Every 10-Q that Permian Basin (PBT) has filed with the SEC in the last 24 months is listed below, newest first, and each one links through to the document itself with the summary and the scores our analysis gives it.
A 10-Q covers the quarterly report filed between annual reports, so if you follow PBT and want that one kind of document rather than the whole filing history, this is the page to keep. The company's other filings, of every form, are on the full PBT filings page.
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 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 reported lower results as Waddell Ranch remained in an excess-cost deficit. Q3 royalty income was $7,258,464 versus $8,366,375 a year ago, aided by a $4.5 million settlement payment from Blackbeard. Q3 distributable income was $6,861,887, or $0.15 per unit, compared with $8,053,284, or $0.17, in Q3 2024.
For the first nine months, royalty income totaled $13,403,049 versus $23,175,406 last year; distributable income was $11,855,354 ($0.25 per unit) versus $21,982,178 ($0.47). As of September 30, the Waddell Ranch deficit to the Trust was $32,661,962 plus $1,537,094 of accrued interest, totaling $34,199,056 to be recovered. Cash and short-term investments were $6,493,208, with a distribution payable of $5,393,208 and an expense reserve of $1,100,000. The Trust later declared a distribution of $0.020021 per unit on October 21, 2025.
Blackbeard reported higher gross capital spending on Waddell Ranch of $53.3 million in Q3 and $162.5 million year-to-date, while realized oil prices declined across both property groups.
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.