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.
The San Juan Basin Royalty Trust UBI (NYSE: SJT) SEC filings page on Stock Titan provides access to the Trust’s regulatory disclosures, including current reports on Form 8-K. These filings give investors insight into how the Trust’s net profits interest in natural gas and oil properties in the San Juan Basin of New Mexico translates into reported results of operations and financial condition.
Recent Form 8-K filings describe press releases in which Argent Trust Company, as trustee, announces whether the Trust will declare a monthly cash distribution to holders of its units of beneficial interest. In multiple 8-Ks dated throughout 2025, the Trust reports that it would not declare monthly cash distributions due to excess production costs for the Subject Interests and, in several instances, continued low natural gas pricing. These filings help clarify when production costs and capital expenditures have exceeded gross proceeds, resulting in no royalty income for the Trust in those periods.
Through this page, users can review how the Trust reports excess production costs, the impact of Hilcorp’s capital project plans on net proceeds, and the Trustee’s approach to cash reserves and administrative expenses. While the 8-Ks summarized here focus on monthly distribution decisions, the Trust also files other periodic reports that provide broader context on its net profits interest, reserve policies, and risk factors.
Stock Titan enhances these filings with AI-powered summaries that highlight the key points in each document, such as the reasons for suspending distributions, references to low natural gas pricing, and descriptions of excess production costs. Real-time updates from the SEC’s EDGAR system ensure that new 8-Ks and other filings appear promptly. Users can also monitor insider-related filings such as Form 4, when available, and review annual reports on Form 10-K and quarterly reports on Form 10-Q with AI-generated explanations that break down complex royalty trust disclosures into more accessible language.
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.
San Juan Basin Royalty Trust reported that it will not declare a monthly cash distribution to holders of its units for December. The trustee explained that excess production costs related to the Trust’s subject interests in prior periods, together with continued low natural gas prices, left no funds available for a payout.
This means unitholders will not receive their usual monthly cash distribution for this period, reflecting how rising costs and weak gas pricing can directly reduce distributable income from the Trust’s underlying oil and gas properties.
San Juan Basin Royalty Trust reported that it will not declare a monthly cash distribution to holders of its units for November. The Trust explained that excess production costs related to its subject interests in prior periods, together with continued low natural gas prices, have reduced cash available for distribution. This means unitholders will not receive the usual monthly payout for this period, reflecting current cost pressures and weaker commodity pricing in the Trust’s underlying natural gas assets.