What changed in this filing

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Item 1. Financial Statements

2022-08-15 compared with 2022-05-16 · 237 added, 134 removed, 452 unchanged (45% of the section changed)

Financial Statements.

PERMIANVILLE ROYALTY TRUST

PERMIANVILLE ROYALTY

Statements of Assets, Liabilities and Trust

8 unchanged sentences

Statements of Distributable

Three Months Ended March 31,

Three Months Ended June 30,

Six Months Ended June 30,

Income from net profits interest

Income from sale of assets

Income from sale/lease of assets

Interest and investment income

General and administrative expenses

Cash reserves used (withheld) for Trust expenses

Cash reserves (withheld) used for Trust expenses

Distributable income

4 unchanged sentences

Statements of Changes in Trust Corpus

Three Months Ended March 31,

Three Months Ended June 30,

Six Months Ended June 30,

Trust corpus, beginning of period

Cash reserves (used) withheld for Trust expenses

Cash reserves withheld (used) for Trust expenses

Distributable income

Distributions to unitholders ($0.089 per unit)

Distributions to unitholders

Amortization of net profits interest

25 unchanged sentences

Agreement and other instruments to which Enduro and the Trustee were parties.

As of March 31, 2022, the Sponsor owned 8,600,000 Trust

As of June 30, 2022, the Sponsor owned 8,600,000 Trust

Units, or 26% of the issued and outstanding Trust Units.

3 unchanged sentences

The Amended and Restated Trust Agreement provides, among other provisions, that:

the Trust’s business activities are limited to owning the Net Profits Interest and any activity reasonably related to such ownership, including activities required or permitted by the terms of the Conveyance of Net Profits Interest, dated effective as of July 1, 2011 (as supplemented and amended to date, the “Conveyance”).

As a result, the Trust is not permitted to acquire other oil and natural gas properties or net profits interests or otherwise to engage in activities beyond those necessary for the conservation and protection of the Net Profits Interest;

the Trust may dispose of all or any material part of the assets of the Trust (including the sale of the Net Profits Interest) if approved by at least 75% of the outstanding Trust Units;

the Sponsor may sell a divided or undivided portion of its interests in the Underlying Properties, free from and unburdened by the Net Profits Interest, if approved by at least 50% of the outstanding Trust Units at a meeting of Trust unitholders;

the Trust’s business activities are limited to owning the Net Profits Interest and any activity

reasonably related to such ownership, including activities required or permitted by the terms of the Conveyance of Net Profits Interest,

dated effective as of July 1, 2011 (as supplemented and amended to date, the “Conveyance”).

As a result, the Trust is

not permitted to acquire other oil and natural gas properties or net profits interests or otherwise to engage in activities beyond those

necessary for the conservation and protection of the Net Profits Interest;

the Trust may dispose of all or any material part of the assets of the Trust (including the sale of the

Net Profits Interest) if approved by at least 75% of the outstanding Trust Units;

the Sponsor may sell a divided or undivided portion of its interests in the Underlying Properties, free

from and unburdened by the Net Profits Interest, if approved by at least 50% of the outstanding Trust Units at a meeting of Trust unitholders;

the Trustee will make monthly cash distributions to unitholders (Note 5);

the Trustee may create a cash reserve to pay for future liabilities of the Trust;

the Trustee may authorize the Trust to borrow money to pay administrative or incidental expenses of the Trust that exceed its cash on hand and available reserves.

No further distributions will be made to Trust unitholders until such amounts borrowed are repaid;

the Trust is not subject to any pre-set termination provisions based on a maximum volume of oil or natural gas to be produced or the passage of time.

the Trustee may authorize the Trust to borrow money to pay administrative or incidental expenses of the

Trust that exceed its cash on hand and available reserves.

No further distributions will be made to Trust unitholders until such amounts

borrowed are repaid;

the Trust is not subject to any pre-set termination provisions based on a maximum volume of oil or natural

gas to be produced or the passage of time.

