PERMIAN BASIN ROYALTY TRUST — Form SCHEDULE 13D/A

On July 28, 2026, PBT Land and Minerals, Inc. (NewCo) entered into a combination agreement with Blackbeard Holdings LLC, Blackbeard Security Holdings LLC, and Greybeard Energy LLC. The transaction involves: (1) PBT contributes its interests to NewCo for 46.6 million Class A shares; (2) Blackbeard Security purchases 30.0 million Class B shares and receives 30.0 million OpCo units; (3) Greybeard purchases 2.0 million Class B shares and receives 2.0 million OpCo units plus a $7.3 million cash right; (4) complex pre-closing restructuring of Blackbeard entities; (5) pay-down of $112.7 million USLG credit facility. Post-closing, PBT unitholders hold 46.6M Class A shares; Blackbeard Security and Greybeard hold Class B shares and OpCo units with managing member status held by NewCo.