Permian Basin Trust sets $0.0196 October payout

Permian Basin Royalty Trust boosts its October 2026 cash distribution while Waddell Ranch remains in an excess cost position contributing no proceeds.

Rhea-AI Filing Summary

Permian Basin Royalty Trust (PBT) declared a monthly cash distribution of $0.019593 per unit, totaling $913,228.22, payable on October 15, 2026 to unitholders of record on September 30, 2026. The increase from the prior month is attributed mainly to lower Trust expenses.

The distribution again excludes any proceeds from the Waddell Ranch properties because production costs exceeded gross proceeds for August, leaving a continuing excess cost position that must be fully recovered before future Waddell Ranch cash flows contribute to distributions. For the Texas Royalty Properties, underlying production was 15,042 barrels of oil and 5,439 Mcf of gas, generating revenues of $1,324,846, net profit of $1,189,481, and a $1,130,007 contribution to this month’s payout after applying the 95% net profits interest.

The press release also reiterates the previously disclosed SoftVest proposal to combine the Trust’s assets with interests owned by Blackbeard Holdings into a new public company, PBT Land and Minerals, Inc., a Business Combination that would require unitholder approval; the Trustee states it is not a party to the agreement and is not making any voting recommendation.

Filing Explained

The proposed combination remains subject to a unitholder vote; New PBT’s registrations do not mean its rights offering has sold shares.

The proposed Business Combination remains before the unitholder vote: completion is subject to approval, and the special-meeting record and meeting dates have not yet been announced.

New PBT has filed a Form S-4 containing a proxy statement and prospectus, and a Form S-1 for a rights offering to Trust unitholders. A Form S-1 registration is a step to register securities for sale, not a sale itself, so these filings do not establish that the rights offering has been completed.

The Trust and Trustee state that they are not parties to the Combination Agreement, are not soliciting proxies, and are not participating in the offering. SoftVest, affiliates, and other unitholders representing more than 15% of the units have requested a special meeting to consider Trust Indenture amendments implementing the proposed combination and related matters.

The next stated resolution points are the later-announced meeting schedule and the unitholder vote on the proposed amendments and Business Combination.

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

Cash distribution per unit: $0.019593 per unit Total cash distribution: $913,228.22 Units outstanding: 46,608,796 units +5 more

8 metrics

Cash distribution per unit $0.019593 per unit Declared for unitholders of record on September 30, 2026, payable October 15, 2026

Total cash distribution $913,228.22 Distributed to 46,608,796 units outstanding for the current month

Units outstanding 46,608,796 units Units of beneficial interest used to calculate the September cash distribution

Texas Royalty Properties revenues $1,324,846 Revenues from underlying Texas Royalty Properties used in current distribution

Texas Royalty Properties Net Profit $1,189,481 Net Profit after $135,365 in taxes and expenses for August

Net contribution from Texas Royalty Properties $1,130,007 Amount contributed to this month’s distribution after applying the 95% NPI

Oil production – underlying Texas Royalty Properties 15,042 barrels Underlying production for the current month’s calculation

Average realized prices $83.20 per barrel oil; $13.49 per Mcf gas Current month averages for Texas Royalty Properties, gas including NGL pricing

Key Terms

excess cost position, net profits interest, rights offering, Business Combination, +2 more

6 terms

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.

net profits interest financial

"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.

rights offering financial

"it will make a rights offering to Trust Unitholders with respect to shares"

A rights offering is a way for a company to raise additional money by giving existing shareholders the opportunity to buy more shares at a discounted price before they are offered to the public. It’s similar to a special sale where current owners get the first chance to buy extra items at a lower cost, allowing them to increase their investment if they choose. This process matters to investors because it can affect the value of their holdings and their ability to buy new shares at favorable terms.

Business Combination financial

"to create a new publicly traded corporation, PBT Land and Minerals, Inc. (“New PBT”) (the “Business Combination”)"

A business combination happens when two or more companies join together to operate as one, like two friends merging their teams into a single group. This is important because it can change how companies grow, compete, and make money, often making them bigger and more powerful in the market.

