Permian Basin Royalty Trust sets $2.11M payout

The October distribution excludes Waddell Ranch proceeds because production costs exceeded gross proceeds for September.

Rhea-AI Filing Summary

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.

Filing Explained

The combination has reached a requested-meeting stage, while S-1 registration does not itself mean the rights-offering shares were sold.

SoftVest and other unitholders representing more than 15% of the Trust units have asked the Trustee to call a special meeting to consider amendments that would implement the combination; the meeting and record dates will be provided later.

New PBT has filed an S-1 registration statement for a rights offering of its shares to Trust unitholders, and registration alone does not sell securities.

8-K Event Classification

2 items: 2.02, 9.01

2 items

Item 2.02 Results of Operations and Financial Condition Financial

Disclosure of earnings results, typically an earnings press release or preliminary financials.

Item 9.01 Financial Statements and Exhibits Exhibits

Financial statements, pro forma financial information, or exhibit attachments filed with this report.

Key Figures

Distribution per unit: $0.045191 per unit Total distribution: $2,106,330.04 Units outstanding: 46,608,796 units +4 more

7 metrics

Distribution per unit $0.045191 per unit October 2026 cash distribution

Total distribution $2,106,330.04 October 2026 distribution

Units outstanding 46,608,796 units Units covered by the October 2026 distribution

Texas Royalty Properties revenue $1,295,650 October distribution calculation

Taxes and expenses $143,097 Deducted from Texas Royalty Properties revenue

Net profit $1,152,553 Texas Royalty Properties

Net contribution $1,094,925 Texas Royalty Properties contribution to the October distribution

Key Terms

net profits interest (NPI), excess cost position, General and Administrative Expenses, NGL pricing

4 terms

net profits interest (NPI) financial

"calculate the net profits interest (NPI) proceeds"

excess cost position financial

"continuing excess cost position for the Waddell Ranch properties"

An excess cost position is when an activity, product line, contract or project is incurring expenses that exceed the planned budget, reimbursement rate or internal cost target, creating an additional outlay the organization must cover. Investors care because it signals pressure on profit margins and cash flow—like regularly spending beyond your monthly allowance—so it can reduce earnings, force reserve use, prompt price or strategy changes, or require extra funding.

General and Administrative Expenses financial

"General and Administrative Expenses deducted for the month"

Costs a company pays to run its basic operations that are not directly tied to making a product or delivering a service, such as executive salaries, office rent, utilities, accounting, legal and human resources. Investors care because these steady overhead costs reduce profits and cash flow regardless of sales volume, so changes in them reveal how efficiently management runs the business—like household bills that shrink or grow independently of how much you earn.

NGL pricing technical

"includes significant NGL pricing"

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What is PBT's October 2026 distribution per unit?

Permian Basin Royalty Trust declared a 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.

Why are Waddell Ranch proceeds excluded from PBT's October distribution?

September production costs exceeded gross proceeds for Waddell Ranch, resulting in a continuing excess cost position. All excess costs, including accrued interest, must be recovered from future proceeds before any Waddell Ranch proceeds are distributed to the Trust.

Why did PBT's monthly distribution increase?

The distribution increased compared with the previous month primarily because a final settlement payment was received from Blackbeard Operating. Higher natural gas volumes and pricing for the Texas Royalty Properties also contributed, partly offset by lower oil pricing.

What is the proposed PBT Land and Minerals business combination?

SoftVest and certain affiliates entered a definitive Combination Agreement with Blackbeard Holdings and certain affiliates on July 28, 2026, proposing to combine Trust assets with certain Blackbeard Holdings oil and natural gas mineral interests and land operations in PBT Land and Minerals, Inc. Completion is subject to a vote of Trust unitholders.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Available on EDGAR 10/20/2026 - 11:07 AM EDT Accepted by SEC EDGAR 10/20/2026 - 11:06 AM EDT Learn about SEC filing dates

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report: October 20, 2026

PERMIAN BASIN ROYALTY TRUST

(Exact name of Registrant as Specified in Its Charter)

Texas			1-8033	75-6280532
(State or Other Jurisdiction of Incorporation)			(Commission File Number)	(IRS Employer Identification No.)
Argent Trust Company 3838 Oak Lawn Ave. Suite 1720
Dallas, Texas				75219
(Address of Principal Executive Offices)				(Zip Code)

Registrant’s Telephone Number, Including Area Code: 855 588-7839

(Former Name or Former Address, if Changed Since Last Report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class		Trading Symbol(s)		Name of each exchange on which registered
Units of Beneficial Interest		PBT		New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 2.02 Results of Operations and Financial Condition.

On October 20, 2026, the Registrant issued a press release announcing its monthly cash distribution to unitholders of record on October 30, 2026. The press release is attached hereto as Exhibit 99.1 and is incorporated herein by reference.

