SoftVest sues to modify Permian Basin Royalty Trust, seeking to eliminate supermajority vote

PERMIAN BASIN ROYALTY TRUST

SoftVest (13.3% unitholder) filed a petition on Dec 26, 2025 to amend Trust Indenture.
Seeks to remove 75% supermajority requirement for amendments and delete prohibited-amendment provisions.
At Dec 16, 2025 special meeting, 98.5% of votes cast (59.9% quorum) supported non-binding reformation proposal.
Petition cites modern drilling costs causing no Waddell Ranch distributions since Oct 2024 despite revenue rise.
Texas Property Code §112.054 invoked; modification would allow majority vote to amend Indenture.

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