Item 1A. Risk Factors
Item 1A. Risk Factors
Risk factors relating to the Trust are contained in Item 1A of the Trust's Annual Report on Form 10-K for the fiscal year ended December 31, 2025. Except as set forth in such filing, and as set forth below, no material change to such risk factors has occurred during the six months ended June 30, 2026:
The terms of the Combination Agreement and proposed Business Combination were not negotiated by the Trust or the Trustee, and no party has opined on the fairness of the Business Combination to Unitholders.
Neither the Trust nor the Trustee is a party to the Combination Agreement, nor did the Trust or Trustee negotiate the terms of the Business Combination, including the percentage of New PBT shares to be held by Unitholders following the Business Combination. The negotiations were instead conducted by SoftVest, a Unitholder that beneficially owns in the aggregate approximately 13.3% of the outstanding Trust Units, at SoftVest’s initiative. Neither the Trust nor the Trustee received any opinion from an investment bank regarding the fairness of the Business Combination from a financial point of view, or any other matter. The Trustee is not making any recommendation with respect to the Business Combination or any other proposals to be considered at the special meeting. Therefore, Unitholders are strongly encouraged to carefully review the information in New PBT’s proxy statement/prospectus, including all annexes and information incorporated by reference, and other available information, so that they can make their own determination as to whether to approve amendments to the Trust Indenture to implement the Business Combination and other proposals at the special meeting.
Items 2 through 4
Not applicable.
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Table of Contents
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