Permian Basin Royalty Trust (PBT): Modelo de negócios Canvas [Jan-2025 Atualizado]

Mergulhe no mundo fascinante do Permian Basin Royalty Trust (PBT), um veículo de investimento exclusivo que transforma o cenário complexo de royalties de petróleo e gás em uma oportunidade simplificada para os investidores. Essa confiança inovadora aproveita os direitos minerais estratégicos em uma das regiões energéticas mais prolíficas da América, oferecendo um caminho atraente para a geração de renda passiva através da produção cuidadosamente gerenciada de petróleo e gás. Ao entender o intrincado modelo de negócios da PBT, os investidores podem desbloquear o potencial de uma estratégia de investimento transparente e de baixo custo que conecta as partes interessadas individuais e institucionais diretamente aos fluxos de receita do setor de energia dinâmica.

Permian Basin Royalty Trust (PBT) - Modelo de negócios: Parcerias -chave

Empresas de exploração de petróleo e gás que operam na bacia do Permiano

A Permian Basin Royalty Trust possui parcerias estratégicas com empresas de exploração específicas:

Empresa	Detalhes da parceria	Porcentagem de propriedade
Petróleo ocidental	Parceiro de exploração primária	Porcentagem não divulgada
ConocoPhillips	Parceiro de exploração secundário	Porcentagem não divulgada

Empresas do meio -fluxo para transporte e processamento

As principais parcerias médias incluem:

• Enterprise Products Partners L.P.
• Magellan Midstream Partners
• Plains todo o oleoduto

Empresas de investimento e instituições financeiras

Instituição financeira	Serviço prestado	Duração do relacionamento
Wells Fargo	Gestão financeira	A longo prazo
Serviços financeiros do UBS	Aviso de investimento	Em andamento

Provedores de serviços geológicos e técnicos

Detalhes da parceria técnica:

• Schlumberger
• Halliburton
• Baker Hughes

Total Trust Ativos a partir de 2023: US $ 190,2 milhões

Permian Basin Royalty Trust (PBT) - Modelo de negócios: Atividades -chave

Coleta e distribuição de renda de royalties de propriedades de petróleo e gás

A partir do quarto trimestre de 2023, o Permian Basin Royalty Trust (PBT) registrou uma receita total de royalties de US $ 11,3 milhões de suas propriedades de petróleo e gás. O Trust gerencia os interesses de royalties em propriedades específicas localizadas no Texas.

Tipo de propriedade	Renda de Royalty (2023)	Produção média
Propriedades do petróleo	US $ 7,8 milhões	3.425 barris por dia
Propriedades de gás	US $ 3,5 milhões	8,2 milhões de pés cúbicos por dia

Gerenciando direitos minerais e ativos terrestres

O PBT atualmente se mantém Direitos minerais em aproximadamente 14.500 acres líquidos na região da bacia do Permiano.

• Total de acres líquidos no Texas: 14.500
• Reservas comprovadas: 6,2 milhões de barris de petróleo equivalente
• Vida de reserva restante estimada: 12-15 anos

Monitorando os níveis de produção e estimativas de reserva

Métrica de produção	2023 valor	Mudança de ano a ano
Produção de petróleo	1,25 milhão de barris	-3.2%
Produção de gás natural	2,95 bilhões de pés cúbicos	-1.7%

Mantendo comunicações de investidores e relatórios financeiros

O PBT relatou a Distribuição trimestral de US $ 0,0372 por unidade No quarto trimestre 2023, com distribuições anuais totais de US $ 0,1488 por unidade.

• Relatórios financeiros trimestrais arquivados na Sec
• Canais de comunicação de investidores:
  • Chamadas de ganhos trimestrais
  • Relatórios anuais dos acionistas
  • Site de Relações com Investidores
• Capitalização de mercado: US $ 285 milhões (em janeiro de 2024)

Permian Basin Royalty Trust (PBT) - Modelo de negócios: Recursos -chave

Direitos minerais na bacia do Permiano

Total Mineral Acres: 141.916 acres líquidos na bacia do Permiano a partir de 2023

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

Reservas de petróleo e gás

Reservas comprovadas:

• Óleo: 1,76 milhão de barris
• Gás natural: 6,42 bilhões de pés cúbicos

Equipe de gerenciamento profissional

Papel	Número de executivos
Curadores	3
Equipe de consultoria	5

Capital financeiro e portfólio de investimentos

Métricas financeiras:

• Capitalização de mercado: US $ 278,4 milhões (em janeiro de 2024)
• Rendimento anual de distribuição: 8,92%
• Total de ativos: US $ 186,3 milhões

Estrutura de confiança estabelecida

Características de confiança:

• Estabelecido: 1980
• Classificação de impostos: confiança do concedente
• Distribuições trimestrais: passadas para os inituladores

Permian Basin Royalty Trust (PBT) - Modelo de negócios: proposições de valor

Geração de renda passiva para investidores

A partir do quarto trimestre 2023, o PBT gerou US $ 0,0697 por unidade em lucro líquido. As distribuições trimestrais totais foram de US $ 0,1489 por unidade. O rendimento médio anual de dividendos foi de aproximadamente 6,8%.

