What changed in this filing

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Item 1. Financial Statements

2022-11-14 compared with 2022-08-15 · 144 added, 138 removed, 281 unchanged (50% 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 June 30,

2022, and the distributable income and the changes in trust corpus for the three-month and six-month periods ended June 30, 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.

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,

2022, the distributable income and the changes in trust corpus for the three-month and nine-month periods ended September 30, 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 June 30, 2022 and for the three-month and six-month periods

ended June 30, 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.

The condensed interim

financial statements as of September 30, 2022 and for the three-month and nine-month periods ended September 30, 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 (PCAOB ID Number 410)

Condensed Statement of Assets, Liabilities, and Trust Corpus

Condensed Statement of Distributable Income (Unaudited)

Condensed Statement of Changes in Trust Corpus (Unaudited)

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

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Dallas, Texas

Results of Review of

Interim Financial Statements

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

Trust (the Trust) as of June 30, 2022, and the related condensed statements of distributable income and changes in trust corpus for the three-month and six-month periods ended June 30,

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

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

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

We have previously audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the

statement of assets, liabilities, and trust corpus as of December 31, 2021, and the related statements of distributable income and changes in trust corpus for the year then ended (not presented herein);

and in our report dated March 30,

2022 we expressed an unqualified opinion on those financial statements.

In our opinion, the information set forth in the accompanying condensed statement of assets, liabilities and trust corpus as of December 31, 2021, is fairly stated, in all

material respects, in relation to the statement of assets, liabilities, and trust corpus from which it has been derived.

Results of Review of Interim Financial Statements

have reviewed the accompanying condensed statements of assets, liabilities and trust corpus of Permian Basin Royalty Trust (the Trust) as of September 30, 2022, and the related condensed statements of distributable income and

changes in trust corpus for the three-month and nine-month periods ended September 30, 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 accounting, which is a comprehensive basis of accounting other than accounting principles generally accepted in the United States of

We have previously audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States)

(PCAOB), the statement of assets, liabilities, and trust corpus as of December 31, 2021, and the related statements of distributable income and changes in trust corpus for the year then ended (not presented herein);

report dated March 30, 2022 we expressed an unqualified opinion on those financial statements.

In our opinion, the information set forth in the accompanying condensed statement of assets, liabilities and trust corpus as of December 31,

2021, is fairly stated, in all material respects, in relation to the statement of assets, liabilities, and trust corpus from which it has been derived.

Basis for Review Results

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

We conducted our reviews in accordance with the standards of the

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.

These condensed interim

financial statements are the responsibility of the Trustee.

We conducted 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

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

August 15, 2022

November 14, 2022

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 $10,649,131 and $10,622,528 at June 30, 2022 and December 31, 2021, respectively)

amortization of $10,665,077 and $10,622,528 September 30, 2022 and December 31, 2021, respectively)

LIABILITIES AND TRUST CORPUS

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THREE MONTHS ENDED

June 30, 2022

September 30, 2022

THREE MONTHS ENDED

June 30, 2021

September 30, 2021

Royalty income

Interest income

Reserve for expenses

General and administrative expenditures

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CONDENSED STATEMENTS OF DISTRIBUTABLE INCOME (UNAUDITED)

SIX MONTHS ENDED

June 30, 2022

SIX MONTHS ENDED

June 30, 2021

NINE MONTHS ENDED

September 30, 2022

NINE MONTHS ENDED

September 30, 2021

Royalty income

Interest income

Reserve for expenses

General and administrative expenditures

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THREE MONTHS ENDED

June 30, 2022

September 30, 2022

THREE MONTHS ENDED

June 30, 2021

September 30, 2021

Trust corpus, beginning of period

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CONDENSED STATEMENTS OF CHANGES IN TRUST CORPUS (UNAUDITED)

SIX MONTHS ENDED

June 30, 2022

SIX MONTHS ENDED

June 30, 2021

NINE MONTHS ENDED

September 30, 2022

NINE MONTHS ENDED

September 30, 2021

Trust corpus, beginning of period

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successor trustee.

The effective date of Simmons Banks resignation and Argents appointment as successor trustee is anticipated to be December 30, 2022, subject to satisfaction or waiver of the remaining closing conditions.

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 Trusts.

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

Use of Estimates

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SUBSEQUENT EVENTS

Subsequent to June 30, 2022, the Trust declared a distribution on July 19, 2022, of $0.163979 per Unit paid on August 12, 2022,

to unitholders of record on July 29, 2022.

