Business Context and Reporting Period
This Form 8-K Current Report is filed by Permian Basin Royalty Trust (the "Trust") on February 10, 2026. The filing addresses a legal proceeding initiated by SoftVest, L.P., a unit holder, seeking judicial modification of the Trust's Indenture.
Key Financial Metrics
The filing text does not provide specific values for revenue, profit, cash flow, margins, debt, or liquidity. This report focuses exclusively on a corporate governance and legal event rather than financial performance.
Material Changes and Legal Proceedings
On or about February 10, 2026, SoftVest, L.P. mailed documents to unitholders regarding a petition filed in the District Court of Tarrant County, Texas (Cause No. 96-373245-25). A hearing is scheduled for May 8, 2026, at 10:30 a.m. SoftVest seeks the following modifications to the Trust Indenture:
- Amendment to Section 8.03: Eliminate the requirement that certain amendments require approval by 75% of outstanding units.
- Deletion of Section 10.01: Remove provisions setting forth certain prohibited amendments.
- Replacement of Article X: Permit amendment of any provision of the Indenture by a vote of unitholders in accordance with Article VIII (as amended), which would allow amendments by a majority in interest of unitholders constituting a quorum.
Outlook, Risks, and Management Commentary
The Trustee includes forward-looking statements regarding the potential for judicial reformation or modification of the Trust Indenture. The filing explicitly states that actual results may differ materially from anticipated outcomes due to factors outside the Trust's control, including actions by SoftVest, other unit holders, or the courts. The Trustee disclaims any obligation to update these forward-looking statements.
Investor Verification Checklist
- Verify the status of the hearing scheduled for May 8, 2026, in the 96th District Court of Tarrant County.
- Review the attached exhibits (99.1 through 99.4) for the full text of the Petition and SoftVest's cover letter.
- Assess the potential impact of lowering the amendment threshold from 75% to a majority vote on the Trust's long-term stability and unitholder rights.
- Monitor for any subsequent filings regarding the court's ruling on the petition.