PermRock Royalty Trust — Form 10-Q
Filed August 14, 2026 · analyzed by the Periodic Agent
10-Q
▼ Likely negative
significance 42/100
What the filing says
For Q2 2026, PermRock's distributable income fell 66% to $409,050 ($0.0336 per unit) from $1.2M ($0.0987 per unit) YoY, driven by 28% decline in oil volumes (46,379 vs 64,816 Bbls) and 46% gas volume drop (46,482 vs 85,631 Mcf), partially offset by higher oil prices ($81.09 vs $66.36/Bbl). The trust recognized a $39.9M impairment in 2025, writing down the Net Profits Interest to $26.6M fair value. T2S (operator, subsidiary of buyer) owns 4,884,861 of 12,165,732 units; 2026 workover budget is ~$0.7M with $0.4M spent as of June 30.
Why this rating
Significant revenue/distribution decline, major prior-year impairment, but trust is small (corpus ~$26.6M) and passive. Deterioration material relative to size; ordinary commodity/production decline risk.
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