SEC EDGAR · Insider purchase
SJT: OLIVER ERIC L; SoftVest, LP; SoftVest GP I, LLC reported buying shares
2 reported purchases of non-derivative securities. Code P includes open-market and private purchases; it does not establish motive.
Follow SJT- Became public
- Nov 12, 2026, 6:08 AM EST
- Event / period date
- Nov 9, 2026
- Collected
- Nov 12, 2026, 6:16 AM EST
Why this is connected
This filing identifies SAN JUAN BASIN ROYALTY TRUST as the issuer of the security. The company's SEC identifier connects it to SJT.
Reported transactions
OLIVER ERIC L (10% owner); SoftVest, LP (10% owner); SoftVest GP I, LLC (10% owner)
92,759 shares · Units of Beneficial Interest
Nov 9, 2026 · $3.56 per share
259,605 shares · Units of Beneficial Interest
Nov 10, 2026 · $4.14 per share
Value calculated from the reported shares and prices: $1,404,986.74.
Code P covers open-market and private purchases. Grants, option exercises, and tax withholding are excluded from purchase results. Read the source footnotes for ownership and pricing details.
Source evidence
Read the source excerpt or record
<?xml version="1.0"?>
<ownershipDocument>
<schemaVersion>X0609</schemaVersion>
<documentType>4</documentType>
<periodOfReport>2026-11-09</periodOfReport>
<notSubjectToSection16>0</notSubjectToSection16>
<issuer>
<issuerCik>0000319655</issuerCik>
<issuerName>SAN JUAN BASIN ROYALTY TRUST</issuerName>
<issuerTradingSymbol>SJT</issuerTradingSymbol>
<issuerForeignTradingSymbol></issuerForeignTradingSymbol>
</issuer>
<reportingOwner>
<reportingOwnerId>
<rptOwnerCik>0001168602</rptOwnerCik>
<rptOwnerName>OLIVER ERIC L</rptOwnerName>
</reportingOwnerId>
<reportingOwnerAddress>
<rptOwnerNonUSAddressFlag>false</rptOwnerNonUSAddressFlag>
<rptOwnerStreet1>400 PINE STREET, SUITE 1010</rptOwnerStreet1>
<rptOwnerStreet2></rptOwnerStreet2>
<rptOwnerCity>ABILENE</rptOwnerCity>
<rptOwnerState>TX</rptOwnerState>
<rptOwnerZipCode>79601</rptOwnerZipCode>
<rptOwnerStateDescription></rptOwnerStateDescription>
</reportingOwnerAddress>
<reportingOwnerRelationship>
<isDirector>0</isDirector>
<isOfficer>0</isOfficer>
<isTenPercentOwner>1</isTenPercentOwner>
<isOther>0</isOther>
<officerTitle></officerTitle>
<otherText></otherText>
</reportingOwnerRelationship>
</reportingOwner>
<reportingOwner>
<reportingOwnerId>
<rptOwnerCik>0001406386</rptOwnerCik>
<rptOwnerName>SoftVest, LP</rptOwnerName>
</reportingOwnerId>
<reportingOwnerAddress>
<rptOwnerNonUSAddressFlag>false</rptOwnerNonUSAddressFlag>
<rptOwnerStreet1>400 PINE STREET, SUITE 1010</rptOwnerStreet1>
<rptOwnerStreet2></rptOwnerStreet2>
<rptOwnerCity>ABILENE</rptOwnerCity>
<rptOwnerState>TX</rptOwnerState>
<rptOwnerZipCode>79601</rptOwnerZipCode>
<rptOwnerStateDescription></rptOwnerStateDescription>
</reportingOwnerAddress>
<reportingOwnerRelationship>
<isDirector>0</isDirector>
<isOfficer>0</isOfficer>
<isTenPercentOwner>1</isTenPercentOwner>
<isOther>0</isOther>
<officerTitle></officerTitle>
<otherText></otherText>
</reportingOwnerRelationship>
</reportingOwner>
<reportingOwner>
<reportingOwnerId>
<rptOwnerCik>0002077837</rptOwnerCik>
<rptOwnerName>SoftVest GP I, LLC</rptOwnerName>
</reportingOwnerId>
<reportingOwnerAddress>
<rptOwnerNonUSAddressFlag>false</rptOwnerNonUSAddressFlag>
<rptOwnerStreet1>400 PINE STREET, SUITE 1010</rptOwnerStreet1>
<rptOwnerStreet2></rptOwnerStreet2>
<rptOwnerCity>ABILENE</rptOwnerCity>
<rptOwnerState>TX</rptOwnerState>
<rptOwnerZipCode>79601</rptOwnerZipCode>
<rptOwnerStateDescription></rptOwnerStateDescription>
</reportingOwnerAddress>
<reportingOwnerRelationship>
<isDirector>0</isDirector>
<isOfficer>0</isOfficer>
<isTenPercentOwner>1</isTenPercentOwner>
<isOther>0</isOther>
<officerTitle></officerTitle>
<otherText></otherText>
</reportingOwnerRelationship>
</reportingOwner>
<aff10b5One>0</aff10b5One>
<nonDerivativeTable>
<nonDerivativeTransaction>
<securityTitle>
<value>Units of Beneficial Interest</value>
</securityTitle>
<transactionDate>
<value>2026-11-09</value>
</transactionDate>
