Welcome to our dedicated page for San Juan Royl Tr SEC filings (Ticker: SJT), a comprehensive resource for investors and traders seeking official regulatory documents including 10-K annual reports, 10-Q quarterly earnings, 8-K material events, and insider trading forms.
San Juan Basin Royalty Trust filings document formal disclosures for a Texas royalty trust with units of beneficial interest and a trustee structure administered by Argent Trust Company. Recent Form 8-K reports furnish Item 2.02 results and financial condition updates on monthly distribution determinations, excess production costs, net proceeds, low natural gas pricing, and the treatment of royalty income from the Trust's subject interests.
The filing record also includes Regulation FD disclosures about Hilcorp capital expenditure plans for the subject interests. These filings describe operator-provided project categories such as drilling, recompletions, workovers, and natural gas compression facilities, along with trust-level matters including unit holder distributions, cash reserves, liabilities, and governance through the trustee.
San Juan Basin Royalty Trust reported that it will not declare a monthly cash distribution for May 2026. Excess production costs from its royalty interests, combined with continued low natural gas prices, mean all current net proceeds are being used to cover past costs rather than pay unitholders.
Cumulative excess production costs total approximately $8.48 million gross ($6.36 million net to the Trust, up sharply from the prior month. For March 2026, revenue of about $2.81 million was outweighed by production costs of about $4.66 million, reinforcing the deficit. The Trust also continues to draw on a line of credit and use limited cash reserves to cover administrative expenses and interest.
No cash distributions will resume until future net proceeds fully repay excess production costs tied to new wells drilled in 2024, rebuild a $2 million reserve, and repay principal and interest on the Trust’s line of credit.
San Juan Basin Royalty Trust reports a first‑quarter 2026 distributable loss and continued suspension of unitholder distributions. The Trust generated no royalty income, only $201 of interest, against $371,825 of general and administrative expenses, resulting in a distributable loss of $362,706 or $0.007782 per unit.
Cumulative excess production costs stood at $6.19M gross ($4.64M net to the Trust) as of March 31, 2026, so all net proceeds are being applied to that balance instead of distributions. The Trust drew on a $2.0M credit line and owed $750,514, while cash reserves were only $14,380. These conditions, together with prolonged absence of royalty income, led the Trustee to state there is substantial doubt about the Trust’s ability to continue as a going concern.
Horizon Kinetics Asset Management LLC and Horizon Kinetics Holding Corp report beneficial ownership of 6,978,841 Units of Beneficial Interest in San Juan Basin Royalty Trust. The filing is an Amendment No. 5 to a Schedule 13G/A and shows 6,978,841 shares (15.0%) with sole voting and dispositive power.
The filing lists issuer principal office as Argent Trust Company in Dallas and is signed by General Counsel Jay Kesslen on 04/29/2026.
San Juan Basin Royalty Trust will pay no monthly cash distribution for April 2026. The Trustee cites excess production costs from prior periods on the Subject Interests and continued low natural gas prices, which together have eliminated royalty income for now.
Cumulative excess production costs stand at about $6.63 million gross ($4.97 million net to the Trust, and the deficit increased from last month. February 2026 revenues of $5.24 million were more than offset by $5.68 million of production costs, while average gas prices fell to $2.70 per Mcf.
No future distributions will be made until net proceeds fully repay excess production costs, restore a $2.0 million reserve, and repay principal and interest on the Trust’s line of credit, whose outstanding balance is $872,254. The Trust is relying on its line of credit and dwindling cash reserves to cover administrative expenses and interest.
San Juan Basin Royalty Trust reports a challenging year with no royalty income or unitholder distributions for 2025. Hilcorp’s production costs exceeded revenues, creating Excess Production Costs of $8,438,536 gross ($6,328,902 net to the Trust) as of December 31, 2025, partially reduced to $6,186,818 gross ($4,640,114 net) by March 20, 2026. To fund expenses, the Trust drew down cash reserves to $23,298 and established a $2,000,000 secured line of credit maturing in May 2027, with interest-only payments until then. The Trust plans to replenish reserves to at least $2,000,000, repay Excess Production Costs and the note before resuming distributions. As of December 31, 2025, proved reserves attributable to the royalty were 85,288 MMcf of natural gas and 130 MBbls of oil, with 46,608,796 Units outstanding.
San Juan Basin Royalty Trust reported that it will not declare a March 2026 cash distribution to unitholders. The decision stems from excess production costs on its subject interests and continued low natural gas prices. Cumulative excess production costs total about $6,186,819 gross ($4,640,115 net to the Trust), with all current net proceeds being applied to this deficit instead of royalties.
No distributions will resume until the Trust fully repays the excess production costs, replenishes a $2,000,000 reserve, and repays principal and interest on its line of credit. For January 2026, Hilcorp reported revenue of $6,352,562 and production costs of $4,301,489, but administrative expenses and deficit repayment still required additional borrowing, increasing the line of credit principal to $750,513.
San Juan Basin Royalty Trust reported that Hilcorp Energy Company has outlined a 2026 capital project plan for the Trust’s subject interests totaling approximately $14.0 million across 32 projects. Most of this budget targets new drilling in the Mesaverde, Mancos, Dakota and related formations.
About $11.5 million will fund nine new vertical wells and six new horizontal wells, $2.0 million will go to 17 recompletion and workover projects, and $0.5 million to facilities and compression. Hilcorp also reported that 2025 capital spending was approximately $8.3 million, compared with a prior projection of about $9.0 million.
San Juan Basin Royalty Trust reported that it will not declare a February 2026 cash distribution to unitholders. The Trust cited excess production costs from prior periods and continued low natural gas prices as the reasons.
Cumulative excess production costs total about $8,237,892 gross ($6,178,419 net to the Trust, and all net proceeds will be applied to this deficit until it is repaid. Before distributions can resume, future net proceeds must also replenish a $2,000,000 reserve and repay principal and interest on the Trust’s line of credit.
For December 2025 production, Hilcorp reported $3,672,728 of total revenue and $4,399,540 of production costs for the Subject Interests, resulting in no royalty income. The Trust’s line of credit balance is $566,848, and cash reserves stand at $17,558.
Horizon Kinetics Asset Management LLC, a Delaware-based investment adviser and wholly owned subsidiary of Horizon Kinetics Holding Corporation, reports beneficial ownership of 6,231,144 Units of Beneficial Interest of San Juan Basin Royalty Trust, equal to 13.4% of the outstanding class as of the event date.
The firm has sole power to vote and dispose of all 6,231,144 units, with no shared voting or dispositive power. This Amendment No. 4 to Schedule 13G is filed on a passive basis, stating the securities are held in the ordinary course of business and not for the purpose of changing or influencing control of the trust.
San Juan Basin Royalty Trust disclosed that it will not declare a monthly cash distribution to unitholders for January. The Trust explained that excess production costs related to its subject interests from prior periods, combined with continued low natural gas prices, have eliminated distributable cash for this month. A press release dated January 20, 2026 provides additional detail and is included as an exhibit to this report.