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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.
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.
Horizon Kinetics Asset Management LLC filed Amendment No. 3 to Schedule 13G reporting beneficial ownership of 5,611,981 Units of Beneficial Interest of San Juan Basin Royalty Trust (SJT), representing 12.0% of the class.
The filer reports sole voting power over 5,611,981 units and sole dispositive power over 5,611,981 units, with no shared voting or dispositive power. The filing is certified as being made in the ordinary course of business and not for the purpose of changing or influencing control. The date of event is 09/03/2025.
Horizon Kinetics Asset Management LLC filed Amendment No. 2 to Schedule 13G reporting a passive stake in San Juan Basin Royalty Trust (SJT).
The firm beneficially owns 4,803,143 Units of Beneficial Interest, representing 10.3% of the class, with sole voting and sole dispositive power over the same amount. The date of event is 07/17/2025.
Horizon Kinetics is identified as an investment adviser (IA) and certifies the securities were acquired and are held in the ordinary course of business and not for the purpose of changing or influencing control.
San Juan Basin Royalty Trust reported it will not declare a monthly cash distribution for October. The Trust cited excess production costs for prior periods and continued low natural gas pricing as the reasons for the pause.
The announcement was made via a press release dated October 21, 2025, filed as Exhibit 99.1. The decision affects holders of the Trust’s units of beneficial interest for the October distribution cycle.
San Juan Basin Royalty Trust reported that it will not declare a monthly cash distribution to holders of its units for September. The Trust explained in a press release dated September 19, 2025, that excess production costs related to its subject interests from prior periods, together with continued low natural gas prices, have eliminated funds available for distribution this month.
This means unitholders will not receive their usual September cash payment, reflecting the combined impact of higher-than-normal past operating costs and a weak pricing environment for natural gas on the Trust’s current cash flow.