Vault-13

SAN JUAN BASIN RTY TR SJT

UNIT BEN INT · Royalty Trst · CUSIP 798241105

82 institutional holders -7 vs Q1 2026
17,326,13717.3m shares reported held*
$55.6mreported value*
7 new 22 added 25 reduced 12 sold out net bought ≈ $2.8m (+871.7k shares)

* Summed across managers. Shares that two managers' reports both contain – a subsidiary's holdings that its parent's report includes too, or a sub-adviser's in its client's – are counted once. Holder counts are more reliable. Implied quarter-end price ≈ $3.21. Options: 4 managers hold calls ($121.7k notional), 3 hold puts ($71.3k).

Trends to Q2 2026

Institutional holders

Managers reporting a position, each quarter

050100150Q3 22: 84Q4 22: 102Q1 23: 94Q2 23: 101Q3 23: 100Q4 23: 98Q1 24: 83Q2 24: 77Q3 24: 78Q4 24: 88Q1 25: 87Q2 25: 87Q3 25: 88Q4 25: 90Q1 26: 89Q2 26: 8282Q3 22Q3 23Q3 24Q3 25Q2 26
Numbers
QuarterHolders
Q3 202284
Q4 2022102
Q1 202394
Q2 2023101
Q3 2023100
Q4 202398
Q1 202483
Q2 202477
Q3 202478
Q4 202488
Q1 202587
Q2 202587
Q3 202588
Q4 202590
Q1 202689
Q2 202682

Buyers vs sellers

Managers adding to or starting a position, vs cutting or selling out

Bought or addedCut or sold out
40040Q3 24: 29 bought or addedQ3 24: 26 cut or sold outQ4 24: 29 bought or addedQ4 24: 28 cut or sold outQ4 24Q1 25: 29 bought or addedQ1 25: 32 cut or sold outQ2 25: 34 bought or addedQ2 25: 37 cut or sold outQ2 25Q3 25: 31 bought or addedQ3 25: 33 cut or sold outQ4 25: 36 bought or addedQ4 25: 36 cut or sold outQ4 25Q1 26: 36 bought or addedQ1 26: 24 cut or sold outQ2 26: 29 bought or addedQ2 26: 37 cut or sold outQ2 26
Numbers
QuarterBought or addedCut or sold out
Q3 20242926
Q4 20242928
Q1 20252932
Q2 20253437
Q3 20253133
Q4 20253636
Q1 20263624
Q2 20262937

Calls vs puts

Options held, notional value, last 4 quarters. P/C = puts ÷ calls

CallsPuts
$0$1m$2m$3mQ3 25 calls: $2.9mQ3 25 puts: $780.0kQ3 25P/C 0.27Q4 25 calls: $387.8kQ4 25 puts: $1.5mQ4 25P/C 3.88Q1 26 calls: $382.4kQ1 26 puts: $1.2mQ1 26P/C 3.21Q2 26 calls: $121.7kQ2 26 puts: $71.3kQ2 26P/C 0.59
Numbers
QuarterCallsPutsP/C
Q3 2025$2.9m$780.0k0.27
Q4 2025$387.8k$1.5m3.88
Q1 2026$382.4k$1.2m3.21
Q2 2026$121.7k$71.3k0.59

Biggest buyers

HORIZON KINETICS ASSET MANAGEMENT LLC Added +515,179+515.2k
CANNELL CAPITAL LLC Added +303,297+303.3k
Lesa Sroufe & Co Added +234,394+234.4k
MARSHALL WACE, LLP Added +146,452+146.5k
JANE STREET GROUP, LLC Added +132,474+132.5k
CITADEL ADVISORS LLC Added +88,685+88.7k
Ashton Thomas Private Wealth, LLC Added +78,332+78.3k
XTX Topco Ltd Added +75,032+75.0k
UBS Group AG Added +70,363+70.4k
BNP PARIBAS FINANCIAL MARKETS New +64,366+64.4k

