SJT: Horizon Kinetics reports 4,803,143 units held on Schedule 13G/A

Rhea-AI Filing Summary

Horizon Kinetics Asset Management LLC filed Amendment No. 2 to Schedule 13G reporting a passive stake in San Juan Basin Royalty Trust (SJT).

The firm beneficially owns 4,803,143 Units of Beneficial Interest, representing 10.3% of the class, with sole voting and sole dispositive power over the same amount. The date of event is 07/17/2025.

Horizon Kinetics is identified as an investment adviser (IA) and certifies the securities were acquired and are held in the ordinary course of business and not for the purpose of changing or influencing control.

Insights

Equity Ownership & Regulatory Filings Analyst

Passive 10.3% stake disclosed; no control intent stated.

Horizon Kinetics reports beneficial ownership of 4,803,143 units of San Juan Basin Royalty Trust, equating to 10.3% of the class. The filer has sole voting and sole dispositive power over the same units, indicating centralized authority over these holdings within the adviser.

The certification states the position is held in the ordinary course and not to influence control, aligning with a Schedule 13G passive filing. The 07/17/2025 event date anchors when the threshold was met or changed.

Actual market impact depends on future ownership changes and disclosures. Subsequent filings may provide updates to percentage ownership or voting power if positions change.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

(Amendment No. 2)

SAN JUAN BASIN ROYALTY TRUST

(Name of Issuer)

Units of Beneficial Interest

(Title of Class of Securities)

798241105

(CUSIP Number)

07/17/2025

(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 4,803,143.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 4,803,143.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

4,803,143.00

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)

10.3 %

12

Type of Reporting Person (See Instructions)

IA

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: Horizon Kinetics Asset Management LLC
(b)	Address or principal business office or, if none, residence: 470 Park Ave 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: 4,803,143
(b)	Percent of class: 10.3 %
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: 4,803,143
	(ii) Shared power to vote or to direct the vote: 0
	(iii) Sole power to dispose or to direct the disposition of: 4,803,143
	(iv) Shared power to dispose or to direct the disposition of: 0
Item 5.	Ownership of 5 Percent or Less of a Class.
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:	10/28/2025

Exhibit Information

n/a

FAQ

What stake did Horizon Kinetics disclose in SJT?

Horizon Kinetics reported beneficial ownership of 4,803,143 units, representing 10.3% of San Juan Basin Royalty Trust.

What type of filing did Horizon Kinetics submit for SJT?

It submitted Schedule 13G/A (Amendment No. 2) for San Juan Basin Royalty Trust.

Does Horizon Kinetics have voting and dispositive power over the SJT units?

Yes. It has sole voting power over 4,803,143 units and sole dispositive power over 4,803,143 units.

When is the date of the event that triggered this SJT filing?

The date of event is 07/17/2025.

How is Horizon Kinetics classified in the filing?

It is classified as an investment adviser (IA).

Did Horizon Kinetics indicate an intent to influence control of SJT?

No. It certified the holdings were acquired and are held in the ordinary course, not to change or influence control.