Horizon Kinetics reports 12.0% stake in San Juan Basin Royalty Trust

Horizon Kinetics Asset Management LLC filed Amendment No. 3 to Schedule 13G reporting beneficial ownership of 5,611,981 Units of Beneficial Interest of San Juan Basin Royalty Trust (SJT), representing 12.0% of the class.

Accepted by SEC EDGAR 11/05/2025 - 11:23 AM EST Learn about SEC filing dates

Rhea-AI Filing Summary

Horizon Kinetics Asset Management LLC filed Amendment No. 3 to Schedule 13G reporting beneficial ownership of 5,611,981 Units of Beneficial Interest of San Juan Basin Royalty Trust (SJT), representing 12.0% of the class.

The filer reports sole voting power over 5,611,981 units and sole dispositive power over 5,611,981 units, with no shared voting or dispositive power. The filing is certified as being made in the ordinary course of business and not for the purpose of changing or influencing control. The date of event is 09/03/2025.

FAQ

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

What stake did Horizon Kinetics report in SJT?

Horizon Kinetics reported beneficial ownership of 5,611,981 units, equal to 12.0% of San Juan Basin Royalty Trust.

What type of filing did Horizon Kinetics submit for SJT?

An Amendment No. 3 to Schedule 13G, indicating a passive beneficial ownership report.

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

Yes. It has sole voting power over 5,611,981 units and sole dispositive power over 5,611,981 units; no shared powers are reported.

What is the date of the event reported for SJT?

The date of event is 09/03/2025.

Is Horizon Kinetics seeking to influence control of SJT?

The certification states the securities were acquired and are held in the ordinary course, not to change or influence control.

What is the class of securities involved for SJT?

The filing concerns Units of Beneficial Interest of San Juan Basin Royalty Trust.

Who signed the Schedule 13G/A for Horizon Kinetics?

It was signed by Jay Kesslen, General Counsel, dated 11/05/2025.

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. 3)

SAN JUAN BASIN ROYALTY TRUST

(Name of Issuer)

Units of Beneficial Interest

(Title of Class of Securities)

798241105

(CUSIP Number)

09/03/2025

(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 5,611,981.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 5,611,981.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

5,611,981.00

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)

12.0 %

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: 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: 5,611,981
(b)	Percent of class: 12.0%
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: 5,611,981
	(ii) Shared power to vote or to direct the vote: 0
	(iii) Sole power to dispose or to direct the disposition of: 5,611,981
	(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:	11/05/2025