J.T. Thorpe Company (Texas) Asbestos Trust Annual Reports, 2005–2025

The Texas J T Thorpe trust’s net claimants’ equity increased from $80.30 million to $84.99 million in 2025. Investment income of $2.70 million, realized gains of $850,237 and unrealized gains of $5.70 million generated $9.25 million in additions, with no insurance proceeds. These exceeded $2.88 million in claimant distributions, $975,131 in operating expenses, $406,163 in bond amortization and $301,536 in income-tax expense, producing a $4.69 million increase in equity.

The trust received 1,878 claims and paid 819 new claims, with no supplemental payments on previously paid claims. The reported Payment Sum Percentage remained 23%. Operating expenses fell below $1 million, but the year’s growth depended heavily on unrealized investment appreciation: the cash-flow and investment statement shows approximately $500,000 in net cash outflows before noncash adjustments. The report also notes that the trust began operating with a sole trustee on January 1, 2026.

The Texas J T Thorpe trust ended 2024 with $80.30 million in net claimants’ equity, up from $78.35 million. Investment income of $2.63 million, realized gains of $2.18 million, unrealized gains of $998,777 and insurance proceeds of $949,998 generated $6.76 million in additions. Deductions included $2.67 million in claimant distributions, $1.11 million in operating expenses, $360,190 in bond amortization and $671,343 in income-tax expense, leaving a $1.95 million increase in equity.

The trust received 2,341 claims and paid 788 new claims. Claim payments declined from $3.17 million in 2023, and operating expenses also fell modestly, while tax expense increased. Investment earnings and insurance receipts together supported continued growth in resources, although the smaller unrealized gains and insurance recovery produced a lower annual increase than in 2023.

The Texas J T Thorpe trust’s net claimants’ equity recovered from $73.15 million to $78.35 million in 2023. Investment income of $2.51 million, realized gains of $960,147 and unrealized gains of $4.83 million were supplemented by $1.90 million in insurance settlement proceeds. Total additions of $10.20 million exceeded $3.17 million in claimant distributions, $1.16 million in operating expenses, $430,384 in bond amortization and $248,000 in income-tax expense.

The trust received 2,090 claims and paid 991 new claims, with no supplemental payments on previously paid claims. Total distributions decreased modestly from 2022 despite the increase in paid claims. The approximately $5.19 million growth in equity reflected both improved investment performance and insurance proceeds; unrealized gains accounted for a substantial portion of the recovery.

The Texas J T Thorpe trust ended 2022 with $73.15 million in net claimants’ equity, down $12.68 million from $85.83 million. Realized investment losses of $1.06 million and unrealized losses of $9.39 million outweighed $2.45 million in investment income. A $391,700 income-tax benefit softened the decline, but claimant distributions of $3.33 million, operating expenses of $1.13 million and bond amortization of $612,906 added to the reduction.

The trust received 2,384 claims and paid 781 new claims, with no supplemental payments on earlier claims. Claim payments increased from $2.47 million in 2021, while operating expenses changed only modestly. Investment losses, particularly the noncash decline in portfolio values, were the dominant reason the trust’s resources contracted during the year.

The Texas J T Thorpe trust’s net claimants’ equity increased from $81.01 million to $85.83 million in 2021. Investment income of $3.03 million, realized gains of $1.78 million and unrealized gains of $4.62 million generated $9.44 million in additions. These exceeded $2.47 million in claimant distributions, $1.10 million in operating expenses, $629,529 in bond amortization and $401,643 in income-tax expense, producing a $4.83 million increase in equity.

The trust received 1,999 claims and paid 596 new claims, with no supplemental payments on previously paid claims. Claim distributions were less than half the 2020 amount, while investment results improved and operating expenses declined modestly. The report’s payment-percentage history continued to identify 23% as the latest approved rate. Both stronger investments and lower claim payments contributed to the year’s growth in resources.

The Texas J T Thorpe trust ended 2020 with $81.01 million in net claimants’ equity, slightly below $81.36 million. Investment income, realized gains and unrealized appreciation totaled $6.56 million. After $1.19 million in operating expenses and $622,383 in bond amortization, $4.75 million remained before $5.10 million in claimant distributions. No insurance recoveries were reported, and the net reduction in equity was approximately $351,000.

The claims schedule reports 2,761 claims submitted and 1,939 new claims paid. The financial note lists 1,945 settled claims and explains, through the claims-schedule footnote, that the audited statements include reissued checks for claims settled in earlier years that had never been negotiated. Those reissues should not be counted as new claims. The report retained the 23% Payment Sum Percentage, with no supplemental payments associated with a percentage increase.

The Texas J T Thorpe trust’s net claimants’ equity increased from $78.14 million to $81.36 million in 2019. The improvement was driven largely by $8.90 million in unrealized investment appreciation, supplemented by $1.61 million in investment income, $973,576 in realized gains and $949,998 in insurance recoveries. These additions exceeded $7.56 million in claimant distributions, $1.04 million in operating expenses and $617,669 in bond amortization.

The trust received 5,579 claims and paid 3,883 new claims, with no supplemental payments on previously paid claims. Its reported Payment Sum Percentage was 23%, following the May 2018 reduction. Although equity increased by approximately $3.22 million, the cash-flow and investment statement shows net cash outflows of $5.15 million before noncash adjustments; market appreciation was therefore central to the year’s improvement.

The Texas J T Thorpe trust ended 2016 with $97.26 million in net claimants’ equity, down from $106.10 million. Investment income of $3.87 million and unrealized appreciation of $3.00 million outweighed realized losses of $1.34 million and operating expenses of $2.14 million, producing $3.40 million before contributions and distributions. Insurance-related contributions of $1.90 million provided additional support, but claimant payments of $14.13 million still reduced equity by approximately $8.84 million.

