Permianville Royalty Trust reports institutional beneficial ownership disclosure. As of the close of business on March 31, 2026, Warren Street Capital LP directly owns 1,475,366 Units. An additional 41,928 Units are held in the Warren Street Account and 20,400 Units are held by Mr. Gelband's wife; Mr. Gelband directly owns 21,378 Units. Collectively Mr. Gelband may be deemed to beneficially own 1,559,072 Units, representing approximately 4.7% of 33,000,000 Units outstanding as of March 23, 2026.
The filing is a Schedule 13G/A amendment clarifying the reporting persons, relationships among Warren Street entities, and the breakdown of voting and dispositive power shown on the cover pages.
Positive
None.
Negative
None.
Insights
Disclosure clarifies ownership links among Warren Street entities and aggregate beneficial ownership.
Warren Street Capital LP directly holds 1,475,366 Units, while affiliated accounts and family holdings raise Mr. Gelband's aggregate stake to 1,559,072 Units (4.7%) as of the cited dates. The statement attributes shared voting and dispositive power across the GP, management entity, and Mr. Gelband.
These percentages are below 5% of the reported 33,000,000 Units outstanding, indicating the group reports as holders of 5% or less. Subsequent filings would show any material change in stake or cluster classification.
Key Figures
Units directly owned by Warren Street Capital LP:1,475,366 UnitsUnits in Warren Street Account:41,928 UnitsUnits owned by Mr. Gelband's wife:20,400 Units+4 more
7 metrics
Units directly owned by Warren Street Capital LP1,475,366 Unitsdirect ownership as of March 31, 2026
Units in Warren Street Account41,928 Unitsheld in managed account as of March 31, 2026
Units owned by Mr. Gelband's wife20,400 Unitsreported as part of aggregate holdings as of March 31, 2026
Units directly owned by Aaron Gelband21,378 Unitsdirect ownership as of March 31, 2026
Aggregate units Mr. Gelband may be deemed to own1,559,072 Unitsaggregate beneficial ownership reported as of March 31, 2026
Total Units outstanding used for percentages33,000,000 Unitsoutstanding Units as of March 23, 2026 (Form 10-K disclosure)
Percent of class for Mr. Gelband4.7%percentage based on 33,000,000 Units outstanding
Key Terms
Units of Beneficial Interest, Beneficially own, Schedule 13G/A, Shared dispositive power
4 terms
Units of Beneficial Interestfinancial
"Title and Item 4 reference the class as "Units of Beneficial Interest""
Units of beneficial interest are pieces of ownership in a trust, fund, or pooled investment that give the holder a right to a share of the assets and income without holding the underlying property directly. Think of them as slices of a pie that entitle you to future slices of profit or distributions; investors care because these units determine how returns, risks, voting rights, and tax treatment are allocated and how easily you can buy or sell your stake.
Beneficially ownregulatory
"Item 4 states "Amount beneficially owned: As of the close of business on March 31, 2026""
Beneficially own means having the economic rights and risks of a security—such as the right to receive dividends, sell the shares, or profit from price changes—whether or not your name appears on the official share register. Think of it like renting a car: you use it and reap the benefits even if the title lists someone else. Investors care because beneficial ownership determines who truly controls value, must be disclosed under securities rules, and can signal potential influence or trading activity that affects a stock’s price.
Schedule 13G/Aregulatory
"CONTENT METADATA lists form_type as "SCHEDULE 13G/A""
A Schedule 13G/A is an amended public filing with the U.S. securities regulator that updates a previous Schedule 13G, disclosing when an individual or group holds a substantial (typically over 5%) stake in a company and is claiming a passive, non‑controlling intent. Investors monitor these updates because rising or falling holdings can signal changing confidence, potential future moves, or shifts in voting power — like watching a public ledger where large shareholders quietly adjust their positions.
Shared dispositive powerregulatory
"Cover pages list "Shared Dispositive Power 1,475,366.00""
What stake does Warren Street Capital LP report in PVL?
Warren Street Capital LP directly holds 1,475,366 Units. This equals approximately 4.5% of 33,000,000 Units outstanding reported as of March 23, 2026 and is shown as direct ownership on the filing.
How many Units does Aaron Gelband beneficially own in PVL?
Aaron Gelband may be deemed to beneficially own 1,559,072 Units. This total includes his direct holdings, Units held by his wife, and Units held by Warren Street entities, shown as ~4.7%.
What date anchors the ownership percentages in the filing?
Percentages are based on 33,000,000 Units outstanding as of March 23, 2026. The ownership snapshot is reported as of the close of business on March 31, 2026 for holdings.
Does the filing concede legal beneficial ownership under Section 13(d)?
No. The Reporting Persons state the filing "shall not be deemed an admission" of beneficial ownership under Section 13(d). Each disclaims ownership of securities they do not directly own.
Where is the principal business address for the Reporting Persons listed?
The principal business address for each Reporting Person is listed as 2121 Avenue of the Stars, Los Angeles, California 90067 on the amendment and cover information.