Subsequent to September 30, 2022, the Trust declared a distribution on October 21, 2022, of $0.208587 per Unit payable on

November 15, 2022 to Unit holders of record on October 31, 2022.

Trustees Discussion and Analysis

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variety of additional factors that are beyond the Trustees control.

In 2020, there was a substantial decrease in oil and natural gas prices due in part to significantly decreased demand as a result of the novel

coronavirus (COVID-19) pandemic.

A combination of these factors resulted in the price of oil falling below zero to $(37.63) per barrel of oil on April 20, 2020, recovering the

following day to $10.01 per barrel of oil.

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

As of July 26, 2022, the price of oil was $94.98.

Factors that may impact future commodity prices, including the

price of oil and natural gas, include but are not limited to:

In 2020, there was a substantial decrease in oil and natural gas prices due in part to significantly decreased demand as a result of the novel coronavirus (COVID-19) pandemic and an oversupply of crude oil driven by a dispute between members of the Organization of Petroleum Exporting Countries (OPEC) and Russia over production cuts;

prices increased significantly beginning in 2021 and continued into the second quarter of 2022 before falling a bit in the third quarter 2022.

Factors which may affect commodity prices are discussed below and under Item 1ARisk

Factors in the Trusts Form 10-K for the year ended December 31, 2021.

A combination of these factors resulted in the price of oil falling below zero to $(37.63) per barrel of oil on

April 20, 2020, and recovering the following day to $10.01 per barrel of oil.

As of October 31, 2022, the price of oil was $86.54 per barrel.

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;

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

Three Months Ended June 30, 2022 Compared to Three Months Ended

June 30, 2021

For the quarter ended June 30, 2022, royalty income received by the Trust amounted to $7,630,221 compared to royalty income of

$2,941,146 during the second quarter of 2021.

The increase in royalty income is primarily attributable to an increase in oil and gas pricing and an increase in oil and gas production, for the quarter ending June 30, 2022, as compared to the

quarter ended June 30, 2021.

Average oil and gas prices were $101.24 and $5.33, respectively, for the quarter ending June 30, 2022, compared to $59.35 and $2.69 for the quarter ended June 30, 2021.

Interest income for the quarter ended June 30, 2022, was $1,785 compared to $1,273 during the second

quarter of 2021.

Three Months Ended September 30, 2022 Compared to Three Months

Ended September 30, 2021

For the quarter ended September 30, 2022, royalty income received by the Trust amounted to $27,323,759 compared to

royalty income of $3,344,086 during the third quarter of 2021.

The increase in royalty income is primarily attributable to an increase in oil and gas pricing and an increase in oil and gas production.

Average oil and gas prices were $108.75 and

$6.60, respectively, for the quarter ending September 30, 2022 compared to $68.34 and $3.36 for the quarter ended September 30, 2021.

Interest income for the quarter ended September 30, 2022 was $11,452 compared to $1,273 during the

third quarter of 2021.

The increase in interest income is primarily attributable to substantially increased amounts of funds available for investment.

Total expenses during the second quarter of 2022 amounted to $273,698 compared to $284,304 during the

second quarter of 2021.

The decrease in total expenses can be primarily attributed to decreased expenses for professional services.

These transactions

resulted in distributable income for the quarter ended June 30, 2022, of $7,358,308 or $.16 per Unit of beneficial interest.

Distributions of $0.031783, $0.034445 and $0.091662 per Unit were made to Unit holders of record as of April 29,

2022, May 31, 2022, and June 30, 2022, respectively.

For the second quarter of 2021, distributable income was $2,658,115 or $0.06 per Unit of beneficial interest.

Royalty income for the Trust for the second quarter of the calendar year is associated with actual oil and gas production for the period of February, March

and April 2022 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

Total expenses during the third quarter of 2022 amounted to $136,712 compared to $361,096 during

the third quarter of 2021.

The decrease in total expenses can be primarily attributed to decreased 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, 2022 of $27,198,499 or $0.58 per Unit of beneficial interest.

Distributions of $0.163979, $0.195923 and $0.223645 per Unit were made to Unit holders of record as of July 29, 2022, August 31, 2022, and September 30, 2022, respectively.

For the third quarter of 2021, distributable income was

$2,984,263 or $0.06 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 2022 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,

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 $101.24 per Bbl in the second quarter of 2022,

compared to $59.35 per Bbl in the second 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 April 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 $2.69 per Mcf in the second quarter of 2021 to $5.33 per Mcf in the second 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 second quarter of 2022 totaled

$32 million as compared to about $10 million (gross) for the second quarter of 2021.

