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Item 8. Financial Statements and Supplementary Data

2026-03-23 compared with 2025-03-19 · 114 added, 180 removed, 408 unchanged (42% of the section changed)

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Opinion on the Financial Statements

have audited the accompanying statements of assets, liabilities and trust corpus of Permianville Royalty Trust (the Trust) as

of December 31, 2024 and 2023, and the related statements of distributable income and changes in trust corpus for the years then ended,

and the related notes (collectively referred to as the “financial statements”).

In our opinion, the financial statements

present fairly, in all material respects, the financial position of the Trust as of December 31, 2024 and 2023, and its distributable

income and changes in trust corpus for the years then ended, in conformity with the modified cash basis of accounting, as described

in Note 2, which is a comprehensive basis of accounting other than accounting principles generally accepted in the United States of America.

We have audited the accompanying statement of

assets, liabilities, and trust corpus of Permianville Royalty Trust (the Trust) as of December 31, 2025 and 2024, and the related

statements of distributable income and changes in trust corpus for the years then ended, and the related notes (collectively referred

to as the “financial statements”).

In our opinion, the financial statements present fairly, in all material respects, the

financial position of the Trust at December 31, 2025 and 2024, and its distributable income and changes in trust corpus for the years

then ended, in conformity with the modified cash basis of accounting, as described in Note 2, which is a comprehensive basis of accounting

other than accounting principles generally accepted in the United States of America.

Basis of Accounting

As described in Note 2 to the financial statements,

these financial statements were prepared on 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.

these financial statements were prepared on 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.

Basis for Opinion

financial statements are the responsibility of the Trustee.

Our responsibility is to express an opinion on these financial statements

based on our audits.

We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“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 financial statements are the responsibility

of the Trustee.

Our responsibility is to express an opinion on these financial statements based on our audits.

We are a public accounting

firm registered with the Public Company Accounting Oversight Board (United States) (“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.

We conducted our audits in accordance with the

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Sale of net profits interest of producing properties

Cash reserves (used) withheld for Trust expenses

Cash reserves withheld for Trust expenses

Distributable income

Distributions to unitholders

(14,113,110 )

Amortization of net profits interest

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from 75% to 50% of the outstanding units of the Trust.

August 31, 2018, COERT Holdings 1 LLC (“COERT”

or the “Sponsor”) acquired the Underlying Properties and all

of the outstanding Trust Units owned by Enduro (the “Sale Transaction”).

In connection with the Sale Transaction, the

Sponsor assumed all of Enduro’s obligations under the Trust Agreement and other instruments to which Enduro and the Trustee were

As of December 31, 2024, the Sponsor owned 7,363,961 Trust Units, or 22% of the issued and outstanding Trust Units.

On August 31, 2018, COERT Holdings 1 LLC (“COERT”

or the “Sponsor”) acquired the Underlying Properties and all of the outstanding Trust Units owned by Enduro (the “Sale

Transaction”).

In connection with the Sale Transaction, the Sponsor assumed all of Enduro’s obligations under the Trust Agreement

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

As of December 31, 2025, the Sponsor owned 7,363,961 Trust Units,

or 22% of the issued and outstanding Trust Units.

The Net Profits Interest is passive in nature and

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The 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 Interests) 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 Interests) 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;

PERMIANVILLE ROYALTY TRUST

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the Trustee will make monthly cash distributions to Trust unitholders (Note

· 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;

in that event, no further distributions will be made to Trust unitholders until such amounts borrowed

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

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

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;

in that event, 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

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.

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expected operating costs, or lower than anticipated commodity prices could result in recognition of impairment in future periods.

Sale of 2023 Divestiture Properties

May 3, 2023, the Sponsor notified the Trustee that the Sponsor had entered into an agreement to divest certain acreage and

associated production in the Permian Basin (the “2023 Divestiture Properties”) that constituted part of the Underlying Properties

and were therefore burdened by the Trust’s Net Profits Interest, for a total purchase price of approximately $6.7 million.

2023, at a special meeting of Trust unitholders, the unitholders approved the foregoing transaction and the release of the Trust’s

Net Profits Interest in the 2023 Divestiture Properties.

