{"schema_version":"secwatch.filing_event.v1","accession":"0001193125-25-326039","form_type":"8-K","ticker":"SJT","cik":"0000319655","company_name":"SAN JUAN BASIN ROYALTY TRUST","filed_at":"2025-12-19T23:59:59+00:00","discovered_at":"2026-05-14T18:02:41.711309+00:00","generated_at":"2026-05-16T12:39:37.955902+00:00","sec_items":["2.02","9.01"],"event_type":"other_material","sentiment":"negative","materiality_score":0.85,"calibrated_materiality_score":0.85,"confidence":"high","headline":"San Juan Basin Royalty Trust declares no December distribution; $6.3M net excess production costs remain","bullets":["No monthly cash distribution declared for December due to $6,328,902 net excess production costs and low gas pricing.","October 2025 revenue $5.3M ($5.12M gas, $181K oil); production costs $3.3M excluding excess balance.","Gas volumes 2,297,504 Mcf at avg price $2.23/Mcf (up $0.14 from Sept); trust admin expenses $83,250.","Line of credit principal now $387,808; cash reserves drawn to $23,175 after interest payment.","Distributions will resume only after excess costs repaid, $2M reserve replenished, and credit line cleared."],"urls":{"canonical":"https://secwatch.observer/filing/0001193125-25-326039","json":"https://secwatch.observer/filing/0001193125-25-326039.json","markdown":"https://secwatch.observer/filing/0001193125-25-326039.md","text":"https://secwatch.observer/filing/0001193125-25-326039.txt","edgar_index":"https://www.sec.gov/Archives/edgar/data/319655/000119312525326039/0001193125-25-326039-index.htm","edgar_primary_document":"https://www.sec.gov/Archives/edgar/data/319655/000119312525326039/sjt_december_2025_8-k.htm"},"model":{"generated_by":"deepseek-v4-flash:cloud@v2","generated_at":"2026-05-16T12:39:37.955902+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"}