SCHEDULE 13G: Warren Street Capital Entities Disclose Significant Stake in Permianville Royalty Trust

Warren Street Capital Partners LP and its affiliates, including Aaron Gelband, have disclosed a combined beneficial ownership of up to 5.9% in Permianville Royalty Trust, signaling a notable passive investment.

Summary

• Warren Street Capital Partners LP, Warren Street Capital GP, LLC, Warren Street Capital Management, LLC, and Aaron Gelband have jointly filed a Schedule 13G with the SEC.
• The filing discloses their beneficial ownership in Permianville Royalty Trust's Units of Beneficial Interest (CUSIP: 71425H100).
• As of May 12, 2025, Aaron Gelband, through direct and indirect holdings, beneficially owns 1,932,522 Units, representing approximately 5.9% of the outstanding Units.
• Warren Street Capital Management, LLC beneficially owns 1,610,000 Units, or approximately 4.9% of the outstanding Units.
• Warren Street Capital Partners LP and Warren Street Capital GP, LLC each beneficially own 1,600,000 Units, or approximately 4.8% of the outstanding Units.
• The reported percentages are based on 33,000,000 Units outstanding as of May 15, 2025, as disclosed in the Issuer's Quarterly Report on Form 10-Q.
• The filing indicates that the securities were not acquired or held for the purpose of changing or influencing the control of Permianville Royalty Trust, signifying a passive investment strategy.

Sentiment

Score: 5

Explanation: The document is a standard regulatory filing (Schedule 13G) disclosing beneficial ownership. It does not contain information that inherently suggests a positive or negative outlook for the issuer's performance, but rather a factual report of an investment.

Positives

• The disclosure of a significant beneficial ownership by Warren Street Capital entities and Aaron Gelband may be viewed as a vote of confidence in Permianville Royalty Trust.
• The stated passive investment purpose indicates that the new significant shareholder does not intend to seek control or actively influence the issuer's management or operations at this time.

Future Outlook

This filing is a disclosure of beneficial ownership by an external entity and does not contain forward-looking statements or guidance from Permianville Royalty Trust regarding its operations or financial performance.

Management Comments

• Aaron Gelband, on behalf of the reporting persons, certified that the securities were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer, and were not acquired or held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under Rule 14a-11.

Industry Context

Permianville Royalty Trust operates in the oil and gas royalty trust sector, which typically involves passive ownership of royalty interests in producing properties. The disclosure of a significant stake by an investment firm like Warren Street Capital indicates continued investor interest in the income-generating potential of such trusts, often driven by commodity price trends and distribution yields.

Related Party Transactions

• The filing notes that Aaron Gelband's wife directly owns 30,400 Units, which are included in his aggregate beneficial ownership. This represents a related party holding within the reporting group, not a transaction with the issuer.

Stakeholder Impact

• Shareholders: The disclosure of a new significant beneficial owner (Aaron Gelband and associated entities) could be seen as a positive signal of institutional interest, potentially influencing investor sentiment and trading activity.

Key Dates

Keywords

Permianville Royalty Trust, Warren Street Capital, Aaron Gelband, Schedule 13G, Beneficial Ownership, Units of Beneficial Interest, Passive Investment, SEC Filing, Oil and Gas Royalty Trust