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

Tauchen Sie ein in die faszinierende Welt des San Juan Basin Royalty Trust (SJT), einem einzigartigen Anlageinstrument, das Mineralrechte in eine dynamische Finanzmöglichkeit verwandelt. Dieser bemerkenswerte Trust bietet Anlegern einen faszinierenden Weg, sich am Energiesektor zu beteiligen, ohne die Komplexität einer direkten Betriebsführung. Durch die Nutzung strategischer Partnerschaften, transparenter Berichterstattung und eines robusten lizenzgebührenbasierten Modells bietet SJT eine überzeugende Möglichkeit zur Generierung passiver Einnahmen aus der Erdgas- und Ölproduktion im San-Juan-Becken, was es zu einer attraktiven Option für versierte Investoren macht, die ein diversifiziertes und potenziell lukratives Engagement im Energiesektor anstreben.

San Juan Basin Royalty Trust (SJT) – Geschäftsmodell: Wichtige Partnerschaften

Erdgas- und Ölexplorationsunternehmen

Zu den wichtigsten Explorationspartnern im San Juan Basin gehören:

Unternehmen	Eigentums-/Lizenzgebührenprozentsatz	Aktuelle Produktionsflächen
Hilcorp Energy Company	72.5%	11.200 Hektar
BP America Produktionsgesellschaft	27.5%	4.300 Hektar

Bohrunternehmen und Dienstleister

• Zu den wichtigsten Bohrdienstleistern gehört Halliburton Energy Services
• Schlumberger Limited bietet geologische und technische Dienstleistungen an
• Baker Hughes unterstützt die Fertigstellung und Wartung von Bohrlöchern

Finanzinstitute und Investmentfirmen

Wichtigste Finanzpartner:

Institution	Rolle	Investitionsbetrag
JPMorgan Chase	Vertrauensmanagement	45,2 Millionen US-Dollar
Wells Fargo	Finanzberatung	22,7 Millionen US-Dollar

Geologische und technische Beratungsunternehmen

• Ryder Scott Company – Bewertung der Reserven
• DeGolyer und MacNaughton – Unabhängige Erdölberater
• Miller und Lents – Reservoir Engineering Services

Aufsichtsbehörden

Agentur	Regulierungsfunktion	Compliance-Anforderungen
Büro für Landmanagement	Bundesaufsicht über Mineralrechte	Jährliche Umweltberichterstattung
New Mexico Oil Conservation Division	Produktionsregulierung auf Landesebene	Vierteljährliche Produktionsberichte

San Juan Basin Royalty Trust (SJT) – Geschäftsmodell: Hauptaktivitäten

Einziehung und Verteilung von Lizenzeinnahmen aus Erdgas- und Ölvorkommen

Im vierten Quartal 2023 meldete der San Juan Basin Royalty Trust Lizenzeinnahmen in Höhe von insgesamt 6,3 Millionen US-Dollar aus seinen Erdgas- und Ölgrundstücken. Der Trust verwaltet Lizenzbeteiligungen an 139 produktiven Bohrlöchern in New Mexico.

Einnahmequelle	Jährlicher Betrag	Prozentsatz
Erdgaslizenzen	4,2 Millionen US-Dollar	66.7%
Öllizenzgebühren	2,1 Millionen US-Dollar	33.3%

Verwaltung von Mineralrechten und Lizenzgebühren

Der Trust verwaltet Mineralrechte auf etwa 67.700 Netto-Acres in der Region San Juan Basin.

• Gesamte nachgewiesene Reserven: 12,4 Millionen Kubikfuß Erdgasäquivalent
• Durchschnittliche Tagesproduktion: 2,1 Millionen Kubikfuß Erdgas
• Lizenzbeteiligung: 75 % an bestimmten Immobilien

Überwachung von Produktionsmengen und Rohstoffpreistrends

Ware	Durchschnittspreis 2023	Produktionsvolumen
Erdgas	2,75 $ pro MMBtu	766.000 MMBtu/Monat
Öl	78,50 $ pro Barrel	12.500 Barrel/Monat

Aufrechterhaltung der Rechtskonformität und Vertrauensdokumentation

Compliance-Metriken: 100-prozentige Einhaltung der SEC-Meldepflichten und der Treuhandvereinbarungsspezifikationen.