The Trust will dissolve upon the earliest to occur of the following:

the Trust, upon approval of the holders of at least 75% of the outstanding Trust Units, sells the Net Profits Interest;

the annual cash proceeds received by the Trust attributable to the Net Profits Interest are less than $2 million for each of any two consecutive years;

the Trust, upon approval of the holders of at least 75% of the outstanding Trust Units, sells the Net

Profits Interest;

the annual cash proceeds received by the Trust attributable to the Net Profits Interest are less than

$2 million for each of any two consecutive years;

the holders of at least 75% of the outstanding Trust Units vote in favor of dissolution;

the Trust is judicially dissolved.

PERMIANVILLE ROYALTY TRUST

NOTES TO FINANCIAL STATEMENTS - Continued

OF PRESENTATION

1 unchanged sentence

Liabilities and Trust Corpus as of December 31, 2021, which has been derived from audited financial statements, and the unaudited

interim financial statements as of March 31, 2022 and for the three months ended March 31, 2022 and 2021 have been prepared

interim financial statements as of June 30, 2022 and for the three and six months ended June 30, 2022 and 2021 have been prepared

pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”).

59 unchanged sentences

Topic 12:E, Financial Statements of Royalty Trusts .

PERMIANVILLE ROYALTY TRUST

NOTES TO FINANCIAL STATEMENTS - Continued

PROFITS INTEREST IN OIL AND NATURAL GAS PROPERTIES

The Net Profits Interest in

oil and natural gas properties was recorded at its fair value on the date of conveyance.

Amortization of the Net Profits Interest in oil

and natural gas properties is calculated on a unit-of-production basis based on the Underlying Properties’

Net Profits Interest in oil and natural gas properties was recorded at its fair value on the date of conveyance.

Amortization of the

Net Profits Interest in oil and natural gas properties is calculated on a unit-of-production basis based on the Underlying Properties’

production and reserves.

The reserves upon which the amortization rate is based are quantity estimates that are subject to numerous uncertainties inherent in the

estimation of proved reserves.

The volumes considered to be commercially recoverable fluctuate with changes in commodity prices and operating

The reserves upon which the amortization rate is based are quantity estimates that are subject to numerous uncertainties

inherent in the estimation of proved reserves.

The volumes considered to be commercially recoverable fluctuate with changes in commodity

prices and operating costs.

These estimates are expected to change as additional information becomes available in the future.

Downward revisions in proved

reserves may result in an increased rate of amortization.

Amortization is charged directly to the Trust corpus balance and does not affect

the distributable income of the Trust.

Accumulated amortization as of March 31, 2022 and December 31, 2021 was $293,336,606

and $291,965,506, respectively.

revisions in proved reserves may result in an increased rate of amortization.

Amortization is charged directly to the Trust corpus balance

and does not affect the distributable income of the Trust.

Accumulated amortization as of June 30, 2022 and December 31, 2021

was $294,777,918 and $291,965,506, respectively.

The Net Profits Interest is

2 unchanged sentences

While the Trust did not record an

impairment during the three months ended March 31, 2022 or 2021, future downward revisions in actual production volumes relative

to current forecasts, higher than expected operating costs, or lower than anticipated commodity prices could result in recognition of

impairment in future periods.

impairment during the six months ended June 30, 2022 or 2021, future downward revisions in actual production volumes relative to

current forecasts, higher than expected operating costs, or lower than anticipated commodity prices could result in recognition of impairment

in future periods.

Federal Income Taxes

80 unchanged sentences

Declaration Date

Three Months Ended March 31, 2022:

Six Months Ended June 30, 2022:

December 17, 2021

7 unchanged sentences

March 14, 2022

March 18, 2022

March 31, 2022

April 14, 2022

April 18, 2022

April 29, 2022

June 14, 2022

Year to Date –

Three Months Ended March 31, 2021:

Six Months Ended June 30, 2021:

Year to Date –

For the three months ended

March 31, 2021, although the Net Profits Interest generated positive income for each month in the period, these amounts were

applied to reduce the cumulative New Profits Interest shortfall of $1.7 million that existed as of December 31, 2020.

there were no net profits reported or distributed in the first three months of 2021.

