What changed in this filing

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Item 1. Financial Statements

2022-05-16 compared with 2021-11-15 · 102 added, 187 removed, 238 unchanged (55% of the section changed)

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is suggested that these condensed interim financial statements and notes thereto be read in conjunction with the financial statements and the notes thereto included in the Trusts latest annual report on Form

In the opinion of the Trustee, all adjustments, consisting only of normal recurring adjustments, necessary to present fairly the assets, liabilities and trust corpus of the Trust as of September 30,

2021, the distributable income and the changes in trust corpus for the three-month and nine-month periods ended September 30, 2021 and 2020, have been included.

The distributable income for such interim periods is not necessarily indicative of

the distributable income for the full year.

In the opinion of the Trustee, all adjustments, consisting only of normal recurring adjustments, necessary to present fairly the assets, liabilities and trust corpus of the Trust as of March 31,

2022, and the distributable income and the changes in trust corpus for the three-month period ended March 31, 2022 and 2021, have been included.

The distributable income for such interim periods is not necessarily indicative of the

distributable income for the full year.

Unless specified otherwise, all amounts included herein are presented in US dollars.

The condensed interim

financial statements as of September 30, 2021 and for the three-month and nine-month periods ended September 30, 2021 and 2020, included herein, have been reviewed by Weaver and Tidwell, L.L.P., an independent registered public accounting

firm, as stated in their report appearing herein.

financial statements as of March 31, 2022 and for the three-month periods ended March 31, 2022 and 2021, included herein, have been reviewed by Weaver and Tidwell, L.L.P., an independent registered public accounting firm, as stated in

their report appearing herein.

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

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We have reviewed the accompanying condensed statements of assets, liabilities and trust corpus of Permian Basin Royalty

Trust (the Trust) as of September 30, 2021 and the related condensed statements of distributable income and changes in trust corpus for the three-month and nine-month periods ended September 30, 2021 and 2020, and the related

notes (collectively referred to as the condensed interim financial statements or interim financial information).

Based on our reviews, we are not aware of any material modifications that should be made to the accompanying condensed

interim financial statements for them to be in conformity with the modified cash basis of accounting, which is a comprehensive basis of accounting other than accounting principles generally accepted in the United States of America.

Trust (the Trust) as of March 31, 2022, and the related condensed statements of distributable income and changes in trust corpus for the three-month periods ended March 31, 2022 and 2021, and the related notes (collectively referred to as

the condensed interim financial statements or interim financial information).

Based on our reviews, we are not aware of any material modifications that should be made to the accompanying condensed interim financial statements for them to

be in conformity with the modified cash basis of accounting, which is a comprehensive basis of accounting other than accounting principles generally accepted in the United States of America.

As described in Note 2 to the condensed interim financial statements, these condensed interim financial statements were prepared on a modified cash basis of

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These condensed interim financial statements are the responsibility of the Trustee.

We conducted our reviews in accordance with the standards of the PCAOB.

are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Trust in accordance with the U.S.

federal securities laws and the applicable rules and regulations of the Securities and Exchange

Commission and the PCAOB.

A review of interim financial information consists principally of applying analytical procedures and making inquiries of

persons responsible for financial and accounting matters.

It is substantially less in scope than an audit conducted in accordance with the standards of the PCAOB, the objective of which is the expression of an opinion regarding the financial

statements taken as a whole.

Accordingly, we do not express such an opinion.

our reviews in accordance with the standards of the PCAOB.

We are a public accounting firm registered with the PCAOB and are required to be independent with

respect to the Trust in accordance with the U.S.

federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

A review of interim financial information consists principally of applying analytical procedures and making inquiries of persons responsible for financial and

accounting matters.

It is substantially less in scope than an audit conducted in accordance with the standards of the PCAOB, the objective of which is the expression of an opinion regarding the financial statements taken as a whole.

Accordingly, we

do not express such an opinion.

/s/ WEAVER AND TIDWELL, L.L.P.

