San Juan Basin Royalty Trust: SoftVest holds 4.59M units

Eric L. Oliver disclaims beneficial ownership of SoftVest, LP’s securities except to the extent of his pecuniary interest.

Available on EDGAR 11/12/2026 - 06:08 AM EST Accepted by SEC EDGAR 11/12/2026 - 06:06 AM EST Learn about SEC filing dates

Rhea-AI Filing Summary

For San Juan Basin Royalty Trust (SJT), SoftVest, LP is listed as directly holding 4,590,430 Units of Beneficial Interest as of November 9, 2026, and a call option covering 70,500 underlying units at an exercise price of $5.0000. The option is exercisable by SoftVest, LP on or before January 15, 2027. Eric L. Oliver, SoftVest, LP, and SoftVest GP I, LLC are each listed as ten-percent owners. SoftVest GP I, LLC is SoftVest, LP’s general partner, and Oliver is the LLC’s managing member.

Insider Trade Summary

Holdings reported, no transactions

Holdings

Insider OLIVER ERIC L, SoftVest, LP, SoftVest GP I, LLC

Role 10% Owner | 10% Owner | 10% Owner

Type	Security	Shares	Price	Value
Holding	Call Option (right to buy) F2, F1	--	--	--
Holding	Units of Beneficial Interest F1	--	--	--

Holdings: Call Option (right to buy) — 70,500 options (Indirect, By SoftVest, LP); Units of Beneficial Interest — 4,590,430 units (Indirect, By SoftVest, LP)

Footnotes (2)

1. F1. Directly held by SoftVest, LP. SoftVest GP I, LLC is the general partner of SoftVest, LP and Eric L. Oliver is the managing member of SoftVest GP I, LLC. As a result, each of SoftVest GP I, LLC and Mr. Oliver may be deemed to beneficially own the securities beneficially owned by SoftVest, LP. Mr. Oliver disclaims any beneficial ownership with respect to the securities held by SoftVest, LP except to the extent of his pecuniary interest therein.
2. F2. This option is exercisable by SoftVest, LP on or prior to the expiration date.

Key Figures

Units of Beneficial Interest held: 4,590,430 units Call option underlying units: 70,500 units Call option exercise price: $5.0000 per unit +1 more

4 metrics

Units of Beneficial Interest held 4,590,430 units Directly held by SoftVest, LP as of November 9, 2026

Call option underlying units 70,500 units Underlying Units of Beneficial Interest

Call option exercise price $5.0000 per unit Call option held by SoftVest, LP

Call option expiration date January 15, 2027 Option exercisable on or before this date

Key Terms

Call Option (right to buy), Units of Beneficial Interest, beneficially own, pecuniary interest

4 terms

Call Option (right to buy) financial

"Call Option (right to buy)"

Units of Beneficial Interest financial

"underlying security title: Units of Beneficial Interest"

Units of beneficial interest are pieces of ownership in a trust, fund, or pooled investment that give the holder a right to a share of the assets and income without holding the underlying property directly. Think of them as slices of a pie that entitle you to future slices of profit or distributions; investors care because these units determine how returns, risks, voting rights, and tax treatment are allocated and how easily you can buy or sell your stake.

beneficially own financial

"may be deemed to beneficially own the securities"

Beneficially own means having the economic rights and risks of a security—such as the right to receive dividends, sell the shares, or profit from price changes—whether or not your name appears on the official share register. Think of it like renting a car: you use it and reap the benefits even if the title lists someone else. Investors care because beneficial ownership determines who truly controls value, must be disclosed under securities rules, and can signal potential influence or trading activity that affects a stock’s price.

pecuniary interest financial

"except to the extent of his pecuniary interest therein"

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

How many SJT units does SoftVest, LP hold?

SoftVest, LP is listed as directly holding 4,590,430 Units of Beneficial Interest as of November 9, 2026.

What are the terms of SoftVest, LP’s SJT call option?

The call option covers 70,500 underlying Units of Beneficial Interest, has an exercise price of $5.0000, and is exercisable on or before January 15, 2027.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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SEC Form 3

FORM 3

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

INITIAL STATEMENT OF BENEFICIAL OWNERSHIP OF SECURITIES

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:			3235-0104
Estimated average burden
hours per response:			0.5

1. Name and Address of Reporting Person^*

OLIVER ERIC L

(Last) (First) (Middle)

400 PINE STREET, SUITE 1010

(Street)

ABILENE TEXAS 79601

(City) (State) (Zip)

UNITED STATES

(Country)

2. Date of Event Requiring Statement (Month/Day/Year)
11/09/2026

3. Issuer Name and Ticker or Trading Symbol
SAN JUAN BASIN ROYALTY TRUST [ SJT ]

3a. Foreign Trading Symbol

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

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

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

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

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

Table I - Non-Derivative Securities Beneficially Owned
1. Title of Security (Instr. 4)	2. Amount of Securities Beneficially Owned (Instr. 4)	3. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)	4. Nature of Indirect Beneficial Ownership (Instr. 5)
Units of Beneficial Interest	4,590,430	I	By SoftVest, LP(1)

Table II - Derivative Securities Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 4)	2. Date Exercisable and Expiration Date (Month/Day/Year)		3. Title and Amount of Securities Underlying Derivative Security (Instr. 4)		4. Conversion or Exercise Price of Derivative Security	5. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)	6. Nature of Indirect Beneficial Ownership (Instr. 5)
	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Call Option (right to buy)	(2)	01/15/2027	Units of Beneficial Interest	70,500	$5	I	By SoftVest, LP(1)

1. Name and Address of Reporting Person^*

OLIVER ERIC L

(Last) (First) (Middle)

400 PINE STREET, SUITE 1010

(Street)

ABILENE TEXAS 79601

(City) (State) (Zip)

UNITED STATES

(Country)

Relationship of Reporting Person(s) to Issuer

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

1. Name and Address of Reporting Person^*

SoftVest, LP

(Last) (First) (Middle)

400 PINE STREET, SUITE 1010

(Street)

ABILENE TEXAS 79601

(City) (State) (Zip)

UNITED STATES

(Country)

Relationship of Reporting Person(s) to Issuer

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

1. Name and Address of Reporting Person^*

SoftVest GP I, LLC

(Last) (First) (Middle)

400 PINE STREET, SUITE 1010

(Street)

ABILENE TEXAS 79601

(City) (State) (Zip)

UNITED STATES

(Country)

Relationship of Reporting Person(s) to Issuer

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

Explanation of Responses:

1. Directly held by SoftVest, LP. SoftVest GP I, LLC is the general partner of SoftVest, LP and Eric L. Oliver is the managing member of SoftVest GP I, LLC. As a result, each of SoftVest GP I, LLC and Mr. Oliver may be deemed to beneficially own the securities beneficially owned by SoftVest, LP. Mr. Oliver disclaims any beneficial ownership with respect to the securities held by SoftVest, LP except to the extent of his pecuniary interest therein.

2. This option is exercisable by SoftVest, LP on or prior to the expiration date.

	/s/ Eric L. Oliver	11/11/2026
	SoftVest, LP By: SoftVest GP I, LLC, its general partner By: /s/ Eric L. Oliver, Managing Member	11/11/2026
	SoftVest GP I, LLC By: /s/ Eric L. Oliver, Managing Member	11/11/2026
	** 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 5 (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.
* Form 3: SEC 1473 (03-26)