[Form 4] Erie Indemnity Co Insider Trading Activity

Rhea-AI Filing Summary

Horizon Kinetics Asset Management LLC filed Amendment No. 1 to Schedule 13G on 23 Jul 2025 covering San Juan Basin Royalty Trust (SJT). As of the event date 16 Apr 2025, the investment adviser reports beneficial ownership of 4,594,502 Units of Beneficial Interest, equal to 9.9 % of the outstanding class. The firm holds sole voting and dispositive power over the entire position and reports no shared power.

The filing is made under Rule 13d-1(b) as a qualified investment adviser, indicating the stake is held in the ordinary course of business with no intent to influence control of the trust. No other group members are identified, and there are no disclosures of ownership on behalf of other persons.

Positive

• Horizon Kinetics holds a significant 9.9 % stake, indicating strong institutional confidence in SJT.

Negative

• None.

Insights

Portfolio Manager

TL;DR: Horizon Kinetics now holds 9.9 % of SJT, signaling meaningful institutional interest without activist intent.

This Schedule 13G/A shows Horizon Kinetics controlling 4.59 million SJT units. Crossing the 5 % threshold—and nearly the 10 % mark—can enhance market confidence by evidencing professional conviction in the trust’s royalty income stream. Because the form is passive (Rule 13d-1(b)), near-term governance disruption risk is minimal. The size of the holding could still influence liquidity and future trading dynamics. Overall, the disclosure is moderately positive for sentiment and is materially relevant to investors tracking SJT’s ownership base.

Corporate Governance Analyst

TL;DR: Passive 9.9 % stake poses low governance risk but is an ownership concentration worth monitoring.

The filer affirms the position was acquired in the ordinary course, with no intent to alter control, limiting activism concerns. Sole voting and dispositive power suggest Horizon Kinetics can act unilaterally on this sizeable block if circumstances change. While not immediately negative, the near-10 % threshold concentration could amplify their influence in future proxy situations. The filing is therefore impactful from a governance-watch perspective but currently neutral in directional implications.

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

1. Name and Address of Reporting Person^*

CONNELL EUGENE C

(Last) (First) (Middle)

785 HUNTINGTON DRIVE

(Street)

ERIE PA 16505

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
ERIE INDEMNITY CO [ ERIE ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director		10% Owner
	Officer (give title below)		Other (specify below)

3. Date of Earliest Transaction (Month/Day/Year)
07/22/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Class A Common Stock								2,462.602	I	By Children(1)
Class A Common Stock								17,433.246	D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Directors' Deferred Compensation Share Credits	$0(2)	07/22/2025		J(3)		12.378		(4)	(4)	Class A Common Stock	12.378	$364.1	3,156.128	D

Explanation of Responses:

1. Shares held by Reporting Person's children living in his household. The Reporting Person disclaims beneficial ownership of these reported securities, therefore this report shall not be deemed an admission that the Reporting Person is the beneficial owner of such securities for the purposes of Section 16 or for any other purpose.

2. Conversion price is not applicable to shares granted under the Outside Directors' Deferred Compensation Plan.

3. Acquired under dividend reinvestment for Directors' Deferred Compensation Plan.

4. The shares subject to this reporting are Share Credits which are periodically credited to the accounts of certain Directors of Erie Indemnity Company pursuant to its Outside Directors' Stock Plan. These Share Credits represent the right to receive an equivalent number of shares of Erie Indemnity Company Class A common stock when the reporting individual's service as a Director of the Company ends. There are no exercisable or expiration dates for these securities.

Remarks:

	Rebecca A. Buona, Power of Attorney	07/23/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

FAQ

How many San Juan Basin Royalty Trust units does Horizon Kinetics own?

Horizon Kinetics reports ownership of 4,594,502 units.

What percentage of SJT is owned by Horizon Kinetics?

The filing states a 9.9 % beneficial ownership stake.

Does Horizon Kinetics have shared voting power over SJT units?

No, it reports 0 shared voting or dispositive power; all authority is sole.

Is the stake disclosed in the Schedule 13G/A passive or activist?

Filed under Rule 13d-1(b), the stake is considered passive with no intent to influence control.

When was the event that triggered this Schedule 13G/A filing?

The relevant event date is 16 April 2025.

What is the CUSIP number for San Juan Basin Royalty Trust units?

The CUSIP disclosed is 798241105.