November 15, 2021

Dallas, Texas

PERMIAN BASIN ROYALTY TRUST

CONDENSED STATEMENTS OF ASSETS, LIABILITIES AND TRUST CORPUS

September 30,

Cash and short-term investments

Net overriding royalty interests in producing oil and gas properties (net of accumulated

amortization of $10,627,973 and $10,592,340 at September 30, 2021 and December 31, 2020, respectively)

amortization of $10,638,671 and $10,622,528 at March 31, 2022 and December 31, 2021, respectively)

LIABILITIES AND TRUST CORPUS

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CONDENSED STATEMENTS OF DISTRIBUTABLE INCOME (UNAUDITED)

THREE MONTHS ENDED

September 30, 2021

THREE MONTHS ENDED

September 30, 2020

Royalty income

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PERMIAN BASIN ROYALTY TRUST

CONDENSED STATEMENTS OF DISTRIBUTABLE INCOME (UNAUDITED)

NINE MONTHS ENDED

September 30, 2021

NINE MONTHS ENDED

September 30, 2020

Royalty income

Interest income

Reserved for Expenses

General and administrative expenditures

Distributable income

Distributable income per Unit (46,608,796 Units)

The accompanying notes are an integral part of these condensed financial statements.

PERMIAN BASIN ROYALTY TRUST

CONDENSED STATEMENTS OF CHANGES IN TRUST CORPUS (UNAUDITED)

THREE MONTHS ENDED

September 30, 2021

THREE MONTHS ENDED

September 30, 2020

Trust corpus, beginning of period

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PERMIAN BASIN ROYALTY TRUST

CONDENSED STATEMENTS OF CHANGES IN TRUST CORPUS (UNAUDITED)

NINE MONTHS ENDED

September 30, 2021

NINE MONTHS ENDED

September 30, 2020

Trust corpus, beginning of period

Amortization of net overriding royalty interests

Distributable income

Distributions declared

Total Trust Corpus, end of period

Distributions per Unit

The accompanying notes are an integral part of these condensed financial statements.

PERMIAN BASIN ROYALTY TRUST

NOTES TO CONDENSED FINANCIAL STATEMENTS (UNAUDITED)

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operations for the Texas Royalty Properties.

BROG notified the Trust that on November 1, 2019, the Waddell Ranch properties that are subject to the Net Overriding Royalty Conveyance (Permian Basin Royalty Trust-Waddell Ranch) dated November1,

1980, were sold to Blackbeard Operating, LLC (Blackbeard) of Fort Worth, Texas.

BROG notified the Trust that on November 1, 2019, the Waddell Ranch properties that are subject to the Net Overriding Royalty Conveyance (Permian Basin Royalty Trust Waddell Ranch) dated

November 1, 1980, were sold to Blackbeard Operating, LLC (Blackbeard) of Fort Worth, Texas.

Blackbeard became the operator effective as of April 1, 2020.

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for periods prior to August 29, 2014, and shall refer to Southwest Bank for periods from August 29, 2014 through February 19, 2018 and shall refer to Simmons Bank for periods on and after February 20,

On November 4, 2021, the Trustee announced that it has entered into an agreement with Argent Trust Company, a Tennessee

chartered trust company (Argent), pursuant to which the Trustee will be resigning as trustee of the Trust and will nominate Argent as successor trustee of the Trust.

The Trustees resignation as trustee, and Argents

appointment as successor trustee, are subject to certain conditions set forth in the agreement, including approval by the Unit holders of the Trust and of certain other trusts of which Simmons Bank acts as trustee (or a court) of

(i) Argents appointment as successor trustee and (ii) any amendments to the Indenture of the Trust and the trust agreements and indentures of the other trusts necessary to permit Argent to serve as successor trustee.

The terms of the Trust Indenture provide, among other things, that:

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comprehensive basis of accounting other than GAAP corresponds to the accounting permitted for royalty trusts by the U.S.

Securities and Exchange Commission as specified by Staff Accounting Bulletin Topic 12:E, Financial Statements of Royalty

Securities and Exchange Commission as specified by Staff Accounting Bulletin Topic 12:E, Financial Statements of Royalty Trusts.

Use of Estimates

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future royalty income payments to the Trust with corresponding reductions to cash distributions to Unit holders.

Distributable Income Per Unit

Basic distributable income per Unit is computed by dividing distributable income by the weighted average of Units outstanding.

Distributable

income per Unit assuming dilution is computed by dividing distributable income by the weighted average number of Units and equivalent Units outstanding.

The Trust had no equivalent Units outstanding for any period presented.

Therefore, basic

distributable income per Unit and distributable income per Unit assuming dilution are the same.

New Accounting Pronouncements

There are no new accounting pronouncements that are expected to have significant impact on the Trusts financial statements.

