San Juan Basin Royalty Trust trustee Argent Trust Company provided Unit Holders with additional information on administrative expenses, the 2017–2020 joint interest audit adjustment, Hilcorp capital spending, liquidity and investor communications. General and administrative expenses fell by approximately $976,000 year over year, mainly because costs tied to the 2024 transition from PNC Bank to Argent did not recur. The Trustee said it will expand expense and related-party disclosures beginning with its Form 10-Q for the three- and nine-month periods ending September 30, 2026. After reviewing the inherited audit adjustment, Argent concluded that further recovery efforts were not justified, while a royalty auditor continues reviewing a separate prior-period adjustment reported in 2026. The Trust has a $2 million credit facility with Texas Bank, with approximately $1.0754 million outstanding as of September 18, 2026, and a May 21, 2027 maturity. Argent is discussing an extension, renewal or replacement and evaluating other financing sources. It also plans to restore national newswire distribution for monthly releases beginning with the October 2026 release.