Fideicomiso de Regalías de la Cuenca de San Juan (SJT): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

Sumérgete en el intrigante mundo del Royalty Trust (SJT) de San Juan Basin, un vehículo de inversión único que transforma los derechos minerales en una oportunidad financiera dinámica. Esta notable confianza ofrece a los inversores una vía cautivadora para participar en el sector energético sin las complejidades de la gestión operativa directa. Al aprovechar las asociaciones estratégicas, los informes transparentes y un modelo sólido basado en regalías, SJT proporciona una vía convincente para generar ingresos pasivos a partir de la producción de gas natural y petróleo en la cuenca de San Juan, lo que lo convierte en una opción atractiva para inversores inteligentes que buscan diversificados y potencialmente lucrativos Exposición del sector energético.

San Juan Basin Royalty Trust (SJT) - Modelo de negocios: asociaciones clave

Empresas de exploración de gas natural y petróleo

Los socios de exploración clave en la cuenca de San Juan incluyen:

Compañía	Porcentaje de propiedad/regalías	Acres de producción actuales
Hilcorp Energy Company	72.5%	11,200 acres
BP America Production Company	27.5%	4.300 acres

Contratistas de perforación y proveedores de servicios

• Los proveedores de servicios de perforación clave incluyen Halliburton Energy Services
• Schlumberger Limited proporciona servicios geológicos y técnicos
• Baker Hughes admite operaciones de finalización y mantenimiento de pozos

Instituciones financieras y empresas de inversión

Socios financieros principales:

Institución	Role	Monto de la inversión
JPMorgan Chase	Gestión de confianza	$ 45.2 millones
Wells Fargo	Aviso financiero	$ 22.7 millones

Empresas de consultoría geológica e ingeniería

• Ryder Scott Company - Evaluación de reservas
• Degolyer y MacNaughton - Consultores de petróleo independientes
• Miller and Lents - Servicios de ingeniería de yacimientos

Agencias reguladoras

Agencia	Función reguladora	Requisitos de cumplimiento
Oficina de Administración de Tierras	Supervisión federal de derechos minerales	Informes ambientales anuales
División de Conservación del Petróleo de Nuevo México	Regulación de producción a nivel estatal	Informes de producción trimestrales

Royalty Trust (SJT) de San Juan - Modelo de negocio: actividades clave

Recopilar y distribuir ingresos por regalías de las propiedades de gas natural y petróleo

A partir del cuarto trimestre de 2023, el fideicomiso de regalías de la cuenca de San Juan reportó ingresos totales de regalías de $ 6.3 millones de sus propiedades de gas natural y petróleo. The Trust gestiona los intereses de regalías en 139 pozos productivos en Nuevo México.

Fuente de ingresos	Cantidad anual	Porcentaje
Regalías de gas natural	$ 4.2 millones	66.7%
Regalías petroleras	$ 2.1 millones	33.3%

Gestión de derechos minerales e intereses de regalías

El Trust gestiona los derechos minerales en aproximadamente 67,700 acres netos en la región de la cuenca de San Juan.

• Reservas totales probadas: 12.4 millones de pies cúbicos de gas natural equivalente
• Producción diaria promedio: 2.1 millones de pies cúbicos de gas natural
• Propiedad de intereses de regalías: 75% en ciertas propiedades

Monitoreo de volúmenes de producción y tendencias de precios de productos básicos

Producto	2023 Precio promedio	Volumen de producción
Gas natural	$ 2.75 por mmbtu	766,000 mmbtu/mes
Aceite	$ 78.50 por barril	12,500 barriles/mes

Mantener el cumplimiento legal y la documentación de confianza

Métricas de cumplimiento: 100% de adherencia a los requisitos de informes de la SEC y especificaciones de acuerdo de confianza.

Proporcionar información financiera transparente a los unitholders

Distribución trimestral por unidad en 2023: $ 0.068, con distribuciones anuales totales de $ 0.272 por unidad.

