Permian Basin Royalty Trust filings document the trust’s royalty-distribution reporting, property-level economics, and governance matters. Form 8-K reports record monthly cash distribution announcements, Item 2.02 results disclosures, and operating details tied to the Waddell Ranch properties and Texas Royalty Properties, including production volumes, oil and natural gas pricing, and excess cost positions.
The filing record also covers unitholder communications and trust indenture matters. Recent 8-K disclosures include material definitive agreement, material modification to rights of security holders, and amendment disclosures following court-approved changes to the trust indenture’s amendment provisions.
Permian Basin Royalty Trust’s major unitholder SoftVest and its affiliates report beneficial ownership of 6,217,107 Units of Beneficial Interest, representing 13.3% of the class, based on 46,608,796 units outstanding as disclosed in the trust’s Form 10-Q. The units are held with shared voting and shared dispositive power across SoftVest Advisors, LLC, SoftVest GP I, LLC, SoftVest, L.P., and Eric L. Oliver, who signs in several leadership capacities.
This Amendment No. 3 to their Schedule 13D updates the stated purpose of the investment to note that on December 26, 2025, SoftVest, L.P., as a beneficiary of the trust, filed an Original Petition for Modification of Trust in the 96th District Court of Tarrant County, Texas, seeking to effect an Indenture Reformation. A copy of the petition is filed as a new exhibit to the schedule.
Permian Basin Royalty Trust had an insider report the expiration of previously written derivative positions. On December 19, 2025, a director and 10% owner, reporting indirect ownership through SoftVest, LP, reported the expiration (transaction code E) of short put options on Units of Beneficial Ownership. One short put position covered 396,500 units at a strike price of $12.50, and a second covered 100 units at a strike price of $15.00. After these expirations, the number of these derivative securities beneficially owned was reported as zero and the positions were held indirectly by SoftVest, LP.
The filing notes that the short put options were written before the reporting persons became Section 16 insiders and were initially disclosed on a Form 3 filed on July 22, 2025, so their expiration is stated to be exempt from Section 16(b) of the Securities Exchange Act of 1934.
Permian Basin Royalty Trust reported that it issued a press release on December 19, 2025 announcing its monthly cash distribution. The distribution will be paid to unitholders of record on December 31, 2025. The trust furnished this update under the results of operations and financial condition disclosure rules, and attached the full press release as an exhibit for more detail on the payment.
Permian Basin Royalty Trust held a special meeting where unitholders overwhelmingly backed a non-binding proposal related to how the trust indenture can be amended. Of 46,608,796 units outstanding, 27,938,688 were represented in person or by proxy, establishing a quorum.
The Indenture Reformation Proposal received 27,525,758 votes for, 245,868 against and 167,062 abstentions, and the related adjournment proposal also passed. Although the vote is advisory, SoftVest Advisors has informed the trustee that it intends to seek judicial reformation or modification of the trust indenture consistent with this proposal.
Permian Basin Royalty Trust filed a Form 8-K to report that it issued a press release on November 17, 2025 announcing its monthly cash distribution. The distribution will be paid to unitholders of record on November 28, 2025. The press release is included as Exhibit 99.1 and is incorporated by reference into this report.
Permian Basin Royalty Trust reported lower results as Waddell Ranch remained in an excess-cost deficit. Q3 royalty income was $7,258,464 versus $8,366,375 a year ago, aided by a $4.5 million settlement payment from Blackbeard. Q3 distributable income was $6,861,887, or $0.15 per unit, compared with $8,053,284, or $0.17, in Q3 2024.
For the first nine months, royalty income totaled $13,403,049 versus $23,175,406 last year; distributable income was $11,855,354 ($0.25 per unit) versus $21,982,178 ($0.47). As of September 30, the Waddell Ranch deficit to the Trust was $32,661,962 plus $1,537,094 of accrued interest, totaling $34,199,056 to be recovered. Cash and short-term investments were $6,493,208, with a distribution payable of $5,393,208 and an expense reserve of $1,100,000. The Trust later declared a distribution of $0.020021 per unit on October 21, 2025.
Blackbeard reported higher gross capital spending on Waddell Ranch of $53.3 million in Q3 and $162.5 million year-to-date, while realized oil prices declined across both property groups.
SoftVest, L.P. filed definitive additional proxy materials urging Permian Basin Royalty Trust (PBT) unitholders to support a non-binding proposal backing efforts to seek judicial reformation of the Trust Indenture to allow amendments approved by a simple majority of votes cast at a quorumed special meeting. A related proposal would permit adjournment to solicit additional proxies.
The special meeting is set for December 16, 2025. SoftVest and affiliates report owning approximately 13.3% of outstanding units. The materials state the current charter requires approval by at least 75% of outstanding units, which they view as a constraint. They also note operators’ costs can exceed revenues and be recovered with interest from future net proceeds, affecting monthly distributions. Potential future steps referenced include considering conversion to a corporation or LLC, subject to any required approvals.
Permian Basin Royalty Trust unitholders are being asked by SoftVest, L.P. and affiliates to vote at a special meeting on December 16, 2025 at 1:00 P.M. Central Time. The solicitation seeks support for a non-binding proposal authorizing beneficiaries to pursue a judicial reformation of the Trust Indenture to allow future amendments to be approved by a simple majority of votes cast at a quorumed meeting. A second proposal would permit adjournment to solicit additional proxies.
The Trust Indenture currently requires super‑majority thresholds for key actions, including asset sales, termination, and amendments. SoftVest argues that dispersed ownership makes such super‑majority approvals difficult and that a simple‑majority standard could enable actions such as a potential conversion to a corporate or LLC structure and other strategic transactions, each still subject to separate approvals. SoftVest reports beneficial ownership of 6,217,107 Units (about 13.3%). The record date is November 11, 2025, with 46,608,796 Units outstanding as of October 10, 2025. Returned proxy cards without voting instructions on these items will be voted FOR by the soliciting participants’ proxies.
Permian Basin Royalty Trust furnished an 8-K under Item 2.02 announcing its monthly cash distribution to unitholders of record on October 31, 2025. The details were provided in a press release attached as Exhibit 99.1 and dated October 21, 2025.
The information was furnished, not filed, under the Exchange Act, meaning it is not subject to Section 18 liabilities and is not incorporated by reference into Securities Act filings. The Trust’s units of beneficial interest trade on the NYSE under the symbol PBT, with Argent Trust Company serving as trustee.
Permian Basin Royalty Trust (PBT) received an amended Schedule 13D from SoftVest Advisors, SoftVest GP I, SoftVest, L.P., and Eric L. Oliver. The group reports beneficial ownership of 6,217,107 Units, representing 13.3% of the class.
The percentage is based on 46,608,796 Units outstanding as reported in a Form 10-Q filed on August 13, 2025. The reporting persons have 0 sole and 6,217,107 shared voting and dispositive power. On October 15, 2025, they filed a preliminary proxy statement for a Special Meeting; excerpts are attached as an exhibit. The filing notes that, if the Proposed Conversion is effected, Mr. Oliver may stand for election to Newco’s board of directors.