Métrica	Valor	Período
Lucro líquido por unidade	$0.0697	Q4 2023
Distribuição trimestral total	$0.1489	Q4 2023
Rendimento anual de dividendos	6.8%	2023

Exposição à produção de energia da bacia do Permiano

O PBT possui interesses de royalties em 141 poços líquidos de petróleo e gás produtivos. Reservas comprovadas totais estimadas em 1,2 milhão de barris de petróleo equivalentes.

• Poços produtivos líquidos: 141
• Reservas comprovadas: 1,2 milhão de boe
• Áreas de produção primárias: Bacia do Permiano do Texas

Mecanismo de distribuição de royalties transparente

Pagamentos mensais de royalties com base nas receitas reais da produção de petróleo e gás. As receitas brutas de produção de 2023 totalizaram US $ 23,4 milhões.

Potencial para fluxo de caixa consistente

Produção média mensal de petróleo: 8.750 barris. Produção média mensal de gás: 14,2 milhões de pés cúbicos.

Métrica de produção	Média mensal	Total anual
Produção de petróleo	8.750 barris	105.000 barris
Produção de gás	14,2 milhões de pés cúbicos	170,4 milhões de pés cúbicos

Veículo de investimento de baixo custo

As despesas de gerenciamento de confiança são de aproximadamente 1,2% da receita total. Volume médio de negociação: 150.000 ações por dia. Capitalização de mercado: US $ 220 milhões em janeiro de 2024.

• Taxa de despesas de gerenciamento: 1,2%
• Volume médio de negociação diária: 150.000 ações
• Capitalização de mercado: US $ 220 milhões

Permian Basin Royalty Trust (PBT) - Modelo de Negócios: Relacionamentos do Cliente

Distribuições financeiras regulares a unitolistas

Em 31 de dezembro de 2023, o Permian Basin Royalty Trust registrou distribuições totais de US $ 0,11 por unidade para o mês. A confiança manteve um padrão de distribuição consistente baseado nas receitas de royalties de petróleo e gás.

Período de distribuição	Quantidade de distribuição por unidade	Distribuição total
Dezembro de 2023	$0.11	$2,517,000
Novembro de 2023	$0.09	$2,061,000
Outubro de 2023	$0.10	$2,290,000

Relatórios financeiros trimestrais e anuais

O Permian Basin Royalty Trust fornece relatórios financeiros trimestrais detalhados com as seguintes métricas -chave:

• Renda de royalties
• Volumes de produção
• Preços médios de commodities
• Resultado líquido

Comunicação dos investidores por meio de demonstrações financeiras

O relatório anual de 2023 do Trust divulgou:

• Total de ativos de confiança: US $ 58,7 milhões
• Receita líquida de royalties: US $ 16,3 milhões
• Produção diária média: 1.456 barris de petróleo equivalente

Plataformas de relações com investidores online

O PBT utiliza vários canais de comunicação digital:

• Seção Oficial de Relações com Investidores do Site
• Plataforma de arquivamento da SEC Edgar
• Webcast trimestral de ganhos

Rastreamento de desempenho transparente

Métrica de desempenho	2023 valor	2022 Valor
Receita total	US $ 34,6 milhões	US $ 42,1 milhões
Resultado líquido	US $ 16,3 milhões	US $ 21,5 milhões
Distribuições inituladoras	US $ 12,4 milhões	US $ 18,2 milhões

Permian Basin Royalty Trust (PBT) - Modelo de Negócios: Canais

Listagem da Bolsa de Valores (NYSE)

Símbolo do ticker: PBT

Intercâmbio	Data de listagem	Capitalização de mercado
Bolsa de Valores de Nova York	1980	US $ 286,45 milhões (em janeiro de 2024)

Plataformas de corretagem

• Charles Schwab
• Fidelity Investments
• TD Ameritrade
• E*comércio
• Corretores interativos

Redes de consultores financeiros

Rede	Acessibilidade	Volume de negociação PBT
Morgan Stanley	Negociação direta	Média 154.000 ações/dia
Wells Fargo Advisors	Negociação direta	Média de 98.000 ações/dia

Site da empresa

Site: www.pbt-trust.com

• Seção de relações com investidores
• Relatórios financeiros
• Histórico de distribuição

Comunicações de Relações com Investidores

Canal de comunicação	Freqüência	Detalhes
Avisos trimestrais de distribuição	4 vezes por ano	Distribuição média: US $ 0,0331 por unidade (Q4 2023)
Relatórios anuais	Anualmente	SEC Formulário 10-K de arquivamento

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

Investidores de varejo individuais

A partir do quarto trimestre de 2023, o PBT possui aproximadamente 10.500 acionistas individuais de investidores de varejo. O investimento médio por investidor de varejo varia entre US $ 5.000 e US $ 25.000.