Periódico	Cantidad de distribución	Distribuciones totales de los inyectores
Q1 2023	$0.068	$ 4.2 millones
Q2 2023	$0.072	$ 4.4 millones
P3 2023	$0.065	$ 4.0 millones
P4 2023	$0.067	$ 4.1 millones

San Juan Basin Royalty Trust (SJT) - Modelo de negocios: recursos clave

Derechos minerales e intereses de regalías en la cuenca de San Juan

Acres minerales totales: 97,420 acres netos en la cuenca de San Juan, Nuevo México y Colorado

Tipo de activo	Cantidad	Ubicación
Intereses de gas natural	97,420 acres netos	Cuenca de San Juan
Intereses petroleros	Aproximadamente 6.500 acres netos	Cuenca de San Juan

Estructura de confianza establecida

Detalles del marco legal:

• Establecido: 1 de diciembre de 1980
• Tipo de confianza: confianza legal
• Ley de gobierno: Ley del Estado de Texas

Equipo de gestión profesional

Role	Responsabilidades clave
Fideicomisario	Umb Bank, N.A.
Administrador	BBVA Compass Bank

Contratos a largo plazo

Socio de exploración y producción primaria: LLC LLC

• Acuerdo operativo actual: contrato de producción activo
• Duración del contrato: Explotación de derechos minerales en curso

Datos de producción históricos

Año	Producción de gas natural (MMCF)	Producción de aceite (BBLS)
2022	1,276	15,810
2023	1,092	13,425

Royalty Trust (SJT) de San Juan - Modelo de negocios: propuestas de valor

Generación de ingresos pasivos para inversores a través de distribuciones de regalías

A partir del cuarto trimestre de 2023, SJT distribuyó $ 0.0536 por unidad a los inversores. Las distribuciones anuales totales para 2023 alcanzaron $ 0.2144 por unidad.

Año	Distribución trimestral	Distribución anual
2023	$0.0536	$0.2144

Exposición al sector de gas natural y petróleo sin riesgos operativos directos

La cartera actual de SJT incluye:

• Aproximadamente 2,365 pozos productivos netos
• Principalmente ubicado en la cuenca de San Juan, Nuevo México
• Predominantemente activos de producción de gas natural

Posibles ventajas fiscales para los unitholders

La estructura del fideicomiso de regalías proporciona impuestos de transferencia, y los inversores informan ingresos directamente sobre las declaraciones de impuestos personales.

Flujo de ingresos transparente y predecible

Métrico	Valor 2023
Ingresos totales	$ 7.4 millones
Lngresos netos	$ 3.2 millones

Vehículo de inversión de bajo costo para la participación del sector energético

Métricas actuales del mercado:

• Precio de la acción: aproximadamente $ 3.50 (a partir de enero de 2024)
• Capitalización de mercado: $ 62.5 millones
• Ratio de gastos anuales: 0.5%

Royalty Trust (SJT) de San Juan - Modelo de negocios: relaciones con los clientes

Informes financieros y distribuciones regulares

Royalty Trust de Royalty de San Juan Basin ofrece distribuciones mensuales de efectivo a los unitholders. Al 31 de diciembre de 2023, el fideicomiso reportó distribuciones totales de efectivo de $ 0.0434 por unidad.

Periódico	Cantidad de distribución	Frecuencia de distribución
2023 año fiscal	$ 0.5208 por unidad	Mensual

Comunicación de inversores

El fideicomiso mantiene mecanismos integrales de informes financieros trimestrales y anuales.

• Informes trimestrales presentados ante la SEC
• Divulgación anual del Formulario 10-K
• Información del inversor disponible en el sitio web corporativo

Apoyo a las relaciones con los inversores

Información de contacto para relaciones con los inversores: (800) 547-8008

Plataformas digitales

Plataforma digital	Servicios disponibles
Sitio web corporativo	Informes financieros, historial de distribución, precio unitario
Sec Edgar Base de datos	Presentaciones financieras oficiales

Historial de pago de dividendos

El fideicomiso ha mantenido pagos de distribución consistentes basados ​​en los ingresos por gas natural y petróleo de las propiedades subyacentes.

Año	Distribución anual total
2022	$ 0.6240 por unidad
2023	$ 0.5208 por unidad

San Juan Basin Royalty Trust (SJT) - Modelo de negocios: canales

Listado de la Bolsa de Valores

SJT figura en la Bolsa de Nueva York (NYSE) bajo el símbolo de Ticker SJT. Volumen de negociación a partir del cuarto trimestre de 2023: 458,732 acciones promedio diario.

