SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13D

Under the Securities Exchange Act of 1934

(Amendment No. 2)

Permian Basin Royalty Trust

(Name of Issuer)

Units of Beneficial Interest

(Title of Class of Securities)

714236106

(CUSIP Number)

Eric L. Oliver
c/o SoftVest Advisors, LLC, 400 Pine Street, Suite 1010
Abilene, TX, 79601
(325) 677-6177

(Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications)

10/15/2025

(Date of Event Which Requires Filing of This Statement)

If the filing person has previously filed a statement on Schedule 13G to report the acquisition that is the subject of this Schedule 13D, and is filing this schedule because of §§ 240.13d-1(e), 240.13d-1(f) or 240.13d-1(g), check the following box. Checkbox checked

The information required on the remainder of this cover page shall not be deemed to be “filed” for the purpose of Section 18 of the Securities Exchange Act of 1934 (“Act”) or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).

SCHEDULE 13D

CUSIP No.

714236106

Name of reporting person

SoftVest Advisors, LLC

Check the appropriate box if a member of a Group (See Instructions)

(a)

(b)

SEC use only

Source of funds (See Instructions)

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

Checkbox not checked

Citizenship or place of organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 6,217,107.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 6,217,107.00

Aggregate amount beneficially owned by each reporting person

6,217,107.00

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

Checkbox not checked

Percent of class represented by amount in Row (11)

13.3 %

Type of Reporting Person (See Instructions)

Comment for Type of Reporting Person:

SCHEDULE 13D

CUSIP No.

714236106

Name of reporting person

SoftVest GP I, LLC

Check the appropriate box if a member of a Group (See Instructions)

(a)

(b)

SEC use only

Source of funds (See Instructions)

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

Checkbox not checked

Citizenship or place of organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 6,217,107.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 6,217,107.00

Aggregate amount beneficially owned by each reporting person

6,217,107.00

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

Checkbox not checked

Percent of class represented by amount in Row (11)

13.3 %

Type of Reporting Person (See Instructions)

Comment for Type of Reporting Person:

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.

SCHEDULE 13D

CUSIP No.

714236106

Name of reporting person

SoftVest, L.P.

Check the appropriate box if a member of a Group (See Instructions)

(a)

(b)

SEC use only

Source of funds (See Instructions)

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

Checkbox not checked

Citizenship or place of organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 6,217,107.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 6,217,107.00

Aggregate amount beneficially owned by each reporting person

6,217,107.00

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

Checkbox not checked

Percent of class represented by amount in Row (11)

13.3 %

Type of Reporting Person (See Instructions)

Comment for Type of Reporting Person:

SCHEDULE 13D

CUSIP No.

714236106

Name of reporting person

Eric L. Oliver

Check the appropriate box if a member of a Group (See Instructions)

(a)

(b)

SEC use only

Source of funds (See Instructions)

AF, PF

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

Checkbox not checked

Citizenship or place of organization

UNITED STATES

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 6,217,107.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 6,217,107.00

Aggregate amount beneficially owned by each reporting person

6,217,107.00

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

Checkbox checked

Percent of class represented by amount in Row (11)

13.3 %

Type of Reporting Person (See Instructions)

Comment for Type of Reporting Person:

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.

SCHEDULE 13D

Item 1.

Security and Issuer

(a)

Title of Class of Securities:

Units of Beneficial Interest

(b)

Name of Issuer:

Permian Basin Royalty Trust

(c)

Address of Issuer's Principal Executive Offices:

C/O ARGENT TRUST COMPANY, 3838 OAK LAWN AVE., SUITE 1720, DALLAS, TEXAS , 75219-4518.

Item 1 Comment:

This Amendment No. 2 to the Schedule 13D (this "Amendment No. 2") 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 previously amended, the "Original Schedule 13D" and together with this amendment, the "Schedule 13D"). Capitalized terms used and not defined in this Amendment No.2 have the meanings set forth in the Original Schedule 13D. This Amendment No.2 is being filed by the Reporting Persons to amend Item 4 and Item 7 as follows:

Item 4.

Purpose of Transaction

Item 4 of the Original Schedule 13D is amended by adding the following: On October 15, 2025, the Reporting Persons filed a preliminary proxy statement with the Securities and Exchange Commission (the "SEC") with respect to the Special Meeting. Exhibit 3 contains certain excerpts of the preliminary proxy that are incorporated by reference herein. Given his expertise and qualifications, Mr. Oliver may, if the Proposed Conversion is effected, stand for election to Newco's board of directors.

Item 7.

Material to be Filed as Exhibits.

Item 7 of the Original Schedule 13D is amended by adding the following: (3) Excerpt from Preliminary Proxy Statement, dated October 15, 2025

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

SoftVest Advisors, LLC

Signature:	/s/ Eric Oliver
Name/Title:	Eric Oliver/President and Managing Member
Date:	10/16/2025

SoftVest GP I, LLC

Signature:	/s/ Eric Oliver
Name/Title:	Eric Oliver/President and Managing Member
Date:	10/16/2025

SoftVest, L.P.

Signature:	By: SoftVest GP I, LLC its general partner, /s/ Eric Oliver
Name/Title:	Eric Oliver/President and Managing Member
Date:	10/16/2025

Eric L. Oliver

Signature:	/s/ Eric Oliver
Name/Title:	Eric Oliver
Date:	10/16/2025

Amendment: SEC Form SCHEDULE 13D/A filed by Permian Basin Royalty Trust