# EDGAR Filing Document

**Accession Number:** 0001168602
**File Stem:** 0001104659-25-069624
**Filing Date:** 2025-7
**Character Count:** 19539
**Document Hash:** 672de9c4c3ee597865f32a6e5e7fb339
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001104659-25-069624.hdr.sgml**: 20250722

**ACCESSION NUMBER**: 0001104659-25-069624

**CONFORMED SUBMISSION TYPE**: 4

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20250604

**FILED AS OF DATE**: 20250722

**DATE AS OF CHANGE**: 20250722

**REPORTING-OWNER**: 

**OWNER DATA:**
- **COMPANY CONFORMED NAME:** SoftVest, LP
- **CENTRAL INDEX KEY:** 0001406386

**ORGANIZATION NAME:**
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 4
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-08033
- **FILM NUMBER:** 251140496

**BUSINESS ADDRESS:**
- **STREET 1:** 400 PINE STREET STE 1010
- **CITY:** ABILENE
- **STATE:** TX
- **ZIP:** 79601
- **BUSINESS PHONE:** (325)677-6177

**MAIL ADDRESS:**
- **STREET 1:** 400 PINE STREET STE 1010
- **CITY:** ABILENE
- **STATE:** TX
- **ZIP:** 79601
**REPORTING-OWNER**: 

**OWNER DATA:**
- **COMPANY CONFORMED NAME:** OLIVER ERIC L
- **CENTRAL INDEX KEY:** 0001168602

**ORGANIZATION NAME:**

**FILING VALUES:**
- **FORM TYPE:** 4
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-08033
- **FILM NUMBER:** 251140498

**MAIL ADDRESS:**
- **STREET 1:** 303 W WALL
- **STREET 2:** SUITE 1700
- **CITY:** MIDLAND
- **STATE:** TX
- **ZIP:** 79701
**REPORTING-OWNER**: 

**OWNER DATA:**
- **COMPANY CONFORMED NAME:** SoftVest GP I, LLC
- **CENTRAL INDEX KEY:** 0002077837

**ORGANIZATION NAME:**
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 4
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-08033
- **FILM NUMBER:** 251140495

**BUSINESS ADDRESS:**
- **STREET 1:** 400 PINE STREET
- **STREET 2:** SUITE 1010
- **CITY:** ABILENE
- **STATE:** TX
- **ZIP:** 79601
- **BUSINESS PHONE:** (325) 677-6177

**MAIL ADDRESS:**
- **STREET 1:** 400 PINE STREET
- **STREET 2:** SUITE 1010
- **CITY:** ABILENE
- **STATE:** TX
- **ZIP:** 79601
**REPORTING-OWNER**: 

**OWNER DATA:**
- **COMPANY CONFORMED NAME:** SoftVest Advisors, LLC
- **CENTRAL INDEX KEY:** 0001803391

**ORGANIZATION NAME:**
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 4
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-08033
- **FILM NUMBER:** 251140497

**BUSINESS ADDRESS:**
- **STREET 1:** 400 PINE STREET
- **STREET 2:** SUITE 1010
- **CITY:** ABILENE
- **STATE:** TX
- **ZIP:** 79601
- **BUSINESS PHONE:** 325-677-6177

**MAIL ADDRESS:**
- **STREET 1:** 400 PINE STREET
- **STREET 2:** SUITE 1010
- **CITY:** ABILENE
- **STATE:** TX
- **ZIP:** 79601
**ISSUER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** PERMIAN BASIN ROYALTY TRUST
- **CENTRAL INDEX KEY:** 0000319654
- **STANDARD INDUSTRIAL CLASSIFICATION:** OIL ROYALTY TRADERS [6792]
- **ORGANIZATION NAME:** 01 Energy & Transportation
- **EIN:** 756280532
- **STATE OF INCORPORATION:** TX
- **FISCAL YEAR END:** 1231

**BUSINESS ADDRESS:**
- **STREET 1:** C/O ARGENT TRUST COMPANY
- **STREET 2:** 3838 OAK LAWN AVE., SUITE 1720
- **CITY:** DALLAS
- **STATE:** TX
- **ZIP:** 75219-4518
- **BUSINESS PHONE:** 9729191360

