Permian Basin Royalty Trust sets April distribution

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.

Rhea-AI Filing Summary

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.

Insights

Royalty trust & income securities analyst

Distribution rises on settlement income while Waddell Ranch stays offline.

Permian Basin Royalty Trust is paying a $0.038014 per-unit distribution funded by Texas Royalty Properties and a $1,125,000 settlement payment from Blackbeard Operating LLC. No proceeds from Waddell Ranch are included because production costs there exceeded gross proceeds, keeping that asset in an excess cost position.

The Texas Royalty Properties delivered 12,437 barrels of oil and 9,220 Mcf of gas net to the Trust at average prices of $59.33 per barrel and $6.31 per Mcf. After $125,989 of taxes and expenses, net profit was $789,049, and the Trust’s 95% net profits interest contributed $749,597 toward the distribution, after $102,800 of general and administrative costs.

The filing also describes a SoftVest, L.P. petition in a Texas court seeking to change amendment voting thresholds and prohibited-amendment provisions in the Trust indenture, with a hearing scheduled for May 8, 2026. Any impact on governance or distributions would depend on the court’s decisions and unitholder actions, which are not addressed here.

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

Per-unit distribution: $0.038014 per unit Total distribution: $1,771,797 Blackbeard settlement payment: $1,125,000 +5 more

8 metrics

Per-unit distribution $0.038014 per unit Payable May 14, 2026 to unitholders of record April 30, 2026

Total distribution $1,771,797 Allocated across 46,608,796 units outstanding

Blackbeard settlement payment $1,125,000 Third settlement payment received, supporting April 2026 distribution

Texas Royalties net profit $789,049 March net profit from Texas Royalty Properties before 95% NPI allocation

Texas Royalties contribution $749,597 Net contribution to this month’s distribution from Texas Royalty Properties

Oil production net to Trust 12,437 barrels Texas Royalty Properties production allocated to the Trust

Gas production net to Trust 9,220 Mcf Texas Royalty Properties production allocated to the Trust

Average realized prices $59.33/bbl oil; $6.31/Mcf gas Texas Royalty Properties average prices including NGL pricing

Key Terms

net profits interest, excess cost position, Unitholder Mailing, Indenture, +1 more

5 terms

net profits interest financial

"the net profits interest (“NPI”) proceeds for a given month is received"

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.

Unitholder Mailing regulatory

"also collectively known as the "Unitholder Mailing""

Indenture regulatory

"seeking judicial modification of the Trust’s Indenture"

An indenture is a legal agreement between a company that borrows money by issuing bonds and the people who buy those bonds. It explains the rules the company must follow, like paying back the money and keeping certain financial promises. This document helps both sides understand their rights and responsibilities.

forward-looking statements regulatory

"constitute forward-looking statements within the meaning of the safe harbor"

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.

FAQ

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

What is Permian Basin Royalty Trust’s April 2026 cash distribution per unit?

The April 2026 cash distribution is $0.038014 per unit. It is payable on May 14, 2026 to unitholders of record on April 30, 2026. The total cash distribution amounts to $1,771,797 across 46,608,796 units of beneficial interest outstanding.

Why were no Waddell Ranch proceeds included in PBT’s April 2026 distribution?

No Waddell Ranch proceeds were included because costs exceeded revenues. For March, total production costs on the Waddell Ranch properties were higher than gross proceeds, creating an excess cost position. Future Waddell Ranch proceeds must first recover these excess costs before contributing to Trust distributions.

How did the Texas Royalty Properties contribute to PBT’s April 2026 payout?

Texas Royalty Properties fully funded the April distribution. Net to the Trust, production was 12,437 barrels of oil and 9,220 Mcf of gas, generating $915,038 in revenue and $789,049 in net profit. With a 95% net profits interest, they contributed $749,597 to this month’s distribution.

What role did the Blackbeard settlement play in PBT’s April 2026 distribution?

A $1,125,000 settlement from Blackbeard Operating LLC boosted the payout. Management notes the April distribution increased versus the prior month primarily because this third settlement payment was received, alongside higher Texas Royalty gas volumes and stronger oil and gas pricing, partly offset by lower oil volumes.

What governance changes is SoftVest, L.P. seeking for Permian Basin Royalty Trust?

