organization · Reporting owner

SoftVest GP I, LLC

Disclosed activity across 2 companies

Tapewire entity: 1968
SEC CIK: 0002077837

Reported relationships

Latest disclosed role at each company.

Company	Last reported as	Report date	Published
CROSS TIMBERS ROYALTY TRUSTCRT · Entity 1965	10% owner	October 12, 2026	October 14, 2026
PERMIAN BASIN ROYALTY TRUSTPBT · Entity 4656	10% owner	December 19, 2025	December 23, 2025

Disclosed balances

About these balances

Latest available filing per company, not a reconstructed current portfolio. Matching sequences show the last reported balance with all source rows expandable; grouping alone does not establish account ownership. Do not add unresolved positions together. Filings may omit unchanged positions, and amendments may correct only part of an older disclosure. Jointly reported shares are not necessarily this owner's personal holdings.

CROSS TIMBERS ROYALTY TRUST

Report date October 12, 2026 · Filed October 14, 2026

Jointly reported with OLIVER ERIC L, SoftVest, LP

Security / award	Ownership account	Disclosed shares / units	Disclosure context
Units of Beneficial InterestSEC Table I · non-derivative	IndirectBy SoftVest, LP	1,019,426	Last balance in matching sequence After 2026-10-13 transaction · row 2 Source-order balances reconcile. Account continuity and personal attribution are not independently verified. 2 source rows Row 1 · 2026-10-12 · Purchase · Acquired 4,817 · Balance 1,018,049 F1: The price reported in Column 4 is a weighted average price. These securities were purchased in multiple transactions at prices ranging from $11.99 to $12.03, 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 securities purchased at each separate price within such range. F2: Directly held by SoftVest, LP. SoftVest GP I, LLC is the general partner of SoftVest, LP and Eric L. Oliver is the managing member of SoftVest GP I, LLC. As a result, each of SoftVest GP I, LLC and Mr. 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 interest therein. Row 2 · 2026-10-13 · Purchase · Acquired 1,377 · Balance 1,019,426 F3: The price reported in Column 4 is a weighted average price. These securities were purchased in multiple transactions at prices ranging from $12.20 to $12.25, 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 securities purchased at each separate price within such range. F2: Directly held by SoftVest, LP. SoftVest GP I, LLC is the general partner of SoftVest, LP and Eric L. Oliver is the managing member of SoftVest GP I, LLC. As a result, each of SoftVest GP I, LLC and Mr. 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 interest therein.

Filing footnotes · ownership attribution and instrument terms

F1: The price reported in Column 4 is a weighted average price. These securities were purchased in multiple transactions at prices ranging from $11.99 to $12.03, 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 securities purchased at each separate price within such range.

F2: Directly held by SoftVest, LP. SoftVest GP I, LLC is the general partner of SoftVest, LP and Eric L. Oliver is the managing member of SoftVest GP I, LLC. As a result, each of SoftVest GP I, LLC and Mr. 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 interest therein.

F3: The price reported in Column 4 is a weighted average price. These securities were purchased in multiple transactions at prices ranging from $12.20 to $12.25, 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 securities purchased at each separate price within such range.