This Report on Form 8-K is being furnished pursuant to Item 2.02, Results of Operations and Financial Condition. The information furnished is not deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, is not subject to the liabilities of that section and is not deemed incorporated by reference in any filing under the Securities Act of 1933, as amended.

Item 9.01 Financial Statements and Exhibits.

Exhibit No.		Description
99.1		Press Release dated October 20, 2026

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

			PERMIAN BASIN ROYALTY TRUST
		By:	ARGENT TRUST COMPANY, TRUSTEE
		By:	/s/ Nancy Willis
Date: October 20, 2026			Nancy Willis Director of Royalty Trust Services

Exhibit 99.1

Permian Basin Royalty Trust

PERMIAN BASIN ROYALTY TRUST ANNOUNCES OCTOBER CASH DISTRIBUTION AND EXCESS COST POSITION ON WADDELL RANCH PROPERTIES

DALLAS, Texas, October 20, 2026 – Argent Trust Company, as Trustee of the Permian Basin Royalty Trust (NYSE: PBT) (“Permian” or the “Trust”) today declared a cash distribution to the holders of its units of beneficial interest of $0.045191 per unit, payable on November 16, 2026, to unit holders of record on October 30, 2026. The distribution does not include proceeds from the Waddell Ranch properties, as total production costs (“Production Costs”) exceeded gross proceeds (“Gross Proceeds”) for the month of September, resulting in a continuing excess cost position for the Waddell Ranch properties. More information regarding the Waddell Ranch properties is described below.

This month’s distribution increased compared to the previous month due primarily to the final settlement payment being received from Blackbeard Operating. Higher natural gas volumes and pricing for the Texas Royalty Properties also contributed to the increase, partially offset by lower oil pricing.

WADDELL RANCH

Information from Blackbeard Operating, LLC (“Blackbeard”), the operator of the Waddell Ranch properties, necessary to calculate the net profits interest (“NPI”) proceeds for a given month is received after the announcement date for the month’s distribution. As a result, in accordance with the Trust indenture, if NPI proceeds are received from the Waddell Ranch properties on or prior to the record date, they will be included in the following month’s distribution.

As noted above, no proceeds were received by the Trustee in September 2026 to be included in the October distribution. All excess costs, including any accrued interest, will need to be recovered by future proceeds from the Waddell Ranch properties before any proceeds are distributed to the Trust. Due to the fact that Blackbeard provides production, pricing and cost information quarterly instead of monthly, the Trustee will be disclosing that information in the quarterly reports on Form 10-Q and annual reports on Form 10-K for the foreseeable future (to the extent timely received from Blackbeard).

TEXAS ROYALTY PROPERTIES

Production for the underlying Texas Royalty Properties was 15,064 barrels of oil and 6,301 Mcf of gas. The production for the Trust’s allocated portion of the Texas Royalty Properties was 13,459 barrels of oil and 5,632 Mcf of gas. The average price for oil was $79.67 per bbl and for gas was $15.15, which includes significant NGL pricing, per Mcf. This would mainly reflect production and pricing in July for oil and June for gas. These allocated volumes were impacted by the pricing of both oil and gas. This production and pricing for the underlying properties resulted in revenues for the Texas Royalty Properties of $1,295,650. Deducted from these revenues were taxes and expenses of $143,097 resulting in a Net Profit of $1,152,553 for October. With the Trust’s NPI of 95% of the underlying properties, this would result in a net contribution by the Texas Royalty Properties of $1,094,925 to this month’s distribution.

	Underlying Properties		Net to Trust Sales
	Volumes		Volumes		Average Price
	Oil (bbls)	Gas (Mcf)	Oil (bbls)	Gas (Mcf) (1)	Oil (per bbl)	Gas (per Mcf) (2)
Current Month
Waddell Ranch	(3)	(3)	(3)	(3)	(3)	(3)
Texas Royalties	15,064	6,301	13,459	5,632	$79.67	$15.15
Prior Month
Waddell Ranch	(3)	(3)	(3)	(3)	(3)	(3)
Texas Royalties	15,042	5,439	13,460	4,868	$83.20	$13.49

(1) These volumes are net to the Trust, after allocation of expenses to Trust’s net profit interest, including any prior period adjustments.

(2) This pricing includes sales of gas liquid products.

(3) Information is not being made available monthly but may be provided within 30 days next following the close of each calendar quarter. To the extent the Trustee receives such information timely following the quarter, information will be included in the Trust’s quarterly report on Form 10-Q for the applicable quarter (or the annual report on Form 10-K with respect to the fourth quarter).

General and Administrative Expenses deducted for the month, net of interest earned were $113,595, resulting in a distribution of $2,106,330.04 to 46,608,796 units outstanding, or $0.045191 per unit.

