Large owner Oliver Eric L bought $1,358,196 worth of Units of Beneficial Ownership (112,507 units at $12.07) and exercised 44,600 in-the-money units of Units of Beneficial Ownership at a strike of $12.50 (SEC Form 4)
$PBT
Oil & Gas Production
Energy
| FORM 4 |
UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934 or Section 30(h) of the Investment Company Act of 1940 |
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| 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*
(Street)
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2. Issuer Name and Ticker or Trading Symbol
PERMIAN BASIN ROYALTY TRUST [ PBT ] |
5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)
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3. Date of Earliest Transaction
(Month/Day/Year) 06/04/2025 | ||||||||||||||||||||||||||
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4. If Amendment, Date of Original Filed
(Month/Day/Year) |
6. Individual or Joint/Group Filing (Check Applicable Line)
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| Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned | ||||||||||
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| 1. Title of Security (Instr. 3) | 2. Transaction Date (Month/Day/Year) | 2A. Deemed Execution Date, if any (Month/Day/Year) | 3. Transaction Code (Instr. 8) | 4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5) | 5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4) | 6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4) | 7. Nature of Indirect Beneficial Ownership (Instr. 4) | |||
| Code | V | Amount | (A) or (D) | Price | ||||||
| Units of Beneficial Ownership | 06/11/2025 | P | 5,000 | A | $11.49 | 6,065,000 | I | By SoftVest, LP(1) | ||
| Units of Beneficial Ownership | 06/11/2025 | X(3) | 1,000 | A | $12.5 | 6,066,000 | I | By SoftVest, LP(1) | ||
| Units of Beneficial Ownership | 06/12/2025 | P | 22,000 | A | $11.62(6) | 6,088,000 | I | By SoftVest, LP(1) | ||
| Units of Beneficial Ownership | 06/12/2025 | X(4) | 20,300 | A | $12.5 | 6,108,300 | I | By SoftVest, LP(1) | ||
| Units of Beneficial Ownership | 06/17/2025 | P | 15,000 | A | $12.08(7) | 6,123,300 | I | By SoftVest, LP(1) | ||
| Units of Beneficial Ownership | 06/18/2025 | P | 11,241 | A | $12.11(8) | 6,134,541 | I | By SoftVest, LP(1) | ||
| Units of Beneficial Ownership | 06/20/2025 | P | 4,582 | A | $11.96(9) | 6,139,123 | I | By SoftVest, LP(1) | ||
| Units of Beneficial Ownership | 06/20/2025 | X(5) | 23,300 | A | $12.5 | 6,162,423 | I | By SoftVest, LP(1) | ||
| Units of Beneficial Ownership | 06/23/2025 | P | 20,165 | A | $12.12(10) | 6,182,588 | I | By SoftVest, LP(1) | ||
| Units of Beneficial Ownership | 06/24/2025 | P | 7,138 | A | $12.1(11) | 6,189,726 | I | By SoftVest, LP(1) | ||
| Units of Beneficial Ownership | 06/25/2025 | P | 4,000 | A | $12.05(12) | 6,193,726 | I | By SoftVest, LP(1) | ||
| Units of Beneficial Ownership | 06/26/2025 | P | 2,000 | A | $12.31(13) | 6,195,726 | I | By SoftVest, LP(1) | ||
| Units of Beneficial Ownership | 06/27/2025 | P | 6,898 | A | $12.51(14) | 6,202,624 | I | By SoftVest, LP(1) | ||
| Units of Beneficial Ownership | 06/30/2025 | P | 4,000 | A | $12.46(15) | 6,206,624 | I | By SoftVest, LP(1) | ||
| Units of Beneficial Ownership | 07/01/2025 | P | 2,000 | A | $12.4 | 6,208,624 | I | By SoftVest, LP(1) | ||
| Units of Beneficial Ownership | 07/02/2025 | P | 6,483 | A | $12.78(16) | 6,215,107 | I | By SoftVest, LP(1) | ||
| Units of Beneficial Ownership | 07/03/2025 | P | 2,000 | A | $12.8(17) | 6,217,107 | I | By SoftVest, LP(1) | ||
| Units of Beneficial Ownership | 4,500 | I | By Debeck LLC(2) | |||||||
