Unitholder SoftVest files petition to amend PBT trust indenture; hearing set for May 8, 2026

PERMIAN BASIN ROYALTY TRUST

SoftVest, owning 13.3% of PBT units, seeks to eliminate 75% supermajority vote requirement and allow amendments by majority vote.
Current trust indenture prohibits amendments that would alter trust purpose or permit new investments, limiting ability to address royalty structure.
Petition argues that drilling cost burdens on Waddell Ranch royalties have reduced distributions; no distributions since October 2024 despite rising revenues.
Court hearing on merits scheduled for May 8, 2026 in Tarrant County District Court; SoftVest claims 98.5% unitholder support for its proposal at December 2025 special meeting.

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