The worldwide market conditions continue to affect the pricing for domestic production. It is difficult to predict what effect these conditions will have on future distributions.

SOFTVEST PROPOSAL

As previously disclosed, the Trustee was notified by SoftVest, L.P. (“SoftVest”), a Unitholder of the Trust, that on July 28, 2026, SoftVest and certain of its affiliates entered into a definitive Combination Agreement with Blackbeard Holdings, LLC and certain of its affiliates (“Blackbeard Holdings”) pursuant to which they propose to combine the assets of the Trust and certain oil and natural gas mineral interest and land operations owned by Blackbeard Holdings to create a new publicly traded corporation, PBT Land and Minerals, Inc. (“New PBT”) (the “Business Combination”). Completion of the Business Combination is subject to a vote of Trust Unitholders. SoftVest and certain other unitholders representing in excess of 15% of the Trust Units have, as permitted by the Trust Indenture, requested that the Trustee call a special meeting of Trust Unitholders for purposes of considering amendments to the Trust Indenture that would implement the Business Combination and related matters. New PBT has filed a registration statement on Form S-4 that includes a prospectus and a proxy statement for purposes of soliciting proxies with respect to the special meeting. New PBT has also filed a registration statement on Form S-1 pursuant to which it will make a rights offering to Trust Unitholders with respect to shares of New PBT.

Neither the Trust, nor the Trustee is a party to the Combination Agreement, nor is the Trust or the Trustee soliciting proxies or participating in any offering of securities. The Trustee is not making any recommendation to Trust Unitholders as to how to vote with respect

to the Business Combination or other proposals at the special meeting. Unitholders will be notified of the record date and meeting date for the special meeting at a later date.

The 2025 Annual Report with Form 10-K, which includes the December 31, 2025, Reserve Summary, has been filed with the Securities Exchange Commission. Permian’s cash distribution history, current and prior year financial reports, tax information booklets, and a link to filings made with the Securities and Exchange Commission, all can be found on Permian’s website at http://www.pbt-permian.com/. Additionally, printed reports can be requested and are mailed free of charge.

IMPORTANT ADDITIONAL INFORMATION AND WHERE TO FIND IT

This press release is not a proxy solicitation. None of the Trust, the Trustee, or the Trustee’s officers or directors, are soliciting proxies in connection with any special meeting of Trust unitholders and are not participants in any solicitation of proxies by New PBT, SoftVest and/or other unitholders in connection with any special meeting. The Trust and the Trustee are not making any offering of securities. The Trustee and the Trust are making this communication for informational purposes only and do not intend to file a proxy statement or registration statement with respect to the proposed Business Combination.

New PBT has filed (i) a registration statement on Form S-4, which includes a proxy statement relating to a meeting of Trust unitholders and a prospectus of New PBT, and (ii) a Form S-1 registering securities of New PBT with respect to the rights offering with the Securities and Exchange Commission. Unitholders and other investors are strongly encouraged to read the Form S-4, including the proxy statement/prospectus, the Form S-1, any amendments to the Form S-4 and/or Form S-1, and any other documents filed with the Securities and Exchange Commission when they become available because they will contain important information. Unitholders may obtain a free copy of any Form S-4, proxy statement/prospectus, Form S-1, and any amendments and documents that New PBT or SoftVest files with the SEC from the SEC’s website at www.sec.gov.

FORWARD-LOOKING STATEMENTS

Any statements in this press release about future events or conditions, and other statements containing the words “estimates,” “believes,” “anticipates,” “plans,” “expects,” “will,” “may,” “intends,” and similar expressions, other than historical facts, constitute forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Factors or risks that could cause the Trust’s actual results to differ materially from the results the Trustee anticipates include, but are not limited to the factors described in Part I, Item 1A, “Risk Factors” of the Trust’s Annual Report on Form 10-K/A for the year ended December 31, 2025, and Part II, Item 1A, “Risk Factors” of subsequently filed Quarterly Reports on Form 10-Q as well as factors related to actions by SoftVest or other unitholders, New PBT, Blackbeard Holdings, or other third parties, including courts, that are not within the control of the Trust or the Trustee.

Actual results may differ materially from those indicated by such forward-looking statements. In addition, the forward-looking statements included in this press release represent the Trustee’s views as of the date hereof. The Trustee anticipates that subsequent events and developments may cause its views to change. However, while the Trustee may elect to update these forward-looking statements at some point in the future, it specifically disclaims any obligation to do so. These forward-looking statements should not be relied upon as representing the Trustee’s views as of any date subsequent to the date hereof.

* * *

Contact: Nancy Willis, Director of Royalty Trust Services, Argent Trust Company, Trustee,

 Toll Free – 1.855.588.7839

Filing Exhibits & Attachments

1 document

Press Releases

• EX-99.1 EX-99.1 62.1 KB