On August 9, 2023, the Sponsor completed the sale of the 2023 Divestiture

Properties, and the Trustee, on behalf of the Trust, reconveyed, terminated and released to the Sponsor the Net Profits Interest with

respect to the 2023 Divestiture Properties.

The total proceeds received by the Sponsor from the 2023 Divestiture Properties, after preliminary

closing adjustments, were approximately $6.5 million, inclusive of the escrow funded by the buyer and partial expense reimbursement

associated with the proxy solicitation.

the Sponsor deducted the final transaction expenses from the sales proceeds, along with an escrow

amount of $250,000 to cover possible indemnification obligations under the purchase and sale agreement (the “Indemnification Escrow

Amount”), to arrive at final net proceeds, based upon the Trust’s Net Profits Interest.

September 20, 2023, the Trust announced a special cash distribution to Trust unitholders of $0.069670 per Trust Unit, payable on

October 13, 2023 to Trust unitholders of record on October 2, 2023, reflecting 50% of the Trust’s share of the net proceeds,

after accounting for the Indemnification Escrow Amount.

The following table displays the aggregate net proceeds from the sale of

the 2023 Divestiture Properties and the aggregate net proceeds allocable to Trust unitholders for this distribution:

Net Proceeds from sale of 2023 Divestiture Properties

Transaction expenses

Buyer proxy expense reimbursement

Net proceeds from sale of 2023 Divestiture Properties

Amount allocable to the Sponsor’s 20% interest

Net proceeds allocable to the Trust’s 80% Interest

Indemnification Escrow amount

Estimated Settlement Escrow amount

Initial Cash available for distribution by the Trust

Number of units

Initial special cash distribution per unit

PERMIANVILLE ROYALTY TRUST

NOTES TO FINANCIAL STATEMENTS—Continued

remaining 50% of the Trust’s share of the net proceeds was temporarily retained by the Sponsor as a source of payment of

the Trust’s proportionate share of any post-closing purchase price adjustments, with any amount remaining (less any amounts in dispute)

after such adjustments to be paid to the Trust within five business days after finalization of the settlement statement and included in

a distribution to Trust unitholders.

November 6, 2023, the Trust announced a special cash distribution to Trust unitholders of $0.077250 per Trust Unit, payable on November 22,

2023 to Trust unitholders of record on November 16, 2023, reflecting the remaining 50% of the Trust’s share of the net proceeds

(net of the Indemnification Escrow Amount).

The following table displays the aggregate net proceeds from the sales of the 2023

Divestiture Properties and the aggregate net proceeds allocable to Trust unitholders for this distribution:

Net Proceeds from sale of 2023 Divestiture Properties

Transaction expenses

Buyer proxy expense reimbursement

Net proceeds from sale of 2023 Divestiture Properties

Amount allocable to the Sponsor’s 20% interest

Net proceeds allocable to the Trust’s 80% Interest

Indemnification Escrow amount

October 13, 2023 Initial Cash Distribution

Remaining cash available for distribution by the Trust

Number of units

Remaining special cash distribution per unit

See “Note 7.

Subsequent Event”

information regarding the release of the Indemnification Escrow Amount and its inclusion in a special distribution to Trust unitholders.

Impairment of Net Profits Interest

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unitholder could be entitled to percentage depletion as long as the applicable Underlying Properties generate net income.

PERMIANVILLE ROYALTY TRUST

NOTES TO FINANCIAL STATEMENTS—Continued

Some Trust Units are held by a middleman, as such

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to them by the middlemen with respect to the Trust Units.

PERMIANVILLE ROYALTY TRUST

NOTES TO FINANCIAL STATEMENTS—Continued

The tax consequences to a unitholder of ownership

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last business day of each calendar month) and are payable on or before the tenth business day after the record date.

