San Juan Basin Royalty Trust

SJT • NYSE

San Juan Basin Royalty Trust is a oil & gas exploration & production company in the energy sector on NYSE, with a market cap of $266.6M. As of Q3 2025, 31% of shares are held by 86 institutional investors, with HORIZON KINETICS ASSET MANAGEMENT LLC as the largest holder at 12.04%.

Market Cap$266.6M

Oil & Gas Exploration & Production

Energy

Employees495.0

Websitesjbrt.com

Country

United States of America

Overview

Overview of institutional ownership in SJT as of Q3 2025 with a market cap of $281.5M

All Institutions

Institutions: 86
Value Held: $88.1M
Shares Held: 14.6M
Avg Position: $1.0M
Median Position: $134.3K

Hedge Funds

Hedge Funds: 7
Value Held: $15.4M
Shares Held: 2.5M
Avg Position: $2.2M
Median Position: $967.9K

Ownership Breakdown

Institutional (non-HF)

25.85%

$72.8M

Hedge Funds

5.45%

$15.4M

Retail & Other

68.7%

$193.4M

Based on market cap of $281.5M as of Q3 2025. Institutional (non-HF) excludes hedge funds to avoid double counting.

Biggest Investors

Institutions with the largest positions in SJT as of Q3 2025

Institution	Key People	Position Value	Ownership	Owned Since	Total AUM (Long)
HORIZON KINETICS ASSET MANAGEMENT LLC Long Only Manager	Murray Stahl CEO	$33.9M 0.42% of portfolio	12.04% 5.6M shares	Q4 2022 Held for 2y 11m	$8.1B
CANNELL CAPITAL LLC Hedge Fund•Long/Short	James Carlo Cannell President	$7.3M 1.92% of portfolio	2.60% 1.2M shares	Q2 2024 Held for 1y 5m	$380.9M
MORGAN STANLEY RIA/Wealth	Jed Finn CEO	$5.6M 0.00% of portfolio	1.99% 925.5K shares	≤ Q2 2013 Held for 12y 5m+	$1.65T
Mountaineer Partners Management, LLC Hedge Fund•Long/Short	Mark M Lee Managing Partner	$4.3M 2.53% of portfolio	1.54% 719.1K shares	Q1 2024 Held for 1y 8m	$171.9M
Ashton Thomas Private Wealth, LLC RIA/Wealth	Aaron Paul Brodt CEO	$3.9M 0.10% of portfolio	1.37% 637.7K shares	Q2 2024 Held for 1y 5m	$3.8B
Moors & Cabot, Inc. RIA/Wealth	Michael Christopher Hildreth CEO	$3.7M 0.16% of portfolio	1.30% 607.5K shares	Q4 2022 Held for 2y 11m	$2.3B
KINGSWOOD WEALTH ADVISORS, LLC RIA/Wealth	Michael Haskel Nessim CEO	$3.0M 0.18% of portfolio	1.06% 491.9K shares	Q1 2025 Held for 8 months	$1.6B
PUNCH & ASSOCIATES INVESTMENT MANAGEMENT, INC. Long Only Manager	Andrew John Matysik CEO	$2.7M 0.16% of portfolio	0.95% 443.7K shares	Q3 2025 Held for 2 months	$1.7B
L LPL Financial LLC Institution	-	$2.5M 0.00% of portfolio	0.90% 417.5K shares	Q2 2024 Held for 1y 5m	$340.07B
L Lesa Sroufe & Co RIA/Wealth	Lesa Anne Sroufe President	$2.1M 2.03% of portfolio	0.73% 340.0K shares	Q1 2025 Held for 8 months	$100.9M

Net Capital Flow

Institutional buying and selling activity for SJT in Q3 2025

Traded: −$68.9M
Buyers: 32
Sellers: 32
Total Bought: +$13.6M
Total Sold: −$82.5M
Avg Position: $890.1K

Biggest Buyers

Institution	Net Bought	Current Position
HORIZON KINETICS ASSET MANAGEMENT LLC Long Only Manager	+$6.1M +1.0M shares	$33.9M 5.6M shares
PUNCH & ASSOCIATES INVESTMENT MANAGEMENT, INC. Long Only Manager	+$2.7M +443.7K shares	$2.7M 443.7K shares
Moors & Cabot, Inc. RIA/Wealth	+$2.0M +325.1K shares	$3.7M 607.5K shares
Puplava Financial Services, Inc. RIA/Wealth	+$844.0K +139.7K shares	$844.0K 139.7K shares
MORGAN STANLEY RIA/Wealth	+$605.6K +100.3K shares	$5.6M 925.5K shares
CITADEL ADVISORS LLC Hedge Fund•Multi-Strategy	+$263.8K +43.7K shares	$459.7K 76.1K shares
J JANE STREET GROUP, LLC Institution	+$180.4K +29.9K shares	$180.4K 29.9K shares
Q Quadrature Capital Ltd Institution	+$142.6K +23.6K shares	$142.6K 23.6K shares
BOOTHBAY FUND MANAGEMENT, LLC Fund of Funds	+$131.1K +21.7K shares	$131.1K 21.7K shares
M Meixler Investment Management, Ltd. RIA/Wealth	+$97.2K +16.1K shares	$299.6K 49.6K shares