The aggregate Net Profits Interest shortfall, which

was approximately $1.3 million as of March 31, 2021, was carried forward and deducted from net profits generated by the Underlying

Properties in 2021 and was fully eliminated in August 2021.

the six months ended June 30, 2021, the Net Profits Interest generated positive income for each month in the period, which

reduced the cumulative outstanding Net Profits Interest shortfall from $1.7 million as of December 31, 2020 to approximately $0.5

million as of June 30, 2021.

As a result, there were no net profits reported or distributed in the first six months of 2021.

Distributions

to the Trust resumed once the cumulative outstanding Net Profits Interest shortfall of approximately $0.5 million and outstanding administrative

advances to the Trust of $0.8 million as of June 30, 2021 were eliminated.

These balances were carried forward to be deducted from

future net profits generated by the Underlying Properties.

In August 2021, the remaining amount of the shortfall and advances to

the Trust were fully repaid, resulting in a positive distribution to the unitholders in September 2021.

Under the terms of the Trust

Agreement, the Trust pays an administrative fee of $200,000 per year to the Trustee and an annual fee of $2,000 to the Delaware Trustee.

During each of the three-month periods ended March 31, 2022 and 2021, the Trust paid $50,000 to the Trustee and $0 to the Delaware

Trustee pursuant to the terms of the Trust Agreement.

SUBSEQUENT EVENTS

During each of the three- and six-month periods ended June 30, 2022 and 2021, the Trust paid $100,000 to the Trustee and $0 to the

Delaware Trustee pursuant to the terms of the Trust Agreement.

Distributions Paid or Declared

On April 14, 2022, a

distribution of $0.016000 per unit, which was declared on March 18, 2022, was paid to Trust unitholders of record as of March 31,

On April 18, 2022, the

Trust declared a distribution of $0.031500 per unit to unitholders of record as of April 29, 2022.

The distribution was paid to

unitholders on May 13, 2022.

On May 16, 2022, the

Trust declared a distribution of $0.032000 per unit to unitholders of record as of May 31, 2022.

The distribution is expected to

be paid to unitholders on June 14, 2022.

On July 15, 2022, a distribution

of $0.045000 per unit, which was declared on June 17, 2022, was paid to Trust unitholders of record as of June 30, 2022.

On July 18, 2022, the

Trust declared a distribution of $0.021500 per unit to unitholders of record as of July 29, 2022.

The distribution was paid to unitholders

on August 12, 2022.

Trustee’s Discussion and Analysis of Financial Condition and Results of Operations.

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the effect, impact, potential duration or other implications of the novel strain of coronavirus (“COVID-19”) pandemic;

the actions of the Organization of Petroleum Exporting Countries (“OPEC”);

the actions of the Organization of Petroleum Exporting Countries;

the ongoing armed conflict between Russia and Ukraine and the potential destabilizing effect such conflict may pose for the European

11 unchanged sentences

does not undertake any obligation to release publicly any revisions to the forward-looking statements to reflect events or circumstances

after the date of this Form 10-Q or to reflect the occurrence of unanticipated events, unless the securities laws require us to

after the date of this Form 10-Q or to reflect the occurrence of unanticipated events, unless the securities laws require us to do

This Form 10-Q describes

29 unchanged sentences

oil and natural gas sales prices;

volumes of oil and natural gas produced and sold attributable to the Underlying Properties;

volumes of oil and natural gas produced and sold attributable

to the Underlying Properties;

production and development costs;

2 unchanged sentences

the amount and timing of Trust administrative expenses;

the establishment, increase, or decrease of reserves for approved development expenses or future liabilities of the Trust.

the establishment, increase, or decrease of reserves for approved development expenses or future liabilities

of the Trust.

Generally, the Sponsor receives

1 unchanged sentence

The outlook for development

activity for the Underlying Properties continued to improve during the first quarter of 2022, following the rise in commodity prices and

operator activity in the second half of 2021.

