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Cross Timbers Royalty Trust · NYSE: CRT · CIK 0000881787 · 双轨中的 Codex 轨 r1 与 r2，全程未读对轨 · 2026-09-24

三格稿（r1）

CROSS TIMBERS ROYALTY TRUST｜话事人三格

双轨·Codex 轨 r1，独立取证，未读对轨

取证截止：2026-09-24。主体：CROSS TIMBERS ROYALTY TRUST（CIK 0000881787）。本稿只使用本轮亲手打开的 SEC／EDGAR 原件、SEC Form ADV 与不带 form 过滤的全量 submissions 索引；补件在 kp/sec-new-codex/。

全量索引口径

董事长

未设（2026-03-27确认无董事）

title：FY2025 10-K 正面写明信托没有董事；公司受托人 Argent Trust Company 自2022-12-30接替 Simmons Bank。最新 8-K 由 Nancy Willis 以 Director of Royalty Trust Services 身份代表受托人签署；签字经办人不等于董事长。

定性：这是原件正面确认的「未设」，Nancy Willis 是可具名的受托人代表，不是信托董事长。

CEO

未设（2026-03-27确认无高管）

title：FY2025 10-K 正面写明信托没有 executive officers、officers 或 employees。Argent Trust Company 管行政与分配，XTO Energy 计算并汇付净利润权益；Scout Energy Management LLC 自2026-05-01接手 Hewitt Unit 作业，但三者均未被原件称为信托 CEO。

定性：行政、现金流计算与现场作业分属不同主体，不能把任何一方改写成 CEO。

资本话事人

Eric L. Oliver（2026-03-23起）

title：2026-03-23是 SoftVest 首份 13G 的事件日，不是任命日。2026-07-09 Schedule 13G/A 报告 924,960 单位、15.42%，分母 6,000,000，分母依据2026-05-14提交的 10-Q；申报明确为被动持有、无影响控制目的。2026-09-15 Form 4 又报2026-09-11买入后 1,005,873 单位，但 Form 4 不报比例。Eric L. Oliver 不是受托人、董事或高管，本轮也未取到其在 CRT 的席位、提名权、否决权或投票协议。

定性：信托没有单一控制人；Eric L. Oliver 是当前最该认的公开大持有人，但受托、现金流计算与单位持有人表决权彼此分离。

一行版

董事长：未设（信托无董事）｜CEO：未设（信托无高管）｜资本话事人：Eric L. Oliver（被动大持有人）

这是一只信托：受托人、现金流与单位持有人表决

Part II／Part III 翻到了什么

最新 10-Q 的 Part II

最新 10-K 的 Part III

信托终止、单位转换与触发状态

增发／权证机关

修订件、迟报与索引异常

未取到／待核

人物史抽屉（r1）

CROSS TIMBERS ROYALTY TRUST｜人物史抽屉

双轨·Codex 轨 r1，独立取证，未读对轨

取证截止：2026-09-24。说明：CRT 是 royalty trust；前两格没有自然人任职者，因此前两块分别按「董事长席位为何不存在」与「CEO 席位为何不存在」展开，并把公司受托人、签字经办人、现金流计算方与作业方分开。没有原件支持的个人资料一律写「未取到」。

【draw-block 1】董事长块 — 未设（Argent Trust Company）

1．履历时间线

2．过往公司／壳／交易与结果、拿了什么

3．班底

4．资金来源

5．地址／国籍／注册地

6．控制链一句脚注

控制链：单位持有人多数可罢免 Argent Trust Company，Argent 负责信托行政，Nancy Willis 仅以受托人雇员身份签字，故不存在可归给自然人董事长的控制链。— 10-K｜2026-03-27｜0001193125-26-128448；8-K｜2026-09-18｜0001193125-26-395258。

【draw-block 2】CEO 块 — 未设（信托无高管）

1．履历时间线

2．过往公司／壳／交易与结果、拿了什么

3．班底

4．资金来源

5．地址／国籍／注册地

6．控制链一句脚注

控制链：Argent Trust Company 管行政与分配、XTO Energy 管净利润权益计算、Scout Energy Management LLC 管一处底层作业，职责拆分且没有任何一方被原件赋予 CRT CEO 身份。— 10-K｜2026-03-27｜0001193125-26-128448；10-Q｜2026-08-13｜0001193125-26-348628。

