PERMIAN BASIN ROYALTY TRUST 8-K

What Happened

• On May 8, 2026, the 96th District Court of Tarrant County, Texas approved SoftVest, L.P.'s petition to modify the Permian Basin Royalty Trust's Indenture.
• Argent Trust Company, as trustee, executed Amendment No. 2 to the Amended and Restated Trust Indenture the same day to implement the Court-ordered changes. The Amendment removes the prior 75% approval requirement for certain changes and replaces Article X with a provision allowing amendments by unitholder vote under Article VIII (as amended), which permits amendment by a majority in interest of unitholders constituting a quorum.

Key Details

• Court hearing date: May 8, 2026 (96th District Court of Tarrant County, Texas).
• Party initiating modification: SoftVest, L.P., a unitholder of the Trust.
• Material change: Section 8.03 amended to eliminate the 75% approval requirement; Section 10.01 deleted and Article X replaced to allow amendment by majority-in-interest vote at a quorum meeting.
• Trustee action: Argent Trust Company entered into Amendment No. 2 to implement the Court's order; full text is filed as Exhibit 4.1 and a press release is Exhibit 99.1.

Why It Matters

• The change lowers the vote threshold needed to amend the Trust's Indenture, making it easier for a majority of unitholders (present at a quorum) to approve changes.
• For investors, this materially affects governance and the protection of minority unitholders: future amendments to trust terms could be approved by a simple majority-in-interest rather than a supermajority.
• The filing does not disclose any immediate change to distributions, finances, or operations—investors should review the Amendment (Exhibit 4.1) and the May 8, 2026 press release for details and monitor future filings or votes.