PERMIAN BASIN ROYALTY TRUST — Form 10-K/A

Permian Basin Royalty Trust filed a 10-K/A amending its original 2025 annual report to correct oil/gas reserve disclosures and MD&A. Concretely: (1) Trust received $4.5M in September 2025 from Blackbeard (operator, Waddell Ranch) as partial settlement of $9M lawsuit over royalty miscalculations; remaining $4.5M due in quarterly $1.125M installments in 2026. (2) SoftVest, L.P., holding 13.3% of 46.6M units, filed petition (December 2025) seeking judicial modification to eliminate 75% supermajority voting requirements and prohibited amendments, aiming toward Trust conversion to corporation/LLC. (3) No actual restatement of prior financials; amendments address reserve methodology (exclusion of PUDs due to lack of operator development plan) and reporting lag (Blackbeard data now arrives post-NYSE notification date). Trust reported $11.6M royalty income (2025, Texas Royalty only; Waddell Ranch in deficit); distributable income of $14.3M ($0.31/unit).