Form S-4 regulatory

"New PBT has filed a registration statement on Form S-4 that includes a prospectus"

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.

Form S-1 regulatory

"New PBT has also filed a registration statement on Form S-1 pursuant to which it will make a rights offering"

A Form S-1 is the registration filing a company submits to the U.S. Securities and Exchange Commission when it plans to offer stock to the public, most commonly for an initial public offering. Think of it as the company’s full disclosure packet or blueprint: it contains audited financials, business description, management background, risk factors and details of the offering, giving investors the information needed to judge the company’s financial health and potential risks before buying shares.

FAQ

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

What distribution did PBT announce for October 2026?

Permian Basin Royalty Trust declared a cash distribution of $0.019593 per unit, totaling $913,228.22, payable on October 15, 2026 to unitholders of record on September 30, 2026.

Are Waddell Ranch properties contributing to PBT’s current distribution?

No. Waddell Ranch properties contributed no proceeds because production costs exceeded gross proceeds for August 2026, creating a continuing excess cost position that must be recovered before future distributions from those properties.

How did the Texas Royalty Properties perform for PBT’s latest distribution?

Underlying Texas Royalty Properties produced 15,042 barrels of oil and 5,439 Mcf of gas, generating $1,324,846 in revenues and $1,189,481 in Net Profit, of which $1,130,007 flowed to the Trust under its 95% net profits interest.

What prices did PBT realize on Texas Royalty oil and gas?

For the Texas Royalty Properties, the average realized price was $83.20 per barrel of oil and $13.49 per Mcf of gas, the gas price including significant NGL pricing and mainly reflecting June oil and May gas production.

What is the SoftVest Business Combination proposal mentioned by PBT?

SoftVest and its affiliates signed a Combination Agreement with Blackbeard Holdings proposing to combine the Trust’s assets with certain Blackbeard mineral and land interests into a new public company, PBT Land and Minerals, Inc., subject to a Trust unitholder vote on related indenture amendments.

Is the PBT Trustee recommending how unitholders should vote on the Business Combination?

No. The Trustee states it is not a party to the Combination Agreement, is not soliciting proxies, and is not making any recommendation to unitholders regarding how to vote on the Business Combination or other proposals.

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

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Available on EDGAR 09/18/2026 - 11:48 AM Accepted by SEC EDGAR 09/18/2026 - 11:48 AM 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: September 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 September 18, 2026, the Registrant issued a press release announcing its monthly cash distribution to unitholders of record on September 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 September 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: September 18, 2026			Nancy Willis Director of Royalty Trust Services

Exhibit 99.1

Permian Basin Royalty Trust

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

DALLAS, Texas, September 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 $0.019593 per unit, payable on October 15, 2026, to unit holders of record on September 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 August, 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 a decrease in Trust expenses, partially offset by Texas Royalty Properties having lower oil and natural gas volumes and oil pricing, with natural gas pricing increasing.

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 August 2026 to be included in the September 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 15,042 barrels of oil and 5,439 Mcf of gas. The production for the Trust’s allocated portion of the Texas Royalty Properties was 13,460 barrels of oil and 4,868 Mcf of gas. The average price for oil was $83.20 per bbl and for gas was $13.49, which includes significant NGL pricing, per Mcf. This would mainly reflect production and pricing in June for oil and May 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 $1,324,846. Deducted from these revenues were taxes and expenses of $135,365 resulting in a Net Profit of $1,189,481 for August. With the Trust’s NPI of 95% of the underlying properties, this would result in a net contribution by the Texas Royalty Properties of $1,130,007 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	15,042	5,439	13,460	4,868	$83.20	$13.49
Prior Month
Waddell Ranch	(3)	(3)	(3)	(3)	(3)	(3)
Texas Royalties	15,959	6,193	14,405	5,581	$93.10	$9.55

(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 $216,779, resulting in a distribution of $913,228.22 to 46,608,796 units outstanding, or $0.019593 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 62.0 KB