Page 1

☑ ☐ UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington , D.C. 20549 Form 10 - K Annual Report Pursuant to Section 13 or 15 ( d ) of the Securities Exchange Act of 1934 For the Fiscal Year Ended December 31 , 2020 or Transition Report Pursuant to Section 13 or 15 ( d ) of the Securities Exchange Act of 1934 For the transition period from to Commission File No. 001-08032 San Juan Basin Royalty Trust ( Exact name of registrant as specified in the Amended and Restated San Juan Basin Royalty Trust Indenture ) Texas ( State or other jurisdiction of incorporation or organization ) BBVA USA 2200 Post Oak Blvd. , Floor 18 Houston , Texas ( Address of principal executive offices ) Title of Each Class Units of Beneficial Interest ( 866 ) 809-4553 ( Registrant's telephone number , including area code ) Securities registered pursuant to Section 12 ( b ) of the Act : Trading Symbol SJT Securities registered pursuant to Section 12 ( g ) of the Act : None ( Title of Class ) 75-6279898 ( I.R.S. Employer Identification No. ) 77056 ( Zip Code ) Name of Each Exchange on Which Registered New York Stock Exchange Yes □ No ☑ Yes □ No ☑ Indicate by check mark if the registrant is a well - known seasoned issuer , as defined in Rule 405 of the Securities Act . Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15 ( d ) of the Act . Indicate by check mark whether the registrant ( 1 ) has filed all reports required to be filed by Section 13 or 15 ( d ) of the Securities Exchange Act of 1934 during the preceding 12 months ( or for such shorter period that the registrant was required to file such reports ) , and ( 2 ) has been subject to such filing requirements for the past 90 days . Yes ☑ No □ Indicate by check mark whether the registrant has submitted electronically and posted on its corporate website , if any , every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S - T ( § 232.405 of this chapter ) during the preceding 12 months ( or for such shorter period that the registrant was required to submit and post such files ) . Yes □ No □ Indicate by check mark whether the registrant is a large accelerated filer , an accelerated filer , a non - accelerated filer , smaller reporting company , or an emerging growth company . See the definitions of " large accelerated filer , " " accelerated filer , " " smaller reporting company , ” and “ emerging growth company " in Rule 12b - 2 of the Exchange Act . Large accelerated filer □ Emerging growth company ☐ Accelerated filer ☐ Non - accelerated filer Smaller reporting company ☑ If an emerging growth company , indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13 ( a ) of the Exchange Act . Indicate by check mark whether the registrant is a shell company ( as defined in Rule 12b - 2 of the Act ) . Yes □ No ☑ Indicate by check mark whether the registrant has filed a report on and attestation to its management's assessment of the effectiveness of its internal control over financial reporting under Section 404 ( b ) of the Sarbanes - Oxley Act ( 15 U.S.C. 7262 ( b ) ) by the registered public accounting firm that prepared or issued its audit report . ☐ Aggregate market value of the Units of Beneficial Interest held by non - affiliates of the registrant as of June 30 , 2020 : $ 106,176,855 At March 31 , 2021 there were 46,608,796 Units of Beneficial Interest of the registrant outstanding . None . DOCUMENTS INCORPORATED BY REFERENCE