Permianville Royalty Trust is a passive Delaware statutory trust that holds a Net Profits Interest (NPI) in oil and natural gas producing properties in the Permian Basin of west Texas and southeastern New Mexico, the Arklatex region of Texas and Louisiana, and the Rockies. The NPI entitles the Trust to receive 80% of net profits from production on these properties, which are operated by COERT Holdings and third-party operators. The Trust has no employees, conducts no operations, and cannot acquire new assets — it simply collects NPI cash, deducts administrative expenses, and distributes the remainder to unitholders monthly. The Trust has 33M units outstanding and cannot issue new units. Trust distributions are driven primarily by oil and gas prices, production volumes, and operating and development costs deducted by the Sponsor before the NPI is calculated — meaning the Trust's effective exposure is leveraged to commodity prices. If net profits turn negative in any month, the Trust receives nothing, and the deficit carries forward to offset future profits. The Sponsor controls all operational and capital allocation decisions on the underlying properties, including drilling and workover costs, which directly reduce distributions without any input from unitholders. The Trust dissolves if annual NPI cash proceeds fall below $2M for two consecutive years, or if 75% of unitholders vote to dissolve. The Trust is structured as a grantor trust, so unitholders are taxed on their pro-rata share of Trust income as it is received by the Trust.