PERMIAN BASIN ROYALTY TRUST

Report date December 19, 2025 · Filed December 23, 2025

Jointly reported with OLIVER ERIC L, SoftVest Advisors, LLC, SoftVest, LP

Security / award	Ownership account	Disclosed shares / units	Disclosure context
Short Put Option (Obligation to buy)SEC Table II · derivative / convertible security · Conversion / exercise price $12.50 · Expires 2025-12-19	IndirectBy SoftVest, LP	0	Reported balance After 2025-12-19 transaction · row 1 Instrument identity requires review; Table II rows are not merged. 1 source row Row 1 · 2025-12-19 · Other · Disposed 3,965 · Balance 0 F1: This short put option was written before the Reporting Persons became Section 16 insiders of the Issuer and therefore was reported on the Reporting Persons' 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. F2: 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 Advisors, LLC, SoftVest GP I, LLC and Mr. 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.
Short Put Option (Obligation to buy)SEC Table II · derivative / convertible security · Conversion / exercise price $15.00 · Expires 2025-12-19	IndirectBy SoftVest, LP	0	Reported balance After 2025-12-19 transaction · row 2 Instrument identity requires review; Table II rows are not merged. 1 source row Row 2 · 2025-12-19 · Other · Disposed 1 · Balance 0 F1: This short put option was written before the Reporting Persons became Section 16 insiders of the Issuer and therefore was reported on the Reporting Persons' 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. F2: 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 Advisors, LLC, SoftVest GP I, LLC and Mr. 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.

Filing footnotes · ownership attribution and instrument terms

F1: This short put option was written before the Reporting Persons became Section 16 insiders of the Issuer and therefore was reported on the Reporting Persons' 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.

F2: 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 Advisors, LLC, SoftVest GP I, LLC and Mr. 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.

Transaction history

JSON API

Purchases/sales include open-market and private transactions. Plan disclosure applies to the filing; individual rows may differ. “Not disclosed” is not “unplanned.”

The cutoff filters transaction history only. Company summaries and owner relationships show the latest available disclosures. Parser corrections can improve historical records.

