San Juan Basin Royalty Trust (SJT) to pay no December cash distribution

Rhea-AI Filing Summary

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.

Positive

• None.

Negative

• December distribution suspended: No monthly cash distribution will be declared due to excess production costs and continued low natural gas pricing, directly reducing income to unitholders.

Insights

Energy income and royalty trust analyst

San Juan Basin Royalty Trust is skipping its December cash distribution.

San Juan Basin Royalty Trust disclosed that no monthly cash distribution will be declared for December. The trustee cited excess production costs tied to the Trust’s subject interests in prior periods and continued low natural gas prices, which together exhausted cash that would normally be available for distribution.

For a royalty trust, distributions are the primary way investors receive value, so a skipped month signals that current revenues, after expenses, are under pressure. The combination of prior-period excess costs and weak pricing suggests that both cost structure and commodity exposure are weighing on distributable cash.

The disclosure connects the distribution decision directly to low natural gas prices and higher-than-usual production costs. Future payouts will depend on how these two factors evolve and how quickly the Trust’s net proceeds from its subject interests recover in subsequent reporting periods.

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report December 19, 2025

SAN JUAN BASIN ROYALTY TRUST

(Exact name of Registrant as Specified in Its Charter)

Texas			001-08032	75-6279898
(State or Other Jurisdiction of Incorporation)			(Commission File Number)	(IRS Employer Identification No.)
Argent Trust Company, Trustee 3838 Oak Lawn Ave. Suite 1720 Dallas, Texas 75219
(Address of Principal Executive Offices, including zip code)

Registrant’s Telephone Number, Including Area Code: (855) 588-7839

(Former Name or Former Address, if Changed Since Last Report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class		Trading Symbol(s)		Name of each exchange on which registered
Units		SJT		New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 2.02 Results of Operations and Financial Condition.

On December 19, 2025, the San Juan Basin Royalty Trust (the "Trust") issued a press release, a copy of which is attached hereto as Exhibit 99.1, announcing that it would not declare a monthly cash distribution to the holders of its units of beneficial interest ("Units") for December due to excess production costs for the Trust’s subject interests (“Subject Interests”) during prior periods, as well as continued low natural gas pricing.

In accordance with general instruction B.2 to Form 8-K, the information in this Form 8-K shall be deemed “furnished” and not “filed” with the Securities and Exchange Commission for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that section.

Item 9.01 Financial Statements and Exhibits.

Exhibit No.		Description
99.1		Press Release dated December 19, 2025

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

		By:	ARGENT TRUST COMPANY, AS TRUSTEE FOR THE SAN JUAN BASIN ROYALTY TRUST (Registrant)
Date:	December 19, 2025	By:	/S/ NANCY WILLIS
			Nancy Willis Director of Royalty Trust Services

FAQ

What did San Juan Basin Royalty Trust (SJT) announce in this 8-K?

The Trust announced that it will not declare a monthly cash distribution for December to holders of its units of beneficial interest.

Why is San Juan Basin Royalty Trust not paying a December 2025 cash distribution?

The Trust cited excess production costs for prior periods related to its subject interests and continued low natural gas pricing, which left no cash available for a December distribution.

Does the 8-K say anything about San Juan Basin Royalty Trust’s financial statements?

The report is filed under Results of Operations and Financial Condition and focuses on the decision not to declare a December distribution; it does not include detailed financial statements in this excerpt.

How was the information about the missed distribution communicated to investors?

The Trust issued a press release dated December 19, 2025, which is attached as Exhibit 99.1 and describes the decision not to declare the December cash distribution.

Who signed the 8-K for San Juan Basin Royalty Trust?

The filing was signed on behalf of the Trust by Argent Trust Company, as trustee, through Nancy Willis, Director of Royalty Trust Services.

Is the information about the missed distribution considered filed or furnished to the SEC?

The information is deemed “furnished” and not “filed” for purposes of Section 18 of the Securities Exchange Act of 1934.