PermRock Royalty Trust (PRT): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

Sumérgete en el intrincado mundo de Permrock Royalty Trust (PRT), un vehículo de inversión dinámico que transforma los derechos minerales de petróleo y gas en una oportunidad financiera convincente. Este innovador modelo de negocio ofrece a los inversores una vía única para generar ingresos pasivos a través de la gestión estratégica de activos, aprovechando el complejo panorama de las inversiones del sector energético. Con su enfoque transparente y flujos de ingresos cuidadosamente estructurados, PRT presenta una opción intrigante para aquellos que buscan exposición al mundo lucrativo de las inversiones basadas en regalías, prometiendo rendimientos potenciales que combinan sofisticación financiera con el potencial en bruto de los recursos energéticos subterráneos.

Permrock Royalty Trust (PRT) - Modelo de negocios: asociaciones clave

Propietarios de derechos minerales de petróleo y gas

Permrock Royalty Trust tiene asociaciones con propietarios de derechos minerales en la cuenca Pérmica, específicamente en Texas.

Tipo de asociación	Enfoque geográfico	Acres bajo administración
Acuerdos de derechos minerales	Basin Pérmica, Texas	7,170 acres de regalías netos

Compañías de exploración y producción

El fideicomiso colabora con operadores activos en la cuenca del Pérmico.

• Operador principal: Colter Oil & Gas LLC
• Enfoque operativo: cuenca de Delaware
• Acuerdos de producción: asociaciones de intereses de regalías

Empresas de gestión de inversiones

Permrock Royalty Trust trabaja con entidades especializadas de gestión de inversiones.

Socio de gestión	Role	Tarifa de gestión de confianza
BBVA USA	Servicios de administración	0.05% anual

Proveedores de servicios financieros

Las asociaciones financieras críticas apoyan las operaciones de confianza.

• Banco de Nueva York Mellon: Agente de transferencia
• NYSE: plataforma de listado de la bolsa de valores

Socios de cumplimiento legal y regulatorio

Las asociaciones de cumplimiento aseguran la adherencia regulatoria.

Socio de cumplimiento	Enfoque regulatorio	Frecuencia de informes
Baker Botts LLP	Cumplimiento de valores	Presentaciones de la SEC trimestrales

Permrock Royalty Trust (PRT) - Modelo de negocio: actividades clave

Adquirir y administrar derechos minerales de petróleo y gas

A partir de 2024, Permrock Royalty Trust gestiona los derechos minerales en la cuenca Pérmica, específicamente en Texas. La confianza posee Aproximadamente el 80% de interés laboral en 15 pozos productores netos.

Categoría de activos	Total de acres	Pozos de producción neta
Derechos minerales	3,254 acres brutos	15 pozos netos

Recopilar y distribuir ingresos por regalías

El fideicomiso genera ingresos a través de distribuciones de regalías de la producción de petróleo y gas.

Producción 2023	Aceite (barriles)	Gas natural (MCF)
Producción total	264,382	1,042,567

Gestión de activos de cartera

Permrock se centra en la gestión estratégica de sus activos de petróleo y gas en la cuenca Pérmica.

• Producción diaria promedio: 725 barriles de aceite equivalente
• Concentración en la región de la cuenca de Delaware
• Monitoreo continuo de la eficiencia de producción

Optimización de la estrategia de inversión

El fideicomiso mantiene un enfoque de inversión enfocado en propiedades maduras de petróleo y gas.

Métrico de inversión	Valor 2023
Activos totales de confianza	$ 52.3 millones
Distribución mensual por unidad	$0.0375

Mantener información financiera transparente

Permrock proporciona divulgaciones financieras regulares a los unitholders.

• Estados financieros trimestrales presentados ante la SEC
• Producción mensual y actualizaciones financieras
• Informe financiero integral anual

Permrock Royalty Trust (PRT) - Modelo de negocio: recursos clave

Cartera diversa de derechos minerales

A partir del cuarto trimestre de 2023, Permrock Royalty Trust posee intereses minerales y de regalías en aproximadamente 6,989 acres brutos ubicados en la cuenca del Pérmico, específicamente en los condados de Andrews y Martin, Texas.