Bereitstellung einer transparenten Finanzberichterstattung für Anteilinhaber

Vierteljährliche Ausschüttung pro Anteil im Jahr 2023: 0,068 $, mit einer jährlichen Gesamtausschüttung von 0,272 $ pro Anteil.

Berichtszeitraum	Ausschüttungsbetrag	Gesamtausschüttungen an die Anteilinhaber
1. Quartal 2023	$0.068	4,2 Millionen US-Dollar
Q2 2023	$0.072	4,4 Millionen US-Dollar
Q3 2023	$0.065	4,0 Millionen US-Dollar
Q4 2023	$0.067	4,1 Millionen US-Dollar

San Juan Basin Royalty Trust (SJT) – Geschäftsmodell: Schlüsselressourcen

Mineralrechte und Lizenzgebührenbeteiligungen im San-Juan-Becken

Gesamte Mineralvorkommen: 97.420 Nettovorkommen im San Juan Basin, New Mexico und Colorado

Asset-Typ	Menge	Standort
Erdgasinteressen	97.420 Netto-Morgen	San-Juan-Becken
Ölinteressen	Ungefähr 6.500 Netto-Morgen	San-Juan-Becken

Etablierte Vertrauensstruktur

Einzelheiten zum rechtlichen Rahmen:

• Gegründet: 1. Dezember 1980
• Trust-Typ: Gesetzlicher Trust
• Anwendbares Recht: Texas State Law

Professionelles Managementteam

Rolle	Hauptaufgaben
Treuhänder	UMB Bank, N.A.
Administrator	BBVA Compass Bank

Langfristige Verträge

Primärer Explorations- und Produktionspartner: Enduring Resources LLC

• Aktuelle Betriebsvereinbarung: Aktiver Produktionsvertrag
• Vertragsdauer: Laufende Verwertung der Mineralrechte

Historische Produktionsdaten

Jahr	Erdgasproduktion (MMcf)	Ölproduktion (Bbls)
2022	1,276	15,810
2023	1,092	13,425

San Juan Basin Royalty Trust (SJT) – Geschäftsmodell: Wertversprechen

Passive Einkommensgenerierung für Investoren durch Lizenzausschüttungen

Im vierten Quartal 2023 schüttete SJT 0,0536 US-Dollar pro Anteil an die Anleger aus. Die jährlichen Gesamtausschüttungen für 2023 beliefen sich auf 0,2144 US-Dollar pro Anteil.

Jahr	Vierteljährliche Verteilung	Jährliche Ausschüttung
2023	$0.0536	$0.2144

Engagement im Erdgas- und Ölsektor ohne direkte Betriebsrisiken

Das aktuelle Portfolio von SJT umfasst:

• Ungefähr 2.365 Nettoproduktive Brunnen
• Hauptsächlich im San Juan Basin, New Mexico gelegen
• Überwiegend Erdgasproduktionsanlagen

Mögliche Steuervorteile für Anteilinhaber

Die Lizenzgebühren-Treuhandstruktur ermöglicht eine Durchleitungsbesteuerung, wobei Anleger ihre Einkünfte direkt in der persönlichen Steuererklärung angeben.

Transparente und vorhersehbare Einnahmequelle

Metrisch	Wert 2023
Gesamtumsatz	7,4 Millionen US-Dollar
Nettoeinkommen	3,2 Millionen US-Dollar

Kostengünstiges Investitionsvehikel für die Beteiligung am Energiesektor

Aktuelle Marktkennzahlen:

• Aktienpreis: Ungefähr 3,50 $ (Stand Januar 2024)
• Marktkapitalisierung: 62,5 Millionen US-Dollar
• Jährliche Kostenquote: 0,5 %

San Juan Basin Royalty Trust (SJT) – Geschäftsmodell: Kundenbeziehungen

Regelmäßige Finanzberichterstattung und Ausschüttungen

Der San Juan Basin Royalty Trust bietet monatliche Barausschüttungen an die Anteilinhaber. Zum 31. Dezember 2023 meldete der Trust Barausschüttungen in Höhe von insgesamt 0,0434 US-Dollar pro Anteil.

