San Juan Basin Royalty Trust (NASDAQ:SJT) disclosed that director and 10% owner Eric L. Oliver acquired units of beneficial interest valued at roughly $1.4 million across two trading days in November 2026. The purchases were made through SoftVest, LP at weighted average prices spanning $3.56 to $4.14 per unit, according to the filing.
The timing draws attention because the trust's units had climbed 23% over the preceding week, and the trust's earnings report is scheduled for November 20, just days after the transactions were reported.
Transaction Details
On November 9, 2026, Mr. Oliver, through SoftVest, LP, acquired 92,759 units at a weighted average price of $3.56 per unit. Those units were purchased in multiple transactions with prices ranging from $3.34 to $3.65.
The following day, November 10, 2026, an additional 259,605 units were acquired, also through SoftVest, LP, at a weighted average price of $4.14 per unit. The individual transaction prices for this block ranged from $3.53 to $4.27.
Ownership Structure
The units are held indirectly by SoftVest, LP. Eric L. Oliver serves as the managing member of SoftVest GP I, LLC, which is the general partner of SoftVest, LP. As a result, Mr. Oliver may be deemed to beneficially own the securities held by SoftVest, LP, though he disclaims beneficial ownership except to the extent of his pecuniary interest.
Following these transactions, the total amount of units beneficially owned indirectly by SoftVest, LP, and potentially Mr. Oliver, stands at 4,942,794.
Market Context
The disclosure arrives with SJT units having posted a significant return of 23% over the last week. The trust's earnings report is scheduled for November 20, just days away. According to an analysis, SJT currently appears overvalued relative to its Fair Value estimate.
The filing does not provide further detail on the motivation behind the purchases or any forward-looking expectations for the trust. Investors will likely watch the upcoming earnings report for additional information on the trust's financial health and performance metrics.