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Permian Basin Royalty Trust declared a July cash distribution of $0.043566 per unit, or $2,030,599.85 across 46,608,796 units, payable on August 14, 2026 to unitholders of record on July 31, 2026. The distribution increased from the prior month, largely due to a $1,125,000 settlement payment from Blackbeard Operating LLC and higher oil prices from the Texas Royalty Properties.
The Waddell Ranch properties contributed nothing to this distribution because production costs exceeded gross proceeds for June, leaving them in a continuing excess cost position. Future Waddell Ranch proceeds, including any accrued interest, must first recover these excess costs before any amounts flow to the Trust.
For the Texas Royalty Properties, underlying production was 15,307 barrels of oil and 6,545 Mcf of gas, with 13,842 barrels and 5,923 Mcf net to the Trust at average prices of $99.90 per bbl for oil and $8.61 per Mcf for gas. This generated revenues of $1,585,528, taxes and expenses of $137,243, and net profit of $1,448,285, of which the Trust’s 95% net profits interest provided $1,375,871. General and administrative expenses net of interest were $470,271, including a $400,000 increase to the expense reserve.
The Trust also relays information from a SoftVest Schedule 13D about a preliminary, non-binding term sheet for a potential business combination involving a new public company owning the Trust’s assets and certain Blackbeard Holdings assets. Any such transaction would likely require approval by a majority in interest of unitholders at a meeting where a quorum is present.
Permian Basin Royalty Trust filed an amended 2025 annual report to update disclosures on oil and gas properties, reserves and related analysis. The trust holds 75% net overriding royalties on the Waddell Ranch and 95% on major Texas royalty properties, and distributes monthly net proceeds to unitholders; as of March 27, 2026 it had 46,608,796 units outstanding.
For 2025, royalty interests reflected production of 3,432,650 barrels of oil and 15,540,798 Mcf of gas at average realized prices of about $65.95 per barrel and $1.78 per Mcf. Waddell Ranch lease operating expense was $98 million (gross), with an average lifting cost of $18.26 per barrel of oil equivalent.
At December 31, 2025, proved developed reserves attributable to the royalties totaled 13,384 thousand barrels of oil and 37,705 thousand Mcf of gas (19,668 thousand BOE, supporting estimated future net revenue of $925,721 thousand and a standardized 10% discounted value of $547,922 thousand. Key risks include commodity price volatility, rising production and development costs, dependence on operators such as Blackbeard for data and development activity, exclusion of proved undeveloped reserves after 2023, and a SoftVest, L.P. court petition that could ease voting thresholds and enable structural changes, including conversion to a taxable entity or termination.
Permian Basin Royalty Trust declared a June cash distribution of $0.024673 per unit, payable on July 15, 2026 to unitholders of record on June 30, 2026. Total cash distributed is $1,149,997 across 46,608,796 units.
The payout comes entirely from Texas Royalty Properties, as production costs continued to exceed gross proceeds at the Waddell Ranch properties, so no Waddell Ranch proceeds were included. Texas Royalty Properties generated revenues of $1,503,687 on 14,577 barrels of oil and 6,972 Mcf of gas net to the Trust, with average prices of $88.42 per barrel of oil and $9.50 per Mcf of gas.
The press release also highlights a preliminary, non-binding SoftVest and Blackbeard Holdings term sheet for a potential business combination involving the Trust’s assets and certain Blackbeard assets through a new corporation, which would likely require approval by a majority in interest of Trust unitholders constituting a quorum if pursued.
Permian Basin Royalty Trust is disclosing that its trustee has received a Schedule 13D from unitholder SoftVest and others describing a proposed business combination involving the Trust and certain assets of Blackbeard Holdings.
The Schedule 13D says SoftVest and Blackbeard agreed to a preliminary, non-binding term sheet that contemplates forming a new corporation, New PubCo, which would own all Trust assets and operations plus US Land Guild, LLC, holding about 66,500 acres of surface estate and a 15% royalty interest. The term sheet also provides for Blackbeard or affiliates to receive certain working interests after conversion of existing net profits interests into a cost-free 15% royalty interest. The Trust and its trustee state they were not involved in negotiating these terms and are sharing the information for unitholders’ benefit. Any transaction would likely need approval from a majority in interest of unitholders constituting a quorum under recently court-approved Trust Indenture modifications, and may later involve a Form S-4 registration statement and proxy process led by SoftVest, New PubCo or other unitholders.