Biggest sellers

PUNCH & ASSOCIATES INVESTMENT MANAGEMENT, INC. Reduced -297,811-297.8k
LPL Financial LLC Reduced -232,127-232.1k
Beacon Pointe Advisors, LLC Reduced -73,334-73.3k
SUSQUEHANNA INTERNATIONAL GROUP, LLP Reduced -64,181-64.2k
MORGAN STANLEY Reduced -54,770-54.8k
Waverly Advisors, LLC Sold out -44,316-44.3k
ROYAL BANK OF CANADA Reduced -42,900-42.9k
RAYMOND JAMES FINANCIAL INC Reduced -38,707-38.7k
State of Wyoming Sold out -36,596-36.6k
Delta Investment Management, LLC Reduced -22,985-23.0k

Biggest calls

CITADEL ADVISORS LLC Reduced $51.4k16.0k shares
SUSQUEHANNA INTERNATIONAL GROUP, LLP Added $41.1k12.8k shares
GROUP ONE TRADING LLC Reduced $18.0k5.6k shares
SIMPLEX TRADING, LLC New $11.2k3.5k shares

Biggest puts

CITADEL ADVISORS LLC Reduced $46.2k14.4k shares
GROUP ONE TRADING LLC Added $23.8k7.4k shares
SIMPLEX TRADING, LLC Reduced $1.3k400 shares

Options at notional value: the value of the shares the contracts control, as filers report them, not what the options cost. Not included in the holders, shares or buying above.

Major shareholders (over 5%)

Anyone who owns more than 5% of a class of the company's shares has to say so: on Schedule 13D if they may try to influence or control the company, on 13G if they're a passive investor, and update it as the stake changes. Each holder's latest filing, from 19 Dec 2024 on; percentages are of the share class, as the holder worked them out.

HolderStakeChangeShares Last filed
HORIZON KINETICS ASSET MANAGEMENT LLC 13G · institution +1.1 pts · filed 2026-07-31 16.1% +1.1 pts 7.5m≈ $24.1m 2026-07-31

Insider purchases and sales since 1 Apr 2026

Shares bought or sold by the company's own officers, directors and 10% owners, in the open market or privately, as they reported to the SEC on Form 4 (due within two business days of the trade). Grants, option exercises, shares withheld for tax and gifts aren't included.

None reported since 1 Apr 2026.

