of 2024, primarily attributed to increased expenses for professional services associated with legal proceedings with Blackbeard.
• The litigation, which was set for trial in November 2025, was resolved via settlement in August 2025.
• The settlement amount agreed to by Blackbeard was $9,000,000.
• The settlement payment structure includes $4,500,000 paid within 30 days of the August 19, 2025 announcement, and the remainder paid in four equal quarterly installments of $1,125,000 during the 2026 calendar year.

Operator's gross production costs and capital expenditures on the Waddell Ranch properties are critical as they determine when the largest asset will cease its cost deficit and begin contributing revenue.

Waddell Ranch Cost Metric (Q3 2025)	Amount (Gross)	Notes
Capital Expenditures (CapEx)	$53.3 million	For drilling, remedial, and maintenance activities (April through June 2025 expenditures).
Lease Operating Expenses and Property Taxes	$26.6 million	For the third quarter of 2025.
Net Profits Interest (NPI) Deficit/Loss	$6.405 million	For the three months ended September 30, 2025.

The Waddell Ranch properties have been in a continuing excess cost position, meaning total production costs exceeded gross proceeds, resulting in zero proceeds flowing to the Trust from this asset since November 2024 through September 2025. The estimated oil price required to generate a net profit for the Q3 2025 period was at least $70 per barrel.

Permian Basin Royalty Trust (PBT) - Canvas Business Model: Revenue Streams

You're looking at the core income drivers for Permian Basin Royalty Trust (PBT) as of late 2025. Honestly, the revenue streams are quite simple because this is a royalty trust, meaning it doesn't operate the wells; it just collects a percentage of the production revenue, net of costs.

The primary revenue sources flow from two distinct sets of properties, though one is currently under a cost recovery burden. Here's a breakdown of the key financial components that feed the distributable income:

• Net profit proceeds from the Texas Royalty properties.
• Net profit proceeds from the Waddell Ranch properties, which are currently zero.
• Interest income earned on cash reserves.

The most recent monthly data available, tied to the November 2025 distribution announcement, gives us a clear look at the Texas Royalty contribution. For the month of October 2025, the underlying properties generated revenues of $1,111,632. After deducting taxes and expenses of $137,663, the Net Profit was $973,969. Since the Trust holds a 95% Net Profits Interest (NPI) in these assets, this resulted in a net contribution of $925,270 to the November distribution. That's the clean, direct cash flow component right now.

The Waddell Ranch properties, which historically account for a significant portion of gross proceeds, are currently a drag on revenue flow. Blackbeard, the operator, has reported that total production costs exceeded gross proceeds for September 2025. This created a continuing excess cost position that must be recovered before any proceeds flow to the Trust. Specifically, the loss incurred by the Waddell Ranch properties for the three months ended September 30, 2025, was $6.405 million. So, for the revenue stream analysis, the net profit proceeds from Waddell Ranch properties are effectively zero until that deficit is cleared.

To give you the big picture on overall performance leading up to this point, here are the cumulative nine-month results:

Metric	Amount (Nine Months Ended September 30, 2025)
Total Distributable Income	$11,855,354
Distributable Income Per Unit	$0.25
Total Revenue (Quarterly)	$7.27 million (Q3 2025)

Finally, you can't forget the small, passive income component. The Trustee holds cash reserves, and while commodity prices and lower balances have compressed returns, there is still some interest income. For the quarter ended September 30, 2025, the interest income earned on cash reserves was a minimal $15,049.

To summarize the key revenue inputs for the period:

• Texas Royalty Net Contribution (for November Payout): $925,270.
• Waddell Ranch Net Contribution: $0 due to a continuing excess cost deficit.
• Q3 2025 Waddell Ranch Loss: $6.405 million.
• Interest Income (Q3 2025): $15,049.