PERMIANVILLE ROYALTY TRUST

NOTES TO FINANCIAL STATEMENTS—Continued

The following table provides information regarding

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Distribution per Unit

July 18, 2024

July 31, 2024

August 14, 2024

March 17, 2025

March 31, 2025

April 14, 2025

August 18, 2025

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Total—2025

December 16, 2022

December 30, 2022

January 14, 2023

January 18, 2023

January 31, 2023

February 14, 2023

February 17, 2023

February 28, 2023

March 13, 2023

March 16, 2023

March 31, 2023

April 14, 2023

April 17, 2023

April 28, 2023

June 14, 2023

June 16, 2023

June 30, 2023

July 18, 2024

July 31, 2024

July 31, 2023

August 14, 2024

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October 15, 2024

September 20, 2023 –

Special Distribution

October 18, 2024

October 31, 2024

October 16, 2023

October 31, 2023

November 15, 2024

November 06, 2023 –

Special Distribution

November 18, 2024

November 29, 2024

December 13, 2024

Total—2024

TRUSTEE FEES AND RELATED PARTY TRANSACTIONS

Administrative Fee.

Under the terms of the Trust Agreement, the Trust pays an annual administrative fee of $200,000 to the

Trustee and $2,000 to the Delaware Trustee.

During the years ended December 31, 2024 and 2023, the Trust paid $200,000 and $200,000,

respectively, to the Trustee and $0 and $2,010, respectively, to the Delaware Trustee pursuant to the terms of the Trust Agreement.

Under the terms of the Trust Agreement, COERT has provided the Trust with a $1,200,000 letter of credit

to be used by the Trust if its cash on hand (including available cash reserves) is not sufficient to pay ordinary course administrative

The letter of credit is issued to the benefit of the Trustee.

The standby letter of credit was issued by West Texas National

Bank and matures on December 31, 2025.

The letter of credit to the Trustee is unfunded as of December 31, 2024.

From time to time, if the Trust’s cash on hand (including available cash reserves, if any) is not sufficient

to pay the Trust’s ordinary course administrative expenses that are due prior to the monthly payment to the Trust of proceeds from

the Net Profits Interest, COERT may advance funds to the Trust to pay such expenses.

Such advances are recorded as a liability on the

Statements of Assets, Liabilities and Trust Corpus until repaid.

As of December 31, 2024 and 2023, advances to the Trust were $150,000

and $0, respectively.

Rights Agreement.

The Trust and COERT (as the assignee of Enduro, in connection with the Sale Transaction) are parties to a

Registration Rights Agreement, as amended, whereby COERT, its affiliates and certain permitted transferees holding registrable Trust Units

are entitled, upon receipt by the Trustee of written notice from holders of a majority of the then outstanding registrable Trust Units,

to demand that the Trust effect the registration of the registrable Trust Units.

The holders of the registrable Trust Units are entitled

to demand a maximum of five such registrations.

In connection with the preparation and filing of any registration statement, COERT will

bear all costs and expenses incidental to any registration statement, excluding certain internal expenses of the Trust, which will be

borne by the Trust.

Any underwriting discounts and commissions will be borne by the seller of the Trust Units.

On June 22, 2022, pursuant to the Registration

Rights Agreement, the Trust filed a registration statement on Form S-3 registering the offering by COERT of up to 8,600,000 Trust

The registration statement was declared effective on July 7, 2022.

PERMIANVILLE ROYALTY TRUST

NOTES TO FINANCIAL STATEMENTS—Continued

SUBSEQUENT EVENT

On March 17, 2025, the Trust announced a special

cash distribution to Trust unitholders of $0.008548 per Trust Unit, payable on April 14, 2025 to Trust unitholders of record on March 31,

2025, reflecting the release of the Indemnification Escrow Amount withheld in connection with the sale of the 2023 Divestiture Properties

discussed in Note 3 above, together with interest, for a total of $282,072.

TRUSTEE FEES AND RELATED PARTY TRANSACTIONS

Trustee Administrative Fee.

Under the terms

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

each of the years ended December 31, 2025 and 2024, the Trust paid $200,000 to the Trustee pursuant to the terms of the Trust Agreement.

During the years ended December 31, 2025 and 2024, the Trust paid $2,010 and $0, respectively, to the Delaware Trustee pursuant to

the terms of the Trust Agreement.

