SCHEDULE Filed 2025-12-29 Event 2025-12-26 SEC 0001104659-25-124950 →

SoftVest Advisors, LLC → PERMIAN BASIN ROYALTY TRUST PBT

Stake: 13.30% Shares: 6,217,107 CUSIP: 714236106 Class: Units of Beneficial Interest

Composite Decision Signal · PASS (LOW BASE-RATE EDGE) Conviction Score: 21/100 · Filer 90d Win Rate: 0% · Hist. 90d Edge: +0.0%

Filer track record (3 filings): 0% 90d win rate, +0.0% 90d edge
High conviction ownership stake (13.3%)
Elevated short days-to-cover (5.7 DTC)
Short interest building (+535.1% vs prior settlement)

Item 4 — Purpose of Transaction

Item 4 of the Original Schedule 13D is amended by adding the following: On December 26, 2025, SoftVest, LP, as beneficiary of the Trust, filed an Original Petition for Modification of Trust (the "Original Petition") in the District Court of Tarrant County, Texas, seeking to effect the Indenture Reformation. The case (096-373245-25) has been assigned to the 96th District Court of Tarrant County. The foregoing is qualified in its entirety by reference to the full text of the Original Petition, a copy of which is attached as Exhibit 4 and incorporated by reference herein.

Cross-References

Insider Activity (last 365d)

0 transactions

0 buys · 0 sales · 0 awards/exercises

Issuer Cluster

4 13D/G filings on this issuer

3 other filings besides this one

Filer Track Record

4 filings by this filer

3 other filings in the data moat

Short Interest · settle 2026-10-15

DTC 5.74

1,764,223 shares short · +535.1% vs prior

Post-Filing Returns · since 2025-12-26 on PBT

+1 day

0.0%

+5 days

0.0%

+30 days

0.0%

+60 days

0.0%

+90 days

0.0%

+180 days

0.0%

Anchor price 26.01 on closest trading day on/after 2025-12-26. Source: Yahoo Finance daily adj_close (split + dividend adjusted).

Other 13D/G Filings on PERMIAN BASIN ROYALTY TRUST

Filed	Form	Filer	Stake	Shares
2026-07-29	SCHEDULE 13D/A	SoftVest Advisors, LLC	—	6,217,107	view →
2026-05-18	SCHEDULE 13D/A	SoftVest Advisors, LLC	—	6,217,107	view →
2025-10-10	SCHEDULE	SoftVest Advisors, LLC	13.30%	6,217,107	view →

Other Filings by SoftVest Advisors, LLC

Filed	Form	Issuer	Stake	Shares
2026-07-29	SCHEDULE 13D/A	PERMIAN BASIN ROYALTY TRUST	—	6,217,107	view →
2026-05-18	SCHEDULE 13D/A	PERMIAN BASIN ROYALTY TRUST PBT	—	6,217,107	view →
2025-10-10	SCHEDULE	PERMIAN BASIN ROYALTY TRUST PBT	13.30%	6,217,107	view →

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