Core Points - The Permian Basin Royalty Trust declared a cash distribution of $0.020021 per unit, payable on November 17, 2025, to unit holders of record on October 31, 2025 [1] - The distribution decreased compared to the previous month due to the absence of a settlement payment from Blackbeard Operating LLC and excess production costs from the Waddell Ranch properties [1][2] - Higher oil and natural gas prices from Texas Royalty Properties partially offset the decrease in distribution [1] Waddell Ranch Properties - No proceeds were received from the Waddell Ranch properties for September 2025, which affected the October distribution [2] - All excess costs must be recovered by future proceeds from the Waddell Ranch properties before any distributions can be made to the Trust [2] - Blackbeard provides production, pricing, and cost information quarterly, which will be disclosed in quarterly and annual reports [2][5] Texas Royalty Properties - Production for Texas Royalty Properties was 16,239 barrels of oil and 13,282 Mcf of gas, with the Trust's allocated portion being 14,323 barrels of oil and 11,709 Mcf of gas [3] - Average prices were $65.08 per barrel for oil and $8.10 per Mcf for gas, reflecting production and pricing from July and June respectively [3] - Revenues from Texas Royalty Properties amounted to $1,164,303, with net profits of $1,024,178 after taxes and expenses [3] Financial Summary - General and administrative expenses for the month were $39,774, leading to a total distribution of $933,195 to 46,608,796 units outstanding [6] - The distribution per unit is $0.020021, reflecting the impact of worldwide market conditions on domestic production pricing [6] Special Meeting - A special meeting of the Trust's unit holders is scheduled for December 16, 2025, at the request of SoftVest Advisors, LLC and other unit holders [7] - The purpose of the meeting is to vote on a proposal for judicial reformation of the Trust's Indenture [7] - Additional details regarding the special meeting will be provided in a notice to unit holders [7]