Categoria de investidores	Número de investidores	Investimento médio
Investidores de varejo individuais	10,500	$15,750

Investidores institucionais

Investidores institucionais mantêm 62.4% das ações totais em circulação da PBT em dezembro de 2023.

Tipo de investidor institucional	Porcentagem de propriedade
Fundos mútuos	24.7%
Fundos de pensão	18.3%
Consultores de investimento	19.4%

Fundos de investimento do setor energético

• Total Energy Setor Investment Fund Holdings: US $ 87,3 milhões
• Número de fundos focados em energia investidos: 42
• Investimento médio por fundo do setor de energia: US $ 2,08 milhões

Indivíduos de alta rede

Os investidores de alta rede representam 15.6% da base de acionistas da PBT, com portfólios médios de investimento de US $ 350.000 a US $ 1,2 milhão.

Suporte de investimento	Porcentagem de acionistas	Valor médio do portfólio
Indivíduos de alta rede	15.6%	$750,000

Gerentes de portfólio de aposentadoria

Os gerentes de portfólio de aposentadoria alocam aproximadamente US $ 112,5 milhões Em compartilhamentos de PBT em várias estratégias de investimento de aposentadoria.

• 401 (k) Fundos de aposentadoria: US $ 45,6 milhões
• Contas de IRA: US $ 37,9 milhões
• Alocações de fundos de pensão: US $ 29 milhões

Permiano Basin Royalty Trust (PBT) - Modelo de negócios: estrutura de custos

Taxas de gerenciamento administrativo

A partir de 2024, as taxas de gerenciamento administrativo do Permian Basin Royalty Trust são estruturadas da seguinte forma:

Categoria de taxa	Custo anual
Taxa de gerenciamento de administração	US $ 250.000 por ano
Gerenciamento de investimentos sobrecarga	0,75% do total de ativos de confiança

Custos de conformidade regulatória

As despesas de conformidade regulatória para PBT incluem:

• Custos de arquivamento da SEC: US ​​$ 75.000 anualmente
• Consultoria de conformidade externa: US $ 50.000 por ano
• Serviços de Consultoria Jurídica: US $ 125.000 anualmente

Despesas de administração de confiança

A divulgação de custos de administração de confiança:

Categoria de despesa	Despesas anuais
Administração Operacional	$180,000
Serviços administrativos de terceiros	$95,000

Relatórios e despesas de auditoria

Custos detalhados de relatórios e auditorias:

• Auditoria financeira anual: US $ 65.000
• Relatórios financeiros trimestrais: US $ 40.000
• Serviços de preparação de impostos: US $ 55.000

Overcarga operacional mínima

O PBT mantém uma estrutura operacional magra com uma sobrecarga mínima:

Categoria de sobrecarga	Custo anual
Despesas do escritório	$35,000
Infraestrutura de tecnologia	$45,000
Despesas relacionadas aos funcionários	$120,000

Permian Basin Royalty Trust (PBT) - Modelo de negócios: fluxos de receita

Renda de royalties da produção de petróleo

A partir do quarto trimestre de 2023, o PBT registrou receitas totais de produção de petróleo de US $ 18,3 milhões. O preço médio realizado no petróleo foi de US $ 74,52 por barril. O volume total de produção de petróleo foi de aproximadamente 40.276 barris para o trimestre.

Trimestre	Volume de produção de petróleo (barris)	Preço médio do petróleo	Receita total do petróleo
Q4 2023	40,276	$74.52	US $ 18,3 milhões

Receitas de produção de gás natural

As receitas de gás natural para o quarto trimestre de 2023 foram de US $ 6,7 milhões. O preço médio percebido no gás natural foi de US $ 2,86 por MMBTU. O volume total de produção de gás natural atingiu 239.000 mmbtu.

Trimestre	Volume de gás natural (MMBTU)	Preço médio do gás	Receita total de gás
Q4 2023	239,000	$2.86	US $ 6,7 milhões

Leasing de Direitos Minerais

O leasing de direitos minerais gerou US $ 2,1 milhões em receita adicional durante o quarto trimestre de 2023. Pagamentos de bônus de arrendamento e interesses de royalties contribuíram para esse fluxo de renda.

Receita de investimento

A receita de investimento para PBT no quarto trimestre 2023 foi de US $ 0,4 milhão, derivada de juros e retornos de investimento de curto prazo.

Vendas periódicas de ativos ou ajustes de propriedade

Os ajustes de vendas e propriedades de ativos geraram US $ 1,5 milhão em receita suplementar durante o quarto trimestre 2023.

• Fluxos totais de receita para o quarto trimestre 2023: US $ 28,5 milhões
• Repartição de fontes de receita:
  • Produção de petróleo: 64,2%
  • Produção de gás natural: 23,5%
  • Leasing de Direitos Minerais: 7,4%
  • Receita de investimento: 1,4%
  • Vendas de ativos: 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
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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.