Sec Form 3 Filing - OLIVER ERIC L @ PERMIAN BASIN ROYALTY TRUST - 2025-06-03

FORM 3 Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

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, Section 17(a) of the Public Utility Holding Company Act of 1935 or Section 30(h) of the Investment Company Act of 1940

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1. Name and Address of Reporting Person OLIVER ERIC L 2. Issuer Name and Ticker or Trading Symbol PERMIAN BASIN ROYALTY TRUST [ PBT] 5. Relationship of Reporting Person(s) to Issuer (Check all applicable) _____ Director X __ 10% Owner _____ Officer (give title below) _____ Other (specify below) (Last) (First) (Middle) 400 PINE STREET, SUITE 1010 3. Date of Earliest Transaction (MM/DD/YY) 06/03/2025 (Street) ABELINE, TX79601 4. If Amendment, Date Original Filed (MM/DD/YY) 6. Individual or Joint/Group Filing (Check Applicable Line) _____ Form filed by One Reporting Person __ X __ Form filed by More than One Reporting Person (City) (State) (Zip)

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned 1.Title of Security (Instr. 3) 2. Transaction Date (MM/DD/YY) 2A. Deemed Execution Date, if any (MM/DD/YY) 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 6,060,000 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 )

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned ( e.g. , puts, calls, warrants, options, convertible securities) 1. Title of Derivative Security (Instr. 3) 2. Conversion or Exercise Price of Derivative Security 3. Transaction Date (MM/DD/YY) 3A. Deemed Execution Date, if any (MM/DD/YY) 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 (MM/DD/YY) 7. Title and Amount of Underlying Securities (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 of Derivative Security: 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) $ 10 ( 3 ) 06/20/2025 Units of Beneficial Ownership 271,100 I By SoftVest, LP ( 1 ) Short Put Option (obligation to buy) $ 10 ( 3 ) 09/19/2025 Units of Beneficial Ownership 772,300 I By SoftVest, LP ( 1 ) Short Put Option (obligation to buy) $ 7.5 ( 3 ) 09/19/2025 Units of Beneficial Ownership 86,400 I By SoftVest, LP ( 1 ) Short Put Option (obligation to buy) $ 12.5 ( 3 ) 12/19/2025 Units of Beneficial Ownership 396,500 I By SoftVest, LP ( 1 ) Short Put Option (obligation to buy) $ 15 ( 3 ) 12/19/2025 Units of Beneficial Ownership 100 I By SoftVest, LP ( 1 ) Short Put Option (obligation to buy) $ 12.5 ( 3 ) 06/20/2025 Units of Beneficial Ownership 2,500 I By SoftVest, LP ( 1 )

Reporting Owners Reporting Owner Name / Address Relationships Director 10% Owner Officer Other OLIVER ERIC L 400 PINE STREET, SUITE 1010 ABELINE, TX79601 X SoftVest Advisors, LLC 400 PINE STREET, SUITE 1010 ABELINE, TX79601 X SoftVest, LP 400 PINE STREET, SUITE 1010 ABELINE, TX79601 X SoftVest GP I, LLC 400 PINE STREET, SUITE 1010 ABELINE, TX79601 X Signatures /s/ Eric Lee. Oliver 07/22/2025 Signature of Reporting Person Date SoftVest Advisors, LLC By: /s/ Eric Lee Oliver, Managing Member 07/22/2025 Signature of Reporting Person Date SoftVest, LP By: SoftVest GP I, LLC, its general partner By: /s/ Eric Lee Oliver, Managing Member 07/22/2025 Signature of Reporting Person Date SoftVest GP I, LLC By: /s/ Eric Lee Oliver, Managing Member 07/22/2025 Signature of Reporting Person Date

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 )Each option is exercisable by the holder of the option on or prior to the expiration 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).

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