SoftVest Advisors, LLC

In its 13F for Q4 2024 (holdings as of December 31, 2024, filed February 13, 2025), SoftVest Advisors, LLC reported 3 stock positions worth $499.5 million. Its top holding was Texas Pacific Land (TPL) at 87.1% of the portfolio, followed by Permian Basin Royalty Trust (PBT, 9.8%) and iShares 20+ Year Treasury BD (TLT, 3.1%). Compared with Q3 2024, it opened 1 new position and sold out of 1. The biggest buy was a new position in iShares 20+ Year Treasury BD (TLT) and the biggest sale an exit from Alliance Resource Partners (ARLP).

Most Recent 13F
Q2 2026
Location
ABILENE, TX
CIK
0001803391
Portfolio Value
$499.5M (Q4 2024)
SEC Filing
0001420506-25-000390 ↗ filed Feb 13, 2025

Holdings Value

0$200.0M$400.0M$600.0M$800.0M Q1 2024: $280.5M Q1 2024 Q2 2024: $339.2M Q2 2024 Q3 2024: $401.7M Q3 2024 Q4 2024: $499.5M $499.5M Q4 2024 Q1 2025: $565.0M Q1 2025 Q2 2025: $492.8M Q2 2025 Q3 2025: $480.9M Q3 2025 Q4 2025: $444.7M Q4 2025 Q1 2026: $645.2M Q1 2026 Q2 2026: $628.9M Q2 2026

Holdings 3 stocks · $499.5M
TPL Texas Pacific Land Corp. 87.08% 393,300 $435.0M No change
PBT Permian Basin Royalty Trust 9.83% 4,429,695 $49.1M No change
TLT iShares 20+ Year Treasury BD 3.09% 177,000 $15.5M New

Options reported separately and not counted above: XOP puts ($234.3M), SPY puts ($117.2M), XOP calls ($59.6M), TLT calls ($39.3M), TLT puts ($20.1M), GLD puts ($18.2M), ARLP calls ($5.3M).

Portfolio Sells Q3 2024 → Q4 2024
ARLP Alliance Resource Partners Sold out 0.00% −0.25

Portfolio Buys Q3 2024 → Q4 2024
TLT iShares 20+ Year Treasury BD New 3.09% +3.09

Options Activity Q3 2024 → Q4 2024
XOP SS SPDR S&P Og Exp & Prod put Add +88.3% 1,770,000 $234.3M
SPY SS SPDR S&P 500 ETF Trust-US put New 200,000 $117.2M
TLT iShares 20+ Year Treasury BD call New 450,000 $39.3M
TLT iShares 20+ Year Treasury BD put New 230,000 $20.1M
ARLP Alliance Resource Partners call New 200,000 $5.3M

Calls and puts are listed by the shares they cover; their value is not part of the stock holdings above.

All Filings

QuarterPositions13F Reported ValueTop Holdings
Q2 2026 3$628.9MTPL, PBT, CRT
Q1 2026 3$645.2MTPL, PBT, CRT
Q4 2025 2$444.7MTPL, PBT
Q3 2025 2$480.9MTPL, PBT
Q2 2025 2$492.8MTPL, PBT
Q1 2025 2$565.0MTPL, PBT
Q4 2024 3$499.5MTPL, PBT, TLT
Q3 2024 3$401.7MTPL, PBT, ARLP
Q2 2024 3$339.2MTPL, PBT, ARLP
Q1 2024 3$280.5MTPL, PBT, ARLP