Distributable Income

Basic distributable income per Unit is computed by dividing distributable income by the weighted average of Units

Distributable income per Unit assuming dilution is computed by dividing distributable income by the weighted average number of Units and equivalent Units outstanding.

The Trust had no equivalent Units outstanding for any period

Therefore, basic distributable income per Unit and distributable income per Unit assuming dilution are the same.

Accounting Pronouncements

There are no new accounting pronouncements that are expected to have significant impact on the Trusts

financial statements.

NET OVERRIDING ROYALTY INTERESTS AND DISTRIBUTION TO UNIT HOLDERS

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subject to federal income tax at the trust level.

The Unit holders are considered for federal tax purposes to own the Trusts income and principal as though

no trust were in existence.

The income of the Trust is deemed to have been received or accrued by each Unit holder at the time such income is received or accrued by the Trust and not when

distributed by the Trust.

If the Trust borrows funds to pay liabilities of the Trust, as contemplated in the Trust Indenture, tax-exempt Unit holders could be required to recognize unrelated business taxable

The Unit holders are considered for federal tax purposes to own the Trusts income and principal as though no trust were in existence.

The income of the Trust is deemed to have been received or

accrued by each Unit holder at the time such income is received or accrued by the Trust and not when distributed by the Trust.

If the Trust borrows funds to pay liabilities of the Trust, as contemplated in the Trust Indenture, tax-exempt Unit holders could be required to recognize unrelated business taxable income.

STATE TAX CONSIDERATIONS

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SUBSEQUENT EVENTS

Subsequent to September 30, 2021, the Trust declared a distribution on October 19, 2021 of $0.022354 per Unit payable on

November 15, 2021 to Unit holders of record on October 29, 2021.

On November 4, 2021, the Trustee announced that it has entered into an agreement with

Argent Trust Company, a Tennessee chartered trust company (Argent), pursuant to which the Trustee will be resigning as trustee of the Trust and will nominate Argent as successor trustee of the Trust.

The Trustees resignation as

trustee, and Argents appointment as successor trustee, are subject to certain conditions set forth in the agreement, including approval by the Unit holders of the Trust and of certain other trusts of which Simmons Bank acts as trustee (or a

court) of (i) Argents appointment as successor trustee and (ii) any amendments to the Indenture of the Trust and the trust agreements and indentures of the other trusts necessary to permit Argent to serve as successor trustee.

Subsequent to March 31, 2022, the Trust declared a distribution on April 19, 2022 of $0.031783 per Unit payable on

May 13, 2022 to Unit holders of record on April 29, 2022.

On April 5, 2022, the Trust commenced its Special Meeting of

unitholders (the Special Meeting) as previously scheduled and adjourned the meeting due to lack of the requisite quorum.

The Special Meeting was adjourned to allow the unitholders additional time to vote on the proposals described in the

Trusts definitive proxy statement filed by the Trust with the Securities and Exchange Commission on February 9, 2022, as amended.

The Special Meeting was reconvened on May 4, 2022, whereby a quorum was obtained and the proposals were

Trustees Discussion and Analysis

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Recent prices have been substantially higher, but are expected to remain volatile.

As of November 12, 2021, the price of oil was $80.78.

Factors that may impact future commodity prices, including the price of oil and natural gas,

include but are not limited to:

political conditions in major oil producing regions, especially in the Middle East;

As of May 2, 2022, the price of oil was $105.18.

Factors that may impact future commodity prices, including the price of oil and natural gas, include but

are not limited to:

political conditions in major oil producing regions, especially in the Middle East and Russia;

worldwide economic conditions;

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this reduces the predictability of future cash distributions to Unit holders.

Three Months Ended September 30, 2021 Compared to Three Months

Ended September 30, 2020

For the quarter ended September 30, 2021, royalty income received by the Trust amounted to $3,344,086 compared to

royalty income of $1,358,890 during the third quarter of 2020.

The increase in royalty income is primarily attributable to an increase in oil and gas pricing and an increase in oil and gas production, primarily on the Texas Royalty Properties as

compared to the quarter ended September 30, 2020.

Blackbeard, after assuming the role of operator of the Waddell Ranch properties, immediately instituted a workover of specific wells, which caused the Trust not to receive any royalty income

from the Waddell Ranch properties in the third quarter of 2021.

