WILMINGTON, Del., Feb. 03, 2026 (GLOBE NEWSWIRE) -- Prelude Therapeutics Incorporated (Nasdaq: PRLD), a precision oncology company, today announced that the U.S. Food and Drug Administration (FDA) cleared the Company to proceed with a Phase 1 study under its Investigational New Drug Application (IND) for PRT12396, a mutant-selective JAK2V617F inhibitor being developed for the treatment of patients with certain myeloproliferative neoplasms (MPNs). The Company anticipates dosing the first patient by Q2 of 202 ...

Financial Distribution - PermRock Royalty Trust announced a cash distribution of $235,849.49, equating to $0.019386 per Trust Unit, based on production during November 2025[6] - The cash distribution is payable on February 13, 2026, to record holders as of January 30, 2026[6] - The Trust's financial condition reflects its operational performance and cash distribution strategy[6] Compliance and Reporting - The report was filed in accordance with the Securities Exchange Act of 1934, ensuring compliance with regulatory requirements[7] - The Trust's operations are subject to the general instructions of Form 8-K, indicating a structured reporting process[7] - The Trust is not classified as an emerging growth company under the relevant securities regulations[5] Trust Structure - The Trust does not have directors or executive officers, with Argent Trust Company acting as the trustee[11] - The Trust is listed on the New York Stock Exchange under the symbol PRT[5] Transparency - The announcement was made via a press release dated January 20, 2026, highlighting the Trust's commitment to transparency[8] - The Trust's financial results are based on its operations and production metrics from the previous month, indicating ongoing revenue generation[6]

The share price of PermRock Royalty Trust (NYSE:PRT) fell by 13.02% between December 23 and December 30, 2025, putting it among the Energy Stocks that Lost the Most This Week. PermRock Royalty Trust (PRT) Fell by 13% This Week. Here is Why PermRock Royalty Trust (NYSE:PRT) is a Delaware statutory trust formed to own a perpetual interest in oil and natural gas producing properties. PermRock Royalty Trust (NYSE:PRT) has been on a downward trajectory since December 19, when the company declared its monthly ...

Core Viewpoint - The energy sector has several oversold stocks that present potential buying opportunities for undervalued companies [1] Group 1: Oversold Stocks - Delek US Holdings Inc (NYSE:DK) has an RSI value of 24, with a stock price decline of approximately 23% over the past month, reaching a 52-week low of $11.02 [5] - Par Pacific Holdings Inc (NYSE:PARR) has an RSI value of 27.9, with a stock price decline of around 24% over the past month, hitting a 52-week low of $11.86 [6] - PermRock Royalty Trust (NYSE:PRT) has an RSI value of 13.6, with a stock price decline of about 27% over the past month, reaching a 52-week low of $2.73 [6] Group 2: Price Actions and Analyst Ratings - Delek US Holdings closed at $29.66 after a 0.9% drop on Wednesday, with an analyst rating of Outperform and a price target raised from $45 to $51 [5] - Par Pacific closed at $35.14 after a 1.1% drop on Wednesday, with a capital expenditure guidance of $190 million to $220 million for 2026 [6] - PermRock Royalty Trust closed at $2.79 after a 4.6% drop on Wednesday, reporting second-quarter earnings of 10 cents per share, down from 11 cents per share year-over-year [6]

Core Viewpoint - The energy sector has several oversold stocks that present potential buying opportunities for undervalued companies [1] Group 1: Oversold Stocks - Delek US Holdings Inc (NYSE:DK) has an RSI value of 24, with a stock price decline of approximately 23% over the past month, reaching a 52-week low of $11.02 [5] - Par Pacific Holdings Inc (NYSE:PARR) has an RSI value of 27.9, with a stock price decline of around 24% over the past month, hitting a 52-week low of $11.86 [6] - PermRock Royalty Trust (NYSE:PRT) has an RSI value of 13.6, with a stock price decline of about 27% over the past month, reaching a 52-week low of $2.73 [6] Group 2: Price Actions and Analyst Ratings - Delek US Holdings closed at $29.66 after a 0.9% drop, with an analyst rating of Outperform and a price target raised from $45 to $51 [5] - Par Pacific closed at $35.14 after a 1.1% drop, with recent capital expenditure guidance announced [6] - PermRock Royalty Trust closed at $2.79 after a 4.6% drop, with second-quarter earnings reported at 10 cents per share, down from 11 cents per share year-over-year [6]