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13G
UNDER THE SECURITIES EXCHANGE ACT OF 1934
(Amendment No. 1)
Permianville Royalty Trust
(Name of Issuer)
Units of Beneficial Interest
(Title of Class of Securities)
71425H100
(CUSIP Number)
03/31/2026
(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)
schemaVersion:
SCHEDULE 13G
CUSIP Number(s):
71425H100
1
Names of Reporting Persons
Warren Street Capital Partners 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
1,475,366.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
1,475,366.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
1,475,366.00
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)
4.5 %
12
Type of Reporting Person (See Instructions)
PN
SCHEDULE 13G
CUSIP Number(s):
71425H100
1
Names of Reporting Persons
Warren Street Capital GP, 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
NEW YORK
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
1,475,366.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
1,475,366.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
1,475,366.00
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)
4.5 %
12
Type of Reporting Person (See Instructions)
OO
SCHEDULE 13G
CUSIP Number(s):
71425H100
1
Names of Reporting Persons
Warren Street Capital 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
NEW YORK
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
1,517,294.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
1,517,294.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
1,517,294.00
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)
4.6 %
12
Type of Reporting Person (See Instructions)
OO
SCHEDULE 13G
CUSIP Number(s):
71425H100
1
Names of Reporting Persons
Aaron Gelband
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
21,378.00
6
Shared Voting Power
1,537,694.00
7
Sole Dispositive Power
21,378.00
8
Shared Dispositive Power
1,537,694.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
1,559,072.00
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)
4.7 %
12
Type of Reporting Person (See Instructions)
IN
SCHEDULE 13G
Item 1.
(a)
Name of issuer:
Permianville Royalty Trust
(b)
Address of issuer's principal executive offices:
Item 2.
(a)
Name of person filing:
This statement is filed by Warren Street Capital Partners, LP, a Delaware limited partnership ("Warren Street Capital LP"), Warren Street Capital GP, LLC, a New York limited liability company ("Warren Street Capital GP"), Warren Street Capital Management, LLC, a New York limited liability company ("Warren Street Capital Management"), and Aaron Gelband. Each of the foregoing is referred to as a "Reporting Person" and collectively as the "Reporting Persons."
Warren Street Capital GP serves as the general partner of Warren Street Capital LP. Warren Street Capital Management serves as the investment manager of Warren Street Capital LP and a certain managed account (the "Warren Street Account"). Mr. Gelband serves as the Managing Member of each of Warren Street Capital GP and Warren Street Capital Management. By virtue of these relationships, Warren Street Capital GP, Warren Street Capital Management and Mr. Gelband may be deemed to beneficially own the Units of Beneficial Interest (the "Units") owned directly by Warren Street Capital LP, and Warren Street Capital Management and Mr. Gelband may also be deemed to beneficially own the Units held in the Warren Street Account. Mr. Gelband may also be deemed to beneficially own the Units held by his wife.
(b)
Address or principal business office or, if none, residence:
The principal business address of each of the Reporting Persons is 2121 Avenue of the Stars, Los Angeles, California 90067.
(c)
Citizenship:
Warren Street Capital LP is organized under the laws of the State of Delaware. Warren Street Capital GP and Warren Street Capital Management are organized under the laws of the State of New York. Mr. Gelband is a citizen of the United States of America.
(d)
Title of class of securities:
Units of Beneficial Interest
(e)
CUSIP No.:
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:
As of the close of business on March 31, 2026, (i) Warren Street Capital LP directly owns 1,475,366 Units, (ii) 41,928 Units are held in the Warren Street Account, (iii) 20,400 Units are owned directly by Mr. Gelband's wife and (iv) Mr. Gelband directly owns 21,378 Units.
By virtue of their relationships described in Item 2(a) above, (i) Warren Street Capital GP may be deemed to beneficially own the 1,475,366 Units owned directly by Warren Street Capital LP, (ii) Warren Street Capital Management may be deemed to beneficially own the 1,517,294 Units owned in the aggregate by Warren Street Capital LP and held in the Warren Street Account and (iii) Mr. Gelband may be deemed to beneficially own 1,559,072 Units, consisting of the Units he directly owns, those owned by his wife and the Units owned by Warren Street Capital LP and held in the Warren Street Account.
The filing of this Schedule 13G shall not be deemed an admission that the Reporting Persons are, for purposes of Section 13(d) of the Securities Exchange Act of 1934, as amended, the beneficial owners of any securities of the Issuer that he or it does not directly own. Each of the Reporting Persons specifically disclaims beneficial ownership of the securities reported herein that he or it does not directly own.
(b)
Percent of class:
The following percentages are based on 33,000,000 Units outstanding as of March 23, 2026, which is the total number of Units outstanding as disclosed in the Issuer's Annual Report on Form 10-K filed with the Securities and Exchange Commission on March 23, 2026.
As of the close of business on March 31, 2026, (i) Warren Street Capital LP beneficially owns approximately 4.5% of the outstanding Units, (ii) Warren Street Capital GP may be deemed to beneficially own approximately 4.5% of the outstanding Units, (iii) Warren Street Capital Management may be deemed to beneficially own approximately 4.6% of the outstanding Units and (iv) Mr. Gelband may be deemed to beneficially own approximately 4.7% of the outstanding Units.
(c)
Number of shares as to which the person has:
(i) Sole power to vote or to direct the vote:
See Cover Pages Items 5-9.
(ii) Shared power to vote or to direct the vote:
See Cover Pages Items 5-9.
(iii) Sole power to dispose or to direct the disposition of:
See Cover Pages Items 5-9.
(iv) Shared power to dispose or to direct the disposition of:
See Cover Pages Items 5-9.
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.
If a group has filed this schedule pursuant to §240.13d-1(b)(1)(ii)(J), so indicate under Item 3(j) and attach an exhibit stating the identity and Item 3 classification of each member of the group. If a group has filed this schedule pursuant to §240.13d-1(c) or §240.13d-1(d), attach an exhibit stating the identity of each member of the group.
See Exhibit 99.1 to the Schedule 13G filed by the Reporting Persons on May 19, 2025.
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.
Warren Street Capital Partners LP
Signature:
/s/ Aaron Gelband
Name/Title:
Aaron Gelband, Managing Member of Warren Street Capital GP, LLC, its General Partner
