---
schema_version: "secwatch.filing_event.v1"
accession: "0001193125-26-229945"
form_type: "8-K"
ticker: "PBT"
cik: "0000319654"
company_name: "PERMIAN BASIN ROYALTY TRUST"
filed_at: "2026-05-19T14:46:23+00:00"
generated_at: "2026-05-19T14:50:05.616296+00:00"
event_type: "m_and_a"
sentiment: "neutral"
materiality_score: 0.75
calibrated_materiality_score: 0.75
confidence: "high"
source: SEC EDGAR
---

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

## Summary
- 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.

## SEC filing metadata
- accession: 0001193125-26-229945
- form_type: 8-K
- ticker: PBT
- cik: 0000319654
- company_name: PERMIAN BASIN ROYALTY TRUST
- filed_at: 2026-05-19T14:46:23+00:00
- event_type: m_and_a
- sentiment: neutral
- materiality_score: 0.75
- calibrated_materiality_score: 0.75
- confidence: high
- sec_items: 7.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/319654/000119312526229945/0001193125-26-229945-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/319654/000119312526229945/2026-05_pbt_amended_13-d.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001193125-26-229945
- JSON: https://secwatch.observer/filing/0001193125-26-229945.json
- Plain text: https://secwatch.observer/filing/0001193125-26-229945.txt

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.