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Permian Basin Royalty Trust (NYSE: PBT) details June payout and SoftVest proposal

Filing Impact
(High)
Filing Sentiment
(Neutral)
Form Type
8-K

Rhea-AI Filing Summary

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.

Positive

  • None.

Negative

  • None.

Insights

Distribution is modestly higher, but Waddell Ranch remains in excess cost and a potential SoftVest-led deal is only at a preliminary stage.

The Trust declared a June distribution of $0.024673 per unit, totaling $1,149,997, driven solely by Texas Royalty Properties. Higher oil volumes and stronger oil and gas pricing there offset lower gas volumes, with average realized prices of $88.42 per barrel of oil and $9.50 per Mcf of gas.

Waddell Ranch contributed nothing because production costs again exceeded gross proceeds, creating a continuing excess cost position that must be cleared before future proceeds reach the Trust. Revenues from Texas Royalty Properties of $1,503,687, less $150,074 of taxes and expenses, produced net profit of $1,353,613, and after a 95% net profits interest and $133,368 of general and administrative expenses, funded the current payout.

Separately, SoftVest and Blackbeard Holdings have a preliminary, non-binding term sheet for a possible business combination using a new corporation that would own the Trust’s assets and certain Blackbeard assets, including US Land Guild. The Trustee states it has not participated in negotiations and expects any transaction, if pursued, would likely require approval by a majority in interest of Trust unitholders constituting a quorum at a unitholder meeting.

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, and exhibit attachments filed with this report.
Per-unit distribution $0.024673 per unit June 2026 cash distribution payable July 15, 2026
Total distribution $1,149,997 Cash distribution across all units for June 2026
Units outstanding 46,608,796 units Units of beneficial interest receiving June 2026 payout
Texas Royalty revenues $1,503,687 Revenues from Texas Royalty Properties underlying assets
Texas Royalty net profit $1,353,613 After $150,074 taxes and expenses for May
Texas Royalty NPI contribution $1,285,932 95% net profits interest share to the Trust
G&A expenses $133,368 General and administrative expenses net of interest for month
Average realized prices $88.42/bbl oil, $9.50/Mcf gas Net to Trust for Texas Royalty Properties
net profits interest financial
"necessary to calculate the net profits interest (“NPI”) proceeds for a given month"
A net profits interest (NPI) is a contractual right to receive a fixed percentage of a project’s or asset’s profits after allowable costs are paid, rather than a share of gross revenue or ownership. For investors, it matters because it gives upside tied to actual profitability while shielding the holder from direct operating expenses and capital calls, similar to getting a portion of the leftover profits from a business after the bills are settled.
excess cost position financial
"resulting in a 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.
Schedule 13D regulatory
"the Trustee has received a Schedule 13D (“Schedule 13D”) filed with the Securities and Exchange Commission"
A Schedule 13D is a legal document that investors file with regulators when they buy a large enough stake in a company to potentially influence its management or decisions. It provides details about the investor’s intention, ownership stake, and plans, helping other investors understand who is gaining control and what their motives might be.
Form S-4 regulatory
"may file a registration statement on Form S-4, which will include a proxy statement"
A Form S-4 is a legal document that companies file with the government to announce and explain a major business move, such as a merger or acquisition. It provides detailed information to help investors understand how the deal might affect the company's value and future prospects, similar to a detailed blueprint that clarifies the impact of a significant change.
forward-looking statements regulatory
"constitute forward-looking statements within the meaning of the safe harbor provisions"
Forward-looking statements are predictions or plans that companies share about what they expect to happen in the future, like estimating sales or profits. They matter because they help investors understand a company's outlook, but since they are based on guesses and assumptions, they can sometimes be wrong.
net profit financial
"resulting in a Net Profit of $1,353,613 for May"
Net profit is the amount of money a company keeps after paying every operating cost, interest, taxes and any one-time charges out of its total sales. Think of it as the cash left in your wallet after you settle all your bills; it tells investors whether the business truly earned money during a period and helps assess profitability, how much can be returned to shareholders or reinvested, and the company’s financial health.

FAQ

What June 2026 cash distribution did Permian Basin Royalty Trust (PBT) declare?
Permian Basin Royalty Trust declared a June 2026 cash distribution of $0.024673 per unit. It totals $1,149,997 and is payable on July 15, 2026 to unitholders of record on June 30, 2026, reflecting earnings from the Texas Royalty Properties.

How did Texas Royalty Properties perform for Permian Basin Royalty Trust (PBT)?
Texas Royalty Properties generated $1,503,687 in revenues and $1,353,613 in net profit for May. Net to the Trust, volumes were 14,577 barrels of oil and 6,972 Mcf of gas at average prices of $88.42 per barrel and $9.50 per Mcf.

Why are Waddell Ranch properties not contributing to PBT’s June 2026 distribution?
The Waddell Ranch properties contributed nothing because production costs exceeded gross proceeds for May, creating a continuing excess cost position. All excess costs, including any accrued interest, must be recovered by future Waddell Ranch proceeds before distributions resume from those properties.

What is the SoftVest and Blackbeard proposal involving Permian Basin Royalty Trust (PBT)?
SoftVest and Blackbeard Holdings entered a preliminary, non-binding term sheet for a potential business combination. A new corporation would own the Trust’s assets and certain Blackbeard assets, including US Land Guild. The Trustee has not participated and expects any deal would likely need unitholder approval.