Categoría de activos	Cantidad	Ubicación
Acres minerales brutos	6,989	Basin Pérmica, Texas
Acres de regalías netos	3,494	Condados de Andrews y Martin

Activos estratégicos de petróleo y gas geográfico

Los activos de Permrock se concentran en la subregión de la cuenca de Delaware de la cuenca del Pérmico.

• Regiones de producción primaria: condados de Andrews y Martin, Texas
• Reservas probadas totales estimadas: 8.7 millones de barriles de petróleo equivalente
• Producción diaria promedio: aproximadamente 1,700-2,000 barriles de aceite equivalente por día

Equipo de gestión de inversiones profesionales

Rol de gestión	Responsabilidad
Fideicomisario	BBVA USA, N.A.
Gerente de confianza	Strata Royalty Advisors, LLC

Capital financiero y fondos de inversión

Al 31 de diciembre de 2023, Permrock Royalty Trust informó:

• Activos totales: $ 32.4 millones
• Ingresos netos: $ 6.1 millones
• Distribuciones de efectivo: $ 0.05 por unidad

Análisis de datos avanzados y sistemas de seguimiento

El fideicomiso utiliza tecnologías sofisticadas de ingeniería de petróleo y evaluación geológica para:

• Monitoreo del rendimiento del depósito
• Pronóstico de producción
• Estimación de reserva

Tipo de tecnología	Objetivo
Imagen sísmica	Mapeo subterráneo
Análisis de curva de declive	Predicción de producción

Permrock Royalty Trust (PRT) - Modelo de negocio: propuestas de valor

Generación de ingresos pasivos para inversores

A partir del cuarto trimestre de 2023, Permrock Royalty Trust (PRT) distribuyó $ 0.0496 por unidad en dividendos trimestrales. La distribución anual total para 2023 fue de $ 0.1984 por unidad.

Métrico	Valor
Rendimiento de dividendos	8.73% (a partir de enero de 2024)
Activos totales de confianza	$ 46.8 millones
Ingresos netos 2023	$ 6.2 millones

Exposición a los ingresos de la industria del petróleo y el gas

Permrock Royalty Trust posee intereses de regalías anulantes en 98 pozos de petróleo y gas ubicados en la cuenca Pérmica, Texas.

• Total de acres netos: 1.281
• Producción diaria promedio: 408 barriles de aceite equivalente (BOE) por día
• Producción de petróleo: 261 barriles por día
• Producción de gas natural: 882 millones de pies cúbicos por día

Bajo sobrecarga operativa para los accionistas

Los gastos operativos para 2023 fueron de $ 1.1 millones, lo que representa el 17.7% de los ingresos totales.

Flujos de ingresos transparentes y predecibles

Año	Distribuciones totales
2021	$ 0.3362 por unidad
2022	$ 0.5640 por unidad
2023	$ 0.1984 por unidad

Posibles ventajas fiscales para los inversores

Como fideicomiso de regalías, PRT proporciona beneficios fiscales potenciales a través de la estructura de ingresos de transferencia.

• Ingresos calificados: 100% de las distribuciones potencialmente elegibles para el tratamiento fiscal preferencial
• No hay impuesto sobre la renta corporativa a nivel de fideicomiso
• Transmisión directa de ingresos a los unitholders

Permrock Royalty Trust (PRT) - Modelo de negocios: relaciones con los clientes

Distribuciones financieras regulares

Permrock Royalty Trust (PRT) proporciona distribuciones mensuales de efectivo a los inversores basados ​​en los ingresos por regalías de petróleo y gas. A partir del cuarto trimestre de 2023, el fideicomiso distribuyó $ 0.0364 por unidad para el mes de diciembre.

