<SEC-DOCUMENT>0001193125-26-163168.txt : 20260420
<SEC-HEADER>0001193125-26-163168.hdr.sgml : 20260420
<ACCEPTANCE-DATETIME>20260420113036
ACCESSION NUMBER:		0001193125-26-163168
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20260420
ITEM INFORMATION:		Results of Operations and Financial Condition
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20260420
DATE AS OF CHANGE:		20260420

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			PERMIAN BASIN ROYALTY TRUST
		CENTRAL INDEX KEY:			0000319654
		STANDARD INDUSTRIAL CLASSIFICATION:	OIL ROYALTY TRADERS [6792]
		ORGANIZATION NAME:           	01 Energy & Transportation
		EIN:				756280532
		STATE OF INCORPORATION:			TX
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-08033
		FILM NUMBER:		26873951

	BUSINESS ADDRESS:	
		STREET 1:		C/O ARGENT TRUST COMPANY
		STREET 2:		3838 OAK LAWN AVE., SUITE 1720
		CITY:			DALLAS
		STATE:			TX
		ZIP:			75219-4518
		BUSINESS PHONE:		9729191360

	MAIL ADDRESS:	
		STREET 1:		C/O ARGENT TRUST COMPANY
		STREET 2:		3838 OAK LAWN AVE., SUITE 1720
		CITY:			DALLAS
		STATE:			TX
		ZIP:			75219-4518
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>2026-04_permian_basin_8-.htm
<DESCRIPTION>8-K
<TEXT>
<!-- DFIN ActiveDisclosure (SM) HTML Document - http://www.dfinsolutions.com/ --><!-- Creation Date :2026-04-20T11:29:19.6544+00:00 --><!-- Copyright (c) 2026 Donnelley Financial Solutions, Inc. All Rights Reserved. -->
<html>
 <head>
  <title>8-K</title>
 </head>
 <body style="padding:8px;margin:auto!important;z-index:0;-webkit-text-size-adjust:100%;position:relative;">
  <div class="fixed-width-container" style="margin-left:auto;padding-left:0.5in;width:7.5in;box-sizing:content-box;margin-right:auto;padding-right:0.5in;"><div style="z-index:2;min-height:0.5in;position:relative;"></div></div>
  <div class="main-content-container" style="z-index:5;position:relative;"><div class="fixed-width-container" style="margin-left:auto;padding-left:0.5in;width:7.5in;box-sizing:content-box;margin-right:auto;padding-right:0.5in;"><p style="border-top:2.25pt double #000000;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">&#160;</font></p><p style="font-size:10pt;margin-top:5.75pt;font-family:Times New Roman;margin-bottom:0;text-align:center;"><font style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:18pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">UNITED STATES<br>SECURITIES AND EXCHANGE COMMISSION<br></font><font style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:12pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">WASHINGTON, D.C. 20549</font></p><p style="margin-left:216pt;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;border-bottom:0.75pt solid #000000;margin-right:3in;text-align:left;"><font style="white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">&#160;</font></p><h2 style="font-size:10pt;margin-top:10pt;font-family:Times New Roman;margin-bottom:0;text-align:center;"><font style="color:#000000;white-space:pre-wrap;font-size:18pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">FORM 8-K</font></h2><p style="margin-left:216pt;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;border-bottom:0.75pt solid #000000;margin-right:3in;text-align:left;"><font style="white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">&#160;</font></p><p style="font-size:10pt;margin-top:9pt;font-family:Times New Roman;margin-bottom:0;text-align:center;"><font style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:12pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">CURRENT REPORT</font></p><p style="font-size:10pt;margin-top:9pt;font-family:Times New Roman;margin-bottom:6pt;text-align:center;"><font style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:12pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934</font></p>
    <table style="border-spacing:0;table-layout:auto;width:100.0%;border-collapse:separate;">
     <tr style="visibility:collapse;">
      <td style="width:100%;box-sizing:content-box;"></td>
     </tr>
     <tr style="height:10pt;white-space:pre-wrap;word-break:break-word;text-align:left;">
      <td style="padding-top:0.01in;padding-left:0in;vertical-align:top;padding-bottom:0in;padding-right:0in;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;margin-right:0.02986111111111111in;text-align:center;"><font style="color:#000000;white-space:pre-wrap;font-weight:bold;font-kerning:none;min-width:fit-content;">Date of Report: April 20, 2026</font><font style="color:#000000;white-space:pre-wrap;font-weight:bold;font-kerning:none;min-width:fit-content;"> </font></p></td>
     </tr>
    </table><p style="margin-left:216pt;font-size:10pt;margin-top:5pt;font-family:Times New Roman;margin-bottom:0;border-bottom:0.75pt solid #000000;margin-right:3in;text-align:left;"><font style="white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">&#160;</font></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">&#160;</font></p><p style="font-size:10pt;margin-top:5pt;font-family:Times New Roman;margin-bottom:0;text-align:center;"><font style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:24pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">PERMIAN BASIN ROYALTY TRUST</font></p><p style="font-size:10pt;margin-top:3pt;font-family:Times New Roman;margin-bottom:0;text-align:center;"><font style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:7.5pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">(Exact name of Registrant as Specified in Its Charter)</font></p><p style="margin-left:216pt;font-size:10pt;margin-top:9pt;font-family:Times New Roman;margin-bottom:0;border-bottom:0.75pt solid #000000;margin-right:3in;text-align:left;"><font style="white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">&#160;</font></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">&#160;</font></p>
    <table style="border-spacing:0;table-layout:auto;width:100.0%;border-collapse:separate;">
     <tr style="visibility:collapse;">
      <td style="width:20%;box-sizing:content-box;"></td>
      <td style="width:1%;box-sizing:content-box;"></td>
      <td style="width:20%;box-sizing:content-box;"></td>
      <td style="width:18%;box-sizing:content-box;"></td>
      <td style="width:41%;box-sizing:content-box;"></td>
     </tr>
     <tr style="height:10pt;white-space:pre-wrap;word-break:break-word;text-align:left;">
      <td colspan="3" style="padding-top:0.01in;padding-left:0in;vertical-align:top;padding-bottom:0in;padding-right:0in;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:center;"><font style="color:#000000;white-space:pre-wrap;font-weight:bold;font-kerning:none;min-width:fit-content;">Texas</font></p></td>
      <td style="padding-top:0.01in;padding-left:0in;vertical-align:top;padding-bottom:0in;padding-right:0in;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:center;"><font style="color:#000000;white-space:pre-wrap;font-weight:bold;font-kerning:none;min-width:fit-content;">1-8033</font></p></td>
      <td style="padding-top:0.01in;padding-left:0in;vertical-align:top;padding-bottom:0in;padding-right:0in;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:center;"><font style="color:#000000;white-space:pre-wrap;font-weight:bold;font-kerning:none;min-width:fit-content;">75-6280532</font></p></td>
     </tr>
     <tr style="height:7pt;white-space:pre-wrap;word-break:break-word;text-align:left;">
      <td colspan="3" style="padding-top:0.01in;padding-left:0in;vertical-align:top;padding-bottom:0in;padding-right:0in;"><p style="font-size:7.5pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:center;"><font style="color:#000000;white-space:pre-wrap;font-weight:bold;font-kerning:none;min-width:fit-content;">(State or Other Jurisdiction<br>of Incorporation)</font></p></td>
      <td style="padding-top:0.01in;padding-left:0in;vertical-align:top;padding-bottom:0in;padding-right:0in;"><p style="font-size:7.5pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:center;"><font style="color:#000000;white-space:pre-wrap;font-weight:bold;font-kerning:none;min-width:fit-content;">(Commission File Number)</font></p></td>
      <td style="padding-top:0.01in;padding-left:0in;vertical-align:top;padding-bottom:0in;padding-right:0in;"><p style="font-size:7.5pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:center;"><font style="color:#000000;white-space:pre-wrap;font-weight:bold;font-kerning:none;min-width:fit-content;">(IRS Employer<br>Identification No.)</font></p></td>
     </tr>
     <tr style="white-space:pre-wrap;word-break:break-word;text-align:left;">
      <td style="padding-top:0.01in;padding-left:0in;vertical-align:top;padding-bottom:0in;padding-right:0in;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:center;"><font style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;">&#160;</font></p></td>
      <td style="padding-top:0.01in;padding-left:0in;vertical-align:top;padding-bottom:0in;padding-right:0in;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:center;"><font style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;">&#160;</font></p></td>
      <td style="padding-top:0.01in;padding-left:0in;vertical-align:top;padding-bottom:0in;padding-right:0in;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:center;"><font style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;">&#160;</font></p></td>
      <td style="padding-top:0.01in;padding-left:0in;vertical-align:top;padding-bottom:0in;padding-right:0in;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:center;"><font style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;">&#160;</font></p></td>
      <td style="padding-top:0.01in;padding-left:0in;vertical-align:top;padding-bottom:0in;padding-right:0in;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:center;"><font style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;">&#160;</font></p></td>
     </tr>
     <tr style="height:10pt;white-space:pre-wrap;word-break:break-word;text-align:left;">
      <td colspan="3" style="padding-top:0.01in;padding-left:0in;vertical-align:top;padding-bottom:0in;padding-right:0in;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:center;"><font style="color:#000000;white-space:pre-wrap;font-weight:bold;font-kerning:none;min-width:fit-content;">Argent Trust Company</font></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:center;"><font style="color:#000000;white-space:pre-wrap;font-weight:bold;font-kerning:none;min-width:fit-content;">3838 Oak Lawn Ave.</font></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:center;"><font style="color:#000000;white-space:pre-wrap;font-weight:bold;font-kerning:none;min-width:fit-content;">Suite 1720</font></p></td>
      <td colspan="2" style="padding-top:0.01in;padding-left:0in;vertical-align:top;padding-bottom:0in;padding-right:0in;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:center;"><font style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;">&#160;</font></p></td>
     </tr>
     <tr style="height:10pt;white-space:pre-wrap;word-break:break-word;text-align:left;">
      <td colspan="3" style="padding-top:0.01in;padding-left:0in;vertical-align:top;padding-bottom:0in;padding-right:0in;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:center;"><font style="color:#000000;white-space:pre-wrap;font-weight:bold;font-kerning:none;min-width:fit-content;">Dallas, Texas</font></p></td>
      <td style="padding-top:0.01in;padding-left:0in;vertical-align:top;padding-bottom:0in;padding-right:0in;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;">&#160;</font></p></td>