**MAIL ADDRESS:**
- **STREET 1:** C/O ARGENT TRUST COMPANY
- **STREET 2:** 3838 OAK LAWN AVE., SUITE 1720
- **CITY:** DALLAS
- **STATE:** TX
- **ZIP:** 75219-4518

### UNITED STATES SECURITIES AND EXCHANGE COMMISSION
**Washington, D.C. 20549**

## FORM 4

### STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

[ ] Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

[ ] Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

---

| | | |
|:---|:---|:---|
| **1. Name and Address of Reporting Person**<sup>*</sup><br>OLIVER ERIC L<br><sub>(Last) (First) (Middle)</sub><br>400 PINE STREET, SUITE 1010<br><sub>(Street)</sub><br>ABELINE, TX 79601<br><sub>(City) (State) (Zip)</sub> | **3. Date of Earliest Transaction (Month/Day/Year)**<br>2025-06-04 | **5. Relationship of Reporting Person(s) to Issuer**<br>(Check all applicable)<br>[ ] Director [X] 10% Owner<br>[ ] Officer (give title below) [ ] Other (specify below)<br>_ _ |
| **2. Issuer Name and Ticker or Trading Symbol**<br>PERMIAN BASIN ROYALTY TRUST [ PBT ] | **4. If Amendment, Date of Original Filed (Month/Day/Year)**<br>  | **6. Individual or Joint/Group Filing (Check Applicable Line)**<br>[ ] Form filed by One Reporting Person<br>[X] Form filed by More than One Reporting Person |

---

---

| | | |
|:---|:---|:---|
| **1. Name and Address of Reporting Person**<sup>*</sup><br>SoftVest Advisors, LLC<br><sub>(Last) (First) (Middle)</sub><br>400 PINE STREET, SUITE 1010<br><sub>(Street)</sub><br>ABELINE, TX 79601<br><sub>(City) (State) (Zip)</sub> | **3. Date of Earliest Transaction (Month/Day/Year)**<br>2025-06-04 | **5. Relationship of Reporting Person(s) to Issuer**<br>(Check all applicable)<br>[ ] Director [X] 10% Owner<br>[ ] Officer (give title below) [ ] Other (specify below)<br>_ _ |
| **2. Issuer Name and Ticker or Trading Symbol**<br>PERMIAN BASIN ROYALTY TRUST [ PBT ] | **4. If Amendment, Date of Original Filed (Month/Day/Year)**<br>  | **6. Individual or Joint/Group Filing (Check Applicable Line)**<br>[ ] Form filed by One Reporting Person<br>[X] Form filed by More than One Reporting Person |

---

---

| | | |
|:---|:---|:---|
| **1. Name and Address of Reporting Person**<sup>*</sup><br>SoftVest, LP<br><sub>(Last) (First) (Middle)</sub><br>400 PINE STREET, SUITE 1010<br><sub>(Street)</sub><br>ABELINE, TX 79601<br><sub>(City) (State) (Zip)</sub> | **3. Date of Earliest Transaction (Month/Day/Year)**<br>2025-06-04 | **5. Relationship of Reporting Person(s) to Issuer**<br>(Check all applicable)<br>[ ] Director [X] 10% Owner<br>[ ] Officer (give title below) [ ] Other (specify below)<br>_ _ |
| **2. Issuer Name and Ticker or Trading Symbol**<br>PERMIAN BASIN ROYALTY TRUST [ PBT ] | **4. If Amendment, Date of Original Filed (Month/Day/Year)**<br>  | **6. Individual or Joint/Group Filing (Check Applicable Line)**<br>[ ] Form filed by One Reporting Person<br>[X] Form filed by More than One Reporting Person |

---

---

| | | |
|:---|:---|:---|
| **1. Name and Address of Reporting Person**<sup>*</sup><br>SoftVest GP I, LLC<br><sub>(Last) (First) (Middle)</sub><br>400 PINE STREET, SUITE 1010<br><sub>(Street)</sub><br>ABELINE, TX 79601<br><sub>(City) (State) (Zip)</sub> | **3. Date of Earliest Transaction (Month/Day/Year)**<br>2025-06-04 | **5. Relationship of Reporting Person(s) to Issuer**<br>(Check all applicable)<br>[ ] Director [X] 10% Owner<br>[ ] Officer (give title below) [ ] Other (specify below)<br>_ _ |
| **2. Issuer Name and Ticker or Trading Symbol**<br>PERMIAN BASIN ROYALTY TRUST [ PBT ] | **4. If Amendment, Date of Original Filed (Month/Day/Year)**<br>  | **6. Individual or Joint/Group Filing (Check Applicable Line)**<br>[ ] Form filed by One Reporting Person<br>[X] Form filed by More than One Reporting Person |