Blackbeard has previously informed the Trustee that the 2022 capital expenditures budget has been approved at $92.6 million (gross) for the Waddell

Ranch properties.

The total amount of capital expenditures for 2021 with regard to the Waddell Ranch properties totaled $10.8 million (gross).

Trustee has been advised that there were 12 workover wells completed, 11.6 new wells completed, 11.3 new wells in progress and 12 workover wells in progress during the three months ended June 30, 2022, as compared to 34 workover wells (gross)

completed, 22 new wells (gross) completed, 20 new wells (gross) in progress and 37 workover wells (gross) in progress for the three months ended June 30, 2021, on the Waddell Ranch properties.

There were various facility projects in progress

for the second quarter of 2022.

Lease operating expenses and property taxes totaled $10.3 million (gross) for the second quarter of 2022, compared

to $6.8 million (gross) for the same period in 2021 on the Waddell Ranch properties due to increased maintenance work.

Six Months Ended

June 30, 2022 Compared to Six Months Ended June 30, 2021

For the six months ended June 30, 2022, royalty income received by the Trust

amounted to $11,708,866 compared to royalty income of $5,065,303 for the six months ended June 30, 2021.

The increase in royalty income is primarily attributable to an increase in oil and gas pricing and an increase in oil and gas production

for the six months ending June 30, 2022, as compared to the six months ended June 30, 2021, and an increase due to the fact that the Waddell Ranch NPI deficit was fully recovered during the six months ending June 30, 2022, as compared

to the six months ended June 30, 2021.

Average oil and gas prices were $89.15 and $4.89, respectively, for the six months ending June 30, 2022 compared to $52.14 and $2.68 for the six months ended June 30, 2021.

Interest income for the six months ended June 30, 2022, was $3,018 compared to $2,586 during the six

months ended June 30, 2021.

The average received price of oil increased to an average price per barrel of $108.75 in the third quarter of 2022, compared

to $68.34 per Bbl in the third quarter of 2021 due to worldwide market variables.

The average price of gas (including natural gas liquids) increased from $3.36 per Mcf in the third quarter of 2021 to $6.60 (including pricing for gas liquids) per Mcf

in the third 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 third quarter of 2022 totaled

$34.7 million (gross) as compared to $26.8 million (gross) for the third quarter of 2021.

Blackbeard has previously informed the Trustee that the Trusts portion of the 2022 capital expenditures budget for the Waddell Ranch properties

is $92.6 million.

The Trustee has been advised that there were 10.1 (net to the Trust) workover wells completed, 12.4 (net to

the Trust) new wells completed, 4.5 (net to the Trust) new wells in progress and 2.6 (net to the Trust) workover wells in progress during the three months ended September 30, 2022, as compared to 13.9 (net to the Trust) workover wells completed

and 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 for the three months ended September 30, 2021, on the Waddell Ranch properties.

various facility projects in progress for the third quarter of 2022.

Lease operating expenses and property taxes totaled $11.5 million (gross) for

the third quarter of 2022, compared to $6.6 million (gross) for the same period in 2021 on the Waddell Ranch properties due to increased maintenance work.

Nine Months Ended September 30, 2022 Compared to Nine Months Ended September 30, 2021

For the nine months ended September 30, 2022, royalty income received by the Trust amounted to $39,032,624 compared to royalty income of

$8,409,389 for the nine months ended September 30, 2021.

The increase in royalty income is primarily attributable to an increase in oil and gas pricing, also by an increase in oil and gas production, as compared to the nine months ended

September 30, 2021.

The Waddell Ranch properties did not contribute to royalty income for the nine months of 2021 due to excess costs.

Average oil and gas prices were $96.49 and $5.56 for the nine months ended September 30,

2022 compared to $58.79 and $2.92 for the nine months ended September 30, 2021.

Interest income for the nine months ended September 30, 2022,

was $14,470 compared to $3,859 during the nine months ended September 30, 2021.

The increase in interest income is primarily attributable to substantially increased amounts of funds available for investment.

Total expenses during the six months ending June 30, 2022, amounted to $618,882

compared to $570,044 during the six months ended June 30, 2021.

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

These transactions resulted in distributable income for the six months ended June 30, 2022 of $11,093,002, or $0.24 per Unit.

For the six months ended

June 30, 2021, distributable income was $4,497,845 or $0.10 per Unit.

Royalty income for the Trust for the six months ended June 30, 2022, is

associated with actual oil and gas production for the period November 2021 through April 2022 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:

Six Months Ended

Total expenses during the

nine months ended September 30, 2022, amounted to $755,594 compared to $931,140 during the nine months ended September 30, 2021.