Transaction date	Company	Activity / security	Shares / units	Reported price	Reported value	Details
June 24, 2025 Filed Jul 22, 2025 20:16 UTC	PERMIAN BASIN ROYALTY TRUST PBT · Entity 4656	PurchaseUnits of Beneficial Ownership	7,138	$12.10	$86,369.80	Disclosure SEC source: 0001104659-25-069624 · tm2521338-2_4seq1.xml · nonDerivative · entry 10 OLIVER ERIC L · CIK 0001168602 · 10% owner SoftVest Advisors, LLC · CIK 0001803391 · 10% owner SoftVest, LP · CIK 0001406386 · 10% owner SoftVest GP I, LLC · CIK 0002077837 · 10% owner Joint disclosure: these amounts are not allocated separately to each reporting owner. 10b5-1 filing: No plan indicated Ownership: Indirect · By SoftVest, LP Disclosed balance after: 6,189,726 F11 · price: 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. F1 · ownership.nature: 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. Read SEC document
June 23, 2025 Filed Jul 22, 2025 20:16 UTC	PERMIAN BASIN ROYALTY TRUST PBT · Entity 4656	PurchaseUnits of Beneficial Ownership	20,165	$12.12	$244,399.80	Disclosure SEC source: 0001104659-25-069624 · tm2521338-2_4seq1.xml · nonDerivative · entry 9 OLIVER ERIC L · CIK 0001168602 · 10% owner SoftVest Advisors, LLC · CIK 0001803391 · 10% owner SoftVest, LP · CIK 0001406386 · 10% owner SoftVest GP I, LLC · CIK 0002077837 · 10% owner Joint disclosure: these amounts are not allocated separately to each reporting owner. 10b5-1 filing: No plan indicated Ownership: Indirect · By SoftVest, LP Disclosed balance after: 6,182,588 F10 · price: 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. F1 · ownership.nature: 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. Read SEC document
June 20, 2025 Filed Jul 22, 2025 20:16 UTC	PERMIAN BASIN ROYALTY TRUST PBT · Entity 4656	OtherShort Put Option (Obligation to buy) · Derivative	2,711	$0.00 Strike: $10.00	$0.00	Disclosure SEC source: 0001104659-25-069624 · tm2521338-2_4seq1.xml · derivative · entry 28 OLIVER ERIC L · CIK 0001168602 · 10% owner SoftVest Advisors, LLC · CIK 0001803391 · 10% owner SoftVest, LP · CIK 0001406386 · 10% owner SoftVest GP I, LLC · CIK 0002077837 · 10% owner Joint disclosure: these amounts are not allocated separately to each reporting owner. 10b5-1 filing: No plan indicated Ownership: Indirect · By SoftVest, LP Disclosed balance after: 0 Underlying: Units of Beneficial Ownership · 271,100 shares Expires 2025-06-20 F20 · derivative.exercise_date: 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"). F1 · ownership.nature: 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. Read SEC document
June 20, 2025 Filed Jul 22, 2025 20:16 UTC	PERMIAN BASIN ROYALTY TRUST PBT · Entity 4656	OtherShort Put Option (Obligation to buy) · Derivative	23.3	$0.00 Strike: $12.50	$0.00	Disclosure SEC source: 0001104659-25-069624 · tm2521338-2_4seq1.xml · derivative · entry 27 OLIVER ERIC L · CIK 0001168602 · 10% owner SoftVest Advisors, LLC · CIK 0001803391 · 10% owner SoftVest, LP · CIK 0001406386 · 10% owner SoftVest GP I, LLC · CIK 0002077837 · 10% owner Joint disclosure: these amounts are not allocated separately to each reporting owner. 10b5-1 filing: No plan indicated Ownership: Indirect · By SoftVest, LP Disclosed balance after: 0 Underlying: Units of Beneficial Ownership · 23,300 shares Expires 2025-06-20 F5 · derivative.exercise_date: 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. F1 · ownership.nature: 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. Read SEC document
June 20, 2025 Filed Jul 22, 2025 20:16 UTC	PERMIAN BASIN ROYALTY TRUST PBT · Entity 4656	OtherUnits of Beneficial Ownership	23,300	$12.50	$291,250.00	Disclosure SEC source: 0001104659-25-069624 · tm2521338-2_4seq1.xml · nonDerivative · entry 8 OLIVER ERIC L · CIK 0001168602 · 10% owner SoftVest Advisors, LLC · CIK 0001803391 · 10% owner SoftVest, LP · CIK 0001406386 · 10% owner SoftVest GP I, LLC · CIK 0002077837 · 10% owner Joint disclosure: these amounts are not allocated separately to each reporting owner. 10b5-1 filing: No plan indicated Ownership: Indirect · By SoftVest, LP Disclosed balance after: 6,162,423 F5 · kind: 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. F1 · ownership.nature: 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. Read SEC document