---

## Table I - Non-Derivative Securities

---

|  |  |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| 1. Title of Security | 2. Transaction Date | 2A. Deemed Execution Date | 3. Transaction Code (V) | 3. Transaction Code (V) | 4. Securities Acquired (A) or Disposed of (D) | 4. Securities Acquired (A) or Disposed of (D) | 4. Securities Acquired (A) or Disposed of (D) | 5. Amount of Securities Beneficially Owned | 6. Ownership Form | 7. Nature of Indirect Beneficial Ownership |
| 1. Title of Security | 2. Transaction Date | 2A. Deemed Execution Date | Code | V | Amount | (A) or (D) | Price | 5. Amount of Securities Beneficially Owned | 6. Ownership Form | 7. Nature of Indirect Beneficial Ownership |
| Units of Beneficial Ownership | 2025-06-11 |  | P |  | 5000 | A | $11.49 | 6065000 | I | By SoftVest, LP<sup>(1)</sup> |
| Units of Beneficial Ownership | 2025-06-11 |  | X<sup>(3)</sup> |  | 1000 | A | $12.50 | 6066000 | I | By SoftVest, LP<sup>(1)</sup> |
| Units of Beneficial Ownership | 2025-06-12 |  | P |  | 22000 | A | 11.62<sup>(6)</sup> | 6088000 | I | By SoftVest, LP<sup>(1)</sup> |
| Units of Beneficial Ownership | 2025-06-12 |  | X<sup>(4)</sup> |  | 20300 | A | $12.50 | 6108300 | I | By SoftVest, LP<sup>(1)</sup> |
| Units of Beneficial Ownership | 2025-06-17 |  | P |  | 15000 | A | 12.08<sup>(7)</sup> | 6123300 | I | By SoftVest, LP<sup>(1)</sup> |
| Units of Beneficial Ownership | 2025-06-18 |  | P |  | 11241 | A | 12.11<sup>(8)</sup> | 6134541 | I | By SoftVest, LP<sup>(1)</sup> |
| Units of Beneficial Ownership | 2025-06-20 |  | P |  | 4582 | A | 11.96<sup>(9)</sup> | 6139123 | I | By SoftVest, LP<sup>(1)</sup> |
| Units of Beneficial Ownership | 2025-06-20 |  | X<sup>(5)</sup> |  | 23300 | A | $12.50 | 6162423 | I | By SoftVest, LP<sup>(1)</sup> |
| Units of Beneficial Ownership | 2025-06-23 |  | P |  | 20165 | A | 12.12<sup>(10)</sup> | 6182588 | I | By SoftVest, LP<sup>(1)</sup> |
| Units of Beneficial Ownership | 2025-06-24 |  | P |  | 7138 | A | 12.10<sup>(11)</sup> | 6189726 | I | By SoftVest, LP<sup>(1)</sup> |
| Units of Beneficial Ownership | 2025-06-25 |  | P |  | 4000 | A | 12.05<sup>(12)</sup> | 6193726 | I | By SoftVest, LP<sup>(1)</sup> |
| Units of Beneficial Ownership | 2025-06-26 |  | P |  | 2000 | A | 12.31<sup>(13)</sup> | 6195726 | I | By SoftVest, LP<sup>(1)</sup> |
| Units of Beneficial Ownership | 2025-06-27 |  | P |  | 6898 | A | 12.51<sup>(14)</sup> | 6202624 | I | By SoftVest, LP<sup>(1)</sup> |
| Units of Beneficial Ownership | 2025-06-30 |  | P |  | 4000 | A | 12.46<sup>(15)</sup> | 6206624 | I | By SoftVest, LP<sup>(1)</sup> |
| Units of Beneficial Ownership | 2025-07-01 |  | P |  | 2000 | A | $12.40 | 6208624 | I | By SoftVest, LP<sup>(1)</sup> |
| Units of Beneficial Ownership | 2025-07-02 |  | P |  | 6483 | A | 12.78<sup>(16)</sup> | 6215107 | I | By SoftVest, LP<sup>(1)</sup> |
| Units of Beneficial Ownership | 2025-07-03 |  | P |  | 2000 | A | 12.80<sup>(17)</sup> | 6217107 | I | By SoftVest, LP<sup>(1)</sup> |
| Units of Beneficial Ownership |  |  |  |  |  |  |  | 4500 | I | By Debeck LLC<sup>(2)</sup> |
| Units of Beneficial Ownership |  |  |  |  |  |  |  | 4500 | I | By Debeck Properties<sup>(2)</sup> |

