SoftVest holds 6,217,107 PBT units; files preliminary proxy

Rhea-AI Filing Summary

Permian Basin Royalty Trust (PBT) received an amended Schedule 13D from SoftVest Advisors, SoftVest GP I, SoftVest, L.P., and Eric L. Oliver. The group reports beneficial ownership of 6,217,107 Units, representing 13.3% of the class.

The percentage is based on 46,608,796 Units outstanding as reported in a Form 10-Q filed on August 13, 2025. The reporting persons have 0 sole and 6,217,107 shared voting and dispositive power. On October 15, 2025, they filed a preliminary proxy statement for a Special Meeting; excerpts are attached as an exhibit. The filing notes that, if the Proposed Conversion is effected, Mr. Oliver may stand for election to Newco’s board of directors.

Insights

Corporate governance analyst

SoftVest discloses a 13.3% stake and initiates proxy action.

SoftVest and Eric L. Oliver amended their beneficial ownership in PBT to 6,217,107 Units, equal to 13.3%, with shared voting and dispositive power and no sole power. The base is 46,608,796 Units outstanding from a Form 10-Q filed on August 13, 2025.

On October 15, 2025, the group filed a preliminary proxy statement for a Special Meeting. The amendment also states that Mr. Oliver may stand for election to Newco’s board if the Proposed Conversion is effected.

Actual outcomes depend on holder votes and the conversion process. Subsequent company materials may detail meeting timing, proposals, and any board slate.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13D

Under the Securities Exchange Act of 1934

(Amendment No. 2)

Permian Basin Royalty Trust

(Name of Issuer)

Units of Beneficial Interest

(Title of Class of Securities)

714236106

(CUSIP Number)

Eric L. Oliver
c/o SoftVest Advisors, LLC, 400 Pine Street, Suite 1010
Abilene, TX, 79601
(325) 677-6177

(Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications)

10/15/2025

(Date of Event Which Requires Filing of This Statement)

If the filing person has previously filed a statement on Schedule 13G to report the acquisition that is the subject of this Schedule 13D, and is filing this schedule because of §§ 240.13d-1(e), 240.13d-1(f) or 240.13d-1(g), check the following box.

The information required on the remainder of this cover page shall not be deemed to be "filed" for the purpose of Section 18 of the Securities Exchange Act of 1934 ("Act") or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).

SCHEDULE 13D

CUSIP No. 714236106

1

Name of reporting person

SoftVest Advisors, LLC

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

AF

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 6,217,107.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 6,217,107.00

11

Aggregate amount beneficially owned by each reporting person

6,217,107.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

13.3 %

14

Type of Reporting Person (See Instructions)

IA

Comment for Type of Reporting Person:

Percentage based on 46,608,796 Units of Beneficial Interest (as defined below) of the Issuer (as defined below) outstanding as reported in the Issuer's Form 10-Q filed with the SEC on August 13, 2025.

SCHEDULE 13D

CUSIP No. 714236106

1

Name of reporting person

SoftVest GP I, LLC

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

AF

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 6,217,107.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 6,217,107.00

11

Aggregate amount beneficially owned by each reporting person

6,217,107.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

13.3 %

14

Type of Reporting Person (See Instructions)

OO

Comment for Type of Reporting Person:

Percentage based on 46,608,796 Units of Beneficial Interest (as defined below) of the Issuer (as defined below) outstanding as reported in the Issuer's Form 10-Q filed with the SEC on August 13, 2025. SoftVest GP I, LLC is the general partner of, and may be deemed to beneficially own securities owned by, SoftVest, L.P.

SCHEDULE 13D

CUSIP No. 714236106

1

Name of reporting person

SoftVest, L.P.

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

WC

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 6,217,107.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 6,217,107.00

11

Aggregate amount beneficially owned by each reporting person

6,217,107.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

13.3 %

14

Type of Reporting Person (See Instructions)

PN

Comment for Type of Reporting Person:

Percentage based on 46,608,796 Units of Beneficial Interest (as defined below) of the Issuer (as defined below) outstanding as reported in the Issuer's Form 10-Q filed with the SEC on August 13, 2025.

