Plibrico Asbestos Trust Annual Reports, 2010–2025

Plibrico ended 2025 with $59.81 million in net claimants’ equity, down $3.95 million from $63.76 million. Net investment income after advisory fees increased to $6.24 million, including $2.83 million of realized gains and $1.25 million of unrealized gains. Recognized claims costs were $8.07 million, administrative and professional expenses totaled approximately $1.28 million, and federal income tax expense was $846,920. Improved investment performance narrowed the annual decline despite higher claims costs.

Claims payable increased by $177,818, while operating activities used $8.18 million of cash. Net investment sales after purchases supplied $8.21 million, leaving cash and cash equivalents nearly unchanged at $1.25 million. The Trust therefore continued using its investment portfolio to fund distributions and other obligations. The financial statements report a payment percentage of 0.94% as of December 31, 2025; this is the historical rate reported for that year, separate from the dollar amount of claims recognized or paid.

Plibrico’s net claimants’ equity decreased by $4.38 million in 2024, ending at $63.76 million. Net investment income after advisory fees was $4.93 million, including $2.65 million of realized gains and a small unrealized loss of $53,575. These results were below the prior year’s investment income and did not cover $7.10 million in recognized claims costs.

Administrative and professional expenses totaled approximately $1.37 million, and federal income tax expense was $843,300. Claims payable increased by $230,905, separating the year’s recognized claims costs from cash distributions. Operating activities used $7.02 million of cash, supported by $7.53 million of net proceeds from investment sales after purchases. Cash and cash equivalents consequently increased to $1.22 million even as total net claimants’ equity declined; that cash increase reflects conversion of investments into cash rather than growth in the Trust’s overall resources.

Plibrico ended 2023 with $68.14 million in net claimants’ equity, a decline of $1.47 million. Investment results improved substantially from 2022, with net income after advisory fees of $7.44 million, including $2.84 million of realized gains and $2.09 million of unrealized gains. Recognized claims costs were $6.59 million, with approximately $1.36 million of administrative and professional expenses and $958,600 of federal income tax expense.

Claims payable fell from $3.54 million to $1.54 million, so cash payments exceeded the claims costs recognized for the current year as earlier obligations were paid down. The Trust held $68.65 million in investments and $711,390 in cash and cash equivalents at year-end. The return to positive investment performance and lower recognized claims costs substantially narrowed the decline in equity, although total claims and other deductions still exceeded investment income.

Plibrico’s net claimants’ equity fell by $21.44 million in 2022, from $91.04 million to $69.61 million. The Trust recorded $12.34 million of unrealized investment losses; interest and dividends and $519,702 of realized gains provided only a partial offset. After advisory fees, the overall investment result was a loss of $9.39 million, adding to the depletion caused by claims and expenses.

Recognized claims costs rose to $10.66 million, administrative and professional expenses totaled approximately $1.19 million, and federal income tax expense was $199,900. Claims payable increased from $1.44 million to $3.54 million, meaning part of the claims deduction remained unpaid at year-end. The combined impact of market losses and higher recognized claims costs explains the much larger decline than in 2021. The Trust ended 2022 with $71.79 million in investments and $756,752 in cash and cash equivalents.

Plibrico ended 2021 with $91.04 million in net claimants’ equity, down $1.33 million from $92.38 million. Net investment income after advisory fees was $6.36 million, consisting of interest and dividends together with $633,109 of realized gains and $2.65 million of unrealized gains. These returns covered the $6.08 million claims deduction but were insufficient to cover the Trust’s other expenses as well.

Administrative and professional expenses totaled approximately $1.08 million, and federal income tax expense was $533,400. Claims payable decreased slightly to $1.44 million, while cash and cash equivalents were $2.01 million and investments were $90.07 million at year-end. The modest decline in equity reflects claims and operating costs exceeding investment results, with the investment gains still providing a substantial offset to the annual draw on resources.

Plibrico’s net claimants’ equity declined by approximately $2.56 million in 2020, ending at $92.38 million. Net investment income after advisory fees totaled $7.25 million, including $1.72 million of realized gains and $2.71 million of unrealized gains. Positive investment results therefore offset much of the year’s claims burden, but did not cover all deductions.

Recognized claims costs were $7.90 million, administrative and professional expenses totaled approximately $1.16 million, and federal income tax expense was $760,200. Claims payable decreased from $2.43 million to $1.48 million, indicating that cash distributions also drew down obligations recognized previously. The Trust ended the year with $91.96 million in investments and $1.59 million in cash and cash equivalents. The result illustrates continued use of accumulated assets despite positive investment earnings.

Plibrico ended 2019 with $94.94 million in net claimants’ equity, up $1.37 million. Net investment income after advisory fees rebounded to $11.16 million, including $6.73 million of unrealized gains and $1.23 million of realized gains. These returns exceeded $8.00 million in recognized claims costs, approximately $1.14 million of administrative and professional expenses, and $652,400 of federal income tax expense.

