San Juan Basin Royalty Trust (NYSE:SJT) (SJT) — Reincorporation detail

Announcement

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First SEC disclosure

Meeting / Vote

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TX_INCUMBENT_NO_MIGRATION

Effective

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Legal effective date

Market Cap

$219M

At announcement

Why this firm matters

Standard cohort firm (Tx_Incumbent_No_Migration). Included for breadth across destinations and sectors.

Controller & ownership

Diffuse / non-controlled

Ownership concentration data not yet documented for this firm.

Vote outcome — reincorporation proposal

Approval standard: N/A. Meeting type: annual.

Vote totals not yet pulled. Awaiting EDGAR Item 5.07.

Event-study abnormal returns — announcement window

Returns around the announcement date.

No announcement-window CARs available for this firm yet.

Event-study abnormal returns — vote window

Returns around the shareholder-vote (or written-consent) date.

No vote-window CARs available for this firm yet.

Long-run abnormal returns & pooled estimates

Buy-and-hold abnormal returns (1 / 3 / 6 / 12 months) and calendar-time portfolio alpha (CTE) post-effective.

No long-run / pooled estimates available for this firm yet — run phase5z_compute_longrun.py on Windows to populate (requires effective date ≥ 3 months ago).

Cohort-level robustness battery

Heckman selection-corrected ATE · Romano-Wolf step-down + BH FDR · pooled BHAR. This firm's reading is shown in context of the full cohort.

Heckman two-step selection correction (controlled-vs-widely-held)

Cohort ATE = +0.94% (SE = 7.06%, n = 2395) after correcting for controller-status selection (inverse Mills ratio = -0.062).

Romano-Wolf step-down + Benjamini-Hochberg FDR (n = 47)

This firm: per-firm adjusted p-values pending. Multiple-hypothesis correction is computed across the full cohort to control family-wise error rate at alpha = 0.05.

Pooled cohort BHAR (mover firms only)

BHAR_63d: mean = -5.60% (SE = 22.11%, n = 3, p = 0.499) · BHAR_126d: mean = +17.33% (SE = 41.17%, n = 3, p = 0.774)

See Cohort event study → for the full battery and forest plots.

Texas Statutory Adoptions

Texas opt-in statutory regimes available to Texas-incorporated public companies. Each requires a charter or bylaw amendment with proxy notice. Both are independently elected.

SB 29 — TBOC §21.552

Derivative-action 3% ownership threshold (effective 2025-05-14, post-Tornetta v. Musk).

PENDING VERIFICATION

SB 1057 — TBOC §21.373

Shareholder-proposal threshold: lesser of $1M market value or 3% of voting shares, 6-month hold, 67% solicit (effective 2025-09-01). Director nominations and procedural resolutions are exempt. Legal status: vulnerable to challenge under the Internal Affairs Doctrine and dormant Commerce Clause; SEC Rule 14a-8(i)(1) permits state-law exclusion, so §21.373 may operate through Rule 14a-8 rather than face direct preemption. No court ruling has issued. Firms appear to be in a wait-and-see posture pending legal clarity.

PENDING VERIFICATION

Adoption is opt-in. A "No" or "Pending" status means the firm has not (yet) elected into the regime — it does not mean the firm is non-compliant. Adoption requires a charter/bylaw amendment disclosed via 8-K Item 5.03.

Source filings

Primary-source documents on SEC EDGAR plus IR / search links.

No source filings linked for this firm.

Classification & audit trail

Bucket

TX_INCUMBENT_NO_MIGRATION

Panel eligibility

PANEL_A_TX_INCUMBENT

Audit status

PANEL_A_TIER

Source confidence

PANEL_A_INCLUSION

Transaction status

N/A

Audit notes

[2026-04-30] v3.84-rev5y: Inserted as Panel A (TX-incumbent universe) reference firm. Source: panelA_TX_incumbent_universe_v2.3_FULL.csv. NOT a DE→TX migrator. Eligible for the §21.552 adopter cohort analysis (see luv_case_study.html Section M.2 for the full TX-incumbent roster).