[Filing Information](index=1&type=section&id=Filing%20Information) This section provides essential details about the registrant, its trustee, and the specifics of the 8-K filing [Registrant and Filing Details](index=1&type=section&id=Registrant%20and%20Filing%20Details) This section provides the core identification details of the registrant, PermRock Royalty Trust, its trustee, and the specific nature of the 8-K filing, including the date of the report - The registrant is **PERMROCK ROYALTY TRUST**, incorporated in Delaware[2](index=2&type=chunk) - The trustee for PermRock Royalty Trust is **Argent Trust Company**, located at 3838 Oak Lawn Ave., Suite 1720, Dallas, Texas 75219[2](index=2&type=chunk) - The report date is **October 21, 2025**, filed as a Form 8-K Current Report[1](index=1&type=chunk)[2](index=2&type=chunk) [Securities Registered](index=1&type=section&id=Securities%20Registered) This part details the specific class of securities registered by the Trust and the exchange on which they are traded Securities Registered | Title of each class | Trading Symbol(s) | Name of each exchange on which registered | | :----------------------- | :---------------- | :---------------------------------------- | | Units of Beneficial Interest | PRT | New York Stock Exchange | - The registrant is not an emerging growth company[5](index=5&type=chunk) [Item 2.02 Results of Operations and Financial Condition](index=2&type=section&id=Item%202.02%20Results%20of%20Operations%20and%20Financial%20Condition) This section reports on the Trust's financial performance, specifically detailing a cash distribution to unitholders [Cash Distribution Announcement](index=2&type=section&id=Cash%20Distribution%20Announcement) PermRock Royalty Trust announced a cash distribution to its unitholders, primarily based on production during August 2025, with specific record and payment dates Cash Distribution Details | Metric | Value | | :--------------------- | :------------- | | Total Distribution | $384,018.36 | | Per Trust Unit | $0.031565 | | Record Date | October 31, 2025 | | Payment Date | November 17, 2025 | | Production Month Basis | August 2025 | - The information in this Form 8-K is deemed 'furnished' and not 'filed' with the SEC, limiting liabilities under Section 18 of the Securities Exchange Act of 1934[7](index=7&type=chunk) [Item 9.01 Financial Statements and Exhibits](index=2&type=section&id=Item%209.01%20Financial%20Statements%20and%20Exhibits) This section lists the financial statements and other documents included as exhibits to the current report [Exhibits](index=2&type=section&id=Exhibits) This section lists the documents filed as exhibits to the 8-K report Exhibits List | Exhibit No. | Description | | :---------- | :-------------------------- | | 99.1 | Press Release dated October 21, 2025 | [SIGNATURES](index=3&type=section&id=SIGNATURES) This section provides the official authorization and signatory details for the filed report [Authorization and Signatory](index=3&type=section&id=Authorization%20and%20Signatory) This section confirms the official signing of the report by the authorized representative of the Trustee, validating the filing - The report was signed on behalf of **PERMROCK ROYALTY TRUST** by Argent Trust Company, as Trustee[10](index=10&type=chunk)[11](index=11&type=chunk) - **Nancy Willis**, Director of Royalty Trust Services and Trust Administrator, signed the report on **October 21, 2025**[11](index=11&type=chunk) - The Trust explicitly states it has no directors or executive officers[11](index=11&type=chunk)