      <td style="padding-top:0.01in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0in;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:center;"><font style="color:#000000;white-space:pre-wrap;font-weight:bold;font-kerning:none;min-width:fit-content;">75219</font></p></td>
     </tr>
     <tr style="height:7pt;white-space:pre-wrap;word-break:break-word;text-align:left;">
      <td colspan="3" style="padding-top:0.01in;padding-left:0in;vertical-align:top;padding-bottom:0in;padding-right:0in;"><p style="font-size:7.5pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:center;"><font style="color:#000000;white-space:pre-wrap;font-weight:bold;font-kerning:none;min-width:fit-content;">(Address of Principal Executive Offices)</font></p></td>
      <td style="padding-top:0.01in;padding-left:0in;vertical-align:top;padding-bottom:0in;padding-right:0in;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:center;"><font style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;">&#160;</font></p></td>
      <td style="padding-top:0.01in;padding-left:0in;vertical-align:top;padding-bottom:0in;padding-right:0in;"><p style="font-size:7.5pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:center;"><font style="color:#000000;white-space:pre-wrap;font-weight:bold;font-kerning:none;min-width:fit-content;">(Zip Code)</font></p></td>
     </tr>
    </table><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">&#160;</font></p>
    <table style="border-spacing:0;table-layout:auto;width:100.0%;border-collapse:separate;">
     <tr style="visibility:collapse;">
      <td style="width:100%;box-sizing:content-box;"></td>
     </tr>
     <tr style="height:10pt;white-space:pre-wrap;word-break:break-word;text-align:left;">
      <td style="padding-top:0.125in;padding-left:0in;vertical-align:top;padding-bottom:0in;padding-right:0in;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;margin-right:0.02986111111111111in;text-align:center;"><font style="color:#000000;white-space:pre-wrap;font-weight:bold;font-kerning:none;min-width:fit-content;">Registrant&#x2019;s Telephone Number, Including Area Code:</font><font style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </font><font style="color:#000000;white-space:pre-wrap;font-weight:bold;font-kerning:none;min-width:fit-content;">855</font><font style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </font><font style="color:#000000;white-space:pre-wrap;font-weight:bold;font-kerning:none;min-width:fit-content;">588-7839</font></p></td>
     </tr>
    </table><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">&#160;</font></p>
    <table style="border-spacing:0;table-layout:auto;width:100.0%;border-collapse:separate;">
     <tr style="visibility:collapse;">
      <td style="width:100%;box-sizing:content-box;"></td>
     </tr>
     <tr style="white-space:pre-wrap;word-break:break-word;text-align:left;">
      <td style="padding-top:0.125in;padding-left:0in;vertical-align:top;padding-bottom:0in;padding-right:0in;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:center;"><font style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;">&#160;</font></p></td>
     </tr>
    </table><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:center;"><font style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:7.5pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">(Former Name or Former Address, if Changed Since Last Report)</font></p><p style="margin-left:216pt;font-size:10pt;margin-top:9.35pt;font-family:Times New Roman;margin-bottom:0;border-bottom:0.75pt solid #000000;margin-right:3in;text-align:left;"><font style="white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">&#160;</font></p><p style="font-size:10pt;margin-top:9.35pt;font-family:Times New Roman;margin-bottom:6pt;text-align:left;"><font style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:</font><font style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </font></p><div style="margin-left:24.45pt;text-indent:-24.5pt;padding-left:24.5pt;margin-top:0;margin-bottom:0;text-align:left;"><font style="margin-right:1em;"><font style="font-size:10pt;font-family:Times New Roman;">&#9744;</font></font><font style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)</font></div><div style="margin-left:24.45pt;text-indent:-24.5pt;padding-left:24.5pt;margin-top:6pt;margin-bottom:0;text-align:left;"><font style="margin-right:1em;"><font style="font-size:10pt;font-family:Times New Roman;">&#9744;</font></font><font style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)</font></div><div style="margin-left:24.45pt;text-indent:-24.5pt;padding-left:24.5pt;margin-top:6pt;margin-bottom:0;text-align:left;"><font style="margin-right:1em;"><font style="font-size:10pt;font-family:Times New Roman;">&#9744;</font></font><font style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))</font></div><div style="margin-left:24.45pt;text-indent:-24.5pt;padding-left:24.5pt;margin-top:6pt;margin-bottom:0;text-align:left;"><font style="margin-right:1em;"><font style="font-size:10pt;font-family:Times New Roman;">&#9744;</font></font><font style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))</font></div><p style="font-size:10pt;margin-top:9pt;font-family:Times New Roman;margin-bottom:9pt;text-align:center;"><font style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">Securities registered pursuant to Section 12(b) of the Act:</font></p>
    <table style="border-spacing:0;table-layout:auto;width:100.0%;border-collapse:separate;">
     <tr style="visibility:collapse;">
      <td style="width:38%;box-sizing:content-box;"></td>
      <td style="width:1%;box-sizing:content-box;"></td>
      <td style="width:15%;box-sizing:content-box;"></td>
      <td style="width:1%;box-sizing:content-box;"></td>
      <td style="width:45%;box-sizing:content-box;"></td>
     </tr>
     <tr style="height:10pt;white-space:pre-wrap;word-break:break-word;text-align:left;">
      <td style="padding-top:0.01in;padding-left:0in;vertical-align:top;padding-bottom:0in;border-bottom:0.25pt solid;padding-right:0in;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:center;"><font style="color:#000000;white-space:pre-wrap;font-weight:bold;font-kerning:none;min-width:fit-content;"><br>Title of each class</font></p></td>
      <td style="padding-top:0.01in;padding-left:0in;vertical-align:top;padding-bottom:0in;border-bottom:0.25pt solid #ffffff03;padding-right:0in;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;">&#160;</font></p></td>
      <td style="padding-top:0.01in;padding-left:0in;vertical-align:top;padding-bottom:0in;border-bottom:0.25pt solid;padding-right:0in;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:center;"><font style="color:#000000;white-space:pre-wrap;font-weight:bold;font-kerning:none;min-width:fit-content;">Trading<br>Symbol(s)</font></p></td>
      <td style="padding-top:0.01in;padding-left:0in;vertical-align:top;padding-bottom:0in;border-bottom:0.25pt solid #ffffff03;padding-right:0in;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;">&#160;</font></p></td>
      <td style="padding-top:0.01in;padding-left:0in;vertical-align:top;padding-bottom:0in;border-bottom:0.25pt solid;padding-right:0in;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:center;"><font style="color:#000000;white-space:pre-wrap;font-weight:bold;font-kerning:none;min-width:fit-content;"><br>Name of each exchange on which registered</font></p></td>
     </tr>
     <tr style="height:10pt;white-space:pre-wrap;word-break:break-word;text-align:left;">
      <td style="padding-top:0.01in;padding-left:0in;vertical-align:top;padding-bottom:0in;padding-right:0in;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:center;"><font style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">Units of Beneficial Interest</font></p></td>
      <td style="padding-top:0.01in;padding-left:0in;vertical-align:top;padding-bottom:0in;padding-right:0in;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;">&#160;</font></p></td>
      <td style="padding-top:0.01in;padding-left:0in;vertical-align:top;padding-bottom:0in;padding-right:0in;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:center;"><font style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">PBT</font></p></td>
      <td style="padding-top:0.01in;padding-left:0in;vertical-align:top;padding-bottom:0in;padding-right:0in;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;">&#160;</font></p></td>
      <td style="padding-top:0.01in;padding-left:0in;vertical-align:top;padding-bottom:0in;padding-right:0in;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:center;"><font style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">New York Stock Exchange</font></p></td>
     </tr>
    </table><p style="font-size:10pt;margin-top:12pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (&#167;&#x202f;230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (&#167;&#x202f;240.12b-2 of this chapter).</font><font style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </font></p><p style="font-size:10pt;margin-top:9pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">Emerging growth company </font><font style="font-size:10pt;font-family:Times New Roman;">&#9744;</font></p><p style="font-size:10pt;margin-top:9pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. </font><font style="font-size:10pt;font-family:Times New Roman;">&#9744;</font><font style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"><br></font><font style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">&#160;</font></p></div></div>
  <div class="fixed-width-container" style="margin-left:auto;padding-left:0.5in;width:7.5in;margin-top:auto;box-sizing:content-box;margin-right:auto;padding-right:0.5in;"><div style="z-index:2;flex-direction:column;display:flex;min-height:0.5in;justify-content:flex-end;position:relative;"></div></div>
  <hr style="margin-inline-start:auto;margin-inline-end:auto;width:8.5in;page-break-after:always;">
  <div class="fixed-width-container" style="margin-left:auto;padding-left:0.5in;width:7.5in;box-sizing:content-box;margin-right:auto;padding-right:0.5in;"><div style="z-index:2;min-height:0.5in;position:relative;"></div></div>
  <div class="main-content-container" style="z-index:5;position:relative;"><div class="fixed-width-container" style="margin-left:auto;padding-left:0.5in;width:7.5in;box-sizing:content-box;margin-right:auto;padding-right:0.5in;"><h2 style="font-size:10pt;margin-top:18pt;font-family:Times New Roman;margin-bottom:6pt;text-align:left;"><font style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">Item 2.02 Results of Operations and Financial Condition.</font></h2><p style="text-indent:36pt;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">On April 20, 2026, the Registrant issued a press release announcing its monthly cash distribution to unitholders of record on April 30, 2026. The press release is attached hereto as Exhibit 99.1 and is incorporated herein by reference.</font><font style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </font></p><p style="text-indent:36pt;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">&#160;</font></p><p style="text-indent:36pt;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">This Report on Form 8-K is being furnished pursuant to Item 2.02, Results of Operations and Financial Condition. The information furnished is not deemed &#34;filed&#34; for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, is not subject to the liabilities of that section and is not deemed incorporated by reference in any filing under the Securities Act of 1933, as amended.</font></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">&#160;</font></p><h2 style="font-size:10pt;margin-top:18pt;font-family:Times New Roman;margin-bottom:6pt;text-align:left;"><font style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">Item 9.01 Financial Statements and Exhibits.</font></h2>