June 20, 2025 Filed Jul 22, 2025 20:16 UTC	PERMIAN BASIN ROYALTY TRUST PBT · Entity 4656	PurchaseUnits of Beneficial Ownership	4,582	$11.96	$54,800.72	Disclosure SEC source: 0001104659-25-069624 · tm2521338-2_4seq1.xml · nonDerivative · entry 7 OLIVER ERIC L · CIK 0001168602 · 10% owner SoftVest Advisors, LLC · CIK 0001803391 · 10% owner SoftVest, LP · CIK 0001406386 · 10% owner SoftVest GP I, LLC · CIK 0002077837 · 10% owner Joint disclosure: these amounts are not allocated separately to each reporting owner. 10b5-1 filing: No plan indicated Ownership: Indirect · By SoftVest, LP Disclosed balance after: 6,139,123 F9 · price: 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. F1 · ownership.nature: 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. Read SEC document
June 18, 2025 Filed Jul 22, 2025 20:16 UTC	PERMIAN BASIN ROYALTY TRUST PBT · Entity 4656	PurchaseUnits of Beneficial Ownership	11,241	$12.11	$136,128.51	Disclosure SEC source: 0001104659-25-069624 · tm2521338-2_4seq1.xml · nonDerivative · entry 6 OLIVER ERIC L · CIK 0001168602 · 10% owner SoftVest Advisors, LLC · CIK 0001803391 · 10% owner SoftVest, LP · CIK 0001406386 · 10% owner SoftVest GP I, LLC · CIK 0002077837 · 10% owner Joint disclosure: these amounts are not allocated separately to each reporting owner. 10b5-1 filing: No plan indicated Ownership: Indirect · By SoftVest, LP Disclosed balance after: 6,134,541 F8 · price: 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. F1 · ownership.nature: 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. Read SEC document
June 17, 2025 Filed Jul 22, 2025 20:16 UTC	PERMIAN BASIN ROYALTY TRUST PBT · Entity 4656	PurchaseUnits of Beneficial Ownership	15,000	$12.08	$181,200.00	Disclosure SEC source: 0001104659-25-069624 · tm2521338-2_4seq1.xml · nonDerivative · entry 5 OLIVER ERIC L · CIK 0001168602 · 10% owner SoftVest Advisors, LLC · CIK 0001803391 · 10% owner SoftVest, LP · CIK 0001406386 · 10% owner SoftVest GP I, LLC · CIK 0002077837 · 10% owner Joint disclosure: these amounts are not allocated separately to each reporting owner. 10b5-1 filing: No plan indicated Ownership: Indirect · By SoftVest, LP Disclosed balance after: 6,123,300 F7 · price: 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. F1 · ownership.nature: 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. Read SEC document
June 12, 2025 Filed Jul 22, 2025 20:16 UTC	PERMIAN BASIN ROYALTY TRUST PBT · Entity 4656	OtherShort Put Option (Obligation to buy) · Derivative	20.3	$0.00 Strike: $12.50	$0.00	Disclosure SEC source: 0001104659-25-069624 · tm2521338-2_4seq1.xml · derivative · entry 26 OLIVER ERIC L · CIK 0001168602 · 10% owner SoftVest Advisors, LLC · CIK 0001803391 · 10% owner SoftVest, LP · CIK 0001406386 · 10% owner SoftVest GP I, LLC · CIK 0002077837 · 10% owner Joint disclosure: these amounts are not allocated separately to each reporting owner. 10b5-1 filing: No plan indicated Ownership: Indirect · By SoftVest, LP Disclosed balance after: 23,300 Underlying: Units of Beneficial Ownership · 20,300 shares Expires 2025-06-20 F4 · derivative.exercise_date: 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. F1 · ownership.nature: 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. Read SEC document
June 12, 2025 Filed Jul 22, 2025 20:16 UTC	PERMIAN BASIN ROYALTY TRUST PBT · Entity 4656	SaleShort Put Option (Obligation to buy) · Derivative	50	$1.05 Strike: $12.50	$52.50	Disclosure SEC source: 0001104659-25-069624 · tm2521338-2_4seq1.xml · derivative · entry 25 OLIVER ERIC L · CIK 0001168602 · 10% owner SoftVest Advisors, LLC · CIK 0001803391 · 10% owner SoftVest, LP · CIK 0001406386 · 10% owner SoftVest GP I, LLC · CIK 0002077837 · 10% owner Joint disclosure: these amounts are not allocated separately to each reporting owner. 10b5-1 filing: No plan indicated Ownership: Indirect · By SoftVest, LP Disclosed balance after: 43,600 Underlying: Units of Beneficial Ownership · 5,000 shares Expires 2025-06-20 F1 · ownership.nature: 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. Read SEC document