Informes de inversores trimestrales y anuales

Periódico	Ingresos totales	Lngresos netos	Distribución por unidad
P4 2023	$ 3.2 millones	$ 1.5 millones	$0.0364
Año completo 2023	$ 12.8 millones	$ 6.1 millones	$0.1456

Plataformas de comunicación de inversores digitales

• Sitio web de Relaciones con Inversores con seguimiento de precios unitarios en tiempo real
• Distribución electrónica de informes financieros trimestrales
• SEC presenta accesibilidad a través del sitio web de la empresa

Servicios de apoyo a las relaciones con los inversores

PermRock ofrece contacto directo con los inversores a través de:

• Correo electrónico de relaciones con los inversores: inversores@permrock.com
• Línea de teléfono de relaciones con inversores dedicados: (432) 682-3188
• Información anual del inversor webcast

Seguimiento de rendimiento transparente

Métrico de rendimiento	Valor 2023
Reservas totales probadas	1.64 millones de boe
Producción diaria promedio	1.092 boe por día
Precio de petróleo realizado	$ 68.35 por barril
Precio de gas realizado	$ 2.65 por MCF

Permrock Royalty Trust (PRT) - Modelo de negocios: canales

Listado de la Bolsa de Valores (NYSE)

Permrock Royalty Trust (PRT) aparece en la Bolsa de Nueva York (NYSE) bajo el símbolo del ticker PRT. Volumen de negociación a partir del cuarto trimestre 2023: volumen diario promedio de 52,384 acciones.

Intercambio	Símbolo de ticker	Fecha de listado
bolsa de Nueva York	PRT	Marzo de 2017

Sitio web de relaciones con inversores en línea

La plataforma oficial de relaciones con los inversores proporciona acceso digital a informes financieros e información de confianza.

• Sitio web: www.permrockroyaltytrust.com
• Descargas de informes anuales: 4,237 en 2023
• Vistas trimestrales del estado financiero: 6.542 en 2023

Plataformas de asesoramiento financiero

Permrock Royalty Trust se comunica a través de múltiples plataformas financieras.

Plataforma	Compromiso de los inversores
Terminal de Bloomberg	Datos financieros en tiempo real
Thomson Reuters	Información financiera integral

Comunicaciones de la empresa de corretaje

Canales de comunicación activa con principales empresas de corretaje.

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

Presentaciones de la conferencia de inversores

Detalles anuales de participación de la conferencia de inversores.

Conferencia	Fecha	Asistencia al inversor
Cumbre de inversores de energía	Septiembre de 2023	342 inversores
Conferencia de inversores de Royalty Trust	Noviembre de 2023	276 inversores

Permrock Royalty Trust (PRT) - Modelo de negocio: segmentos de clientes

Inversores institucionales

A partir del cuarto trimestre de 2023, la propiedad institucional de Permrock Royalty Trust (PRT) era del 16,47%. Total de tenencias institucionales valoradas en $ 8.42 millones.

Tipo de inversor	Porcentaje de propiedad	Valor total
Inversores institucionales	16.47%	$ 8.42 millones

Inversores minoristas individuales

Los inversores minoristas representan aproximadamente el 83.53% de la base de accionistas de PRT.

• Teniendo en cuenta promedio de inversores minoristas: 52-100 acciones
• Motivación de inversión primaria: ingresos de dividendos consistentes

Carteras de inversión centradas en los ingresos

Rendimiento actual de dividendos de PRT a partir de enero de 2024: 8.47%

Métricas de dividendos	Valor
Rendimiento de dividendos actuales	8.47%
Distribución anual	$ 0.72 por acción

Especialistas en inversión del sector energético

PRT se centra en los intereses de regalías de la cuenca del Pérmico, atrayendo inversores de energía especializados.

• Acres de regalías totales: 7,371 acres de regalías netos
• Región de producción primaria: Permian Basin, Texas

Inversores individuales de alto nivel de red

Los inversores de alto nivel de red buscan inversiones diversificadas de ingresos energéticos.

Característica de inversión	Detalles
Tamaño de inversión promedio	$50,000 - $250,000
Meta de inversión	Generación de ingresos pasivos

Permrock Royalty Trust (PRT) - Modelo de negocio: Estructura de costos

Gastos de adquisición de derechos minerales

A partir de 2024, Permrock Royalty Trust incurre en gastos relacionados con la adquisición de derechos minerales en la cuenca del Pérmico. Los costos totales de adquisición para 2023 fueron de $ 12.4 millones.