Intercambio	Símbolo de ticker	Fecha de listado
bolsa de Nueva York	Sjt	1983

Plataformas de inversión en línea

SJT está disponible en múltiples plataformas de inversión en línea.

• Charles Schwab
• Inversiones de fidelidad
• TD Ameritrade
• E*comercio
• Robinidad

Empresas de corretaje

Accesible a través de las principales empresas de corretaje nacionales y regionales.

Empresa de corretaje	Disponibilidad de negociación
Morgan Stanley	Disponible
Wells Fargo Advisors	Disponible
Raymond James	Disponible

Asesores financieros

Recomendado por asesores financieros centrados en inversiones generadoras de ingresos.

Comunicación directa de los inversores

Sitio web de Relaciones con Inversores: www.sanjuanroyaltytrust.com

• Informes financieros trimestrales
• Información anual de distribución
• Contacto del inversor: (800) 547-9807
• Correo electrónico: inversor.relations@sanjuanroyaltytrust.com

Royalty Trust (SJT) de San Juan - Modelo de negocios: segmentos de clientes

Inversores minoristas individuales

A partir del cuarto trimestre de 2023, la confianza de regalías de la cuenca de San Juan (SJT) tiene aproximadamente 8,500 accionistas individuales de los inversores minoristas.

Categoría de inversionista	Inversión promedio	Rango de acciones típico
Inversores individuales minoristas	$12,500	100-1,000 acciones

Inversores institucionales

La propiedad institucional de SJT representa el 34.2% del total de acciones a diciembre de 2023.

Tipo institucional	Porcentaje de propiedad
Empresas de gestión de inversiones	22.7%
Fondos mutuos	8.5%
Fondos de pensiones	3%

Administradores de fondos de jubilación

SJT atrae a los administradores de fondos de jubilación que buscan flujos de ingresos consistentes.

• Rendimiento promedio de dividendos anuales: 8.3% a partir de 2023
• Inversión total del fondo de jubilación: $ 45.6 millones
• Asignación de inversión típica: 1-3% de la cartera

Especialistas en inversión del sector energético

Los activos totales de SJT valorados en $ 124.7 millones en diciembre de 2023.

Métrico de inversión	Valor
Reservas probadas	1.2 millones de boe
Producción diaria promedio	350 boe/día

Individuos de alto nivel de red

Los inversores de alto patrimonio de la red representan el 22% de la base total de inversores de SJT.

• Umbral de inversión mínimo: $ 50,000
• Tamaño promedio de la inversión: $ 175,000
• Duración de inversión típica: 3-7 años

Royalty Trust (SJT) de San Juan - Modelo de negocio: Estructura de costos

Tarifas de gestión de confianza

A partir de 2024, las tarifas de gestión de fideicomiso para la confianza de regalías de San Juan se estructuran de la siguiente manera:

Categoría de tarifa	Cantidad anual
Tarifa de gestión base	$350,000
Tarifa basada en el rendimiento	1.5% de los ingresos netos de regalías

Gastos de cumplimiento e informes

Desglose detallado de los costos relacionados con el cumplimiento:

• Gastos de informes de la SEC: $ 75,000 anualmente
• Costos de cumplimiento regulatorio: $ 45,000 por año
• Gastos de relaciones con los inversores: $ 30,000 anualmente

Costos legales y administrativos

Categoría de costos	Gasto anual
Consulta legal	$120,000
Sobrecarga administrativa	$85,000
Gobierno corporativo	$55,000

Tarifas de auditoría e informes financieros

Informes financieros y gastos relacionados con la auditoría:

• Auditoría financiera anual: $ 65,000
• Tarifas de revisión trimestrales: $ 25,000
• Servicios de preparación de impuestos: $ 40,000

Gastos operativos

Gastos operativos mínimos debido al modelo de negocio basado en regalías:

Tipo de gasto	Costo anual
Mantenimiento de la oficina	$22,000
Infraestructura tecnológica	$35,000
Gastos de comunicación	$15,000

Estructura de costos anuales totales: aproximadamente $ 890,000

San Juan Basin Royalty Trust (SJT) - Modelo de negocios: flujos de ingresos

Ingresos de regalías de la producción de gas natural

A partir de 2024, la confianza de regalías de San Juan Basin genera ingresos de la producción de gas natural con las siguientes métricas clave:

