{"schema_version":"secwatch.filing_event.v1","accession":"0001193125-26-395495","form_type":"8-K","ticker":"SJT","cik":"0000319655","company_name":"SAN JUAN BASIN ROYALTY TRUST","filed_at":"2026-09-18T19:57:36+00:00","discovered_at":"2026-09-18T19:59:10.352604+00:00","generated_at":"2026-09-18T19:59:17.102544+00:00","sec_items":["2.02","9.01"],"event_type":"dividend","sentiment":"negative","materiality_score":0.75,"calibrated_materiality_score":0.75,"confidence":"high","headline":"San Juan Basin Royalty Trust skips Sept distribution on excess costs, low gas prices","bullets":["No cash distribution for Sept 2026; cumulative excess production costs $12.55M gross ($9.42M net), up $1.12M gross from last month.","July 2026 revenue from Subject Interests $4.29M (gas $4.12M, oil $0.18M) vs production costs $5.42M; gas price $2.01/Mcf (up from $1.46).","No distributions until excess costs paid, $2M reserve replenished, and $1.075M line of credit repaid (drew $44.6K in Sept).","Trust admin expenses $44.6K for month; line of credit principal now $1.075M."],"urls":{"canonical":"https://secwatch.observer/filing/0001193125-26-395495","json":"https://secwatch.observer/filing/0001193125-26-395495.json","markdown":"https://secwatch.observer/filing/0001193125-26-395495.md","text":"https://secwatch.observer/filing/0001193125-26-395495.txt","edgar_index":"https://www.sec.gov/Archives/edgar/data/319655/000119312526395495/0001193125-26-395495-index.htm","edgar_primary_document":"https://www.sec.gov/Archives/edgar/data/319655/000119312526395495/september_2026_8-k.htm"},"model":{"generated_by":"deepseek-v4-flash:cloud@v2","generated_at":"2026-09-18T19:59:17.102544+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"}