【draw-block 3】资本话事人块 — Eric L. Oliver

1．履历时间线

2．过往公司／壳／交易与结果、拿了什么

3．班底

4．资金来源

5．地址／国籍／注册地

6．控制链一句脚注

控制链：Eric L. Oliver→SoftVest Advisors, LLC／SoftVest GP I, LLC→SoftVest, LP→CRT单位，但13G明确是被动持有且无影响控制目的，他没有 CRT 席位或合同权，真正制度权力仍由多数／80%单位持有人门槛、Argent Trust Company 与 XTO Energy 分掌。— SCHEDULE 13G/A｜2026-07-09｜0001104659-26-082305；10-K｜2026-03-27｜0001193125-26-128448。

监管、诉讼与买卖习惯

前后案对照

次要人物与主体短条

Nancy Willis

Daniel Bates

XTO Energy／Scout Energy Management LLC

ROUND2 互核答复（r2）

双轨·Codex轨r2，独立取证，未读对轨

title：CRT｜ROUND2互核答复

CRT｜ROUND2互核答复

口径截止：2026-09-24。以下引文均来自本轮亲手打开的原件；未把另一轨说法当证据。

0．牵头席更正

同意。不带 form 过滤的全量提交索引共有六份13G家族件：2026-07-09 SCHEDULE 13G/A 0001104659-26-082305、2026-06-02 SCHEDULE 13G/A 0001104659-26-069569、2026-03-27 SCHEDULE 13G 0001104659-26-036288、1999-02-16 SC 13G 0000948221-99-000079、1998-03-23 SC 13G 0000948221-98-000103、1995-02-08 SC 13G/A 0000732812-95-000204。全量最新件是2026-07-09的 Amendment No. 2。该件原文为：

“Amendment No. 2”

“Date of Event Which Requires Filing of this Statement: 06/30/2026”

— SCHEDULE 13G/A｜2026-07-09｜accession 0001104659-26-082305。

1．资本格起算日

1.1 两件事件日

同意两件原件的事件日相差两天；不同意把任一日期直接改称“控制起算日”。

这两件只分别给出各表的事件日；Form 3没有写“该日首次越过10%”，Schedule 13G也没有写“该日首次达到5%”。两数与两日还不能自行拼成逐笔越线轨迹。

1.2 应锚什么事实

不同意锚在5%或10%申报线；同意应锚“首次成为最大单位持有人”，但该事实日未取到。5%与10%是不同申报制度的门槛，不是信托契约授予的控制权。原件同时反证当前不能把Eric L. Oliver写成“最大持股＋席位或合同权利已经同时成立”：

“The Trust has no directors, executive officers, audit committee, audit committee financial expert, compensation committee or nominating committee.”

— 10-K，Item 10(a)｜2026-03-27｜accession 0001193125-26-128448。

“Each of the Reporting Persons listed in this filing certify the securities referred to above were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the Issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that effect.”

— SCHEDULE 13G/A｜2026-07-09｜accession 0001104659-26-082305。

“The Trustee knows of no arrangements which may subsequently result in a change in control of the Trust.”

— 10-K，Item 12(d)｜2026-03-27｜accession 0001193125-26-128448。

未取到：没有所读原件说Eric L. Oliver于2026-03-23、2026-03-25或其他具体日期“首次成为最大单位持有人”，也没有取到其CRT席位、投票协议、否决权、提名权或其他合同权。待核件：过户代理全量单位持有人名册、逐笔经纪记录及任何未公开投票／单位持有人协议；基线accession为0001104659-26-036288、0001104659-26-036253、0001104659-26-082305。

因此，按ROUND2给定判据，r1的“2026-03-23起”应撤回。若格值必须落字，建议写：

Eric L. Oliver（起算日未取到）

1.3 两份13G/A与最新报出数

同意必须按两份修订重核。

不同意“最新13G报出数已不同于Codex r1”。Codex r1已经写的是924,960单位、15.42%、6,000,000分母，并明确分母依据2026-05-14的10-Q，故这三项无需改数。但时点必须拆开：持股事件日是2026-06-30，分母日是2026-05-14，申报日是2026-07-09。

另有一件更晚但不同表种的Form 4：原文节点为“periodOfReport 2026-09-11”“transactionShares 16360”“sharesOwnedFollowingTransaction 1005873”。— Form 4｜2026-09-15｜accession 0001104659-26-107932。因此，截至本轮，全部所有权申报中的最新报出余额是1,005,873单位；Form 4没有报分母或百分比，不能把1,005,873与13G/A的15.42%拼成同一时点数据。

2．两个“未设”格

同意申报日不应写成角色事实的起始日；不同意继续用“2026-03-27确认”作为主格值。原句如下：

“The Trust has no directors, executive officers, audit committee, audit committee financial expert, compensation committee or nominating committee. The Trustee is a corporate Trustee which may be removed, with or without cause, by the affirmative vote of the holders of a majority of all the units then outstanding.”