June 12, 2025 Filed Jul 22, 2025 20:16 UTC	PERMIAN BASIN ROYALTY TRUST PBT · Entity 4656	OtherUnits of Beneficial Ownership	20,300	$12.50	$253,750.00	Disclosure SEC source: 0001104659-25-069624 · tm2521338-2_4seq1.xml · nonDerivative · entry 4 OLIVER ERIC L · CIK 0001168602 · 10% owner SoftVest Advisors, LLC · CIK 0001803391 · 10% owner SoftVest, LP · CIK 0001406386 · 10% owner SoftVest GP I, LLC · CIK 0002077837 · 10% owner Joint disclosure: these amounts are not allocated separately to each reporting owner. 10b5-1 filing: No plan indicated Ownership: Indirect · By SoftVest, LP Disclosed balance after: 6,108,300 F4 · kind: 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. F1 · ownership.nature: 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. Read SEC document
June 12, 2025 Filed Jul 22, 2025 20:16 UTC	PERMIAN BASIN ROYALTY TRUST PBT · Entity 4656	PurchaseUnits of Beneficial Ownership	22,000	$11.62	$255,640.00	Disclosure SEC source: 0001104659-25-069624 · tm2521338-2_4seq1.xml · nonDerivative · entry 3 OLIVER ERIC L · CIK 0001168602 · 10% owner SoftVest Advisors, LLC · CIK 0001803391 · 10% owner SoftVest, LP · CIK 0001406386 · 10% owner SoftVest GP I, LLC · CIK 0002077837 · 10% owner Joint disclosure: these amounts are not allocated separately to each reporting owner. 10b5-1 filing: No plan indicated Ownership: Indirect · By SoftVest, LP Disclosed balance after: 6,088,000 F6 · price: 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. F1 · ownership.nature: 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. Read SEC document
June 11, 2025 Filed Jul 22, 2025 20:16 UTC	PERMIAN BASIN ROYALTY TRUST PBT · Entity 4656	OtherShort Put Option (Obligation to buy) · Derivative	10	$0.00 Strike: $12.50	$0.00	Disclosure SEC source: 0001104659-25-069624 · tm2521338-2_4seq1.xml · derivative · entry 24 OLIVER ERIC L · CIK 0001168602 · 10% owner SoftVest Advisors, LLC · CIK 0001803391 · 10% owner SoftVest, LP · CIK 0001406386 · 10% owner SoftVest GP I, LLC · CIK 0002077837 · 10% owner Joint disclosure: these amounts are not allocated separately to each reporting owner. 10b5-1 filing: No plan indicated Ownership: Indirect · By SoftVest, LP Disclosed balance after: 38,600 Underlying: Units of Beneficial Ownership · 1,000 shares Expires 2025-06-20 F3 · derivative.exercise_date: 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. F1 · ownership.nature: 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. Read SEC document
June 11, 2025 Filed Jul 22, 2025 20:16 UTC	PERMIAN BASIN ROYALTY TRUST PBT · Entity 4656	SaleShort Put Option (Obligation to buy) · Derivative	200	$1.02 Strike: $12.50	$204.00	Disclosure SEC source: 0001104659-25-069624 · tm2521338-2_4seq1.xml · derivative · entry 23 OLIVER ERIC L · CIK 0001168602 · 10% owner SoftVest Advisors, LLC · CIK 0001803391 · 10% owner SoftVest, LP · CIK 0001406386 · 10% owner SoftVest GP I, LLC · CIK 0002077837 · 10% owner Joint disclosure: these amounts are not allocated separately to each reporting owner. 10b5-1 filing: No plan indicated Ownership: Indirect · By SoftVest, LP Disclosed balance after: 39,600 Underlying: Units of Beneficial Ownership · 20,000 shares Expires 2025-06-20 F19 · price: 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. F1 · ownership.nature: 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. Read SEC document