Letter of Credit .

Under the terms of the

Trust Agreement, COERT has provided the Trust with a $1,200,000 million letter of credit to be used by the Trust if its cash on hand (including

available cash reserves) is not sufficient to pay ordinary course administrative expenses.

The letter of credit is issued to the benefit

of the Trustee.

The standby letter of credit was issued by West Texas National Bank and matures on December 31, 2026.

of credit to the Trustee is unfunded as of December 31, 2025.

Advances from COERT .

From time to time,

if the Trust’s cash on hand (including available cash reserves, if any) is not sufficient to pay the Trust’s ordinary course

administrative expenses that are due prior to the monthly payment to the Trust of proceeds from the Net Profits Interest, COERT may advance

funds to the Trust to pay such expenses.

Such advances are recorded as a liability on the Statements of Assets, Liabilities and Trust

Corpus until repaid.

As of December 31, 2025 and 2024, advances to the Trust were $0 and $150,000, respectively.

Registration Rights Agreement.

and COERT (as the assignee of Enduro, in connection with the Sale Transaction) are parties to a Registration Rights Agreement, as amended,

whereby COERT, its affiliates and certain permitted transferees holding registrable Trust Units are entitled, upon receipt by the Trustee

of written notice from holders of a majority of the then outstanding registrable Trust Units, to demand that the Trust effect the registration

of the registrable Trust Units.

The holders of the registrable Trust Units are entitled to demand a maximum of five such registrations.

In connection with the preparation and filing of any registration statement, COERT will bear all costs and expenses incidental to any

registration statement, excluding certain internal expenses of the Trust, which will be borne by the Trust.

Any underwriting discounts

and commissions will be borne by the seller of the Trust Units.

In 2022, the Trust filed a registration statement on Form S-3 pursuant

to the Registration Rights Agreement to register the offering by COERT of up to 8,600,000 Trust Units.

SUBSEQUENT EVENTS

Distributions Paid or Declared

Subsequent to December 31, 2025, the Trust

paid or declared the following distributions:

Declaration Date

December 19, 2025

December 31, 2025

January 15, 2026

January 20, 2026

January 30, 2026

February 13, 2026

February 18, 2026

March 2, 2026

March 13, 2026

March 16, 2026

March 31, 2026

April 14, 2026

PERMIANVILLE ROYALTY TRUST

UNAUDITED SUPPLEMENTARY INFORMATION

Supplementary

Oil and Natural Gas Information (Unaudited)

Supplementary Oil and Natural Gas Information (Unaudited)

Oil and Natural Gas Reserve Quantities

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Revisions of previous estimates

Divestiture of Reserves

Income from Net Profits Interest

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UNAUDITED SUPPLEMENTARY INFORMATION—Continued

of previous estimates .

During the year ended December 31, 2024, revisions of previous estimates increased oil reserves

by 40%.The NYMEX average oil price of $75.48 per Bbl used to determine reserves as of December 31, 2024 was 4% lower than the $78.22

per Bbl average NYMEX oil price as of December 31, 2023.

Revisions of previous estimates .

the year ended December 31, 2025, revisions of previous estimates decreased oil reserves by 28%.The NYMEX average oil price of $65.34

per Bbl used to determine reserves as of December 31, 2025 was 16% lower than the $75.48 per Bbl average NYMEX oil price as of December 31,

During the year ended December 31, 2024, revisions

of previous estimates decreased oil reserves by 31%, primarily due to a decrease in the average oil price used to estimate future net

The NYMEX average oil price of $78.22 per Bbl used to determine reserves as of December 31, 2023 was 16% lower than the

$93.67 per Bbl average NYMEX oil price as of December 31, 2022.

of previous estimates increased oil reserves by 40%.The NYMEX average oil price of $75.48 per Bbl used to determine reserves as of December 31,

2024 was 4% lower than the $78.22 per Bbl average NYMEX oil price as of December 31, 2023.

Standardized Measure of Discounted Future Net Cash Flows

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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-K

Item 8. Financial Statements and Supplementary Data