PERMIAN BASIN ROYALTY TRUST 8-K

What Happened

• Permian Basin Royalty Trust (PBT) filed an 8-K reporting that SoftVest, L.P., a unitholder, mailed court papers to unitholders on or about February 10, 2026 seeking judicial modification of the Trust Indenture (Cause No. 96-373245-25).
• SoftVest’s filing asks the District Court of Tarrant County, Texas to amend Section 8.03 to remove the 75% approval requirement for certain amendments and to delete Section 10.01 (prohibited amendments), replacing Article X so that any provision could be amended by a unitholder vote under Article VIII — as amended, allowing amendment by a majority-in-interest of unitholders constituting a quorum.
• The Unitholder Mailing sets a bench trial hearing for May 8, 2026 at 10:30 a.m. before the 96th District Court (Tom Vandergriff Civil Courts Building, Fort Worth, TX). The filing includes the cover letter, citation, original petition, and notice of bench trial as exhibits.

Key Details

• Petitioner: SoftVest, L.P.; Case: Cause No. 96-373245-25 (District Court of Tarrant County, Texas).
• Mailing date (to unitholders): on or about February 10, 2026; hearing date: May 8, 2026 at 10:30 a.m.
• Requested changes: remove 75% approval threshold in Section 8.03; delete Section 10.01 and replace Article X to permit amendments by majority-in-interest at a quorum.
• Exhibits attached to the 8-K: SoftVest letter, Citation, Original Petition, and Notice of Bench Trial (Exhibits 99.1–99.4).

Why It Matters

• These proposed changes, if approved by the court, would lower the voting threshold required to amend the Trust Indenture from a 75% approval standard to a majority-in-interest at a meeting with a quorum, materially altering how the Trust’s governing documents can be changed.
• For unitholders, that change affects governance rights related to amendments of the Trust’s terms; the outcome depends on court action and is currently pending. The Trustee’s 8-K also includes standard forward-looking disclaimers noting uncertainty about actions by SoftVest, other unitholders, courts, or third parties.