Claims payable increased from $1.17 million to $2.43 million. The Trust records a claim obligation when an offer is made at the expected pro rata payment, so the claims deduction includes amounts not yet paid. Despite the increase in equity, operating activities used $5.45 million of cash; net investment sales of $6.77 million supported those outflows and increased cash and cash equivalents to $1.76 million. The year’s improvement in reported equity depended heavily on unrealized portfolio appreciation.

Plibrico’s net claimants’ equity declined by $8.52 million in 2018, from $102.08 million to $93.57 million. Investment performance contributed to the decline: $6.18 million of unrealized losses outweighed interest and dividend income and $2.58 million of realized gains, producing a net investment loss of $447,163 after advisory fees. This left the portfolio unable to offset any of the year’s claims and administrative deductions on a net basis.

Recognized claims settlements totaled $5.96 million. Administrative and professional expenses were approximately $1.15 million, with a further $957,000 of federal income tax expense. Settled claims payable ended the year at $1.17 million, up from $920,698, so recognized settlements exceeded the associated cash outflow by the increase in that liability. The Trust ended the year with $93.65 million in investments and $436,386 in cash and cash equivalents.

Plibrico ended 2017 with $102.08 million in net claimants’ equity, a modest increase of $120,284. Net investment income after advisory fees was $8.99 million, including $1.86 million of realized gains and $3.89 million of unrealized gains. This favorable performance was just sufficient to cover $7.05 million of recognized claims settlements, approximately $1.25 million in administrative and professional expenses, and $574,100 of federal income tax expense.

Settled claims payable stood at $920,698 at year-end, while the Trust held $100.89 million in investments and $845,433 in cash and cash equivalents. The near-flat equity balance reflects substantial claims activity offset by investment returns, rather than an absence of distributions. Unrealized appreciation supplied a significant part of those returns, so the small increase in net claimants’ equity should not be read as an equivalent cash surplus.

Plibrico’s net claimants’ equity fell by $10.94 million in 2016, ending at $101.96 million. Net investment income after advisory fees was $4.49 million: interest and dividends and $1.73 million of realized gains outweighed $479,140 of unrealized losses. Recognized claims settlements of $13.65 million substantially exceeded those investment results, while administrative and professional expenses added approximately $1.29 million and federal income taxes added $475,715.

The payment percentage increased from 1.2% to 1.36% on June 28, 2016, and the report describes supplemental payments to claimants previously paid at lower percentages. The year’s claims activity therefore includes the effect of increasing payments on earlier claims. Claims payable increased by $2.00 million, distinguishing recognized settlement costs from cash distributions. Operating activities used $10.06 million of cash, with net investment sales providing much of the liquidity required to meet those outflows.

Plibrico ended 2014 with $122.17 million in net claimants’ equity, an increase of $3.75 million. Net investment income after advisory fees was $10.75 million, supported by $6.02 million of unrealized gains and $1.10 million of realized gains, in addition to interest and dividends. The favorable investment result exceeded the year’s recognized claims settlements and other deductions.

Claims settled were $5.61 million, administrative and professional expenses totaled approximately $812,626, and federal income tax expense was $582,496. Settled claims payable rose to $828,772, so the recognized settlement amount should not be treated as identical to cash paid during the year. The Trust held $121.99 million in investments and $270,678 in cash and cash equivalents at year-end. Much of the year’s improvement in equity came from unrealized appreciation, which increased the reported portfolio value without itself generating cash.

Plibrico’s asbestos trust ended 2013 with $118.42 million in net claimants’ equity, compared with $115.29 million at the start of the year. Ordinary annual activity reduced equity by $1.63 million, but a $4.76 million transfer from the terminated Plibrico Silica Trust more than offset that decline. The transfer was an addition to the asbestos trust’s resources and should be distinguished from recurring investment income; the silica trust’s separate operations are not included in this analysis.

Net investment income totaled $4.82 million after advisory fees, including $1.07 million of realized gains and $231,592 of unrealized gains. Recognized claims settlements were $4.93 million, administrative and professional expenses totaled approximately $1.11 million, and federal income tax expense was $417,500. Settled claims payable ended the year at $702,725. Without the transfer, investment results would not have fully covered claims and other expenses.

Plibrico’s asbestos trust ended 2010 with $121.82 million in trust corpus, up $30.57 million from $91.25 million. The increase was dominated by a claims-liability adjustment rather than investment performance. The financial statements applied the March 1, 2011 reduction in the payment percentage from 8.5% to 1.2% to unpaid settled claims at December 31, 2010, reducing claims payable by $84.93 million. After that adjustment, the claims-settled line was a net credit of $25.16 million; it should not be interpreted as cash received from claimants.

Net investment income, including realized and unrealized gains and after advisory fees, was $6.64 million. Administrative, claims-processing and professional expenses totaled approximately $1.22 million. Settled claims payable remained $13.96 million at year-end. The report therefore shows improved reported equity chiefly because the amount payable on existing claims was reduced, not because the Trust accumulated an equivalent amount of new cash. This summary concerns the asbestos trust only; the filing also contains separate silica-trust statements.