<SEC-DOCUMENT>0001999371-25-001594.txt : 20250213
<SEC-HEADER>0001999371-25-001594.hdr.sgml : 20250213
<ACCEPTANCE-DATETIME>20250213141810
ACCESSION NUMBER:		0001999371-25-001594
CONFORMED SUBMISSION TYPE:	SCHEDULE 13G/A
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20250213
DATE AS OF CHANGE:		20250213

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
		IRS NUMBER:				756280532
		STATE OF INCORPORATION:			TX
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		SCHEDULE 13G/A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	005-34075
		FILM NUMBER:		25619327

	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:           	
		IRS NUMBER:				832704861
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		SCHEDULE 13G/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
</SEC-HEADER>
<DOCUMENT>
<TYPE>SCHEDULE 13G/A
<SEQUENCE>1
<FILENAME>primary_doc.xml
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<?xml version="1.0" encoding="UTF-8"?><edgarSubmission xmlns="http://www.sec.gov/edgar/schedule13g" xmlns:com="http://www.sec.gov/edgar/common">
  <headerData>
    <submissionType>SCHEDULE 13G/A</submissionType>
    <previousAccessionNumber>0001387131-22-001938</previousAccessionNumber>
    <filerInfo>
      <filer>
        <filerCredentials>
          <!-- Field: Pseudo-Tag; ID: Name; Data: SoftVest Advisors, LLC -->
          <cik>0001803391</cik>
          <ccc>XXXXXXXX</ccc>
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    <coverPageHeader>
      <amendmentNo>3</amendmentNo>
      <securitiesClassTitle>Units of Beneficial Interest</securitiesClassTitle>
      <eventDateRequiresFilingThisStatement>12/31/2024</eventDateRequiresFilingThisStatement>
      <issuerInfo>
        <issuerCik>0000319654</issuerCik>
        <issuerName>Permian Basin Royalty Trust</issuerName>
        <issuerCusip>714236106</issuerCusip>
        <issuerPrincipalExecutiveOfficeAddress>
          <com:street1>C/O ARGENT TRUST COMPANY</com:street1>
          <com:street2>3838 OAK LAWN AVE., SUITE 1720</com:street2>
          <com:city>Dallas</com:city>
          <com:stateOrCountry>TX</com:stateOrCountry>
          <com:zipCode>75219-4518</com:zipCode>
        </issuerPrincipalExecutiveOfficeAddress>
      </issuerInfo>
      <designateRulesPursuantThisScheduleFiled>
        <designateRulePursuantThisScheduleFiled>Rule 13d-1(b)</designateRulePursuantThisScheduleFiled>
      </designateRulesPursuantThisScheduleFiled>
    </coverPageHeader>
    <coverPageHeaderReportingPersonDetails>


      <reportingPersonName>SOFTVEST ADVISORS, LLC</reportingPersonName>
      <citizenshipOrOrganization>DE</citizenshipOrOrganization>
      <reportingPersonBeneficiallyOwnedNumberOfShares>
        <soleVotingPower>0.00</soleVotingPower>
        <sharedVotingPower>4429695.00</sharedVotingPower>
        <soleDispositivePower>0.00</soleDispositivePower>
        <sharedDispositivePower>4429695.00</sharedDispositivePower>
      </reportingPersonBeneficiallyOwnedNumberOfShares>
      <reportingPersonBeneficiallyOwnedAggregateNumberOfShares>4429695.00</reportingPersonBeneficiallyOwnedAggregateNumberOfShares>
      <aggregateAmountExcludesCertainSharesFlag>N</aggregateAmountExcludesCertainSharesFlag>
      <classPercent>9.5</classPercent>
      <typeOfReportingPerson>IA</typeOfReportingPerson>
      <comments>(1) Based on 46,608,796 Units of Beneficial Interest (as defined below) of the Issuer (as defined below) outstanding as of February 29, 2024, based on the Issuer's Form 10-Q filed with the SEC on February 29, 2024.  SoftVest Advisors, LLC acquired beneficial interest in the units in the ordinary course of business as a registered investment adviser and not with the purpose nor with the effect of changing or influencing the control of the Issuer.</comments>
    </coverPageHeaderReportingPersonDetails>
    <coverPageHeaderReportingPersonDetails>

