Permian Basin Royalty Trust filings document the trust’s royalty-distribution reporting, property-level economics, and governance matters. Form 8-K reports record monthly cash distribution announcements, Item 2.02 results disclosures, and operating details tied to the Waddell Ranch properties and Texas Royalty Properties, including production volumes, oil and natural gas pricing, and excess cost positions.
The filing record also covers unitholder communications and trust indenture matters. Recent 8-K disclosures include material definitive agreement, material modification to rights of security holders, and amendment disclosures following court-approved changes to the trust indenture’s amendment provisions.
Permian Basin Royalty Trust (PBT) said Argent Trust Company, its trustee, received a request from SoftVest Advisors, LLC and other unitholders who collectively own more than 15% of the outstanding Units to call a special meeting. The trustee intends to call the meeting under the Trust Indenture. The requested meeting is scheduled for November 23, 2026, with a record date of October 13, 2026.
The requested vote would cover an amendment to the Trust Indenture to effect the business combination under the Combination Agreement, the PBT Land and Minerals, Inc. Omnibus Incentive Plan, and authorization to adjourn if necessary or appropriate to solicit additional proxies. The Form S-4 containing a proxy statement/prospectus was declared effective on October 23, 2026. The Trust and trustee are not parties to the Combination Agreement, are not soliciting proxies or participating in an offering of securities, and the trustee is making no voting recommendation.
Permian Basin Royalty Trust declared a cash distribution of $0.045191 per unit, totaling $2,106,330.04 for 46,608,796 units outstanding. It is payable on November 16, 2026, to holders of record on October 30, 2026. The distribution increased from the prior month, primarily because of a final settlement payment received from Blackbeard Operating; higher natural gas volumes and pricing for the Texas Royalty Properties also contributed, partly offset by lower oil pricing.
The October distribution excludes Waddell Ranch proceeds because September production costs exceeded gross proceeds, leaving a continuing excess cost position. Future proceeds must first recover all excess costs, including accrued interest, before Waddell Ranch proceeds are distributed to the Trust. The Texas Royalty Properties generated $1,295,650 in revenue and contributed $1,094,925 to the distribution. Separately, SoftVest and certain affiliates entered a definitive agreement with Blackbeard Holdings and certain affiliates on July 28, 2026, proposing a combination involving Trust assets and certain Blackbeard Holdings mineral interests and land operations in PBT Land and Minerals, Inc. Completion is subject to a unitholder vote; the Trust and trustee are not parties, and the trustee makes no voting recommendation.
Permian Basin Royalty Trust (PBT) declared a monthly cash distribution of $0.019593 per unit, totaling $913,228.22, payable on October 15, 2026 to unitholders of record on September 30, 2026. The increase from the prior month is attributed mainly to lower Trust expenses.
The distribution again excludes any proceeds from the Waddell Ranch properties because production costs exceeded gross proceeds for August, leaving a continuing excess cost position that must be fully recovered before future Waddell Ranch cash flows contribute to distributions. For the Texas Royalty Properties, underlying production was 15,042 barrels of oil and 5,439 Mcf of gas, generating revenues of $1,324,846, net profit of $1,189,481, and a $1,130,007 contribution to this month’s payout after applying the 95% net profits interest.
The press release also reiterates the previously disclosed SoftVest proposal to combine the Trust’s assets with interests owned by Blackbeard Holdings into a new public company, PBT Land and Minerals, Inc., a Business Combination that would require unitholder approval; the Trustee states it is not a party to the agreement and is not making any voting recommendation.
Permian Basin Royalty Trust (PBT) declared a monthly cash distribution of $0.018701 per unit, payable on September 15, 2026, to unitholders of record on August 31, 2026. Total cash distributed is $871,663.17 across 46,608,796 units. The distribution excludes any proceeds from the Waddell Ranch properties because production costs exceeded gross proceeds for July, leaving those properties in an excess cost position.
For the Texas Royalty Properties, underlying production was 15,959 barrels of oil and 6,193 Mcf of gas, with the Trust’s allocated portion at 14,405 barrels of oil and 5,581 Mcf of gas. Average realized prices were $93.10 per barrel of oil and $9.55 per Mcf of gas, generating revenues of $1,544,865 and a net profit of $1,395,216, of which $1,325,455 contributed to this month’s distribution after applying the Trust’s 95% net profits interest. General and administrative expenses, net of interest, were $453,792, including a $250,000 addition to the expense reserve.
Permian Basin Royalty Trust reported higher distributable income for the three and six months ended June 30, 2026, driven largely by settlement payments from Blackbeard rather than stronger underlying operations. Royalty income was $4.16M for the quarter and $7.71M year‑to‑date, both above 2025 levels, while oil and gas prices generally declined across Waddell Ranch and Texas Royalty properties.
The Trust remains passive, with total assets of $2.41M and a small trust corpus of $161,721, while Waddell Ranch still carries substantial excess costs of $46.0M net to the Trust that must be recovered before that conveyance contributes royalty income. A $9.0M settlement from Blackbeard is being paid in installments, including $1.125M in each of January and April 2026, boosting distributions to Unitholders.
Governance changed after a court‑approved amendment on May 8, 2026 reduced the approval threshold for Trust Indenture amendments from 75% of outstanding units to a majority of Unitholders constituting a quorum. A proposed Business Combination with Blackbeard‑related assets into New PBT is being advanced by SoftVest and affiliates and will be subject to a Unitholder vote; the Trustee is not a party to the agreement and is not making a recommendation.
