<SEC-DOCUMENT>0001056823-25-000013.txt : 20250702
<SEC-HEADER>0001056823-25-000013.hdr.sgml : 20250702
<ACCEPTANCE-DATETIME>20250702164409
ACCESSION NUMBER:		0001056823-25-000013
CONFORMED SUBMISSION TYPE:	SCHEDULE 13G/A
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20250702
DATE AS OF CHANGE:		20250702

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 13G/A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	005-34075
		FILM NUMBER:		251101976

	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:			HORIZON KINETICS ASSET MANAGEMENT LLC
		CENTRAL INDEX KEY:			0001056823
		ORGANIZATION NAME:           	
		EIN:				133776334
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		SCHEDULE 13G/A

	BUSINESS ADDRESS:	
		STREET 1:		470 PARK AVENUE SOUTH
		STREET 2:		4TH FLOOR SOUTH
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10016
		BUSINESS PHONE:		646-495-7347

	MAIL ADDRESS:	
		STREET 1:		470 PARK AVENUE SOUTH
		STREET 2:		4TH FLOOR SOUTH
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10016

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	HORIZON ASSET MANAGEMENT LLC
		DATE OF NAME CHANGE:	20130813

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	HORIZON ASSET MANAGEMENT INC/NY
		DATE OF NAME CHANGE:	19990319
</SEC-HEADER>
<DOCUMENT>
<TYPE>SCHEDULE 13G/A
<SEQUENCE>1
<FILENAME>primary_doc.xml
<TEXT>
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  <headerData>
    <submissionType>SCHEDULE 13G/A</submissionType>
    <filerInfo>
      <filer>
        <filerCredentials>
          <cik>0001056823</cik>
          <ccc>XXXXXXXX</ccc>
        </filerCredentials>
      </filer>
      <liveTestFlag>LIVE</liveTestFlag>



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  </headerData>
  <formData>
    <coverPageHeader>
      <amendmentNo>3</amendmentNo>
      <securitiesClassTitle>Units of Beneficial Interest</securitiesClassTitle>
      <eventDateRequiresFilingThisStatement>06/03/2025</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>HORIZON KINETICS ASSET MANAGEMENT LLC</reportingPersonName>
      <citizenshipOrOrganization>DE</citizenshipOrOrganization>
      <reportingPersonBeneficiallyOwnedNumberOfShares>
        <soleVotingPower>5839825.00</soleVotingPower>
        <soleDispositivePower>5839825.00</soleDispositivePower>
      </reportingPersonBeneficiallyOwnedNumberOfShares>
      <reportingPersonBeneficiallyOwnedAggregateNumberOfShares>5839825.00</reportingPersonBeneficiallyOwnedAggregateNumberOfShares>
      <classPercent>12.5</classPercent>
      <typeOfReportingPerson>IA</typeOfReportingPerson>
    </coverPageHeaderReportingPersonDetails>
    <items>
      <item1>
        <issuerName>PERMIAN BASIN ROYALTY TRUST</issuerName>
        <issuerPrincipalExecutiveOfficeAddress>C/O ARGENT TRUST COMPANY, 3838 OAK LAWN AVE., SUITE 1720, DALLAS, TEXAS, 75219-4518.</issuerPrincipalExecutiveOfficeAddress>
      </item1>
      <item2>
        <filingPersonName>Horizon Kinetics Asset Management LLC</filingPersonName>
        <principalBusinessOfficeOrResidenceAddress>470 Park Ave S, 8th Fl S New York, NY 10016</principalBusinessOfficeOrResidenceAddress>
        <citizenship>Delaware</citizenship>
      </item2>
      <item3>
        <notApplicableFlag>N</notApplicableFlag>
        <typeOfPersonFiling>IA</typeOfPersonFiling>
      </item3>
      <item4>
        <amountBeneficiallyOwned>5,839,825
</amountBeneficiallyOwned>
        <classPercent>12.5</classPercent>
        <numberOfSharesPersonHas>
          <solePowerOrDirectToVote>5,839,825
</solePowerOrDirectToVote>
          <solePowerOrDirectToDispose>5,839,825</solePowerOrDirectToDispose>
        </numberOfSharesPersonHas>
      </item4>
      <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 &amp;#167; 240.14a-11.

</certifications>
      </item10>
    </items>
    <signatureInformation>
      <reportingPersonName>HORIZON KINETICS ASSET MANAGEMENT LLC</reportingPersonName>
      <signatureDetails>
        <signature>/s/Jay Kesslen</signature>
        <title>General Counsel</title>
        <date>07/02/2025</date>
      </signatureDetails>
    </signatureInformation>
  </formData>
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</SEC-DOCUMENT>
