{"schema_version":"secwatch.filing_event.v1","accession":"0000950170-25-078490","form_type":"8-K","ticker":"SJT","cik":"0000319655","company_name":"SAN JUAN BASIN ROYALTY TRUST","filed_at":"2025-05-29T23:59:59+00:00","discovered_at":"2026-05-14T18:02:50.930626+00:00","generated_at":"2026-05-20T06:58:54.364727+00:00","sec_items":["1.01","2.03"],"event_type":"debt","sentiment":"negative","materiality_score":0.65,"calibrated_materiality_score":0.65,"confidence":"high","headline":"San Juan Basin Royalty Trust enters $2M line of credit with Texas Bank; distributions suspended until repayment","bullets":["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."],"urls":{"canonical":"https://secwatch.observer/filing/0000950170-25-078490","json":"https://secwatch.observer/filing/0000950170-25-078490.json","markdown":"https://secwatch.observer/filing/0000950170-25-078490.md","text":"https://secwatch.observer/filing/0000950170-25-078490.txt","edgar_index":"https://www.sec.gov/Archives/edgar/data/319655/000095017025078490/0000950170-25-078490-index.htm","edgar_primary_document":"https://www.sec.gov/Archives/edgar/data/319655/000095017025078490/copy_of_sjt_may_2025_8-k.htm"},"model":{"generated_by":"deepseek-v4-flash:cloud@v2","generated_at":"2026-05-20T06:58:54.364727+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":[{"claim_id":"2d6fc4473848b6d2ec09edf8bf4c311edf5bb1e8","claim":"SAN JUAN BASIN ROYALTY TRUST incurred revolving credit of $2,000,000 with Texas Bank at prime rate plus 1.00%, but no less than 6.50% maturing May 21, 2027.","evidence_excerpt":"The Note is a revolving line of credit. Advances may be requested and repaid from time to time until maturity on May 21, 2027, but may not exceed a total of $2,000,000. Interest only shall be due monthly beginning on June 21, 2025, at the prime rate plus 1.00%, but no less than 6.50%.","evidence_source":"SEC 8-K Item 2.03/2.04","evidence_url":"https://www.sec.gov/Archives/edgar/data/319655/000095017025078490/0000950170-25-078490-index.htm","confidence":0.9,"family_label":"Debt Financings","details":[{"label":"Instrument","value":"revolving credit"},{"label":"Principal","value":"$2,000,000"},{"label":"Counterparty","value":"Texas Bank"},{"label":"Rate","value":"prime rate plus 1.00%, but no less than 6.50%"},{"label":"Maturity","value":"May 21, 2027"},{"label":"Event","value":"incurrence"}],"fact_type":"debt_financing"}],"license":"Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer"}