PBT Schedule 13G/A: SoftVest Reports 6.2 M Units Held

Rhea-AI Filing Summary

SoftVest Advisors, LLC, SoftVest GP I, LLC, SoftVest, LP and Eric L. Oliver jointly filed Amendment No. 4 to Schedule 13G for Permian Basin Royalty Trust (PBT), dated 30 June 2025.

The filing discloses beneficial ownership of 6,206,624 Units of Beneficial Interest, representing 13.3 % of PBT’s 46,608,796 outstanding units (per the issuer’s 14 May 2025 report). All voting and dispositive power is shared among the reporting persons; none is held solely.

• The securities are held by SoftVest, LP; SoftVest Advisors acts as investment adviser, SoftVest GP I is general partner, and Eric L. Oliver manages the entities.
• The Schedule is filed under Rule 13d-1(b)/(c)/(d), signalling a passive investment; the group certifies no intent to influence control.
• This stake positions SoftVest as a major unitholder, comfortably above the 5 % reporting threshold and likely among the trust’s largest holders.

Investor takeaway: the amendment confirms continued, sizeable institutional ownership, which may support trading liquidity and convey confidence in PBT’s royalty income stream. However, a single holder controlling over 13 % introduces concentration risk should the firm change its stance or liquidate.

Insights

Securities Analyst

TL;DR – Passive filing: SoftVest still holds 13.3 % of PBT; limited immediate market impact.

The amendment merely updates ownership data—no new purchases, sales or activist language. While 13.3 % is material, the passive 13G status lowers the probability of governance agitation. Liquidity support is positive, yet the trust’s unit price is unlikely to move significantly on this disclosure alone. Watch future amendments for directional changes.

Corporate Governance Expert

TL;DR – Large but passive holder; governance influence minimal unless SoftVest converts to 13D.

Because the group shares voting/dispositive power and certifies non-control intent, board or strategy influence remains limited. Nevertheless, a 13 % position gives SoftVest leverage if its stance changes; any switch to a 13D would be a key governance inflection point. For now, impact is neutral.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

(Amendment No. 4)

Permian Basin Royalty Trust

(Name of Issuer)

Units of Beneficial Interest

(Title of Class of Securities)

714236106

(CUSIP Number)

06/30/2025

(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

SOFTVEST ADVISORS, 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 0.00
6	Shared Voting Power 6,206,624.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 6,206,624.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

6,206,624.00

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)

13.3 %

12

Type of Reporting Person (See Instructions)

IA

Comment for Type of Reporting Person: (1) 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 May 14, 2025. SoftVest Advisors, LLC acquired beneficial interest in the units in the ordinary course of business as a registered investment adviser and not with the purpose nor with the effect of changing or influencing the control of the Issuer.

SCHEDULE 13G

CUSIP No. 714236106

1

Names of Reporting Persons

SOFTVEST GP I, 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 0.00
6	Shared Voting Power 6,206,624.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 6,206,624.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

6,206,624.00

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)

13.3 %

12

Type of Reporting Person (See Instructions)

OO

Comment for Type of Reporting Person: (1) 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 May 14, 2025.

SCHEDULE 13G

CUSIP No. 714236106

1

Names of Reporting Persons

SOFTVEST, LP

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 0.00
6	Shared Voting Power 6,206,624.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 6,206,624.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

6,206,624.00

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)

13.3 %

12

Type of Reporting Person (See Instructions)

PN

Comment for Type of Reporting Person: (1) 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 May 14, 2025.

SCHEDULE 13G

CUSIP No. 714236106

1

Names of Reporting Persons

Eric L. Oliver

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

UNITED STATES

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 6,206,624.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 6,206,624.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

6,206,624.00

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)

13.3 %

12

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 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) 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 May 14, 2025.

SCHEDULE 13G

Item 1.
(a)	Name of issuer: Permian Basin Royalty Trust
(b)	Address of issuer's principal executive offices: Argent Trust Company 3838 Oak Lawn Ave Suite 1720 Dallas, TX 75219
Item 2.
(a)	Name of person filing: This Schedule 13G is being filed by (i) SoftVest Advisors, LLC, a Delaware Limited Liability Company and a registered investment adviser ("SoftVest"), (ii) SoftVest, LP, a Delaware Limited Partnership ("SoftVest, LP"), (iii) SoftVest GP I, LLC, a Delaware Limited Liability Company ("SoftVest GP I, LLC,"), and Eric L. Oliver (each, a "Reporting Person" and, together, the "Reporting Persons"). SoftVest, LP directly holds 6,206,624 Units of Beneficial Ownership. SoftVest is the investment manager of SoftVest, LP, and SoftVest GP I, LLC is the general partner of SoftVest, LP, and Eric L. Oliver is the managing member of SoftVest GP I, LLC. As a result, each of SoftVest, SoftVest GP I, LLC and Eric L. Oliver may be deemed to beneficially own the securities beneficially owned by SoftVest, LP. Each of the Reporting Persons listed in this filing certify the securities referred to above 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 effect.
(b)	Address or principal business office or, if none, residence: The registered office of SoftVest Advisors, LLC, SoftVest GP I, LLC, and SoftVest LP is 400 Pine Street, Suite 1010, Abilene, TX, 79601. The address for Eric L. Oliver is 400 Pine Street, Suite 1010, Abilene, TX, 79601.
(c)	Citizenship: See response to Item 4 of each of the cover pages.
(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: See responses to Item 9 on each cover page.
(b)	Percent of class: See responses to Item 11 on each cover page.
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: See responses to Item 5 on each cover page.
	(ii) Shared power to vote or to direct the vote: See responses to Item 6 on each cover page.
	(iii) Sole power to dispose or to direct the disposition of: See responses to Item 7 on each cover page.
	(iv) Shared power to dispose or to direct the disposition of: See responses to Item 8 on each cover page.
Item 5.	Ownership of 5 Percent or Less of a Class.
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.

SOFTVEST ADVISORS, LLC

Signature:	/s/ Eric L. Oliver
Name/Title:	Eric L. Oliver / President and Managing Member
Date:	07/08/2025

SOFTVEST GP I, LLC

Signature:	/s/ Eric L. Oliver
Name/Title:	Eric L. Oliver / President and Managing Member
Date:	07/08/2025

SOFTVEST, LP

Signature:	/s/ SOFTVEST GP I, LLC
Name/Title:	SOFTVEST GP I, LLC / the General Partner
Date:	07/08/2025

Signature:	/s/ Eric L. Oliver
Name/Title:	Eric L. Oliver / President and Managing Member
Date:	07/08/2025

Eric L. Oliver

Signature:	/s/ Eric L. Oliver
Name/Title:	Eric L. Oliver
Date:	07/08/2025

Exhibit Information

Exhibit 1 - Joint Filing Agreement