[SCHEDULE 13G/A] San Juan Basin Royalty Trust UBI SEC Filing

Rhea-AI Filing Summary

Horizon Kinetics Asset Management LLC filed Amendment No. 1 to Schedule 13G on 23 Jul 2025 covering San Juan Basin Royalty Trust (SJT). As of the event date 16 Apr 2025, the investment adviser reports beneficial ownership of 4,594,502 Units of Beneficial Interest, equal to 9.9 % of the outstanding class. The firm holds sole voting and dispositive power over the entire position and reports no shared power.

The filing is made under Rule 13d-1(b) as a qualified investment adviser, indicating the stake is held in the ordinary course of business with no intent to influence control of the trust. No other group members are identified, and there are no disclosures of ownership on behalf of other persons.

Insights

Portfolio Manager

TL;DR: Horizon Kinetics now holds 9.9 % of SJT, signaling meaningful institutional interest without activist intent.

This Schedule 13G/A shows Horizon Kinetics controlling 4.59 million SJT units. Crossing the 5 % threshold—and nearly the 10 % mark—can enhance market confidence by evidencing professional conviction in the trust’s royalty income stream. Because the form is passive (Rule 13d-1(b)), near-term governance disruption risk is minimal. The size of the holding could still influence liquidity and future trading dynamics. Overall, the disclosure is moderately positive for sentiment and is materially relevant to investors tracking SJT’s ownership base.

Corporate Governance Analyst

TL;DR: Passive 9.9 % stake poses low governance risk but is an ownership concentration worth monitoring.

The filer affirms the position was acquired in the ordinary course, with no intent to alter control, limiting activism concerns. Sole voting and dispositive power suggest Horizon Kinetics can act unilaterally on this sizeable block if circumstances change. While not immediately negative, the near-10 % threshold concentration could amplify their influence in future proxy situations. The filing is therefore impactful from a governance-watch perspective but currently neutral in directional implications.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

(Amendment No. 1)

SAN JUAN BASIN ROYALTY TRUST

(Name of Issuer)

Units of Beneficial Interest

(Title of Class of Securities)

798241105

(CUSIP Number)

04/16/2025

(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 4,594,502.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 4,594,502.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

4,594,502.00

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)

9.9 %

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, 8th 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: 4594502
(b)	Percent of class: 9.9 %
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: 4594502
	(ii) Shared power to vote or to direct the vote: 0
	(iii) Sole power to dispose or to direct the disposition of: 4594502
	(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:	07/23/2025

FAQ

How many San Juan Basin Royalty Trust units does Horizon Kinetics own?

Horizon Kinetics reports ownership of 4,594,502 units.

What percentage of SJT is owned by Horizon Kinetics?

The filing states a 9.9 % beneficial ownership stake.

Does Horizon Kinetics have shared voting power over SJT units?

No, it reports 0 shared voting or dispositive power; all authority is sole.

Is the stake disclosed in the Schedule 13G/A passive or activist?

Filed under Rule 13d-1(b), the stake is considered passive with no intent to influence control.

When was the event that triggered this Schedule 13G/A filing?

The relevant event date is 16 April 2025.

What is the CUSIP number for San Juan Basin Royalty Trust units?

The CUSIP disclosed is 798241105.