Horizon Kinetics (SJT) reports 6.98M units, 15.0% stake (Amend. No.5)

Rhea-AI Filing Summary

Horizon Kinetics Asset Management LLC and Horizon Kinetics Holding Corp report beneficial ownership of 6,978,841 Units of Beneficial Interest in San Juan Basin Royalty Trust. The filing is an Amendment No. 5 to a Schedule 13G/A and shows 6,978,841 shares (15.0%) with sole voting and dispositive power.

The filing lists issuer principal office as Argent Trust Company in Dallas and is signed by General Counsel Jay Kesslen on 04/29/2026.

Key Figures

Beneficial ownership: 6,978,841 shares Ownership percent: 15.0% Filing signature date: 04/29/2026

3 metrics

Beneficial ownership 6,978,841 shares Units of Beneficial Interest in San Juan Basin Royalty Trust

Ownership percent 15.0% Percent of class reported in Schedule 13G/A Amendment No.5

Filing signature date 04/29/2026 Signed by General Counsel Jay Kesslen

Key Terms

Schedule 13G/A, Units of Beneficial Interest, Beneficial ownership, Sole Dispositive Power

4 terms

Schedule 13G/A regulatory

"Amendment No. 5 ) SAN JUAN BASIN ROYALTY TRUST Units of Beneficial Interest"

A Schedule 13G/A is an amended public filing with the U.S. securities regulator that updates a previous Schedule 13G, disclosing when an individual or group holds a substantial (typically over 5%) stake in a company and is claiming a passive, non‑controlling intent. Investors monitor these updates because rising or falling holdings can signal changing confidence, potential future moves, or shifts in voting power — like watching a public ledger where large shareholders quietly adjust their positions.

Units of Beneficial Interest financial

"Title of class of securities: 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.

Beneficial ownership regulatory

"Amount beneficially owned: 6,978,841 Shares (b) Percent of class: 15%"

Beneficial ownership means the person or entity that actually enjoys the benefits of owning shares or other assets — such as receiving dividends, voting rights, or price gains — even if the legal title is held in another name. For investors it matters because knowing who truly controls and profits from a company reveals who can influence decisions, exposes potential conflicts of interest or hidden concentration of power, and affects transparency and risk in the stock.

Sole Dispositive Power regulatory

"Sole Dispositive Power 6,978,841.00"

Sole dispositive power is the exclusive legal authority to decide what happens to a security — for example, whether to sell, transfer, or retain shares — without needing anyone else’s permission. Investors care because it signals who truly controls the economic outcome of an investment: like holding the only key to a safe, the holder can realize gains or losses and may trigger regulatory reporting, insider rules, or influence over corporate ownership.

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

See more from StockTitan in Google Search and AI answers. Adds StockTitan as a preferred source · opens Google

Add on Google Not now

Accepted by SEC EDGAR 04/29/2026 - 02:22 PM Learn about SEC filing dates

FAQ

What does the SJT Schedule 13G/A Amendment No. 5 disclose?

It discloses that Horizon Kinetics affiliates beneficially own 6,978,841 units, representing 15.0% of SJT. The filing names HKAM and HKHC, shows sole voting and dispositive power for the full amount, and is signed by General Counsel on 04/29/2026.

Who are the reporting persons in the SJT filing?

The reporting persons are Horizon Kinetics Asset Management LLC and Horizon Kinetics Holding Corp. HKAM is stated as a wholly owned subsidiary of HKHC and HKHC may be deemed to beneficially own HKAM's 6,978,841 units.

How many SJT units does Horizon Kinetics report owning and what percent is that?

Horizon Kinetics reports beneficial ownership of 6,978,841 units, equal to 15.0% of the class. The filing shows sole voting and sole dispositive power over all 6,978,841 units.

What powers over the SJT units does the filer claim?

The filer reports sole voting power and sole dispositive power over all 6,978,841 units. The filing records zero shared voting or dispositive power and indicates the ownership stake is direct for the reported entities.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

(Amendment No. 5)

SAN JUAN BASIN ROYALTY TRUST

(Name of Issuer)

Units of Beneficial Interest

(Title of Class of Securities)

798241105

(CUSIP Number)

03/31/2026

(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)

schemaVersion:

SCHEDULE 13G

CUSIP Number(s): 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 6,978,841.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 6,978,841.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

6,978,841.00

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)

15.0 %

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

CUSIP Number(s): 798241105

1

Names of Reporting Persons

Horizon Kinetics Holding Corp

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 6,978,841.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 6,978,841.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

6,978,841.00

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)

15.0 %

12

Type of Reporting Person (See Instructions)

HC

Comment for Type of Reporting Person: HKHC is the parent company to HKAM. HKHC may be deemed to beneficially own the 6,978,841 Shares beneficially owned by HKAM.

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, C/O ARGENT TRUST COMPANY, DALLAS, TEXAS, 75219-4518.
Item 2.
(a)	Name of person filing: HKAM is a wholly owned subsidiary of HKHC
(b)	Address or principal business office or, if none, residence: 470 Park Avenue South, 4th FL S, New York, NY 10016
(c)	Citizenship: United States
(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: 6,978,841 Shares
(b)	Percent of class: 15%
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: 6,978,841 Shares
	(ii) Shared power to vote or to direct the vote: 0
	(iii) Sole power to dispose or to direct the disposition of: 6,978,841 Shares
	(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:	04/29/2026

Horizon Kinetics Holding Corp

Signature:	/s/Jay Kesslen
Name/Title:	General Counsel
Date:	04/29/2026