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SCHEDULE 13D/A 0001803391 XXXXXXXX LIVE 3 Units of Beneficial Interest 12/26/2025 false 0000319654 714236106 PERMIAN BASIN ROYALTY TRUST C/O ARGENT TRUST COMPANY 3838 OAK LAWN AVE., SUITE 1720 DALLAS TX 75219-4518 Eric L. Oliver (325) 677-6177 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 (1) 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 November 13, 2025. 0002077837 N SoftVest GP I, LLC AF N DE 0.00 6217107.00 0.00 6217107.00 6217107.00 N 13.3 OO (2) 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 November 13, 2025. SoftVest GP I, LLC is the general partner of, and may be deemed to beneficially own securities owned by, SoftVest, L.P. 0001406386 N SoftVest, L.P. WC N DE 0.00 6217107.00 0.00 6217107.00 6217107.00 N 13.3 PN (3) 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 November 13, 2025. 0001168602 N Eric L. Oliver AF PF N X1 0.00 6217107.00 0.00 6217107.00 6217107.00 N 13.3 IN (1) 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. (2) 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 November 13, 2025. Units of Beneficial Interest PERMIAN BASIN ROYALTY TRUST C/O ARGENT TRUST COMPANY 3838 OAK LAWN AVE., SUITE 1720 DALLAS TX 75219-4518 This Amendment No. 3 to the Schedule 13D of the Reporting Persons (this "Amendment No. 3") relates to the units of beneficial interest ("Units") of Permian Basin Royalty Trust (the "Trust") and amends the Schedule 13D filed on October 10, 2025, as amended on October 10, 2025, and October 16, 2025 (collectively, the "Original Schedule 13D" and together with this amendment, the "Schedule 13D"). Capitalized terms used and not defined in this Amendment No. 3 have the meanings set forth in the Original Schedule 13D. This Amendment No.3 is being filed by the Reporting Persons to amend Item 4 and Item 7 as follows: Item 4 of the Original Schedule 13D is amended by adding the following: On December 26, 2025, SoftVest, LP, as beneficiary of the Trust, filed an Original Petition for Modification of Trust (the "Original Petition") in the District Court of Tarrant County, Texas, seeking to effect the Indenture Reformation. The case (096-373245-25) has been assigned to the 96th District Court of Tarrant County. The foregoing is qualified in its entirety by reference to the full text of the Original Petition, a copy of which is attached as Exhibit 4 and incorporated by reference herein. Item 7 of the Original Schedule 13D is amended by adding the following: (4) Original Petition for Modification of Trust. SoftVest Advisors, LLC /s/ Eric L. Oliver Eric Oliver/President and Managing Member 12/29/2025 SoftVest GP I, LLC /s/ Eric L. Oliver Eric Oliver/President and Managing Member 12/29/2025 SoftVest, L.P. By: SoftVest GP I, LLC its general partner, /s/ Eric L. Oliver Eric L. Oliver/President and Managing Member 12/29/2025 Eric L. Oliver /s/ Eric L. Oliver Eric L. Oliver 12/29/2025