What is SoftVest seeking in its May 8, 2026 petition related to PBT's indenture?

SoftVest seeks to reduce amendment thresholds and permit majority amendment by unitholders. According to Permian Basin Royalty Trust, the petition asks to amend voting provisions in Article VIII and replace Article X with majority-in-interest amendment procedures.

PERMIAN BASIN ROYALTY TRUST ANNOUNCES APRIL CASH DISTRIBUTION, EXCESS COST POSITION ON WADDELL RANCH PROPERTIES AND UNITHOLDER MAILING BY SOFTVEST

Q: What distribution did Permian Basin Royalty Trust (PBT) declare for April 2026 and when is it payable?

The Trust declared $0.038014 per unit , payable May 14, 2026. According to Permian Basin Royalty Trust, the record date for the distribution is April 30, 2026 and total distributed cash was $1,771,797.

Q: Why did PBT's April 2026 distribution increase compared with the prior month?

The increase was driven by a $1,125,000 settlement payment and higher commodity prices. According to Permian Basin Royalty Trust, Texas royalty volumes and oil/gas pricing also contributed, partially offset by lower oil volumes.

Q: What is the status of the Waddell Ranch properties in PBT's April 2026 distribution?

Waddell Ranch remained in an excess cost position , so no proceeds were included in April distribution. According to Permian Basin Royalty Trust, future Waddell proceeds must first recover accumulated excess costs and interest.

Q: How much did Texas Royalty properties contribute to PBT's April 2026 distribution?

Texas Royalty properties contributed $749,597 to the April distribution. According to Permian Basin Royalty Trust, underlying revenues were $915,038 with net profit of $789,049 before applying the Trust's 95% net profit interest.

Rhea-AI Impact

(Neutral)

Rhea-AI Sentiment

(Neutral)

Rhea-AI Summary

Permian Basin Royalty Trust (NYSE: PBT) declared a cash distribution of $0.038014 per unit, payable May 14, 2026, to holders of record April 30, 2026.

The April distribution totaled $1,771,797 funded in part by a $1,125,000 settlement payment from Blackbeard and a $749,597 contribution from Texas royalty net profits; Waddell Ranch remains in an excess cost position.

Positive

Distribution declared of $0.038014 per unit payable May 14, 2026
$1,125,000 third settlement payment from Blackbeard boosted April distribution
$749,597 net contribution from Texas Royalty properties for March

Negative

Waddell Ranch in continuing excess cost position; no proceeds included in April distribution
G&A expenses of $102,800 reduced distributable cash
Blackbeard supplies production data quarterly, causing timing delays and quarterly disclosure for Waddell details

News Market Reaction – PBT

+2.66%

+2.66% Session close to close

In the Apr 20 session, PBT gained 2.66%, reflecting a moderate positive market reaction.

Data tracked by StockTitan Argus on the day of publication.

Market Context

This announcement details an increased monthly distribution of $0.038014 per unit, totaling $1,771,7...

Analysis

This announcement details an increased monthly distribution of $0.038014 per unit, totaling $1,771,797, driven by a $1,125,000 settlement payment and Net Profit of $789,049 from Texas Royalty Properties, while Waddell Ranch remains in an excess cost position. It also reiterates SoftVest’s effort to ease amendment thresholds via a May 8, 2026 bench trial. Investors may watch future Waddell data, monthly Net Profit trends, and outcomes of the Indenture litigation as key indicators.

Key Figures

Per-unit distribution: $0.038014 per unit Total distribution: $1,771,797 Settlement payment: $1,125,000 +5 more

8 metrics

Per-unit distribution $0.038014 per unit Declared April 20, 2026; payable May 14, 2026

Total distribution $1,771,797 Distributed to unitholders for March activity

Settlement payment $1,125,000 Third settlement payment from Blackbeard Operating LLC

Texas Royalty revenues $915,038 Revenues from underlying Texas Royalty Properties

Texas Royalty Net Profit $789,049 Net Profit for March after taxes and expenses

Contribution to distribution $749,597 Texas Royalty Properties net contribution at 95% NPI

G&A expenses $102,800 General and Administrative Expenses net of interest for the month

Units outstanding 46,608,796 units Units of beneficial interest sharing the distribution

Historical Context

5 past events · Latest: Mar 20 (Neutral)

Pattern 5 events

Date	Event	Sentiment	24h Move	Catalyst
Mar 20	March distribution update	Neutral	-1.0%	March cash distribution solely from Texas Royalties; Waddell excess costs persist.
Feb 17	February distribution update	Neutral	-1.4%	February payout from Texas Royalties only; Waddell in excess cost position.
Jan 20	January distribution update	Neutral	+0.8%	January distribution with higher per-unit payout; Waddell costs exceed proceeds.
Dec 19	December distribution & vote	Neutral	-0.8%	December distribution from Texas Royalties and nonbinding vote backing SoftVest proposal.
Nov 17	November distribution & meeting notice	Neutral	-7.1%	November distribution, ongoing Waddell excess costs, and notice of SoftVest special meeting.

