Final Schedule 13G/A: SRP Entities Report Zero PHX Holdings After Q2 2025 Sales

Rhea-AI Filing Summary

PHX Minerals Inc. Schedule 13G/A states that all shares reported as beneficially owned by the listed reporting persons were sold during the second quarter of 2025, and this filing is the final Schedule 13G for those reporting persons with respect to the issuer. Each reporting person reports 0.00 shares beneficially owned and 0.0% of the Class A common stock (CUSIP 69291A100). The filing lists the issuer's principal office at 1320 South University Drive, Suite 720, Fort Worth, Texas, and signatures by Ryan Turner dated 08/14/2025 for each reporting entity.

Positive

• All reported shares were sold in Q2 2025, resulting in final Schedule 13G filings for the reporting persons.
• Beneficial ownership reported as 0.00 shares and 0.0% for each reporting person, clearly disclosed on cover pages.

Negative

• None.

Insights

Financial Analyst

TL;DR: Reporting entities sold all PHX shares in Q2 2025; beneficial ownership is now zero, removing these holders from disclosure obligations.

The filing explicitly states that all shares previously reported by the named reporting persons were sold during the second quarter of 2025 and that this is their final Schedule 13G for PHX Minerals. Cover pages for each reporting person show 0.00 shares and 0.0% ownership. The clear numeric disclosure removes ambiguity about ongoing holdings and indicates no residual voting or dispositive power by these entities as of the filing.

Corporate Governance Expert

TL;DR: Final Schedule 13G filed; reporting persons disclaim group status and certify no intent to influence control.

The statement includes a certification that the securities were not acquired to change or influence control and that filing does not imply group behavior. Signatures from the same individual, Ryan Turner, appear for all reporting entities on 08/14/2025. The filing documents dissolution of any prior beneficial interest in the issuer by these reporting persons through an explicit sale of their shares in Q2 2025.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

(Amendment No. 4)

PHX MINERALS INC.

(Name of Issuer)

Class A Common Stock, par value $0.01666 per share

(Title of Class of Securities)

69291A100

(CUSIP Number)

09/24/2021

(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. 69291A100

1

Names of Reporting Persons

SRP CAPITAL 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 0.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

0.00

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)

0.0 %

12

Type of Reporting Person (See Instructions)

OO, IA

SCHEDULE 13G

CUSIP No. 69291A100

1

Names of Reporting Persons

SRP Opportunities II, 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 0.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

0.00

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)

0.0 %

12

Type of Reporting Person (See Instructions)

PN

SCHEDULE 13G

CUSIP No. 69291A100

1

Names of Reporting Persons

SRPO-II Partners I, 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 0.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

0.00

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)

0.0 %

12

Type of Reporting Person (See Instructions)

PN

SCHEDULE 13G

CUSIP No. 69291A100

1

Names of Reporting Persons

SRP Opportunities II GP, 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 0.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

0.00

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)

0.0 %

12

Type of Reporting Person (See Instructions)

PN

SCHEDULE 13G

CUSIP No. 69291A100

1

Names of Reporting Persons

SRPO-II Partners I GP, 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 0.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

0.00

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)

0.0 %

12

Type of Reporting Person (See Instructions)

PN

SCHEDULE 13G

CUSIP No. 69291A100

1

Names of Reporting Persons

SRPO-II Manager, 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 0.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

0.00

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)

0.0 %

12

Type of Reporting Person (See Instructions)

PN

SCHEDULE 13G

CUSIP No. 69291A100

1

Names of Reporting Persons

Crestwood Exploration Partners, 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 0.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

0.00

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)

0.0 %

12

Type of Reporting Person (See Instructions)

OO

SCHEDULE 13G

CUSIP No. 69291A100

1

Names of Reporting Persons

Palmetto Investment Partners, 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 0.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

0.00

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)

0.0 %

12

Type of Reporting Person (See Instructions)

OO

SCHEDULE 13G

CUSIP No. 69291A100

1

Names of Reporting Persons

Palmetto Investment Partners II, 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 0.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

0.00

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)

0.0 %

12

Type of Reporting Person (See Instructions)

OO

SCHEDULE 13G

CUSIP No. 69291A100

1

Names of Reporting Persons

CWEP-SRPOII Investments, 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 0.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

0.00

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)

0.0 %

12

Type of Reporting Person (See Instructions)

OO, HC

SCHEDULE 13G

CUSIP No. 69291A100

1

Names of Reporting Persons

PIP-SRPOII Investments, 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 0.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

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

Type of Reporting Person (See Instructions)

OO, HC

SCHEDULE 13G

CUSIP No. 69291A100

1

Names of Reporting Persons

PIPII-SRPOII Investments, 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 0.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

0.00

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)

0.0 %

12

Type of Reporting Person (See Instructions)

