San Juan Basin Royalty Trust enters $2M line of credit with Texas Bank; distributions suspended until repayment

SAN JUAN BASIN ROYALTY TRUST

Line of credit of $2M from Texas Bank, secured by all trust assets, to cover administrative expenses.
Purpose: repay excess production costs from Hilcorp's two horizontal wells drilled in 2024 and replenish $2M reserve.
Distributions will resume only after note principal, reserve, and excess costs are repaid.
Interest at prime + 1% (floor 6.5%), monthly payments starting June 21, 2025; matures May 21, 2027.

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