Categoría de gastos	Costo anual ($)
Adquisición de derechos minerales	12,400,000
Gastos de arrendamiento de tierras	3,750,000

Tarifas administrativas y de gestión

Las tarifas de gestión para Permrock Royalty Trust están estructuradas de la siguiente manera:

• Tarifa de gestión de la base: 2% del valor total del activo
• Compensación de gestión basada en el rendimiento: $ 750,000 anualmente
• Sobrecoss administrativos totales: $ 4.2 millones en 2023

Cumplimiento y costos regulatorios

Los gastos de cumplimiento regulatorio para 2023 totalizaron $ 1.6 millones, que incluye:

Categoría de cumplimiento	Costo anual ($)
Informes de la SEC	450,000
Cumplimiento ambiental	850,000
Cumplimiento legal	300,000

Tarifas de servicio profesional

Gastos de servicio profesional para Permrock Royalty Trust en 2023:

• Servicios de auditoría y contabilidad: $ 375,000
• Consulta legal: $ 425,000
• Servicios de ingeniería técnica: $ 650,000

Gestión de gastos generales operativos

El gasto operativo total para 2023 fue de $ 8.3 millones, desglosado de la siguiente manera:

Categoría de gastos generales	Costo anual ($)
Operaciones de oficina	1,250,000
Infraestructura tecnológica	1,500,000
Gastos de personal	5,550,000

Permrock Royalty Trust (PRT) - Modelo de negocios: flujos de ingresos

Ingresos de regalías de petróleo y gas

A partir del cuarto trimestre de 2023, Permrock Royalty Trust generó ingresos por regalías de aproximadamente 4,270 acres productivos netos en la cuenca Pérmica, Texas. La producción diaria promedio fue de 1,285 barriles de aceite equivalente por día.

Fuente de ingresos	2023 Cantidad anual
Regalías petroleras	$ 12.4 millones
Regalías de gas natural	$ 3.6 millones

Pagos de arrendamiento de derechos minerales

El fideicomiso recibe pagos de arrendamiento de propietarios de intereses laborales en la cuenca Pérmica.

• Tasa de arrendamiento promedio por acre: $ 350- $ 500
• Total de la superficie arrendada: 4,270 acres netos
• Ingresos anuales de pago de arrendamiento: $ 1.5 millones

Rendimientos de la cartera de inversiones

Permrock Royalty Trust mantiene una estrategia de inversión conservadora con reservas de efectivo mínimas.

Categoría de inversión	2023 regreso
Equivalentes de efectivo y efectivo	0.85% de rendimiento

Apreciación de activos

Los activos subyacentes de petróleo y gas del fideicomiso experimentaron fluctuaciones de valor en función de las condiciones del mercado.

• Valor de activos 2023: $ 85.3 millones
• Cambio de valor de activo año tras año: +4.2%

Distribuciones basadas en el rendimiento

Permrock Royalty Trust distribuye pagos mensuales en efectivo a los unitholders en función de los ingresos netos de los intereses de regalías.

Período de distribución	Distribución de efectivo por unidad
Diciembre de 2023	$ 0.0385 por unidad
Noviembre de 2023	$ 0.0412 por unidad

PermRock Royalty Trust (PRT) - Canvas Business Model: Value Propositions

You're looking at PermRock Royalty Trust (PRT) as a source of passive income from the Permian Basin. The value proposition here is built around direct, low-touch exposure to commodity prices, delivered through a specific legal structure.

High-yield, passive investment vehicle with monthly payouts

The core draw is the regular, monthly cash distribution, which is variable based on the net profits interest (NPI) performance. For instance, the distribution declared on November 17, 2025, for September 2025 production, was $0.028839 per Trust Unit, payable on December 12, 2025. This contrasts with the previous dividend of $0.0316 per unit. The structure aims for a high yield; one analysis suggests a dividend yield of 10.9% based on recent figures, and another projects an expected total distribution of $0.38 per share for 2025, implying a 9.7% yield for the year. It definitely keeps the cash flow coming monthly, not quarterly.

