Every 10-Q that San Juan Basin Royalty Trust UBI (SJT) has filed with the SEC in the last 24 months is listed below, newest first, and each one links through to the document itself with the summary and the scores our analysis gives it.
A 10-Q covers the quarterly report filed between annual reports, 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 continued financial stress for the quarter ended June 30, 2026. Cash and short-term investments fell to $4,019 from $23,298 at year-end 2025, while line-of-credit borrowings increased to $944,471 on a $2,000,000 facility secured by substantially all Trust assets.
The Trust received no Royalty Income in any month from May 2024 through June 2026; all reported income was interest. Cumulative Excess Production Costs rose to $9,258,749 ($6,944,062 net to the Trust), preventing any royalty payments from Hilcorp. Distributable losses were $(193,957) for the quarter and $(556,663) year-to-date, or $(0.00416) and $(0.01194) per Unit, with no distributions declared.
The Trustee discloses substantial doubt about the Trust’s ability to continue as a going concern within one year. Natural gas fundamentals deteriorated: average gas price dropped to $1.70/Mcf for the quarter (from $2.68/Mcf a year earlier), and gas production from the Subject Interests declined 14.8%. Hilcorp has a $14.0 million 2026 capital plan, of which $4.03 million had been spent by June 30, 2026.
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.
San Juan Basin Royalty Trust reported another quarter with no Royalty Income and a net distributable loss as Excess Production Costs continued to absorb net proceeds. For the three months ended September 30, 2025, distributable loss was $111,352, and for the nine months it was $274,135 (per Unit loss $0.005882 on 46,608,796 Units).
As of September 30, 2025, cumulative Excess Production Costs were $13,593,734 gross ($10,195,300 net to the Trust). The Trust drew on a $2,000,000 line of credit to fund expenses, with $274,135 outstanding and cash reserves of $29,160. Management disclosed “substantial doubt” about the Trust’s ability to continue as a going concern.
Operationally, Gross Proceeds rose on higher natural gas volumes and prices, aided by 2024 horizontal wells. Q3 natural gas production from the Subject Interests was 6,918,497 Mcf at an average price of $2.11/Mcf (vs. $1.49/Mcf a year ago). Before any distributions can resume, the Trust must eliminate Excess Production Costs, replenish $2,000,000 in reserves, and repay the line of credit.
San Juan Basin Royalty Trust (SJT) reported no royalty income to the Trust for each month from May 2024 through June 2025, resulting in no monthly cash distributions for the reporting periods. The Trust's cash and short-term investments fell to $32,968 at June 30, 2025 from $760,920 at year-end 2024, and the Trustee drew on a newly established $2,000,000 line of credit, with an outstanding balance of $162,783 at June 30, 2025. Cumulative Excess Production Costs of approximately $14,767,940 gross ($11,075,955 net to the Trust) absorbed net proceeds that otherwise would have funded the Trust, and $6,972,006 of net proceeds for the quarter were applied to that balance. Distributable income was a $162,783 loss for the period (≈ $(0.00349) per unit) and trust corpus declined to $2,514,834. The Trustee states these conditions raise substantial doubt about the Trust's ability to continue as a going concern within one year. The Trustee continues audits of operator payments and has engaged a line of credit to cover administrative expenses until royalty receipts replenish reserves.