Financial Performance - As of September 30, 2025, total assets amounted to $70,672,085, a decrease of 4.4% from $73,992,200 on December 31, 2024[10] - Distributable income for the three months ended September 30, 2025, was $1,111,576, down 17.0% from $1,340,784 in the same period of 2024[12] - The net profits income for the nine months ended September 30, 2025, was $4,502,918, slightly down from $4,503,683 in 2024, indicating a stable revenue stream[12] - The total revenue for the three months ended September 30, 2025, was $1,258,795, a decline of 19.5% compared to $1,564,340 in 2024[12] - The trust declared distributions of $1,111,576 for the three months ended September 30, 2025, which is equal to the distributable income for that period[16] - The amortization of net profits interest for the three months ended September 30, 2025, was $926,436, slightly lower than $943,931 in 2024[16] - For the three months ended September 30, 2025, net profits income received by the Trust was $1,246,690, a decrease of 19.5% from $1,548,855 in the same period of the prior year due to decreased oil and gas production and lower prices[58] - Distributable income for the three months ended September 30, 2025, was $1,111,576, or $0.091367 per Trust unit, compared to $1,548,855 and $0.1275 per unit in the prior year[59] - Total gross profits for the three months ended September 30, 2025, were $3,928,334, down from $5,739,895 in the prior year[67] Assets and Liabilities - The trust corpus at the end of the period was $69,293,250, reflecting a decrease of 4.5% from $72,379,939 at the end of 2024[10] - The trust's cash and short-term investments decreased to $1,378,835 from $1,612,261, a decline of 14.5%[10] - The trust's total liabilities and trust corpus remained balanced at $70,672,085 as of September 30, 2025[10] - Total cash reserves remained unchanged at $1,000,000 as of September 30, 2025, and September 30, 2024[61] - As of September 30, 2025, cash reserves held by the Trustee for administrative expenses totaled $1,000,000[33] Operational Highlights - Oil sales volumes decreased by 11,442 Bbls (16.2%) for the three months ended September 30, 2025, compared to the same period in 2024, and 23,985 Bbls (11.0%) for the nine months ended September 30, 2025[69] - The average realized oil price per Bbl decreased to $63.58 for the three months ended September 30, 2025, from $78.07 in the same period of 2024[71] - Natural gas sales volumes decreased slightly by 614 Mcf for the three months ended September 30, 2025, compared to the same period in 2024[70] - Development expenses related to the Underlying Properties decreased for the three and nine months ended September 30, 2025, as T2S participated in drilling only one non-operated well[77] - T2S successfully participated in a non-operated well in the Permian Shelf Area, which was drilled and completed in Q3 2025[84] Budget and Expenditures - T2S revised its capital and workover budget for 2025 from an initial $4.0 million to approximately $1.0 million due to market conditions[39] - Approximately $0.2 million had been spent from the revised budget as of September 30, 2025[55] - The decrease in planned expenditures is primarily due to the deferral of two wells in Crane County, Texas, originally scheduled for drilling[84] - T2S revised its capital expenditure budget for 2025 from $4.0 million to approximately $1.0 million to preserve liquidity and maintain financial flexibility[83] - As of September 30, 2025, T2S had expended approximately $0.2 million of the initial budget[83] Trust Operations - The Trust's main asset is the Net Profits Interest, which entitles it to receive 80% of the net profits from oil and natural gas production from the Underlying Properties[49] - The Trust is required to make monthly cash distributions of substantially all its monthly cash receipts after deducting fees and expenses[50] - The Trust declared a cash distribution of $0.031565 per Trust unit based on production during August 2025[87] - In August 2025, the underlying sales volumes included 22,490 barrels of oil and 25,914 Mcf of gas, with average prices of $58.06 per barrel and $2.31 per Mcf[88] Governance and Compliance - The Trust's disclosure controls and procedures were evaluated as effective as of September 30, 2025[93] - There have been no material changes in the risk factors disclosed in the Trust's Annual Report for the year ended December 31, 2024[97] - The Trust does not have any directors or officers, and therefore has not adopted insider trading policies[101] - The trust's investment in net profits interest is assessed periodically for impairment, with no current indications of impairment despite market volatility[31]

