PERMIAN BASIN ROYALTY TRUST 8-K

What Happened
Permian Basin Royalty Trust (PBT) reported that SoftVest, L.P., a unit holder, filed an Original Petition for Modification of Trust on December 26, 2025 in the District Court of Tarrant County, Texas (Cause No. 96-373245-25). The petition asks the court to modify the Trust’s Indenture to remove certain protections and change how amendments to the Indenture can be approved.

Key Details

• Petitioner: SoftVest, L.P.; filing date: December 26, 2025; court: Tarrant County, Texas; Cause No. 96-373245-25.
• Requested changes include amending Section 8.03 to eliminate the current requirement that certain amendments need approval by 75% of outstanding units.
• The petition seeks deletion of Section 10.01 and replacement of Article X so any provision of the Indenture could be amended by a unitholder vote under Article VIII — effectively permitting amendment by a majority in interest of unitholders constituting a quorum at a unitholder meeting (as proposed).
• The petition is attached as Exhibit 99.1 to the 8‑K.

Why It Matters
This is a governance matter that could change how easily the Trust’s governing document can be amended. If the court grants the modification sought by SoftVest, threshold protections (including a 75% approval requirement and certain prohibited amendments) could be removed or weakened, making it easier for a majority of voting unitholders at a meeting to change Trust provisions. The filing is a petition for judicial modification — not a final decision — and the Trustee’s 8‑K notes forward‑looking statements and disclaims an obligation to update its views. Investors should monitor court developments and any Trustee communications for potential impacts on unitholder rights and Trust governance.