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Permian Basin Royalty Trust

PBT on NYSE. Permian Basin Royalty Trust owns royalties on oil and gas produced in Texas. Market value $1.5bn.

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Should I look at this?

We have not checked this company yet

This is not advice.

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Who owns it

1 long-term investor we follow owns it, down from 2 last quarter. 101 funds in all.

Jun '25
Dec '25
Jun '26

Sold out this quarter

Largest holders overall

From 13F filings for the quarter ended 30 June 2026.

Big holders and activists

3 investors own more than 5%.

  • Horizon Kinetics
    Passive investor
    at least 13.7%+1.2 pts
    (filed with 1 related holder)
    Since 31 March 2026
  • SoftVest Advisors, LLC
    Strategic holder
    at least 13.3%0.0 pts
    (filed with 3 related holders)
    Since 28 July 2026
    What they said

    Item 4 of the Original Schedule 13D is hereby amended and supplemented by adding the following: Combination Agreement On July 28, 2026, a combination agreement was entered into by PBT Land and Minerals, Inc. ("New PBT"), PBT Sub, Inc. (a wholly owned subsidiary of New PBT, "New…

    Read the filing
  • SoftVest GP I, LLC
    Strategic holder
    at least 13.3%0.0 pts
    (filed with 2 related holders)
    Since 17 May 2026
    What they said

    Item 4 of the Original Schedule 13D is hereby amended and supplemented by adding the following: SoftVest, L.P. ("SoftVest") and Blackbeard Holdings, LLC ("Blackbeard") have agreed to a preliminary non-binding term sheet (the "Term Sheet") that sets forth the proposed high-level…

    Read the filing

From Schedule 13D and 13G filings: anyone owning more than 5% must file one.

What insiders did

No insider bought or sold on the open market in the last 12 months.

From Form 4 filings: insiders must report trades in their own company's shares within two days.

Warning signs in its filings

Problems the company itself reported to the SEC, in its own words.

None of the warning signs we check for were found.

We look for five warning signs: doubt it can keep going, weak checks on its own accounts, a notice that its past accounts can't be relied on, a change of auditor, and one customer bringing in a big share of sales. We don't check lawsuits, investigations or debt yet.

We checked the auditor's report, internal controls, restatement notices, auditor changes and big customers in the 10-K filed 27 Mar 2026, plus the 10-Q filed 13 Aug 2026 and 10 later 8-Ks.

A 10-K is the yearly report every US company files with the SEC. An 8-K is a short notice of a big event.

The deep dive

Everything above is arithmetic on public filings. The deep dive reads the last ten years of annual reports, the proxy statements, and the earnings calls, then argues the case the way Buffett, Klarman, and Hohn would, and checks every claim against the source.

  • What the business is worth, as a range, and the margin of safety at today’s price
  • Prices to start buying, buy, and buy hard
  • The three things that would make this a mistake
  • Every number footnoted to the filing it came from
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What a finished deep dive looks like

Not advice. Numbers on this page come from SEC filings and are updated each night; prices are updated again after the US market closes. The five-year figures are rounded.