    <table style="border-spacing:0;table-layout:auto;width:100.0%;border-collapse:separate;">
     <tr style="visibility:collapse;">
      <td style="width:12.76%;box-sizing:content-box;"></td>
      <td style="width:1.3%;box-sizing:content-box;"></td>
      <td style="width:85.94%;box-sizing:content-box;"></td>
     </tr>
     <tr style="height:10pt;white-space:pre-wrap;word-break:break-word;text-align:left;">
      <td style="padding-top:0.01in;padding-left:0in;vertical-align:top;padding-bottom:0in;padding-right:0.01in;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;border-bottom:1pt solid #000000;text-align:left;"><font style="color:#000000;white-space:pre-wrap;font-weight:bold;font-kerning:none;min-width:fit-content;">Exhibit No.</font></p></td>
      <td style="padding-top:0.01in;padding-left:0in;vertical-align:top;padding-bottom:0in;padding-right:0.01in;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;">&#160;</font></p></td>
      <td style="padding-top:0.01in;padding-left:0in;vertical-align:top;padding-bottom:0in;padding-right:0.01in;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;border-bottom:1pt solid #000000;text-align:left;"><font style="color:#000000;white-space:pre-wrap;font-weight:bold;font-kerning:none;min-width:fit-content;">Description</font></p></td>
     </tr>
     <tr style="height:10pt;white-space:pre-wrap;word-break:break-word;text-align:left;">
      <td style="padding-top:0.01in;padding-left:0in;vertical-align:top;padding-bottom:0in;padding-right:0.01in;"><p style="font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">99.1</font></p></td>
      <td style="padding-top:0.01in;padding-left:0in;vertical-align:top;padding-bottom:0in;padding-right:0.01in;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;">&#160;</font></p></td>
      <td style="padding-top:0.01in;padding-left:0in;vertical-align:top;padding-bottom:0in;padding-right:0.01in;"><p style="font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><a href="pbt-ex99_1.htm"><font style="color:#0000ff;white-space:pre-wrap;font-weight:bold;text-decoration:underline solid;font-kerning:none;min-width:fit-content;">Press Release dated April 20</font></a><a href="pbt-ex99_1.htm"><font style="color:#0000ff;white-space:pre-wrap;font-weight:bold;text-decoration:underline solid;font-kerning:none;min-width:fit-content;">, 2026</font></a></p></td>
     </tr>
    </table><h2 style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"></font>&#160;</h2><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">&#160;</font></p></div></div>
  <div class="fixed-width-container" style="margin-left:auto;padding-left:0.5in;width:7.5in;margin-top:auto;box-sizing:content-box;margin-right:auto;padding-right:0.5in;"><div style="z-index:2;flex-direction:column;display:flex;min-height:0.5in;justify-content:flex-end;position:relative;"></div></div>
  <hr style="margin-inline-start:auto;margin-inline-end:auto;width:8.5in;page-break-after:always;">
  <div class="fixed-width-container" style="margin-left:auto;padding-left:0.5in;width:7.5in;box-sizing:content-box;margin-right:auto;padding-right:0.5in;"><div style="z-index:2;min-height:0.5in;position:relative;"></div></div>
  <div class="main-content-container" style="z-index:5;position:relative;"><div class="fixed-width-container" style="margin-left:auto;padding-left:0.5in;width:7.5in;box-sizing:content-box;margin-right:auto;padding-right:0.5in;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:9.35pt;text-align:center;"><font style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">SIGNATURES</font></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:9.35pt;text-align:left;"><font style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.</font></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">&#160;</font></p>
    <table style="border-spacing:0;table-layout:auto;width:100.0%;border-collapse:separate;">
     <tr style="visibility:collapse;">
      <td style="width:21%;box-sizing:content-box;"></td>
      <td style="width:29%;box-sizing:content-box;"></td>
      <td style="width:4%;box-sizing:content-box;"></td>
      <td style="width:46%;box-sizing:content-box;"></td>
     </tr>
     <tr style="height:10pt;white-space:pre-wrap;word-break:break-word;text-align:left;">
      <td style="padding-top:0.01in;padding-left:0in;vertical-align:top;padding-bottom:0in;padding-right:0in;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;">&#160;</font></p></td>
      <td style="padding-top:0.01in;padding-left:0in;vertical-align:top;padding-bottom:0in;padding-right:0in;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;">&#160;</font></p></td>
      <td style="padding-top:0.01in;padding-left:0in;vertical-align:top;padding-bottom:0in;padding-right:0in;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;">&#160;</font></p></td>
      <td style="padding-top:0.01in;padding-left:0in;vertical-align:top;padding-bottom:0in;padding-right:0in;"><p style="font-size:10pt;margin-top:4.3pt;font-family:Times New Roman;margin-bottom:4.3pt;text-align:left;"><font style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">PERMIAN BASIN ROYALTY TRUST</font></p></td>
     </tr>
     <tr style="white-space:pre-wrap;word-break:break-word;text-align:left;">
      <td style="padding-top:0.01in;padding-left:0in;vertical-align:top;padding-bottom:0in;padding-right:0in;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;">&#160;</font></p></td>
      <td style="padding-top:0.01in;padding-left:0in;vertical-align:top;padding-bottom:0in;padding-right:0in;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;">&#160;</font></p></td>
      <td style="padding-top:0.01in;padding-left:0in;vertical-align:top;padding-bottom:0in;padding-right:0in;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;">&#160;</font></p></td>
      <td style="padding-top:0.01in;padding-left:0in;vertical-align:top;padding-bottom:0in;padding-right:0in;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;">&#160;</font></p></td>
     </tr>
     <tr style="height:10pt;white-space:pre-wrap;word-break:break-word;text-align:left;">
      <td style="padding-top:0.01in;padding-left:0in;vertical-align:top;padding-bottom:0in;padding-right:0in;"><p style="font-size:10pt;margin-top:4.3pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;">&#160;</font></p></td>
      <td style="padding-top:0.01in;padding-left:0in;vertical-align:top;padding-bottom:0in;padding-right:0in;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;">&#160;</font></p></td>
      <td style="padding-top:0.01in;padding-left:0in;vertical-align:top;padding-bottom:0in;padding-right:0in;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">By:</font></p></td>
      <td style="padding-top:0.01in;padding-left:0in;vertical-align:top;padding-bottom:0in;padding-right:0in;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">ARGENT TRUST COMPANY, TRUSTEE</font></p></td>
     </tr>
     <tr style="white-space:pre-wrap;word-break:break-word;text-align:left;">
      <td style="padding-top:0.01in;padding-left:0in;vertical-align:top;padding-bottom:0in;padding-right:0in;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;">&#160;</font></p></td>
      <td style="padding-top:0.01in;padding-left:0in;vertical-align:top;padding-bottom:0in;padding-right:0in;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;">&#160;</font></p></td>
      <td style="padding-top:0.01in;padding-left:0in;vertical-align:top;padding-bottom:0in;padding-right:0in;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;">&#160;</font></p></td>
      <td style="padding-top:0.01in;padding-left:0in;vertical-align:top;padding-bottom:0in;padding-right:0in;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;">&#160;</font></p></td>
     </tr>
     <tr style="height:10pt;white-space:pre-wrap;word-break:break-word;text-align:left;">
      <td style="padding-top:0.01in;padding-left:0in;vertical-align:top;padding-bottom:0in;padding-right:0in;"><p style="font-size:10pt;margin-top:4.3pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;">&#160;</font></p></td>
      <td style="padding-top:0.01in;padding-left:0in;vertical-align:top;padding-bottom:0in;padding-right:0in;"><p style="font-size:10pt;margin-top:4.3pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;">&#160;</font></p></td>
      <td style="padding-top:0.01in;padding-left:0in;vertical-align:top;padding-bottom:0in;padding-right:0in;"><p style="font-size:10pt;margin-top:4.3pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">By:</font><font style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </font></p></td>
      <td style="padding-top:0.01in;padding-left:0in;vertical-align:top;padding-bottom:0in;border-bottom:0.25pt solid;padding-right:0in;"><p style="font-size:10pt;margin-top:4.3pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">/s/ Nancy Willis</font><font style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </font></p></td>
     </tr>
     <tr style="height:10pt;white-space:pre-wrap;word-break:break-word;text-align:left;">
      <td style="padding-top:0.01in;padding-left:0in;vertical-align:top;padding-bottom:0in;padding-right:0in;"><p style="font-size:10pt;margin-top:4.3pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">Date: April 20, 2026</font></p></td>
      <td style="padding-top:0.01in;padding-left:0in;vertical-align:top;padding-bottom:0in;padding-right:0in;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;">&#160;</font></p></td>
      <td style="padding-top:0.01in;padding-left:0in;vertical-align:top;padding-bottom:0in;padding-right:0in;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;">&#160;</font></p></td>
      <td style="padding-top:0.01in;padding-left:0in;vertical-align:top;padding-bottom:0in;padding-right:0in;"><p style="font-size:10pt;margin-top:0.7pt;font-family:Times New Roman;margin-bottom:9.35pt;text-align:left;"><font style="color:#000000;white-space:pre-wrap;font-weight:bold;font-kerning:none;min-width:fit-content;">Nancy Willis</font><font style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;"><br></font><font style="color:#000000;white-space:pre-wrap;font-style:italic;font-kerning:none;min-width:fit-content;">Director of Royalty Trust Services</font></p></td>
     </tr>
    </table><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">&#160;</font></p></div></div>
  <div class="fixed-width-container" style="margin-left:auto;padding-left:0.5in;width:7.5in;margin-top:auto;box-sizing:content-box;margin-right:auto;padding-right:0.5in;"><div style="z-index:2;flex-direction:column;display:flex;min-height:0.5in;justify-content:flex-end;position:relative;"></div></div>
  <hr style="margin-inline-start:auto;margin-inline-end:auto;width:8.5in;page-break-after:always;">
 </body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>pbt-ex99_1.htm
<DESCRIPTION>EX-99.1
<TEXT>
<!-- DFIN ActiveDisclosure (SM) HTML Document - http://www.dfinsolutions.com/ --><!-- Creation Date :2026-04-20T11:29:19.6567+00:00 --><!-- Copyright (c) 2026 Donnelley Financial Solutions, Inc. All Rights Reserved. -->
<html>
 <head>
  <title>EX-99.1</title>
 </head>
