SCHEDULE 13D/A 0001104659-25-098559 0001803391 XXXXXXXX LIVE 1 Units of Beneficial Interest 10/09/2025 true 0000319654 714236106 Permian Basin Royalty Trust

3838 Oak Lawn Ave Suite 1720 Dallas TX 75219

Eric L. Oliver (650) 516-4310 c/o SoftVest Advisors, LLC 400 Pine Street, Suite 1010 Abilene TX 79601 0001803391 N SoftVest Advisors, LLC AF N DE 0.00 6217107.00 0.00 6217107.00 6217107.00 N 13.3 IA Percentage based on 46,608,796 Units of Beneficial Interest (as defined below) of the Issuer (as defined below) outstanding as reported in the Issuer's Form 10-Q filed with the SEC on August 13, 2025. Y SoftVest GP I, LLC AF N DE 0.00 6217107.00 0.00 6217107.00 6217107.00 N 13.3 OO Percentage based on 46,608,796 Units of Beneficial Interest (as defined below) of the Issuer (as defined below) outstanding as reported in the Issuer's Form 10-Q filed with the SEC on August 13, 2025. SoftVest GP I, LLC is the general partner of, and may be deemed to beneficially own securities owned by, SoftVest, L.P. Y SoftVest, L.P. WC N DE 0.00 6217107.00 0.00 6217107.00 6217107.00 N 13.3 PN Percentage based on 46,608,796 Units of Beneficial Interest (as defined below) of the Issuer (as defined below) outstanding as reported in the Issuer's Form 10-Q filed with the SEC on August 13, 2025. Y Eric L. Oliver AF PF N X1 0.00 6217107.00 0.00 6217107.00 6217107.00 Y 13.3 IN Excludes 17,000 Units of Beneficial Interest held by family members of and partnerships for the benefit of the family of Eric L. Oliver. Mr. Oliver disclaims beneficial ownership of any such Units of Beneficial Ownership except to the extent of any pecuniary interest therein. Percentage based on 46,608,796 Units of Beneficial Interest (as defined below) of the Issuer (as defined below) outstanding as reported in the Issuer's Form 10-Q filed with the SEC on August 13, 2025. Units of Beneficial Interest Permian Basin Royalty Trust 3838 Oak Lawn Ave Suite 1720 Dallas TX 75219 This Amendment No. 1 ("Amendment No. 1") amends the statement on Schedule 13D filed by the Reporting Persons with the Commission on October 10, 2025 (the "Original 13D"). This Amendment No. 1 is being filed solely to add disclosure to the Original 13D in Item 6 with respect to the short put options held by SoftVest, LP, as previously disclosed on the Reporting Persons' Form 3 filed on July 22, 2025. Short Put Options As of the date hereof, SoftVest, LP has outstanding the following short put options: (i) 3,965 short put options, referencing 396,500 Units, which are currently exercisable at $12.50 per Unit and expire on December 19, 2025 and (ii) one short put option, referencing 100 Units, which is currently exercisable at $15 per Unit and expire on December 19, 2025. (1) Joint Filing Agreement, dated October 9, 2025 SoftVest Advisors, LLC /s/ Eric Oliver 10/10/2025 SoftVest GP I, LLC /s/ Eric Oliver 10/10/2025 SoftVest, L.P. By: SoftVest GPI, LLC its general partner, /s/ Eric Oliver 10/10/2025 Eric L. Oliver /s/ Eric Oliver 10/10/2025