Permian Basin (PBT) Form 4: SoftVest Short Put Obligations Detailed

Rhea-AI Filing Summary

Permian Basin Royalty Trust (PBT) reporting persons led by Eric Lee Oliver and affiliated SoftVest entities disclosed written short put options that create obligations to buy units if exercised. The Form 4 records two short put contracts dated 09/19/2025: a $10 strike covering 7,723 options tied to 772,300 underlying trust units and a $7.50 strike covering 864 options tied to 86,400 underlying trust units. The reporting group holds these positions indirectly through SoftVest, LP, with SoftVest Advisors, LLC and SoftVest GP I, LLC described as manager and general partner and Mr. Oliver as managing member. The filing explains these short puts were written prior to the reporting persons becoming Section 16 insiders and their expirations are exempt from Section 16(b).

Positive

• Clear disclosure of option positions and ownership chain through SoftVest entities
• Exemption stated that the short puts were written before insider status and are exempt from Section 16(b)
• Material size disclosed: combined potential underlying units of 858,700 (772,300 + 86,400)

Negative

• Short put obligations create a contractual obligation to buy up to 858,700 units if exercised
• Indirect concentration of economic exposure in PBT via related SoftVest entities could present conflict-of-interest considerations

Insights

Financial Analyst

TL;DR: Significant indirect exposure to PBT via short put obligations covering 858,700 units could lead to material share acquisition if exercised.

The filing shows two short put option obligations that, if exercised, would require purchase of a combined 858,700 units (772,300 and 86,400). These positions are held indirectly by SoftVest, LP and reported through related entities and Mr. Oliver. The disclosure that the puts were written before Section 16 insider status and are exempt from Section 16(b) clarifies timing and reduces short-swing liability concerns. For investors, the notable scale of potential underlying units is the primary takeaway.

Corporate Governance Expert

TL;DR: Reporting is orderly and includes required disclaimers; related-party structure and exemptions are clearly disclosed.

The Form 4 identifies Mr. Oliver as a director and 10% owner and describes the ownership chain: SoftVest, LP directly holds the securities, SoftVest Advisors, LLC is the investment manager, SoftVest GP I, LLC is the general partner, and Mr. Oliver is the managing member. The filing states the short puts were written before insider status and thus their expirations are exempt from Section 16(b), which addresses potential short-swing profit claims. Signatures from each reporting entity are included, meeting formal disclosure requirements.

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)
09/19/2025

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)	$10	09/19/2025		E			7,723	(1)	09/19/2025	Units of Beneficial Ownership	772,300	$0	0	I	By SoftVest, LP(2)
Short Put Option (Obligation to buy)	$7.5	09/19/2025		E			864	(1)	09/19/2025	Units of Beneficial Ownership	86,400	$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	09/22/2025
	SoftVest Advisors, LLC By: /s/ Eric Lee Oliver, Managing Member	09/22/2025
	SoftVest, LP By: SoftVest GP I, LLC, its general partner By: /s/ Eric Lee Oliver, Managing Member	09/22/2025
	SoftVest GP I, LLC By: /s/ Eric Lee Oliver, Managing Member	09/22/2025
	** 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 4 (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).
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FAQ

What transactions were reported for PBT on this Form 4?

Two short put options were reported: a $10 strike covering 7,723 options (underlying 772,300 units) and a $7.50 strike covering 864 options (underlying 86,400 units), both dated 09/19/2025.

How many Permian Basin Royalty Trust units could be acquired if the options are exercised?

Combined potential underlying units equal 858,700 units (772,300 + 86,400).

Who beneficially owns the reported securities?

SoftVest, LP directly holds the securities; SoftVest Advisors, LLC (investment manager), SoftVest GP I, LLC (general partner) and Eric Lee Oliver (managing member) are disclosed as potentially deemed beneficial owners.

Are these transactions subject to Section 16(b) short-swing profit rules?

No. The filing states the short puts were written before the reporting persons became Section 16 insiders and their expirations are exempt from Section 16(b).

What relationship does Eric Lee Oliver have to PBT?

Eric Lee Oliver is identified as a director and a 10% owner and signs on behalf of the related reporting entities.