SAN JUAN BASIN ROYALTY TRUST 8-K

What Happened
San Juan Basin Royalty Trust (SJT) announced on February 17, 2026 (via a press release attached as Exhibit 99.1) that it will not declare a monthly cash distribution for February 2026. The trustee, Argent Trust Company, cited excess production costs charged to the Trust’s subject interests during prior periods and continued low natural gas pricing as the reasons for the suspension. The disclosure was made on Form 8-K under Item 2.02 (Results of Operations and Financial Condition) and is furnished, not filed, per Form 8-K instruction B.2.

Key Details

• Filing date: February 17, 2026; press release attached as Exhibit 99.1.
• Action: No monthly cash distribution declared for February 2026 to holders of Units.
• Reason: Excess production costs from prior periods on the Trust’s subject interests and continued low natural gas prices.
• Trustee/Signature: Report executed by Argent Trust Company, signed by Nancy Willis, Director of Royalty Trust Services.

Why It Matters
For unit holders, this means no cash payout for the February 2026 distribution period, directly reducing near-term income from the Trust. The explanation ties the suspension to historical production cost adjustments and weak natural gas prices—factors that can reduce available cash for distributions. Investors should view this as a reminder that SJT distributions depend on commodity prices and production-cost accounting; future distributions will depend on changes in those factors.