PERMIAN BASIN ROYALTY TRUST ANNOUNCES CHANGE IN TIME OF HEARING ON MAY 8, 2026

Permian Basin Royalty Trust (NYSE: PBT) announced a change in the hearing time for a court matter: the May 8, 2026 bench hearing has been rescheduled from 10:30 a.m. CT to 9:30 a.m. CT before the 96th District Court of Tarrant County in Fort Worth, Texas.

Rhea-AI Summary

Permian Basin Royalty Trust (NYSE: PBT) announced a change in the hearing time for a court matter: the May 8, 2026 bench hearing has been rescheduled from 10:30 a.m. CT to 9:30 a.m. CT before the 96th District Court of Tarrant County in Fort Worth, Texas.

SoftVest, a unitholder, mailed a Petition and related documents on or about February 10, 2026, seeking judicial modification of the Trust indenture to remove a 75% amendment approval threshold and to replace Article X to permit amendments by a majority in interest of unitholders at a quorum meeting.

Positive

• Potential to lower amendment threshold from 75% to majority
• May enable faster governance changes via majority unitholder votes

Negative

• Reduces existing supermajority protection of 75%
• Proposed changes could allow material indenture amendments with smaller support

Argus May 6 session

-3.57% close to close Open Argus

Details

News Market Reaction – PBT

In the May 6 session, PBT declined 3.57%, reflecting a moderate negative market reaction.

Data tracked by StockTitan Argus on the day of publication.

Market Context

This announcement narrows the details around a key May 8, 2026 court hearing on SoftVest’s petition ...

Analysis

This announcement narrows the details around a key May 8, 2026 court hearing on SoftVest’s petition to modify PBT’s Trust Indenture, moving the start time to 9:30 a.m. Central. The petition targets the existing 75% supermajority requirement and seeks a majority-in-interest voting standard at quorumed meetings. Investors may track how this legal process interacts with the trust’s ongoing distribution updates and prior SoftVest-related actions when assessing future governance and cash-flow implications.

Key Figures

Rescheduled hearing time: 9:30 a.m. Central Time Original hearing time: 10:30 a.m. Central Time Hearing date: May 8, 2026 +5 more

Rescheduled hearing time

9:30 a.m. Central Time

Hearing on May 8, 2026 before 96th District Court

Original hearing time

10:30 a.m. Central Time

Previously scheduled time for May 8, 2026 hearing

Hearing date

May 8, 2026

Bench trial on SoftVest Original Petition for Modification of Trust

Supermajority threshold

75% of outstanding units

Current approval requirement for certain Indenture amendments

Voting standard sought

Majority in interest

Proposed new standard for amendments at a quorumed unitholder meeting

Court location

100 North Calhoun Street

Tom Vandergriff Civil Courts Building, Fort Worth, Texas

Current price

$23.25

Before news; about 2% below 52-week high of $23.74

Market cap

$1,087,849,299

Equity value prior to hearing time change announcement

Historical Context

5 past events · Latest: Apr 20

5 events

1. Apr 20

   Monthly distribution

   24h Move

   +2.7%

   April cash distribution and SoftVest unitholder mailing highlighted.

2. Mar 20

   Monthly distribution

   24h Move

   -1.0%

   March distribution and ongoing excess cost position at Waddell Ranch.

3. Feb 17

   Monthly distribution

   24h Move

   -1.4%

   February distribution funded by Texas Royalty; SoftVest petition hearing set.

4. Jan 20

   Monthly distribution

   24h Move

   +0.8%

   January distribution and notice of preliminary hearing on SoftVest petition.

5. Dec 19

   Distribution & meeting

   24h Move

   -0.8%

   December distribution and results of SoftVest-called special meeting.

