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SAN JUAN BASIN ROYALTY TRUST (SJT) is the issuer in a Schedule 13G reporting that each of four reporting persons beneficially owns 5,013,294 units, or 10.8% of the class. SoftVest, LP directly holds 4,942,794 units and a call option to purchase 70,500 additional units, expiring January 15, 2027. SoftVest Advisors, LLC is SoftVest, LP’s investment manager, SoftVest GP I, LLC is its general partner, and Eric L. Oliver is managing member of both entities; each may be deemed to beneficially own SoftVest, LP’s securities. The reporting persons certify the securities were not acquired and are not held for the purpose or with the effect of changing or influencing control of the issuer, or in connection with or as a participant in a transaction having that effect.
Key Figures
Beneficial ownership reported by each person:5,013,294 unitsPercentage of class:10.8%Units directly held by SoftVest, LP:4,942,794 units+2 more
5 metrics
Beneficial ownership reported by each person5,013,294 unitsEach of four reporting persons reports this amount.
Percentage of class10.8%Reported for each of the four reporting persons.
Units directly held by SoftVest, LP4,942,794 unitsIncluded in the reported beneficial ownership.
Units subject to call option70,500 unitsOption to purchase additional units; expires January 15, 2027.
Issuer units outstanding46,608,796 unitsBasis cited for the ownership percentage; reported in the issuer’s Form 10-Q filed August 13, 2026.
Key Terms
Units of Beneficial Interest, beneficially own, Shared Voting Power, Shared Dispositive Power, +1 more
5 terms
Units of Beneficial Interesttechnical
"Title of Class of Securities"
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.
beneficially ownregulatory
"may be deemed to beneficially own the securities"
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.
Shared Voting Powerregulatory
"Shared Voting Power 5,013,294.00"
Shared voting power occurs when two or more parties jointly have the right to vote or decide how a block of company shares is cast, like co-owners who must agree before moving a piece of furniture. Investors care because who controls voting rights affects board elections, major corporate decisions and takeover outcomes, and shared control can alter regulatory disclosures and the practical influence any holder has over a company’s direction and value.
Shared Dispositive Powerregulatory
"Shared Dispositive Power 5,013,294.00"
call optionfinancial
"a call option, expiring January 15, 2027"
A call option is a contract that gives its buyer the right, but not the obligation, to buy a specific number of shares at a predetermined price within a set time period. Think of it as a refundable reservation to buy an item later at today’s price: you pay a fee up front and can profit if the stock rises, while your downside is limited to that fee; investors use calls to gain leverage, speculate on upside, or hedge positions without owning the shares.
FAQ
AI-generated questions and answers. How Rhea-AI works. Not financial advice.
How many SJT units do the reporting persons beneficially own?
Each of the four reporting persons reports beneficial ownership of 5,013,294 units, representing 10.8% of the class. That amount reflects 4,942,794 units held directly by SoftVest, LP and a call option to purchase 70,500 additional units.
What does the SJT Schedule 13G say about control of the issuer?
The reporting persons certify that the securities were not acquired or held for the purpose or with the effect of changing or influencing control of the issuer, and were not acquired or held in connection with or as a participant in a transaction having that effect.
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13G
UNDER THE SECURITIES EXCHANGE ACT OF 1934
SAN JUAN BASIN ROYALTY TRUST
(Name of Issuer)
Units of Beneficial Interest
(Title of Class of Securities)
798241105
(CUSIP Number)
10/05/2026
(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
SoftVest Advisors, 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
0.00
6
Shared Voting Power
5,013,294.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
5,013,294.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
5,013,294.00
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)
10.8 %
12
Type of Reporting Person (See Instructions)
IA
Comment for Type of Reporting Person: Reflects 4,942,794 Units of Beneficial Interest (as defined below) of the Issuer (as defined below) and a call option, expiring January 15, 2027, to purchase an additional 70,500 Units of Beneficial Interest of the Issuer held directly by SoftVest, LP (as defined below).
Based on 46,608,796 Units of Beneficial Interest of the Issuer outstanding as reported in the Issuer's Form 10-Q filed with the SEC on August 13, 2026.
SCHEDULE 13G
CUSIP Number(s):
798241105
1
Names of Reporting Persons
SoftVest GP I, 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
0.00
6
Shared Voting Power
5,013,294.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
5,013,294.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
5,013,294.00
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)
10.8 %
12
Type of Reporting Person (See Instructions)
OO
Comment for Type of Reporting Person: Reflects 4,942,794 Units of Beneficial Interest (as defined below) of the Issuer (as defined below) and a call option, expiring January 15, 2027, to purchase an additional 70,500 Units of Beneficial Interest of the Issuer held directly by SoftVest, LP (as defined below).
Based on 46,608,796 Units of Beneficial Interest of the Issuer outstanding as reported in the Issuer's Form 10-Q filed with the SEC on August 13, 2026.