— 10-K，Item 10(a)｜2026-03-27｜accession 0001193125-26-128448。

“The Trust has no officers or directors and is administered by a trustee. The Trust does not have a compensation committee or maintain any equity compensation plans and there are no units reserved for issuance under such plans.”

— 10-K，Item 11(a)｜2026-03-27｜accession 0001193125-26-128448。

2026-03-27只是该10-K的申报日；原件没有说无董事或无高管从该日才开始。主格应承载“谁／凭什么”，而不是把申报日伪装成任职起点。建议改为：

Nancy Willis可在title或脚注列作签署人，但不应写成CEO替身。签署页原文为：“CROSS TIMBERS ROYALTY TRUST By ARGENT TRUST COMPANY, TRUSTEE By /s/ NANCY WILLIS Nancy Willis Director of Royalty Trust Services”，且同页再写“(The Trust has no directors or executive officers.)”。— 10-K｜2026-03-27｜accession 0001193125-26-128448。

3．底层作业方及XTO Energy／ExxonMobil分工

同意Codex r1的Scout Energy Management LLC事实，且应保留；不同意把XTO Energy与ExxonMobil合并为一个主体。

作业方变更的完整原句为：

“XTO Energy transferred operatorship of the Hewitt Unit, which is one of the properties underlying the Oklahoma 75% net profits interests, to Scout Energy Management LLC effective May 1, 2026.”

随后原句为：

“As of May 1, 2026, XTO Energy and ExxonMobil do not operate or control any of the properties underlying the 75% net profits interests.”

— 10-Q，Note 5｜2026-08-13｜accession 0001193125-26-348628。生效日为2026-05-01。

主体分工按原件分列：

A．受托人更替链

不同意称现有链“完全完整”；同意2014年以后三次更替已由原件闭合。可证部分如下：

  1. 设立时：NCNB Texas National Bank。原文：“Cross Timbers Royalty Trust (the ‘Trust’) is an express trust created under the laws of Texas pursuant to the Cross Timbers Royalty Trust Indenture entered into on February 12, 1991, between predecessors of XTO Energy Inc. (formerly known as Cross Timbers Oil Company and, hereafter, ‘XTO Energy’), as grantors, and NCNB Texas National Bank, as Trustee.” — 10-K｜2026-03-27｜accession 0001193125-26-128448。
  2. 1998年快照：NationsBank, N.A.。原文：“The Trust is a passive entity, and NationsBank, N.A., as trustee (‘Trustee’), has only such powers as are necessary for the collection and distribution of the proceeds received by the Trust and the payment of Trust liabilities and expenses.” — S-3｜1998-06-16｜accession 0000930661-98-001372。
  3. 2002年快照：Bank of America, N.A.。原文：“Bank of America, N.A., as Trustee for the Cross Timbers Royalty Trust:” — 10-Q/A｜2002-11-20｜accession 0000930661-02-004074。
  4. Bank of America, N.A.→Southwest Bank。原文：“Southwest Bank is the new Trustee for Cross Timbers Royalty Trust, effective August 29, 2014.” — 8-K，Exhibit 99.1｜2014-10-01｜accession 0001193125-14-360109。
  5. Southwest Bank→Simmons Bank。原文：“On February 20, 2018, Southwest Bank, the trustee of the Cross Timbers Royalty Trust (the ‘Trust’) merged with Simmons Bank, an Arkansas state-chartered bank that is a subsidiary of Simmons First National Corporation. As a result of the merger and pursuant to the terms of the Trust’s indenture, effective February 20, 2018, Simmons Bank became the trustee of the Trust.” — 8-K｜2018-02-26｜accession 0001193125-18-058609。
  6. Simmons Bank→Argent Trust Company。原文：“Effective December 30, 2022, Simmons Bank resigned as trustee, and Argent was appointed as the successor trustee.”同件又写：“The defined term ‘Trustee’ as used herein shall refer to Simmons Bank for periods from February 20, 2018, through December 29, 2022, and shall refer to Argent for periods on and after December 30, 2022.” — 10-K｜2026-03-27｜accession 0001193125-26-128448。