How many units of Permian Basin Royalty Trust (PBT) are outstanding for the June 2026 payout?
There are 46,608,796 units of Permian Basin Royalty Trust outstanding for the June 2026 distribution. The declared cash payout of $1,149,997 across these units results in a per-unit distribution of $0.024673 to eligible unitholders.

Where can Permian Basin Royalty Trust (PBT) unitholders find more financial and tax information?
Unitholders can access PBT’s distribution history, financial reports, tax booklets, and SEC filings via the Trust’s website at www.pbt-permian.com. Printed reports are also available on request and are mailed free of charge to interested unitholders.

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

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Understanding 8-K Material Events →

 

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: June 18, 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 June 18, 2026, the Registrant issued a press release announcing its monthly cash distribution to unitholders of record on June 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 June 18, 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: June 18, 2026

 

 

Nancy Willis
Director of Royalty Trust Services

 

 

Exhibit 99.1

Permian Basin Royalty Trust

 

PERMIAN BASIN ROYALTY TRUST ANNOUNCES JUNE CASH DISTRIBUTION, EXCESS COST POSITION ON WADDELL RANCH PROPERTIES AND SOFTVEST PROPOSAL

DALLAS, Texas, June 18, 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 $0.024673 per unit, payable on July 15, 2026, to unit holders of record on June 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 May, 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 Texas Royalty Properties having higher oil volumes, along with higher oil and natural gas pricing, partially offset by lower natural gas volumes for the reporting period.

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 May 2026 to be included in the June 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 16,174 barrels of oil and 7,743 Mcf of gas. The production for the Trust’s allocated portion of the Texas Royalty Properties was 14,577 barrels of oil and 6,972 Mcf of gas. The average price for oil was $88.42 per bbl and for gas was $9.50, which includes significant NGL pricing, per Mcf. This would mainly reflect production and pricing in March for oil and February 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 $1,503,687. Deducted from these revenues were taxes and expenses of $150,074 resulting in a Net Profit of $1,353,613 for May. With the Trust’s NPI of 95% of the underlying properties, this would result in a net contribution by the Texas Royalty Properties of $1,285,932 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

16,174

7,743

14,577

6,972

$88.42

$9.50

 

 

 

 

 

 

 

Prior Month

 

 

 

 

 

 

Waddell Ranch

 

(3)

 

(3)

 

(3)

 

(3)

 

      (3)

 

           (3)

Texas Royalties

15,079

8,081

13,399

7,181

$73.83

$9.23

(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 $133,368 resulting in a distribution of $1,149,997 to 46,608,796 units outstanding, or $0.024673 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 previous disclosed, the Trustee has received a Schedule 13D (“Schedule 13D”) filed with the Securities and Exchange Commission on May 18, 2026 by SoftVest, L.P. (“SoftVest”), a unitholder of the Trust, and certain other parties disclosing that SoftVest and Blackbeard Holdings, LLC (“Blackbeard Holdings”) have agreed to a preliminary non-binding term sheet that sets forth the proposed high-level material terms and conditions governing a potential business combination of the Trust and certain Blackbeard Holdings assets. The Schedule 13D further states that the term sheet contemplates the formation of a new corporation (“New PubCo”) that would be owned in part by Trust unitholders, and in part by Blackbeard Holdings and its affiliates that would acquire and own (i) all of the assets and operations of the Trust, and (ii) US Land Guild, LLC (“USLG”), a wholly owned subsidiary of Blackbeard Holdings that will own approximately 66,500 acres of surface estate and a 15% royalty interest associated with certain acreage and certain mineral interests currently owned by Blackbeard Holdings or one of its affiliates. The Schedule 13D also states that the term sheet provides for Blackbeard Holdings or its affiliates to receive certain working interests owned by the Trust following the conversion of net profits interests into a cost free 15% royalty interest, including those associated with the “West Ranch” and “East Ranch” properties.

Neither the Trust, nor the Trustee has participated or been involved in the negotiation of the term sheet and related transactions involving the proposed business combination described in the Schedule 13D, and is providing the information in this press release solely for informational purposes for Trust unitholders. Unitholders are encouraged to read the Schedule 13D in its entirety and other materials filed

 

 

with the Securities and Exchange Commission by SoftVest (and when formed, the New PubCo) for additional information. The Trustee anticipates that the proposed business combination would require approval of Trust unitholders. Based on the recent modifications to the Trust’s Indenture approved by a court on May 8, 2026, at SoftVest’s request, such approval would likely require the approval of a majority in interest of Trust unitholders constituting a quorum at a meeting of unitholders where a quorum is present.

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 SoftVest and/or other unitholders in connection with any special meeting. 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.

The Trustee anticipates that if the business combination is pursued, New PubCo, SoftVest, and/or other unitholders may file a registration statement on Form S-4, which will include a proxy statement relating to a meeting of Trust unitholders and a prospectus of New PubCo with the Securities and Exchange Commission. Unitholders and other investors are strongly encouraged to read the Form S-4, including the proxy statement/prospectus 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, and any amendments and documents that New PubCo, SoftVest and/or any other unitholders or the Trust 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 for the year ended December 31, 2025, and Part II, Item 1A, “Risk Factors” of subsequently filed Quarterly Reports on Form 10-Q.

 

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

 

 

Source: View Original Filing on SEC EDGAR

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