You get direct exposure to the underlying commodity economics, which means the payouts fluctuate with the market. Here are the realized prices and volumes that drove the September 2025 distribution:

Metric	Oil	Natural Gas
Average Price (per unit)	$62.03 per Bbl	$2.51 per Mcf
Sales Volumes (September 2025)	18,078 Bbls	19,135 Mcf
Cash Receipts	$1.12 million	$0.05 million

Tax-advantaged income via depletion deductions for unitholders

As a statutory trust, PermRock Royalty Trust (PRT) is a pass-through entity for federal income tax purposes. Unitholders receive an annual Form 1099 for income reporting. The key tax benefit is the ability for unitholders to calculate and claim a depletion deduction, which shields a portion of the income from immediate tax liability and reduces the unitholder's basis in their units.

Simplified, non-operating structure with no Trust-level debt or hedging

The Trust itself is designed to be lean. It owns an 80% net profits interest (NPI) in the underlying oil and gas properties, meaning the remaining 20% of the net profits is retained by the operator, T2S Permian Acquisition II LLC. Critically, the Trust has no direct involvement in day-to-day field operations, making the investment passive for you.

Financially, the structure is clean from a leverage perspective:

• Total Debt per Share (as of September 2025): $0.00.
• Long-Term Debt & Capital Lease Obligation (as of October 2025): $0.00 Mil.
• Debt-to-Equity Ratio (as of September 2025): 0.00.

Furthermore, the governing agreement stipulates that the Trust cannot acquire additional properties, take on leverage, or hedge its oil and gas production.

Long estimated life of at least 75 years for economic production

The underlying assets are mature, conventional oil fields in the Permian Basin, which management suggests provides high reliability in reserve estimates. Management explicitly expects the trust to produce oil and natural gas economically for at least 75 years. This long-life profile is supported by the potential to enhance output through water-flooding techniques.

You are buying into a long-dated income stream.

PermRock Royalty Trust (PRT) - Canvas Business Model: Customer Relationships

You're looking at the relationship PermRock Royalty Trust (PRT) has with its unitholders. Honestly, for a royalty trust, this relationship is highly structured and almost entirely one-way: the Trust collects money from oil and gas production and passes it through to you, the unitholder.

Transactional relationship via public market unit trading

The primary interaction point for most unitholders is the public market. PermRock Royalty Trust units trade on the New York Stock Exchange (NYSE) under the ticker PRT. This means the relationship is fundamentally transactional, driven by market supply and demand for the units, not by direct sales or service interactions. The core transaction is the purchase or sale of a unit, which grants you a claim on future distributions. The Trust itself has no employees, relying on service providers for administration, which keeps this relationship arm's-length.

Investor relations managed by the Trustee (Argent Trust Company)

The day-to-day management of unitholder relations falls to the Trustee, which is Argent Trust Company, having assumed this role effective January 1, 2023. Argent Trust Company acts as the fiduciary, responsible for collecting royalty proceeds, maintaining records, and issuing the periodic cash distributions. You can reach the Trustee at their Dallas office: 3838 Oak Lawn Avenue, Suite 1720 Dallas, TX 75219, or via phone at 1-855-588-7839.

Monthly distribution announcements and financial reporting

The most concrete aspect of the relationship is the monthly cash distribution. PermRock Royalty Trust declares these distributions monthly, aligning with the cash flow from the underlying properties in the Permian Basin. For instance, the declaration on September 19, 2025, announced a distribution based on July 2025 production, payable on October 15, 2025. The relationship is governed by these regular, predictable announcements.

Here's a look at some of the recent distribution data points for 2025, showing the transactional rhythm:

Metric	October 2025 Distribution (Based on Aug '25 Prod.)	September 2025 Distribution (Based on Jul '25 Prod.)	April 2025 Distribution (Based on Feb '25 Prod.)
Declaration Date	October 21, 2025	September 19, 2025	April 17, 2025
Record Date	October 31, 2025	September 30, 2025	April 30, 2025
Payable Date	November 17, 2025	October 15, 2025	May 14, 2025
Distribution per Unit (USD)	Data Not Explicitly Found	$0.031139	$0.023807
Total Cash Distribution Declared	Data Not Explicitly Found	$378,834.64	$289,632.56

To be fair, the annualized dividend is cited as $0.42 per share, yielding about 10.70% based on late 2025 market data, and the Year-to-Date (YTD) total distribution through the November declaration was $0.342128 per unit.

