Permian Basin Royalty Trust Announces Proposed Combination to Create New PBT

What Happened

• On July 28, 2026, Permian Basin Royalty Trust (PBT) issued a press release (filed as an Item 7.01 Regulation FD disclosure) stating that SoftVest, L.P., a Trust unitholder, and certain affiliates entered a definitive Combination Agreement with Blackbeard Holdings, LLC and affiliates to combine Trust assets and Blackbeard’s oil, natural gas mineral interests and land operations to form a new publicly traded corporation named PBT Land and Minerals, Inc. Completion of the transaction is subject to a vote of Trust unitholders. The press release is furnished as Exhibit 99.1 to the 8-K.

Key Details

• Press release date: July 28, 2026; 8-K filed July 29, 2026 (Item 7.01, Regulation FD Disclosure).
• Parties named: SoftVest, L.P. (unitholder) and Blackbeard Holdings, LLC.
• Proposed new entity: PBT Land and Minerals, Inc. (“New PBT”).
• Transaction condition: completion requires a vote by Trust unitholders. Press release included as Exhibit 99.1; no financial terms or transaction timetable disclosed in this filing.

Why It Matters

• This disclosure signals a proposed structural change that could convert the Trust’s assets into a new publicly traded corporation if unitholders approve the plan. That change could affect how investors hold and tax interests, governance, and future distributions.
• The 8-K provides initial public notice but does not include deal economics, timelines, or definitive closing conditions beyond the unitholder vote; investors should watch for follow-up filings, proxy materials, and disclosures for terms, valuation, and vote details.