VOC Energy Trust (VOC): Business Model Canvas [Dec-2025 Updated]

You're looking past the stock chart to figure out exactly how VOC Energy Trust (VOC) makes money, and as a vet of this space, I can tell you their Business Model Canvas is about as clean as it gets: it's a pure-play royalty trust, meaning you get passive exposure to oil and gas revenue without the day-to-day operational mess. The core is their Term Net Profits Interest in properties across Kansas and Texas, which, for example, generated gross proceeds of $6,959,309 in Q3 2025, leading to a quarterly cash distribution of $1,870,000 for unitholders. I've broken down all nine building blocks-from their key activity of calculating those distributions to the transactional relationship they maintain with investors via the NYSE-so you can see the precise mechanics behind this income stream and what commodity volatility means for your returns.

VOC Energy Trust (VOC) - Canvas Business Model: Key Partnerships

You're looking at the core relationships that make VOC Energy Trust (VOC) function, which, as a royalty trust, is heavily reliant on external operators and financial gatekeepers. These partnerships are non-negotiable for the Trust to collect and distribute cash flow.

VOC Brazos Energy Partners, L.P. as property operator is crucial because they handle the day-to-day management of the underlying oil and gas assets. They are responsible for the actual production and the initial cost deductions before cash flows to the Trustee. For the payment period ended September 30, 2025, VOC Brazos Energy Partners, L.P. held a cash reserve of an unspecified amount, which is separate from the Trust's reserve, and they advise the Trust on expectations for cash receipts.

The Bank of New York Mellon Trust Company, N.A. as Trustee acts as the fiduciary, holding the net profits interest for the benefit of the unitholders and managing the distributions. You can see their role clearly in the regulatory filings; for instance, they are listed as the contact for requesting printed copies of the Form 10-K. Their contact point is Elaina C. Rodgers at 601 Travis Street, Floor 16, Houston, TX 77002, with a direct line at (713) 483-6020.

The actual revenue generation depends on the oil and gas purchasers for commodity sales. These are the entities buying the produced hydrocarbons based on prevailing market prices. The figures below reflect the sales data for the payment period ended September 30, 2025, which directly informed the distribution announced on October 20, 2025:

Liquidity and market access are provided by the NYSE for public trading. VOC Energy Trust (VOC) units trade here, giving unitholders a mechanism to realize value. As of December 1, 2025, VOC Energy Trust had a market capitalization of $51.68 million based on 17.00 million shares outstanding. The stock price closed at $2.93 on December 5, 2025.

Finally, compliance is managed through regulatory bodies like the SEC for compliance filings. VOC Energy Trust must file Form 10-Q quarterly reports and the Form 10-K annual report with the U.S. Securities and Exchange Commission. For the nine months ended September 30, 2025, the distributable income was $5,525,000, down from $9,350,000 in the prior year, reflecting lower oil prices and softer volumes.

Here are the key entities involved in the Trust's structure:

• VOC Brazos Energy Partners, L.P. (Property Operator)
• The Bank of New York Mellon Trust Company, N.A. (Trustee)
• Unspecified Oil and Gas Purchasers (Revenue Counterparties)
• NYSE (Trading Venue)
• SEC (Regulatory Oversight)

Finance: confirm the Q4 2025 distribution forecast based on current commodity price assumptions by next Tuesday.

VOC Energy Trust (VOC) - Canvas Business Model: Key Activities

You're looking at the core engine of VOC Energy Trust, which is less about active management and more about the disciplined execution of contractual obligations tied to oil and gas assets. For you, the investor, these activities directly translate into the cash you see in your account. Here's the quick math on what the Trustee is doing to make that happen, based on the latest 2025 figures.

Passively holding the term net profits interest

The primary activity is maintaining the Trust's economic stake in the underlying properties. VOC Energy Trust holds an 80% net profits interest. This interest is not indefinite; it terminates on the later of December 31, 2030, or after 10.6 MMBoe (Million barrels of oil equivalent) have been sold from the properties. As of September 30, 2025, 9.5 MMBoe have been sold from the underlying properties. This means the remaining economic life is defined by either the date or the volume remaining, whichever comes first.

