SCHEDULE 13G/A 0001056823-25-000012 0001056823 XXXXXXXX LIVE 4 Units of Beneficial Interest 12/31/2025 0000319655 SAN JUAN BASIN ROYALTY TRUST 798241105 C/O ARGENT TRUST COMPANY 3838 OAK LAWN AVE, STE 1720 DALLAS TX 75219-4518 Rule 13d-1(b) HORIZON KINETICS ASSET MANAGEMENT LLC DE 6231144.00 0.00 6231144.00 0.00 6231144.00 13.4 IA Horizon Kinetics Asset Management LLC is a wholly owned subsidiary of Horizon Kinetics Holding Corporation. SAN JUAN BASIN ROYALTY TRUST C/O ARGENT TRUST COMPANY, 3838 OAK LAWN AVE, STE 1720, DALLAS, TEXAS, 75219-4518. This Schedule 13G is being filed by Horizon Kinetics Asset Management LLC, a wholly owned subsidiary of Horizon Kinetics Holding Corporation. 470 Park Avenue South, 4th FL S New York, NY 10016 Delaware N IA 6,231,144 13.4% 6,231,144 0 6,231,144 0 Y Y Y Y N By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under § 240.14a-11. HORIZON KINETICS ASSET MANAGEMENT LLC /s/Jay Kesslen 01/28/2026