 <body style="padding:8px;margin:auto!important;z-index:0;-webkit-text-size-adjust:100%;position:relative;">
  <div class="fixed-width-container" style="margin-left:auto;padding-left:0.4in;width:7.699999999999999in;box-sizing:content-box;margin-right:auto;padding-right:0.4in;"><div style="padding-top:0.25in;z-index:2;min-height:0.25in;position:relative;box-sizing:border-box;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;margin-left:0;margin-right:0;"><font style="white-space:pre-wrap;font-size:11pt;font-family:Arial;font-kerning:none;min-width:fit-content;">&#160;</font></p></div></div>
  <div class="main-content-container" style="z-index:5;position:relative;"><div class="fixed-width-container" style="margin-left:auto;padding-left:0.4in;width:7.699999999999999in;box-sizing:content-box;margin-right:auto;padding-right:0.4in;"><p style="margin-left:7pt;font-size:10pt;margin-top:3.55pt;font-family:Times New Roman;margin-bottom:0;text-align:right;"><font style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Arial;font-kerning:none;min-width:fit-content;">Exhibit 99.1</font></p><p style="margin-left:7pt;font-size:10pt;margin-top:3.55pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Arial;font-kerning:none;min-width:fit-content;">Permian Basin Royalty Trust</font></p><p style="margin-left:5.55pt;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="white-space:pre-wrap;font-size:9pt;font-family:Arial;font-kerning:none;min-width:fit-content;">&#160;</font></p><p style="margin-left:180pt;text-indent:13.55pt;font-size:10pt;margin-top:4.65pt;font-family:Times New Roman;margin-bottom:0;margin-right:1.8097222222222225in;text-align:center;"><font style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Arial;font-kerning:none;min-width:fit-content;">PERMIAN BASIN ROYALTY TRUST ANNOUNCES APRIL CASH DISTRIBUTION, EXCESS COST POSITION ON WADDELL RANCH PROPERTIES AND UNITHOLDER MAILING BY SOFTVEST</font></p><p style="font-size:10pt;margin-top:0.05pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="white-space:pre-wrap;font-size:8pt;font-family:Arial;font-kerning:none;min-width:fit-content;">&#160;</font></p><p style="margin-left:6.95pt;text-indent:36pt;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;margin-right:0.09166666666666666in;text-align:justify;"><font style="white-space:pre-wrap;font-size:9pt;font-family:Arial;font-kerning:none;min-width:fit-content;">&#160;</font></p><p style="margin-left:6.95pt;text-indent:36pt;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;margin-right:0.09166666666666666in;text-align:justify;"><font style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:9pt;font-family:Arial;font-kerning:none;min-width:fit-content;">DALLAS, Texas, April 20, 2026 </font><font style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Arial;font-kerning:none;min-width:fit-content;">&#x2013; Argent Trust Company, as Trustee of the Permian Basin Royalty Trust (NYSE: PBT) (&#x201c;Permian&#x201d; or the &#x201c;Trust&#x201d;) today declared a cash distribution to the holders of its units of beneficial interest of $0.038014 per unit, payable on May 14, 2026, to unit holders of record on April 30, 2026. The distribution does not include proceeds from the Waddell Ranch properties, as total production costs (&#x201c;Production Costs&#x201d;) exceeded gross proceeds (&#x201c;Gross Proceeds&#x201d;) for the month of March, resulting in a continuing excess cost position for the Waddell Ranch properties. More information regarding the Waddell Ranch properties is described below.</font></p><p style="margin-left:6.95pt;text-indent:36pt;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;margin-right:0.09166666666666666in;text-align:justify;"><font style="white-space:pre-wrap;font-size:9pt;font-family:Arial;font-kerning:none;min-width:fit-content;">&#160;</font></p><p style="margin-left:7.2pt;text-indent:36pt;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;margin-right:0.09027777777777778in;text-align:justify;"><font style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Arial;font-kerning:none;min-width:fit-content;">This month&#x2019;s distribution increased compared to the previous month due primarily to the third settlement payment in the amount of $1,125,000 being received from Blackbeard Operating LLC, this in conjunction with Texas Royalty Properties having higher natural gas volumes, along with higher oil and natural gas pricing, partially offset by lower oil volumes.</font><font style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Arial;font-kerning:none;min-width:fit-content;"> </font></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="white-space:pre-wrap;font-size:9pt;font-family:Arial;font-kerning:none;min-width:fit-content;">&#160;</font></p><p style="margin-left:7pt;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:9pt;font-family:Arial;font-kerning:none;min-width:fit-content;">WADDELL RANCH</font></p><p style="margin-left:7.2pt;text-indent:36pt;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;margin-right:0.09027777777777778in;text-align:justify;"><font style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Arial;font-kerning:none;min-width:fit-content;">Information from Blackbeard, the operator of the Waddell Ranch properties, necessary to calculate the net profits interest (&#x201c;NPI&#x201d;) proceeds for a given month is received after the announcement date for the month&#x2019;s distribution. As a result, in accordance with the Trust indenture, if NPI proceeds are received from the Waddell Ranch properties on or prior to the record date, they will be included in the following month&#x2019;s distribution.</font></p><p style="margin-left:7.2pt;text-indent:36pt;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;margin-right:0.09027777777777778in;text-align:justify;"><font style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Arial;font-kerning:none;min-width:fit-content;">As noted above, no proceeds were received by the Trustee in March 2026 to be included in the April distribution.  All excess costs, including any accrued interest, will need to be recovered by future proceeds from the Waddell Ranch properties before any proceeds are distributed to the Trust. Due to the fact that Blackbeard provides production, pricing and cost information quarterly instead of monthly, the Trustee will be disclosing that information in the quarterly reports on Form 10-Q and annual reports on Form 10-K for the foreseeable future (to the extent timely received from Blackbeard).</font></p><h1 style="margin-left:7.05pt;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><font style="white-space:pre-wrap;font-size:9pt;font-family:Arial;font-kerning:none;min-width:fit-content;"></font>&#160;</h1><h1 style="margin-left:7.05pt;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><font style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Arial;font-kerning:none;min-width:fit-content;">TEXAS ROYALTY PROPERTIES</font></h1><p style="margin-left:7.2pt;text-indent:36pt;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;margin-right:0.09027777777777778in;text-align:justify;"><font style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Arial;font-kerning:none;min-width:fit-content;">Production for the underlying Texas Royalty Properties was 14,297 barrels of oil and 10,584 Mcf of gas. The production for the Trust&#x2019;s allocated portion of the Texas Royalty Properties was 12,437 barrels of oil and 9,220 Mcf of gas. The average price for oil was $59.33 per bbl and for gas was $6.31, which includes significant NGL pricing, per Mcf. This would mainly reflect production and pricing in January for oil and December for gas. These allocated volumes were impacted by the pricing of both oil and gas. This production and pricing for the underlying properties resulted in revenues for the Texas Royalty Properties of $915,038. Deducted from these revenues were taxes and expenses of $125,989 resulting in a Net Profit of $789,049 for March. With the Trust&#x2019;s NPI of 95% of the underlying properties, this would result in a net contribution by the Texas Royalty Properties of $749,597 to this month&#x2019;s distribution.</font><font style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Arial;font-kerning:none;min-width:fit-content;"> </font></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="white-space:pre-wrap;font-size:9pt;font-family:Arial;font-kerning:none;min-width:fit-content;">&#160;</font></p><p style="margin-left:7.05pt;text-indent:35.95pt;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;margin-right:0.10694444444444445in;text-align:left;"><font style="white-space:pre-wrap;font-size:9pt;font-family:Arial;font-kerning:none;min-width:fit-content;">&#160;</font></p><p style="font-size:10pt;margin-top:0.45pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="white-space:pre-wrap;font-size:6.5pt;font-family:Arial;font-kerning:none;min-width:fit-content;">&#160;</font></p>
    <table style="margin-left:0.12569444444444444in;border-spacing:0;table-layout:auto;width:98.0%;border-collapse:separate;">
     <tr style="visibility:collapse;">
      <td style="width:22.163%;box-sizing:content-box;"></td>
      <td style="width:9.673%;box-sizing:content-box;"></td>
      <td style="width:12.918%;box-sizing:content-box;"></td>
      <td style="width:12.245%;box-sizing:content-box;"></td>
      <td style="width:12.245%;box-sizing:content-box;"></td>
      <td style="width:15.306%;box-sizing:content-box;"></td>
      <td style="width:15.449%;box-sizing:content-box;"></td>
     </tr>
     <tr style="height:20.9pt;white-space:pre-wrap;word-break:break-word;text-align:left;">
      <td style="border-top:0.5pt solid #000000;padding-top:0in;border-right:0.5pt solid #000000;border-left:0.5pt solid #000000;padding-left:0in;vertical-align:top;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0in;"><p style="font-size:8pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;">&#160;</font></p></td>
      <td colspan="2" style="border-top:0.5pt solid #000000;padding-top:0in;border-right:0.5pt solid #000000;padding-left:0in;vertical-align:top;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0in;"><p style="font-size:8pt;margin-top:0.45pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="white-space:pre-wrap;font-family:Arial;font-kerning:none;min-width:fit-content;">&#160;</font></p><p style="margin-left:15.2pt;font-size:8pt;margin-top:0.05pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="color:#000000;white-space:pre-wrap;font-family:Arial;font-kerning:none;min-width:fit-content;">Underlying Properties</font></p></td>
      <td colspan="2" style="border-top:0.5pt solid #000000;padding-top:0in;border-right:0.5pt solid #000000;padding-left:0in;vertical-align:top;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0in;"><p style="font-size:8pt;margin-top:0.45pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="white-space:pre-wrap;font-family:Arial;font-kerning:none;min-width:fit-content;">&#160;</font></p><p style="margin-left:28.5pt;font-size:8pt;margin-top:0.05pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="color:#000000;white-space:pre-wrap;font-family:Arial;font-kerning:none;min-width:fit-content;">Net to Trust Sales</font></p></td>
      <td colspan="2" style="border-top:0.5pt solid #000000;padding-top:0in;border-right:0.5pt solid #000000;padding-left:0in;vertical-align:top;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0in;"><p style="font-size:8pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:center;"><font style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;">&#160;</font></p></td>
