{"schema_version":"secwatch.filing_event.v1","accession":"0001193125-25-284245","form_type":"8-K","ticker":"SJT","cik":"0000319655","company_name":"SAN JUAN BASIN ROYALTY TRUST","filed_at":"2025-11-17T23:59:59+00:00","discovered_at":"2026-05-14T18:02:41.710906+00:00","generated_at":"2026-05-16T19:29:42.788126+00:00","sec_items":["2.02","9.01"],"event_type":"dividend","sentiment":"negative","materiality_score":0.85,"calibrated_materiality_score":0.85,"confidence":"high","headline":"San Juan Basin Royalty Trust Declares No Cash Distribution for November 2025","bullets":["Excess production costs balance is approx. $10,452,021 gross ($7,839,016 net to Trust), down $1,178,604 gross from prior month.","No distributions until excess costs repaid, $2M reserve replenished, and line of credit principal ($306,674 outstanding) and interest paid.","Gas volumes for September 2025 were 2,206,654 Mcf at avg price $2.09/Mcf, down from $2.29/Mcf in August 2025.","Hilcorp reported total revenue of $4,725,794 and production costs of $3,547,190 for the Subject Interests in September 2025.","Trust drew $13,234 from line of credit for administrative expenses, bringing outstanding balance to $306,674."],"urls":{"canonical":"https://secwatch.observer/filing/0001193125-25-284245","json":"https://secwatch.observer/filing/0001193125-25-284245.json","markdown":"https://secwatch.observer/filing/0001193125-25-284245.md","text":"https://secwatch.observer/filing/0001193125-25-284245.txt","edgar_index":"https://www.sec.gov/Archives/edgar/data/319655/000119312525284245/0001193125-25-284245-index.htm","edgar_primary_document":"https://www.sec.gov/Archives/edgar/data/319655/000119312525284245/sjt_november_2025_8-k.htm"},"model":{"generated_by":"deepseek-v4-flash:cloud","generated_at":"2026-05-16T19:29:42.788126+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"}