24h Move is the share-price change in the day after each event; other market factors may also have contributed.

Pattern Detected

Routine monthly distribution and Waddell Ranch excess-cost updates have typically led to modest single-digit price moves, with one larger downside reaction in late 2025.

Recent Company History

Over the past several months, PBT has repeatedly reported monthly cash distributions funded solely by Texas Royalty Properties while Waddell Ranch remained in an excess cost position. Per-unit payouts ranged from $0.010662 to $0.040056, with Texas Royalty contributions often around the $750,000–$925,000 level and distributions paid to 46,608,796 units. SoftVest’s campaign to modify the Trust indenture and lower amendment thresholds has been a recurring governance theme, including a special meeting and the upcoming bench trial mentioned again in this article.

Key Terms

net profits interest, form 10-q, form 10-k, mcf, +4 more

8 terms

net profits interest financial

"necessary to calculate the net profits interest ("NPI") proceeds for a given month"

A net profits interest (NPI) is a contractual right to receive a fixed percentage of a project’s or asset’s profits after allowable costs are paid, rather than a share of gross revenue or ownership. For investors, it matters because it gives upside tied to actual profitability while shielding the holder from direct operating expenses and capital calls, similar to getting a portion of the leftover profits from a business after the bills are settled.

form 10-q regulatory

"information will be included in the Trust's quarterly report on Form 10-Q"

A Form 10-Q is a detailed report that publicly traded companies are required to file with regulators three times a year, providing an update on their financial health and business activities. It is important for investors because it offers timely insights into a company's performance, helping them make informed decisions about buying or selling stocks. Think of it as a regular check-up report that shows how well a company is doing.

form 10-k regulatory

"annual reports on Form 10-K for the foreseeable future"

A Form 10-K is a comprehensive report that publicly traded companies are required to file annually with regulators. It provides a detailed overview of a company's financial health, operations, and risks, similar to a detailed health report. Investors use this information to assess the company's performance and make informed decisions about buying or selling its stock.

mcf technical

"10,584 Mcf of gas. The production for the Trust's allocated portion"

Mcf stands for thousand cubic feet and is a standard unit used to measure natural gas volume. For investors, Mcf translates physical gas production or consumption into a metric that directly affects revenue and valuation—think of it as counting liters of fuel your car used, where higher Mcf usually means more product to sell or higher costs to buy, and changes can signal shifts in supply, demand, or profitability.

bbl technical

"The average price for oil was $59.33 per bbl and for gas was $6.31"

bbl is the standard abbreviation for a barrel, a unit of volume used in the oil and petroleum industry (one oil barrel equals 42 US gallons or about 159 liters). Investors see production, inventory and price figures quoted in barrels, so changes measured in bbls directly affect company revenue, commodity supply and demand, and market prices—think of it as counting how many grocery carts of fuel a company produces or sells.

indenture regulatory

"seeking judicial modification of the Trust's Indenture, and the Petitioner SoftVest"

An indenture is a legal agreement between a company that borrows money by issuing bonds and the people who buy those bonds. It explains the rules the company must follow, like paying back the money and keeping certain financial promises. This document helps both sides understand their rights and responsibilities.

majority in interest financial

"permit amendment by a majority in interest of unitholders constituting a quorum"

Majority in interest means holding more than half of the economic stake or voting power in an entity, such as a company, partnership, or fund. Investors with a majority interest can effectively decide major actions—like approving deals, changing leadership, or setting strategy—because they control the outcome when votes or profit distributions are based on ownership. Think of it like owning most slices of a pizza at a group dinner: whoever holds the most slices decides how the pizza is divided and eaten.

quorum regulatory

"by a majority in interest of unitholders constituting a quorum at a meeting"