Calculating and announcing quarterly cash distributions

This is the most visible activity. The Trustee takes the net cash received, subtracts estimated expenses, and calculates the per-unit distribution. The Trust had 17,000,000 units outstanding as of September 30, 2025. The quarterly distribution amounts for 2025 show the direct impact of commodity prices and operating costs on your payout.

Overseeing Trustee administrative and compliance duties

The Trustee manages the Trust's finances, which includes setting aside funds for expected administrative and compliance costs. These expenses are recognized when paid. For instance, the provision for current estimated Trust expenses for the quarter ended March 31, 2025, was $274,950. To protect against shortfalls, VOC Brazos Energy Partners, L.P. has provided a letter of credit to the Trustee in the amount of $1,700,000. Furthermore, as of September 30, 2025, the Trust held $1.175 million in cash and equivalents specifically reserved for future Trust expenses.

The Trustee's oversight involves several specific financial housekeeping tasks:

• Accounting, engineering, legal, and other professional fee processing.
• Trustee fee calculation and payment.
• Administrative fee payment to VOC Brazos.
• Managing the $1.0 million operator reserve in place at September 30, 2025.

Monitoring oil and natural gas production volumes

While the Trust doesn't operate the wells, monitoring the production volumes from the underlying properties is crucial because they determine the cash flow available for distribution. The Trustee must track the actual volumes against expectations. Here are the reported sales volumes for the first three quarters of 2025:

For the quarter ended June 30, 2025, the Trust received cash based on production volumes of:

• Oil: 115,025 Barrels (Bbl)
• Natural Gas: 52,514 Thousand Cubic Feet (Mcf)
• Total: 123,777 Barrels of Oil Equivalent (BOE)

The gross proceeds for the quarter ended September 30, 2025, were $7,225,060, derived from oil sales of $6,772,788 and natural gas sales of $186,521.

Filing mandatory reports with the SEC and IRS

The Trust must adhere to strict regulatory reporting requirements. This involves timely filing of official documents with the Securities and Exchange Commission (SEC) and providing necessary information for unitholder tax reporting to the Internal Revenue Service (IRS). The required filings include the 10-K annual report, 10-Q quarterly reports, and 8-K material event reports. The Trust is structured as a non-mortgage widely held fixed investment trust (WHFIT) for U.S. federal income tax purposes. The representative providing the required tax information is The Bank of New York Mellon Trust Company, N.A.

Finance: draft 13-week cash view by Friday.

VOC Energy Trust (VOC) - Canvas Business Model: Key Resources

You're looking at the core assets that back the VOC Energy Trust (VOC) structure, which is fundamentally about holding a right to future cash flows, not operating the wells themselves. These resources are what generate the distributions for unitholders.

Term Net Profits Interest (NPI) in oil and gas properties is the primary asset. This isn't ownership of the physical wells; it's the right to receive a percentage of the net profits from production after certain costs are paid. For the quarterly payment period ended September 30, 2025, the Trust announced a distribution of $1,870,000, which translated to $0.11 per Trust unit. This distribution reflects the cash flow generated by the NPI for that specific period. The total distribution declared for the year 2025, through the November 14, 2025 payment, sums up to $0.44 per unit.

The value of this NPI is directly tied to the underlying producing properties in Kansas and Texas. These are the assets generating the revenue. For the quarter ending September 30, 2025, the production volumes supporting the NPI were:

The Trust's market capitalization, as of December 1, 2025, stood at $47.60M.

For administrative needs, the Trust maintains cash reserves for Trust administrative expenses, though specific 2025 year-end figures aren't immediately public. To backstop potential shortfalls, VOC Brazos Energy Partners, L.P. provided a letter of credit to the Trustee in the amount of $1,700,000 as of November 12, 2021, which is a key contingent resource protecting the Trust's liquidity.