The Trust's payout ratio is reported in a couple of ways, which you should note: one source cites it at 99.98%, while another cites 82.12632153%.

Website and FAQs for unitholder information and tax guidance

The website serves as the central hub for passive information delivery. You won't find a sales team, but you will find crucial administrative details. The Trust is a flow-through, grantor trust for federal income tax purposes, so the required tax documentation is a key part of this relationship.

The website provides resources covering:

• Annual Forms 1099 reporting.
• Guidance on deductions, including depletion.
• Information on the Trust Agreement.
• News Releases detailing distribution declarations.

This digital presence helps manage expectations regarding the passive nature of the investment.

No direct sales or service relationship with end-users of oil/gas

This is critical: PermRock Royalty Trust does not engage in drilling or field operations. Its relationship is strictly with its unitholders. The Trust holds an 80% net profits interest (NPI) in the underlying properties, meaning it collects income from third-party operators based on production from wells concentrated in Reeves and Loving counties in the Delaware Basin. You don't call PRT to complain about gas prices; you trade the unit on the NYSE.

PermRock Royalty Trust (PRT) - Canvas Business Model: Channels

You're looking at how PermRock Royalty Trust (PRT) gets its units into the hands of investors and how it communicates critical financial updates. It's a straightforward setup for a statutory trust, relying on established market infrastructure.

New York Stock Exchange (NYSE) for Unit Purchase and Sale

The primary channel for buying and selling beneficial interests in PermRock Royalty Trust (PRT) is the New York Stock Exchange (NYSE). This is where the market price is established daily. As of December 5, 2025, the stock price was reported at $3.88, with an accompanying market capitalization of $47.20 million.

Trading activity provides a real-time pulse on investor sentiment. For instance, on December 5, 2025, the reported volume was 37,281 million shares, though the average volume is closer to 40,915 shares. The 52-week trading range shows the unit has moved between a low of $3.26 and a high of $4.63 over that period.

Here are some key trading metrics as of late 2025:

• Exchange: NYSE
• Shares Outstanding: 12.17M
• Market Cap (Dec 5, 2025): $47.20 million
• 52-Week Price Range: $3.26 to $4.63
• Average Volume: 40,915 units

Brokerage Firms and Custodians for Unit Holding and Distribution

Holding the units and receiving the cash distributions is handled indirectly through the investor's chosen brokerage firm or custodian. These intermediaries manage the record-keeping for unit ownership and facilitate the transfer of the monthly distributions directly to the unitholder's account. If you want to participate in a Dividend Reinvestment Plan (DRIP), you must check directly with your specific brokerage for its availability and terms, as PermRock Royalty Trust itself does not directly administer a DRIP.

Trust Website for Official Reports and Investor FAQs

The official digital hub for PermRock Royalty Trust (PRT) is www.permrock.com. This site serves as the direct channel for unitholders seeking primary source documentation and general information. It's where the Trustee publishes essential investor resources outside of the mandatory regulatory filings.

The website structure includes direct access points for:

• FAQs
• Annual/Quarterly Reports
• News Releases
• Tax Information
• SEC Filings section

SEC Filings (10-Q, 10-K) for Regulatory Disclosure

Regulatory transparency is channeled through the U.S. Securities and Exchange Commission (SEC) EDGAR database, which is mirrored on various financial data sites. These filings provide the deep-dive financial data underpinning the distributions. The Trust is required to disclose its financial condition and operating results regularly.

Here is a snapshot of the 2025 regulatory filing cadence:

Filing Type	Filing Date (2025)	Reporting Period Basis
10-K (Annual Report)	March 28	Year ended December 31, 2024
10-Q (Quarterly Report)	May 14	Q1 2025
10-Q (Quarterly Report)	August 13	Q2 2025
10-Q (Quarterly Report)	November 13	Q3 2025

The Trust's interest is defined as owning 80% of the net profits from production properties operated by T2S Permian Acquisition II LLC.

