Permian Basin Trust declares $0.0196/unit September distribution; Waddell Ranch remains in excess cost

PERMIAN BASIN ROYALTY TRUST

September cash distribution of $0.019593/unit, payable Oct 15, 2026 to holders of record Sept 30; total $913,228 on 46,608,796 units.
Waddell Ranch contributed no August proceeds; production costs exceeded gross proceeds, extending the excess cost position until recovered from future proceeds.
Texas Royalty Properties net contribution $1,130,007; oil $83.20/bbl, gas $13.49/Mcf incl NGL; oil volumes down to 13,460 bbl net from 14,405 prior month.
Monthly distribution rose vs. prior month on lower Trust expenses; G&A expenses net of interest were $216,779.
SoftVest/Blackbeard Holdings combination into New PBT still requires Unitholder vote; special meeting date not yet set.

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