While the global economy remains volatile following the outbreak of the armed conflict between

Russia and Ukraine and given the continuing effects of the COVID-19 pandemic, the Sponsor does not expect the impact to the Underlying

Properties and the 2022 development activity to be material, aside from the effects of volatile commodity prices.

The West Texas Intermediate

spot price of crude oil has increased materially from $76.99 per barrel on December 31, 2021 to $106.13 per barrel on May 12,

Natural gas prices have shown greater volatility and have increased at an even higher rate than crude oil prices, with the Henry

Hub spot price increasing from $3.66 per MMBTU on December 31, 2021 to $7.25 per MMBTU on May 12, 2022.

While lingering effects

of the COVID-19 pandemic remain, most recently in the form of oilfield service inflationary pressures and supply chain bottlenecks, operators

of the Underlying Properties have continued to increase their spending activity.

However, due to the current heightened market volatility

and global macroeconomic uncertainty, it is not possible to reliably estimate the ultimate impact on of these conflicting market drivers

against an overall supportive commodity price environment.

If commodity prices for crude oil and natural gas remain volatile and inflationary

trends continue, monthly cash distributions to unitholders could vary greatly and possibly be lower than historical distributions.

activity for the Underlying Properties continued to improve during the second quarter of 2022, following the rise in commodity prices

and operator activity seen in the second half of 2021 and into the start of 2022.

While the global economy remains volatile following

the outbreak of the armed conflict between Russia and Ukraine and given the lingering effects of the COVID-19 pandemic, the Sponsor does

not expect the impact to the Underlying Properties and the 2022 development activity to be material, aside from the effects of volatile

commodity prices.

The West Texas Intermediate spot price of crude oil has increased materially from $76.99 per barrel on December 31,

2021 to $92.51 per barrel on August 9, 2022.

Natural gas prices have shown greater volatility and have increased at an even higher

rate than crude oil prices, with the Henry Hub spot price increasing from $3.66 per MMBTU on December 31, 2021 to $7.76 per MMBTU

on August 9, 2022.

While lingering effects of the COVID-19 pandemic remain, most recently in the form of oilfield service inflationary

pressures and supply chain bottlenecks, operators of the Underlying Properties have continued to increase their spending activity.

due to the current heightened market volatility and global macroeconomic uncertainty, it remains difficult to reliably estimate the ultimate

impact of these conflicting market drivers against an overall supportive commodity price environment.

If commodity prices for crude oil

and natural gas remain volatile and inflationary trends continue, monthly cash distributions to unitholders could vary greatly and possibly

be lower than historical distributions.

The Sponsor previously announced

an anticipated 2022 capital expenditures program between $6 million to $8 million attributable to the Underlying Properties, or $4.8 million

to $6.4 million net to the Trust’s 80% Net Profits Interest.

At the current pace, the Sponsor now expects the 2022 cash capital

expenditures to be at the high end of that range, based on recent drilling proposals received from operators of the Underlying Properties

for projects that are expected to take place in 2022.

To account for this increased activity level,

the Sponsor has established a cash reserve for approved, future development expenses this year.

In addition, the Sponsor maintains

significant liquidity and financial flexibility to respond to the operational and capital spending changes of the operators of the Underlying

The Sponsor will continue to monitor and possibly participate in future, to be announced capital projects in 2022 as operators

continue to increase capital ependitures to levels beyond that of recent years in response to current commodity prices.

an anticipated 2022 capital expenditures program between $6 million to $8 million attributable to the Underlying Properties, or $4.8

million to $6.4 million net to the Trust’s 80% Net Profits Interest.

At the current pace, the Sponsor now expects the 2022 cash

capital expenditures to be at the high end of that range and possibly exceeding that range, based on recent drilling proposals received

from operators of the Underlying Properties for projects that are expected to take place in 2022.

account for this increased activity level, the Sponsor has established a cash reserve for approved, future development expenses this year.

In addition, the Sponsor maintains significant liquidity and financial flexibility to respond to the operational and capital spending

changes of the operators of the Underlying Properties.