Group 1 - The article does not provide any specific content or key points related to a company or industry [1]

[General Information](index=1&type=section&id=General%20Information) This section provides fundamental identification details for PermRock Royalty Trust, including its registrant information and registered securities [Registrant Information](index=1&type=section&id=Registrant%20Information) This section provides the core identification details for PermRock Royalty Trust, including its legal name, jurisdiction, SEC filing numbers, and contact information for its trustee Registrant Details | Detail | Value | | :--- | :--- | | Exact Name | PERMROCK ROYALTY TRUST | | Jurisdiction | Delaware | | Commission File Number | 001-38472 | | IRS Employer Identification No. | 82-6725102 | | Trustee | Argent Trust Company | | Principal Executive Offices | 3838 Oak Lawn Ave., Suite 1720, Dallas, Texas 75219 | | Telephone Number | 855 588-7839 | [Securities Registered](index=1&type=section&id=Securities%20Registered) Details the securities registered under Section 12(b) of the Act, specifying the class, trading symbol, and exchange Registered Securities | Title of each class | Trading Symbol(s) | Name of each exchange on which registered | | :--- | :--- | :--- | | Units of Beneficial Interest | PRT | New York Stock Exchange | - The registrant is not an emerging growth company[5](index=5&type=chunk) [Item 2.02 Results of Operations and Financial Condition](index=2&type=section&id=Item%202.02%20Results%20of%20Operations%20and%20Financial%20Condition) This section reports the cash distribution announcement for PermRock Royalty Trust, detailing the distribution amount and payment schedule [Cash Distribution Announcement](index=2&type=section&id=Cash%20Distribution%20Announcement) PermRock Royalty Trust announced a cash distribution to its unitholders, based on May 2025 production, with specific amounts and payment dates detailed May 2025 Cash Distribution Details | Detail | Value | | :--- | :--- | | Total Cash Distribution | $395,288.31 | | Distribution per Trust Unit | $0.032491 | | Record Date | July 31, 2025 | | Payment Date | August 14, 2025 | | Production Period | May 2025 | - The information in this Form 8-K is furnished and not filed with the SEC, limiting liability under Section 18 of the Securities Exchange Act of 1934[7](index=7&type=chunk) [Item 9.01 Financial Statements and Exhibits](index=2&type=section&id=Item%209.01%20Financial%20Statements%20and%20Exhibits) This section lists the exhibits accompanying the Form 8-K filing, specifically a press release [Exhibits](index=2&type=section&id=Exhibits) This section lists the exhibits accompanying the Form 8-K filing Form 8-K Exhibits | Exhibit No. | Description | | :--- | :--- | | 99.1 | Press Release dated July 21, 2025 | [SIGNATURES](index=3&type=section&id=SIGNATURES) This section confirms the official signing of the report by the trustee on behalf of PermRock Royalty Trust [Report Signatures](index=3&type=section&id=Report%20Signatures) The report was duly signed on behalf of PermRock Royalty Trust by Argent Trust Company, as Trustee, confirming compliance with the Securities Exchange Act of 1934 - The report was signed by Jana Egeler, Vice President, Trust Administrator, on behalf of Argent Trust Company, as Trustee for PermRock Royalty Trust[11](index=11&type=chunk) - The Trust has no directors or executive officers[11](index=11&type=chunk) - Date of signing: July 21, 2025[11](index=11&type=chunk)

[Glossary of Terms](index=3&type=section&id=Glossary%20of%20Terms) This section defines key terms and abbreviations used throughout the report [PART I. FINANCIAL INFORMATION](index=4&type=section&id=PART%20I.%20FINANCIAL%20INFORMATION) This part presents the Trust's unaudited condensed financial statements and related disclosures [ITEM 1. Financial Statements](index=4&type=section&id=ITEM%201.