Permian Basin Royalty Trust sets July cash payout

Permian Basin Royalty Trust declared a July cash distribution of $0.043566 per unit, or $2,030,599.85 across 46,608,796 units, payable on August 14, 2026 to unitholders of record on July 31, 2026.

Rhea-AI Filing Summary

Permian Basin Royalty Trust declared a July cash distribution of $0.043566 per unit, or $2,030,599.85 across 46,608,796 units, payable on August 14, 2026 to unitholders of record on July 31, 2026. The distribution increased from the prior month, largely due to a $1,125,000 settlement payment from Blackbeard Operating LLC and higher oil prices from the Texas Royalty Properties.

The Waddell Ranch properties contributed nothing to this distribution because production costs exceeded gross proceeds for June, leaving them in a continuing excess cost position. Future Waddell Ranch proceeds, including any accrued interest, must first recover these excess costs before any amounts flow to the Trust.

For the Texas Royalty Properties, underlying production was 15,307 barrels of oil and 6,545 Mcf of gas, with 13,842 barrels and 5,923 Mcf net to the Trust at average prices of $99.90 per bbl for oil and $8.61 per Mcf for gas. This generated revenues of $1,585,528, taxes and expenses of $137,243, and net profit of $1,448,285, of which the Trust’s 95% net profits interest provided $1,375,871. General and administrative expenses net of interest were $470,271, including a $400,000 increase to the expense reserve.

The Trust also relays information from a SoftVest Schedule 13D about a preliminary, non-binding term sheet for a potential business combination involving a new public company owning the Trust’s assets and certain Blackbeard Holdings assets. Any such transaction would likely require approval by a majority in interest of unitholders at a meeting where a quorum is present.

Positive

• $1,125,000 settlement payment from Blackbeard Operating LLC and stronger oil pricing at the Texas Royalty Properties lifted the July cash distribution to $0.043566 per unit, higher than the previous month.
• Texas Royalty Properties generated $1,448,285 in net profit for June, with the Trust’s 95% net profits interest contributing $1,375,871 to the current month’s distribution.

Negative

• Waddell Ranch produced no distributable proceeds for June 2026, as production costs exceeded gross proceeds and the properties remain in an excess cost position, postponing any contribution to future distributions until costs and interest are fully recovered.

Filing Explained

The July 21 Form 8-K is furnished under Item 2.02 and attaches the distribution release; for the proposed combination, the Trustee says it was not involved and is providing information only, with no proxy or registration statement currently intended, while a future Form S-4 is contemplated only if the deal is pursued.

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: $0.043566 per unit Total July 2026 distribution: $2,030,599.85 Settlement payment from Blackbeard Operating LLC: $1,125,000 +5 more

8 metrics

Cash distribution per unit $0.043566 per unit Declared for July 2026, payable August 14, 2026 to unitholders of record on July 31, 2026.

Total July 2026 distribution $2,030,599.85 Aggregate cash distributed across 46,608,796 units of beneficial interest.

Settlement payment from Blackbeard Operating LLC $1,125,000 Fourth settlement payment received, a primary driver of the higher July distribution.

Texas Royalty net oil volume 13,842 barrels Oil production net to the Trust from Texas Royalty Properties in the current month.

Texas Royalty net gas volume 5,923 Mcf Gas production net to the Trust from Texas Royalty Properties in the current month.

Average oil price $99.90 per bbl Average realized oil price for Texas Royalty Properties, mainly reflecting April production.

Net profit from Texas Royalty Properties $1,448,285 Net profit for June after $137,243 of taxes and expenses on Texas Royalty Properties.

General and administrative expenses $470,271 G&A expenses for the month, net of interest earned, including a $400,000 increase to the expense reserve.

Key Terms

excess cost position, net profits interest, Schedule 13D, surface estate, +1 more

5 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

"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.

Schedule 13D regulatory

"has received a 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.

surface estate technical

"will own approximately 66,500 acres of surface estate and a 15% royalty interest"

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.