A quorum is the minimum number of members needed to officially hold a meeting or make decisions. It ensures that decisions are made with enough participation to represent the group’s interests, much like a majority must be present for a vote to be valid. For investors, understanding quorum is important because it affects when and how important company or organization decisions can be legally made.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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04/20/2026 - 08:00 AM

DALLAS, April 20, 2026 /PRNewswire/ -- Argent Trust Company, as Trustee of the Permian Basin Royalty Trust (NYSE: PBT) ("Permian" or the "Trust") today declared a cash distribution to the holders of its units of beneficial interest of $0.038014 per unit, payable on May 14, 2026, to unit holders of record on April 30, 2026. The distribution does not include proceeds from the Waddell Ranch properties, as total production costs ("Production Costs") exceeded gross proceeds ("Gross Proceeds") for the month of March, resulting in a continuing excess cost position for the Waddell Ranch properties. More information regarding the Waddell Ranch properties is described below.

This month's distribution increased compared to the previous month due primarily to the third settlement payment in the amount of $1,125,000 being received from Blackbeard Operating LLC, this in conjunction with Texas Royalty Properties having higher natural gas volumes, along with higher oil and natural gas pricing, partially offset by lower oil volumes.

WADDELL RANCH
Information from Blackbeard, the operator of the Waddell Ranch properties, necessary to calculate the net profits interest ("NPI") proceeds for a given month is received after the announcement date for the month's distribution. As a result, in accordance with the Trust indenture, if NPI proceeds are received from the Waddell Ranch properties on or prior to the record date, they will be included in the following month's distribution.

As noted above, no proceeds were received by the Trustee in March 2026 to be included in the April distribution. All excess costs, including any accrued interest, will need to be recovered by future proceeds from the Waddell Ranch properties before any proceeds are distributed to the Trust. Due to the fact that Blackbeard provides production, pricing and cost information quarterly instead of monthly, the Trustee will be disclosing that information in the quarterly reports on Form 10-Q and annual reports on Form 10-K for the foreseeable future (to the extent timely received from Blackbeard).

TEXAS ROYALTY PROPERTIES
Production for the underlying Texas Royalty Properties was 14,297 barrels of oil and 10,584 Mcf of gas. The production for the Trust's allocated portion of the Texas Royalty Properties was 12,437 barrels of oil and 9,220 Mcf of gas. The average price for oil was $59.33 per bbl and for gas was $6.31, which includes significant NGL pricing, per Mcf. This would mainly reflect production and pricing in January for oil and December for gas. These allocated volumes were impacted by the pricing of both oil and gas. This production and pricing for the underlying properties resulted in revenues for the Texas Royalty Properties of $915,038. Deducted from these revenues were taxes and expenses of $125,989 resulting in a Net Profit of $789,049 for March. With the Trust's NPI of 95% of the underlying properties, this would result in a net contribution by the Texas Royalty Properties of $749,597 to this month's distribution.

	Underlying Properties		Net to Trust Sales
	Volumes		Volumes		Average Price
	Oil (bbls)	Gas (Mcf)	Oil (bbls)	Gas (Mcf) ⁽¹⁾	Oil (per bbl)	Gas (per Mcf)⁽²⁾
Current Month

Waddell Ranch	⁽³⁾	⁽³⁾	⁽³⁾	⁽³⁾	⁽³⁾	⁽³⁾
Texas Royalties	14,297	10,584	12,437	9,220	$59.33	$6.31

Prior Month
Waddell Ranch	⁽³⁾	⁽³⁾	⁽³⁾	⁽³⁾	⁽³⁾	⁽³⁾
Texas Royalties	15,009	9,793	13,047	8,518	$56.56	$6.02

⁽¹⁾ These volumes are net to the Trust, after allocation of expenses to Trust's net profit interest, including any prior period adjustments.

⁽²⁾This pricing includes sales of gas liquid products.

⁽³⁾ Information is not being made available monthly but may be provided within 30 days next following the close of each calendar quarter. To the extent the Trustee receives such information timely following the quarter, information will be included in the Trust's quarterly report on Form 10-Q for the applicable quarter (or the annual report on Form 10-K with respect to the fourth quarter).

General and Administrative Expenses deducted for the month, net of interest earned were $102,800 resulting in a distribution of $1,771,797 to 46,608,796 units outstanding, or $0.038014 per unit.

The worldwide market conditions continue to affect the pricing for domestic production. It is difficult to predict what effect these conditions will have on future distributions.