---

## Table II - Derivative Securities

---

|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| 1. Title of Derivative Security | 2. Conversion or Exercise Price | 3. Transaction Date | 3A. Deemed Execution Date | 4. Transaction Code (V) | 4. Transaction Code (V) | 5. Number of Derivative Securities Acquired (A) or Disposed of (D) | 5. Number of Derivative Securities Acquired (A) or Disposed of (D) | 6. Date Exercisable and Expiration Date | 6. Date Exercisable and Expiration Date | 7. Title and Amount of Underlying Securities | 7. Title and Amount of Underlying Securities | 8. Price of Derivative Security | 9. Number of Derivative Securities Beneficially Owned | 10. Ownership Form | 11. Nature of Indirect Beneficial Ownership |
| 1. Title of Derivative Security | 2. Conversion or Exercise Price | 3. Transaction Date | 3A. Deemed Execution Date | Code | V | (A) | (D) | Date Exercisable | Expiration Date | Title | Amount or Number of Shares | 8. Price of Derivative Security | 9. Number of Derivative Securities Beneficially Owned | 10. Ownership Form | 11. Nature of Indirect Beneficial Ownership |
| Short Put Option (Obligation to buy) | $12.5 | 2025-06-04 |  | S |  |  | 100 | 2025-06-04 | 2025-06-20 | Units of Beneficial Ownership | 10000 | $1.30 | 12500 | I | By SoftVest, LP<sup>(1)</sup> |
| Short Put Option (Obligation to buy) | $12.5 | 2025-06-05 |  | S |  |  | 51 | 2025-06-05 | 2025-06-20 | Units of Beneficial Ownership | 5100 | 1.50<sup>(18)</sup> | 17600 | I | By SoftVest, LP<sup>(1)</sup> |
| Short Put Option (Obligation to buy) | $12.5 | 2025-06-06 |  | S |  |  | 20 | 2025-06-06 | 2025-06-20 | Units of Beneficial Ownership | 2000 | $1.30 | 19600 | I | By SoftVest, LP<sup>(1)</sup> |
| Short Put Option (Obligation to buy) | $12.5 | 2025-06-11 |  | S |  |  | 200 | 2025-06-11 | 2025-06-20 | Units of Beneficial Ownership | 20000 | 1.02<sup>(19)</sup> | 39600 | I | By SoftVest, LP<sup>(1)</sup> |
| Short Put Option (Obligation to buy) | $12.5 | 2025-06-11 |  | X |  |  | 10 | <sup>(3)</sup> | 2025-06-20 | Units of Beneficial Ownership | 1000 | $0 | 38600 | I | By SoftVest, LP<sup>(1)</sup> |
| Short Put Option (Obligation to buy) | $12.5 | 2025-06-12 |  | S |  |  | 50 | 2025-06-12 | 2025-06-20 | Units of Beneficial Ownership | 5000 | $1.05 | 43600 | I | By SoftVest, LP<sup>(1)</sup> |
| Short Put Option (Obligation to buy) | $12.5 | 2025-06-12 |  | X |  |  | 20.3 | <sup>(4)</sup> | 2025-06-20 | Units of Beneficial Ownership | 20300 | $0 | 23300 | I | By SoftVest, LP<sup>(1)</sup> |
| Short Put Option (Obligation to buy) | $12.5 | 2025-06-20 |  | X |  |  | 23.3 | <sup>(5)</sup> | 2025-06-20 | Units of Beneficial Ownership | 23300 | $0 | 0 | I | By SoftVest, LP<sup>(1)</sup> |
| Short Put Option (Obligation to buy) | $10 | 2025-06-20 |  | E |  |  | 2711 | <sup>(20)</sup> | 2025-06-20 | Units of Beneficial Ownership | 271100 | $0 | 0 | I | By SoftVest, LP<sup>(1)</sup> |