| Units of Beneficial Ownership | 4,500 | I | By Debeck Properties(2) | |||||||
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Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities) | |||||||||||||||
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| 1. Title of Derivative Security (Instr. 3) | 2. Conversion or Exercise Price of Derivative Security | 3. Transaction Date (Month/Day/Year) | 3A. Deemed Execution Date, if any (Month/Day/Year) | 4. Transaction Code (Instr. 8) | 5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5) | 6. Date Exercisable and Expiration Date (Month/Day/Year) | 7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4) | 8. Price of Derivative Security (Instr. 5) | 9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4) | 10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4) | 11. Nature of Indirect Beneficial Ownership (Instr. 4) | ||||
| Code | V | (A) | (D) | Date Exercisable | Expiration Date | Title | Amount or Number of Shares | ||||||||
| Short Put Option (Obligation to buy) | $12.5 | 06/04/2025 | S | 100 | 06/04/2025 | 06/20/2025 | Units of Beneficial Ownership | 10,000 | $1.3 | 12,500 | I | By SoftVest, LP(1) | |||
| Short Put Option (Obligation to buy) | $12.5 | 06/05/2025 | S | 51 | 06/05/2025 | 06/20/2025 | Units of Beneficial Ownership | 5,100 | $1.5(18) | 17,600 | I | By SoftVest, LP(1) | |||
| Short Put Option (Obligation to buy) | $12.5 | 06/06/2025 | S | 20 | 06/06/2025 | 06/20/2025 | Units of Beneficial Ownership | 2,000 | $1.3 | 19,600 | I | By SoftVest, LP(1) | |||
| Short Put Option (Obligation to buy) | $12.5 | 06/11/2025 | S | 200 | 06/11/2025 | 06/20/2025 | Units of Beneficial Ownership | 20,000 | $1.02(19) | 39,600 | I | By SoftVest, LP(1) | |||
| Short Put Option (Obligation to buy) | $12.5 | 06/11/2025 | X | 10 | (3) | 06/20/2025 | Units of Beneficial Ownership | 1,000 | $0 | 38,600 | I | By SoftVest, LP(1) | |||
| Short Put Option (Obligation to buy) | $12.5 | 06/12/2025 | S | 50 | 06/12/2025 | 06/20/2025 | Units of Beneficial Ownership | 5,000 | $1.05 | 43,600 | I | By SoftVest, LP(1) | |||
| Short Put Option (Obligation to buy) | $12.5 | 06/12/2025 | X | 20.3 | (4) | 06/20/2025 | Units of Beneficial Ownership | 20,300 | $0 | 23,300 | I | By SoftVest, LP(1) | |||
| Short Put Option (Obligation to buy) | $12.5 | 06/20/2025 | X | 23.3 | (5) | 06/20/2025 | Units of Beneficial Ownership | 23,300 | $0 | 0 | I | By SoftVest, LP(1) | |||
| Short Put Option (Obligation to buy) | $10 | 06/20/2025 | E | 2,711 | (20) | 06/20/2025 | Units of Beneficial Ownership | 271,100 | $0 | 0 | I | By SoftVest, LP(1) | |||
1. Name and Address of Reporting Person*
(Street)
Relationship of Reporting Person(s) to Issuer
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1. Name and Address of Reporting Person*
(Street)
Relationship of Reporting Person(s) to Issuer
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1. Name and Address of Reporting Person*
(Street)
Relationship of Reporting Person(s) to Issuer
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1. Name and Address of Reporting Person*
(Street)
Relationship of Reporting Person(s) to Issuer
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| Explanation of Responses: |
| 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"). |
| /s/ Eric Lee. Oliver | 07/22/2025 | |
| SoftVest Advisors, LLC By: /s/ Eric Lee Oliver, Managing Member | 07/22/2025 | |
| SoftVest, LP By: SoftVest GP I, LLC, its general partner By: /s/ Eric Lee Oliver, Managing Member | 07/22/2025 | |
| SoftVest GP I, LLC By: /s/ Eric Lee Oliver, Managing Member | 07/22/2025 | |
| ** Signature of Reporting Person | Date | |
| 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. | ||