Permianville Royalty Trust 2025年度报告

or PERMIANVILLE ROYALTY TRUST (Exact name of registrant as specified in its charter) Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule405 of the Securities Act.YesNo Indicate by check mark if the registrant is not required to file reports pursuant to Section13 or Section15(d)of the Act.YesNo Indicate by check mark whether the registrant (1)has filed all reports required to be filed by Section13 or 15(d)of the SecuritiesExchange Act of 1934 during the preceding 12months (or for such shorter period that the registrant was required to file such reports),and(2)has been subject to such filing requirements for the past 90days.YesNo Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submittedpursuant to Rule405 of RegulationS-T (§232.405 of this chapter) during the preceding 12months (or for such shorter period that theregistrant was required to submit such files). YesNo Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smallerreporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reportingcompany,” and “emerging growth company” in Rule12b-2 of the Exchange Act. LargeacceleratedfilerNon-accelerated filerEmerging growth company If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period forcomplying with any new or revised financial accounting standards provided pursuant to Section13(a)of the Exchange Act. Indicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment of the effectivenessof its internal control over financial reporting under Section404(b)of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered publicaccounting firm that prepared or issued its audit report. If securities are registered pursuant to Section12(b)of the Act, indicate by check mark whether the financial statements of theregistrant included in the filing reflect the correction of an error to previously issued financial statements. Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-basedcompensation received by any of the registrant’s executive officers during the relevant recovery period pursuant to §240.10D-1(b). Indicate by check mark whether the registrant is a shell company (as defined in Rule12b-2 of the Act).YesNo The aggregate market value of the voting and non-voting common equity held by non-affiliates (25,636,039 Units of BeneficialInterest) computed by reference to the price at which the common equity was last sold, or the average bid and asked price of such commonequity, as of the last business day of the registrant’s most recently completed second fiscal quarter was $34,320,000. As of March23, 2026, 33,000,000 Units of Beneficial Interest of the Trust were outstanding. TABLE OF CONTENTS Forward-Looking StatementsiiGlossary of Certain Oil and Natural Gas TermsivPARTIItem 1.Business1Item 1A.Risk Factors19Item 1B.Unresolved Staff Comments39Item 1C.Cybersecurity39Item 2.Properties41Item 3.Legal Proceedings46Item 4.Mine Safety Disclosures46PARTIIItem 5.Market for Registrant’s Common Equity, Related Unitholder Matters and Issuer Purchases of Equity Securities47Item 6.[Reserved]47Item 7.Trustee’s Discussion and Analysis of Financial Condition and Results of Operations48Item 7A.Quantitative and Qualitative Disclosures About Market Risk56Item 8.Financial Statements and Supplementary Data57Item 9.Changes in and Disagreements with Accountants on Accounting and Financial Disclosure69Item 9A.Controls and Procedures69Item 9B.Other Information69Item 9C.Disclosures Regarding Foreign Jurisdictions that Prevent Inspections69PARTIIIItem 10.Directors, Executive Officers and Corporate Governance70Item 11.Executive Compensation70Item 12.Security Ownership of Certain Beneficial Owners and Management and Related Unitholder Matters70Item 13.Certain Relationships and Related Transactions, and Director Independence71Item 14.Principal Accountant Fees and Services72PARTIVItem 15.Exhibitand Financial Statement Schedules73Item 16.Form10-K Summary74SIGNATURES75 FORWARD-LOOKING STATEMENTS This Annual Report on Form10-K (this “Form10-K”) includes “forward-looking statements” within the meaning of Section27Aof the Securities Act of 1933, as amended, and Section21E of the Securities Exchange Act of 1934, as amended. All statements other thanstatements of historical fact included in this Form10-K, including without limitation the statements under “Trustee’s Discussion andAnalysis of Financial Condition and Results of Operations” in PartII,Item 7 of this Form10-K and “Risk Factors” in PartI,Item 1A ofthis Form10-K regarding the financial position, business strategy, production