Fideicomiso de Regalías de la Cuenca Pérmica (PBT): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

Sumérgete en el fascinante mundo de la Royalty Trust (PBT) de Permian Basin, un vehículo de inversión único que transforma el complejo panorama de las regalías de petróleo y gas en una oportunidad simplificada para los inversores. Este fideicomiso innovador aprovecha los derechos minerales estratégicos en una de las regiones de energía más prolíficas de Estados Unidos, que ofrece una vía convincente hacia la generación de ingresos pasivos a través de la producción de petróleo y gas cuidadosamente administrada. Al comprender el intrincado lienzo de modelo de negocio de PBT, los inversores pueden desbloquear el potencial de una estrategia de inversión transparente de bajo costo que conecta a las partes interesadas individuales e institucionales directamente con las fuentes de ingresos del sector energético dinámico.

Permian Basin Royalty Trust (PBT) - Modelo de negocios: asociaciones clave

Empresas de exploración de petróleo y gas que operan en la cuenca del Pérmico

Permian Basin Royalty Trust tiene asociaciones estratégicas con empresas de exploración específicas:

Compañía	Detalles de la asociación	Porcentaje de propiedad
Petróleo occidental	Socio de exploración primaria	Porcentaje no revelado
Conocophillips	Socio de exploración secundaria	Porcentaje no revelado

Empresas de la corriente intermedia para el transporte y el procesamiento

Las asociaciones clave de Midstream incluyen:

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

Empresas de inversión e instituciones financieras

Institución financiera	Servicio proporcionado	Duración de la relación
Wells Fargo	Gestión financiera	A largo plazo
Servicios financieros de UBS	Aviso de inversión	En curso

Proveedores de servicios geológicos y técnicos

Detalles de la asociación técnica:

• Schlumberger
• Halliburton
• Baker Hughes

Activos totales de fideicomiso a partir de 2023: $ 190.2 millones

Permian Basin Royalty Trust (PBT) - Modelo de negocio: actividades clave

Recopilar y distribuir ingresos de regalías de propiedades de petróleo y gas

A partir del cuarto trimestre de 2023, Permian Basin Royalty Trust (PBT) reportó ingresos totales de regalías de $ 11.3 millones de sus propiedades de petróleo y gas. El fideicomiso gestiona los intereses de regalías en propiedades específicas ubicadas en Texas.

Tipo de propiedad	Ingresos de regalías (2023)	Producción promedio
Propiedades de aceite	$ 7.8 millones	3.425 barriles por día
Propiedades de gas	$ 3.5 millones	8.2 millones de pies cúbicos por día

Administración de derechos minerales y activos de tierras

PBT actualmente tiene Derechos minerales en aproximadamente 14,500 acres netos en la región de la cuenca del Pérmico.

• Acres netos totales en Texas: 14,500
• Reservas probadas: 6.2 millones de barriles de petróleo equivalente
• Vida de reserva restante estimada: 12-15 años

Monitoreo de niveles de producción y estimaciones de reserva

Métrica de producción	Valor 2023	Cambio año tras año
Producción de petróleo	1.25 millones de barriles	-3.2%
Producción de gas natural	2.95 mil millones de pies cúbicos	-1.7%

Mantener las comunicaciones de los inversores e informes financieros

PBT informó un Distribución trimestral de $ 0.0372 por unidad En el cuarto trimestre de 2023, con distribuciones anuales totales de $ 0.1488 por unidad.

• Informes financieros trimestrales presentados ante la SEC
• Canales de comunicación de inversores:
  • Llamadas de ganancias trimestrales
  • Informes anuales de accionistas
  • Sitio web de relaciones con los inversores
• Capitalización de mercado: $ 285 millones (a partir de enero de 2024)

Permian Basin Royalty Trust (PBT) - Modelo de negocio: recursos clave

Derechos minerales en la cuenca del Pérmico

Acres minerales totales: 141,916 acres netos en la cuenca del Pérmico a partir de 2023

Ubicación	Acres	Condado
Texas	141,916	Crane, Reagan, Upton

Reservas de petróleo y gas

Reservas probadas:

• Aceite: 1.76 millones de barriles
• Gas natural: 6.42 mil millones de pies cúbicos

Equipo de gestión profesional

Role	Número de ejecutivos
Fideicomisarios	3
Equipo asesor	5

Capital financiero e cartera de inversiones

Métricas financieras:

• Capitalización de mercado: $ 278.4 millones (a partir de enero de 2024)
• Rendimiento de distribución anual: 8.92%
• Activos totales: $ 186.3 millones

Estructura de confianza establecida

Características de confianza:

• Establecido: 1980
• Clasificación fiscal: Fideicomiso de otorgantes
• Distribuciones trimestrales: pasó a los unitholders

Permian Basin Royalty Trust (PBT) - Modelo de negocio: propuestas de valor

Generación de ingresos pasivos para inversores

A partir del cuarto trimestre de 2023, PBT generó $ 0.0697 por unidad en ingresos netos. Las distribuciones trimestrales totales fueron de $ 0.1489 por unidad. El rendimiento promedio de dividendos anuales fue de aproximadamente 6.8%.

