San Juan Basin Royalty Trust Director Eric Oliver Discloses $1.4 Million Unit Purchase

Insider buying arrives just before trust's November 20 earnings report and after a 23% weekly gain

Eric L. Oliver, a director and 10% owner of San Juan Basin Royalty Trust (NASDAQ:SJT), acquired approximately $1.4 million of units over two days in November 2026, according to a disclosure. The purchases were executed through SoftVest, LP at weighted average prices between $3.56 and $4.14 per unit. The transactions occurred as SJT units had rallied 23% over the prior week, with the trust's earnings report scheduled for November 20. Following the buys, units beneficially owned indirectly by SoftVest, LP, and potentially Mr. Oliver, total 4,942,794. The filing notes that Mr. Oliver disclaims beneficial ownership except to the extent of his pecuniary interest.

San Juan Basin Royalty Trust Director Eric Oliver Discloses $1.4 Million Unit Purchase

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Key Points

Director and 10% owner Eric L. Oliver acquired about $1.4 million of SJT units through SoftVest, LP on November 9-10, 2026, at weighted average prices of $3.56 and $4.14 per unit.
The purchases occurred after SJT units had gained 23% over the prior week and just before the trust's November 20 earnings report.
Following the transactions, units beneficially owned indirectly by SoftVest, LP, and potentially Mr. Oliver, total 4,942,794.

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.

Risks

The filing does not explain the rationale for the purchases, leaving open the possibility that they reflect portfolio rebalancing or other considerations rather than a directional view.
SJT units have already risen 23% in the last week, and an analysis suggests the trust appears overvalued relative to its Fair Value estimate, which could imply limited upside or vulnerability to a pullback.
The trust's earnings report is scheduled for November 20, and the disclosure offers no indication of what the results may show, creating uncertainty around near-term performance.

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