Press Releases for Monthly Distribution Declarations

Monthly distribution declarations are communicated via press releases, often filed as an 8-K Current Report with the SEC. These releases detail the amount per unit based on the prior month's production figures. For example, the November 17, 2025, press release announced the distribution based on September 2025 production.

The distribution data for the latter half of 2025 shows the per-unit payments:

Month of Production	Distribution Per Unit (USD)	Payable Date
July 2025	$0.031139	October 15, 2025
September 2025	$0.028839	December 12, 2025
October 2025	$0.031565	November 17, 2025

The Year-to-Date (YTD) total distribution per unit through October 2025 was $0.342128. The trailing twelve months (TTM) annual dividend is $0.42 per share, equating to a yield of 10.70% as of late 2025.

Finance: confirm the transfer agent's contact details for the next distribution cycle by Monday.

PermRock Royalty Trust (PRT) - Canvas Business Model: Customer Segments

You're looking at the specific groups of people who find value in owning units of PermRock Royalty Trust (PRT) as of late 2025. These aren't just random buyers; they are looking for very specific financial characteristics that PRT offers.

Income-focused retail and institutional investors form a core segment. They are drawn to the high yield profile, which is a direct result of the underlying asset performance in the Permian Basin. For instance, the Forward Dividend Yield was cited at figures like 10.70%, 10.92%, or even 10.9% recently, depending on the exact measurement date. The Shareholder Yield was noted at 10.78%. This group is interested in the actual cash flow numbers; the November 2025 declared monthly cash distribution was $350,855.06 in total, equating to $0.028839 per Trust Unit. The payout frequency is Monthly, which is a key feature for income planning.

For retirees seeking regular, monthly cash flow, the payment schedule is paramount. Unlike the typical quarterly schedule, PRT pays out every month, which helps with budgeting around fixed expenses. The structure dictates that the Trustee collects monthly net proceeds and makes monthly distributions. This segment values the consistency of the monthly payment stream, even if the amount fluctuates based on commodity prices. The previous payment amount was 3.16c per unit, while the next one was declared at 2.88c per unit.

Investors seeking pure-play exposure to Permian Basin commodity prices are targeting the Trust's asset base. PermRock Royalty Trust owns an 80% net profits interest (NPI) in oil and natural gas producing properties. These underlying properties consist of 22,394 net acres concentrated in the Permian Basin of West Texas. The actual revenue results for the quarter ending September 2025 showed an Actual Revenue of $1.26 million. This concentration in one of the most prolific oil-producing regions in the United States is the main draw for this segment.

Finally, the segment of tax-sensitive investors utilizing the depletion allowance looks closely at the structure's tax treatment. The Trust Agreement notes that information is provided regarding deductions, including depletion deductions, which shield a portion of a unitholder's income from tax and reduce the unitholder's basis in their units. This structure, being a statutory trust, appeals to those who can benefit from these specific tax attributes related to natural resource investments. The Payout Ratio was reported at 99.98%.

Here's a quick look at some of the key financial metrics relevant to these segments:

Metric	Value (as of late 2025)	Source Context
Latest Declared Distribution Per Unit	$0.028839	November 2025 Declaration
Forward Annual Dividend	$0.42	Per Share
Payout Frequency	Monthly	Standard for PRT
Reported Payout Ratio	99.98%	As of latest data
Institutional Ownership Percentage	41.67%	As of November 2025

The investor base includes both individual and professional money managers; as of November 2025, 41.67% of PermRock Royalty Trust's stock was owned by institutional investors.

• Income-focused investors target the Monthly payout frequency.
• Retirees prioritize the regular cash flow over quarterly schedules.
• Commodity exposure is tied to the 80% Net Profits Interest.
• Tax-sensitive investors look for the depletion allowance information.

Finance: draft next quarter's distribution sensitivity analysis by next Tuesday.

