SoftVest Group Reports 6,217,107 PBT Units and Short Puts expiring 12/19/2025

Rhea-AI Filing Summary

SoftVest-affiliated parties report beneficial ownership of 6,217,107 Units, representing 13.3% of Permian Basin Royalty Trust (PBT). The filing amends a prior Schedule 13D to add disclosure about short put options held by SoftVest, L.P.: $12.50-strike puts on 396,500 Units (3,965 contracts) and a $15.00-strike put on 100 Units, each expiring on 12/19/2025. The reporting persons include SoftVest Advisors, LLC; SoftVest GP I, LLC; SoftVest, L.P.; and Eric L. Oliver, who collectively report shared voting and dispositive power over the disclosed units. The amendment states the percentage calculation is based on 46,608,796 Units outstanding as reported in the issuer's SEC filing dated 8/13/2025.

Positive

• Beneficial ownership disclosed: 6,217,107 Units (13.3%) — a sizable, clearly reported stake
• Amendment increases transparency by adding details on short put positions and strikes

Negative

• Short put positions create contingent purchase obligations at $12.50 and $15.00 if exercised on 12/19/2025
• Shared voting/dispositive power across related entities concentrates control and could raise governance questions for other unitholders

Insights

Institutional Ownership Analyst

SoftVest group holds a meaningful 13.3% stake and reports derivative exposure.

The group reports beneficial ownership of 6,217,107 Units, equal to 13.3% of the outstanding units, which is large enough to influence voting outcomes on trust matters. Shared voting and dispositive power is disclosed across affiliated entities and an individual, indicating coordinated ownership and control.

The amended disclosure adds short put positions exercisable at $12.50 and $15.00 expiring on 12/19/2025, which could affect net exposure depending on unit price near expiry. Monitor unit trading around that date for potential exercise or assignment activity.

Derivatives / Risk Analyst

Short put exposure creates contingent obligations if unit prices fall before 12/19/2025.

SoftVest, L.P. has short puts referencing 396,600 Units in aggregate across two strikes ($12.50 and $15.00), which could require purchasing units if exercises occur. The notional referenced (396,600 Units) is small relative to the 6.22M owned but creates upside risk if units decline below strikes.

The positions expire on 12/19/2025; near-term price moves below the strikes would materially change SoftVest's net long/short exposure. Watch market price of units into December 2025 for potential assignment activity.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13D

Under the Securities Exchange Act of 1934

(Amendment No. 1)

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
(650) 516-4310

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

10/09/2025

(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: 3838 Oak Lawn Ave, Suite 1720, Dallas, TEXAS , 75219.
Item 1 Comment: This Amendment No. 1 ("Amendment No. 1") amends the statement on Schedule 13D filed by the Reporting Persons with the Commission on October 10, 2025 (the "Original 13D"). This Amendment No. 1 is being filed solely to add disclosure to the Original 13D in Item 6 with respect to the short put options held by SoftVest, LP, as previously disclosed on the Reporting Persons' Form 3 filed on July 22, 2025.
Item 6.	Contracts, Arrangements, Understandings or Relationships With Respect to Securities of the Issuer
	Short Put Options As of the date hereof, SoftVest, LP has outstanding the following short put options: (i) 3,965 short put options, referencing 396,500 Units, which are currently exercisable at $12.50 per Unit and expire on December 19, 2025 and (ii) one short put option, referencing 100 Units, which is currently exercisable at $15 per Unit and expire on December 19, 2025.
Item 7.	Material to be Filed as Exhibits.
	(1) Joint Filing Agreement, dated October 9, 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:	10/10/2025

SoftVest GP I, LLC

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

SoftVest, L.P.

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

Eric L. Oliver

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

FAQ

What stake in PBT does SoftVest report in the Schedule 13D/A?

The filing reports beneficial ownership of 6,217,107 Units, representing 13.3% of outstanding units.

What short put options did the amendment disclose for SoftVest, L.P.?

SoftVest, L.P. disclosed (i) 3,965 short put contracts referencing 396,500 Units at a $12.50 strike and (ii) 1 short put referencing 100 Units at a $15.00 strike, all expiring on 12/19/2025.

How was the 13.3% figure calculated?

The percentage is based on 46,608,796 Units outstanding as reported in the issuer's SEC filing dated 8/13/2025.

Who are the reporting persons named in the filing?

The reporting persons are SoftVest Advisors, LLC, SoftVest GP I, LLC, SoftVest, L.P., and Eric L. Oliver.

When do the disclosed short put options expire?

All disclosed short put options expire on 12/19/2025.