The payout is sharply below the immediately prior benchmark, but the comparison is distorted by a one-time payment. PBT declared $0.018701 per unit for August, versus $0.043566 for July—a roughly 57% decline. The filing attributes the drop primarily to the $1.125 million fourth settlement payment that boosted July’s distribution, alongside weaker Texas gas volumes and oil pricing.
| Metric | August 2026 | Prior month / comparison |
|---|---|---|
| Distribution per unit | $0.018701 (Distribution disclosure) | $0.043566 (July distribution) |
| Trust-wide distribution | $871,663.17 (Distribution disclosure) | — |
| Texas Royalty net contribution | $1,325,455 (Texas Royalty Properties) | — |
| Texas allocated oil volume | 14,405 barrels (Texas Royalty Properties) | 13,842 barrels |
| Texas allocated gas volume | 5,581 Mcf (Texas Royalty Properties) | 5,923 Mcf |
| Average oil price | $93.10 per barrel (Texas Royalty Properties) | $99.90 per barrel |
| Average gas price | $9.55 per Mcf (Texas Royalty Properties) | $8.61 per Mcf |
The more important operating signal is that Waddell Ranch remains unavailable for distributions. Production costs again exceeded gross proceeds, and no Waddell proceeds were received for July. Future Waddell cash must first recover accumulated excess costs and interest before reaching unitholders, so the trust is still relying on the smaller Texas royalty stream. 〔0〕
Texas royalties partly offset the weakness, but not enough to prevent a lower payout. Oil volumes increased from the prior month, and gas pricing improved, but gas volumes and oil pricing declined. The Texas properties generated $1.545 million of revenue and $1.395 million of net profit, with a $1.325 million contribution to the distribution. 〔1〕
The SoftVest transaction remains a process catalyst, not a completed change in ownership or economics. The proposed combination with Blackbeard Holdings was already disclosed on July 28, 2026; this filing mainly confirms that a unitholder vote and special meeting process remain ahead. The Trustee is not recommending how holders should vote, and no meeting date has yet been announced. 〔2〕
Read the original 8-K on SEC EDGAR ↗