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Horizon Kinetics Asset Management LLC, a Delaware entity, reports beneficial ownership of 7,494,020 Units of San Juan Basin Royalty Trust, representing 16.1% of the class. It has sole voting and sole dispositive power over all of these Units, with no shared voting or dispositive power.
Horizon Kinetics Holding Corp., also organized in Delaware, is identified as the parent of Horizon Kinetics Asset Management LLC and may be deemed to beneficially own the same 7,494,020 Units through its wholly owned subsidiary.
San Juan Basin Royalty Trust reported that it will not declare a monthly cash distribution for July 2026. The decision reflects excess production costs from prior periods and continued low natural gas prices. Cumulative excess production costs are approximately $9,637,754 gross ($7,228,316 net to the Trust), and all net proceeds will continue to be applied to this deficit. Distributions will not resume until net proceeds fully repay this balance, replenish a $2,000,000 reserve, and repay principal and interest on the Texas Bank line of credit.
For the May 2026 production month, Hilcorp reported total revenue of $3,024,827 from the Subject Interests and production costs of $3,403,832, with gas volumes of 2,083,334 Mcf at an average price of $1.23 per Mcf. Trust administrative expenses for the month were $54,364, funded in part by a draw that brought the line of credit balance to $998,808 and left cash reserves at $3,891. Hilcorp has removed five of nine previously planned 2026 vertical wells, reducing capital spending by about $450,000, while the Trustee and independent auditors continue detailed reviews of Hilcorp’s reporting.
San Juan Basin Royalty Trust will pay no cash distribution for June 2026. The trustee reports that excess production costs and continued low natural gas prices left the Trust with a cumulative excess production cost balance of about $9.26 million gross ($6.94 million net to the Trust).
For April 2026 production, Hilcorp reported revenue from the subject interests of $3.02 million against production costs of $3.80 million (excluding the excess cost balance), so costs exceeded revenues. The average gas price was $1.28 per Mcf, slightly higher than March but still low.
All net proceeds will continue to be applied to the excess cost balance. No distributions will resume until excess costs are repaid, a $2.0 million reserve is replenished, and the Trust’s line of credit—whose outstanding principal will be $944,470 after a new draw—is fully repaid.
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.