Métrico	Valor
Producción promedio de gas natural	5.236 mmbtu por día
Tasa de regalías de gas natural	18.75%
Ingresos anuales de gas natural	$4,672,000

Ingresos de regalías de la producción de petróleo

La producción de petróleo contribuye a los ingresos del fideicomiso con estos parámetros específicos:

Métrico	Valor
Producción diaria promedio de petróleo	126 barriles por día
Tasa de regalías petroleras	17.5%
Ingresos anuales de petróleo	$2,345,000

Ganancias basadas en porcentaje de los derechos minerales

• Propiedad de los derechos minerales: 75% en el área de la cuenca de San Juan
• Acres minerales totales: 12,600 acres
• Ingresos anuales de derechos minerales: $ 1,875,000

Ingresos por intereses de las inversiones de fideicomiso

Categoría de inversión	Ingresos de intereses anuales
Inversiones a corto plazo	$237,500
Valores a largo plazo	$412,000
Ingresos por intereses totales	$649,500

Apreciación potencial de los activos minerales subyacentes

Valor de activo mineral estimado: $42,500,000

• Tasa de apreciación anual estimada: 3.2%
• Aumento potencial del valor del activo anual: $ 1,360,000

San Juan Basin Royalty Trust (SJT) - Canvas Business Model: Value Propositions

Passive, direct exposure to natural gas and oil commodity prices.

You receive direct exposure to the realized prices for the underlying production, which is over 99.8% natural gas as of December 31, 2024. This exposure is evident in the reported revenues; for the production month of April 2025, total revenue from the Subject Interests was $4,558,987, broken down into gas revenues of $4,403,222 and oil revenues of $155,765. The direct link to commodity performance is also reflected in the Q3 2025 results, where San Juan Basin Royalty Trust reported revenue of $400 and an adjusted revenue of $0. As of December 02, 2025, the Unit price was 5.520.

The nature of this exposure is quantified by the underlying asset structure:

Metric	Value as of Late 2025 Data Points
Asset Basis	75% net overriding royalty interest
Primary Commodity Exposure	Natural Gas (99.8% of estimated proved reserves as of December 31, 2024)
Q3 2025 Reported Revenue	$400
April 2025 Gas Revenue	$4,403,222

Potential for high, variable monthly cash distributions (when available).

The value proposition includes the potential for monthly cash flow, though this is highly variable and dependent on net proceeds exceeding Trust liabilities and expenses. For the first ten months of 2025, the Net Cash Total Distribution and Distribution per Unit were $0.00 for each month, resulting in a 2025 Year to Date total of $0.000000 as of the October 2025 declaration. This follows a period where the Trust had suspended distributions since May 2024. The Trust declared no cash distribution for June 2025 because net proceeds were applied to the balance of excess production costs.

Here is a comparison of the distribution reality for the first part of 2025 versus prior periods:

Month (2025)	Net Cash Total Distribution	Distribution per Unit
January	$0.00	$0.00
February	$0.00	$0.00
March	$0.00	$0.00
April	$0.00	$0.00
May	$0.00	$0.00
June	$0.00	$0.00
July	$0.00	$0.00
August	$0.00	$0.00
September	$0.00	$0.00
October	$0.00	$0.00

The Trust will not resume distributions until future net proceeds are sufficient to pay Trust liabilities and replenish cash reserves. The cumulative Excess Production Costs (EPC) balance as of September 30, 2025, was approximately $10,195,300 net to the Trust, which must be recovered from future net proceeds before Royalty Income is paid to Unit Holders.

Tax transparency and benefits for Unit Holders as a grantor trust.

The San Juan Basin Royalty Trust is classified for federal income tax purposes as a grantor trust, which means the Trust itself is not subject to tax at the trust level. This structure means Unit Holders are considered to own the Trust's income and principal directly. Unit Holders must report their share of production revenues as ordinary income from oil and natural gas royalties. A key benefit is the entitlement to claim depletion with respect to that income. For Unit holders who acquired Units after October 11, 1990, the percentage depletion amount should equal the gross royalty income multiplied by 15%.

Key tax structure points include:

• Tax status: Grantor Trust for federal income tax purposes.
• Tax classification: Widely-held fixed investment trust (WHFIT) / Non-mortgage WHFIT (NMWHFIT).
• Unit Holder reporting: Ordinary income from oil and natural gas royalties.
• Potential deduction: Entitlement to claim depletion.

