Recent Updates — PBT

Argent Trust Company, trustee of the Permian Basin Royalty Trust, announced it received a request from SoftVest Advisors and other unitholders holding more than 15% of units to call a special meeting. The meeting is scheduled for November 23, 2026, with a record date of October 13, 2026. Unitholders will vote on an amendment to the Trust Indenture to effect a business combination with PBT Land and Minerals, Inc., as detailed in a previously filed Form S-4. The proposal also includes voting on the New PBT Omnibus Incentive Plan. SoftVest is soliciting proxies for these proposals independently of the Trust.

Permian Basin Royalty Trust declared a monthly cash distribution of $0.045191 per unit, payable on November 16, 2026, to unitholders of record on October 30, 2026. The increase from the prior month was driven by a final settlement payment from Blackbeard Operating and higher natural gas volumes and pricing for the Texas Royalty Properties, partially offset by lower oil prices. No proceeds were included from the Waddell Ranch properties due to an excess cost position where production costs exceeded gross proceeds. The trust operates in the energy sector as a royalty trust holding net profits interests in oil and natural gas properties.

Permian Basin Royalty Trust declared a monthly cash distribution of $0.019593 per unit for September, payable on October 15, 2026, to unitholders of record on September 30, 2026. The distribution excludes proceeds from the Waddell Ranch properties due to an excess cost position where production costs exceeded gross proceeds in August. Texas Royalty Properties contributed $1,130,007 to the total distribution of $913,228.22 after deducting general and administrative expenses of $216,779 from revenues of $1,324,846. The Trust is also navigating a proposed business combination with Blackbeard Holdings to form PBT Land and Minerals, Inc., which requires unitholder approval at a special meeting. Permian Basin Royalty Trust operates in the oil and natural gas sector by holding net profits interests in producing properties.

Permian Basin Royalty Trust declared a monthly cash distribution of $0.018701 per unit for August, payable on September 15, 2026, to unitholders of record on August 31, 2026. The total distribution amount is $871,663.17, derived from net profits of $1,325,455 from Texas Royalty Properties after deducting general and administrative expenses of $453,792. This represents a decrease from the prior month due to the absence of a $1,125,000 settlement payment previously received from Blackbeard Operating LLC, lower natural gas volumes and oil pricing in Texas Royalty Properties, partially offset by higher oil volumes and gas pricing. No proceeds were included for Waddell Ranch properties as production costs exceeded gross proceeds for July. Additionally, the filing notes a proposed business combination between SoftVest affiliates and Blackbeard Holdings to create PBT Land and Minerals, Inc., subject to unitholder approval at a special meeting. Permian Basin Royalty Trust operates in the oil and gas industry by holding net profits interests in producing mineral properties.

Permian Basin Royalty Trust announced that SoftVest, L.P., a unitholder representing in excess of 15% of units, entered into a definitive Combination Agreement with Blackbeard Holdings, LLC to merge the Trust's assets and certain Blackbeard oil and natural gas mineral interests into a new publicly traded entity, PBT Land and Minerals, Inc. The transaction requires approval from Trust unitholders at a special meeting requested by SoftVest under the Trust indenture. New PBT intends to file Form S-4 for proxy solicitation and Form S-1 for a rights offering of shares. This is a significant strategic transaction involving potential corporate restructuring and asset combination in the oil and natural gas royalty trust industry.

Permian Basin Royalty Trust announced a monthly cash distribution of $0.043566 per unit, payable on August 14, 2026, to unitholders of record on July 31, 2026. The distribution was supported by a $1,125,000 settlement payment from Blackbeard Operating LLC and higher oil pricing, though Waddell Ranch properties remain in an excess cost position. The company operates in the energy sector as a royalty trust managing oil and gas production interests.