[Form 3] Permian Basin Royalty Trust Initial Statement of Beneficial Ownership

Rhea-AI Filing Summary

Insider transaction summary

On 18 Jul 2025, Maplebear Inc. (CART) Chief Product Officer Daniel Danker filed a Form 4 reporting the sale of 10,037 common shares under a Rule 10b5-1 trading plan adopted 28 Feb 2025.

• 9,745 shares sold at a weighted-average price of $48.7971.
• 292 shares sold at a weighted-average price of $49.5382.
• Estimated gross proceeds ≈ $0.49 million.
• Direct ownership after the transactions: 470,190 shares (down from 480,227).

No derivative activity or other material corporate events were disclosed. The filing appears routine and primarily reflects personal portfolio management by the executive.

Positive

• Sale executed under a Rule 10b5-1 plan, indicating pre-planned, compliance-driven disposition.
• Executive retains a significant stake of 470,190 shares, maintaining alignment with shareholder interests.

Negative

• Insider reduced direct holdings by about 10,000 shares (≈2%).
• Any insider selling can be viewed cautiously by the market, despite its routine nature.

Insights

Securities Analyst

TL;DR: Small, pre-planned insider sale; negligible impact on CART’s fundamentals or valuation.

The sale represents roughly 2% of Mr. Danker’s direct holdings and occurred under a 10b5-1 plan, limiting informational content about future outlook. With 470 k shares still owned, alignment with shareholders remains substantial. No derivatives or concurrent corporate disclosures accompany the filing, suggesting the event is administrative rather than strategic. Overall, the transaction is unlikely to alter investor perception or the company’s capital structure.

SEC Form 3

FORM 3

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

INITIAL STATEMENT OF BENEFICIAL OWNERSHIP OF SECURITIES

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0104
Estimated average burden
hours per response:			0.5

1. Name and Address of Reporting Person^*

OLIVER ERIC L

(Last) (First) (Middle)

400 PINE STREET, SUITE 1010

(Street)

ABELINE TX 79601

(City) (State) (Zip)

2. Date of Event Requiring Statement (Month/Day/Year)
06/03/2025

3. Issuer Name and Ticker or Trading Symbol
PERMIAN BASIN ROYALTY TRUST [ PBT ]

4. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director	X	10% Owner
	Officer (give title below)		Other (specify below)

5. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

	Form filed by One Reporting Person
X	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Beneficially Owned
1. Title of Security (Instr. 4)	2. Amount of Securities Beneficially Owned (Instr. 4)	3. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)	4. Nature of Indirect Beneficial Ownership (Instr. 5)
Units of Beneficial Ownership	6,060,000	I	By SoftVest, LP(1)
Units of Beneficial Ownership	4,500	I	By Debeck LLC(2)
Units of Beneficial Ownership	4,500	I	By Debeck Properties(2)

Table II - Derivative Securities Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 4)	2. Date Exercisable and Expiration Date (Month/Day/Year)		3. Title and Amount of Securities Underlying Derivative Security (Instr. 4)		4. Conversion or Exercise Price of Derivative Security	5. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)	6. Nature of Indirect Beneficial Ownership (Instr. 5)
	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Short Put Option (obligation to buy)	(3)	06/20/2025	Units of Beneficial Ownership	271,100	$10	I	By SoftVest, LP(1)
Short Put Option (obligation to buy)	(3)	09/19/2025	Units of Beneficial Ownership	772,300	$10	I	By SoftVest, LP(1)
Short Put Option (obligation to buy)	(3)	09/19/2025	Units of Beneficial Ownership	86,400	$7.5	I	By SoftVest, LP(1)
Short Put Option (obligation to buy)	(3)	12/19/2025	Units of Beneficial Ownership	396,500	$12.5	I	By SoftVest, LP(1)
Short Put Option (obligation to buy)	(3)	12/19/2025	Units of Beneficial Ownership	100	$15	I	By SoftVest, LP(1)
Short Put Option (obligation to buy)	(3)	06/20/2025	Units of Beneficial Ownership	2,500	$12.5	I	By SoftVest, LP(1)

1. Name and Address of Reporting Person^*

OLIVER ERIC L

(Last) (First) (Middle)

400 PINE STREET, SUITE 1010

(Street)

ABELINE TX 79601

(City) (State) (Zip)

Relationship of Reporting Person(s) to Issuer

	Director	X	10% Owner
	Officer (give title below)		Other (specify below)

1. Name and Address of Reporting Person^*

SoftVest Advisors, LLC

(Last) (First) (Middle)

400 PINE STREET, SUITE 1010

(Street)

ABELINE TX 79601

(City) (State) (Zip)

Relationship of Reporting Person(s) to Issuer

	Director	X	10% Owner
	Officer (give title below)		Other (specify below)

1. Name and Address of Reporting Person^*

SoftVest, LP

(Last) (First) (Middle)

400 PINE STREET, SUITE 1010

(Street)

ABELINE TX 79601

(City) (State) (Zip)

Relationship of Reporting Person(s) to Issuer

	Director	X	10% Owner
	Officer (give title below)		Other (specify below)

1. Name and Address of Reporting Person^*

SoftVest GP I, LLC

(Last) (First) (Middle)

400 PINE STREET, SUITE 1010

(Street)

ABELINE TX 79601

(City) (State) (Zip)

Relationship of Reporting Person(s) to Issuer

	Director	X	10% Owner
	Officer (give title below)		Other (specify below)

Explanation of Responses:

1. Directly held by SoftVest, LP. SoftVest Advisors, LLC is the investment manager of SoftVest, LP, SoftVest GP I, LLC is the general partner of SoftVest, LP, and Eric Lee Oliver is the managing member of SoftVest GP I, LLC. As a result, each of SoftVest, SoftVest GP I, LLC and Eric Lee Oliver may be deemed to beneficially own the securities beneficially owned by SoftVest, LP. Mr. Oliver disclaims any beneficial ownership with respect to the securities held by SoftVest, LP except to the extent of his pecuniary therein.

2. Represents shares of securities owned by Debeck LLC and Debeck Properties LP, which Mr. Oliver controls. Mr. Oliver has sole voting and dispositive power with respect to such securities, but Mr. Oliver disclaims any beneficial ownership with respect to such securities except to the extent of his pecuniary therein.

3. Each option is exercisable by the holder of the option on or prior to the expiration date.

	/s/ Eric Lee. Oliver	07/22/2025
	SoftVest Advisors, LLC By: /s/ Eric Lee Oliver, Managing Member	07/22/2025
	SoftVest, LP By: SoftVest GP I, LLC, its general partner By: /s/ Eric Lee Oliver, Managing Member	07/22/2025
	SoftVest GP I, LLC By: /s/ Eric Lee Oliver, Managing Member	07/22/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 5 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

FAQ

How many shares did Maplebear's CPO Daniel Danker sell?

He sold 10,037 common shares (9,745 + 292) on 18 Jul 2025.

At what prices were the CART shares sold?

Weighted-average prices were $48.7971 and $49.5382 for the two sale lots.

How many CART shares does Daniel Danker still own?

Following the sales, he directly owns 470,190 common shares.

Was the insider sale made under a 10b5-1 plan?

Yes. The Form 4 states the trades were executed under a Rule 10b5-1 plan adopted on 28 Feb 2025.

Does the Form 4 include any derivative transactions?

No derivative securities were acquired or disposed of; only common stock sales are reported.