UNITHOLDER MAILING FILED BY SOFTVEST
On or about February 10, 2026, SoftVest, L.P. ("SoftVest"), a unit holder of the Trust, mailed documents to holders of units of beneficial interest ("Unitholders") which included a cover letter, a Citation in the District Court of Tarrant County, Texas ("Citation"), the Original Petition for Modification of Trust (the "Petition") in the District Court of Tarrant County, Texas (Cause No. 96-373245-25) seeking judicial modification of the Trust's Indenture, and the Petitioner SoftVest, L.P.'s Notice of Bench Trial on Petitioner's Original Petition for Modification of Trust ("Notice of Bench Trial"), also collectively known as the "Unitholder Mailing". The Unitholder Mailing advises Unitholders of a hearing to be scheduled Friday, May 8, 2026, at 10:30 a.m. before the 96th District Court of Tarrant County, Tom Vandergriff Civil Courts Building, 4th Floor, 100 North Calhoun Street, Fort Worth, Texas 76196, on the merits of SoftVest's Petition pursuant to which it seeks to (1) amend Section 8.03 of the Indenture to eliminate the requirement that certain amendments require approval by 75% of the outstanding units of the Trust, and (2) delete Section 10.01 of the Indenture that sets forth certain prohibited amendments and replace Article X of the Indenture with a provision permitting amendment of any provision of the Indenture by a vote of unitholders in accordance with Article VIII (which, as amended, would permit amendment by a majority in interest of unitholders constituting a quorum at a meeting of unitholders where a quorum is present).

The 2025 Annual Report with Form 10-K, which includes the December 31, 2025, Reserve Summary, has been filed with the Securities Exchange Commission. Permian's cash distribution history, current and prior year financial reports, tax information booklets, and a link to filings made with the Securities and Exchange Commission, all can be found on Permian's website at http://www.pbt-permian.com/. Additionally, printed reports can be requested and are mailed free of charge.

FORWARD-LOOKING STATEMENTS
Any statements in this press release about future events or conditions, and other statements containing the words "estimates," "believes," "anticipates," "plans," "expects," "will," "may," "intends," and similar expressions, other than historical facts, constitute forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Factors or risks that could cause the Trust's actual results to differ materially from the results the Trustee anticipates include, but are not limited to the factors described in Part I, Item 1A, "Risk Factors" of the Trust's Annual Report on Form 10-K for the year ended December 31, 2025, and Part II, Item 1A, "Risk Factors" of subsequently filed Quarterly Reports on Form 10-Q.

Actual results may differ materially from those indicated by such forward-looking statements. In addition, the forward-looking statements included in this press release represent the Trustee's views as of the date hereof. The Trustee anticipates that subsequent events and developments may cause its views to change. However, while the Trustee may elect to update these forward-looking statements at some point in the future, it specifically disclaims any obligation to do so. These forward-looking statements should not be relied upon as representing the Trustee's views as of any date subsequent to the date hereof.

Contact: Nancy Willis, Director of Royalty Trust Services, Argent Trust Company, Trustee, Toll Free – 1.855.588.7839

View original content:https://www.prnewswire.com/news-releases/permian-basin-royalty-trust-announces-april-cash-distribution-excess-cost-position-on-waddell-ranch-properties-and-unitholder-mailing-by-softvest-302746468.html

SOURCE Permian Basin Royalty Trust

FAQ

What distribution did Permian Basin Royalty Trust (PBT) declare for April 2026 and when is it payable?

The Trust declared $0.038014 per unit, payable May 14, 2026. According to Permian Basin Royalty Trust, the record date for the distribution is April 30, 2026 and total distributed cash was $1,771,797.

Why did PBT's April 2026 distribution increase compared with the prior month?

The increase was driven by a $1,125,000 settlement payment and higher commodity prices. According to Permian Basin Royalty Trust, Texas royalty volumes and oil/gas pricing also contributed, partially offset by lower oil volumes.

What is the status of the Waddell Ranch properties in PBT's April 2026 distribution?

Waddell Ranch remained in an excess cost position, so no proceeds were included in April distribution. According to Permian Basin Royalty Trust, future Waddell proceeds must first recover accumulated excess costs and interest.

How much did Texas Royalty properties contribute to PBT's April 2026 distribution?

Texas Royalty properties contributed $749,597 to the April distribution. According to Permian Basin Royalty Trust, underlying revenues were $915,038 with net profit of $789,049 before applying the Trust's 95% net profit interest.