%20Financial%20Statements) This section presents the Trust's unaudited condensed financial statements, including assets, liabilities, trust corpus, and distributable income, prepared on a modified cash basis Condensed Statements of Assets, Liabilities and Trust Corpus (Unaudited) | Item | June 30, 2025 | December 31, 2024 | | :-------------------------- | :-------------- | :---------------- | | Cash and short-term investments | $1,539,693 | $1,612,261 | | Net Profits Interest | $70,219,686 | $72,379,939 | | **TOTAL ASSETS** | **$71,759,379** | **$73,992,200** | | Distribution payable | $539,693 | $612,261 | | Cash reserves | $1,000,000 | $1,000,000 | | Trust corpus | $70,219,686 | $72,379,939 | | **TOTAL LIABILITIES AND TRUST CORPUS** | **$71,759,379** | **$73,992,200** | Condensed Statements of Distributable Income (Unaudited) | Item | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :-------------------------------- | :------------------------------- | :------------------------------- | :----------------------------- | :----------------------------- | | Net profits income | $1,545,465 | $1,658,420 | $3,256,228 | $2,954,828 | | Interest income | $12,137 | $14,609 | $24,677 | $29,571 | | Total revenue | $1,557,602 | $1,673,029 | $3,280,905 | $2,984,399 | | Expenditures – general and administrative | $(357,084) | $(322,992) | $(614,192) | $(511,860) | | Distributable income | $1,200,518 | $1,350,037 | $2,666,713 | $2,472,539 | | Distributable income per unit | $0.098679 | $0.110969 | $0.219196 | $0.203235 | Condensed Statements of Changes in Trust Corpus (Unaudited) | Item | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :-------------------------- | :------------------------------- | :------------------------------- | :----------------------------- | :----------------------------- | | Trust corpus, beginning of period | $71,286,955 | $75,050,326 | $72,379,939 | $75,876,170 | | Amortization of Net Profits Interest | $(1,067,269) | $(932,729) | $(2,160,253) | $(1,758,573) | | Distributable income | $1,200,518 | $1,350,037 | $2,666,713 | $2,472,539 | | Distributions declared | $(1,200,518) | $(1,350,037) | $(2,666,713) | $(2,472,539) | | Trust corpus, end of period | $70,219,686 | $74,117,597 | $70,219,686 | $74,117,597 | - The Trust was formed on **November 22, 2017**, to acquire and hold an **80% Net Profits Interest** in certain oil and natural gas properties for the benefit of unitholders, with Argent Trust Company becoming the successor trustee on **December 30, 2022**[19](index=19&type=chunk)[20](index=20&type=chunk)[21](index=21&type=chunk) - On **March 31, 2025**, T2S Permian Acquisition II LLC (T2S) acquired the Underlying Properties from Boaz Energy II, LLC and assumed all related obligations, also acquiring **4,884,861 Trust units** from Boaz Energy[22](index=22&type=chunk)[24](index=24&type=chunk) - The Trust uses a **modified cash basis of accounting**, which differs from GAAP, recognizing net profits income when distributions are received and expenses when paid, a method permitted for royalty trusts by the SEC[25](index=25&type=chunk)[26](index=26&type=chunk) - The Trust's revenue and distributions are highly dependent on **volatile oil and natural gas prices**, influenced by economic conditions, global politics, and regulatory developments[29](index=29&type=chunk) - For U.S. federal income tax purposes, the Trust is treated as a **grantor trust**, passing income and deductions directly to unitholders for taxation on their pro rata share[33](index=33&type=chunk) - The Trustee is authorized to retain cash reserves up to **$1.0 million** for administrative expenses and future liabilities, with total cash reserves held by the Trustee amounting to **$1,000,000** as of June 30, 2025[34](index=34&type=chunk) - T2S is entitled to reserve up to **$3.0 million** from net profits for future taxes and development/operating expenses, holding **$318,174** net to the Trust for future capital expenses as of June 30, 2025[35](index=35&type=chunk)[76](index=76&type=chunk) Distributions per Unit for Q2 2025 | Record Date | Payment Date | Distribution per Unit | | :---------- | :----------- | :-------------------- | | April 30, 2025 | May 14, 2025 | $0.023807 | | May 30, 2025 | June 13, 2025 | $0.030511 | | June 30, 2025 | July 15, 2025 | $0.044361 | | **Total** | | **$0.098679** | - The Trustee's annual administrative fee for 2025 is **$205,031**, increasing by **1%** annually until the Trust's 20th anniversary, with these fees deducted before distributions[37](index=37&type=chunk) - T2S's estimated capital and workover budget for 2025 for the Underlying Properties is **$4.0 million**, with