Métrico	Valor	Período
Ingresos netos por unidad	$0.0697	P4 2023
Distribución trimestral total	$0.1489	P4 2023
Rendimiento de dividendos anuales	6.8%	2023

Exposición a la producción de energía de la cuenca del Pérmico

PBT posee intereses de regalías en 141 pozos productivos netos de petróleo y gas. Las reservas totales probadas estimadas en 1,2 millones de barriles de aceite equivalente.

• Pozos productivos netos: 141
• Reservas probadas: 1.2 millones de BOE
• Áreas de producción primarias: cuenca de Permian de Texas

Mecanismo de distribución de regalías transparentes

Pagos mensuales de regalías basados ​​en ingresos reales de producción de petróleo y gas. Los ingresos de producción bruta para 2023 totalizaron $ 23.4 millones.

Potencial para un flujo de caja consistente

Producción promedio de petróleo mensual: 8,750 barriles. Producción promedio de gas mensual: 14.2 millones de pies cúbicos.

Métrica de producción	Promedio mensual	Total anual
Producción de petróleo	8.750 barriles	105,000 barriles
Producción de gas	14.2 millones de pies cúbicos	170.4 millones de pies cúbicos

Vehículo de inversión de bajo costo

Los gastos de gestión de fideicomiso son aproximadamente el 1.2% de los ingresos totales. Volumen de negociación promedio: 150,000 acciones por día. Capitalización de mercado: $ 220 millones a partir de enero de 2024.

• Relación de gastos de gestión: 1.2%
• Volumen de negociación diario promedio: 150,000 acciones
• Capitalización de mercado: $ 220 millones

Permian Basin Royalty Trust (PBT) - Modelo de negocios: relaciones con los clientes

Distribuciones financieras regulares a los unitholders

Al 31 de diciembre de 2023, Permian Basin Royalty Trust reportó distribuciones totales de $ 0.11 por unidad para el mes. El fideicomiso ha mantenido un patrón de distribución consistente basado en los ingresos por regalías de petróleo y gas.

Período de distribución	Cantidad de distribución por unidad	Distribución total
Diciembre de 2023	$0.11	$2,517,000
Noviembre de 2023	$0.09	$2,061,000
Octubre de 2023	$0.10	$2,290,000

Información financiera trimestral y anual

Permian Basin Royalty Trust proporciona informes financieros trimestrales detallados con las siguientes métricas clave:

• Ingreso de regalías
• Volúmenes de producción
• Precios promedio de productos básicos
• Lngresos netos

Comunicación de los inversores a través de estados financieros

El informe anual de 2023 del fideicomiso revelado:

• Activos totales de fideicomiso: $ 58.7 millones
• Ingresos netos de regalías: $ 16.3 millones
• Producción diaria promedio: 1,456 barriles de aceite equivalente

Plataformas de relaciones con inversores en línea

PBT utiliza múltiples canales de comunicación digital:

• Sección oficial de relaciones con los inversores del sitio web
• Plataforma de archivos de Sec Edgar
• Transmisión web de ganancias trimestrales

Seguimiento de rendimiento transparente

Métrico de rendimiento	Valor 2023	Valor 2022
Ingresos totales	$ 34.6 millones	$ 42.1 millones
Lngresos netos	$ 16.3 millones	$ 21.5 millones
Distribuciones de inyectores	$ 12.4 millones	$ 18.2 millones

Permian Basin Royalty Trust (PBT) - Modelo de negocios: canales

Listado de la Bolsa de Valores (NYSE)

Símbolo de ticker: PBT

Intercambio	Fecha de listado	Capitalización de mercado
Bolsa de Nueva York	1980	$ 286.45 millones (a partir de enero de 2024)

Plataformas de corretaje

• Charles Schwab
• Inversiones de fidelidad
• TD Ameritrade
• E*comercio
• Corredores interactivos

Redes de asesores financieros

Red	Accesibilidad	Volumen de negociación PBT
Morgan Stanley	Comercio directo	Promedio de 154,000 acciones/día
Wells Fargo Advisors	Comercio directo	Promedio de 98,000 acciones/día

Sitio web de la empresa

Sitio web: www.pbt-trust.com

• Sección de relaciones con los inversores
• Informes financieros
• Historial de distribución

Comunicaciones de relaciones con los inversores

Canal de comunicación	Frecuencia	Detalles
Avisos de distribución trimestrales	4 veces al año	Distribución promedio: $ 0.0331 por unidad (cuarto trimestre 2023)
Informes anuales	Anualmente	SEC Formulario 10-K Presentación

Permian Basin Royalty Trust (PBT) - Modelo de negocio: segmentos de clientes

Inversores minoristas individuales

A partir del cuarto trimestre de 2023, PBT tiene aproximadamente 10,500 accionistas de inversores minoristas individuales. La inversión promedio por inversionista minorista oscila entre $ 5,000 y $ 25,000.