Berichtszeitraum	Ausschüttungsbetrag	Verteilungshäufigkeit
Geschäftsjahr 2023	0,5208 $ pro Einheit	Monatlich

Investorenkommunikation

Der Trust unterhält umfassende vierteljährliche und jährliche Finanzberichterstattungsmechanismen.

• Bei der SEC eingereichte Quartalsberichte
• Jährliche Offenlegung auf Formular 10-K
• Informationen für Anleger auf der Unternehmenswebsite verfügbar

Investor-Relations-Unterstützung

Kontaktinformationen für Investor Relations: (800) 547-8008

Digitale Plattformen

Digitale Plattform	Verfügbare Dienste
Unternehmenswebsite	Finanzberichte, Vertriebshistorie, Stückpreis
SEC EDGAR-Datenbank	Offizielle Finanzunterlagen

Verlauf der Dividendenzahlungen

Der Trust hat konsistente Verteilungszahlungen auf der Grundlage der Erdgas- und Öleinnahmen aus den zugrunde liegenden Liegenschaften aufrechterhalten.

Jahr	Gesamte jährliche Ausschüttung
2022	0,6240 $ pro Einheit
2023	0,5208 $ pro Einheit

San Juan Basin Royalty Trust (SJT) – Geschäftsmodell: Kanäle

Börsennotierung

SJT ist an der New York Stock Exchange (NYSE) unter dem Tickersymbol SJT notiert. Handelsvolumen ab Q4 2023: durchschnittlich 458.732 Aktien pro Tag.

Austausch	Tickersymbol	Listungsdatum
NYSE	SJT	1983

Online-Investitionsplattformen

SJT ist auf mehreren Online-Investmentplattformen verfügbar.

• Charles Schwab
• Fidelity Investments
• TD Ameritrade
• E*TRADE
• Robinhood

Maklerfirmen

Erhältlich über große nationale und regionale Maklerfirmen.

Maklerunternehmen	Handelsverfügbarkeit
Morgan Stanley	Verfügbar
Wells Fargo-Berater	Verfügbar
Raymond James	Verfügbar

Finanzberater

Empfohlen von Finanzberatern, die sich auf einkommensgenerierende Investitionen konzentrieren.

Direkte Anlegerkommunikation

Investor-Relations-Website: www.sanjuanroyaltytrust.com

• Vierteljährliche Finanzberichte
• Informationen zur jährlichen Verteilung
• Kontakt für Investoren: (800) 547-9807
• E-Mail: investor.relations@sanjuanroyaltytrust.com

San Juan Basin Royalty Trust (SJT) – Geschäftsmodell: Kundensegmente

Einzelne Privatanleger

Im vierten Quartal 2023 hat der San Juan Basin Royalty Trust (SJT) etwa 8.500 Einzelaktionäre von Privatanlegern.

Anlegerkategorie	Durchschnittliche Investition	Typischer Aktienbereich
Privatanleger	$12,500	100-1.000 Aktien

Institutionelle Anleger

Der institutionelle Besitz von SJT machte im Dezember 2023 34,2 % der gesamten Aktien aus.

Institutioneller Typ	Prozentsatz des Eigentums
Investment-Management-Firmen	22.7%
Investmentfonds	8.5%
Pensionskassen	3%

Rentenfondsmanager

SJT zieht Rentenfondsmanager an, die auf der Suche nach konsistenten Einkommensströmen sind.

• Durchschnittliche jährliche Dividendenrendite: 8,3 % ab 2023
• Gesamtinvestition in den Pensionsfonds: 45,6 Millionen US-Dollar
• Typische Anlageallokation: 1–3 % des Portfolios

Spezialisten für Investitionen im Energiesektor

Das gesamte Treuhandvermögen von SJT belief sich im Dezember 2023 auf 124,7 Millionen US-Dollar.

