{"schema_version":"secwatch.filing_event.v1","accession":"0001193125-25-244549","form_type":"8-K","ticker":"SJT","cik":"0000319655","company_name":"SAN JUAN BASIN ROYALTY TRUST","filed_at":"2025-10-21T23:59:59+00:00","discovered_at":"2026-05-14T18:02:41.710574+00:00","generated_at":"2026-05-17T03:07:31.622479+00:00","sec_items":["2.02","9.01"],"event_type":"other_material","sentiment":"negative","materiality_score":0.6,"calibrated_materiality_score":0.6,"confidence":"high","headline":"San Juan Basin Royalty Trust declares no October distribution; excess costs $8.7M net","bullets":["No October 2025 cash distribution due to cumulative excess production costs of $11,630,625 gross ($8,722,969 net to Trust); deficit decreased $1,963,109 gross from last month.","August 2025 production: gas volumes 2,283,656 Mcf at average price $2.29/Mcf ($2.06/MMBtu), down $0.19/Mcf from July.","Total revenue from Subject Interests $5,384,015; production costs $3,420,906 (excluding excess cost balance).","Trust admin expenses $21,200; $19,305 drawn from line of credit, bringing principal to $293,440; cash reserves $27,243.","Distributions suspended until excess costs repaid, $2M reserve replenished, and line of credit repaid."],"urls":{"canonical":"https://secwatch.observer/filing/0001193125-25-244549","json":"https://secwatch.observer/filing/0001193125-25-244549.json","markdown":"https://secwatch.observer/filing/0001193125-25-244549.md","text":"https://secwatch.observer/filing/0001193125-25-244549.txt","edgar_index":"https://www.sec.gov/Archives/edgar/data/319655/000119312525244549/0001193125-25-244549-index.htm","edgar_primary_document":"https://www.sec.gov/Archives/edgar/data/319655/000119312525244549/sjt_october_2025_8-k.htm"},"model":{"generated_by":"deepseek-v4-flash:cloud@v2","generated_at":"2026-05-17T03:07:31.622479+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"}