Permian Basin SEC Filings

SoftVest and related reporting persons disclosed ownership of 6,217,107 Units of Beneficial Interest in Permian Basin Royalty Trust, equal to approximately 13.3% of the PBT units outstanding. The reporting entities say SoftVest, LP expended $51.7M of its capital to acquire these Units and hold them for investment.

The filing outlines a strategic plan: seek a trustee-called special meeting to approve a non-binding proposal supporting a judicial reformation of the Trust Indenture to permit conversion of the Trust into a corporation ("Newco"), followed by a potential transfer of assets, distribution of Newco shares and termination of the Trust. The filing notes legal and voting hurdles — the Indenture currently requires at least a 75% affirmative vote to permit conversion and the reporting persons cite historically low quorum participation (~54.8% at a 2022 special meeting). The Reporting Persons entered a Coordination and Confidentiality Agreement with the Trustee and plan to solicit proxies and file a proxy statement.

Permian Basin Royalty Trust (PBT) reporting persons led by Eric Lee Oliver and affiliated SoftVest entities disclosed written short put options that create obligations to buy units if exercised. The Form 4 records two short put contracts dated 09/19/2025: a $10 strike covering 7,723 options tied to 772,300 underlying trust units and a $7.50 strike covering 864 options tied to 86,400 underlying trust units. The reporting group holds these positions indirectly through SoftVest, LP, with SoftVest Advisors, LLC and SoftVest GP I, LLC described as manager and general partner and Mr. Oliver as managing member. The filing explains these short puts were written prior to the reporting persons becoming Section 16 insiders and their expirations are exempt from Section 16(b).

Permian Basin Royalty Trust (PBT) reported sharply lower royalty receipts and distributions for the periods ended June 30, 2025 due largely to a deficit on the Waddell Ranch properties and delayed operator reporting. Total assets were $1,867,939 with cash and short-term investments of $1,704,817 and net overriding royalty interests of $163,122. The Trust had a distribution payable of $604,817 and 46,608,796 units outstanding.

Royalty income for the three months ended June 30, 2025 was $3,089,889 versus $8,803,389 a year earlier, producing distributable income of $2,397,255 ($0.05 per unit) compared with $8,436,688 ($0.18 per unit) in Q2 2024. For six months, distributable income was $4,993,467 ($0.11 per unit) versus $13,928,894 ($0.30). The Waddell Ranch properties remain in deficit and the Trust reports total remaining to be recovered of $37,057,982 gross ($27,793,486 net to the Trust) as of June 30, 2025. The Trustee has ongoing litigation against Blackbeard seeking more than $9 million; trial is scheduled for November 17, 2025. The Trustee declared a distribution of $0.015311 per unit on July 21, 2025 payable August 14, 2025.