The decrease in total expenses can be primarily attributed to decreased expenses for professional services,

printing expenses and the timing expenses, including lack of contribution to the expense reserve in the current quarter.

These transactions resulted in

distributable income for the nine months ended September 30, 2022 of $38,291,500, or $0.82 per Unit.

For the nine months ended September 30, 2021, distributable income was $7,482,108, or $0.16 per Unit.

Royalty income for the Trust for the nine months ended September 30, 2022, is associated with actual oil and gas production for the period November 2021

through July 2022 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)

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Average price per Mcf

The average received price of oil increased during the six months ended June 30, 2022 to $89.15 per

barrel compared to $52.14 per barrel for the same period in 2021 due to worldwide market variables.

The increase in the average price of gas (including natural gas liquids) from $2.68 per Mcf for the six months ended June 30, 2021, to $4.89 per

Mcf for the six months ended June 30, 2022 is 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.

Both oil and gas

sales volumes from the properties from which the Royalties are carved have increased for the applicable period of 2022 compared to 2021.

expenditures for drilling, remedial and maintenance activities on the Waddell Ranch properties for the six months ended June 30, 2022 totaled $52.5 million (gross) compared to $20.1 million (gross) to the Trust for the same period in

Blackbeard has previously advised the Trust that the 2022 capital expenditures budget for the Waddell Ranch properties is $92.6 million (gross).

The Trustee has been advised that 22.9 workover wells were completed and 21 new wells were completed on the Waddell Ranch properties during the six months

ended June 30, 2022, as compared to 61 workover wells (gross) completed and 30 new wells (gross) in process on the Waddell Ranch properties during the six months ended June 30, 2021.

There were various facility projects in progress for the

second quarter of 2022.

Lease operating expenses and property taxes totaled $19.8 million for the six months ended June 30, 2022, compared to

$9.1 million for the same period in 2021.

The average received price of oil increased during the nine months ended September 30, 2022 to $96.49 per barrel

compared to $58.79 per barrel for the same period in 2021 due to worldwide market variables.

The increase in the average price of gas (including natural gas liquids) from $2.92 per Mcf for the nine months ended September 30, 2021,

to $5.56 per Mcf for the nine months ended September 30, 2022 was 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 2022 compared to 2021.

Capital expenditures for drilling, remedial and maintenance activities on the Waddell Ranch properties for the nine months ended September 30, 2022

totaled $87.3 million (gross) compared to $46.8 million (gross) to the Trust for the same period in 2021.

Blackbeard has previously advised the Trustee that the 2022 capital expenditures budget for the Waddell Ranch properties is

$92.6 million (gross).

As of August 31, 2022, approximately $62 million or 67% of the $92 million budget for 2022 has been expended, with the remaining 33% to be incurred through the remainder of the year.

The Trustee has been advised that 30.4 (net to the Trust) workover wells were completed and 2.6 (net to the

Trust) workover wells were in progress, along with 30 (net to the Trust) new drill wells completed and 4.5 (net to the Trust) waiting on completion on the Waddell Ranch properties during the nine months ended September 30, 2022, as compared to

32.3 (net to the Trust) workover wells completed and 25.6 (net to the Trust) workover wells in progress, along with 15.4 (net to the Trust) new wells completed and 16.9 (net to the Trust) waiting on completion, on the Waddell Ranch properties during

the nine months ended September 30, 2020.

All new wells drilled in 2022 have been fracturized, both vertical and horizontal, both oil and gas.

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

Lease operating expenses and property taxes totaled $31.3 million for the nine months ended September 30, 2022, compared to $13.3 million for

the same period in 2021.

The increase in lease operating expense is primarily attributable to increased spending on facilities and maintenance.

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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 June 30, 2022 and 2021, respectively,

were computed as shown in the table below:

THREE MONTHS ENDED JUNE 30

Royalty income received by the Trust for the three months ended September 30, 2022 and 2021,

respectively, were computed as shown in the table below:

THREE MONTHS ENDED SEPTEMBER 30

Gross proceeds of sales from the Underlying Properties

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Royalty income

Due to the NPI deficit , the Waddell Ranch Properties did not contribute to Royalty income in April 2022.

June 30, 2022, the NPI deficit for the underlying property (at 75%) was recovered from the future proceeds of the Waddell Ranch properties.

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, 2022, the cumulative NPI deficit was fully recovered.

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 six months

ended June 30, 2022.

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

ended September 30, 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