Permian Basin Royalty Trust sets November 23 date for SoftVest proposal vote

Argent Trust Company, as trustee of the Permian Basin Royalty Trust (NYSE: PBT), announced it has received a request to call a special meeting of unit holders to vote on proposals submitted by SoftVest Advisors, LLC. The special meeting is scheduled for November 23, 2026, with a record date of October 13, 2026.

SoftVest, acting with other holders who collectively own more than 15% of the Trust's outstanding units, requested the meeting to present three specific proposals for a vote. The first proposal seeks approval of an amendment to the Trust Indenture to effect a business combination pursuant to a Combination Agreement. The second proposal aims to approve the PBT Land and Minerals, Inc. Omnibus Incentive Plan. The third proposal authorizes an adjournment of the meeting if necessary to solicit additional proxies in favor of the first two proposals.

The Combination Agreement involves PBT Land and Minerals, Inc., referred to as New PBT, along with SoftVest, SoftVest, L.P., SoftVest GP I, LLC, and Eric L. Oliver. The Form S-4 filed by these participants, which includes a proxy statement and prospectus, was declared effective by the Securities and Exchange Commission on October 23, 2026. New PBT also filed a Form S-1 registering securities for a rights offering, which was also declared effective on the same date.

Argent Trust Company intends to call the special meeting in accordance with the terms of the Trust's Indenture. The trustee will mail notices of the special meeting to unit holders beginning on October 23, 2026. Neither the Trust nor the Trustee is a party to the Combination Agreement, nor are they soliciting proxies or participating in any securities offering related to the transaction. The Trustee is not making any recommendation to unitholders regarding how to vote on the proposals.

The press release states that it is issued solely for informational purposes. Unit holders are encouraged to read the Form S-4 and Form S-1 in their entirety, along with other materials filed with the SEC by New PBT and SoftVest. Free copies of these documents are available on the SEC's website at www.sec.gov. The Trust and the Trustee do not intend to file a proxy statement or registration statement with respect to the proposed transaction.

The release includes a section on forward-looking statements, noting that actual results may differ from those indicated due to various risk factors. These factors are described in Part I, Item 1A of the Trust's Annual Report on Form 10-K for the year ended December 31, 2025, and in subsequently filed Quarterly Reports on Form 10-Q. Risks also include actions by SoftVest, other unitholders, New PBT, Blackbeard, or other third parties, including courts, that are outside the control of the Trust or the Trustee.