SCHEDULE 13D

CUSIP No. 714236106

1

Name of reporting person

Eric L. Oliver

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

AF, PF

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

UNITED STATES

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 6,217,107.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 6,217,107.00

11

Aggregate amount beneficially owned by each reporting person

6,217,107.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

13.3 %

14

Type of Reporting Person (See Instructions)

IN

Comment for Type of Reporting Person:

Excludes 17,000 Units of Beneficial Interest held by family members of and partnerships for the benefit of the family of Eric L. Oliver. Mr. Oliver disclaims beneficial ownership of any such Units of Beneficial Ownership except to the extent of any pecuniary interest therein. Percentage based on 46,608,796 Units of Beneficial Interest (as defined below) of the Issuer (as defined below) outstanding as reported in the Issuer's Form 10-Q filed with the SEC on August 13, 2025.

SCHEDULE 13D

Item 1.	Security and Issuer
(a)	Title of Class of Securities: Units of Beneficial Interest
(b)	Name of Issuer: Permian Basin Royalty Trust
(c)	Address of Issuer's Principal Executive Offices: C/O ARGENT TRUST COMPANY, 3838 OAK LAWN AVE., SUITE 1720, DALLAS, TEXAS , 75219-4518.
Item 1 Comment: This Amendment No. 2 to the Schedule 13D (this "Amendment No. 2") relates to the units of beneficial interest ("Units") of Permian Basin Royalty Trust (the "Trust") and amends the Schedule 13D filed on October 10, 2025 (as previously amended, the "Original Schedule 13D" and together with this amendment, the "Schedule 13D"). Capitalized terms used and not defined in this Amendment No.2 have the meanings set forth in the Original Schedule 13D. This Amendment No.2 is being filed by the Reporting Persons to amend Item 4 and Item 7 as follows:
Item 4.	Purpose of Transaction
	Item 4 of the Original Schedule 13D is amended by adding the following: On October 15, 2025, the Reporting Persons filed a preliminary proxy statement with the Securities and Exchange Commission (the "SEC") with respect to the Special Meeting. Exhibit 3 contains certain excerpts of the preliminary proxy that are incorporated by reference herein. Given his expertise and qualifications, Mr. Oliver may, if the Proposed Conversion is effected, stand for election to Newco's board of directors.
Item 7.	Material to be Filed as Exhibits.
	Item 7 of the Original Schedule 13D is amended by adding the following: (3) Excerpt from Preliminary Proxy Statement, dated October 15, 2025

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

SoftVest Advisors, LLC

Signature:	/s/ Eric Oliver
Name/Title:	Eric Oliver/President and Managing Member
Date:	10/16/2025

SoftVest GP I, LLC

Signature:	/s/ Eric Oliver
Name/Title:	Eric Oliver/President and Managing Member
Date:	10/16/2025

SoftVest, L.P.

Signature:	By: SoftVest GP I, LLC its general partner, /s/ Eric Oliver
Name/Title:	Eric Oliver/President and Managing Member
Date:	10/16/2025

Eric L. Oliver

Signature:	/s/ Eric Oliver
Name/Title:	Eric Oliver
Date:	10/16/2025

FAQ

What stake did SoftVest report in PBT (Permian Basin Royalty Trust)?

The group reported beneficial ownership of 6,217,107 Units, representing 13.3% of the class.

How many PBT units were outstanding for the percentage calculation?

The filing cites 46,608,796 Units outstanding as reported in a Form 10-Q filed on August 13, 2025.

What voting and dispositive powers did the reporting persons disclose?

They disclosed 0 sole voting/dispositive power and 6,217,107 shared voting and dispositive power.

What additional action did SoftVest and Eric L. Oliver take?

They filed a preliminary proxy statement on October 15, 2025 for a Special Meeting, with excerpts included as an exhibit.

What is mentioned about board composition if the Proposed Conversion occurs?

The filing states Mr. Oliver may stand for election to Newco’s board if the Proposed Conversion is effected.

Who are the reporting persons in this Schedule 13D/A?

SoftVest Advisors, LLC, SoftVest GP I, LLC, SoftVest, L.P., and Eric L. Oliver.

What is the CUSIP for Permian Basin Royalty Trust Units?

The CUSIP is 714236106.