Permian Basin Royalty Trust is pursuing a $2.2 billion business combination with US Land Guild to form PBT Land & Minerals (“New PBT”), an Up‑C structure aligned with Blackbeard Operating. PBT unitholders are expected to own about 59.3% of New PBT, with Blackbeard and affiliates holding about 40.7%.
The plan converts PBT’s Waddell Ranch Net Profits Interest into a cost‑free ~15% effective royalty interest, eliminates the excess cost deficit, and contributes roughly 111,000 Permian net royalty acres and 68,000 surface acres to New PBT. A $120 million fully‑backstopped rights offering and private placement at $24.17 per share (a 12.5% discount to PBT’s 7/27/2026 price) will fund transaction fees and repay USLG debt, targeting leverage of about 0.4x pro forma Q1 2026 annualized Adjusted EBITDA of $154.5 million.
New PBT will have a $500 million senior secured revolving credit facility (with $60 million drawn pro forma and total liquidity of $445.1 million), a majority‑independent seven‑member board, and leadership from USLG/Blackbeard. The transaction is subject to PBT unitholder approval, regulatory clearances and other customary closing conditions, with closing expected in the second half of 2026.
SoftVest and Blackbeard agreed to combine Permian Basin Royalty Trust with Blackbeard’s US Land Guild assets in a transaction valued at approximately $2.24 billion, creating PBT Land and Minerals, Inc. (“New PBT”). Blackbeard contributes 80,000 net royalty acres and 68,000 surface acres, while PBT converts its Waddell Ranch Net Profits Interest into a cost-free ~15% effective royalty interest representing 31,000 net royalty acres.
After closing, existing PBT unitholders are expected to own about 59% of New PBT and Blackbeard and affiliates about 41%. New PBT is expected to have a JPMorgan-led $500 million senior secured revolving credit facility with a $100 million accordion and leverage of less than 0.4x pro forma first quarter 2026 annualized Adjusted EBITDA. A concurrent $120 million rights offering and private placement is planned, with the rights offering fully backstopped by SoftVest and Horizon Kinetics.
SoftVest Advisors, SoftVest GP I, SoftVest, L.P., and Eric L. Oliver amend their Schedule 13D on Permian Basin Royalty Trust, reporting beneficial ownership of 6,217,107 Units of Beneficial Interest, or 13.3% of the 46,608,796 Units outstanding.
A July 28, 2026 Combination Agreement provides for PBT Land and Minerals, Inc. (New PBT) to acquire a majority of the Trust’s assets plus approximately 68,000 acres of surface estate and a 15% effective royalty interest from Blackbeard Holdings. After the business combination, former unitholders are expected to hold 59.3% of New PBT common stock, with Blackbeard Security and Greybeard Energy together holding 40.7%.
SoftVest has entered into a Voting and Support Agreement to vote all eligible Units for the transaction and accept transfer and solicitation restrictions, and a Commitment and Backstop Agreement under which SoftVest and Horizon Kinetics will exercise subscription rights and backstop up to $71.16 million of New PBT Class A shares in a rights offering.
Permian Basin Royalty Trust reported that unitholder SoftVest, L.P. and affiliates have signed a definitive Combination Agreement with Blackbeard Holdings, LLC and affiliates. The parties propose to combine the Trust’s assets with certain Blackbeard oil and gas mineral interests and land operations to form a new publicly traded corporation, PBT Land and Minerals, Inc. (“New PBT”). Completion of any transaction would require approval at a meeting of Trust unitholders.
SoftVest and other unitholders holding in excess of 15% of the Trust units have asked the Trustee to call a special meeting to consider the proposal. New PBT intends to file registration statements on Form S-4 and Form S-1, including a proxy statement/prospectus and a rights offering for New PBT shares. The Trust and its Trustee are not parties to the Combination Agreement, are not soliciting proxies, and are not making any voting recommendation.
PBT Land & Minerals is pursuing a business combination that merges Permian Basin Royalty Trust with US Land Guild to form “New PBT,” a premier land and minerals platform in the Central Basin Platform of the Permian Basin. The Transaction values the combination at $2.2 billion and is expected to give existing PBT unitholders about 59.3% pro forma ownership and Blackbeard Holdings and affiliates about 40.7%, subject to approval by a majority of PBT unitholders present at a special meeting.
The structure converts PBT’s Waddell Ranch Net Profits Interest into a cost‑free ~15% effective royalty interest, eliminates the excess‑cost deficit, and adds USLG’s ~80,000 net royalty acres and ~68,000 surface acres. New PBT plans a fully backstopped $120 million rights offering and private placement, uses proceeds to repay USLG debt and pay fees, and expects pro forma leverage of about 0.4x Q1 2026 annualized Adjusted EBITDA of $154.5 million. A JPMorgan‑led $500 million senior secured revolving credit facility with a $100 million accordion supports liquidity, with total liquidity of $445.1 million pro forma.
New PBT will operate as an Up‑C with a C‑corporation parent trading as “PBT” and a majority‑independent board, including two Blackbeard designees and SoftVest’s Eric Oliver as Chairman. Management from Blackbeard/USLG will lead the company, emphasizing operator alignment, multi‑stream surface and royalty revenues, and high‑margin, capital‑light cash flows backed by over 10 years of identified horizontal drilling inventory.