Average oil and gas prices were $68.34 and $3.36, respectively, for the quarter ending September 30, 2021 compared to $28.55 and $1.74 for the quarter ended September 30,

Interest income for the quarter ended September 30, 2021 was $1,273 compared to $1,280 during the third

quarter of 2020.

Three Months Ended March 31, 2022 Compared to Three Months Ended

March 31, 2021

For the quarter ended March 31, 2022, royalty income received by the Trust amounted to $4,078,645 compared to royalty income

of $2,124,157 during the first quarter of 2021.

The increase in royalty income is primarily attributable to an increase in oil and natural gas production and pricing for the quarter ended March 31, 2022.

Average oil and gas prices were $75.95

and $4.52, respectively, for the quarter ending March 31, 2022 compared to $44.08 and $2.67 for the quarter ended March 31, 2021.

income for the quarter ended March 31, 2022, was $1,233 compared to $1,313 during the first quarter of 2021.

The decrease in interest income is primarily attributable to decreased amounts of funds available for investment.

Total expenses during the third quarter of 2021 amounted to $361,096 compared to $105,830 during the third quarter of

The increase in total expenses can be primarily attributed to increased expense for professional services, printing expenses and the timing of payment of expenses.

These transactions resulted in distributable income for the quarter ended September 30, 2021 of $2,984,263 or $0.064028 per Unit of beneficial interest.

Distributions of $0.021355, $0.019552 and $0.023119 per Unit were made to Unit holders of record as of July 30, 2021, August 31, 2021, and September 30, 2021, respectively.

For the third quarter of 2020, distributable income was

Total expenses during

the first quarter of 2022 amounted to $345,184 compared to $285,740 during the first quarter of 2021.

The increase in total expenses can be primarily attributed to increased expense for professional services and the timing of payment of expenses.

These transactions resulted in distributable income for the quarter ended March 31, 2022, of $3,734,694

or $0.08 per Unit of beneficial interest.

Royalty income for the Trust for the third quarter of the calendar year is associated with actual oil and

gas production for the period of May, June and July 2021 from the properties from which the Trusts net overriding royalty interests (Royalties) were carved.

Oil and gas sales attributable to the Royalties and the properties from

which the Royalties were carved are as follows:

Three Months Ended

September 30,

Distributions of $0.031614, $0.029164 and $0.019331 per Unit were made to Unit holders of record as of January 31, 2022, February 28, 2022, and March 31, 2022, respectively.

For the first

quarter of 2021, distributable income was $1,839,730 or $.04 per Unit of beneficial interest.

Royalty income for the Trust for the first

quarter of the calendar year is associated with actual oil and gas production for the period of November and December 2021 and January 2022 from the properties from which the Trusts net overriding royalty interests (Royalties) were

Oil and gas sales attributable to the Royalties and the properties from which the Royalties were carved are as follows:

First Quarter

Oil sales (Bbls)

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Average price per Mcf

The average received price of oil increased to an average price per barrel of $68.34 in the third quarter of 2021, compared to

$28.55 per Bbl in the third quarter of 2020 due to worldwide market variables.

The Trustee has been advised by the operator of the Waddell Ranch properties that for the period of August 1, 1993, through September 30, 2021, the oil from the

Waddell Ranch properties was being sold under a competitive bid to a third party.

The average price of gas (including natural gas liquids) increased from $1.74 per Mcf in the third quarter of 2020 to $3.36 (including pricing for gas liquids) per Mcf

in the third quarter of 2021 due to change in overall market variables.

Since the oil and gas sales attributable to the Royalties are based on an

allocation formula that is dependent on such factors as price and cost (including capital expenditures), the production amounts in the Royalties section of the above table do not provide a meaningful comparison.

Oil sales volumes increased and gas

sales volumes increased from the Underlying Properties (as defined in the Trusts Annual Report on Form 10-K for the year ended December 31, 2020) for the applicable period in 2021 compared to

Capital expenditures for drilling, remedial and maintenance activities on the Waddell Ranch properties during the third

quarter of 2021 totaled $26.8 million (gross) as compared to $2.8 million for the third quarter of 2020.

Blackbeard has previously informed the Trustee that the 2021 capital expenditures budget has been revised to $88.6 million

(gross) for the Waddell Ranch properties.

