SoftVest proposes business combination of Permian Basin Royalty Trust with Blackbeard Holdings

PERMIAN BASIN ROYALTY TRUST

SoftVest filed Schedule 13D on May 18, 2026, disclosing non-binding term sheet for combining Trust with Blackbeard.
New entity owned by unitholders and Blackbeard; would combine Trust assets with US Land Guild (66,500 acres, 15% royalty).
Trust and Trustee not involved in negotiations; unitholder approval likely needed under Indenture modified by court on May 8, 2026 at SoftVest's request.
Blackbeard to receive working interests (West Ranch, East Ranch) after conversion of Trust's net profits interests to 15% cost-free royalty.

item 7.01item 9.01

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