SoftVest Advisors, LLC

Holdings in Q4 2024

Holdings as of Dec 31, 2024, filed Feb 13, 2025. Long positions only; changes compare share counts with Q3 2024.

Holdings of SoftVest Advisors, LLC in Q4 2024
Security	Class	Shares	Value	% of portfolio	Share change	Action	History
TPLTexas Pacific Land Corp	Stock	393,300	$435.0M	87.1%	00.0%	Unchanged	History
PBTPermian Basin Royalty Trust	UNIT BEN INT	4,429,695	$49.1M	9.8%	00.0%	Unchanged	History
iShares Tr464287432	20 YR TR BD ETF	177,000	$15.5M	3.1%	+177,000	New	–

Puts and calls in the same filing. Amounts are the market value of the underlying shares, which is what 13F reports.

Option positions of SoftVest Advisors, LLC in Q4 2024
Security	Class	Puts	Calls
SPDR Series Trust78468R556	SP O&G EXPL PRO	$234.3M	$59.6M
SPYSPDR S&P 500 ETF Trust	ETF	$117.2M	–
iShares Tr464287432	20 YR TR BD ETF	$20.1M	$39.3M
GLDSPDR Gold Trust	ETF	$18.2M	–
ARLPAlliance Resource Partners LP	Stock	–	$5.26M

Positions held at the end of Q3 2024 that are gone from this filing.

Positions of SoftVest Advisors, LLC sold out since Q3 2024
Security	Class	Shares in Q3 2024	Value in Q3 2024	% of portfolio in Q3 2024	History
ARLPAlliance Resource Partners LP	Stock	40,900	$1.02M	0.3%	History