The average received price of oil increased to an average price per barrel of $75.95 per Bbl in the first quarter of 2022,

compared to $44.08 per Bbl in the first quarter of 2021 due to worldwide market variables.

The Trustee has been advised by the operator of the Waddell Ranch properties that for the period of August 1, 1993, through March 31, 2022, the oil

from the Waddell Ranch properties was being sold under a competitive bid to a third party.

The average price of gas (including natural gas liquids) increased from $2.67 per Mcf in the first quarter of 2021 to $4.52 per Mcf in the first quarter of

2022 due to change in overall market variables.

Since the oil and gas sales attributable to the Royalties are based on an allocation formula that is

dependent on such factors as price and cost (including capital expenditures), the production amounts in the Royalties section of the above table do not provide a meaningful comparison.

Oil sales volumes increased and gas sales volumes increased from

the Underlying Properties (as defined in the Trusts Annual Report on Form 10-K for the year ended December 31, 2021) for the applicable period in 2022 compared to 2021.

Capital expenditures for drilling, remedial and maintenance activities on the Waddell Ranch properties during the first quarter of 2022 totaled

$20.5 million as compared to $9.5 million for the first quarter of 2021.

Blackbeard has previously informed the Trustee that the 2022 capital expenditures budget has been approved at $254 million (gross) for the Waddell Ranch

The total amount of capital expenditures for 2021 with regard to the Waddell Ranch properties totaled $191 million (gross).

The Trusts portion of the revised budget is $51 million for the entire year of 2021.

has been advised that there were 13.9 (net to the Trust) workover wells completed, 7.1 (net to the Trust) new wells completed, 9.4 (net to the Trust) new wells in progress and 12.6 (net to the Trust) workover wells in progress during the three

months ended September 30, 2021, as compared to 5 (net to the Trust) vertical drill wells started and 3 (net to the Trust) completed, 2 (net to the Trust) new wells in progress, and 5 (net to the Trust) workover wells in progress for the three

months ended September 30, 2020, on the Waddell Ranch properties.

There were various facility projects in progress for the third quarter of 2021.

Lease operating expenses and property taxes totaled $6.6 million (gross) for the third quarter of 2021, compared to $5.197 million (gross) for the

The Trustee has been advised that there were 11.6 workover wells completed, 10.9 new wells completed, 3.4

new wells in progress and 4.1 workover wells in progress during the three months ended March 31, 2022, as compared to 27 workover wells completed, 8 new wells completed, 8 new wells in progress and 9 workover wells in progress

for the three months ended March 31, 2021, on the Waddell Ranch properties.

There were various facility projects in progress for the first quarter of 2022.

Lease operating expenses and property taxes totaled $9.5 million (gross) for the first quarter of 2021, compared to $2.3 million (gross) for the

same period in 2021 on the Waddell Ranch properties due to increased maintenance work.

Nine Months Ended September 30, 2021 Compared to Nine

Months Ended September 30, 2020

For the nine months ended September 30, 2021, royalty income received by the Trust amounted to $8,409,389

compared to royalty income of $10,059,901 for the nine months ended September 30, 2020.

The decrease in royalty income is primarily attributable to an increase in oil pricing, offset by a decrease in oil and gas production, as

compared to the nine months ended September 30, 2020.

However, the Waddell Properties did not contribute to Royalties for the nine months of 2021 due to excess costs, but production did increase for the nine-month period.

Average oil and gas

prices were $58.79 and $2.92 for the nine months ended September 30, 2021 compared to $40.05 and $1.38 for the nine months ended September 30, 2020.

Interest income for the nine months ended September 30, 2021, was $3,859 compared to $8,064 during the nine months ended September 30, 2020.

The decrease in interest income is primarily attributable to decreased amounts of funds available for investment.

Total expenses during the nine months ended September 30, 2021, amounted to $931,140 compared to $955,281 during the nine months

ended September 30, 2020.

The decrease in total expenses can be primarily attributed to decreased expense for professional services, printing expenses and the timing expenses, including lack of expense reserve in current quarter.

These transactions resulted in distributable income for the nine months ended September 30, 2021 of $7,482,108, or $.16 per Unit.

months ended September 30, 2020, distributable income was $9,112,684, or $0.20 per Unit.

Royalty income for the Trust for the nine months ended September 30, 2021, is associated with actual

oil and gas production for the period November 2020 through July 2021 from the properties from which the Royalties were carved.

