# EDGAR Filing Document

**Accession Number:** 0001803391
**File Stem:** 0001104659-25-098799
**Filing Date:** 2025-10
**Character Count:** 13860
**Document Hash:** 1b884cbd385cf0a873dd6b78a660459f
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001104659-25-098799.hdr.sgml**: 20251010

**ACCESSION NUMBER**: 0001104659-25-098799

**CONFORMED SUBMISSION TYPE**: SCHEDULE 13D/A

**PUBLIC DOCUMENT COUNT**: 1

**FILED AS OF DATE**: 20251010

**DATE AS OF CHANGE**: 20251010

**SUBJECT COMPANY**: 

**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

**FILING VALUES:**
- **FORM TYPE:** SCHEDULE 13D/A
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 005-34075
- **FILM NUMBER:** 251388920

**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
**FILED BY**: 

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

**ORGANIZATION NAME:**
- **EIN:** 832704861
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** SCHEDULE 13D/A

**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

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

## SCHEDULE 13D

### Under the Securities Exchange Act of 1934

**(Amendment No. 1)**

**Permian Basin Royalty Trust**

*(Name of Issuer)*

**Units of Beneficial Interest**

*(Title of Class of Securities)*

**714236106**

*(CUSIP Number)*

**Eric L. Oliver**<br>c/o SoftVest Advisors, LLC<br>400 Pine Street, Suite 1010<br>Abilene TX 79601<br>(650) 516-4310

*(Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications)*

**10/09/2025**

*(Date of Event Which Requires Filing of this Statement)*

| **CUSIP No.** | **714236106** |

---

| | | | |
|:--|:--|:--|:--|
| 1 | Name of reporting person<br>**SoftVest Advisors, LLC** | Name of reporting person<br>**SoftVest Advisors, LLC** | |
| 2 | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | |
| 3 | SEC use only | SEC use only | |
| 4 | Source of funds (See Instructions)<br>**AF** | Source of funds (See Instructions)<br>**AF** | |
| 5 | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | |
| 6 | Citizenship or place of organization<br>**DELAWARE** | Citizenship or place of organization<br>**DELAWARE** | |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 7 | Sole Voting Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 8 | Shared Voting Power<br>**6217107.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 9 | Sole Dispositive Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 10 | Shared Dispositive Power<br>**6217107.00** |
| 11 | Aggregate amount beneficially owned by each reporting person<br>**6217107.00** | Aggregate amount beneficially owned by each reporting person<br>**6217107.00** | |
| 12 | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | |
| 13 | Percent of class represented by amount in Row (11)<br>**13.3%** | Percent of class represented by amount in Row (11)<br>**13.3%** | |
| 14 | Type of Reporting Person (See Instructions)<br>**IA** | Type of Reporting Person (See Instructions)<br>**IA** | |

---

**Comment for Reporting Person:** Percentage 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 August 13, 2025.

| **CUSIP No.** | **714236106** |

---

| | | | |
|:--|:--|:--|:--|
| 1 | Name of reporting person<br>**SoftVest GP I, LLC** | Name of reporting person<br>**SoftVest GP I, LLC** | |
| 2 | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | |
| 3 | SEC use only | SEC use only | |
| 4 | Source of funds (See Instructions)<br>**AF** | Source of funds (See Instructions)<br>**AF** | |
| 5 | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | |
| 6 | Citizenship or place of organization<br>**DELAWARE** | Citizenship or place of organization<br>**DELAWARE** | |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 7 | Sole Voting Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 8 | Shared Voting Power<br>**6217107.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 9 | Sole Dispositive Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 10 | Shared Dispositive Power<br>**6217107.00** |
| 11 | Aggregate amount beneficially owned by each reporting person<br>**6217107.00** | Aggregate amount beneficially owned by each reporting person<br>**6217107.00** | |
| 12 | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | |
| 13 | Percent of class represented by amount in Row (11)<br>**13.3%** | Percent of class represented by amount in Row (11)<br>**13.3%** | |
| 14 | Type of Reporting Person (See Instructions)<br>**OO** | Type of Reporting Person (See Instructions)<br>**OO** | |

---

**Comment for Reporting Person:** Percentage 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 August 13, 2025. SoftVest GP I, LLC is the general partner of, and may be deemed to beneficially own securities owned by, SoftVest, L.P.