The trust received 4,414 claims and paid 3,579 new claims, with no supplemental payments on earlier claims. Following an updated claims study, the trustees reduced the Payment Sum Percentage from 57% to 33% in May 2016. The report thus records improved investment results and lower operating expenses alongside a material reduction in the percentage payable on qualifying claims.

The Texas J T Thorpe trust’s net claimants’ equity declined from $119.26 million to $106.10 million in 2015. Investment income of $4.15 million and realized gains of $314,112 were largely offset by $4.09 million in unrealized depreciation. Operating expenses increased to $2.43 million from $1.52 million, leaving a $2.07 million deficit before contributions and claim payments. Insurance-related contributions of $2.85 million partly offset $13.94 million in claimant distributions.

The trust received 4,212 claims and paid 2,507 new claims, with no supplemental payments on previously paid claims. The report’s payment-percentage history identifies 57% as the applicable percentage at that time. The approximately $13.16 million reduction in equity reflects the combined effect of continuing claim payments, weaker investment performance and higher operating costs, despite additional insurance funding.

The Texas J T Thorpe trust ended 2012 with $130.35 million in net claimants’ equity, down from $134.62 million. Investment income of $4.39 million, realized gains of $5.76 million and unrealized appreciation of $1.32 million generated $11.47 million in additions. After $1.90 million in operating expenses, $9.57 million remained before claimant distributions of $13.84 million, resulting in an equity decline of approximately $4.27 million.

The trust received 3,283 claims and paid 2,369 new claims, with no supplemental payments on previously paid claims. Total claimant payments were nearly unchanged from 2011 even though the number of paid claims increased substantially. An updated claims study left the Payment Sum Percentage at 57%. Stronger investment results limited the depletion of resources, but did not fully cover claims and administration.

The Texas J T Thorpe trust’s net claimants’ equity fell from $145.46 million to $134.62 million in 2011. Investment income of $5.31 million and realized gains of $2.45 million were partly offset by $3.13 million in unrealized investment depreciation and $1.56 million in operating expenses. The resulting $3.06 million surplus before distributions covered only part of the $13.90 million paid to claimants, producing an overall equity decline of approximately $10.83 million.

The trust received 2,969 claims and paid 1,505 new claims, compared with 1,372 received and 719 paid in 2010. There were no supplemental payments on earlier claims, and the reported Payment Sum Percentage remained 57%. The year’s decline in resources principally reflected increased claim payments alongside weaker net investment results.

The Texas J T Thorpe trust ended 2010 with $145.46 million in net claimants’ equity, only slightly below $145.83 million a year earlier. Investment income of $5.75 million and realized gains of $3.66 million outweighed $1.34 million in unrealized depreciation and $1.49 million in operating expenses, leaving $6.58 million before claim distributions. That amount nearly covered the year’s $6.96 million in claimant payments.

The trust received 1,372 claims and paid 719 new claims, with no supplemental payments on previously paid claims. The reported Payment Sum Percentage was 57%, following its increase in December 2009. The drop in total distributions from $28.60 million in 2009 should be read in that context: the prior year included $22.37 million in supplemental payments associated with the percentage increase.

The combined 2007–2008 report shows a difficult investment year in 2008. Total assets fell from $189.86 million to $158.70 million as the trust recorded $9.08 million in realized investment losses and $24.10 million in unrealized losses, partly offset by $7.18 million in investment income. Operating and legal expenses were $1.35 million. The fund deficit widened from $427.86 million to $472.71 million, also reflecting $17.63 million in accrued claim expense. This deficit includes estimated future claim liabilities and is not a measure of cash available.

Cash claim payments declined from $22.45 million in 2007 to $3.86 million in 2008, and insurance cash receipts fell from $37.83 million to $500,000. The 2008 schedule reports 1,196 claims submitted and 659 new claims paid, with no supplemental payments on earlier claims. The reported Payment Sum Percentage remained 38%. Investment losses, rather than unusually high cash claim payments, were the main pressure on assets during 2008.

The combined 2006–2007 report shows total assets increasing from $172.45 million to $189.86 million. Insurance cash receipts rose from $11.32 million in 2006 to $37.83 million in 2007, while cash claim payments increased from $9.05 million to $22.45 million. Operating and legal expenses declined from $3.51 million to $1.53 million. The reported fund deficit narrowed from $721.35 million to $427.86 million, driven primarily by a $253.62 million credit to accrued claim expense as estimated liabilities were revised, rather than by an equivalent cash inflow.

In December 2007, the trustees increased the Payment Sum Percentage from 18.5% to 38% following an updated claims study. The 2007 claims schedule reports 1,666 claims submitted, 2,541 new claims paid, and supplemental payments on 17,457 previously paid claims. Those supplemental payments should not be counted as newly paid claims. The early deficit measure includes estimated future liabilities and is therefore distinct from the later reports’ net claimants’ equity presentation.

The combined 2004–2005 report covers the J T Thorpe Company Successor Trust’s establishment in April 2004 and its following full year. Total assets rose from $157.96 million at December 2004 to $167.36 million at December 2005. Cash claim payments were $55.97 million in the initial 2004 period and $3.68 million in 2005. During 2005, the trust received $15.02 million in insurance settlements, while operating and legal expenses were $2.85 million. The initial Payment Sum Percentage was approved at 18.5% in November 2005.

The reported fund deficit increased from $732.56 million to $746.91 million, but this was not a negative cash balance: the early financial statements included estimated future asbestos liabilities. At year-end 2005, the $913.23 million accrued claim liability comprised $898.17 million for future claims and $15.05 million for allowed but unpaid claims. These estimates explain the large deficit despite substantial assets and distinguish this presentation from the net claimants’ equity measure used in later reports.