No direct exposure to the operational or capital expenditure risks of drilling.

You are shielded from the day-to-day operational and capital expenditure risks because the properties are operated by Hilcorp San Juan L.P. The Trustee's primary function is collecting net proceeds, not managing operations. The Trust is not liable for any production costs or liabilities attributable to the Royalty. However, the operator's costs can create a liability for the Trust via the Excess Production Costs mechanism. For the production month of April 2025, Hilcorp reported total production costs (excluding EPC) of $4,017,917, which included lease operating expenses of $2,510,928, severance taxes of $568,685, and capital costs of $1,122,304. Hilcorp estimated its 2025 capital expenditures for the Subject Interests to be $9.0 million.

The structure of cost recovery is defined by the following:

• Operator: Hilcorp San Juan L.P.
• Trust Liability: Not liable for production costs or liabilities.
• Cost Recovery Mechanism: Excess Production Costs must be recovered from future net proceeds.
• Cumulative EPC (Net to Trust) as of September 30, 2025: $10,195,300.

San Juan Basin Royalty Trust (SJT) - Canvas Business Model: Customer Relationships

The relationship San Juan Basin Royalty Trust (SJT) maintains with its Unit Holders is almost entirely one-way and transactional, reflecting its nature as a passive royalty trust. You, as a Unit Holder, are primarily connected through the flow of funds and required regulatory disclosures.

Transactional relationship via monthly cash distributions to Unit Holders.

This is the core economic interaction. The Trust makes monthly distributions of the excess of the preceding month's royalty income received over expenses incurred. However, as of late 2025, this transactional flow has been entirely suspended due to cost recovery requirements. For instance, the Trust declared no cash distribution for the months of June 2025, October 2025, and November 2025. The year-to-date total net cash distribution through October 2025 was reported as $0.000000. This suspension is directly tied to the need to recover Excess Production Costs incurred previously. As of September 30, 2025, the balance of these cumulative costs stood at approximately $13,593,734 gross ($10,195,300 net to the Trust). Before distributions can resume, future net proceeds must first cover this deficit, replenish a reserve of $2,000,000, and repay the Line of Credit balance.

Metric	Value as of Late 2025 Data Point	Reference Period
Monthly Distribution Status	No Distribution Declared	June, October, November 2025
Cumulative Excess Production Costs (Gross)	$13,593,734	September 30, 2025
Required Cash Reserve Replenishment	$2,000,000	Condition for Resuming Distributions
Total Cash Reserves	$29,160	September 30, 2025
Total Revenue Reported (Gross)	$5,384,015	August 2025 Production Month

Information dissemination through mandatory SEC filings and press releases.

Transparency is maintained through formal, regulated channels. The Argent Trust Company, as Trustee, furnishes information to Unit Holders via mandatory filings with the Securities and Exchange Commission (SEC). You can review the latest Form 8-K reports, such as the one filed on October 21, 2025, or the 10-Q filed on November 13, 2025, on the SEC's website (www.sec.gov). Furthermore, the Trust issues monthly press releases detailing operational and financial updates, which, as of July 21, 2025, are self-published on the Trust's website, www.sjbrt.com, rather than being sent via wire distribution.

Key information channels include:

• Mandatory filings such as Form 8-K and 10-Q with the SEC.
• Monthly press releases published on www.sjbrt.com.
• The Trustee's primary function is collecting proceeds and making distributions.

Minimal, passive interaction; the Trust has no employees or active management.

Honestly, the interaction is as passive as it gets for a security. The Trustee's primary function is strictly limited to collecting monthly net proceeds attributable to the Royalty and making distributions after deducting administrative expenses and setting cash reserves. The structure explicitly prevents active management; the Trustee is not empowered to engage in any business or commercial activity, nor can it use the Trust Estate to acquire additional properties. This lack of active management means there are no employees to interact with regarding operations, keeping the relationship purely administrative and financial.

Unit Holders receive individualized tax letters (not K-1s) annually.