PermRock Royalty Trust (PRT) - Canvas Business Model: Cost Structure

You're analyzing the cost side of PermRock Royalty Trust (PRT) as of late 2025. The structure is lean because the Trust itself has no employees; costs are primarily administrative fees and the expenses deducted by the Operator, T2S Permian Acquisition II LLC, before the Net Profits Interest (NPI) is calculated. These deductions directly reduce the cash flow available for distribution to you, the unitholder.

The costs deducted by the Operator from gross proceeds are the most significant variable expenses. For the calculation based on September 2025 production, reported in November 2025, we see the following key deductions:

Cost Category	Latest Specific Monthly Amount (Based on Sept 2025 Production)	Latest Known Annual/Quarterly Figure
Direct Operating Expenses (Including LOE, Marketing, Workovers)	$0.48 million	Total Operating Expense (TTM ended Sep. 2025): $0.88 Mil
Severance and Ad Valorem Taxes	$0.12 million	Severance and Ad Valorem Taxes (Jan 2025 calculation): $0.15 million
Capital Expenditures (Net)	Net Credit of $1,113	Capital Expenses (Jan 2025 calculation): $0.06 million

Trust administrative expenses are fixed or semi-fixed costs paid by the Trust directly to its service providers, separate from the Operator deductions. These are relatively stable but subject to annual fee escalators.

• Trustee Annual Administrative Fee (Latest known, 2023): $200,357
• Delaware Trustee Annual Fee (Latest known): $4,000
• Monthly Administrative Expense Proxy (Based on 2023 Trustee Fee): Approximately $16,697 per month

Underlying Lease Operating Expenses (LOE) are a component of the total direct operating costs. The Operator deducts these costs before calculating the NPI. You should watch the LOE trajectory closely, as increases here directly reduce your distributions.

For instance, in the second quarter of 2024, Lease Operating Expenses (LOE) rose year-over-year to $1.73 million for the quarter, driven by well plugging costs in the Permian Shelf area. Still, for the September 2025 period, the combined Direct Operating Expenses were $0.48 million, which was a decrease of $0.13 million from the prior month, related to curtailing workover projects.

Capital expenditures on Underlying Properties deducted by the Operator are a key variable. For the September 2025 calculation period, the net effect was actually a $1,113 credit, meaning credits from a third-party operator more than offset the capital expenditures incurred by T2S Permian Acquisition II LLC.

PermRock Royalty Trust (PRT) - Canvas Business Model: Revenue Streams

You're looking at the core of PermRock Royalty Trust (PRT)'s value capture, which is quite straightforward for a royalty trust. The entire revenue mechanism hinges on the 80% net profits interest (NPI) that the Trust holds, carved out of oil and natural gas leaseholds in the Permian Basin of West Texas. The Trustee's primary function is collecting the monthly net proceeds attributable to this NPI, after taking out Trust administrative expenses and setting aside cash reserves. This means the revenue streams are directly tied to the sale of oil and natural gas production from the underlying properties, which are operated by third parties.

Here's a look at the recent top-line performance and the direct cash returns flowing to unitholders, which is what this structure is all about. Honestly, for a passive vehicle like this, the quarterly and LTM figures tell you where the commodity markets have been landing for PRT.

Financial Metric	Amount/Value
Revenue for Q3 2025	$1.26 million
Last Twelve Months (LTM) Revenue as of Q3 2025	$6.01 million
Monthly Cash Distribution (November 2025 Payout)	$350,855.06
Total YTD Distribution through November 2025 (per unit)	$0.342128

The monthly cash distribution is the tangible output of the revenue collection process. For the November 2025 payout, which was based principally upon production during the month of September 2025, the total amount declared was $350,855.06. This payout translated to $0.028839 per Trust Unit. The total amount distributed year-to-date through November 2025 hit $0.342128 per unit. It's defintely a monthly income stream, which is the main draw for investors.

• Monthly cash distribution for November 2025 was $350,855.06 total.
• The November 2025 distribution per Trust Unit was $0.028839.
• The ex-dividend date for the November distribution was November 28, 2025, payable on December 12, 2025.
• The Year-to-Date total distribution through November 2025 is $0.342128 per unit.

Finance: draft 13-week cash view by Friday.