Permian Basin Royalty Trust (PBT) and investors led by SoftVest and Blackbeard announced a preliminary, non-binding term sheet to combine PBT with Blackbeard assets into a new Texas-incorporated, NYSE-listed company ("New PubCo"). Under the proposal, New PubCo would own PBT's assets and US Land Guild, LLC, which would hold approximately 66,500 acres and a 15% royalty interest. The press release states former PBT unitholders would own approximately 58% of New PubCo and Blackbeard and affiliates approximately 42%. The transaction is subject to negotiation of definitive agreements, unitholder approval, and regulatory approvals, and SoftVest filed a Schedule 13D on May 18, 2026. Timing and completion are conditional and the term sheet is non-binding.
Permian Basin Royalty Trust declared a May cash distribution of $05 per unit, payable on June 12, 2026 to unitholders of record on May 29, 2026. The payout comes solely from Texas Royalty Properties because Waddell Ranch remained in an excess cost position in April, with production costs exceeding gross proceeds so no net profits interest proceeds were available for this distribution.
Texas Royalty Properties generated revenues of $1,187,796 from 15,079 barrels of oil and 8,081 Mcf of gas at average prices of $73.83 per barrel and $9.23 per Mcf, resulting in net profit of $1,050,825 and a net contribution of $998,283. After $49,516 of general and administrative expenses, the Trust will distribute $948,767 across 46,608,796 units. The filing also notes a court-approved SoftVest petition that lowers the unitholder approval threshold for amending the Trust Indenture from 75% of outstanding units to a majority in interest at a quorum meeting.
The Schedule 13D/A filed by SoftVest Advisors, LLC supplements its prior disclosure to describe a non-binding Term Sheet proposing a business combination between Permian Basin Royalty Trust and Blackbeard’s US Land Guild, LLC to form a Texas public company ("New PubCo"). The Term Sheet contemplates New PubCo acquiring PBT’s assets and USLG (which would hold approximately 66,500 acres and a 15% royalty interest), with former PBT unitholders receiving about 58% of New PubCo and Blackbeard affiliates receiving about 42%. The draft contemplates the Combined Company assuming approximately $80 million of USLG indebtedness, a $5.0 million first-year management fee to a Blackbeard affiliate under an MSA, board composition and shareholder agreement terms, LTIP design, registration rights, customary lock-ups, and customary closing conditions including regulatory and unitholder approval. The Term Sheet is non-binding; definitive agreements, regulatory approvals, and unitholder votes are required.
SoftVest Advisors, its affiliates, and Eric L. Oliver filed Amendment No. 4 to their Schedule 13D on Permian Basin Royalty Trust, reaffirming beneficial ownership of 6,217,107 Units of Beneficial Interest, or 13.3% of the class, based on 46,608,796 units outstanding.
The amendment discloses a preliminary, non-binding term sheet between SoftVest, L.P. and Blackbeard Holdings for a potential business combination. A new Texas corporation, "New PubCo," would be listed on the NYSE and NYSE Texas and would own the Trust’s assets and US Land Guild, LLC, which is expected to hold about 66,500 acres of surface estate and a 15% royalty interest tied to certain Blackbeard acreage and mineral interests.
In the contemplated structure, former Trust unitholders would own approximately 58% of New PubCo, while Blackbeard and its affiliates would own about 42%. The term sheet remains non-binding, no definitive agreements have been signed, and any transaction would require negotiated documents, regulatory approvals, and approval by a majority in interest of Trust unitholders at a duly constituted meeting.
Permian Basin Royalty Trust reported first-quarter 2026 distributable income of $3,026,801, or $0.06 per Unit, unchanged from a year earlier. Royalty income rose to $3,551,082 mainly because it included a $1,125,000 installment from a $9,000,000 settlement with Blackbeard.
Despite this, the Waddell Ranch properties continued to generate no royalty income from operations due to excess costs, with cumulative excess costs and interest to be recovered totaling $62,830,169 at the underlying level as of March 31, 2026. Oil and gas prices were lower year over year across both the Waddell Ranch and Texas Royalty properties.
Subsequent to quarter-end, the Trust declared an April 2026 distribution of $0.038014 per Unit, which included another $1,125,000 settlement installment. A court-approved modification of the Trust Indenture now allows most amendments to be approved by a simple majority of Unitholders voting at a quorate meeting, replacing the prior 75% approval requirement for certain changes.
Permian Basin Royalty Trust updated its trust indenture after a Texas court approved governance changes requested by unitholder SoftVest, L.P. The court order eliminated the prior requirement that certain amendments receive approval from 75% of outstanding units. The revised Article X now allows amendments to any indenture provision by a vote of unitholders under Article VIII, meaning a majority in interest of unitholders can approve changes when a quorum is present. Argent Trust Company, as trustee, executed Amendment No. 2 to the Amended and Restated Trust Indenture to implement these modifications, and the Trust issued a press release describing the hearing results.