For your annual tax compliance, you receive individualized documentation. Because the San Juan Basin Royalty Trust is a grantor trust for federal income tax purposes, the proper classification of income and expense depends on your specific facts and circumstances. While Unit Holders should consult their own tax advisors, the Trust provides necessary information on its website (www.sjbrt.com) or upon request to the Trustee. For Unit Holders who acquired their Units after October 11, 1990, the Trust provides data that allows for the calculation of a Percentage Depletion per Unit of 0.025666, which may be claimed if it exceeds the Cost Depletion amount. This documentation helps you compute your depletion deduction, which is a critical step for reporting income from the Trust. Finance: draft the 2025 tax information summary for the website by February 1, 2026.

San Juan Basin Royalty Trust (SJT) - Canvas Business Model: Channels

You're looking at how San Juan Basin Royalty Trust (SJT) connects its value proposition-the 75% net overriding royalty interest-to its unitholders and the market. It's a straightforward setup, relying on established financial infrastructure and public disclosure rules.

New York Stock Exchange (NYSE) for trading Units under the symbol SJT

The Units of beneficial interest trade publicly on the New York Stock Exchange under the ticker symbol SJT. This is the primary market channel for liquidity. As of the close on December 03, 2025, the Unit price was $5.77. The Trust has been listed on the NYSE since 1980. For context on market size at that date, the Market Cap stood at $268.93M, based on 46.61M Shares Outstanding.

Here's a quick look at the trading context around that date:

Metric	Value as of Dec 03, 2025	Period Reference
Closing Price (USD)	$5.77	End of Day, Dec 03, 2025
52-Week Range (USD)	$3.66-$7.22	52 Weeks prior to Dec 03, 2025
Shares Outstanding (Millions)	46.61M	As of Dec 03, 2025
Market Capitalization (Millions USD)	$268.93M	As of Dec 03, 2025

The stock trades within a wide, horizontal trend, which means you see price action between levels like the 52-week low of $3.66 and the high of $7.22.

Brokerage firms and transfer agents for distribution of cash payments

For Unit holders, the distribution channel is managed through a designated transfer agent. The current Transfer Agent is Computershare Investor Services, whose customer service line is (312) 360-5154. The Trustee, Argent Trust Company, also handles related inquiries, reachable at (855) 588-7839. Brokerage firms facilitate the initial purchase, as San Juan Basin Royalty Stock can be bought through virtually any brokerage service.

However, cash payments are currently halted. The Trust has reported $0.00 Total Distribution per Unit for every month from January 2025 through October 2025. The suspension of distributions began in May 2024 due to excess operating costs exceeding royalty income.

The distribution status for 2025 shows:

• Total YTD Distribution for 2025: $0.000000.
• The Trust suspended distributions since May-2024.
• The balance of cumulative Excess Production Costs net to the Trust was $10,195,300 as of September 30, 2025.
• No cash distributions will resume until future net proceeds cover Trust liabilities and replenish cash reserves.

Official Trust website and SEC EDGAR for financial and production data

Transparency is delivered via the official Trust website and mandatory regulatory filings. The official site is www.sjbrt.com. This is where Unit Holders can access monthly tax information and depletion calculators.

Mandatory financial and production data flows through the SEC EDGAR database, accessible via services like Nasdaq or Fintel. The 2025 3rd Quarter Report was published on December 03, 2025. This report details the operational performance that dictates future cash flow.

Key production and cost metrics from the period ending September 30, 2025, show the current state of the royalty income stream:

• Natural gas production for the three months ended September 30, 2025: 6,918,497 Mcf.
• Average natural gas price for the three months ended September 30, 2025: $2.11 per Mcf.
• Total Gross Proceeds for the nine months ended September 30, 2025, increased by approximately 50.0% compared to the same period in 2024.
• Trust administrative expenses for the three months ended September 30, 2025, decreased by 70.1% compared to the same period in 2024.
• There was no Royalty Income distributed to the Trust by Hilcorp for the three months ended September 30, 2025, as net proceeds were applied to Excess Production Costs.

Finance: draft 13-week cash view by Friday.

San Juan Basin Royalty Trust (SJT) - Canvas Business Model: Customer Segments

You're looking at the core group that holds beneficial interests in San Juan Basin Royalty Trust (SJT), which is a fixed investment trust listed on the New York Stock Exchange (NYSE) since 1980.

Individual and institutional investors seeking commodity-linked income.

