The Fire Victim Trust paid more than its initial funding—while claimants' payment rate was 70%.

The Fire Victim Trust's November 2024 trustee letter reported distributions above $13.58 billion, exceeding its $13.5 billion initial funding, while describing a 70% pro-rata payment level. PG&E's annual report separately documents the trust's sales of company shares, an important part of the funding structure. The apparent paradox disappears when the denominators are separated: exceeding initial funding does not mean paying every allowed claim in full. Cash funding, share monetization, allowed awards and actual distributions need to be tracked independently.