June 11, 2025 Filed Jul 22, 2025 20:16 UTC	PERMIAN BASIN ROYALTY TRUST PBT · Entity 4656	OtherUnits of Beneficial Ownership	1,000	$12.50	$12,500.00	Disclosure SEC source: 0001104659-25-069624 · tm2521338-2_4seq1.xml · nonDerivative · entry 2 OLIVER ERIC L · CIK 0001168602 · 10% owner SoftVest Advisors, LLC · CIK 0001803391 · 10% owner SoftVest, LP · CIK 0001406386 · 10% owner SoftVest GP I, LLC · CIK 0002077837 · 10% owner Joint disclosure: these amounts are not allocated separately to each reporting owner. 10b5-1 filing: No plan indicated Ownership: Indirect · By SoftVest, LP Disclosed balance after: 6,066,000 F3 · kind: 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. F1 · ownership.nature: 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. Read SEC document
June 11, 2025 Filed Jul 22, 2025 20:16 UTC	PERMIAN BASIN ROYALTY TRUST PBT · Entity 4656	PurchaseUnits of Beneficial Ownership	5,000	$11.49	$57,450.00	Disclosure SEC source: 0001104659-25-069624 · tm2521338-2_4seq1.xml · nonDerivative · entry 1 OLIVER ERIC L · CIK 0001168602 · 10% owner SoftVest Advisors, LLC · CIK 0001803391 · 10% owner SoftVest, LP · CIK 0001406386 · 10% owner SoftVest GP I, LLC · CIK 0002077837 · 10% owner Joint disclosure: these amounts are not allocated separately to each reporting owner. 10b5-1 filing: No plan indicated Ownership: Indirect · By SoftVest, LP Disclosed balance after: 6,065,000 F1 · ownership.nature: 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. Read SEC document
June 06, 2025 Filed Jul 22, 2025 20:16 UTC	PERMIAN BASIN ROYALTY TRUST PBT · Entity 4656	SaleShort Put Option (Obligation to buy) · Derivative	20	$1.30 Strike: $12.50	$26.00	Disclosure SEC source: 0001104659-25-069624 · tm2521338-2_4seq1.xml · derivative · entry 22 OLIVER ERIC L · CIK 0001168602 · 10% owner SoftVest Advisors, LLC · CIK 0001803391 · 10% owner SoftVest, LP · CIK 0001406386 · 10% owner SoftVest GP I, LLC · CIK 0002077837 · 10% owner Joint disclosure: these amounts are not allocated separately to each reporting owner. 10b5-1 filing: No plan indicated Ownership: Indirect · By SoftVest, LP Disclosed balance after: 19,600 Underlying: Units of Beneficial Ownership · 2,000 shares Expires 2025-06-20 F1 · ownership.nature: 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. Read SEC document
June 05, 2025 Filed Jul 22, 2025 20:16 UTC	PERMIAN BASIN ROYALTY TRUST PBT · Entity 4656	SaleShort Put Option (Obligation to buy) · Derivative	51	$1.50 Strike: $12.50	$76.50	Disclosure SEC source: 0001104659-25-069624 · tm2521338-2_4seq1.xml · derivative · entry 21 OLIVER ERIC L · CIK 0001168602 · 10% owner SoftVest Advisors, LLC · CIK 0001803391 · 10% owner SoftVest, LP · CIK 0001406386 · 10% owner SoftVest GP I, LLC · CIK 0002077837 · 10% owner Joint disclosure: these amounts are not allocated separately to each reporting owner. 10b5-1 filing: No plan indicated Ownership: Indirect · By SoftVest, LP Disclosed balance after: 17,600 Underlying: Units of Beneficial Ownership · 5,100 shares Expires 2025-06-20 F18 · price: 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. F1 · ownership.nature: 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. Read SEC document
June 04, 2025 Filed Jul 22, 2025 20:16 UTC	PERMIAN BASIN ROYALTY TRUST PBT · Entity 4656	SaleShort Put Option (Obligation to buy) · Derivative	100	$1.30 Strike: $12.50	$130.00	Disclosure SEC source: 0001104659-25-069624 · tm2521338-2_4seq1.xml · derivative · entry 20 OLIVER ERIC L · CIK 0001168602 · 10% owner SoftVest Advisors, LLC · CIK 0001803391 · 10% owner SoftVest, LP · CIK 0001406386 · 10% owner SoftVest GP I, LLC · CIK 0002077837 · 10% owner Joint disclosure: these amounts are not allocated separately to each reporting owner. 10b5-1 filing: No plan indicated Ownership: Indirect · By SoftVest, LP Disclosed balance after: 12,500 Underlying: Units of Beneficial Ownership · 10,000 shares Expires 2025-06-20 F1 · ownership.nature: 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. Read SEC document

Value uses the disclosed total when available, otherwise shares × reported transaction price. It is not an estimate of exercise cash cost or investment performance.