      <reportingPersonName>SOFTVEST GP I, LLC</reportingPersonName>
      <citizenshipOrOrganization>DE</citizenshipOrOrganization>
      <reportingPersonBeneficiallyOwnedNumberOfShares>
        <soleVotingPower>0.00</soleVotingPower>
        <sharedVotingPower>4429695.00</sharedVotingPower>
        <soleDispositivePower>0.00</soleDispositivePower>
        <sharedDispositivePower>4429695.00</sharedDispositivePower>
      </reportingPersonBeneficiallyOwnedNumberOfShares>
      <reportingPersonBeneficiallyOwnedAggregateNumberOfShares>4429695.00</reportingPersonBeneficiallyOwnedAggregateNumberOfShares>
      <aggregateAmountExcludesCertainSharesFlag>N</aggregateAmountExcludesCertainSharesFlag>
      <classPercent>9.5</classPercent>
      <typeOfReportingPerson>OO</typeOfReportingPerson>
      <comments>(2) Based on 46,608,796 Units of Beneficial Interest (as defined below) of the Issuer (as defined below) outstanding as of February 29, 2024, based on the Issuer's Form 10-Q filed with the SEC on February 29, 2024.  SoftVest GP I, LLC is the general partner of, and may be deemed to beneficially own securities owned by, SoftVest, LP.</comments>
    </coverPageHeaderReportingPersonDetails>
    <coverPageHeaderReportingPersonDetails>