approximately **$0.2 million** expended as of June 30, 2025, including plans for drilling new wells, workovers, and waterflood pattern conformance[39](index=39&type=chunk)[40](index=40&type=chunk) - The 2018 Litigation concluded with the Court of Appeals affirming the trial court's judgment in favor of the defendants on **February 5, 2025**[41](index=41&type=chunk)[90](index=90&type=chunk) - On **July 21, 2025**, the Trust declared a cash distribution of **$0.032491** per Trust unit based on May 2025 production[42](index=42&type=chunk)[81](index=81&type=chunk) Underlying Sales Volumes and Average Prices for May 2025 Production | Production Month | Oil (Bbls) | Gas (Mcf) | Oil (per Bbl) | Gas (per Mcf) | | :--------------- | :--------- | :-------- | :------------ | :------------ | | May | 18,941 | 26,454 | $59.36 | $1.67 | [ITEM 2. Trustee's Discussion and Analysis of Financial Condition and Results of Operations](index=12&type=section&id=ITEM%202.%20Trustee%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) This section analyzes the Trust's financial condition, operations, liquidity, and capital resources, highlighting the impact of commodity prices and operational costs on distributable income - The Trust's distributable income for the three months ended June 30, 2025, **decreased to $1,200,518** (or **$0.098679 per unit**) **from $1,350,037** in the prior year, primarily due to decreased oil prices and volumes[55](index=55&type=chunk)[56](index=56&type=chunk) - For the six months ended June 30, 2025, distributable income **increased to $2,666,713** (or **$0.219196 per unit**) **from $2,472,539** in the prior year, mainly due to increased gas prices and a decrease in production and development costs[59](index=59&type=chunk)[60](index=60&type=chunk) Key Factors Affecting Net Profits Income (YoY Comparison) | Metric | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | Change (YoY) | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | Change (YoY) | | :-------------------------------- | :------------------------------- | :------------------------------- | :----------- | :----------------------------- | :----------------------------- | :----------- | | Net profits income | $1,545,465 | $1,658,420 | -6.93% | $3,256,228 | $2,954,828 | +10.20% | | Oil sales volumes (Bbl) | 64,816 | 72,477 | -10.6% | 134,445 | 146,988 | -8.5% | | Natural gas sales volumes (Mcf) | 85,631 | 81,308 | +5.3% | 164,793 | 165,250 | -0.3% | | Average realized oil price (per Bbl) | $66.36 | $78.89 | -15.9% | $67.91 | $75.93 | -10.56% | | Average realized natural gas price (per Mcf) | $3.24 | $2.98 | +8.72% | $3.21 | $3.06 | +4.9% | | Direct operating expenses | $220,660 | $476,689 | -53.7% | $686,598 | $946,429 | -27.46% | | Lease operating expenses | $1,348,400 | $1,730,997 | -22.1% | $3,264,960 | $3,470,589 | -5.93% | | Development expenses | $77,395 | $663,068 | -88.3% | $212,358 | $1,518,552 | -86.0% | - **Oil sales volumes decreased** due to natural decline and curtailed operations during the transition from Boaz Energy to T2S, while **natural gas sales volumes saw a slight increase in Q2** but a **slight decrease for the six-month period**, also attributed to natural decline and transition-related operational reductions[66](index=66&type=chunk)[67](index=67&type=chunk)[68](index=68&type=chunk) - **Average realized oil prices decreased** due to a surge in global supply and weaker demand, whereas **natural gas prices increased** due to colder winter demand and increased industrial usage[69](index=69&type=chunk)[70](index=70&type=chunk) - Direct operating, lease operating, and development expenses **decreased significantly**, primarily due to fewer projects and deferrals during the Boaz Energy to T2S transition, and the non-recurrence of a major well plugging expense from 2024[71](index=71&type=chunk)[72](index=72&type=chunk)[74](index=74&type=chunk) - The Trust's liquidity primarily comes from **cash flow from the Net Profits Interest** and **cash reserves**, with primary uses of cash being distributions to unitholders and administrative expenses[77](index=77&type=chunk)[78](index=78&type=chunk) - T2S's 2025 capital and workover budget for the Underlying Properties is **$4.0 million**, with **$0.2 million** expended as of June 30, 2025, including plans for drilling two wells, participating in a non-operated well, and investing in workovers[80](index=80&type=chunk) [ITEM 3. Quantitative and Qualitative Disclosures about Market Risk](index=19&type=section&id=ITEM%203.