     </tr>
     <tr style="height:10.1pt;white-space:pre-wrap;word-break:break-word;text-align:left;">
      <td style="padding-top:0in;border-right:0.5pt solid #000000;border-left:0.5pt solid #000000;padding-left:0in;vertical-align:top;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0in;"><p style="font-size:8pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;">&#160;</font></p></td>
      <td colspan="2" style="padding-top:0in;border-right:0.5pt solid #000000;text-indent:40.25pt;padding-left:0in;vertical-align:top;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0in;"><p style="margin-left:40.25pt;text-indent:0;font-size:8pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;margin-right:0.5569444444444445in;text-align:center;"><font style="color:#000000;white-space:pre-wrap;font-family:Arial;font-kerning:none;min-width:fit-content;">Volumes</font></p></td>
      <td colspan="2" style="padding-top:0in;border-right:0.5pt solid #000000;text-indent:46.35pt;padding-left:0in;vertical-align:top;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0in;"><p style="margin-left:46.35pt;text-indent:0;font-size:8pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;margin-right:0.6423611111111112in;text-align:center;"><font style="color:#000000;white-space:pre-wrap;font-family:Arial;font-kerning:none;min-width:fit-content;">Volumes</font></p></td>
      <td colspan="2" style="padding-top:0in;border-right:0.5pt solid #000000;text-indent:22.9pt;padding-left:0in;vertical-align:top;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0in;"><p style="margin-left:22.9pt;text-indent:0;font-size:8pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;margin-right:0.31736111111111115in;text-align:center;"><font style="color:#000000;white-space:pre-wrap;font-family:Arial;font-kerning:none;min-width:fit-content;">&#160;Average Price</font></p></td>
     </tr>
     <tr style="height:20.9pt;white-space:pre-wrap;word-break:break-word;text-align:left;">
      <td style="padding-top:0in;border-right:0.5pt solid #000000;border-left:0.5pt solid #000000;padding-left:0in;vertical-align:top;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0in;"><p style="font-size:8pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;">&#160;</font></p></td>
      <td style="padding-top:0in;border-right:0.5pt solid #000000;text-indent:13.5pt;padding-left:0in;vertical-align:top;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0in;"><p style="margin-left:13.5pt;text-indent:5.75pt;font-size:8pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;margin-right:0.18194444444444444in;text-align:left;"><font style="color:#000000;white-space:pre-wrap;font-family:Arial;font-kerning:none;min-width:fit-content;">Oil (bbls)</font></p></td>
      <td style="padding-top:0in;border-right:0.5pt solid #000000;text-indent:23.1pt;padding-left:0in;vertical-align:top;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0in;"><p style="margin-left:23pt;text-indent:-0.1pt;padding-left:0.1pt;font-size:8pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;margin-right:0.31666666666666665in;text-align:center;"><font style="color:#000000;white-space:pre-wrap;font-family:Arial;font-kerning:none;min-width:fit-content;">Gas (Mcf)</font></p></td>
      <td style="padding-top:0in;border-right:0.5pt solid #000000;text-indent:22.25pt;padding-left:0in;vertical-align:top;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0in;"><p style="margin-left:22.25pt;text-indent:5.75pt;font-size:8pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;margin-right:0.3020833333333333in;text-align:left;"><font style="color:#000000;white-space:pre-wrap;font-family:Arial;font-kerning:none;min-width:fit-content;">Oil (bbls)</font></p></td>
      <td style="padding-top:0in;border-right:0.5pt solid #000000;text-indent:20.55pt;padding-left:0in;vertical-align:top;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0in;"><p style="margin-left:20.55pt;text-indent:1.9pt;font-size:8pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;margin-right:0.2777777777777778in;text-align:left;"><font style="color:#000000;white-space:pre-wrap;font-family:Arial;font-kerning:none;min-width:fit-content;">Gas</font></p><p style="text-indent:0;font-size:8pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;margin-right:0.2777777777777778in;text-align:left;"><font style="color:#000000;white-space:pre-wrap;font-family:Arial;font-kerning:none;min-width:fit-content;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(Mcf) </font><font style="color:#000000;top:-3.752pt;white-space:pre-wrap;font-size:5.36pt;font-family:Arial;position:relative;font-kerning:none;min-width:fit-content;">(1)</font></p></td>
      <td style="padding-top:0in;border-right:0.5pt solid #000000;padding-left:0in;vertical-align:top;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0in;"><p style="font-size:8pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;margin-right:0.3451388888888889in;text-align:left;"><font style="color:#000000;white-space:pre-wrap;font-family:Arial;font-kerning:none;min-width:fit-content;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Oil</font><font style="color:#000000;white-space:pre-wrap;font-family:Arial;font-kerning:none;min-width:fit-content;">  </font></p><p style="font-size:8pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;margin-right:0.3451388888888889in;text-align:left;"><font style="color:#000000;white-space:pre-wrap;font-family:Arial;font-kerning:none;min-width:fit-content;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(per bbl)</font></p></td>
      <td style="padding-top:0in;border-right:0.5pt solid #000000;text-indent:20.4pt;padding-left:0in;vertical-align:top;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0in;"><p style="margin-left:20.4pt;text-indent:9.7pt;font-size:8pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;margin-right:0.27847222222222223in;text-align:left;"><font style="color:#000000;white-space:pre-wrap;font-family:Arial;font-kerning:none;min-width:fit-content;">Gas</font><font style="color:#000000;white-space:pre-wrap;font-family:Arial;font-kerning:none;min-width:fit-content;"> </font></p><p style="margin-left:20.4pt;text-indent:0;font-size:8pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;margin-right:0.27847222222222223in;text-align:left;"><font style="color:#000000;white-space:pre-wrap;font-family:Arial;font-kerning:none;min-width:fit-content;">(per Mcf)</font><font style="color:#000000;top:-3.752pt;white-space:pre-wrap;font-size:5.36pt;font-family:Arial;position:relative;font-kerning:none;min-width:fit-content;">&#160;(2)</font></p></td>
     </tr>
     <tr style="height:12.25pt;white-space:pre-wrap;word-break:break-word;text-align:left;">
      <td style="padding-top:0in;border-right:0.5pt solid #000000;text-indent:31.5pt;border-left:0.5pt solid #000000;padding-left:0in;vertical-align:top;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0in;"><p style="margin-left:31.5pt;text-indent:0;font-size:8pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="color:#000000;white-space:pre-wrap;font-weight:bold;font-family:Arial;font-kerning:none;min-width:fit-content;">Current Month</font></p></td>
      <td style="padding-top:0in;border-right:0.5pt solid #000000;padding-left:0in;vertical-align:top;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0in;"><p style="font-size:8pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;">&#160;</font></p></td>
      <td style="padding-top:0in;border-right:0.5pt solid #000000;padding-left:0in;vertical-align:top;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0in;"><p style="font-size:8pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;">&#160;</font></p></td>
      <td style="padding-top:0in;border-right:0.5pt solid #000000;padding-left:0in;vertical-align:top;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0in;"><p style="font-size:8pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;">&#160;</font></p></td>
      <td style="padding-top:0in;border-right:0.5pt solid #000000;padding-left:0in;vertical-align:top;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0in;"><p style="font-size:8pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;">&#160;</font></p></td>
      <td style="padding-top:0in;border-right:0.5pt solid #000000;padding-left:0in;vertical-align:top;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0in;"><p style="font-size:8pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;">&#160;</font></p></td>
      <td style="padding-top:0in;border-right:0.5pt solid #000000;padding-left:0in;vertical-align:top;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0in;"><p style="font-size:8pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;">&#160;</font></p></td>
     </tr>
     <tr style="height:12.25pt;white-space:pre-wrap;word-break:break-word;text-align:left;">
      <td style="padding-top:0in;border-right:0.5pt solid #000000;text-indent:31.5pt;border-left:0.5pt solid #000000;padding-left:0in;vertical-align:top;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0in;"><p style="margin-left:31.5pt;text-indent:0;font-size:8pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="white-space:pre-wrap;font-family:Arial;font-kerning:none;min-width:fit-content;">&#160;</font></p></td>
      <td style="padding-top:0in;border-right:0.5pt solid #000000;padding-left:0in;vertical-align:top;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0in;"><p style="font-size:8pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;">&#160;</font></p></td>
      <td style="padding-top:0in;border-right:0.5pt solid #000000;padding-left:0in;vertical-align:top;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0in;"><p style="font-size:8pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;">&#160;</font></p></td>
      <td style="padding-top:0in;border-right:0.5pt solid #000000;padding-left:0in;vertical-align:top;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0in;"><p style="font-size:8pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;">&#160;</font></p></td>
      <td style="padding-top:0in;border-right:0.5pt solid #000000;padding-left:0in;vertical-align:top;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0in;"><p style="font-size:8pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;">&#160;</font></p></td>
      <td style="padding-top:0in;border-right:0.5pt solid #000000;padding-left:0in;vertical-align:top;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0in;"><p style="font-size:8pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;">&#160;</font></p></td>
      <td style="padding-top:0in;border-right:0.5pt solid #000000;padding-left:0in;vertical-align:top;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0in;"><p style="font-size:8pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;">&#160;</font></p></td>
     </tr>
     <tr style="height:12.95pt;white-space:pre-wrap;word-break:break-word;text-align:left;">
      <td style="padding-top:0in;border-right:0.5pt solid #000000;text-indent:5.35pt;border-left:0.5pt solid #000000;padding-left:0in;vertical-align:top;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0in;"><p style="margin-left:5.35pt;text-indent:0;font-size:8pt;margin-top:0.05pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="color:#000000;white-space:pre-wrap;font-family:Arial;font-kerning:none;min-width:fit-content;">Waddell Ranch</font></p></td>
