{"schema_version":"secwatch.filing_event.v1","accession":"0000950170-25-055071","form_type":"8-K","ticker":"SJT","cik":"0000319655","company_name":"SAN JUAN BASIN ROYALTY TRUST","filed_at":"2025-04-17T23:59:59+00:00","discovered_at":"2026-05-14T18:02:50.930366+00:00","generated_at":"2026-05-23T12:31:06.246499+00:00","sec_items":["2.02","9.01"],"event_type":"other_material","sentiment":"negative","materiality_score":0.65,"calibrated_materiality_score":0.65,"confidence":"high","headline":"San Juan Basin Royalty Trust declares no April 2025 distribution; excess costs $12.9M net","bullets":["No distribution for April 2025; $3.4M net proceeds applied to Hilcorp's excess production costs.","Cumulative excess production costs balance $17.2M gross ($12.9M net to Trust), down $3.4M from prior month.","Feb 2025 gas volumes 2.29M Mcf at avg $3.36/Mcf vs Jan volumes 2.69M Mcf at $3.74/Mcf.","Cash reserves for admin expenses now $117.8K; Trustee targets $2M reserve and evaluating credit options.","No distributions until excess costs fully repaid and cash reserves restored."],"urls":{"canonical":"https://secwatch.observer/filing/0000950170-25-055071","json":"https://secwatch.observer/filing/0000950170-25-055071.json","markdown":"https://secwatch.observer/filing/0000950170-25-055071.md","text":"https://secwatch.observer/filing/0000950170-25-055071.txt","edgar_index":"https://www.sec.gov/Archives/edgar/data/319655/000095017025055071/0000950170-25-055071-index.htm","edgar_primary_document":"https://www.sec.gov/Archives/edgar/data/319655/000095017025055071/sjt_april_2025_8-k.htm"},"model":{"generated_by":"deepseek-v4-flash:cloud@v2","generated_at":"2026-05-23T12:31:06.246499+00:00"},"review":{"review_status":"machine_generated","human_reviewed":false,"corrected":false,"correction_note":null,"correction_timestamp":null,"superseded_by":null,"related_filings":[]},"source_grounded_claims":[],"license":"Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer"}