SCHEDULE 13D/A 0001104659-25-098559 0001803391 XXXXXXXX LIVE 2 Units of Beneficial Interest 10/15/2025 true 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 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 C/O ARGENT TRUST COMPANY 3838 OAK LAWN AVE., SUITE 1720 DALLAS TX 75219-4518 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 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 of the Original Schedule 13D is amended by adding the following: (3) Excerpt from Preliminary Proxy Statement, dated October 15, 2025 SoftVest Advisors, LLC /s/ Eric Oliver 10/16/2025 SoftVest GP I, LLC /s/ Eric Oliver 10/16/2025 SoftVest, L.P. By: SoftVest GP I, LLC its general partner, /s/ Eric Oliver 10/16/2025 Eric L. Oliver /s/ Eric Oliver 10/16/2025