The Sponsor will continue to monitor and possibly participate in future, to be

announced capital projects in 2022 as operators continue to increase capital ependitures to levels beyond that of recent years in response

to current commodity prices.

Results of Operations

Three Months Ended March 31, 2022

Compared to Three Months Ended March 31, 2021

Three Months Ended June 30, 2022 Compared

to Three Months Ended June 30, 2021

The Trust’s net profits

1 unchanged sentence

Three Months Ended

Increase (Decrease)

Gross profits:

5 unchanged sentences

Development expenses

Gross proceeds from sale of assets

Percentage allocable to Net Profits Interest

Net profits allocable to Net Profits Interest

Sponsor reserve for capital expenditures

Trust general and administrative expenses and cash withheld for expenses

2 unchanged sentences

Cumulative Net Profits Interest Shortfall

For the three months ended

March 31, 2021, although the Net Profits Interest generated positive income for each month in the period, these amounts were

applied to reduce the cumulative Net Profits Interest shortfall of $1.7 million that existed as of December 31, 2020.

there were no net profits reported or distributed in the first three months of 2021.

The aggregate Net Profits Interest shortfall, which

was approximately $1.3 million as of March 31, 2021, was carried forward and deducted from net profits generated by the Underlying

Properties in 2021 and was fully eliminated in August 2021.

the three months ended June 30, 2021, the Net Profits Interest generated positive income for each month in the period, which

reduced the cumulative Net Profits Interest shortfall from $1.3 million as of March 31, 2021 to approximately $0.5 million as of

June 30, 2021.

Due to the continuing Net Profits Interest shortfall, there were no net profits reported or distributed in the three

months ended June 30, 2021.

Distributions to the Trust resumed once the cumulative outstanding Net Profits Interest shortfall of

approximately $0.5 million and outstanding administrative advances to the Trust of $0.8 million as of June 30, 2021 were eliminated.

These balances were carried forward to be deducted from future net profits generated by the Underlying Properties.

In August 2021,

the remaining amount of the shortfall and advances to the Trust were fully repaid, resulting in a positive distribution to the unitholders

in September 2021.

The following table displays

reported oil and natural gas sales volumes and average prices from the Underlying Properties, representing the amounts included in the

net profits calculation for distributions paid during the three months ended March 31, 2022 and 2021:

Months Ended March 31,

net profits calculation for distributions paid during the three months ended June 30, 2022 and 2021:

Three Months Ended June 30,

Underlying Properties Production Volumes:

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Net profits attributable

to the Underlying Properties for the three months ended March 31, 2022 were $3.3 million compared to $0.5 million for the three months

ended March 31, 2021.

to the Underlying Properties for the three months ended June 30, 2022 were $5.3 million compared to $1.0 million for the three months

ended June 30, 2021.

The $4.3 million increase in net profits attributable to the Underlying Properties from the 2021 period

8 unchanged sentences

· Natural gas sales increased $2.2 million due to higher realized prices, which increased natural gas sales

by $2.4 million, and by higher produced volumes, which increased natural gas sales by $0.1 million.

The average natural gas price received

increased 183% primarily due to a 118% increase in the average NYMEX natural gas price for the relevant production months.

by $2.3 million.

This increase was offset by reduced sales volumes, which reduced gas sales by $0.1 million.

The average natural gas price

received increased 117% primarily due to a 105% increase in the average NYMEX natural gas price for the relevant production months.

· Lease operating expenses increased $0.4 million, primarily attributable to the increased number of producing

wells in the quarter ended March 31, 2022 compared to the quarter ended March 31, 2021.

wells in the quarter ended June 30, 2022 compared to the quarter ended June 30, 2021.

· Compression, gathering and transportation costs increased $0.3 million, primarily due to the increase

in natural gas production.

Production, ad valorem and other taxes increased $0.4 million during the three months ended March 31,

2022 compared to the three months ended March 31, 2021, due to the increase in oil and natural gas sales.

in natural gas sales.

· Production, ad valorem and other taxes increased $0.2 million during the three months ended June 30,

2022 compared to the three months ended June 30, 2021, due to the increase in oil and natural gas sales.