Oil and gas sales attributable to the Royalties and the properties from which the Royalties were carved are as follows:

Nine Months Ended

Oil sales (Bbls)

Gas sales (Mcf)

Properties From Which The Royalties Were Carved:

Total oil sales (Bbls)

Average per day (Bbls)

Average price per Bbl

Total gas sales (Mcf)

Average per day (Mcf)

Average price per Mcf

The average received price of oil increased during the nine months ended September 30, 2021 to $58.79 per barrel

compared to $40.05 per barrel for the same period in 2020 due to worldwide market variables.

The increase in the average price of gas (including natural gas liquids) from $1.38 per Mcf for the nine months ended September 30, 2020,

to $2.92 per Mcf for the nine months ended September 30, 2021 due to change in overall market variables.

Since the oil and gas sales

attributable to the Royalties are based on an allocation formula that is dependent on such factors as price and cost (including capital expenditures), the production amounts in the Royalties section of the above table do not provide a meaningful

Oil volume increased and gas sales volumes increased from the properties from which the Royalties are carved for the applicable period of 2021 compared to 2020.

Capital expenditures for drilling, remedial and maintenance activities on the Waddell Ranch properties for the nine months ended September 30, 2021

totaled $46.8 million (gross) compared to $3.8 million (gross) to the Trust for the same period in 2020.

Blackbeard has previously advised the Trustee that the 2021 capital expenditures budget for the Waddell Ranch properties is

$88.6 million (gross).

The Trustee has been advised that 32.3 (net to the Trust) workover wells were completed and 25.6 (net to the

Trust) workover wells were in progress, along with 15.4 (net to the Trust) new drill wells completed and 16.9 (net to the Trust) waiting on completion on the Waddell Ranch properties during the nine months ended September 30, 2021, as compared

to 5 (net to the Trust) vertical drill wells started, 3 (net to the Trust) completed and 5 (net to the Trust) workover wells in progress on the Waddell Ranch properties during the nine months ended September 30, 2020.

There were various

facility projects in progress for the third quarter of 2021.

Lease operating expenses and property taxes totaled $13.3 million for the nine months

ended September 30, 2021, compared to $15.7 million for the same period in 2020.

The decrease in lease operating expense is primarily attributable to decreased spending on facilities and maintenance.

Calculation of Royalty Income

The Trusts royalty

income is computed as a percentage of the net profit from the operation of the properties in which the Trust owns net overriding royalty interests.

The Trusts royalty income is computed as a percentage of the net profit from the operation of the properties in which the Trust owns net overriding

royalty interests.

The royalty income received and recorded by the Trust was determined by the operator as noted below.

These percentages of net profits are 75% and 95% in the case of the Waddell Ranch properties and the Texas Royalty properties, respectively.

Royalty income received by the Trust for the three months ended September 30, 2021 and 2020,

respectively, were computed as shown in the table below:

THREE MONTHS ENDED SEPTEMBER 30

These percentages of net profits are 75% and 95% in the case of the Waddell Ranch properties and the Texas Royalty properties,

respectively.

Royalty income received by the Trust for the three months ended March 31, 2022 and 2021, respectively, were computed as shown in the table below:

THREE MONTHS ENDED MARCH 31

Gross proceeds of sales from the Underlying Properties

Other (adjustment)

Other (adjustments)

Severance tax:

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Due to the NPI deficit, the Waddell Ranch properties did not contribute to Royalty income for the three months

ended September 30, 2021.

As of September 30, 2021, the cumulative NPI deficit was $16,193,781 for the underlying property (at 75%).

The NPI deficit must be recovered from future proceeds of the Waddell Ranch properties prior to any other

proceeds being paid to the Trust.

ended March 31, 2021.

As of March 31, 2022, the cumulative NPI deficit is 4,580,223 for the underlying property (at 75%).

The NPI deficit must be recovered from future proceeds of the Waddell Ranch properties prior to any other proceeds

being paid to the Trust.

Critical Accounting Policies and Estimates

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is included in Item 7 of the Trusts Annual Report on Form 10-K for the year ended December 31, 2021.

There have been no significant changes to the critical accounting policies during the nine months

ended September 30, 2021.

There have been no significant changes to the critical accounting policies during the three

months ended March 31, 2022.

Distributable Income Per Unit

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Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-Q

Item 1. Financial Statements