Hugoton Royalty Trust skips May 2026 distribution; going concern, auditor dismissed

HUGOTON ROYALTY TRUST

No May 2026 cash distribution; no distributions since July 2023 due to excess costs.
Trust has substantial doubt about going concern; cash reserve insufficient for obligations.
Trust exploring termination or sale; no third-party interest; 80% unitholder approval needed.
Grant Thornton dismissed April 16, 2026; no new auditor due to cash constraints; Q1 10-Q late.
Cumulative excess costs: Kansas $3.1M, Oklahoma $14.9M, Wyoming $11.1M (includes interest).

item 2.02item 9.01

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