%20Quantitative%20and%20Qualitative%20Disclosures%20about%20Market%20Risk) As a smaller reporting company, the Trust is exempt from providing quantitative and qualitative market risk disclosures - The Trust is a **smaller reporting company** and is **exempt from providing market risk disclosures**[86](index=86&type=chunk) [ITEM 4. Controls and Procedures](index=19&type=section&id=ITEM%204.%20Controls%20and%20Procedures) The Trustee concluded that the Trust's disclosure controls and procedures were effective as of June 30, 2025, relying on information from the Underlying Properties' operator - The Trustee concluded that the Trust's disclosure controls and procedures were **effective as of June 30, 2025**[87](index=87&type=chunk) - Due to the Trust's passive nature, its disclosure controls and procedures **rely on information provided by Boaz Energy and T2S** regarding operations, costs, revenues, production, and reserve data[88](index=88&type=chunk) [PART II. OTHER INFORMATION](index=20&type=section&id=PART%20II.%20OTHER%20INFORMATION) This part provides updates on legal proceedings, risk factors, and other miscellaneous information pertinent to the Trust [ITEM 1. Legal Proceedings](index=20&type=section&id=ITEM%201.%20Legal%20Proceedings) This section provides an update on legal proceedings, specifically the conclusion of the 2018 Litigation - The 2018 Litigation, Thaleia L. Marston, Trustee of the Marston Trust v. Blackbeard Operating, LLC, et.al, **concluded on February 5, 2025**, with the Court of Appeals affirming the trial court's judgment in favor of the defendant appellees[90](index=90&type=chunk) [ITEM 1A. Risk Factors](index=20&type=section&id=ITEM%201A.%20Risk%20Factors) This section confirms no material changes to previously disclosed risk factors - There have been **no material changes** in the risk factors disclosed in the Trust's 2024 Annual Report on Form 10-K[91](index=91&type=chunk) [ITEM 2. Unregistered Sales of Equity Securities and Use of Proceeds](index=20&type=section&id=ITEM%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) This item is not applicable to the Trust - Not applicable[92](index=92&type=chunk) [ITEM 3. Defaults Upon Senior Securities](index=20&type=section&id=ITEM%203.%20Defaults%20Upon%20Senior%20Securities) This item is not applicable to the Trust - Not applicable[93](index=93&type=chunk) [ITEM 4. Mine Safety Disclosures](index=20&type=section&id=ITEM%204.%20Mine%20Safety%20Disclosures) This item is not applicable to the Trust - Not applicable[94](index=94&type=chunk) [ITEM 5. Other Information](index=20&type=section&id=ITEM%205.%20Other%20Information) This section clarifies the Trust has no directors or officers, thus no related trading arrangements or insider trading policies - The Trust has **no directors or officers**, and consequently, **no Rule 10b5-1 trading arrangements or insider trading policies**[95](index=95&type=chunk) [ITEM 6. Exhibits.](index=20&type=section&id=ITEM%206.%20Exhibits.) This section lists the exhibits filed or furnished with this Quarterly Report on Form 10-Q Exhibits Filed with Form 10-Q | Exhibit No. | Description | | :---------- | :---------- | | 3.1 | Certificate of Trust of PermRock Royalty Trust | | 3.2 | Amended and Restated Trust Agreement of PermRock Royalty Trust, dated May 4, 2018 | | 3.3 | Amendment No. 1 to the Amended and Restated Trust Agreement of PermRock Royalty Trust, dated May 4, 2022 | | 31.1 | Section 302 Certification.* | | 32.1 | Section 906 Certification.* | [SIGNATURE](index=21&type=section&id=SIGNATURE) This section contains the official signature of the Trustee, affirming the report's submission - The report is signed by **Argent Trust Company**, as Trustee, by Jana Egeler, VP Trust Administrator, on **August 13, 2025**[99](index=99&type=chunk) - PermRock Royalty Trust has **no principal executive officer, principal financial officer, board of directors, or similar functions**, and the Trustee's signing does not imply performance of such functions[99](index=99&type=chunk)