The Bank of New York Mellon Trust Company, N.A. expertise is crucial as the Trustee managing the Trust's affairs. This entity handles the administrative and fiduciary duties. For context on the cost of this expertise, for the nine months ended September 30, 2021, the Trust paid The Bank of New York Mellon Trust Company, N.A. $112,500 in administrative fees.

The structure is defined by its capital base, specifically the 17.00 million outstanding Trust units. This figure, 17,000,000 Units of Beneficial Interest, was the outstanding amount as of November 12, 2021, and it forms the denominator for per-unit distribution calculations, such as the $0.11 per unit declared for the September 30, 2025 period. The last traded price on December 5, 2025, was $2.93.

You can see the key structural elements here:

• Asset type: Term Net Profits Interest.
• Geographic focus: Kansas and Texas properties.
• Outstanding units: 17,000,000 (as of late 2021).
• Trustee: The Bank of New York Mellon Trust Company, N.A.
• Contingent Liquidity: $1,700,000 letter of credit.

Finance: draft 13-week cash view by Friday.

VOC Energy Trust (VOC) - Canvas Business Model: Value Propositions

You're looking at the core reasons investors hold VOC Energy Trust (VOC) units, which boils down to receiving a slice of the energy pie without having to manage the drilling rig yourself. The value proposition centers on pure, passive cash flow derived from hydrocarbon production.

Passive income stream from energy production is delivered because VOC Energy Trust holds a 80% Net Profits Interest (NPI) in oil and natural gas properties held by VOC Brazos Energy Partners, L.P.. This means the Trust is entitled to 80% of the net proceeds after direct operating expenses are paid from the underlying assets. For the payment period ended September 30, 2025, the Trust's share of net profits available for distribution was $1,870,000.

The structure inherently provides direct exposure to hydrocarbon revenue without operational risk. You get the upside from commodity prices and production volumes, but the day-to-day headaches-like managing lease operating expenses of $3,480,844 for the Q3 2025 period-fall to the operator. This separation is key; the Trust's results are driven by market forces, not management decisions, as the Trust has no management team or board.

You see this passive flow translated directly into quarterly cash distributions to unitholders. The most recent distribution, payable November 14, 2025, for the period ended September 30, 2025, was $0.11 per unit. Here's a quick look at that latest payout compared to the prior quarter:

The value proposition also includes liquidity through NYSE listing (Symbol: VOC). While the market is volatile, you have a public venue to trade your units. As of the trade on December 5, 2025, the last price was $2.93, with a 52-week range between a low of $2.44 and a high of $5.12. The recent annual dividend yield has been quoted around 14.67% or 15.59%.

Finally, the structure offers a favorable tax treatment as a royalty trust. Because VOC Energy Trust is a statutory trust with a net profits interest, its distributions are generally treated as a return of capital for tax purposes until the unitholder's cost basis is recovered, which is a significant benefit compared to ordinary income treatment. The Q3 2025 net income reported was $1.9 million, or 11 cents per share.

The key elements supporting this value proposition include:

• Entitlement to 80% of net profits interest.
• Latest quarterly distribution of $0.11 per unit.
• Reported Q3 2025 net income of $1.9 million.
• Trading on the NYSE under symbol VOC.
• Oil price realization of $61.11/Bbl for the Q3 2025 period.

Finance: draft 13-week cash view by Friday.

VOC Energy Trust (VOC) - Canvas Business Model: Customer Relationships

For VOC Energy Trust (VOC), the customer relationship is overwhelmingly defined by the mechanics of the public market and the consistency of its cash distributions. You, as a unitholder, are primarily interacting with the Trust through your brokerage account, which is the essence of a transactional, self-service model.

The scale of this public base, as of late 2025, involves 17,000,000 Units of Beneficial Interest outstanding. While the majority of these units are held by individual investors, the institutional footprint is managed through a small set of dedicated entities; as of November 26, 2025, only 22 institutional owners filed 13D/G or 13F forms with the SEC, holding a combined total of 708,219 shares. This structure confirms that the primary touchpoint is the trade execution and the subsequent receipt of funds.

