Here are the 10-K annual reports from San Juan Basin Royalty Trust UBI (SJT) in our archive since June 2025, newest first, and each one links through to the document itself with the summary and the scores our analysis gives it.
A 10-K covers the audited annual report, with the full financial statements, so if you follow SJT and want that one kind of document rather than the whole filing history, this is the page to keep. The company's other filings, of every form, are on the full SJT filings page.
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.