Horizon Kinetics reports 16.1% stake in SJT

Horizon Kinetics Asset Management LLC, a Delaware entity, reports beneficial ownership of 7,494,020 Units of San Juan Basin Royalty Trust, representing 16.1% of the class.

Accepted by SEC EDGAR 07/31/2026 - 09:25 AM EDT Learn about SEC filing dates

Rhea-AI Filing Summary

Horizon Kinetics Asset Management LLC, a Delaware entity, reports beneficial ownership of 7,494,020 Units of San Juan Basin Royalty Trust, representing 16.1% of the class. It has sole voting and sole dispositive power over all of these Units, with no shared voting or dispositive power.

Horizon Kinetics Holding Corp., also organized in Delaware, is identified as the parent of Horizon Kinetics Asset Management LLC and may be deemed to beneficially own the same 7,494,020 Units through its wholly owned subsidiary.

Key Figures

Units beneficially owned: 7,494,020 Units Percent of class: 16.1% Sole voting power: 7,494,020 Units +2 more

5 metrics

Units beneficially owned 7,494,020 Units Beneficially owned by Horizon Kinetics Asset Management LLC

Percent of class 16.1% Percentage of San Juan Basin Royalty Trust Units class

Sole voting power 7,494,020 Units Units over which Horizon Kinetics Asset Management LLC has sole voting power

Sole dispositive power 7,494,020 Units Units over which Horizon Kinetics Asset Management LLC has sole dispositive power

Signature date 07/31/2026 Date signed by General Counsel Jay Kesslen

Key Terms

beneficially own, Sole Voting Power, Sole Dispositive Power, Percent of class, +1 more

5 terms

beneficially own financial

"HKHC may be deemed to beneficially own the 7,494,020 Shares"

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.

Sole Voting Power financial

"Sole Voting Power 7,494,020.00"

Sole voting power is the exclusive right to cast votes attached to a shareholder’s stock without needing approval from anyone else. Like holding the only remote control for a TV, it lets that holder decide corporate matters such as board members, mergers, and policy changes, making it important to investors because it concentrates control and can strongly influence a company’s strategy and the value of its shares.

Sole Dispositive Power financial

"Sole Dispositive Power 7,494,020.00"

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.

Percent of class financial

"Percent of class: 16.1%"

Percent of class is the portion of a specific category of securities—such as a company’s common shares, preferred shares, or a bond series—that takes part in or approves a corporate action (vote, consent, tender, etc.). Investors watch this number because it reveals how much support or opposition exists within that particular shareholder group; like counting how many members of a club back a proposal, it can determine whether a plan passes or how influence is distributed.

Schedule 13G/A regulatory

"form_type: "SCHEDULE 13G/A""

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.

FAQ

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

What percentage of San Juan Basin Royalty Trust (SJT) does Horizon Kinetics Asset Management LLC own?

Horizon Kinetics Asset Management LLC reports beneficial ownership of 16.1% of San Juan Basin Royalty Trust Units, based on 7,494,020 Units held with sole voting and sole dispositive power over all of these Units.

How many San Juan Basin Royalty Trust (SJT) Units are beneficially owned by Horizon Kinetics entities?

Horizon Kinetics Asset Management LLC and its parent Horizon Kinetics Holding Corp report beneficial ownership of 7,494,020 Units. The asset manager has sole voting and sole dispositive power over all these Units.

What is the relationship between Horizon Kinetics Asset Management LLC and Horizon Kinetics Holding Corp in the SJT filing?

Horizon Kinetics Asset Management LLC is a wholly owned subsidiary of Horizon Kinetics Holding Corp. The parent company may be deemed to beneficially own 7,494,020 Units through the asset management subsidiary.

What voting power does Horizon Kinetics Asset Management LLC have over San Juan Basin Royalty Trust (SJT) Units?

Horizon Kinetics Asset Management LLC reports sole voting power over 7,494,020 Units and no shared voting power. It also has sole dispositive power over the same number of Units and no shared dispositive power.

What class of securities of San Juan Basin Royalty Trust (SJT) is reported in this Schedule 13G/A?

The filing relates to Units of San Juan Basin Royalty Trust, identified by CUSIP 798241105. Horizon Kinetics Asset Management LLC reports beneficial ownership and control rights over these Units as described in the Schedule 13G/A.

Who signed the Schedule 13G/A related to San Juan Basin Royalty Trust (SJT)?

The Schedule 13G/A was signed by Jay Kesslen, General Counsel, with signatures dated 07/31/2026. The signatures cover the reporting persons in connection with the disclosed beneficial ownership of San Juan Basin Royalty Trust Units.

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

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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

(Amendment No. 6)

SAN JUAN BASIN ROYALTY TRUST

(Name of Issuer)

Units

(Title of Class of Securities)

798241105

(CUSIP Number)

06/30/2026

(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 7,494,020.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 7,494,020.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

7,494,020.00

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)

16.1 %

12

Type of Reporting Person (See Instructions)

IA

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

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 7,494,020.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 7,494,020.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

7,494,020.00

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)

16.1 %

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 7,494,020 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, DALLAS, TEXAS, 75219-4518.
Item 2.
(a)	Name of person filing: Horizon Kinetics Asset Management LLC
(b)	Address or principal business office or, if none, residence: 470 Park Ave S, 8th Fl S New York, NY 10016
(c)	Citizenship: Delaware
(d)	Title of class of securities: Units
(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: 7,494,020
(b)	Percent of class: 16.1%
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: 7,494,020
	(ii) Shared power to vote or to direct the vote: 0
	(iii) Sole power to dispose or to direct the disposition of: 7,494,020
	(iv) Shared power to dispose or to direct the disposition of: 0
Item 5.	Ownership of 5 Percent or Less of a Class.
	Not Applicable
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:	07/31/2026

Horizon Kinetics Holding Corp

Signature:	/s/Jay Kesslen
Name/Title:	General Counsel
Date:	07/31/2026