SCHEDULE 13G
CUSIP Number(s):
798241105
1
Names of Reporting Persons
SoftVest, LP
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
0.00
6
Shared Voting Power
5,013,294.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
5,013,294.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
5,013,294.00
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)
10.8 %
12
Type of Reporting Person (See Instructions)
PN
Comment for Type of Reporting Person: Reflects 4,942,794 Units of Beneficial Interest (as defined below) of the Issuer (as defined below) and a call option, expiring January 15, 2027, to purchase an additional 70,500 Units of Beneficial Interest of the Issuer held directly by SoftVest, LP (as defined below).
Based on 46,608,796 Units of Beneficial Interest of the Issuer outstanding as reported in the Issuer's Form 10-Q filed with the SEC on August 13, 2026.
SCHEDULE 13G
CUSIP Number(s):
798241105
1
Names of Reporting Persons
Eric L. Oliver
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
UNITED STATES
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
5,013,294.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
5,013,294.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
5,013,294.00
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)
10.8 %
12
Type of Reporting Person (See Instructions)
IN
Comment for Type of Reporting Person: Reflects 4,942,794 Units of Beneficial Interest (as defined below) of the Issuer (as defined below) and a call option, expiring January 15, 2027, to purchase an additional 70,500 Units of Beneficial Interest of the Issuer held directly by SoftVest, LP (as defined below).
Based on 46,608,796 Units of Beneficial Interest of the Issuer outstanding as reported in the Issuer's Form 10-Q filed with the SEC on August 13, 2026.
SCHEDULE 13G
Item 1.
(a)
Name of issuer:
SAN JUAN BASIN ROYALTY TRUST
(b)
Address of issuer's principal executive offices:
c/o The Corporate Trustee: Argent Trust Company 3838 Oak Lawn Ave, Suite 1720 Dallas, TX, 75219-4518
Item 2.
(a)
Name of person filing:
This Schedule 13G is being filed by (i) SoftVest Advisors, LLC, a Delaware limited liability company and a registered investment adviser ("SoftVest"), (ii) SoftVest GP I, LLC, a Delaware limited liability company ("SoftVest GP I, LLC"), (iii) SoftVest, LP, a Delaware limited partnership ("SoftVest, LP"), and (iv) Eric L. Oliver (each, a "Reporting Person" and, together, the "Reporting Persons"). SoftVest, LP directly holds 4,942,794 units of beneficial interest ("Units of Beneficial Interest") of San Juan Basin Royalty Trust ("Issuer") and a call option, expiring January 15, 2027, to purchase an additional 70,500 Units of Beneficial Interest of the Issuer. SoftVest is the investment manager of SoftVest, LP, SoftVest GP I, LLC is the general partner of SoftVest, LP, and Eric L. Oliver is the managing member of each of SoftVest and SoftVest GP I, LLC. As a result, each of SoftVest, SoftVest GP I, LLC and Eric L. Oliver may be deemed to beneficially own the securities beneficially owned by SoftVest, LP. Each of the Reporting Persons listed in this filing certify the securities referred to above 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 effect.
(b)
Address or principal business office or, if none, residence:
The principal business address of each of the Reporting Persons is as follows:
The registered office of SoftVest Advisors, LLC, SoftVest GP I, LLC, and SoftVest, LP is 400 Pine Street, Suite 1010, Abilene, TX, 79601. The principal business address of Eric L. Oliver is 400 Pine Street, Suite 1010, Abilene, TX, 79601.
(c)
Citizenship:
See response to Item 4 of each of the cover pages.
(d)
Title of class of securities:
Units of Beneficial Interest
(e)
CUSIP Number(s):
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:
See responses to Item 9 on each cover page.
(b)
Percent of class:
See responses to Item 11 on each cover page.
(c)
Number of shares as to which the person has:
(i) Sole power to vote or to direct the vote:
See responses to Item 5 on each cover page.
(ii) Shared power to vote or to direct the vote:
See responses to Item 6 on each cover page.
(iii) Sole power to dispose or to direct the disposition of:
See responses to Item 7 on each cover page.
(iv) Shared power to dispose or to direct the disposition of:
See responses to Item 8 on each cover page.
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.
SoftVest Advisors, LLC
Signature:
/s/ Eric L. Oliver
Name/Title:
Eric L. Oliver / President and Managing Member
Date:
11/11/2026
SoftVest GP I, LLC
Signature:
/s/ Eric L. Oliver
Name/Title:
Eric L. Oliver / President and Managing Member
Date:
11/11/2026
SoftVest, LP
Signature:
/s/ Eric L. Oliver / SOFTVEST GP I, LLC, the General Partner
Name/Title:
Eric L. Oliver / President and Managing Member
Date:
11/11/2026
Eric L. Oliver
Signature:
/s/ Eric L. Oliver
Name/Title:
Eric L. Oliver
Date:
11/11/2026
Comments accompanying signature: Exhibit 1: Joint Filing Agreement, dated as of November 11, 2026, by and among SoftVest Advisors, LLC, SoftVest GP I, LLC, SoftVest, LP and Eric L. Oliver.