FAQ

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

What is Permian Basin Royalty Trust (PBT)'s July 2026 cash distribution?

Permian Basin Royalty Trust declared a July 2026 cash distribution of $0.043566 per unit, totaling $2,030,599.85. It is payable on August 14, 2026 to unitholders of record as of July 31, 2026.

Why did Permian Basin Royalty Trust (PBT)'s July distribution increase from the prior month?

The July distribution increased primarily because the Trust received a $1,125,000 settlement payment from Blackbeard Operating LLC and benefited from higher oil prices at the Texas Royalty Properties, partially offset by lower oil and natural gas volumes and lower gas prices.

What is the current status of the Waddell Ranch properties for Permian Basin Royalty Trust (PBT)?

For June 2026, Waddell Ranch production costs exceeded gross proceeds, leaving the properties in a continuing excess cost position. No net profits interest proceeds were distributed, and future proceeds must first recover all excess costs and accrued interest before benefiting unitholders.

How did the Texas Royalty Properties perform for Permian Basin Royalty Trust (PBT) in the latest month?

Texas Royalty Properties production net to the Trust was 13,842 barrels of oil and 5,923 Mcf of gas, at average prices of $99.90 per bbl for oil and $8.61 per Mcf for gas. This generated $1,585,528 in revenues and $1,448,285 in net profit.

What potential business combination involving Permian Basin Royalty Trust (PBT) did SoftVest disclose?

SoftVest’s Schedule 13D describes a preliminary, non-binding term sheet for a potential business combination where a new public company would own the Trust’s assets and certain Blackbeard Holdings assets, including US Land Guild, LLC. The Trustee anticipates such a transaction would likely require approval by a majority in interest of unitholders.

What were the key expenses affecting Permian Basin Royalty Trust (PBT)'s July 2026 distribution?

General and administrative expenses net of interest were $470,271, including a $400,000 increase to the expense reserve for liabilities. Taxes and expenses on Texas Royalty Properties were $137,243, reducing the net profits available for distribution.

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

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Available on EDGAR 07/21/2026 - 11:44 AM Accepted by SEC EDGAR 07/21/2026 - 11:43 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: July 21, 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 July 21, 2026, the Registrant issued a press release announcing its monthly cash distribution to unitholders of record on July 31, 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 July 21, 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: July 21, 2026			Nancy Willis Director of Royalty Trust Services

Exhibit 99.1

Permian Basin Royalty Trust

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

DALLAS, Texas, July 21, 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 $0.043566 per unit, payable on August 14, 2026, to unit holders of record on July 31, 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 June, 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 fourth settlement payment in the amount of $1,125,000 being received from Blackbeard Operating LLC, this in conjunction with Texas Royalty Properties having higher oil pricing, partially offset by lower oil and natural gas volumes along with lower natural gas pricing 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 June 2026 to be included in the July 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 15,307 barrels of oil and 6,545 Mcf of gas. The production for the Trust’s allocated portion of the Texas Royalty Properties was 13,842 barrels of oil and 5,923 Mcf of gas. The average price for oil was $99.90 per bbl and for gas was $8.61, which includes significant NGL pricing, per Mcf. This would mainly reflect production and pricing in April for oil and March 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 $1,585,528. Deducted from these revenues were taxes and expenses of $137,243 resulting in a Net Profit of $1,448,285 for June. With the Trust’s NPI of 95% of the underlying properties, this would result in a net contribution by the Texas Royalty Properties of $1,375,871 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	15,307	6,545	13,842	5,923	$99.90	$8.61
Prior Month
Waddell Ranch	(3)	(3)	(3)	(3)	(3)	(3)
Texas Royalties	16,174	7,743	14,577	6,972	$88.42	$9.50

(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 $470,271, of which $400,000 was an increase to the expense reserve for liabilities, resulting in a distribution of $2,030,599.85 to 46,608,796 units outstanding, or $0.043566 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 participated or was involved in the negotiation of the term sheet relating to 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

Filing Exhibits & Attachments

1 document

Press Releases

• EX-99.1 EX-99.1 63.5 KB