未取到：NCNB Texas National Bank→NationsBank, N.A.以及NationsBank, N.A.→Bank of America, N.A.的精确继任日、继任法律文件和原句。上面1998、2002两件只能证明各时点的受托人身份，不能自行补出中间更替日。待核件：1991 Trust Indenture、1992 Amended and Restated Royalty Trust Indenture、两次银行继任通知或契约补件；基线accession为0000930661-98-001372、0000930661-02-004074、0001193125-26-128448。

B．单位持有人表决

同意必须逐份回件；不同意把13份代理文件当成13次已完成表决。全量索引是2份PRE 14A、2份DEF 14A、9份DEFA14A，合计13份，实际承载的是2014、2022两次特别会议；最终票数分别在两份Item 5.07的8-K中。

B.1 十三份代理文件逐件核对

  1. DEFA14A｜2014-01-09｜0001193125-14-006256。原文：“On January 9, 2014, Cross Timbers Royalty Trust (the ‘Registrant’) issued a notice to unitholders (the ‘Notice’) and a press release (the ‘Press Release’) announcing that Bank of America, N.A., also known as U.S. Trust, Bank of America Private Wealth Management (‘Bank of America’ or the ‘Trustee’), will be resigning as trustee of the Registrant, subject to the conditions set forth in the Notice and that Bank of America intends to nominate Southwest Bank as successor trustee of the Registrant.”作用：启动继任征集，未载最终票数。
  2. PRE 14A｜2014-03-12｜0001144204-14-015103。原文：“At the Special Meeting, you will be asked (i) to approve the appointment of Southwest Bank as successor trustee of the Trust, (ii) to approve certain amendments to the Cross Timbers Royalty Trust Indenture dated February 12, 1991 (the ‘Indenture’) described in the enclosed Proxy Statement, and (iii) to approve an adjournment of the Special Meeting, if necessary or appropriate, to permit solicitation of additional proxies in favor of the above proposals.”作用：初稿议案，未载最终票数。
  3. DEF 14A｜2014-03-31｜0001144204-14-019282。原文逐项列出：“(1) approval of the appointment of Southwest Bank as successor trustee to serve as trustee of the Trust once the resignation of Bank of America, N.A., the current Trustee of the Trust, takes effect; (2) approval of certain amendments to the Indenture regarding ministerial items; (3) approval of certain amendments to the Indenture regarding expert advice on termination; (4) approval of certain amendments to the Indenture regarding a direct registration system; (5) approval of certain amendments to the Indenture regarding asset sales; (6) approval of certain amendments to the Indenture regarding electronic voting; (7) approval of certain amendments to the Indenture regarding investments; and (8) approval of the adjournment of the Special Meeting, if necessary or appropriate, to permit solicitation of additional proxies in favor of the above proposals.”作用：八项正式议案，未载最终票数。
  4. DEFA14A｜2014-04-30｜0001144204-14-026446。原文：“The Special Meeting of Cross Timbers Royalty Trust scheduled for May 23, 2014, is fast approaching and I am writing to remind you that it is important for you to vote on the matters described in the proxy materials that were mailed to you on or about March 28, 2014.”又写：“We strongly encourage you to vote your units today.”作用：催票，未载最终票数。
  5. DEFA14A｜2014-05-15｜0001144204-14-031215。原文：“The Special Meeting of Cross Timbers Royalty Trust scheduled for May 23, 2014, is fast approaching and I am writing to remind you that it is important for you to vote on the matters described in the proxy materials that were mailed to you on or about March 28, 2014.”又写：“We strongly encourage you to vote your units today.”作用：再次催票，未载最终票数。
  6. DEFA14A｜2014-05-28｜0001193125-14-214487。原文：“On May 23, 2014, Cross Timbers Royalty Trust (the ‘Trust’) commenced its Special Meeting of unitholders (the ‘Special Meeting’) as previously scheduled and adjourned the meeting due to lack of the requisite quorum.”作用：宣布因法定人数不足延期，未载最终票数。
  7. DEFA14A｜2014-05-30｜0001144204-14-034319。原文：“The Special Meeting of Cross Timbers Royalty Trust scheduled for May 23, 2014, has been adjourned, due to lack of a requisite quorum until Friday, June 20, 2014 at 2:00 p.m., local time, at Shady Oaks Country Club, 320 Roaring Springs Road, Fort Worth, Texas 76114.”作用：延期后催票，未载最终票数。
  8. DEFA14A｜2014-06-20｜0001193125-14-243243。原文：“On June 20, 2014, Cross Timbers Royalty Trust announced the reconvened Special Meeting of the Trust’s unitholders for the purpose of obtaining approval of the appointment of Southwest Bank as successor trustee of the Trust.”作用：宣布复会，未载最终票数。
  9. DEFA14A｜2021-11-04｜0001193125-21-320323。原文：“On November 4, 2021, Simmons Bank, as trustee (the ‘Trustee’) of Cross Timbers Royalty Trust (the ‘Registrant’), announced that it has entered into an agreement with Argent Trust Company, a Tennessee chartered trust company (‘Argent’), pursuant to which the Trustee will be resigning as trustee of the Registrant and will nominate Argent as successor trustee of the Registrant.”作用：启动第二轮继任征集，未载最终票数。
  10. PRE 14A｜2022-01-18｜0001193125-22-011231。原文：“At the Special Meeting, you will be asked (i) to approve the appointment of Argent Trust Company as successor trustee of the Trust, (ii) to approve an amendment to the Royalty Trust Indenture of Cross Timbers Royalty Trust dated February 12, 1991, as amended and restated on January 13, 1992 (the ‘Trust Indenture’), that would permit a bank or trust company with capital, surplus and undivided profits of at least $20,000,000 to serve as successor trustee of the Trust, and (iii) to approve an adjournment of the Special Meeting, if necessary or appropriate, to permit solicitation of additional proxies in favor of the above proposals.”作用：三项初稿议案，未载最终票数。
  11. DEF 14A｜2022-02-09｜0001193125-22-031743。原文逐项列出：“(1) approval of the appointment of Argent Trust Company (‘Argent’) as successor trustee to serve as trustee of the Trust once the resignation of Simmons Bank, the current Trustee of the Trust, takes effect; (2) approval of an amendment to the Trust Indenture to permit a bank or trust company which has a capital, surplus and undivided profits (as of the end of its last fiscal year prior to its appointment) of at least $20,000,000 to serve as trustee of the Trust; and (3) approval of the adjournment of the Special Meeting, if necessary or appropriate, to permit solicitation of additional proxies in favor of the above proposal.”作用：三项正式议案，未载最终票数。
  12. DEFA14A｜2022-04-06｜0001193125-22-097440。原文：“The Special Meeting of Cross Timbers Royalty Trust scheduled for April 5, 2022, has been adjourned, due to lack of a requisite quorum until Wednesday, May 4, 2022 at 12:00 p.m., Central time, at Shady Oaks Country Club, 320 Roaring Springs Road, Fort Worth, Texas 76114.”作用：延期后催票，未载最终票数。
  13. DEFA14A｜2022-04-06｜0001193125-22-097559。原文：“On April 5, 2022, Cross Timbers Royalty Trust (the ‘Trust’) commenced its Special Meeting of unitholders (the ‘Special Meeting’) as previously scheduled and adjourned the meeting due to lack of the requisite quorum.”作用：正式宣布延期，未载最终票数。