| **CUSIP No.** | **714236106** |

---

| | | | |
|:--|:--|:--|:--|
| 1 | Name of reporting person<br>**SoftVest, L.P.** | Name of reporting person<br>**SoftVest, L.P.** | |
| 2 | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | |
| 3 | SEC use only | SEC use only | |
| 4 | Source of funds (See Instructions)<br>**WC** | Source of funds (See Instructions)<br>**WC** | |
| 5 | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | |
| 6 | Citizenship or place of organization<br>**DELAWARE** | Citizenship or place of organization<br>**DELAWARE** | |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 7 | Sole Voting Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 8 | Shared Voting Power<br>**6217107.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 9 | Sole Dispositive Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 10 | Shared Dispositive Power<br>**6217107.00** |
| 11 | Aggregate amount beneficially owned by each reporting person<br>**6217107.00** | Aggregate amount beneficially owned by each reporting person<br>**6217107.00** | |
| 12 | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | |
| 13 | Percent of class represented by amount in Row (11)<br>**13.3%** | Percent of class represented by amount in Row (11)<br>**13.3%** | |
| 14 | Type of Reporting Person (See Instructions)<br>**PN** | Type of Reporting Person (See Instructions)<br>**PN** | |

---

**Comment for Reporting Person:** Percentage 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 August 13, 2025.

| **CUSIP No.** | **714236106** |

---

| | | | |
|:--|:--|:--|:--|
| 1 | Name of reporting person<br>**Eric L. Oliver** | Name of reporting person<br>**Eric L. Oliver** | |
| 2 | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | |
| 3 | SEC use only | SEC use only | |
| 4 | Source of funds (See Instructions)<br>**AF** | Source of funds (See Instructions)<br>**AF** | |
| 5 | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | |
| 6 | Citizenship or place of organization<br>**X1** | Citizenship or place of organization<br>**X1** | |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 7 | Sole Voting Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 8 | Shared Voting Power<br>**6217107.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 9 | Sole Dispositive Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 10 | Shared Dispositive Power<br>**6217107.00** |
| 11 | Aggregate amount beneficially owned by each reporting person<br>**6217107.00** | Aggregate amount beneficially owned by each reporting person<br>**6217107.00** | |
| 12 | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[x] | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[x] | |
| 13 | Percent of class represented by amount in Row (11)<br>**13.3%** | Percent of class represented by amount in Row (11)<br>**13.3%** | |
| 14 | Type of Reporting Person (See Instructions)<br>**IN** | Type of Reporting Person (See Instructions)<br>**IN** | |

---

**Comment for Reporting Person:** Excludes 17,000 Units of Beneficial Interest held by family members of and partnerships 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.

Percentage 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 August 13, 2025.

**Item 1. Security and Issuer**

**(a) Title of Class of Securities:**
Units of Beneficial Interest

**(b) Name of Issuer:**
Permian Basin Royalty Trust

**(c) Address of Issuer's Principal Executive Offices:**
3838 Oak Lawn Ave, Suite 1720, Dallas, TX, 75219

This Amendment No. 1 ("Amendment No. 1") amends the statement on Schedule 13D filed by the Reporting Persons with the Commission on October 10, 2025 (the "Original 13D"). This Amendment No. 1 is being filed solely to add disclosure to the Original 13D in Item 6 with respect to the short put options held by SoftVest, LP, as previously disclosed on the Reporting Persons' Form 3 filed on July 22, 2025.

**Item 6. Contracts, Arrangements, Understandings or Relationships With Respect to Securities of the Issuer.**

Short Put Options

As of the date hereof, SoftVest, LP has outstanding the following short put options: (i) 3,965 short put options, referencing 396,500 Units, which are currently exercisable at $12.50 per Unit and expire on December 19, 2025 and (ii) one short put option, referencing 100 Units, which is currently exercisable at $15 per Unit and expire on December 19, 2025.

### 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.

**Reporting Person:** SoftVest Advisors, LLC

**Signature:** /s/ Eric Oliver

**Name/Title:** Eric Oliver/President and Managing Member

**Date:** 10/10/2025

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.

**Reporting Person:** SoftVest GP I, LLC

**Signature:** /s/ Eric Oliver

**Name/Title:** Eric Oliver/President and Managing Member

**Date:** 10/10/2025

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.

**Reporting Person:** SoftVest, L.P.

**Signature:** By: SoftVest GPI, LLC its general partner, /s/ Eric Oliver

**Name/Title:** Eric Oliver/President and Managing Member

**Date:** 10/10/2025

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.

**Reporting Person:** Eric L. Oliver

**Signature:** /s/ Eric Oliver

**Name/Title:** Eric Oliver

**Date:** 10/10/2025