[SCHEDULE 13G/A] Permian Basin Royalty Trust SEC Filing

Rhea-AI Filing Summary

Confluent, Inc. (CFLT) – Form 144 Notice of Proposed Sale

On 07/02/2025 an affiliate of Confluent filed a Form 144 indicating the intention to sell up to 242,501 common shares, representing roughly 0.07 % of the company’s 340,389,876 shares outstanding. The planned broker is Morgan Stanley Smith Barney LLC, Executive Financial Services, New York. Based on the market price used in the filing, the prospective sale is valued at $6.23 million.

The shares were acquired the same day (07/02/2025) via a stock-option exercise, with cash used to cover the exercise price. The filer—identified in prior sales data within the notice as Melanie Vinson—has sold stock in two prior transactions during the last three months: 13,937 shares on 05/22/2025 for $304,662.82 and 14,087 shares on 05/20/2025 for $307,476.95, together totaling 28,024 shares and $612,140 in gross proceeds.

Key takeaways for investors

• Form 144 filings announce a proposed—not yet executed—sale; actual sales may differ.
• The number of shares is immaterial to the company’s float but notable for tracking insider sentiment.
• The stock-option exercise increases the share count by an equal amount, but the dilution impact is de-minimis at the company level.

While the filing signals insider intent to monetize holdings, the relatively small percentage of outstanding shares suggests limited direct market impact. No undisclosed adverse information was asserted by the filer, as required by Rule 144.

Positive

• None.

Negative

• Insider intent to sell 242,501 shares ($6.23 M) may be viewed as a mild negative sentiment signal despite immaterial dilution.

Insights

Financial Analyst

TL;DR: Routine Form 144 shows insider aims to sell $6.2 M in stock—size immaterial, sentiment slightly negative.

The proposed sale equals 0.07 % of shares outstanding, so supply pressure should be negligible. However, consecutive insider liquidations within the past quarter indicate ongoing profit-taking following option exercises. Because Form 144 is only a notice, the sale may occur piecemeal or be withheld if market conditions change. From a valuation standpoint, dilution is minimal and does not affect per-share metrics. I view the filing as neutral for fundamentals but a minor negative signal for sentiment.

Corporate Governance Expert

TL;DR: Standard compliance filing; insider selling pattern worth monitoring, but governance risk low.

Rule 144 requires affiliates to pre-announce sizable open-market sales. The filer certified no material non-public information, satisfying governance best practices. The option-exercise-plus-sale structure is common for liquidity and tax obligations. Aggregate insider sales over three months (≈270 K shares including proposed) remain well below Rule 144 volume limits, indicating adherence to regulatory thresholds. Unless the pace accelerates or multiple executives join in, the governance impact is not material.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

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)

06/03/2025

(Date of Event Which Requires Filing of this Statement)

Check the appropriate box to designate the rule pursuant to which this Schedule is filed:

Rule 13d-1(b)

Rule 13d-1(c)

Rule 13d-1(d)

SCHEDULE 13G

CUSIP No. 714236106

1

Names of Reporting Persons

HORIZON KINETICS ASSET MANAGEMENT LLC

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 5,839,825.00
6	Shared Voting Power
7	Sole Dispositive Power 5,839,825.00
8	Shared Dispositive Power

9

Aggregate Amount Beneficially Owned by Each Reporting Person

5,839,825.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

12.5 %

12

Type of Reporting Person (See Instructions)

IA

SCHEDULE 13G

Item 1.
(a)	Name of issuer: PERMIAN BASIN ROYALTY TRUST
(b)	Address of issuer's principal executive offices: C/O ARGENT TRUST COMPANY, 3838 OAK LAWN AVE., SUITE 1720, DALLAS, TEXAS, 75219-4518.
Item 2.
(a)	Name of person filing: Horizon Kinetics Asset Management LLC
(b)	Address or principal business office or, if none, residence: 470 Park Ave S, 8th Fl S New York, NY 10016
(c)	Citizenship: Delaware
(d)	Title of class of securities: Units of Beneficial Interest
(e)	CUSIP No.: 714236106
Item 3.	If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)	Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)	Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)	Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)	Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)	An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)	An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)	A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)	A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)	A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)	A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J), please specify the type of institution:
(k)	Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
Item 4.	Ownership
(a)	Amount beneficially owned: 5,839,825
(b)	Percent of class: 12.5 %
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: 5,839,825
	(ii) Shared power to vote or to direct the vote:
	(iii) Sole power to dispose or to direct the disposition of: 5,839,825
	(iv) Shared power to dispose or to direct the disposition of:
Item 6.	Ownership of more than 5 Percent on Behalf of Another Person.
	Not Applicable
Item 7.	Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
	Not Applicable
Item 8.	Identification and Classification of Members of the Group.
	Not Applicable
Item 9.	Notice of Dissolution of Group.
	Not Applicable

Item 10.

Certifications:

By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under § 240.14a-11.

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.

HORIZON KINETICS ASSET MANAGEMENT LLC

Signature:	/s/Jay Kesslen
Name/Title:	General Counsel
Date:	07/02/2025

FAQ

How many CFLT shares are proposed for sale in this Form 144?

242,501 common shares are listed for potential sale.

What is the estimated value of the shares noted in the CFLT Form 144 filing?

The aggregate market value disclosed is $6,227,425.68.

When could the proposed CFLT insider sale occur?

The approximate sale date provided is 07/02/2025.

Who is the broker handling the proposed sale for CFLT shares?

The filing names Morgan Stanley Smith Barney LLC, Executive Financial Services.

Does the filing create immediate dilution for CFLT shareholders?

Dilution impact is de-minimis; 242,501 shares equal about 0.07 % of total shares outstanding.

Is this Form 144 a guarantee the CFLT insider will sell?

No. Form 144 is a notice of intent; the insider may sell, postpone, or cancel the transaction.