Holders, Q2 2026

#ManagerLocationShares Value% of their portfolioChangeShares change
1 HORIZON KINETICS ASSET MANAGEMENT LLC 0.27% of their portfolio NEW YORK, NY 7,494,0207.5m $24.1m $24.1m 0.27% Added +515.2k +515,179
2 MORGAN STANLEY 0.00% of their portfolio NEW YORK, NY 1,563,3191.6m $5.0m $5.0m 0.00% Reduced -54.8k -54,770
3 CANNELL CAPITAL LLC 2.72% of their portfolio ALTA, WY 1,212,7601.2m $3.9m $3.9m 2.72% Added +303.3k +303,297
4 Ashton Thomas Private Wealth, LLC 0.06% of their portfolio SCOTTSDALE, AZ 946,043946.0k $3.0m $3.0m 0.06% Added +78.3k +78,332
5 Moors & Cabot, Inc. 0.11% of their portfolio BOSTON, MA 859,190859.2k $2.8m $2.8m 0.11% Added +7.3k +7,310
6 PUNCH & ASSOCIATES INVESTMENT MANAGEMENT, INC. 0.10% of their portfolio EDINA, MN 641,414641.4k $2.1m $2.1m 0.10% Reduced -297.8k -297,811
7 Lesa Sroufe & Co 1.33% of their portfolio SEATTLE, WA 581,264581.3k $1.9m $1.9m 1.33% Added +234.4k +234,394
8 MARSHALL WACE, LLP 0.00% of their portfolio LONDON, X0 540,087540.1k $1.7m $1.7m 0.00% Added +146.5k +146,452
9 MCDANIEL TERRY & CO 0.08% of their portfolio AUSTIN, TX 318,076318.1k $1.0m $1.0m 0.08% Unchanged
10 RAYMOND JAMES FINANCIAL INC 0.00% of their portfolio ST. PETERSBURG, FL 254,805254.8k $817.9k $817.9k 0.00% Reduced -38.7k -38,707
11 CITADEL ADVISORS LLC 0.00% of their portfolio MIAMI, FL 242,929242.9k $779.8k $779.8k 0.00% Added +88.7k +88,685
12 Advisory Services Network, LLC 0.01% of their portfolio ATLANTA, GA 240,377240.4k $771.6k $771.6k 0.01% Reduced -2.0k -2,000
13 Mraz, Amerine & Associates, Inc. 0.08% of their portfolio Modesto, CA 184,236184.2k $591.4k $591.4k 0.08% Unchanged
14 JANE STREET GROUP, LLC 0.00% of their portfolio NEW YORK, NY 180,114180.1k $578.2k $578.2k 0.00% Added +132.5k +132,474
15 XTX Topco Ltd 0.01% of their portfolio LONDON, X0 170,922170.9k $548.7k $548.7k 0.01% Added +75.0k +75,032
16 KINGSWOOD WEALTH ADVISORS, LLC 0.02% of their portfolio SAN DIEGO, CA 155,450155.4k $499.0k $499.0k 0.02% Reduced -10.5k -10,500
17 LPL Financial LLC 0.00% of their portfolio FORT MILL, SC 148,082148.1k $475.3k $475.3k 0.00% Reduced -232.1k -232,127
18 Pingora Partners LLC 0.25% of their portfolio WILSON, WY 135,057135.1k $433.5k $433.5k 0.25% Unchanged
19 TWO SIGMA INVESTMENTS, LP 0.00% of their portfolio NEW YORK, NY 95,65695.7k $307.1k $307.1k 0.00% Added +41.8k +41,816
20 OSAIC HOLDINGS, INC. 0.00% of their portfolio SCOTTSDALE, AZ 95,40695.4k $306.2k $306.2k 0.00% Added +7.2k +7,156
21 UBS Group AG 0.00% of their portfolio ZURICH, V8 90,15990.2k $289.4k $289.4k 0.00% Added +70.4k +70,363
22 WELLS FARGO & COMPANY/MN 0.00% of their portfolio SAN FRANCISCO, CA 73,42673.4k $235.7k $235.7k 0.00% Reduced -998 -998
23 BNP PARIBAS FINANCIAL MARKETS 0.00% of their portfolio PARIS, I0 64,36664.4k $206.6k $206.6k 0.00% New
24 Greenfield Seitz Capital Management, LLC 0.05% of their portfolio DALLAS, TX 53,10053.1k $170.5k $170.5k 0.05% Unchanged
25 Creative Planning 0.00% of their portfolio OVERLAND PARK, KS 53,00753.0k $170.2k $170.2k 0.00% Added +140 +140
26 INGALLS & SNYDER LLC 0.00% of their portfolio NEW YORK, NY 48,65048.6k $156.0k $156.0k 0.00% Added +20.0k +20,000