B.2 2014年实际表决

同意以下八项为最终结果。结果8-K原文先写：“Of the 6,000,000 units outstanding and entitled to vote as of the record date for the Special Meeting, 3,280,008 units were present at the Special Meeting in person or by proxy. As such, a quorum was established at the Special Meeting.”票数栏原文顺序为“For / Against / Abstain / Broker Non-Votes”。— 8-K，Item 5.07｜2014-06-24｜accession 0001193125-14-246543。

议案原文摘要结果ForAgainstAbstainBroker Non-Votes
“Proposal to approve the appointment of Southwest Bank as successor trustee to serve as trustee of the Trust once the resignation of Bank of America, N.A., the current Trustee of the Trust, takes effect was approved by the following vote:”approved3,163,62447,80841,63426,942
“Proposal to approve an amendment to the Indenture regarding ministerial items, as described in the notice and proxy statement failed to be approved by the following vote.”failed to be approved3,086,942103,01563,10726,944
“Proposal to approve amendments to the Indenture regarding expert advice upon termination of the trust as described in the notice and proxy statement failed to be approved by the following vote.”failed to be approved3,072,091119,88861,08526,944
“Proposal to approve an amendment to the Indenture regarding a direct registration system, as described in the notice and proxy statement failed to be approved by the following vote.”failed to be approved3,096,15497,07259,83926,943
“Proposal to approve an amendment to the Indenture regarding asset sales, as described in the notice and proxy statement failed to be approved by the following vote.”failed to be approved2,538,662653,53760,86426,945
“Proposal to approve an amendment to the Indenture regarding electronic voting, as described in the notice and proxy statement failed to be approved by the following vote.”failed to be approved3,109,22680,83463,00526,943
“Proposal to approve an amendment to the Indenture regarding investments, as described in the notice and proxy statement failed to be approved by the following vote.”failed to be approved3,140,77683,64655,5820
“Proposal to approve the adjournment of the Special Meeting, if necessary or appropriate, to permit solicitation of additional proxies in favor of the above seven proposals, as described in the notice and proxy statement was approved by the following vote.”approved2,671,410553,84754,7460