SoftVest seeks to modify amendment and voting rules in the Trust indenture. Its court petition aims to remove the 75% approval requirement for certain amendments and permit broader amendments by a majority-in-interest of unitholders, with a bench trial currently scheduled for May 8, 2026 in Tarrant County, Texas.

Where can PBT investors find financial reports and cash distribution history?

Investors can access reports and history on the Trust’s website. The 2025 Annual Report with Form 10-K and reserve summary, cash distribution history, current and prior financial reports, tax booklets, and SEC filing links are available at http://www.pbt-permian.com/, with printed copies mailed on request.

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

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Accepted by SEC EDGAR 04/20/2026 - 11:30 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: April 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 April 20, 2026, the Registrant issued a press release announcing its monthly cash distribution to unitholders of record on April 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 April 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: April 20, 2026			Nancy Willis Director of Royalty Trust Services

Exhibit 99.1

Permian Basin Royalty Trust

PERMIAN BASIN ROYALTY TRUST ANNOUNCES APRIL CASH DISTRIBUTION, EXCESS COST POSITION ON WADDELL RANCH PROPERTIES AND UNITHOLDER MAILING BY SOFTVEST

DALLAS, Texas, April 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 $0.038014 per unit, payable on May 14, 2026, to unit holders of record on April 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 March, 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 third settlement payment in the amount of $1,125,000 being received from Blackbeard Operating LLC, this in conjunction with Texas Royalty Properties having higher natural gas volumes, along with higher oil and natural gas pricing, partially offset by lower oil volumes.

WADDELL RANCH

Information from 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 March 2026 to be included in the April 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 14,297 barrels of oil and 10,584 Mcf of gas. The production for the Trust’s allocated portion of the Texas Royalty Properties was 12,437 barrels of oil and 9,220 Mcf of gas. The average price for oil was $59.33 per bbl and for gas was $6.31, which includes significant NGL pricing, per Mcf. This would mainly reflect production and pricing in January for oil and December 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 $915,038. Deducted from these revenues were taxes and expenses of $125,989 resulting in a Net Profit of $789,049 for March. With the Trust’s NPI of 95% of the underlying properties, this would result in a net contribution by the Texas Royalty Properties of $749,597 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	14,297	10,584	12,437	9,220	$59.33	$6.31
Prior Month
Waddell Ranch	(3)	(3)	(3)	(3)	(3)	(3)
Texas Royalties	15,009	9,793	13,047	8,518	$56.56	$6.02

(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 $102,800 resulting in a distribution of $1,771,797 to 46,608,796 units outstanding, or $0.038014 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.

UNITHOLDER MAILING FILED BY SOFTVEST

On or about February 10, 2026, SoftVest, L.P. (“SoftVest”), a unit holder of the Trust, mailed documents to holders of units of beneficial interest ("Unitholders") which included a cover letter, a Citation in the District Court of Tarrant County, Texas ("Citation"), the Original Petition for Modification of Trust (the “Petition”) in the District Court of Tarrant County, Texas (Cause No. 96-373245-25) seeking judicial modification of the Trust’s Indenture, and the Petitioner SoftVest, L.P.'s Notice of Bench Trial on Petitioner's Original Petition for Modification of Trust ("Notice of Bench Trial"), also collectively known as the "Unitholder Mailing". The Unitholder Mailing advises Unitholders of a hearing to be scheduled Friday, May 8, 2026, at 10:30 a.m. before the 96th District Court of Tarrant County, Tom Vandergriff Civil Courts Building, 4th Floor, 100 North Calhoun Street, Fort Worth, Texas 76196, on the merits of SoftVest's Petition pursuant to which it seeks to (1) amend Section 8.03 of the Indenture to eliminate the requirement that certain amendments require approval by 75% of the outstanding units of the Trust, and (2) delete Section 10.01 of the Indenture that sets forth certain prohibited amendments and replace Article X of the Indenture with a provision permitting amendment of any provision of the Indenture by a vote of unitholders in accordance with Article VIII (which, as amended, would permit amendment by a majority in interest of 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.

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

Filing Exhibits & Attachments

1 document

Press Releases

• EX-99.1 EX-99.1 63.4 KB