OO, HC

SCHEDULE 13G

CUSIP No. 69291A100

1

Names of Reporting Persons

Turner Ryan A

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 0.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

0.00

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)

0.0 %

12

Type of Reporting Person (See Instructions)

IN, HC

SCHEDULE 13G

Item 1.
(a)	Name of issuer: PHX MINERALS INC.
(b)	Address of issuer's principal executive offices: 1320 SOUTH UNIVERSITY DRIVE, SUITE 720, FORT WORTH, TEXAS, 76107
Item 2.
(a)	Name of person filing: All shares reported as beneficially owned by each reporting person were sold during the second quarter of 2025. Accordingly this is the final filing of Schedule 13G for the reporting persons with respect to the Issuer. Each reporting person declares that neither the filing of this statement nor anything herein shall be construed as an admission that such person is, for the purposes of Section 13(d) or 13(g) of the Act or any other purpose, (i) acting (or has agreed or is agreeing to act together with any other person) as a partnership, limited partnership, syndicate, or other group for the purpose of acquiring, holding, or disposing of securities of the issuer or otherwise with respect to the issuer or any securities of the issuer or (ii) a member of any group with respect to the issuer or any securities of the issuer. Please refer to attached document for the remainder of Item 2a.
(b)	Address or principal business office or, if none, residence: 3811 Turtle Creek Blvd., Suite 1100, Dallas, Texas, 75219
(c)	Citizenship: See Item 4 on the cover page(s) hereto.
(d)	Title of class of securities: Class A Common Stock, par value $0.01666 per share
(e)	CUSIP No.: 69291A100
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 Item 4 on the cover page(s) hereto.
(b)	Percent of class: See Item 11 on the cover page(s) hereto.
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: See Item 5 on the cover page(s) hereto.
	(ii) Shared power to vote or to direct the vote: See Item 6 on the cover page(s) hereto.
	(iii) Sole power to dispose or to direct the disposition of: See Item 7 on the cover page(s) hereto.
	(iv) Shared power to dispose or to direct the disposition of: See Item 8 on the cover page(s) hereto.
Item 5.	Ownership of 5 Percent or Less of a Class.
	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 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.

SRP CAPITAL ADVISORS, LLC

Signature:	/s/ Ryan Turner
Name/Title:	Manager
Date:	08/14/2025

SRP Opportunities II, LP

Signature:	/s/ Ryan Turner
Name/Title:	Managing Person
Date:	08/14/2025

SRPO-II Partners I, LP

Signature:	/s/ Ryan Turner
Name/Title:	Managing Person
Date:	08/14/2025

SRP Opportunities II GP, LP

Signature:	/s/ Ryan Turner
Name/Title:	Managing Person
Date:	08/14/2025

SRPO-II Partners I GP, LP

Signature:	/s/ Ryan Turner
Name/Title:	Managing Person
Date:	08/14/2025

SRPO-II Manager, LP

Signature:	/s/ Ryan Turner
Name/Title:	Managing Person
Date:	08/14/2025

Crestwood Exploration Partners, LLC

Signature:	/s/ Ryan Turner
Name/Title:	Manager
Date:	08/14/2025

Palmetto Investment Partners, LLC

Signature:	/s/ Ryan Turner
Name/Title:	Manager
Date:	08/14/2025

Palmetto Investment Partners II, LLC

Signature:	/s/ Ryan Turner
Name/Title:	Manager
Date:	08/14/2025

CWEP-SRPOII Investments, LLC

Signature:	/s/ Ryan Turner
Name/Title:	Manager
Date:	08/14/2025

PIP-SRPOII Investments, LLC

Signature:	/s/ Ryan Turner
Name/Title:	Manager
Date:	08/14/2025

PIPII-SRPOII Investments, LLC

Signature:	/s/ Ryan Turner
Name/Title:	Manager
Date:	08/14/2025

Turner Ryan A

Signature:	/s/ Ryan Turner
Name/Title:	Manager/Managing Person
Date:	08/14/2025

FAQ

What did the Schedule 13G/A filed for PHX (CUSIP 69291A100) disclose?

The filing states that all shares reported as beneficially owned by the named reporting persons were sold during the second quarter of 2025 and this is their final Schedule 13G.

How many PHX shares do the reporting persons currently beneficially own?

Each reporting person reports 0.00 shares beneficially owned and 0.0% of the Class A common stock.

When were the signatures provided for the Schedule 13G/A filing?

All signatures on the filing are dated 08/14/2025, signed by Ryan Turner in various representative capacities.

Does the filing indicate any group affiliation among the reporting persons?

Each reporting person declares that nothing in the statement should be construed as an admission of acting as a group or being a member of any group with respect to the issuer.

What address is listed for PHX Minerals in the filing?

The issuer's principal executive offices are listed as 1320 South University Drive, Suite 720, Fort Worth, Texas, 76107.