      <td style="padding-top:0in;border-right:0.5pt solid #000000;text-indent:8pt;padding-left:0in;vertical-align:top;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0in;"><p style="margin-left:8pt;text-indent:0;font-size:8pt;margin-top:0.05pt;font-family:Times New Roman;margin-bottom:0;margin-right:0.10694444444444445in;text-align:center;"><font style="white-space:pre-wrap;font-size:5.36pt;font-family:Arial;font-kerning:none;min-width:fit-content;">&#160;</font></p><p style="margin-left:8pt;text-indent:0;font-size:8pt;margin-top:0.05pt;font-family:Times New Roman;margin-bottom:0;margin-right:0.10694444444444445in;text-align:center;"><font style="color:#000000;top:-3.752pt;white-space:pre-wrap;font-size:5.36pt;font-family:Arial;position:relative;font-kerning:none;min-width:fit-content;">(3)</font></p></td>
      <td style="padding-top:0in;border-right:0.5pt solid #000000;text-indent:16.5pt;padding-left:0in;vertical-align:top;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0in;"><p style="margin-left:16.5pt;text-indent:0;font-size:8pt;margin-top:0.05pt;font-family:Times New Roman;margin-bottom:0;margin-right:0.22708333333333336in;text-align:center;"><font style="white-space:pre-wrap;font-size:5.36pt;font-family:Arial;font-kerning:none;min-width:fit-content;">&#160;</font></p><p style="margin-left:16.5pt;text-indent:0;font-size:8pt;margin-top:0.05pt;font-family:Times New Roman;margin-bottom:0;margin-right:0.22708333333333336in;text-align:center;"><font style="color:#000000;top:-3.752pt;white-space:pre-wrap;font-size:5.36pt;font-family:Arial;position:relative;font-kerning:none;min-width:fit-content;">(3)</font></p></td>
      <td style="padding-top:0in;border-right:0.5pt solid #000000;text-indent:16.55pt;padding-left:0in;vertical-align:top;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0in;"><p style="margin-left:16.55pt;text-indent:0;font-size:8pt;margin-top:0.05pt;font-family:Times New Roman;margin-bottom:0;margin-right:0.22847222222222222in;text-align:center;"><font style="white-space:pre-wrap;font-size:5.36pt;font-family:Arial;font-kerning:none;min-width:fit-content;">&#160;</font></p><p style="margin-left:16.55pt;text-indent:0;font-size:8pt;margin-top:0.05pt;font-family:Times New Roman;margin-bottom:0;margin-right:0.22847222222222222in;text-align:center;"><font style="color:#000000;top:-3.752pt;white-space:pre-wrap;font-size:5.36pt;font-family:Arial;position:relative;font-kerning:none;min-width:fit-content;">(3)</font></p></td>
      <td style="padding-top:0in;border-right:0.5pt solid #000000;text-indent:12.25pt;padding-left:0in;vertical-align:top;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0in;"><p style="margin-left:12.25pt;text-indent:0;font-size:8pt;margin-top:0.05pt;font-family:Times New Roman;margin-bottom:0;margin-right:0.16736111111111113in;text-align:center;"><font style="white-space:pre-wrap;font-size:5.36pt;font-family:Arial;font-kerning:none;min-width:fit-content;">&#160;</font></p><p style="margin-left:12.25pt;text-indent:0;font-size:8pt;margin-top:0.05pt;font-family:Times New Roman;margin-bottom:0;margin-right:0.16736111111111113in;text-align:center;"><font style="color:#000000;top:-3.752pt;white-space:pre-wrap;font-size:5.36pt;font-family:Arial;position:relative;font-kerning:none;min-width:fit-content;">(3)</font></p></td>
      <td style="padding-top:0in;border-right:0.5pt solid #000000;text-indent:29.8pt;padding-left:0in;vertical-align:top;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0in;"><p style="margin-left:29.8pt;text-indent:0;font-size:8pt;margin-top:0.05pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="color:#000000;top:-3.752pt;white-space:pre-wrap;font-size:5.36pt;font-family:Arial;position:relative;font-kerning:none;min-width:fit-content;">  </font></p><p style="margin-left:29.8pt;text-indent:0;font-size:8pt;margin-top:0.05pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="color:#000000;top:-3.752pt;white-space:pre-wrap;font-size:5.36pt;font-family:Arial;position:relative;font-kerning:none;min-width:fit-content;">&#160;&#160;&#160;&#160;&#160;&#160;(3)</font></p></td>
      <td style="padding-top:0in;border-right:0.5pt solid #000000;text-indent:23.05pt;padding-left:0in;vertical-align:top;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0in;"><p style="margin-left:23.05pt;text-indent:0;font-size:8pt;margin-top:0.05pt;font-family:Times New Roman;margin-bottom:0;margin-right:0.31736111111111115in;text-align:center;"><font style="white-space:pre-wrap;font-size:5.36pt;font-family:Arial;font-kerning:none;min-width:fit-content;">&#160;</font></p><p style="text-indent:0;font-size:8pt;margin-top:0.05pt;font-family:Times New Roman;margin-bottom:0;margin-right:0.31736111111111115in;text-align:center;"><font style="color:#000000;top:-3.752pt;white-space:pre-wrap;font-size:5.36pt;font-family:Arial;position:relative;font-kerning:none;min-width:fit-content;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(3)</font></p></td>
     </tr>
     <tr style="height:12.95pt;white-space:pre-wrap;word-break:break-word;text-align:left;">
      <td style="padding-top:0in;border-right:0.5pt solid #000000;text-indent:5.35pt;border-left:0.5pt solid #000000;padding-left:0in;vertical-align:top;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0in;"><p style="margin-left:5.35pt;text-indent:0;font-size:8pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="color:#000000;white-space:pre-wrap;font-family:Arial;font-kerning:none;min-width:fit-content;">Texas Royalties</font></p></td>
      <td style="padding-top:0in;border-right:0.5pt solid #000000;text-indent:7.95pt;padding-left:0in;vertical-align:top;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0in;"><p style="margin-left:7.95pt;text-indent:0;font-size:8pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;margin-right:0.10694444444444445in;text-align:center;"><font style="color:#000000;white-space:pre-wrap;font-family:Arial;font-kerning:none;min-width:fit-content;">14,297</font></p></td>
      <td style="padding-top:0in;border-right:0.5pt solid #000000;text-indent:16.5pt;padding-left:0in;vertical-align:top;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0in;"><p style="margin-left:16.5pt;text-indent:0;font-size:8pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;margin-right:0.22708333333333336in;text-align:center;"><font style="color:#000000;white-space:pre-wrap;font-family:Arial;font-kerning:none;min-width:fit-content;">10,584</font></p></td>
      <td style="padding-top:0in;border-right:0.5pt solid #000000;text-indent:16.55pt;padding-left:0in;vertical-align:top;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0in;"><p style="margin-left:16.55pt;text-indent:0;font-size:8pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;margin-right:0.22847222222222222in;text-align:center;"><font style="color:#000000;white-space:pre-wrap;font-family:Arial;font-kerning:none;min-width:fit-content;">12,437</font></p></td>
      <td style="padding-top:0in;border-right:0.5pt solid #000000;text-indent:12.25pt;padding-left:0in;vertical-align:top;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0in;"><p style="margin-left:12.25pt;text-indent:0;font-size:8pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;margin-right:0.16736111111111113in;text-align:center;"><font style="color:#000000;white-space:pre-wrap;font-family:Arial;font-kerning:none;min-width:fit-content;">9,220</font></p></td>
      <td style="padding-top:0in;border-right:0.5pt solid #000000;text-indent:29.8pt;padding-left:0in;vertical-align:top;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0in;"><p style="margin-left:29.8pt;text-indent:0;font-size:8pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="color:#000000;white-space:pre-wrap;font-family:Arial;font-kerning:none;min-width:fit-content;">$59.33</font></p></td>
      <td style="padding-top:0in;border-right:0.5pt solid #000000;text-indent:23.05pt;padding-left:0in;vertical-align:top;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0in;"><p style="margin-left:23.05pt;text-indent:0;font-size:8pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;margin-right:0.31736111111111115in;text-align:left;"><font style="color:#000000;white-space:pre-wrap;font-family:Arial;font-kerning:none;min-width:fit-content;">$6.31</font></p></td>
     </tr>
     <tr style="height:12.95pt;white-space:pre-wrap;word-break:break-word;text-align:left;">
      <td style="padding-top:0in;border-right:0.5pt solid #000000;border-left:0.5pt solid #000000;padding-left:0in;vertical-align:top;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0in;"><p style="font-size:8pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;">&#160;</font></p></td>
      <td style="padding-top:0in;border-right:0.5pt solid #000000;padding-left:0in;vertical-align:top;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0in;"><p style="font-size:8pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;">&#160;</font></p></td>
      <td style="padding-top:0in;border-right:0.5pt solid #000000;padding-left:0in;vertical-align:top;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0in;"><p style="font-size:8pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;">&#160;</font></p></td>
      <td style="padding-top:0in;border-right:0.5pt solid #000000;padding-left:0in;vertical-align:top;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0in;"><p style="font-size:8pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;">&#160;</font></p></td>
      <td style="padding-top:0in;border-right:0.5pt solid #000000;padding-left:0in;vertical-align:top;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0in;"><p style="font-size:8pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;">&#160;</font></p></td>
      <td style="padding-top:0in;border-right:0.5pt solid #000000;padding-left:0in;vertical-align:top;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0in;"><p style="font-size:8pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;">&#160;</font></p></td>
      <td style="padding-top:0in;border-right:0.5pt solid #000000;padding-left:0in;vertical-align:top;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0in;"><p style="font-size:8pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;">&#160;</font></p></td>
     </tr>
     <tr style="height:12.95pt;white-space:pre-wrap;word-break:break-word;text-align:left;">
      <td style="padding-top:0in;border-right:0.5pt solid #000000;text-indent:37.3pt;border-left:0.5pt solid #000000;padding-left:0in;vertical-align:top;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0in;"><p style="margin-left:37.3pt;text-indent:0;font-size:8pt;margin-top:0.05pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="color:#000000;white-space:pre-wrap;font-weight:bold;font-family:Arial;font-kerning:none;min-width:fit-content;">Prior Month</font></p></td>
      <td style="padding-top:0in;border-right:0.5pt solid #000000;padding-left:0in;vertical-align:top;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0in;"><p style="font-size:8pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;">&#160;</font></p></td>
      <td style="padding-top:0in;border-right:0.5pt solid #000000;padding-left:0in;vertical-align:top;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0in;"><p style="font-size:8pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;">&#160;</font></p></td>
      <td style="padding-top:0in;border-right:0.5pt solid #000000;padding-left:0in;vertical-align:top;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0in;"><p style="font-size:8pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;">&#160;</font></p></td>