27 Beacon Pointe Advisors, LLC 0.00% of their portfolio NEWPORT BEACH, CA 45,00045.0k $144.4k $144.4k 0.00% Reduced -73.3k -73,334
28 Meixler Investment Management, Ltd. 0.08% of their portfolio SHOW LOW, AZ 44,60044.6k $143.2k $143.2k 0.08% Reduced -9.3k -9,300
29 Atlas Wealth Partners, LLC 0.14% of their portfolio WYOMISSING, PA 40,10640.1k $128.7k $128.7k 0.14% Reduced -2.0k -2,000
30 PKS Advisory Services, LLC 0.02% of their portfolio ALBANY, NY 37,88337.9k $121.6k $121.6k 0.02% New
31 First Financial Bankshares Inc 0.00% of their portfolio Abilene, TX 37,50037.5k $120.4k $120.4k 0.00% Unchanged
32 BANK OF AMERICA CORP /DE/ 0.00% of their portfolio CHARLOTTE, NC 37,40037.4k $120.1k $120.1k 0.00% Reduced -7.7k -7,680
33 Pekin Hardy Strauss, Inc. 0.01% of their portfolio CHICAGO, IL 35,75035.8k $114.8k $114.8k 0.01% Reduced -21.0k -21,000
34 Welch Group, LLC 0.00% of their portfolio BIRMINGHAM, AL 35,50835.5k $114.0k $114.0k 0.00% Added +5.5k +5,500
35 Argent Trust Co 0.00% of their portfolio NASHVILLE, TN 35,10035.1k $112.7k $112.7k 0.00% New
36 Delta Investment Management, LLC 0.02% of their portfolio SAN FRANCISCO, CA 34,46134.5k $110.6k $110.6k 0.02% Reduced -23.0k -22,985
37 Janney Montgomery Scott LLC 0.00% of their portfolio PHILADELPHIA, PA 33,00033.0k $106.0k $106.0k 0.00% Reduced -687 -687
38 Key Client Fiduciary Advisors, LLC 0.03% of their portfolio Fairfield, NJ 31,85031.9k $101.9k $101.9k 0.03% Reduced -725 -725
39 Roundview Capital LLC 0.01% of their portfolio PRINCETON, NJ 30,00030.0k $96.3k $96.3k 0.01% Unchanged
40 Cambridge Investment Research Advisors, Inc. 0.00% of their portfolio FAIRFIELD, IA 28,85028.9k $92.0k $92.0k 0.00% Added +14.8k +14,779
41 AQR CAPITAL MANAGEMENT LLC 0.00% of their portfolio Greenwich, CT 28,48228.5k $91.4k $91.4k 0.00% Reduced -4.0k -4,000
42 ROYAL BANK OF CANADA 0.00% of their portfolio TORONTO, A6 27,70027.7k $89.0k $89.0k 0.00% Reduced -42.9k -42,900
43 HRT FINANCIAL LP 0.00% of their portfolio NEW YORK, NY 27,46727.5k $88.0k $88.0k 0.00% New
44 Clear Harbor Asset Management, LLC 0.00% of their portfolio Stamford, CT 21,32521.3k $68.5k $68.5k 0.00% Reduced -7.5k -7,500
45 DWR WEALTH MANAGEMENT, LLC 0.05% of their portfolio SAN JOSE, CA 20,50020.5k $60.7k $60.7k 0.05% Unchanged
46 GROUP ONE TRADING LLC 0.00% of their portfolio CHICAGO, IL 20,36920.4k $65.4k $65.4k 0.00% Added +15.7k +15,677
47 SUSQUEHANNA INTERNATIONAL GROUP, LLP 0.00% of their portfolio BALA CYNWYD, PA 16,13116.1k $51.8k $51.8k 0.00% Reduced -64.2k -64,181
48 Bay Colony Advisory Group, Inc d/b/a Bay Colony Advisors 0.01% of their portfolio CONCORD, MA 15,68215.7k $50.3k $50.3k 0.01% Unchanged
49 Financial Engines Advisors L.L.C. 0.00% of their portfolio SANTA CLARA, CA 15,53415.5k $49.9k $49.9k 0.00% Unchanged
50 Aptus Capital Advisors, LLC 0.00% of their portfolio FAIRHOPE, AL 15,00015.0k $48.1k $48.1k 0.00% Added +5.0k +5,000
51 SevenBridge Financial Group, LLC 0.01% of their portfolio HARRISBURG, PA 15,00015.0k $38.0k $38.0k 0.01% Added +5.0k +5,000
52 FOUNDATION RESOURCE MANAGEMENT INC 0.01% of their portfolio LITTLE ROCK, AR 14,56514.6k $46.8k $46.8k 0.01% Unchanged