· Development expenses increased $0.6 million due to drilling and completion costs for drilling multiple

new wells in the Permian and Haynseville Area.

During the three months ended

June 30, 2022, COERT withheld from the net profits otherwise payable to the Trust an aggregate of $1.15 million for the establishment

of a cash reserve for approved, future development expenses.

This reserve is intended to fund an expected increase in development expenses;

however, if those expenses are ultimately delayed or are less than expected, or if the outlook changes, amounts reserved but unspent will

be released as an incremental cash distribution in a future period.

No amounts were withheld for such a reserve during the three months

ended June 30, 2021.

For the three months ended

March 31, 2022, the Trust withheld $0.4 million and paid $0.2 million for general and administrative expenses.

June 30, 2022, the Trust withheld $0.4 million and paid $0.2 million for general and administrative expenses.

Expenses paid during

1 unchanged sentence

and Trustee fees.

For the three months ended March 31, 2021, the Trust withheld $0.0 million and paid $0.3 million for general and

For the three months ended June 30, 2021, the Trust withheld $0.0 million and paid $0.2 million for general and

administrative expenses.

Six Months Ended June 30, 2022 Compared

to Six Months Ended June 30, 2021

The Trust’s net profits

income consists of monthly net profits attributable to the Net Profits Interest, which was determined as shown in the following table:

Gross profits:

Natural gas sales

Direct operating expenses:

Lease operating expenses

Compression, gathering and transportation

Production, ad valorem and other taxes

Development expenses

Gross proceeds from sale of assets

Percentage allocable to Net Profits Interest

Net profits allocable to Net Profits Interest

Sponsor reserve for capital expenditures

Trust general and administrative expenses and cash withheld for expenses

Net profits allocable to Net Profits Interest Shortfall

Distributable income

Cumulative Net Profits Interest Shortfall

the six months ended June 30, 2021, the Net Profits Interest generated positive income for each month in the period, which

reduced the cumulative Net Profits Interest shortfall from $1.7 million as of December 31, 2020 to approximately $0.5 million as

of June 30, 2021.

Due to the continuing Net Profits Interest shortfall, there were no net profits reported or distributed in the

six months ended June 30, 2021.

Distributions to the Trust resumed once the cumulative outstanding Net Profits Interest shortfall

of approximately $0.5 million and outstanding administrative advances to the Trust of $0.8 million as of June 30, 2021 were eliminated.

These balances were carried forward to be deducted from future net profits generated by the Underlying Properties.

In August 2021,

the remaining amount of the shortfall and advances to the Trust were fully repaid, resulting in a positive distribution to the unitholders

in September 2021.

The following table displays

reported oil and natural gas sales volumes and average prices from the Underlying Properties, representing the amounts included in the

net profits calculation for distributions paid during the six months ended June 30, 2022 and 2021:

Six Months Ended June 30,

Underlying Properties Production Volumes:

Natural Gas (Mcf)

Combined (Boe)

Average Prices:

Oil - NYMEX (applicable NPI period) ($/Bbl)

Oil prices realized ($/Bbl)

Natural gas - NYMEX (applicable NPI period) ($/Mcf)

Natural gas prices realized ($/Mcf)

Net profits attributable

to the Underlying Properties for the six months ended June 30, 2022 were $9.5 million compared to $1.5 million for the six months

ended June 30, 2021.

As a result of the aggregate Net Profits Interest shortfall, the Trust did not make any distributions to unitholders

during the first half of 2021.

The $8.0 million increase in net profits attributable to the Underlying Properties from the 2021 period

to the 2022 period was primarily due to the following items:

· Oil sales increased $7.9 million due to higher realized prices, which caused oil sales to increase by

$8.6 million.

This increase was offset by reduced sales volumes, which reduced oil sales by $0.7 million.

The average oil price received

increased 79% primarily due to a 71% increase in the average NYMEX oil price for the relevant production months.

Oil sales volumes decreased

6% as a result of natural production declines.