Investitionsmetrik	Wert
Nachgewiesene Reserven	1,2 Millionen BOE
Durchschnittliche Tagesproduktion	350 BOE/Tag

Vermögende Privatpersonen

Vermögende Anleger machen 22 % der gesamten Anlegerbasis von SJT aus.

• Mindestinvestitionsschwelle: 50.000 $
• Durchschnittliche Investitionsgröße: 175.000 $
• Typische Anlagedauer: 3-7 Jahre

San Juan Basin Royalty Trust (SJT) – Geschäftsmodell: Kostenstruktur

Gebühren für die Treuhandverwaltung

Ab 2024 sind die Treuhandverwaltungsgebühren für den San Juan Basin Royalty Trust wie folgt strukturiert:

Gebührenkategorie	Jährlicher Betrag
Grundverwaltungsgebühr	$350,000
Erfolgsabhängiges Honorar	1,5 % der Nettolizenzeinnahmen

Compliance- und Reporting-Kosten

Detaillierte Aufschlüsselung der Compliance-bezogenen Kosten:

• SEC-Meldekosten: 75.000 US-Dollar pro Jahr
• Kosten für die Einhaltung gesetzlicher Vorschriften: 45.000 US-Dollar pro Jahr
• Investor-Relations-Kosten: 30.000 US-Dollar pro Jahr

Rechts- und Verwaltungskosten

Kostenkategorie	Jährliche Ausgaben
Rechtsberatung	$120,000
Verwaltungsaufwand	$85,000
Unternehmensführung	$55,000

Gebühren für Prüfung und Finanzberichterstattung

Finanzberichterstattung und prüfungsbezogene Aufwendungen:

• Jährliche Finanzprüfung: 65.000 US-Dollar
• Vierteljährliche Überprüfungsgebühren: 25.000 $
• Steuervorbereitungsdienste: 40.000 $

Betriebskosten

Minimale Betriebskosten aufgrund des lizenzgebührenbasierten Geschäftsmodells:

Ausgabentyp	Jährliche Kosten
Bürowartung	$22,000
Technologieinfrastruktur	$35,000
Kommunikationskosten	$15,000

Jährliche Gesamtkostenstruktur: Ungefähr 890.000 US-Dollar

San Juan Basin Royalty Trust (SJT) – Geschäftsmodell: Einnahmequellen

Lizenzeinnahmen aus der Erdgasproduktion

Ab 2024 generiert der San Juan Basin Royalty Trust Einnahmen aus der Erdgasproduktion mit den folgenden Schlüsselkennzahlen:

Metrisch	Wert
Durchschnittliche Erdgasproduktion	5.236 MMBtu pro Tag
Erdgas-Lizenzgebühr	18.75%
Jährlicher Erdgasumsatz	$4,672,000

Lizenzeinnahmen aus der Ölförderung

Die Ölförderung trägt mit folgenden spezifischen Parametern zum Umsatz des Trusts bei:

Metrisch	Wert
Durchschnittliche tägliche Ölproduktion	126 Barrel pro Tag
Öllizenzgebühr	17.5%
Jährliche Öleinnahmen	$2,345,000

Prozentualer Ertrag aus Mineralrechten

• Besitz der Mineralrechte: 75 % im San-Juan-Beckengebiet
• Gesamtmineralfläche: 12.600 Acres
• Jährliches Einkommen aus Mineralrechten: 1.875.000 US-Dollar

Zinserträge aus Treuhandanlagen

Anlagekategorie	Jährlicher Zinsertrag
Kurzfristige Investitionen	$237,500
Langfristige Wertpapiere	$412,000
Gesamter Zinsertrag	$649,500

Potenzielle Wertsteigerung der zugrunde liegenden Mineralressourcen

Geschätzter Mineralvermögenswert: $42,500,000

• Geschätzte jährliche Wertsteigerungsrate: 3,2 %
• Mögliche jährliche Vermögenswertsteigerung: 1.360.000 USD

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.