Horizon Kinetics owns 6.23M San Juan Basin Trust units (SJT) filing update

Rhea-AI Filing Summary

Horizon Kinetics Asset Management LLC, a Delaware-based investment adviser and wholly owned subsidiary of Horizon Kinetics Holding Corporation, reports beneficial ownership of 6,231,144 Units of Beneficial Interest of San Juan Basin Royalty Trust, equal to 13.4% of the outstanding class as of the event date.

The firm has sole power to vote and dispose of all 6,231,144 units, with no shared voting or dispositive power. This Amendment No. 4 to Schedule 13G is filed on a passive basis, stating the securities are held in the ordinary course of business and not for the purpose of changing or influencing control of the trust.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

(Amendment No. 4)

SAN JUAN BASIN ROYALTY TRUST

(Name of Issuer)

Units of Beneficial Interest

(Title of Class of Securities)

798241105

(CUSIP Number)

12/31/2025

(Date of Event Which Requires Filing of this Statement)

Check the appropriate box to designate the rule pursuant to which this Schedule is filed:

Rule 13d-1(b)

Rule 13d-1(c)

Rule 13d-1(d)

SCHEDULE 13G

CUSIP No. 798241105

1

Names of Reporting Persons

HORIZON KINETICS ASSET MANAGEMENT LLC

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 6,231,144.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 6,231,144.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

6,231,144.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

13.4 %

12

Type of Reporting Person (See Instructions)

IA

Comment for Type of Reporting Person: Horizon Kinetics Asset Management LLC is a wholly owned subsidiary of Horizon Kinetics Holding Corporation.

SCHEDULE 13G

Item 1.
(a)	Name of issuer: SAN JUAN BASIN ROYALTY TRUST
(b)	Address of issuer's principal executive offices: C/O ARGENT TRUST COMPANY, 3838 OAK LAWN AVE, STE 1720, DALLAS, TEXAS, 75219-4518.
Item 2.
(a)	Name of person filing: This Schedule 13G is being filed by Horizon Kinetics Asset Management LLC, a wholly owned subsidiary of Horizon Kinetics Holding Corporation.
(b)	Address or principal business office or, if none, residence: 470 Park Avenue South, 4th FL S New York, NY 10016
(c)	Citizenship: Delaware
(d)	Title of class of securities: Units of Beneficial Interest
(e)	CUSIP No.: 798241105
Item 3.	If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)	Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)	Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)	Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)	Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)	An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)	An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)	A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)	A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)	A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)	A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J), please specify the type of institution:
(k)	Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
Item 4.	Ownership
(a)	Amount beneficially owned: 6,231,144
(b)	Percent of class: 13.4%
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: 6,231,144
	(ii) Shared power to vote or to direct the vote: 0
	(iii) Sole power to dispose or to direct the disposition of: 6,231,144
	(iv) Shared power to dispose or to direct the disposition of: 0
Item 6.	Ownership of more than 5 Percent on Behalf of Another Person.
	Not Applicable
Item 7.	Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
	Not Applicable
Item 8.	Identification and Classification of Members of the Group.
	Not Applicable
Item 9.	Notice of Dissolution of Group.
	Not Applicable

Item 10.

Certifications:

By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under § 240.14a-11.

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

HORIZON KINETICS ASSET MANAGEMENT LLC

Signature:	/s/Jay Kesslen
Name/Title:	General Counsel
Date:	01/28/2026

FAQ

What does the Schedule 13G/A filing reveal about Horizon Kinetics and SJT?

The filing shows Horizon Kinetics Asset Management LLC beneficially owns 6,231,144 units of San Juan Basin Royalty Trust, representing 13.4% of the class. It confirms a significant passive stake with sole voting and dispositive power over all reported units.

How large is Horizon Kinetics’ ownership stake in San Juan Basin Royalty Trust (SJT)?

Horizon Kinetics Asset Management LLC reports beneficial ownership of 6,231,144 Units of Beneficial Interest, representing 13.4% of the outstanding class. This makes it a major unitholder with a sizable position in San Juan Basin Royalty Trust under Schedule 13G/A Amendment No. 4.

Does Horizon Kinetics have control intentions over San Juan Basin Royalty Trust (SJT)?

The filing states the securities were acquired and are held in the ordinary course of business, not to change or influence control of the issuer. Horizon Kinetics also notes the holdings are not in connection with any transaction intended to affect control, aside from limited nomination activities.

What voting and dispositive powers does Horizon Kinetics report over SJT units?

Horizon Kinetics reports sole power to vote or direct the vote over 6,231,144 units and sole power to dispose or direct the disposition of the same 6,231,144 units. It reports zero shared voting power and zero shared dispositive power in this Schedule 13G/A filing.

Who is the reporting person in this San Juan Basin Royalty Trust (SJT) Schedule 13G/A?

The reporting person is Horizon Kinetics Asset Management LLC, a Delaware entity and wholly owned subsidiary of Horizon Kinetics Holding Corporation. Its principal business office is listed as 470 Park Avenue South, 4th Floor South, New York, NY 10016 in the ownership disclosure.

Why is this ownership report for SJT classified as a Schedule 13G filing?

The certification states the securities were acquired and are held in the ordinary course of business, without the purpose or effect of changing or influencing control. That language aligns with a passive Schedule 13G filing rather than an activist Schedule 13D for San Juan Basin Royalty Trust.