      <reportingPersonName>SOFTVEST, LP</reportingPersonName>
      <citizenshipOrOrganization>DE</citizenshipOrOrganization>
      <reportingPersonBeneficiallyOwnedNumberOfShares>
        <soleVotingPower>0.00</soleVotingPower>
        <sharedVotingPower>4429695.00</sharedVotingPower>
        <soleDispositivePower>0.00</soleDispositivePower>
        <sharedDispositivePower>4429695.00</sharedDispositivePower>
      </reportingPersonBeneficiallyOwnedNumberOfShares>
      <reportingPersonBeneficiallyOwnedAggregateNumberOfShares>4429695.00</reportingPersonBeneficiallyOwnedAggregateNumberOfShares>
      <aggregateAmountExcludesCertainSharesFlag>N</aggregateAmountExcludesCertainSharesFlag>
      <classPercent>9.5</classPercent>
      <typeOfReportingPerson>PN</typeOfReportingPerson>
      <comments>(3) Based on 46,608,796 Units of Beneficial Interest (as defined below) of the Issuer (as defined below) outstanding as of February 29, 2024, based on the Issuer's Form 10-Q filed with the SEC on February 29, 2024.</comments>
    </coverPageHeaderReportingPersonDetails>
    <items>
      <item1>
        <issuerName>Permian Basin Royalty Trust</issuerName>
        <issuerPrincipalExecutiveOfficeAddress>Argent Trust Company 3838 Oak Lawn Ave Suite 1720 Dallas, TX 75219</issuerPrincipalExecutiveOfficeAddress>
      </item1>
      <item2>
        <filingPersonName>This Schedule 13G is being filed by (i) SoftVest Advisors, LLC, a Delaware Limited Liability Company and a registered investment adviser ("SoftVest"), (ii) SoftVest, LP, a Delaware Limited Partnership ("SoftVest, LP"), and (iii) SoftVest GP I, LLC, a Delaware Limited Liability Company ("SoftVest GP I, LLC,") (each, a "Reporting Person" and, together, the "Reporting Persons"). SoftVest, LP directly holds 4,429,695 Units of Beneficial Ownership. SoftVest is the investment manager of SoftVest, LP, and SoftVest GP I, LLC is the general partner of SoftVest, LP, and as a result, each of SoftVest and SoftVest GP I, LLC may be deemed to beneficially own the securities beneficially owned by SoftVest, LP. Each of the Reporting Persons listed in this filing certify the securities referred to above were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the Issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that effect.</filingPersonName>
        <principalBusinessOfficeOrResidenceAddress>The registered office of SoftVest Advisors, LLC, SoftVest GP I, LLC, and SoftVest LP is 400 Pine Street, Suite 1010, Abilene, TX, 79601.</principalBusinessOfficeOrResidenceAddress>
        <citizenship>See response to Item 4 of each of the cover pages.</citizenship>
      </item2>
      <item3>
        <notApplicableFlag>N</notApplicableFlag>
        <typeOfPersonFiling>IA</typeOfPersonFiling>
      </item3>
      <item4>
        <amountBeneficiallyOwned>See responses to Item 9 on each cover page.</amountBeneficiallyOwned>
        <classPercent>See responses to Item 11 on each cover page.</classPercent>
        <numberOfSharesPersonHas>
          <solePowerOrDirectToVote>See responses to Item 5 on each cover page.</solePowerOrDirectToVote>
          <sharedPowerOrDirectToVote>See responses to Item 6 on each cover page.</sharedPowerOrDirectToVote>
          <solePowerOrDirectToDispose>See responses to Item 7 on each cover page.</solePowerOrDirectToDispose>
          <sharedPowerOrDirectToDispose>See responses to Item 8 on each cover page.</sharedPowerOrDirectToDispose>
        </numberOfSharesPersonHas>
      </item4>
      <item5>
        <notApplicableFlag>Y</notApplicableFlag>
      </item5>
      <item6>
        <notApplicableFlag>Y</notApplicableFlag>
      </item6>
      <item7>
        <notApplicableFlag>Y</notApplicableFlag>
      </item7>
      <item8>
        <notApplicableFlag>Y</notApplicableFlag>
      </item8>
      <item9>
        <notApplicableFlag>Y</notApplicableFlag>
      </item9>
      <item10>
        <notApplicableFlag>N</notApplicableFlag>
        <certifications>By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under ?? 240.14a-11.</certifications>
      </item10>
    </items>
    <exhibitInfo>Exhibit 1 - Joint Filing Agreement</exhibitInfo>
    <signatureInformation>
      <reportingPersonName>SOFTVEST ADVISORS, LLC</reportingPersonName>
      <signatureDetails>
        <signature>/s/ Eric Oliver</signature>
        <title>Eric Oliver/President and Managing Member</title>
        <date>02/13/2025</date>
      </signatureDetails>
    </signatureInformation>
    <signatureInformation>
      <reportingPersonName>SOFTVEST GP I, LLC</reportingPersonName>
      <signatureDetails>
        <signature>/s/ SOFTVEST GP I, LLC</signature>
        <title>SOFTVEST GP I, LLC/the General Partner</title>
        <date>02/13/2025</date>
      </signatureDetails>
      <signatureDetails>
        <signature>/s/ Eric Oliver</signature>
        <title>Eric Oliver/President and Managing Member</title>
        <date>02/13/2025</date>
      </signatureDetails>
    </signatureInformation>
    <signatureInformation>
      <reportingPersonName>SOFTVEST, LP</reportingPersonName>
      <signatureDetails>
        <signature>/s/ Eric Oliver</signature>
        <title>Eric Oliver/President and Managing Member</title>
        <date>02/13/2025</date>
      </signatureDetails>
    </signatureInformation>
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<DOCUMENT>
<TYPE>EX-1
<SEQUENCE>2
<FILENAME>ex1.htm
<DESCRIPTION>JOINT FILING AGREEMENT
<TEXT>
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     <TITLE></TITLE>
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<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: right"><B>Exhibit 1</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: right"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: center"><B>JOINT FILING AGREEMENT</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-indent: 0.5in">In accordance with Rule&nbsp;13d-1(k)(1)&nbsp;promulgated&nbsp;under
the&nbsp;Securities Exchange Act of 1934, the&nbsp;undersigned agree to the joint filing of a Statement on Schedule 13G (including&nbsp;any
and all amendments thereto) with respect to the Units of Beneficial Interest of Permian Basin Royalty Trust&nbsp;and further agree to
the filing of this agreement&nbsp;as an Exhibit thereto. In addition, each party to this Agreement expressly authorizes each other party
to this Agreement to file on its behalf any and all amendments to such Statement on Schedule 13G.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">Dated: February 13, 2025</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0.35pt 0 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0.4pt 0 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 11pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-family: Times New Roman,serif"><FONT STYLE="font-size: 10pt">SOFTVEST ADVISORS, LLC</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-family: Times New Roman,serif">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="width: 5%; font-family: Times New Roman,serif"><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 45%; font-family: Times New Roman,serif"><FONT STYLE="font-size: 10pt">/s/ Eric Oliver</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="font-size: 10pt">Name:</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="font-size: 10pt">Eric Oliver</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="font-size: 10pt">Title:</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="font-size: 10pt">President and Managing Member</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-family: Times New Roman,serif"><FONT STYLE="font-size: 10pt">SOFTVEST, LP</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-family: Times New Roman,serif">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="font-size: 10pt">SOFTVEST GP I, LLC, the General Partner</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-family: Times New Roman,serif"><FONT STYLE="font-size: 10pt">/s/ Eric Oliver</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="font-size: 10pt">Name:</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="font-size: 10pt">Eric Oliver</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="font-size: 10pt">Title:</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="font-size: 10pt">President and Managing Member</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-family: Times New Roman,serif"><FONT STYLE="font-size: 10pt">SOFTVEST GP I, LLC</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-family: Times New Roman,serif">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-family: Times New Roman,serif"><FONT STYLE="font-size: 10pt">/s/ Eric Oliver</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="font-size: 10pt">Name:</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="font-size: 10pt">Eric Oliver</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="font-size: 10pt">Title:</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="font-size: 10pt">President and Managing Member</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman,serif; margin: 0.25pt 0 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman,serif; margin: 0.25pt 0 0"></P>

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