Eric L. Oliver, a director and 10% owner of San Juan Basin Royalty Trust (NYSE:SJT), filed a Form 4 on November 13, 2026, disclosing purchases of units and call options in SJT by SoftVest, LP across November 11 and 12, 2026.

Key Highlights

  • November 11 purchase: SoftVest, LP acquired 251,227 Units of Beneficial Interest at a weighted average price of $4.43, with individual transaction prices ranging from $4.25 to $4.47.
  • November 12 purchase: SoftVest, LP acquired an additional 203,962 Units of Beneficial Interest at a weighted average price of $4.41, with prices ranging from $4.34 to $4.42.
  • Resulting unit ownership: Following the two transactions, SoftVest, LP beneficially owned 5,397,983 Units of Beneficial Interest, held indirectly by Oliver.
  • Call options acquired: On November 12, SoftVest, LP purchased 20,000 call options (strike $5.00, expiring 01/15/2027) at $0.30 each, and 20,100 call options (strike $2.50, expiring 01/15/2027) at a weighted average price of $1.99.
  • Reporting persons: The filing was made jointly by Eric L. Oliver, SoftVest, LP, and SoftVest GP I, LLC, all located at 400 Pine Street, Suite 1010, Abilene, Texas 79601.
  • Ownership structure: According to the filing, SoftVest GP I, LLC is the general partner of SoftVest, LP, and Eric L. Oliver is the managing member of SoftVest GP I, LLC; Oliver disclaims beneficial ownership except to the extent of his pecuniary interest.

SoftVest Adds to SJT Position With Unit Purchases and Call Option Acquisitions

According to the Form 4 filed November 13, 2026, SoftVest, LP purchased 251,227 Units of Beneficial Interest in San Juan Basin Royalty Trust on November 11, 2026, at a weighted average price of $4.43 per unit, with individual transactions priced between $4.25 and $4.47. The following day, November 12, SoftVest, LP acquired a further 203,962 units at a weighted average price of $4.41, with prices ranging from $4.34 to $4.42. All transactions are coded "P" (purchase) in the filing. After both transactions, SoftVest, LP's indirectly reported beneficial ownership stood at 5,397,983 units.

In addition to the unit purchases on November 12, the filing discloses two call option purchases by SoftVest, LP. The first involved 20,000 call options with an exercise price of $5.00, expiring January 15, 2027, purchased at $0.30 each; following this transaction, SoftVest, LP held 90,500 such call options. The second involved 20,100 call options with an exercise price of $2.50, also expiring January 15, 2027, purchased at a weighted average price of $1.99 per option, with individual transaction prices ranging from $1.97 to $2.00; SoftVest, LP held 20,100 of these options following the transaction.

The filing identifies three reporting persons: Eric L. Oliver (director and 10% owner), SoftVest, LP (direct holder), and SoftVest GP I, LLC (general partner of SoftVest, LP). The filing notes that Oliver, as managing member of SoftVest GP I, LLC, "may be deemed to beneficially own the securities beneficially owned by SoftVest, LP," but that he "disclaims any beneficial ownership with respect to the securities held by SoftVest, LP except to the extent of his pecuniary interest therein."

What Was Disclosed

Eric L. Oliver, SoftVest, LP, and SoftVest GP I, LLC disclosed purchases of 455,189 Units of Beneficial Interest in San Juan Basin Royalty Trust and two sets of call options by SoftVest, LP on November 11 and 12, 2026, raising the indirectly reported unit position to 5,397,983 units.