Investor relations are formally managed by the Trustee, The Bank of New York Mellon Trust Company, N.A., acting as Trustee. This arrangement centralizes the fiduciary responsibility away from the operational side of the underlying assets. For any formal request, such as requesting a printed copy of the Annual Report on Form 10-K, the communication flows through the Trustee's office, specifically directed to Elaina C. Rodgers at 601 Travis Street, Floor 16, Houston, TX, 77002, with a contact number of (713) 483-6020. This is the designated channel for official administrative interaction.

The relationship's predictability is best seen in the quarterly distribution schedule. Here's a quick look at the 2025 payment cadence, which is the core value proposition delivered to you:

Formal communication is entirely dictated by regulatory requirements, meaning you receive information when the SEC mandates it. The Trust adheres strictly to this schedule, providing the necessary transparency for a publicly traded entity. For the 2025 fiscal year reporting, key dates for formal disclosures included:

• Filing of the 2024 Annual Report on Form 10-K on March 20, 2025.
• Filing of the 10-Q for the quarter ending March 31, 2025 on May 8, 2025.
• Issuance of an 8-K earnings release for the June 30, 2025 period on July 17, 2025.
• Filing of the 10-Q for the quarter ending June 30, 2025 on August 12, 2025.
• Issuance of an 8-K earnings release for the September 30, 2025 period on October 20, 2025.
• Filing of the 10-Q for the quarter ending September 30, 2025 on November 10, 2025.

Direct interaction with individual unitholders is minimal, almost non-existent, which is typical for a trust structure where the focus is on asset performance rather than direct customer service. You won't find a dedicated unitholder support line for operational questions; instead, the official avenues are the SEC filings and the Trustee's administrative contact. The Trust does not intend, and assumes no obligations, to update any of the statements included in its press releases outside of required filings. It's a hands-off approach for the investor base.

Ultimately, the relationship is defined by distribution consistency, which is the metric you watch most closely. The Trust aims to distribute the net profits from its 80% net profits interest. For the three quarters ending September 30, 2025, the cumulative distributable income was $5,525,000, resulting in per-unit payouts of $0.085, $0.13, and $0.11 for those respective periods. This pattern of quarterly payments, even with fluctuations based on commodity prices-like the average oil price falling to $61.11 per Bbl for the September 30 period-is the concrete deliverable of the customer relationship. Finance: draft next quarter's projected distribution based on current strip pricing by January 15, 2026.

VOC Energy Trust (VOC) - Canvas Business Model: Channels

You're looking at how VOC Energy Trust gets its units into the hands of investors and how it communicates with them. For a statutory trust like VOC Energy Trust, the channels are less about direct sales and more about market access, regulatory compliance, and administrative services for existing unitholders.

The primary market channel is the public exchange. VOC Energy Trust units trade on the New York Stock Exchange (NYSE) under the ticker VOC. This is where the actual buying and selling of beneficial interests occurs. As of the close on December 5, 2025, the unit price was $2.93. Trading activity shows that on the last day, the volume was 107,421 shares, though the average volume is higher at 134,087 shares. The 52-week trading range for the units has been between a low of $2.44 and a high of $5.12. The market capitalization, based on the latest close, sits around $48.28 million.

Here's a quick look at the trading environment for VOC Energy Trust units:

For unitholders, access to distributions and official information is critical. You don't buy units directly from VOC Energy Trust; you use brokerage accounts, which is the standard channel for accessing publicly traded securities on the NYSE. This channel facilitates the receipt of distributions. For the payment period ended September 30, 2025, the total distribution amounted to $1,870,000, or $0.11 per unit, payable on November 14, 2025, to unitholders of record on October 30, 2025. The Trust has 17,000,000 units outstanding.

The Trust maintains a dedicated investor relations website, which serves as a central hub for self-service information. You can find the official site at http://voc.q4web.com/home/default.aspx. This site is where the Trust pushes out its primary communications.

