Sec Form 4 Filing - OLIVER ERIC L @ PERMIAN BASIN ROYALTY TRUST - 2025-06-04

FORM 4 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) 06/04/2025 (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 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 )

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) $ 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 )

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 )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").

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* If the form is filed by more than one reporting person, see Instruction 4(b)(v).

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