<deemedExecutionDate></deemedExecutionDate>
<transactionCoding>
<transactionFormType>4</transactionFormType>
<transactionCode>P</transactionCode>
<equitySwapInvolved>0</equitySwapInvolved>
</transactionCoding>
<transactionTimeliness></transactionTimeliness>
<transactionAmounts>
<transactionShares>
<value>92759</value>
</transactionShares>
<transactionPricePerShare>
<value>3.56</value>
<footnoteId id="F1"/>
</transactionPricePerShare>
<transactionAcquiredDisposedCode>
<value>A</value>
</transactionAcquiredDisposedCode>
</transactionAmounts>
<postTransactionAmounts>
<sharesOwnedFollowingTransaction>
<value>4683189</value>
</sharesOwnedFollowingTransaction>
</postTransactionAmounts>
<ownershipNature>
<directOrIndirectOwnership>
<value>I</value>
</directOrIndirectOwnership>
<natureOfOwnership>
<value>By SoftVest, LP</value>
<footnoteId id="F2"/>
</natureOfOwnership>
</ownershipNature>
</nonDerivativeTransaction>
<nonDerivativeTransaction>
<securityTitle>
<value>Units of Beneficial Interest</value>
</securityTitle>
<transactionDate>
<value>2026-11-10</value>
</transactionDate>
<deemedExecutionDate></deemedExecutionDate>
<transactionCoding>
<transactionFormType>4</transactionFormType>
<transactionCode>P</transactionCode>
<equitySwapInvolved>0</equitySwapInvolved>
</transactionCoding>
<transactionTimeliness></transactionTimeliness>
<transactionAmounts>
<transactionShares>
<value>259605</value>
</transactionShares>
<transactionPricePerShare>
<value>4.14</value>
<footnoteId id="F3"/>
</transactionPricePerShare>
<transactionAcquiredDisposedCode>
<value>A</value>
</transactionAcquiredDisposedCode>
</transactionAmounts>
<postTransactionAmounts>
<sharesOwnedFollowingTransaction>
<value>4942794</value>
</sharesOwnedFollowingTransaction>
</postTransactionAmounts>
<ownershipNature>
<directOrIndirectOwnership>
<value>I</value>
</directOrIndirectOwnership>
<natureOfOwnership>
<value>By SoftVest, LP</value>
<footnoteId id="F2"/>
</natureOfOwnership>
</ownershipNature>
</nonDerivativeTransaction>
</nonDerivativeTable>
<footnotes>
<footnote id="F1">The price reported in Column 4 is a weighted average price. These securities were purchased in multiple transactions at prices ranging from $3.34 to $3.65, inclusive. The reporting person undertakes to provide to the Issuer, any security holder of the Issuer, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of securities purchased at each separate price within such range.</footnote>
<footnote id="F2">Directly held by SoftVest, LP. SoftVest GP I, LLC is the general partner of SoftVest, LP and Eric L. Oliver is the managing member of SoftVest GP I, LLC. As a result, each of SoftVest GP I, LLC and Mr. Oliver may be deemed to beneficially own the securities beneficially owned by SoftVest, LP. Mr. Oliver disclaims any beneficial ownership with respect to the securities held by SoftVest, LP except to the extent of his pecuniary interest therein.</footnote>
<footnote id="F3">The price reported in Column 4 is a weighted average price. These securities were purchased in multiple transactions at prices ranging from $3.53 to $4.27, inclusive. The reporting person undertakes to provide to the Issuer, any security holder of the Issuer, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of securities purchased at each separate price within such range.</footnote>
</footnotes>
<ownerSignature>
<signatureName>/s/ Eric L. Oliver</signatureName>
<signatureDate>2026-11-11</signatureDate>
</ownerSignature>
<ownerSignature>
<signatureName>SoftVest, LP By: SoftVest GP I, LLC, its general partner By: /s/ Eric L. Oliver, Managing Member</signatureName>
<signatureDate>2026-11-11</signatureDate>
</ownerSignature>
<ownerSignature>
<signatureName>SoftVest GP I, LLC By: /s/ Eric L. Oliver, Managing Member</signatureName>
<signatureDate>2026-11-11</signatureDate>
</ownerSignature>
</ownershipDocument>Original documents control. Public records can be amended, and company connections may require interpretation. Nothing here is investment advice.