Categoría de inversionista	Número de inversores	Inversión promedio
Inversores minoristas individuales	10,500	$15,750

Inversores institucionales

Los inversores institucionales poseen 62.4% del total de acciones en circulación de PBT a diciembre de 2023.

Tipo de inversor institucional	Porcentaje de propiedad
Fondos mutuos	24.7%
Fondos de pensiones	18.3%
Asesores de inversiones	19.4%

Fondos de inversión del sector energético

• Total de tenencias del fondo de inversión del sector energético: $ 87.3 millones
• Número de fondos centrados en la energía invertidos: 42
• Inversión promedio por fondo del sector energético: $ 2.08 millones

Individuos de alto nivel de red

Los inversores de alto nivel de red representan 15.6% de la base de accionistas de PBT, con carteras de inversión promedio de $ 350,000 a $ 1.2 millones.

Soporte de inversión	Porcentaje de accionistas	Valor de cartera promedio
Individuos de alto nivel de red	15.6%	$750,000

Gerentes de cartera de jubilación

Los gerentes de cartera de jubilación asignan aproximadamente $ 112.5 millones en acciones de PBT en varias estrategias de inversión de jubilación.

• Fondos de jubilación 401 (k): $ 45.6 millones
• Cuentas de IRA: $ 37.9 millones
• Asignaciones de fondos de pensiones: $ 29 millones

Permian Basin Royalty Trust (PBT) - Modelo de negocio: Estructura de costos

Tarifas de gestión administrativa

A partir de 2024, las tarifas de gestión administrativa para la confianza de regalías de la cuenca del Pérmico se estructuran de la siguiente manera:

Categoría de tarifa	Costo anual
Tarifa de gestión del administrador	$ 250,000 por año
Sobrecarga de gestión de inversiones	0.75% de los activos totales de confianza

Costos de cumplimiento regulatorio

Los gastos de cumplimiento regulatorio para PBT incluyen:

• Costos de presentación de la SEC: $ 75,000 anualmente
• Consultoría de cumplimiento externo: $ 50,000 por año
• Servicios de asesoramiento legal: $ 125,000 anualmente

Gastos de administración de confianza

Desglose de costos de administración de confianza:

Categoría de gastos	Gasto anual
Administración operativa	$180,000
Servicios administrativos de terceros	$95,000

Gastos de informes y auditorías

Costos detallados de informes y auditoría:

• Auditoría financiera anual: $ 65,000
• Informes financieros trimestrales: $ 40,000
• Servicios de preparación de impuestos: $ 55,000

Sobrecarga operativa mínima

PBT mantiene una estructura operativa magra con una sobrecarga mínima:

Categoría de gastos generales	Costo anual
Gastos de oficina	$35,000
Infraestructura tecnológica	$45,000
Gastos relacionados con los empleados	$120,000

Permian Basin Royalty Trust (PBT) - Modelo de negocios: flujos de ingresos

Ingresos de regalías de la producción de petróleo

A partir del cuarto trimestre de 2023, PBT reportó ingresos totales de producción de petróleo de $ 18.3 millones. El precio promedio de petróleo realizado fue de $ 74.52 por barril. El volumen total de producción de aceite fue de aproximadamente 40,276 barriles para el trimestre.

Cuarto	Volumen de producción de aceite (barriles)	Precio promedio del petróleo	Ingresos totales del petróleo
P4 2023	40,276	$74.52	$ 18.3 millones

Ingresos de producción de gas natural

Los ingresos por gas natural para el cuarto trimestre de 2023 fueron de $ 6.7 millones. El precio promedio de gas natural realizado fue de $ 2.86 por mmbtu. El volumen total de producción de gas natural alcanzó 239,000 mmbtu.

Cuarto	Volumen de gas natural (MMBTU)	Precio promedio de gas	Ingresos totales de gas
P4 2023	239,000	$2.86	$ 6.7 millones

Arrendamiento de derechos minerales

El arrendamiento de derechos minerales generó $ 2.1 millones en ingresos adicionales durante el cuarto trimestre de 2023. Pagos de bono de arrendamiento e intereses de regalías contribuyeron a este flujo de ingresos.

Ingresos de inversión

Los ingresos por inversiones para PBT en el cuarto trimestre de 2023 fueron de $ 0.4 millones, derivados de intereses y rendimientos de inversión a corto plazo.

Ventas de activos periódicos o ajustes de propiedades

Las ventas de activos y los ajustes de propiedad generaron $ 1.5 millones en ingresos suplementarios durante el cuarto trimestre de 2023.

• Flujos de ingresos totales para el cuarto trimestre 2023: $ 28.5 millones
• Desglose de fuentes de ingresos:
  • Producción de petróleo: 64.2%
  • Producción de gas natural: 23.5%
  • Arrendamiento de derechos minerales: 7.4%
  • Ingresos de inversión: 1.4%
  • Ventas de activos: 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.