November 23 Meeting to Vote on Permian Basin Royalty Trust Asset Deal

Key Facts

Argent Trust Company, in its capacity as trustee of Permian Basin Royalty Trust, set November 23, 2026, for a special meeting of unitholders to consider proposals from SoftVest. The meeting is a voting milestone for a proposed merger transaction, which requires unitholder approval to close. The trustee set October 13, 2026, as the record date, which determines the unitholders eligible to participate in the meeting. The trust said in its announcement that SoftVest Advisors and a group of unitholders requested the meeting. Together, the group and SoftVest represent more than 15% of the outstanding units, according to the statement distributed via PR Newswire.

The proposed vote concerns amending the trust agreement and approving and adopting the amendment’s terms to allow the transaction to proceed under the merger agreement. The proposal therefore goes beyond an administrative step to convene the meeting; it asks unitholders to approve a contractual change required to complete the deal. The preliminary prospectus filed with the Securities and Exchange Commission says the proposal is to “approve and adopt the terms of an amendment to the trust agreement to effect the merger.” Closing remains subject to a unitholder vote, according to the filing. The trustee said it is making no recommendation on the transaction or any other proposals to be presented at the meeting, leaving the voting decision to unitholders.

Under the proposed deal, New PBT would receive most of the trust’s assets and liabilities, according to the prospectus. The transaction also includes about 68,000 acres of surface land, along with a 15% working interest in certain land and mineral interests owned by Blackbeard Holdings. These components combine the trust’s existing assets with additional land and interests under the proposed structure. The vote therefore concerns the scope of the assets and liabilities that would transfer to the new entity, as well as an amendment to the trust agreement. The document describes the deal as a combination of the acquisition of most of the trust’s assets and liabilities and the addition of those land and mineral interests.

SoftVest, L.P. owned about 13.3% of the trust’s outstanding units, according to a Form S-4 filing. That figure distinguishes the company’s own stake from the percentage cited in the trustee’s statement for the broader group: SoftVest and other unitholders together represent more than 15%. SoftVest and its affiliates entered into a definitive merger agreement with Blackbeard Holdings and its affiliates on July 28, 2026, according to the trust’s quarterly report. The merger agreement signed in July thus underpins the proposals before the November special meeting. The meeting request came from investors with a disclosed stake in the units, while the trustee has taken no position for or against the deal.

The trust currently holds a 75% net profits interest in the oil and gas interests at Waddell Ranch, which account for most of the trust’s value, according to the prospectus. This interest provides context on the existing assets at the center of the trust’s future, alongside the land and mineral interests included in the proposed deal. Royalty income totaled $4,158,812 in the second quarter of 2026, compared with $3,089,889 in the second quarter of 2025, according to the quarterly report. In its October distribution announcement, the trust said the distribution rose from the previous month mainly because it received the final settlement payment from Blackbeard Operating. It added that higher gas volumes and prices at its Texas royalty properties also contributed to the increase.

Waddell Ranch properties did not contribute to the October distribution, however, as the trust said September production costs exceeded total revenues. It said the excess costs, including any accrued interest, must be recovered from future property revenues before any proceeds are distributed to the trust. This places Waddell Ranch’s performance and costs in the context of the vote, as a significant share of the trust’s value depends on its royalty interest in those properties. Its unit, traded under the ticker PBT, closed at $33.27 on October 22, 2026, according to EL7 data. The data provided do not include a session high or low.

The available documents set the next step as the special meeting on November 23, 2026, where unitholders will vote on amending the trust agreement and approving the terms required for the deal. The record date of October 13 will determine which unitholders are eligible for the meeting. The vote remains decisive because the transaction is subject to unitholder approval. The trustee made no recommendation on the deal or the other proposals, according to the quarterly disclosure. The decision on the amendment and transaction therefore rests with the unitholders participating in the meeting.