Eric L. Oliver, a director and 10% owner of San Juan Basin Royalty Trust (NYSE:SJT), filed a Form 4 on November 11, 2026, disclosing two open-market purchases of Units of Beneficial Interest made on November 9 and November 10, 2026, through SoftVest, LP.

Key Highlights

  • First purchase: 92,759 units acquired on November 9, 2026, at a weighted average price of $3.56 per unit, with individual transaction prices ranging from $3.34 to $3.65.
  • Second purchase: 259,605 units acquired on November 10, 2026, at a weighted average price of $4.14 per unit, with individual transaction prices ranging from $3.53 to $4.27.
  • Combined units purchased: 352,364 units across the two reported transactions.
  • Resulting ownership: SoftVest, LP held 4,942,794 units of beneficial interest following the November 10 transaction, according to the filing.
  • Indirect ownership: All units are held directly by SoftVest, LP; Eric L. Oliver and SoftVest GP I, LLC are each reported as indirect beneficial owners by virtue of their roles in the entity.
  • Ownership disclaimer: According to the filing, "Mr. Oliver disclaims any beneficial ownership with respect to the securities held by SoftVest, LP except to the extent of his pecuniary interest therein."

SoftVest Accumulates SJT Units Across Two Trading Sessions in November 2026

According to the Form 4 filed with the SEC on November 11, 2026, Eric L. Oliver reported two purchase transactions in Units of Beneficial Interest of San Juan Basin Royalty Trust on behalf of SoftVest, LP. Oliver is identified in the filing as a director and 10% owner of the trust. SoftVest, LP is the direct holder of the units, with SoftVest GP I, LLC serving as its general partner and Oliver acting as managing member of that general partner entity.

The first transaction, dated November 9, 2026, involved the purchase of 92,759 units at a weighted average price of $3.56. The filing notes these were purchased across multiple transactions at prices ranging from $3.34 to $3.65 per unit. Following that purchase, SoftVest, LP beneficially owned 4,683,189 units. The second transaction, dated November 10, 2026, added 259,605 units at a weighted average price of $4.14, with individual prices ranging from $3.53 to $4.27. After this transaction, the reported beneficial ownership held indirectly by Oliver through SoftVest, LP rose to 4,942,794 units.

The filing states that Oliver, SoftVest GP I, LLC, and SoftVest, LP each file as reporting persons, all sharing the same address of 400 Pine Street, Suite 1010, Abilene, Texas 79601. The filing further states that the reporting person undertakes to provide full information on individual transaction prices within each range upon request to the issuer, any security holder, or the SEC staff. No derivative securities transactions were reported in Table II.

What Was Disclosed

The filing disclosed two open-market purchases of San Juan Basin Royalty Trust units by SoftVest, LP, totaling 352,364 units on November 9 and 10, 2026, bringing SoftVest's reported beneficial ownership to 4,942,794 units. Eric L. Oliver is identified as a director and 10% owner.