SCHEDULE: SoftVest Amends 13D, Discloses Permian Trust Put Options

SoftVest Advisors, LLC and related entities filed an amendment to their Schedule 13D, disclosing short put options on Units of Beneficial Interest in Permian Basin Royalty Trust.

Summary

• SoftVest Advisors, LLC, SoftVest GP I, LLC, SoftVest, L.P., and Eric L. Oliver collectively beneficially own 6,217,107 Units of Beneficial Interest in Permian Basin Royalty Trust.
• This represents 13.3% of the 46,608,796 outstanding Units, based on the Issuer's Form 10-Q filed August 13, 2025.
• The amendment specifically adds disclosure regarding short put options held by SoftVest, L.P.
• SoftVest, L.P. holds 3,965 short put options referencing 396,500 Units, exercisable at $12.50 per Unit, expiring December 19, 2025.
• Additionally, SoftVest, L.P. holds one short put option referencing 100 Units, exercisable at $15 per Unit, expiring December 19, 2025.

Sentiment

Score: 5

Explanation: Neutral. This is a factual disclosure of beneficial ownership and options positions, not a performance report or strategic announcement that would inherently carry positive or negative sentiment.

Risks

• Holding short put options exposes SoftVest, L.P. to potential losses if the price of Permian Basin Royalty Trust Units falls below the strike prices ($12.50 and $15.00) before the December 19, 2025 expiration.

Future Outlook

This filing does not contain forward-looking statements or guidance from the company or the reporting persons regarding the company's future performance or strategy, beyond the expiration date of the options.

Industry Context

This filing reflects an active investment position by SoftVest in a royalty trust, a common structure in the oil and gas industry for distributing income from mineral interests. The disclosure of short put options indicates a specific options strategy, potentially for income generation or hedging, which is a standard practice in financial markets.

Comparison to Industry Standards

• This filing is a regulatory disclosure of an investment position and options strategy. It does not contain performance data or operational metrics that would allow for a direct comparison to industry benchmarks or specific comparable companies/projects.
• The beneficial ownership percentage of 13.3% is a significant stake, indicating a substantial investment by SoftVest in Permian Basin Royalty Trust.

Stakeholder Impact

• Shareholders: The disclosure of a significant beneficial ownership stake (13.3%) by SoftVest and its options positions could influence market perception and trading activity. The short put options could indicate SoftVest's view on the stock's potential price movement or be part of a broader strategy.

Next Steps

• Monitoring the performance of Permian Basin Royalty Trust Units until the December 19, 2025 expiration of the short put options.

Key Dates

Recommendation

This filing is a regulatory disclosure of an amended beneficial ownership position and options holdings by SoftVest. It does not provide new fundamental information about Permian Basin Royalty Trust's operations or financial performance that would warrant a change in investment thesis. The disclosure of short put options indicates a specific investment strategy by SoftVest, but without further context on their overall portfolio or market outlook, it does not directly suggest a 'buy' or 'sell' for other investors. Therefore, a 'hold' recommendation is appropriate as investors should continue to monitor the trust's underlying performance and market conditions.

Keywords

Permian Basin Royalty Trust, SoftVest Advisors, Schedule 13D, Beneficial Ownership, Short Put Options, Oil and Gas Trust, Royalty Trust, SEC Filing, Investment Management