The investor relations website provides access to:

• News Releases, such as the one detailing the Q3 2025 distribution announcement.
• SEC Filings, including the 10-Q filed on November 10, 2025, for the quarter ending September 30, 2025.
• Distribution History records.
• Tax Information, like the 2024 Federal Income Tax Information booklet.
• Document Requests for printed materials.

Regulatory transparency is managed through the SEC EDGAR database. This is the mandatory channel for all public disclosures. VOC Energy Trust has filed 156 EDGAR filings since December 30, 2010. Key recent filings include the 10-Q for the quarter ending September 30, 2025, filed on November 10, 2025, and an 8-K earnings release filed on October 20, 2025. The Trust's CIK is 0001505413.

Finally, unit record-keeping and administrative functions are outsourced to the Transfer Agent. This entity manages the official ledger of unitholders, which is necessary for processing distributions and proxy voting, though the Trust itself is a statutory trust. The designated Transfer Agent is The Bank of New York Mellon Trust Company, N.A., with Elaina Rodgers listed as the contact. Their corporate trust office is located at 601 Travis Street, Floor 16, Houston, TX 77002, and the contact phone number is (713) 483-6020. Finance: confirm the next distribution payment date based on the November 14, 2025, payable date.

VOC Energy Trust (VOC) - Canvas Business Model: Customer Segments

You're looking at the core base that keeps VOC Energy Trust running, and it's definitely a mix of folks chasing yield and those who understand the inherent ups and downs of the energy space. The customer segments are primarily defined by their investment objective: current income from a relatively small-cap energy trust.

Individual retail investors seeking high-yield income form a significant part of this base. These investors are attracted by the Trust's structure, which passes through net profits directly. As of the last trade on December 5, 2025, the unit price was $2.93. For the latest declared distribution, this translated to a current dividend yield hovering around 14.67% or potentially as high as 17.2297286987%, depending on the exact calculation date used. That kind of yield definitely catches the eye of someone prioritizing current cash flow over long-term capital appreciation.

The segment of unitholders of record as of October 30, 2025, for the latest distribution is the most concrete group we can point to. For the quarterly payment period ended September 30, 2025, VOC Energy Trust declared a distribution of $0.11 per unit. The total payout for this group amounted to $1,870,000, payable on November 14, 2025. This is the lifeblood for those investors who made sure their units were held by the ex-date of October 30, 2025.

Here's a quick look at the financial context that shapes these investor decisions as of late 2025:

Next, we look at institutional investors like mutual funds and ETFs. While VOC Energy Trust is not a massive holding for the largest players, there is definite institutional interest. As of late November 2025, there were 22 institutional owners and shareholders who filed 13D/G or 13F forms with the SEC. These institutions collectively held 708,219 shares. Major holders include names like 180 Wealth Advisors, Llc, and McGowan Group Asset Management, Inc., suggesting some professional money managers allocate to this income vehicle.

The segments of income-focused investors seeking energy sector exposure and investors comfortable with commodity price volatility are intrinsically linked because of the Trust's structure. VOC Energy Trust is entitled to receive 80% of the net proceeds from oil and natural gas properties in Kansas and Texas. This means the investor's income stream is directly tied to the realized prices. For instance, in the Q3 2025 period ending September 30, 2025, the average sales price for oil was $63.79 per Bbl, while natural gas averaged $3.14 per Mcf. These figures directly translate to the distribution amount; a dip in those commodity prices, like the oil price falling from $75.35 in Q3 2024 to $63.79 in Q3 2025, immediately impacts the cash flow available for distribution, which is why volatility comfort is key.

You can see the direct impact of commodity price movement on the distributions:

• Q3 2024 Distribution: $0.18 per unit.
• Q3 2025 Distribution: $0.11 per unit.

This drop clearly illustrates the risk profile that the customer segment must accept to chase the high current yield. Finance: draft 13-week cash view by Friday.