53 BECK MACK & OLIVER LLC 0.00% of their portfolio NEW YORK, NY 13,68013.7k $43.9k $43.9k 0.00% Reduced -1.9k -1,900
54 WEDBUSH SECURITIES INC 0.00% of their portfolio PASADENA, CA 11,50011.5k $37.0k $37.0k 0.00% Reduced -2.0k -2,000
55 Westfuller Advisors, LLC 0.01% of their portfolio New York, NY 11,43011.4k $36.7k $36.7k 0.01% Unchanged
56 Evernest Financial Advisors, LLC 0.01% of their portfolio CARMEL, IN 11,00011.0k $35.3k $35.3k 0.01% Unchanged
57 SIMPLEX TRADING, LLC 0.00% of their portfolio CHICAGO, IL 10,85010.8k $34.8k $34.8k 0.00% Added +4.4k +4,359
58 Qube Research & Technologies Ltd 0.00% of their portfolio LONDON, X0 10,62910.6k $34.1k $34.1k 0.00% New
59 Stratos Wealth Partners, LTD. 0.00% of their portfolio BEACHWOOD, OH 10,57010.6k $33.9k $33.9k 0.00% Unchanged
60 Pathstone Holdings, LLC 0.00% of their portfolio ENGLEWOOD, NJ 10,42410.4k $33.5k $33.5k 0.00% Unchanged
61 Corient Private Wealth LP 0.00% of their portfolio MIAMI, FL 10,12910.1k $32.5k $32.5k 0.00% Unchanged
62 NATIONAL BANK OF CANADA /FI/ 0.00% of their portfolio MONTREAL, A8 10,00010.0k $32.0k $32.0k 0.00% Unchanged
63 Wilmington Savings Fund Society, FSB 0.00% of their portfolio WILMINGTON, DE 5,0005.0k $16.1k $16.1k 0.00% Unchanged
64 FIFTH THIRD BANCORP 0.00% of their portfolio CINCINNATI, OH 4,0374.0k $13.0k $13.0k 0.00% Unchanged
65 ADKINS SEALE CAPITAL MANAGEMENT LLC 0.01% of their portfolio SHREVEPORT, LA 3,7143.7k $11.9k $11.9k 0.01% Unchanged
66 AMERIFLEX GROUP, INC. 0.00% of their portfolio LAS VEGAS, NV 3,6003.6k $11.6k $11.6k 0.00% Reduced -1.5k -1,500
67 EFG International AG 0.00% of their portfolio Zurich, V8 3,1003.1k $10.0k $10.0k 0.00% Unchanged
68 ROTHSCHILD INVESTMENT LLC 0.00% of their portfolio CHICAGO, IL 2,7372.7k $8.8k $8.8k 0.00% Unchanged
69 SouthState Bank Corp 0.00% of their portfolio Winter Haven, FL 2,0002.0k $6.4k $6.4k 0.00% Unchanged
70 Steward Partners Investment Advisory, LLC 0.00% of their portfolio STAMFORD, CT 1,6621.7k $5.3k $5.3k 0.00% Unchanged
71 JPMORGAN CHASE & CO 0.00% of their portfolio NEW YORK, NY 782782 $2.3k $2.3k 0.00% New
72 Morse Asset Management, Inc 0.00% of their portfolio DARIEN, CT 500500 $1.6k $1.6k 0.00% Reduced -910 -910
73 Arax Advisory Partners 0.00% of their portfolio NEW YORK, NY 405405 $1.3k $1.3k 0.00% Added +402 +402
74 IFP Advisors, Inc 0.00% of their portfolio TAMPA, FL 395395 $1.3k $1.3k 0.00% Unchanged
75 BlackRock, Inc. 0.00% of their portfolio New York, NY 376376 $1.2k $1.2k 0.00% Unchanged
76 Physician Wealth Advisors, Inc. 0.00% of their portfolio MIDVALE, UT 245245 $787 $787 0.00% Unchanged
77 Plante Moran Financial Advisors, LLC 0.00% of their portfolio SOUTHFIELD, MI 197197 $632 $632 0.00% Unchanged
78 Allworth Financial LP 0.00% of their portfolio FOLSOM, CA 150150 $482 $482 0.00% Reduced -100 -100
79 NFSG Corp 0.00% of their portfolio BOCA RATON, FL 106106 $339 $339 0.00% Unchanged
80 JNBA Financial Advisors 0.00% of their portfolio BLOOMINGTON, MN 100100 $321 $321 0.00% New
81 Caitong International Asset Management Co., Ltd 0.00% of their portfolio HONG KONG, K3 9191 $292 $292 0.00% Added +52 +52
82 FMR LLC 0.00% of their portfolio BOSTON, MA 5050 $161 $161 0.00% Reduced -2.2k -2,181