SoftVest Advisors, LLC

In its 13F for Q1 2025 (holdings as of March 31, 2025, filed May 15, 2025), SoftVest Advisors, LLC reported 2 stock positions worth $565.0 million. Its top holding was Texas Pacific Land (TPL) at 92.2% of the portfolio, followed by Permian Basin Royalty Trust (PBT, 7.8%). Compared with Q4 2024, it sold out of 1. The biggest sale was an exit from iShares 20+ Year Treasury BD (TLT).

Most Recent 13F
Q2 2026
Location
ABILENE, TX
CIK
0001803391
Portfolio Value
$565.0M (Q1 2025)
SEC Filing
0001420506-25-001264 ↗ filed May 15, 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 Q4 2024 Q1 2025: $565.0M $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 2 stocks · $565.0M
TPL Texas Pacific Land Corp. 92.23% 393,300 $521.1M No change
PBT Permian Basin Royalty Trust 7.77% 4,429,695 $43.9M No change

Options reported separately and not counted above: SPY puts ($251.7M), XOP puts ($231.8M), XOP calls ($59.3M), ARLP calls ($13.6M).

Portfolio Sells Q4 2024 → Q1 2025
TLT iShares 20+ Year Treasury BD Sold out 0.00% −3.09

Portfolio Buys Q4 2024 → Q1 2025
None this quarter.

Options Activity Q4 2024 → Q1 2025
SPY SS SPDR S&P 500 ETF Trust-US put Add +125.0% 450,000 $251.7M
XOP SS SPDR S&P Og Exp & Prod put Reduce -0.6% 1,760,000 $231.8M
TLT iShares 20+ Year Treasury BD call Sold out 450,000 $39.3Mbefore exit
TLT iShares 20+ Year Treasury BD put Sold out 230,000 $20.1Mbefore exit
GLD SPDR Gold Shares put Sold out 75,000 $18.2Mbefore exit
ARLP Alliance Resource Partners call Add +150.0% 500,000 $13.6M

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