      <td style="padding-top:0in;border-right:0.5pt solid #000000;padding-left:0in;vertical-align:top;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0in;"><p style="font-size:8pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;">&#160;</font></p></td>
      <td style="padding-top:0in;border-right:0.5pt solid #000000;padding-left:0in;vertical-align:top;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0in;"><p style="font-size:8pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;">&#160;</font></p></td>
      <td style="padding-top:0in;border-right:0.5pt solid #000000;padding-left:0in;vertical-align:top;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0in;"><p style="font-size:8pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;">&#160;</font></p></td>
     </tr>
     <tr style="height:12.95pt;white-space:pre-wrap;word-break:break-word;text-align:left;">
      <td style="padding-top:0in;border-right:0.5pt solid #000000;text-indent:5.35pt;border-left:0.5pt solid #000000;padding-left:0in;vertical-align:top;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0in;"><p style="margin-left:5.35pt;text-indent:0;font-size:8pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="color:#000000;white-space:pre-wrap;font-family:Arial;font-kerning:none;min-width:fit-content;">Waddell Ranch</font></p></td>
      <td style="padding-top:0in;border-right:0.5pt solid #000000;text-indent:8pt;padding-left:0in;vertical-align:top;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0in;"><p style="margin-left:8pt;text-indent:0;font-size:8pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;margin-right:0.10694444444444445in;text-align:center;"><font style="white-space:pre-wrap;font-size:5.36pt;font-family:Arial;font-kerning:none;min-width:fit-content;">&#160;</font></p><p style="margin-left:8pt;text-indent:0;font-size:8pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;margin-right:0.10694444444444445in;text-align:center;"><font style="color:#000000;top:-3.752pt;white-space:pre-wrap;font-size:5.36pt;font-family:Arial;position:relative;font-kerning:none;min-width:fit-content;">(3)</font></p></td>
      <td style="padding-top:0in;border-right:0.5pt solid #000000;text-indent:16.5pt;padding-left:0in;vertical-align:top;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0in;"><p style="margin-left:16.5pt;text-indent:0;font-size:8pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;margin-right:0.22708333333333336in;text-align:center;"><font style="white-space:pre-wrap;font-size:5.36pt;font-family:Arial;font-kerning:none;min-width:fit-content;">&#160;</font></p><p style="margin-left:16.5pt;text-indent:0;font-size:8pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;margin-right:0.22708333333333336in;text-align:center;"><font style="color:#000000;top:-3.752pt;white-space:pre-wrap;font-size:5.36pt;font-family:Arial;position:relative;font-kerning:none;min-width:fit-content;">(3)</font></p></td>
      <td style="padding-top:0in;border-right:0.5pt solid #000000;text-indent:16.6pt;padding-left:0in;vertical-align:top;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0in;"><p style="margin-left:16.6pt;text-indent:0;font-size:8pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;margin-right:0.22847222222222222in;text-align:center;"><font style="white-space:pre-wrap;font-size:5.36pt;font-family:Arial;font-kerning:none;min-width:fit-content;">&#160;</font></p><p style="margin-left:16.6pt;text-indent:0;font-size:8pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;margin-right:0.22847222222222222in;text-align:center;"><font style="color:#000000;top:-3.752pt;white-space:pre-wrap;font-size:5.36pt;font-family:Arial;position:relative;font-kerning:none;min-width:fit-content;">(3)</font></p></td>
      <td style="padding-top:0in;border-right:0.5pt solid #000000;text-indent:12.25pt;padding-left:0in;vertical-align:top;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0in;"><p style="margin-left:12.25pt;text-indent:0;font-size:8pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;margin-right:0.16736111111111113in;text-align:center;"><font style="white-space:pre-wrap;font-size:5.36pt;font-family:Arial;font-kerning:none;min-width:fit-content;">&#160;</font></p><p style="margin-left:12.25pt;text-indent:0;font-size:8pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;margin-right:0.16736111111111113in;text-align:center;"><font style="color:#000000;top:-3.752pt;white-space:pre-wrap;font-size:5.36pt;font-family:Arial;position:relative;font-kerning:none;min-width:fit-content;">(3)</font></p></td>
      <td style="padding-top:0in;border-right:0.5pt solid #000000;text-indent:29.8pt;padding-left:0in;vertical-align:top;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0in;"><p style="margin-left:29.8pt;text-indent:0;font-size:8pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="white-space:pre-wrap;font-size:5.36pt;font-family:Arial;font-kerning:none;min-width:fit-content;">&#160;</font></p><p style="margin-left:29.8pt;text-indent:0;font-size:8pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="color:#000000;top:-3.752pt;white-space:pre-wrap;font-size:5.36pt;font-family:Arial;position:relative;font-kerning:none;min-width:fit-content;">&#160;&#160;&#160;&#160;&#160;&#160;(3)</font></p></td>
      <td style="padding-top:0in;border-right:0.5pt solid #000000;text-indent:23.05pt;padding-left:0in;vertical-align:top;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0in;"><p style="margin-left:23.05pt;text-indent:0;font-size:8pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;margin-right:0.31736111111111115in;text-align:center;"><font style="white-space:pre-wrap;font-size:5.36pt;font-family:Arial;font-kerning:none;min-width:fit-content;">&#160;</font></p><p style="text-indent:0;font-size:8pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;margin-right:0.31736111111111115in;text-align:center;"><font style="color:#000000;top:-3.752pt;white-space:pre-wrap;font-size:5.36pt;font-family:Arial;position:relative;font-kerning:none;min-width:fit-content;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(3)</font></p></td>
     </tr>
     <tr style="height:12.25pt;white-space:pre-wrap;word-break:break-word;text-align:left;">
      <td style="padding-top:0in;border-right:0.5pt solid #000000;text-indent:5.35pt;border-left:0.5pt solid #000000;padding-left:0in;vertical-align:top;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0in;"><p style="margin-left:5.35pt;text-indent:0;font-size:8pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="color:#000000;white-space:pre-wrap;font-family:Arial;font-kerning:none;min-width:fit-content;">Texas Royalties</font></p></td>
      <td style="padding-top:0in;border-right:0.5pt solid #000000;text-indent:7.95pt;padding-left:0in;vertical-align:top;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0in;"><p style="margin-left:7.95pt;text-indent:0;font-size:8pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;margin-right:0.10694444444444445in;text-align:center;"><font style="color:#000000;white-space:pre-wrap;font-family:Arial;font-kerning:none;min-width:fit-content;">15,009</font></p></td>
      <td style="padding-top:0in;border-right:0.5pt solid #000000;text-indent:16.5pt;padding-left:0in;vertical-align:top;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0in;"><p style="margin-left:16.5pt;text-indent:0;font-size:8pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;margin-right:0.22708333333333336in;text-align:center;"><font style="color:#000000;white-space:pre-wrap;font-family:Arial;font-kerning:none;min-width:fit-content;">9,793</font></p></td>
      <td style="padding-top:0in;border-right:0.5pt solid #000000;text-indent:16.55pt;padding-left:0in;vertical-align:top;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0in;"><p style="margin-left:16.55pt;text-indent:0;font-size:8pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;margin-right:0.22847222222222222in;text-align:center;"><font style="color:#000000;white-space:pre-wrap;font-family:Arial;font-kerning:none;min-width:fit-content;">13,047</font></p></td>
      <td style="padding-top:0in;border-right:0.5pt solid #000000;text-indent:12.25pt;padding-left:0in;vertical-align:top;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0in;"><p style="margin-left:12.25pt;text-indent:0;font-size:8pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;margin-right:0.16736111111111113in;text-align:center;"><font style="color:#000000;white-space:pre-wrap;font-family:Arial;font-kerning:none;min-width:fit-content;">8,518</font></p></td>
      <td style="padding-top:0in;border-right:0.5pt solid #000000;text-indent:29.8pt;padding-left:0in;vertical-align:top;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0in;"><p style="margin-left:29.8pt;text-indent:0;font-size:8pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="color:#000000;white-space:pre-wrap;font-family:Arial;font-kerning:none;min-width:fit-content;">$56.56</font></p></td>
      <td style="padding-top:0in;border-right:0.5pt solid #000000;text-indent:23.05pt;padding-left:0in;vertical-align:top;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0in;"><p style="margin-left:23.05pt;text-indent:0;font-size:8pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;margin-right:0.31736111111111115in;text-align:left;"><font style="color:#000000;white-space:pre-wrap;font-family:Arial;font-kerning:none;min-width:fit-content;">$6.02</font></p></td>
     </tr>
    </table><p style="margin-left:24.6pt;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><font style="color:#000000;white-space:pre-wrap;vertical-align:super;font-size:5.36pt;font-family:Arial;font-kerning:none;min-width:fit-content;">(1)</font><font style="color:#000000;white-space:pre-wrap;font-size:8pt;font-family:Arial;font-kerning:none;min-width:fit-content;"> These volumes are net to the Trust, after allocation of expenses to Trust&#x2019;s net profit interest, including any prior period adjustments.</font></p><p style="margin-left:24.6pt;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><font style="color:#000000;white-space:pre-wrap;vertical-align:super;font-size:5.36pt;font-family:Arial;font-kerning:none;min-width:fit-content;">(2) </font><font style="color:#000000;white-space:pre-wrap;font-size:8pt;font-family:Arial;font-kerning:none;min-width:fit-content;">This pricing includes sales of gas liquid products.</font></p><p style="margin-left:24.6pt;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><font style="color:#000000;white-space:pre-wrap;vertical-align:super;font-size:5.36pt;font-family:Arial;font-kerning:none;min-width:fit-content;">(3)</font><font style="color:#000000;white-space:pre-wrap;font-size:8pt;font-family:Arial;font-kerning:none;min-width:fit-content;"> Information is not being made available monthly but may be provided within 30 days next following the close of each calendar quarter. To the extent the Trustee receives such information timely following the quarter, information will be included in the Trust&#x2019;s quarterly report on Form 10-Q for the applicable quarter (or the annual report on Form 10-K with respect to the fourth quarter).