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

Key Terms

beneficial interest, indenture, bench trial, petition, +4 more

8 terms

beneficial interest financial

"mailed documents to holders of units of beneficial interest ("Unitholders")"

Beneficial interest is the right to receive the economic benefits of an asset—such as dividends, interest, or sale proceeds—without necessarily holding legal title to it. For investors this matters because it determines who actually gains from an investment or trust, much like renting an apartment where the tenant enjoys living there and paying bills while the landlord holds the deed; understanding who has the beneficial interest affects income rights, voting influence, and risk exposure.

indenture financial

"seeking judicial modification of the Trust's Indenture"

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.

bench trial regulatory

"Notice of Bench Trial on Petitioner's Original Petition for Modification of Trust"

A bench trial is a court case decided only by a judge rather than by a jury. For investors it matters because a single judge’s interpretation of law and facts can change the speed, predictability and likely outcome of disputes over contracts, patents or regulatory issues—potentially affecting a company’s costs, future revenue or ability to operate, much like a single referee making a final call instead of a crowd vote.

petition regulatory

"the Original Petition for Modification of Trust (the "Petition")"

A petition is a formal written request filed with a court, regulator, or other official body asking for a specific action or ruling about a company or its securities. Investors pay attention because petitions can trigger legal proceedings, regulatory reviews, bankruptcy protection, delisting considerations, or changes in control—events that may affect a company’s operations, financial health, or the market value of its stock, much like a formal complaint that forces a public response.

quorum regulatory

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

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.

unitholders financial

"mailed documents to holders of units of beneficial interest ("Unitholders")"

Unitholders are people or entities that own one or more units in an investment fund, trust, or partnership. Think of a unit like a slice of a pie that represents a proportional claim on the fund’s assets, income and sometimes voting rights; the value and payouts to unitholders rise or fall with the underlying holdings. Investors care because unit holdings determine how returns, fees and decisions are shared and affect their income and capital exposure.

district court regulatory

"hearing scheduled on May 8, 2026, before the 96th District Court of Tarrant County"

A district court is the primary trial-level court where civil and criminal cases are heard and factual disputes are decided by a judge or jury, similar to a local referee who examines evidence and issues binding rulings. Investors care because its decisions can determine a company’s legal liabilities, enforce contracts, block products or deals, and create financial risk or clarity that often moves stock prices and affects valuation.

amendment financial

"amend Section 8.03 of the Indenture to eliminate the requirement"

An amendment is a formal change or addition to an existing legal, regulatory, or corporate document, such as a contract, prospectus, regulatory filing, or company charter. It matters to investors because amendments can alter rights, deadlines, obligations, or risk profiles tied to an investment; think of it like editing a recipe—changing an ingredient or cooking time can significantly affect the final result.

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

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DALLAS, May 6, 2026 /PRNewswire/ -- Argent Trust Company, as Trustee of the Permian Basin Royalty Trust (NYSE: PBT) ("Permian" or the "Trust") today announced that SoftVest, L.P. ("SoftVest") has advised the Trustee that the hearing scheduled on May 8, 2026, before the 96th District Court of Tarrant County, has been rescheduled to 9:30 a.m., Central Time, from its original time of 10:30 a.m., Central Time. Please see detailed information regarding the hearing below.

UNITHOLDER MAILING FILED BY SOFTVEST
On or about February 10, 2026, 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, (now scheduled for 9:30 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).

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-change-in-time-of-hearing-on-may-8-2026-302764567.html

SOURCE Permian Basin Royalty Trust

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What change did Permian Basin Royalty Trust (PBT) announce about the May 8, 2026 hearing?

The hearing time was moved to 9:30 a.m. Central Time on May 8, 2026. According to the company, the proceeding will occur before the 96th District Court in Fort Worth, Texas, at the Tom Vandergriff Civil Courts Building.

What did SoftVest mail to PBT unitholders on or about February 10, 2026?

SoftVest mailed a cover letter, Citation, Petition for modification of the Trust, and a Notice of Bench Trial. According to the company, these documents notified unitholders of the May 8, 2026 hearing and the requested indenture changes.

What specific indenture amendments is SoftVest requesting in the PBT Petition?

SoftVest seeks to remove the 75% approval requirement in Section 8.03 and to delete Section 10.01, replacing Article X to permit amendments by majority in interest. According to the company, this is the relief requested in the Petition.

Where and when will the PBT bench trial on SoftVest's Petition be held?

The bench trial is scheduled for May 8, 2026 at 9:30 a.m. Central Time at the Tom Vandergriff Civil Courts Building, 4th Floor, 100 North Calhoun Street, Fort Worth, Texas. According to the company, that is the court location and time.

How would the proposed change from 75% to majority affect PBT unitholder voting?

If adopted, amendments could pass with a majority in interest at a quorum meeting rather than a 75% supermajority. According to the company, the Petition would allow broader amendment authority with lower unitholder approval thresholds.