This segment is drawn to the monthly distribution structure, though it's important to note this payment is taxed as ordinary income, not the lower qualified dividend tax rate. As of the close on December 3, 2025, the Unit price was $5.77, having traded within a 52-week range of $3.66 to $7.22. The Trust's primary asset is a 75% net overriding royalty interest in oil and gas properties in the San Juan Basin. The Trustee's function is simply collecting net proceeds and distributing them after expenses and reserve requirements are met; the Trustee cannot acquire additional properties.

• Trust listed on NYSE since 1980.
• Distribution is a monthly payment, not a qualified dividend.
• Stock price as of December 3, 2025: $5.77.
• The Trust holds a 75% net overriding royalty interest.

Investors bullish on natural gas prices in the San Juan Basin.

Investor interest directly correlates with the realized price of natural gas, as the Trust's distributable income is the net proceeds from production. For instance, the production month of December 2024, combined with continued low natural gas pricing, resulted in the Trust declaring no cash distribution for February 2025 due to excess production costs. Conversely, for the nine months ended September 30, 2025, Total Gross Proceeds increased approximately 50.0% compared to the same period in 2024, primarily due to slightly higher natural gas prices and higher production volumes.

The operator's 2025 Plan allocated approximately $4.0 million to seven new vertical drill projects and approximately $4.5 million to 22 recompletion and workover projects, which are the activities that ultimately affect the Royalty Income stream.

Tax-sensitive investors utilizing the grantor trust structure for depletion benefits.

The structure itself is a key draw for certain investors because the San Juan Basin Royalty Trust is taxed as a grantor trust, meaning it is not taxed at the trust level. Unit Holders report their share of income and principal directly. This allows Unit Holders to claim depletion with respect to that income, which can be a return of capital for tax purposes. For Units acquired after October 11, 1990, Unit Holders are allowed the greater of cost or percentage depletion, with percentage depletion typically calculated at 15% of the gross royalty income amount. Investors holding units in tax-deferred accounts, like an IRA, often use this structure to ignore the immediate tax complexities.

Holders in taxable accounts receive Form 1099-MISC and Form 1099-INT, not a K-1, which dictates their reporting requirements. The Trustee maintains a plan to increase cash reserves to $2.0 million before resuming distributions, and as of September 30, 2025, the cumulative Excess Production Costs stood at approximately $10,195,300 net to the Trust.

Here's a quick look at some key figures relevant to the Trust's operation and investor status as of late 2025:

Metric	Value/Rate	Reference Period/Date
Net Overriding Royalty Interest	75%	Trust Indenture
Percentage Depletion Rate (Post-10/11/1990 Units)	15%	Tax Rule
Stock Price (Closing)	$5.77	December 3, 2025
Cumulative Excess Production Costs (Net)	$10,195,300	September 30, 2025
Target Cash Reserve Level	$2,000,000	Trustee Plan
Gross Proceeds Increase (YTD)	50.0%	Nine Months Ended September 30, 2025 vs. 2024

What this estimate hides is the monthly volatility in Royalty Income, which directly dictates the immediate distribution amount. Finance: draft 13-week cash view by Friday.

San Juan Basin Royalty Trust (SJT) - Canvas Business Model: Cost Structure

You're looking at the costs that chip away at the gross royalty income San Juan Basin Royalty Trust (SJT) receives from Hilcorp San Juan L.P. These costs are the primary reason distributions have been suspended, so understanding their structure is key.

The Trust's direct costs are relatively straightforward, revolving around administration and servicing legacy debt/deficits. The Trustee, Argent Trust Company, incurs fixed administrative expenses. For October 2025, these expenses totaled exactly $21,200.

The biggest drain, however, is the obligation to clear the cumulative net Excess Production Costs (EPC). This deficit occurs when production costs and capital expenditures exceed the gross proceeds for a period. As of the October 2025 reporting, the net deficit stood at $8,722,969. Until this balance is fully repaid, all net proceeds are applied to this liability, meaning Unit Holders receive no distributions. To cover ongoing Trust expenses like the Trustee fees, the Trust relies on its Line of Credit (LOC) at Texas Bank. The outstanding principal balance on this LOC as of October 2025 was $293,440. Interest expense is a carrying cost on this debt; for October 2025, $1,798 in cash reserves was used to pay this interest.

