Welcome to our dedicated page for Permian Basin SEC filings (Ticker: PBT), a comprehensive resource for investors and traders seeking official regulatory documents including 10-K annual reports, 10-Q quarterly earnings, 8-K material events, and insider trading forms.
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 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.
Permian Basin Royalty Trust reported that the court hearing related to a unitholder’s petition to modify the Trust’s Indenture, scheduled for May 8, 2026 in the 96th District Court of Tarrant County, has been moved to 9:30 a.m. Central Time from 10:30 a.m.
The petition by unitholder SoftVest, L.P. seeks to amend Section 8.03 of the Indenture to remove the current requirement that certain amendments be approved by 75% of outstanding units. It also seeks to delete Section 10.01, replacing Article X with language allowing amendments by a majority in interest of unitholders constituting a quorum under Article VIII.
Horizon Kinetics Asset Management LLC amended a Schedule 13G to report beneficial ownership of 6,379,692 Units of Beneficial Interest in Permian Basin Royalty Trust (PBT), representing 13.7% of the class as of 03/31/2026. The filing notes that Horizon Kinetics Holding Corp may be deemed to beneficially own the same 6,379,692 units as the parent of HKAM.
Permian Basin Royalty Trust declared an April cash distribution of $0.038014 per unit, payable on May 14, 2026 to unitholders of record on April 30, 2026. The total distribution is $1,771,797 across 46,608,796 units.
The payout comes entirely from Texas Royalty Properties because Waddell Ranch remains in an excess cost position, with production costs exceeding gross proceeds for March, so no Waddell Ranch proceeds were included. Texas Royalty production allocated to the Trust was 12,437 barrels of oil and 9,220 Mcf of gas, generating $915,038 in revenue and $789,049 in net profit, of which $749,597 contributed to the distribution.
The increase versus the prior month mainly reflects a $1,125,000 settlement payment from Blackbeard Operating LLC, higher Texas Royalty gas volumes, and higher oil and gas pricing, partially offset by lower oil volumes. The Trust also highlights a unitholder mailing from SoftVest, L.P. describing a court petition to modify the Trust indenture’s amendment and voting provisions, with a bench trial currently scheduled for May 8, 2026.