OLIVER ERIC L 4

What Happened
Eric L. Oliver, reported as a 10% owner, purchased 18,902 shares of Cross Timbers Royalty Trust (CRT) on May 20, 2026. The transaction is reported as a purchase (code P) with a reported weighted-average price of $10.87, for an aggregate cost of $205,465. This purchase was made by SoftVest, LP (see footnote), and is therefore a buy rather than a sale.

Key Details

• Transaction date: 2026-05-20; Filing date: 2026-05-22. The Form 4 was filed two days after the trade (typically within the two-business-day reporting window).
• Price: weighted average $10.87; actual execution prices ranged from $10.50 to $11.00 (footnote F1).
• Shares purchased: 18,902; total reported value: $205,465.
• Shares owned after transaction: Not specified in the provided filing excerpt.
• Notable footnotes:
  • F1: The $10.87 is a weighted average; the purchaser will provide a breakdown of how many shares were bought at each price in the $10.50–$11.00 range upon request.
  • F2: The shares are directly held by SoftVest, LP. SoftVest GP I, LLC is the general partner and Eric L. Oliver is the managing member; he may be deemed to beneficially own the LP’s holdings but disclaims beneficial ownership except to the extent of any pecuniary interest.

Context
This is a direct purchase by an entity (SoftVest, LP) associated with Mr. Oliver; as a reported 10% owner and affiliate, his purchases are notable but reflect the LP’s investment activity rather than necessarily a personal retail trade. Purchases (vs. sales) are often viewed as a more informative signal of insider confidence, but filings alone do not reveal the buyer’s motivation.