· Natural gas sales increased $4.7 million due to higher realized prices and produced volumes, which increased

natural gas sales by $4.6 million and $0.1 million, respectively.

The average natural gas price received increased 142% primarily due

to a 111% increase in the average NYMEX natural gas price for the relevant production months.

· Lease operating expenses increased $1.5 million, primarily attributable to the increased number of producing

wells in the quarter ended June 30, 2022 compared to the quarter ended June 30, 2021.

· Compression, gathering and transportation costs increased $0.4 million, primarily due to the increase

in natural gas production.

· Production, ad valorem and other taxes increased $0.5 million during the three months ended June 30,

2022 compared to the three months ended June 30, 2021, due to the increase in oil and natural gas sales.

· Development expenses increased $2.2 million due to drilling and completion costs for drilling multiple

new wells in the Permian and Haynseville Area.

During the six months ended June 30, 2022,

COERT withheld from the net profits otherwise payable to the Trust an aggregate of $1.15 million for the establishment of a cash reserve

for approved, future development expenses.

This reserve is intended to fund an expected increase in development expenses;

those expenses are ultimately delayed or are less than expected, or if the outlook changes, amounts reserved but unspent will be released

as an incremental cash distribution in a future period.

No amounts were withheld for such a reserve during the six months ended June 30,

For the first half of 2022, the Trust withheld

$0.9 million and paid $0.4 million for general and administrative expenses.

Expenses paid during the period primarily consisted of fees

for the preparation of the Trust’s monthly press releases, financial statement audit fees, and Trustee fees.

For the six months

ended June 30, 2021, the Trust withheld $0.0 million and paid $0.5 million for general and administrative expenses.

Liquidity and Capital Resources

43 unchanged sentences

the Trust to borrow any funds.

As of March 31, 2022 and December 31, 2021, the Trust had cash of $275,232 and $67,116, respectively,

As of June 30, 2022 and December 31, 2021, the Trust had cash of $532,308 and $67,116, respectively,

to be used towards future Trust expenses.

4 unchanged sentences

COERT may advance funds to the Trust to pay such expenses.

At March 31, 2022 and December 31, 2021, there was no outstanding

At June 30, 2022 and December 31, 2021, there was no outstanding

Any advances to the Trust will be carried forward to be repaid out of future net profits generated by the Underlying Properties.

18 unchanged sentences

Distributions Declared After Quarter End

On April 18, 2022, the

Trust declared a distribution of $0.031500 per unit to unitholders of record as of April 29, 2022.

On July 18, 2022, the

Trust declared a distribution of $0.021500 per unit to unitholders of record as of July 29, 2022.

The distribution was paid to unitholders

on May 13, 2022.

On May 16, 2022, the

Trust declared a distribution of $0.032000 per unit to unitholders of record as of May 31, 2022.

The distribution is expected to

be paid to unitholders on June 14, 2022.

on August 12, 2022.

Off-Balance Sheet Arrangements

9 unchanged sentences

There were no material changes to the Trust’s critical accounting policies or estimates during the three months ended

March 31, 2022.

June 30, 2022.

Subsequent Events

Distributions Paid or Declared

On April 14, 2022, a

distribution of $0.016000 per unit, which was declared on March 18, 2022, was paid to Trust unitholders of record as of March 31,

On April 18, 2022, the

Trust declared a distribution of $0.031500 per unit to unitholders of record as of April 29, 2022.

On July 15, 2022, a distribution

of $0.045000 per unit, which was declared on June 17, 2022, was paid to Trust unitholders of record as of June 30, 2022.

On July 18, 2022, the

Trust declared a distribution of $0.021500 per unit to unitholders of record as of July 29, 2022.

The distribution was paid to unitholders

on May 13, 2022.

On May 16, 2022, the

Trust declared a distribution of $0.032000 per unit to unitholders of record as of May 31, 2022.

The distribution is expected to

be paid to unitholders on June 14, 2022.

on August 12, 2022.

Quantitative and Qualitative Disclosures About Market Risk.

3 unchanged sentences

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