Biggest Sellers

Institution	Net Sold	Current Position
Kingstone Capital Partners Texas, LLC RIA/Wealth	−$70.0M −11.7M shares	Sold Off 0 shares
CANNELL CAPITAL LLC Hedge Fund•Long/Short	−$6.2M −1.0M shares	$7.3M 1.2M shares
SPRINGBOK CAPITAL MANAGEMENT, LLC Fund of Funds	−$2.4M −396.7K shares	Sold Off 0 shares
Verition Fund Management LLC Hedge Fund•Multi-Strategy	−$1.5M −244.4K shares	$967.9K 160.2K shares
R RR Advisors, LLC Hedge Fund•Sector	−$682.5K −113.0K shares	$1.8M 303.0K shares
Beacon Pointe Advisors, LLC RIA/Wealth	−$591.5K −97.9K shares	$102.7K 17.0K shares
SUSQUEHANNA INTERNATIONAL GROUP, LLP Private Equity	−$537.2K −88.9K shares	$1.0M 165.9K shares
RAYMOND JAMES FINANCIAL INC RIA/Wealth	−$189.2K −31.3K shares	$1.9M 306.7K shares
C CI Private Wealth, LLC RIA/Wealth	−$121.6K −20.1K shares	$61.2K 10.1K shares
S State of Wyoming Institution	−$117.2K −19.4K shares	$188.9K 31.3K shares

Entry and Exit Activity

Institutions that initiated new positions or completely exited SJT in Q3 2025

New Positions: 5
New Value: $2.8M
Exited Positions: 12
Exited Value: $72.4M

New Positions

Institution	Position Value
PUNCH & ASSOCIATES INVESTMENT MANAGEMENT, INC. Long Only Manager	$2.7M 443.7K shares
PEKIN SINGER STRAUSS ASSET MANAGEMENT /IL RIA/Wealth	$90.6K 15.0K shares
Q Quarry LP Institution	$7.2K 1.2K shares
Cove Street Capital, LLC Hedge Fund•Value	$6.1K 1.0K shares
SRS Capital Advisors, Inc. RIA/Wealth	$36.0 6.0 shares

Exited Positions

Institution	Previous Position
Kingstone Capital Partners Texas, LLC RIA/Wealth	$70.0M 11.7M shares
SPRINGBOK CAPITAL MANAGEMENT, LLC Fund of Funds	$2.4M 396.7K shares
I INTREPID FAMILY OFFICE LLC Institution	$63.2K 10.6K shares
CHILTON CAPITAL MANAGEMENT LLC RIA/Wealth	$25.1K 4.2K shares
Federation des caisses Desjardins du Quebec Fund of Funds	$3.6K 600.0 shares
Rosenberg Matthew Hamilton RIA/Wealth	$3.5K 593.0 shares
B BOKF, NA Institution	$2.8K 462.0 shares
Princeton Global Asset Management LLC RIA/Wealth	$1.5K 250.0 shares
CULLEN/FROST BANKERS, INC. Institution	$1.2K 200.0 shares
J JONES FINANCIAL COMPANIES LLLP Institution	$291.0 50.0 shares

Options Activity

Institutions with the largest Call and Put options positions in SJT as of Q3 2025

Call Positions: 4
Call Value: $1.8M
Put Positions: 2
Put Value: $492.9K

Call Positions

Institution	Position Value
CITADEL ADVISORS LLC Hedge Fund•Multi-Strategy	$1.1M 1.9K contracts
P PEAK6 LLC Institution	$291.1K 482.0 contracts
SUSQUEHANNA INTERNATIONAL GROUP, LLP Private Equity	$167.3K 277.0 contracts
J JANE STREET GROUP, LLC Institution	$154.0K 255.0 contracts

Put Positions

Institution	Position Value
SUSQUEHANNA INTERNATIONAL GROUP, LLP Private Equity	$268.2K 444.0 contracts
CITADEL ADVISORS LLC Hedge Fund•Multi-Strategy	$224.7K 372.0 contracts

Most Committed Institutions

Institutions with SJT as the highest % of their portfolio as of Q3 2025

Institution	Key People	Portfolio Weight	Ownership	Owned Since	Total AUM (Long)
Mountaineer Partners Management, LLC Hedge Fund•Long/Short	Mark M Lee Managing Partner	2.53% $4.3M	1.54% 719.1K shares	Q1 2024 Held for 1y 8m	$171.9M
L Lesa Sroufe & Co RIA/Wealth	Lesa Anne Sroufe President	2.03% $2.1M	0.73% 340.0K shares	Q1 2025 Held for 8 months	$100.9M
CANNELL CAPITAL LLC Hedge Fund•Long/Short	James Carlo Cannell President	1.92% $7.3M	2.60% 1.2M shares	Q2 2024 Held for 1y 5m	$380.9M
R RR Advisors, LLC Hedge Fund•Sector	Robert Joseph Raymond CEO	0.43% $1.8M	0.65% 303.0K shares	Q4 2024 Held for 11 months	$424.7M
HORIZON KINETICS ASSET MANAGEMENT LLC Long Only Manager	Murray Stahl CEO	0.42% $33.9M	12.04% 5.6M shares	Q4 2022 Held for 2y 11m	$8.1B
P Pingora Partners LLC RIA/Wealth	Keith Bryan Ohnmeis Managing Partner	0.26% $386.2K	0.14% 63.9K shares	Q4 2023 Held for 1y 11m	$150.7M
Atlas Wealth Partners, LLC RIA/Wealth	Michael Joseph Janvrin Managing Partner	0.22% $212.3K	0.08% 35.2K shares	Q3 2024 Held for 1y 2m	$97.7M
M Meixler Investment Management, Ltd. RIA/Wealth	Michael Charles Meixler CCO	0.18% $299.6K	0.11% 49.6K shares	Q4 2021 Held for 3y 11m	$163.0M
KINGSWOOD WEALTH ADVISORS, LLC RIA/Wealth	Michael Haskel Nessim CEO	0.18% $3.0M	1.06% 491.9K shares	Q1 2025 Held for 8 months	$1.6B
Puplava Financial Services, Inc. RIA/Wealth	Lisa Helm CEO	0.18% $844.0K	0.30% 139.7K shares	Q1 2025 Held for 8 months	$471.5M