B.3 2022年实际表决

同意以下三项为最终结果。结果8-K原文先写：“Of the 6,000,000 units outstanding and entitled to vote as of the record date for the Special Meeting, 3,190,358 units were present at the Special Meeting in person or by proxy. As such, a quorum was established at the Special Meeting.”票数栏原文顺序同为“For / Against / Abstain / Broker Non-Votes”。— 8-K，Item 5.07｜2022-05-06｜accession 0001193125-22-143258。

议案原文摘要结果ForAgainstAbstainBroker Non-Votes
“Proposal to approve the appointment of Argent Trust Company as successor trustee to serve as trustee of the Trust once the resignation of Simmons Bank, the current Trustee of the Trust, takes effect, was approved by the following vote:”approved2,988,557108,37593,4260
“Proposal to approve an amendment to the Trust Indenture to permit a trust company which has a capital, surplus and undivided profits (as of the end of its last fiscal year prior to its appointment) of at least $20,000,000 to serve as trustee of the Trust, was not approved by the following vote:”was not approved2,949,115136,744104,4990
“Proposal to approve the adjournment of the Special Meeting, if necessary or appropriate, to permit solicitation of additional proxies in favor of the above proposals, was approved by the following vote:”approved2,954,200112,745123,4130

以上两次表决证明单位持有人对继任受托人及契约修订有直接表决权；它们不证明任何单一大持有人另有合同控制权。

C．终止条款、触发状态与超额成本

C.1 条款

同意终止条款是三择一的“首次发生”触发。10-K，Note 1完整原文为：

“the Trust will terminate upon the first occurrence of: a) disposition of all net profits interests pursuant to terms of the Trust indenture; b) gross revenue of the Trust is less than $1 million per year for two successive years; or c) a vote of holders of 80 percent or more of the outstanding Trust units to terminate the Trust in accordance with provisions of the Trust indenture.”

— 10-K｜2026-03-27｜accession 0001193125-26-128448。

风险因素另写：

“The Trust will terminate if it fails to generate gross revenues from the underlying properties of at least $1,000,000 per year over any successive two-year period.”

— 同一10-K｜accession 0001193125-26-128448。

C.2 当前是否触发或接近

不同意在现有原句不足时断言“已触发”或“接近触发”；当前状态未取到。所读10-K只直接报告：“Net profits income for 2025 was $5,738,240 as compared with $6,563,177 for 2024.” — 10-K｜2026-03-27｜accession 0001193125-26-128448。但契约触发词是“gross revenue”，原件没有在该句把“net profits income”等同于终止条款的“gross revenue”，也没有一句明确写“the Trust is not currently in termination”或“near termination”。因此不把两个口径自行等同，也不凭超额成本替代终止测试。

未取到：截至2026-09-24的受托人终止测试表、连续两年“gross revenue”专门计算及明确触发状态。待核件：原始Trust Indenture／Amended and Restated Royalty Trust Indenture、受托人终止测试或通知、下一份覆盖FY2026的10-K；现有基线accession为0001193125-26-128448。

C.3 最新超额成本

同意并独立核实ROUND2所列两组数。最新8-K的Exhibit 99.1原文为：

“Underlying cumulative excess costs remaining on the Texas Working Interest net profits interests total $6,332,000, including accrued interest of $1,762,000.”

“Underlying cumulative excess costs remaining on the Oklahoma Working Interest net profits interests total $488,000, including accrued interest of $37,000.”

同段还写：“excess costs increased by $277,000”于德州物业，以及“$67,000 of excess costs were recovered”于俄克拉何马州物业。— 8-K，Exhibit 99.1｜2026-09-18｜accession 0001193125-26-395258。

结论：德州累计633.2万美元、其中利息176.2万美元；俄州剩余48.8万美元、其中利息3.7万美元，均与原件一致。这些是各working-interest conveyance的成本回收余额，不是信托终止条款中的年度gross revenue数。

回 CRT 总入口 · 另一条轨 · 档案库首页。Codex 轨独立取证，未读对轨。KPClaude（yara）· 2026-09-24。研究记录，不构成投资建议。