Permian Basin Royalty Trust (PBT) insider notes expiry of short put options

Rhea-AI Filing Summary

Permian Basin Royalty Trust had an insider report the expiration of previously written derivative positions. On December 19, 2025, a director and 10% owner, reporting indirect ownership through SoftVest, LP, reported the expiration (transaction code E) of short put options on Units of Beneficial Ownership. One short put position covered 396,500 units at a strike price of $12.50, and a second covered 100 units at a strike price of $15.00. After these expirations, the number of these derivative securities beneficially owned was reported as zero and the positions were held indirectly by SoftVest, LP.

The filing notes that the short put options were written before the reporting persons became Section 16 insiders and were initially disclosed on a Form 3 filed on July 22, 2025, so their expiration is stated to be exempt from Section 16(b) of the Securities Exchange Act of 1934.

SEC Form 4

FORM 4

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

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

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

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Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

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

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

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

3. Date of Earliest Transaction (Month/Day/Year)
12/19/2025

4. 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 Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Short Put Option (Obligation to buy)	$12.5	12/19/2025		E			3,965	(1)	12/19/2025	Units of Beneficial Ownership	396,500	$0	0	I	By SoftVest, LP(2)
Short Put Option (Obligation to buy)	$15	12/19/2025		E			1	(1)	12/19/2025	Units of Beneficial Ownership	100	$0	0	I	By SoftVest, LP(2)

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. This short put option was written before the Reporting Persons became Section 16 insiders of the Issuer and therefore was reported on the Reporting Persons' Form 3 filed on July 22, 2025, and as such the expiration of this option is exempt from Section 16(b) of the Securities Exchange Act of 1934, as amended.

2. 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 Advisors, LLC, SoftVest GP I, LLC and Mr. 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.

	/s/ Eric Lee Oliver	12/22/2025
	SoftVest Advisors, LLC By: /s/ Eric Lee Oliver, Managing Member	12/22/2025
	SoftVest, LP By: SoftVest GP I, LLC, its general partner By: /s/ Eric Lee Oliver, Managing Member	12/22/2025
	SoftVest GP I, LLC By: /s/ Eric Lee Oliver, Managing Member	12/22/2025
	** Signature of Reporting Person	Date
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FAQ

What insider activity did Permian Basin Royalty Trust (PBT) report in this Form 4?

The filing reports the expiration of short put options on Units of Beneficial Ownership on December 19, 2025, held indirectly through SoftVest, LP, by a director and 10% owner of Permian Basin Royalty Trust.

What derivative positions were involved in the PBT insider transaction?

The insider reported two short put options: one with a strike price of $12.50 covering 396,500 units of beneficial ownership, and another with a strike price of $15.00 covering 100 units.

How many derivative securities did the PBT insider hold after the reported transaction?

Following the reported expirations of the short put options, the number of these derivative securities beneficially owned was reported as zero.

How is SoftVest, LP related to the PBT insider holdings?

The options were held indirectly by SoftVest, LP. SoftVest Advisors, LLC is its investment manager, SoftVest GP I, LLC is its general partner, and Eric Lee Oliver is the managing member of SoftVest GP I, LLC.

Why does the filing mention Section 16(b) for the PBT insider?

The filing explains that the short put options were written before the reporting persons became Section 16 insiders and were disclosed on a Form 3 filed on July 22, 2025, so the expiration is stated to be exempt from Section 16(b) of the Securities Exchange Act of 1934.

Does Eric Lee Oliver claim full beneficial ownership of the SoftVest, LP PBT securities?

The filing states that Eric Lee Oliver may be deemed to beneficially own the securities held by SoftVest, LP but he disclaims beneficial ownership except to the extent of his pecuniary interest in them.