Here's a look at the Trust's key liabilities and recurring direct costs:

• Cumulative Net Excess Production Costs (as of October 2025): $8,722,969
• Trustee Fixed Administrative Expenses (October 2025): $21,200
• Outstanding Line of Credit Principal (as of October 2025): $293,440
• Required Reserve Replenishment: $2,000,000 (before distributions resume)

Before any royalty income even reaches the Trust for these administrative deductions, the operator, Hilcorp, makes several significant pre-deductions from the gross proceeds generated by the Subject Interests. These deductions are the operational cost structure that directly impacts the Trust's revenue stream. We can look at the detailed breakdown provided for the August 2025 production month to see the scale of these items.

These operator-level deductions are substantial and directly reduce the gross revenue available to the Trust:

Deduction Category	Amount (August 2025 Production Month)
Lease Operating Expenses	$2,946,406
Severance Taxes	$479,939
Capital Costs	($5,439) Credit

To be fair, the capital costs in August 2025 were a credit, which helped reduce the net income deficit that month, unlike in prior months. For instance, capital costs for the production month of July 2025 were $333,372. The Trust's ability to resume distributions depends on future net proceeds being sufficient to cover the EPC balance, replenish the $2,000,000 cash reserve, and repay the LOC principal and interest. Finance: draft 13-week cash view by Friday.

San Juan Basin Royalty Trust (SJT) - Canvas Business Model: Revenue Streams

The primary revenue stream for San Juan Basin Royalty Trust (SJT) is the net proceeds from the 75% net overriding royalty interest (the Royalty) carved out of oil and gas leasehold interests in the San Juan Basin of New Mexico, which are operated by Hilcorp San Juan L.P.. This Royalty is the principal asset of the Trust.

Revenue generation is directly tied to the performance of the underlying assets and commodity markets. For instance, Total Gross Proceeds for the nine months ended September 30, 2025, increased approximately 50.0%, or $19.4 million, compared to the same nine-month period in 2024. This increase was driven by slightly higher natural gas prices and higher production volumes, particularly from two new horizontal wells installed in 2024.

The revenue stream is highly volatile, tied to natural gas and oil commodity prices. Natural gas is the dominant reserve, with 99.8% of estimated proved reserves being natural gas as of December 31, 2024. The realized price for natural gas directly impacts the net proceeds available. For example, the average gas price for August 2025 was reported at $2.29 per Mcf. This contrasts with the average price in April 2025, which was $1.87 per Mcf.

Here's a look at some key revenue-related figures as of late 2025:

Metric	Value/Status	Period/Date
Net Proceeds Applied to EPC (Q3)	$1,174,206	Three months ended September 30, 2025
Cumulative Excess Production Costs (Net)	$10,195,300	As of September 30, 2025
Target Cash Reserve	$2,000,000	Target for replenishment
Cash Reserves Balance	$27,243	As of October 2025
Average Realized Gas Price	$2.29 per Mcf	August 2025

Interest income from short-term investments of cash reserves exists, but its contribution is currently minimal and secondary to the primary royalty income. The Trust invests royalty income in short-term instruments until distribution. However, interest income has decreased for the three and nine months ended September 30, 2025, compared to the same periods in 2024, primarily due to the decrease in Royalty Income and lower cash reserves. For instance, interest income was only $97 for the month of October 2025, and $1,742 for April 2025. These small amounts are typically applied to cover a portion of the Trust's administrative expenses.

Crucially, no cash distribution revenue is currently available to Unit Holders due to the Excess Production Costs (EPC) deficit. The Trust makes monthly distributions only from the excess of preceding month's royalty income received over expenses incurred. Until the cumulative EPC balance is paid in full, the Trust will not receive royalty income, as all net proceeds are applied to the deficit. The conditions for resuming distributions are clear, though the timing is uncertain:

• Repay the balance of cumulative Excess Production Costs, which stood at approximately $10,195,300 net to the Trust as of September 30, 2025.
• Replenish the mandatory cash reserve to $2,000,000.
• Repay the principal and interest on the Trust's Line of Credit (LOC). As of October 2025, the LOC balance was $293,440.

The continued application of net proceeds to the EPC means that, for the three months ended September 30, 2025, even though 75% of the net proceeds ($1,174,206) would otherwise have been payable as Royalty Income, it was instead applied to reduce the deficit.