Permian Basin Royalty Trust (NYSE: PBT) holder SoftVest updates 13D with 13.3% stake and trust petition

Rhea-AI Filing Summary

Permian Basin Royalty Trust’s major unitholder SoftVest and its affiliates report beneficial ownership of 6,217,107 Units of Beneficial Interest, representing 13.3% of the class, based on 46,608,796 units outstanding as disclosed in the trust’s Form 10-Q. The units are held with shared voting and shared dispositive power across SoftVest Advisors, LLC, SoftVest GP I, LLC, SoftVest, L.P., and Eric L. Oliver, who signs in several leadership capacities.

This Amendment No. 3 to their Schedule 13D updates the stated purpose of the investment to note that on December 26, 2025, SoftVest, L.P., as a beneficiary of the trust, filed an Original Petition for Modification of Trust in the 96th District Court of Tarrant County, Texas, seeking to effect an Indenture Reformation. A copy of the petition is filed as a new exhibit to the schedule.

Insights

Governance & activism analyst

SoftVest updates its 13D to reflect a court petition tied to its 13.3% PBT stake.

The key fact is that SoftVest entities and Eric L. Oliver continue to report beneficial ownership of 6,217,107 Units of Beneficial Interest in Permian Basin Royalty Trust, or 13.3% of the outstanding class. Voting and dispositive power over these units are shared among SoftVest Advisors, LLC, SoftVest GP I, LLC, SoftVest, L.P., and Mr. Oliver, indicating a coordinated position.

This amendment specifically revises the stated purpose of the investment to disclose that on December 26, 2025, SoftVest, L.P., as a beneficiary of the trust, filed an Original Petition for Modification of Trust in the 96th District Court of Tarrant County, Texas, seeking to effect an Indenture Reformation. The full petition is included as an exhibit, suggesting the investor is using legal channels to pursue changes related to the trust indenture. The actual impact will depend on how the court handles case number 096-373245-25 and any subsequent disclosures by the parties.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13D

Under the Securities Exchange Act of 1934

(Amendment No. 3)

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)

12/26/2025

(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:

(1) 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 November 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:

(2) 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 November 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:

(3) 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 November 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:

(1) 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. (2) 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 November 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. 3 to the Schedule 13D of the Reporting Persons (this "Amendment No. 3") 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 amended on October 10, 2025, and October 16, 2025 (collectively, the "Original Schedule 13D" and together with this amendment, the "Schedule 13D"). Capitalized terms used and not defined in this Amendment No. 3 have the meanings set forth in the Original Schedule 13D. This Amendment No.3 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 December 26, 2025, SoftVest, LP, as beneficiary of the Trust, filed an Original Petition for Modification of Trust (the "Original Petition") in the District Court of Tarrant County, Texas, seeking to effect the Indenture Reformation. The case (096-373245-25) has been assigned to the 96th District Court of Tarrant County. The foregoing is qualified in its entirety by reference to the full text of the Original Petition, a copy of which is attached as Exhibit 4 and incorporated by reference herein.
Item 7.	Material to be Filed as Exhibits.
	Item 7 of the Original Schedule 13D is amended by adding the following: (4) Original Petition for Modification of Trust.

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 L. Oliver
Name/Title:	Eric Oliver/President and Managing Member
Date:	12/29/2025

SoftVest GP I, LLC

Signature:	/s/ Eric L. Oliver
Name/Title:	Eric Oliver/President and Managing Member
Date:	12/29/2025

SoftVest, L.P.

Signature:	By: SoftVest GP I, LLC its general partner, /s/ Eric L. Oliver
Name/Title:	Eric L. Oliver/President and Managing Member
Date:	12/29/2025

Eric L. Oliver

Signature:	/s/ Eric L. Oliver
Name/Title:	Eric L. Oliver
Date:	12/29/2025

FAQ

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

SoftVest Advisors, LLC, SoftVest GP I, LLC, SoftVest, L.P., and Eric L. Oliver report beneficial ownership of 6,217,107 Units of Beneficial Interest in Permian Basin Royalty Trust, representing 13.3% of the outstanding class based on 46,608,796 units reported in the trust’s Form 10-Q filed on November 13, 2025.

Who are the reporting persons in this Schedule 13D/A for Permian Basin Royalty Trust (PBT)?

The reporting persons are SoftVest Advisors, LLC, SoftVest GP I, LLC, SoftVest, L.P., and Eric L. Oliver. Each reports shared voting and shared dispositive power over the same 6,217,107 units of Permian Basin Royalty Trust.

What change is disclosed in Amendment No. 3 to the 13D on PBT?

Amendment No. 3 updates Item 4 (Purpose of Transaction) and Item 7 (Exhibits) to disclose that on December 26, 2025, SoftVest, L.P. filed an Original Petition for Modification of Trust in the District Court of Tarrant County, Texas, seeking to effect an Indenture Reformation, and adds that petition as a new exhibit.

Where was the petition related to Permian Basin Royalty Trust filed and what is the case reference?

SoftVest, L.P., as a beneficiary of Permian Basin Royalty Trust, filed the Original Petition for Modification of Trust in the 96th District Court of Tarrant County, Texas. The case is referenced as 096-373245-25.

How is voting power over PBT units held by the SoftVest entities and Eric L. Oliver?

For each reporting person, the filing shows 0 units with sole voting or dispositive power and 6,217,107 units with shared voting power and shared dispositive power, indicating joint control over the reported holdings.

Does Eric L. Oliver report any additional PBT units held by family members?

The filing notes that the reported holdings for Eric L. Oliver exclude 17,000 Units of Beneficial Interest held by family members and family partnerships. He disclaims beneficial ownership of those units except to the extent of any pecuniary interest.

What exhibit is added in this 13D/A related to Permian Basin Royalty Trust (PBT)?

The amendment adds a new exhibit described as (4) Original Petition for Modification of Trust, which is incorporated by reference into the updated Schedule 13D.