VOC Energy Trust (VOC) - Canvas Business Model: Cost Structure

You're looking at the cost side of the VOC Energy Trust (VOC) structure, which is unique because the Trust itself is passive, holding an 80% term net profits interest. The actual operating costs are incurred by the operator, VOC Brazos Energy Partners, L.P., and then deducted before the net proceeds are passed to the Trust. The Trust's own costs are primarily administrative and are estimated quarterly.

For the quarterly payment period ended September 30, 2025, the key cost components that reduce the gross proceeds before the Trust's share is calculated, along with the Trust's own estimated expenses, are detailed below. This is the hard data you need for your model.

The operator-incurred costs-LOE, Development Expenses, and Production/Property Taxes-are subtracted from the Total Gross Proceeds of $6,959,309 for the period to arrive at the Net Proceeds of $2,598,319 before the 80% split. The Trust's 80% share of the Net Profits Interest was $2,078,655.

Trustee and administrative fees fall under the category of the Provision for Current Estimated Trust Expenses. These costs are structural to the Trust's existence, covering the Trustee's oversight and necessary administrative functions. While the specific breakdown isn't always itemized in the distribution release, they are managed to ensure the Trust remains operational.

• Trustee and administrative fees are a component of the total estimated Trust expenses, which for Q3 2025 was set at $208,655.
• These fees represent a mix of fixed costs (like basic administrative overhead) and variable costs tied to the complexity or volume of reporting required.
• The Trust Agreement allows the Trustee to borrow up to $1.7 million via a letter of credit from VOC Brazos to protect against insufficient cash to cover these future expenses.

For context on cost discipline, the Lease Operating Expenses of $3,480,844 for Q3 2025 represented a year-over-year decline of 7.2%, and Development Expenses of $711,466 decreased by 35.2% year-over-year, showing cost management efforts supporting margins. The administrative expenses component was managed lower versus the prior year, helping keep the sequential distribution stable at $0.11 per unit.

Finance: draft 13-week cash view by Friday.

VOC Energy Trust (VOC) - Canvas Business Model: Revenue Streams

The core revenue stream for VOC Energy Trust (VOC) is its Net Profits Interest (NPI) derived directly from the sale of oil and natural gas produced from the underlying properties held by VOC Brazos Energy Partners, L.P. This structure means the Trust doesn't manage operations; it simply collects a share of the profits generated by those operations. You need to know that the Trust is entitled to 80% of the net proceeds generated by the properties. This entitlement percentage is a critical, fixed component of the revenue mechanism.

Cash flow to unitholders is realized through quarterly distributions of net cash proceeds. For the quarterly payment period ended September 30, 2025, the Trust announced a distribution amounting to $1,870,000, which translated to $0.11 per Trust Unit, payable on November 14, 2025. This specific quarterly distribution amount is a direct result of the commodity prices and volumes realized during the preceding production period. If onboarding takes 14+ days, churn risk rises, but for VOC Energy Trust, the revenue risk is tied to the wellhead.

Here's a look at the top-line figures that fed into that Q3 2025 distribution calculation:

The total expected annual distribution per unit for the entirety of 2025 is stated as $0.44. To be defintely clear on how that annual figure stacks up, we can look at the known quarterly payments for the year so far:

• Q1 2025 Distribution per Unit: $0.13
• Q2 2025 Distribution per Unit: $0.11 (based on $1,870,000 distribution for period ended June 30, 2025)
• Q3 2025 Distribution per Unit: $0.11
• Implied Q4 2025 Distribution per Unit (to reach $0.44 total): $0.09

The gross proceeds themselves are a function of both volume and realized price for the underlying commodities. For the September 30, 2025 period, the sales breakdown supported the total gross proceeds:

• Oil Sales Volume: 106,172 Barrels (Bbl)
• Natural Gas Sales Volume: 59,388 Thousand Cubic Feet (Mcf)
• Total Sales Volume: 116,070 Barrels of Oil Equivalent (BOE)
• Average Oil Price Realized: $63.79 per Bbl
• Average Natural Gas Price Realized: $3.14 per Mcf