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 announced that the Trustee received a request from SoftVest Advisors and other holders owning more than 15% of outstanding units to call a special meeting of unitholders. The Trustee intends to call the meeting for December 16, 2025, with a record date of November 11, 2025.
The requested vote would support SoftVest or another appropriate party taking actions to seek judicial reformation of the Trust Indenture so that amendments could be approved by a majority of Units cast at a special meeting where a quorum is present. The Trustee stated it is not soliciting proxies; SoftVest and/or other holders are expected to file a proxy statement. Further details will be provided in the Trustee’s notice and in SoftVest’s proxy materials filed with the SEC.
SoftVest-affiliated parties report beneficial ownership of 6,217,107 Units, representing 13.3% of Permian Basin Royalty Trust (PBT). The filing amends a prior Schedule 13D to add disclosure about short put options held by SoftVest, L.P.: $12.50-strike puts on 396,500 Units (3,965 contracts) and a $15.00-strike put on 100 Units, each expiring on 12/19/2025. The reporting persons include SoftVest Advisors, LLC; SoftVest GP I, LLC; SoftVest, L.P.; and Eric L. Oliver, who collectively report shared voting and dispositive power over the disclosed units. The amendment states the percentage calculation is based on 46,608,796 Units outstanding as reported in the issuer's SEC filing dated 8/13/2025.
SoftVest and related reporting persons disclosed ownership of 6,217,107 Units of Beneficial Interest in Permian Basin Royalty Trust, equal to approximately 13.3% of the PBT units outstanding. The reporting entities say SoftVest, LP expended $51.7M of its capital to acquire these Units and hold them for investment.
The filing outlines a strategic plan: seek a trustee-called special meeting to approve a non-binding proposal supporting a judicial reformation of the Trust Indenture to permit conversion of the Trust into a corporation ("Newco"), followed by a potential transfer of assets, distribution of Newco shares and termination of the Trust. The filing notes legal and voting hurdles — the Indenture currently requires at least a 75% affirmative vote to permit conversion and the reporting persons cite historically low quorum participation (~54.8% at a 2022 special meeting). The Reporting Persons entered a Coordination and Confidentiality Agreement with the Trustee and plan to solicit proxies and file a proxy statement.
Permian Basin Royalty Trust (PBT) reporting persons led by Eric Lee Oliver and affiliated SoftVest entities disclosed written short put options that create obligations to buy units if exercised. The Form 4 records two short put contracts dated 09/19/2025: a $10 strike covering 7,723 options tied to 772,300 underlying trust units and a $7.50 strike covering 864 options tied to 86,400 underlying trust units. The reporting group holds these positions indirectly through SoftVest, LP, with SoftVest Advisors, LLC and SoftVest GP I, LLC described as manager and general partner and Mr. Oliver as managing member. The filing explains these short puts were written prior to the reporting persons becoming Section 16 insiders and their expirations are exempt from Section 16(b).
Permian Basin Royalty Trust filed a current report describing a new monthly cash distribution for its unitholders. The trust states that it issued a press release on September 19, 2025 announcing this distribution for unitholders of record on September 30, 2025. The filing notes that the press release, attached as Exhibit 99.1, provides the detailed information about this payment.
The trust also clarifies that this information is being furnished under the results of operations and financial condition disclosure item and is not considered "filed" for purposes of certain liability provisions under securities laws. Argent Trust Company signs the report in its role as trustee for Permian Basin Royalty Trust.
Permian Basin Royalty Trust entered into a material settlement agreement with Blackbeard Operating, LLC on August 19, 2025 resolving litigation related to royalties from Waddell Ranch properties. Under the agreement, Blackbeard will pay the Trust $9,000,000, with $4,500,000 due within 30 days and four additional quarterly installments of $1,125,000 each during the 2026 calendar year.
The settlement also sets an agreed overhead rate, allows pass-through of certain third-party charges for salt water disposal, gathering and transportation, and permits technical labor charges using a defined allocation method against the net overriding royalty. The Trust agreed not to pursue future claims for lost volumes in cases of ordinary line loss, while gaining the option to conduct annual site audits at its expense and receiving enhanced reporting from Blackbeard.
Permian Basin Royalty Trust filed a current report to note that it has announced a regular monthly cash distribution for its unitholders. The distribution will be paid to unitholders of record on August 29, 2025, as stated in a press release dated August 19, 2025.
The trust attached this press release as Exhibit 99.1 and incorporated it by reference. The information about results of operations and financial condition is being furnished under Item 2.02 of the Exchange Act and is expressly stated as not being deemed filed for liability purposes under Section 18 or automatically incorporated into other securities filings.
Permian Basin Royalty Trust (PBT) reported sharply lower royalty receipts and distributions for the periods ended June 30, 2025 due largely to a deficit on the Waddell Ranch properties and delayed operator reporting. Total assets were $1,867,939 with cash and short-term investments of $1,704,817 and net overriding royalty interests of $163,122. The Trust had a distribution payable of $604,817 and 46,608,796 units outstanding.
Royalty income for the three months ended June 30, 2025 was $3,089,889 versus $8,803,389 a year earlier, producing distributable income of $2,397,255 ($0.05 per unit) compared with $8,436,688 ($0.18 per unit) in Q2 2024. For six months, distributable income was $4,993,467 ($0.11 per unit) versus $13,928,894 ($0.30). The Waddell Ranch properties remain in deficit and the Trust reports total remaining to be recovered of $37,057,982 gross ($27,793,486 net to the Trust) as of June 30, 2025. The Trustee has ongoing litigation against Blackbeard seeking more than $9 million; trial is scheduled for November 17, 2025. The Trustee declared a distribution of $0.015311 per unit on July 21, 2025 payable August 14, 2025.