</font></p><p style="margin-left:7pt;text-indent:-0.05pt;padding-left:0.05pt;font-size:10pt;margin-top:0.1pt;font-family:Times New Roman;margin-bottom:0;margin-right:0.1638888888888889in;text-align:justify;"><font style="white-space:pre-wrap;font-size:9pt;font-family:Arial;font-kerning:none;min-width:fit-content;">&#160;</font></p><p style="margin-left:7.2pt;text-indent:28.8pt;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;margin-right:0.09027777777777778in;text-align:left;"><font style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Arial;font-kerning:none;min-width:fit-content;">General and Administrative Expenses deducted for the month, net of interest earned were $102,800 resulting in a distribution of $1,771,797 to 46,608,796 units outstanding, or $0.038014 per unit.</font></p><p style="margin-left:7.2pt;text-indent:36pt;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;margin-right:0.09027777777777778in;text-align:justify;"><font style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Arial;font-kerning:none;min-width:fit-content;">The worldwide market conditions continue to affect the pricing for domestic production. It is difficult to predict what effect these conditions will have on future distributions.</font></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="white-space:pre-wrap;font-size:9pt;font-family:Arial;font-kerning:none;min-width:fit-content;">&#160;</font></p><p style="margin-left:7.2pt;text-indent:36pt;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;margin-right:0.09027777777777778in;text-align:justify;"><font style="white-space:pre-wrap;font-size:9pt;font-family:Arial;font-kerning:none;min-width:fit-content;">&#160;</font></p><p style="margin-left:7.2pt;text-indent:36pt;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;margin-right:0.09027777777777778in;text-align:left;"><font style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:9pt;font-family:Arial;font-kerning:none;min-width:fit-content;">UNITHOLDER MAILING FILED BY SOFTVEST</font></p><p style="text-indent:36pt;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:12pt;text-align:justify;"><font style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Arial;font-kerning:none;min-width:fit-content;">On or about February 10, 2026, SoftVest, L.P. (&#x201c;SoftVest&#x201d;), a unit holder of the</font><font style="color:#008080;white-space:pre-wrap;text-decoration:underline solid;font-size:9pt;font-family:Arial;font-kerning:none;min-width:fit-content;"> </font><font style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Arial;font-kerning:none;min-width:fit-content;">Trust, mailed documents to holders of units of beneficial interest (&#34;Unitholders&#34;) which included a cover letter, a Citation in the District Court of Tarrant County, Texas (&#34;Citation&#34;), the Original Petition for Modification of Trust (the &#x201c;Petition&#x201d;) in the District Court of Tarrant County, Texas (Cause No. 96-373245-25) seeking judicial modification of the Trust&#x2019;s Indenture, and the Petitioner SoftVest, L.P.'s Notice of Bench Trial on Petitioner's Original Petition for Modification of Trust (&#34;Notice of Bench Trial&#34;), also collectively known as the &#34;Unitholder Mailing&#34;. The Unitholder Mailing advises Unitholders of a hearing to be scheduled Friday, May 8, 2026, at 10:30 a.m. before the 96th District Court of Tarrant County, Tom Vandergriff Civil Courts Building, 4th Floor, 100 North Calhoun Street, Fort Worth, Texas 76196, on the merits of SoftVest's Petition pursuant to which it seeks to (1) amend Section 8.03 of the Indenture to eliminate the requirement that certain amendments require approval by 75% of the outstanding units of the Trust, and (2) delete Section 10.01 of the Indenture that sets forth certain prohibited amendments and replace Article X of the Indenture with a provision permitting amendment of any provision of the Indenture by a vote of unitholders in accordance with Article VIII (which, as amended, would permit amendment by a majority in interest of unitholders constituting a quorum at a meeting of unitholders where a quorum is present).</font></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><font style="white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">&#160;</font></p></div></div>
  <div class="fixed-width-container" style="margin-left:auto;padding-left:0.4in;width:7.699999999999999in;margin-top:auto;box-sizing:content-box;margin-right:auto;padding-right:0.4in;"><div style="z-index:2;flex-direction:column;display:flex;padding-bottom:0.5in;min-height:0.19in;justify-content:flex-end;position:relative;box-sizing:border-box;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;margin-left:0;margin-right:0;"><font style="white-space:pre-wrap;font-size:11pt;font-family:Arial;font-kerning:none;min-width:fit-content;">&#160;</font></p></div></div>
  <hr style="margin-inline-start:auto;margin-inline-end:auto;width:8.5in;page-break-after:always;">
  <div class="fixed-width-container" style="margin-left:auto;padding-left:0.4in;width:7.699999999999999in;box-sizing:content-box;margin-right:auto;padding-right:0.4in;"><div style="padding-top:0.25in;z-index:2;min-height:0.25in;position:relative;box-sizing:border-box;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;margin-left:0;margin-right:0;"><font style="white-space:pre-wrap;font-size:11pt;font-family:Arial;font-kerning:none;min-width:fit-content;">&#160;</font></p></div></div>
  <div class="main-content-container" style="z-index:5;position:relative;"><div class="fixed-width-container" style="margin-left:auto;padding-left:0.4in;width:7.699999999999999in;box-sizing:content-box;margin-right:auto;padding-right:0.4in;"><p style="text-indent:36pt;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:8pt;text-align:justify;"><font style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Arial;font-kerning:none;min-width:fit-content;">The 2025 Annual Report with Form 10-K, which includes the December 31, 2025, Reserve Summary, has been filed with the Securities Exchange Commission. Permian&#x2019;s cash distribution history, current and prior year financial reports, tax information booklets, and a link to filings made with the Securities and Exchange Commission, all can be found on Permian&#x2019;s website at </font><font style="color:#0000ff;white-space:pre-wrap;font-weight:bold;font-size:9pt;font-family:Arial;font-kerning:none;min-width:fit-content;">http://www.pbt-permian.com/</font><font style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Arial;font-kerning:none;min-width:fit-content;">. Additionally, printed reports can be requested and are mailed free of charge.</font></p><p style="margin-left:7.2pt;text-indent:36pt;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;margin-right:0.09027777777777778in;text-align:justify;"><font style="white-space:pre-wrap;font-size:9pt;font-family:Arial;font-kerning:none;min-width:fit-content;">&#160;</font></p><p style="margin-left:7.2pt;text-indent:36pt;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;margin-right:0.09027777777777778in;text-align:justify;"><font style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:9pt;font-family:Arial;font-kerning:none;min-width:fit-content;">FORWARD-LOOKING STATEMENTS</font></p><p style="margin-left:7.2pt;text-indent:36pt;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;margin-right:0.09027777777777778in;text-align:left;"><font style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Arial;font-kerning:none;min-width:fit-content;">Any statements in this press release about future events or conditions, and other statements containing the words &#x201c;estimates,&#x201d; &#x201c;believes,&#x201d; &#x201c;anticipates,&#x201d; &#x201c;plans,&#x201d; &#x201c;expects,&#x201d; &#x201c;will,&#x201d; &#x201c;may,&#x201d; &#x201c;intends,&#x201d; and similar expressions, other than historical facts, constitute forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Factors or risks that could cause the Trust&#x2019;s actual results to differ materially from the results the Trustee anticipates include, but are not limited to the factors described in Part I, Item 1A, &#x201c;Risk Factors&#x201d; of the Trust&#x2019;s Annual Report on Form 10-K for the year ended December 31, 2025, and Part II, Item 1A, &#x201c;Risk Factors&#x201d; of subsequently filed Quarterly Reports on Form 10-Q.</font></p><p style="margin-left:7.2pt;text-indent:36pt;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;margin-right:0.09027777777777778in;text-align:left;"><font style="white-space:pre-wrap;font-size:9pt;font-family:Arial;font-kerning:none;min-width:fit-content;">&#160;</font></p><p style="margin-left:7.2pt;text-indent:36pt;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;margin-right:0.09027777777777778in;text-align:justify;"><font style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Arial;font-kerning:none;min-width:fit-content;">Actual results may differ materially from those indicated by such forward-looking statements. In addition, the forward-looking statements included in this press release represent the Trustee&#x2019;s views as of the date hereof. The Trustee anticipates that subsequent events and developments may cause its views to change. However, while the Trustee may elect to update these forward-looking statements at some point in the future, it specifically disclaims any obligation to do so. These forward-looking statements should not be relied upon as representing the Trustee&#x2019;s views as of any date subsequent to the date hereof.</font></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="white-space:pre-wrap;font-size:9pt;font-family:Arial;font-kerning:none;min-width:fit-content;">&#160;</font></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="white-space:pre-wrap;font-size:9pt;font-family:Arial;font-kerning:none;min-width:fit-content;">&#160;</font></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="white-space:pre-wrap;font-size:9pt;font-family:Arial;font-kerning:none;min-width:fit-content;">&#160;</font></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;margin-right:1.2743055555555556in;text-align:justify;"><font style="white-space:pre-wrap;font-size:9pt;font-family:Arial;font-kerning:none;min-width:fit-content;">&#160;</font></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;margin-right:1.2743055555555556in;text-align:center;"><font style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:9pt;font-family:Arial;font-kerning:none;min-width:fit-content;">*	*	*</font></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;margin-right:1.2743055555555556in;text-align:center;"><font style="white-space:pre-wrap;font-size:9pt;font-family:Arial;font-kerning:none;min-width:fit-content;">&#160;</font></p><p style="margin-left:43pt;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Arial;font-kerning:none;min-width:fit-content;">Contact: Nancy Willis, Director of Royalty Trust Services, Argent Trust Company, Trustee, Toll Free &#x2013; 1.855.588.7839</font></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">&#160;</font></p></div></div>
  <div class="fixed-width-container" style="margin-left:auto;padding-left:0.4in;width:7.699999999999999in;margin-top:auto;box-sizing:content-box;margin-right:auto;padding-right:0.4in;"><div style="z-index:2;flex-direction:column;display:flex;padding-bottom:0.5in;min-height:0.19in;justify-content:flex-end;position:relative;box-sizing:border-box;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;margin-left:0;margin-right:0;"><font style="white-space:pre-wrap;font-size:11pt;font-family:Arial;font-kerning:none;min-width:fit-content;">&#160;</font></p></div></div>
  <hr style="margin-inline-start:auto;margin-inline-end:auto;width:8.5in;page-break-after:always;">
 </body>
</html>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