---

### Footnotes:

(1) Directly held by SoftVest, LP. SoftVest Advisors, LLC is the investment manager of SoftVest, LP, SoftVest GP I, LLC is the general partner of SoftVest, LP, and Eric Lee Oliver is the managing member of SoftVest GP I, LLC. As a result, each of SoftVest, SoftVest GP I, LLC and Eric Lee Oliver may be deemed to beneficially own the securities beneficially owned by SoftVest, LP. Mr. Oliver disclaims any beneficial ownership with respect to the securities held by SoftVest, LP except to the extent of his pecuniary therein.

(2) Represents shares of securities owned by Debeck LLC and Debeck Properties LP, which Mr. Oliver controls. Mr. Oliver has sole voting and dispositive power with respect to such securities, but Mr. Oliver disclaims any beneficial ownership with respect to such securities except to the extent of his pecuniary therein.

(3) The counterparty to these outstanding short put options exercised such options, in its sole discretion and without any action of the Reporting Persons, on June 11, 2025. As a result of such exercise, SoftVest, LP was required to purchase these shares at an exercise price of $12.50 per share.

(4) The counterparty to these outstanding short put options exercised such options, in its sole discretion and without any action of the Reporting Persons, on June 12, 2025. As a result of such exercise, SoftVest, LP was required to purchase these shares at an exercise price of $12.50 per share.

(5) The counterparty to these outstanding short put options exercised such options, in its sole discretion and without any action of the Reporting Persons, on June 20, 2025. As a result of such exercise, SoftVest, LP was required to purchase these shares at an exercise price of $12.50 per share.

(6) The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $11.46 to $11.65, inclusive. The reporting person undertakes to provide to the Issuer, any security holder of the Issuer, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the ranges set forth in footnotes (6) through (17) to this Form 4.

(7) The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $12.06 to $12.10, inclusive.

(8) The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $12.06 to $12.15, inclusive.

(9) The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $11.94 to $11.98, inclusive.

(10) The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $12.05 to $12.20, inclusive.

(11) The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $11.93 to $12.13, inclusive.

(12) The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $12.04 to $12.05, inclusive.

(13) The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $12.25 to $12.31, inclusive.

(14) The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $12.44 to $12.55, inclusive.

(15) The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $12.45 to $12.48, inclusive.

(16) The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $12.63 to $12.84, inclusive.

(17) The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $12.79 to $12.80, inclusive.

(18) The price reported in Column 8 is the weighted average of the premium received. These puts were written in multiple transactions with premiums ranging from $1.50 to $1.60. The reporting person undertakes to provide to the Issuer, any security holder of the Issuer, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of puts written at each separate premium amount within the ranges set forth in footnotes (18) and (19) to this Form 4.

(19) The price reported in Column 8 is the weighted average of the premium received. These puts were written in multiple transactions with premiums ranging from $1.00 to $1.05.

(20) This short put option was written before the Reporting Persons became a Section 16 insider of the Issuer and therefore was reported on the Reporting Person's Form 3 filed on July 22, 2025, and as such the expiration of this option is exempt from Section 16(b) of the Securities Exchange Act of 1934, as amended (the "Exchange Act").

**Signature:** /s/ Eric Lee. Oliver  
**Date:** 2025-07-22

**Signature:** SoftVest Advisors, LLC By: /s/ Eric Lee Oliver, Managing Member  
**Date:** 2025-07-22

**Signature:** SoftVest, LP By: SoftVest GP I, LLC, its general partner By: /s/ Eric Lee Oliver, Managing Member  
**Date:** 2025-07-22

**Signature:** SoftVest GP I, LLC By: /s/ Eric Lee Oliver, Managing Member  
**Date:** 2025-07-22

### Remarks:

Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.

* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).

** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).

Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.

**Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.**