SoftVest Advisors, LLC

In its 13F for Q3 2025 (holdings as of September 30, 2025, filed November 12, 2025), SoftVest Advisors, LLC reported 2 stock positions worth $480.9 million. Its top holding was Texas Pacific Land (TPL) at 76.4% of the portfolio, followed by Permian Basin Royalty Trust (PBT, 23.6%). Compared with Q2 2025, it added to 2. The biggest buy was Permian Basin Royalty Trust (PBT, shares +0%).

Most Recent 13F
Q2 2026
Location
ABILENE, TX
CIK
0001803391
Portfolio Value
$480.9M (Q3 2025)
SEC Filing
0001420506-25-003146 ↗ filed Nov 12, 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 Q1 2025 Q2 2025: $492.8M Q2 2025 Q3 2025: $480.9M $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 · $480.9M
TPL Texas Pacific Land Corp. 76.41% 393,600 $367.5M Add +0.1%
PBT Permian Basin Royalty Trust 23.59% 6,217,107 $113.5M Add +0.2%

Options reported separately and not counted above: XOP puts ($11.0M).

Portfolio Sells Q2 2025 → Q3 2025
None this quarter.

Portfolio Buys Q2 2025 → Q3 2025
PBT Permian Basin Royalty Trust Add +0.2% 23.59% +7.90
TPL Texas Pacific Land Corp. Add +0.1% 76.41% −7.90

Options Activity Q2 2025 → Q3 2025
SPY SS SPDR S&P 500 ETF Trust-US put Sold out 200,000 $123.6Mbefore exit
XOP SS SPDR S&P Og Exp & Prod call Sold out 450,000 $56.6Mbefore exit
ARLP Alliance Resource Partners call Sold out 500,000 $13.1Mbefore exit
XOP SS SPDR S&P Og Exp & Prod put Reduce -90.4% 83,000 $11.0M

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