PNC Bank Replaces BBVA as San Juan Basin Royalty Trust Trustee

TL;DR

**PNC Bank is the new trustee for San Juan Basin Royalty Trust, replacing BBVA.**

AI Summary

San Juan Basin Royalty Trust (SJT) filed an 8-K on January 16, 2024, to report that PNC Bank, National Association, specifically its PNC Asset Management Group, has taken over as the new trustee. This change is significant because PNC Bank, located at 2200 Post Oak Blvd., Floor 18, Houston, TX 77056, will now be responsible for managing the trust's assets and distributions, replacing the previous trustee, BBVA. For investors, this matters as the trustee's management directly impacts the trust's operational efficiency and ultimately, the distributions received by unit holders.

Why It Matters

The change in trustee to PNC Bank, National Association, means a new entity is now responsible for managing the trust's assets and distributing royalties, which could impact operational efficiency and investor payouts.

Risk Assessment

Risk Level: low — This filing primarily reports a change in the administrative trustee, which is a procedural event with generally low direct risk to the underlying assets or business model.

Analyst Insight

Investors should monitor future trust distributions and any communications from PNC Bank regarding changes in management practices, but no immediate action is required based solely on this administrative change.

Key Players & Entities

• San Juan Basin Royalty Trust (company) — registrant
• PNC Bank, National Association (company) — new trustee
• PNC Asset Management Group (company) — group within PNC Bank acting as trustee
• BBVA (company) — former trustee
• January 16, 2024 (date) — date of earliest event reported
• Houston, TX (location) — business address of the trustee
• 713-831-5878 (number) — former business phone of the trust
• 866-809-4553 (number) — new business phone of the trust

Forward-Looking Statements

• The operational efficiency of the San Juan Basin Royalty Trust will remain stable or slightly improve under PNC Bank's management. (San Juan Basin Royalty Trust) — medium confidence, target: Within 6-12 months

FAQ

Key Financial Figures

• $15,000,000 — r prior to its appointment) of at least $15,000,000 to serve as successor trustee of the Tr

Filing Documents

• ef20018930_8k.htm (8-K) — 29KB
• ef20018930_ex99-1.htm (EX-99.1) — 6KB
• 0001140361-24-002351.txt ( ) — 35KB

07

Item 5.07 Submission of Matters to a Vote of Security Holders On January 16, 2024, at 10:00 a.m. Central Time, a special meeting of unit holders ("Unit Holders") of the San Juan Basin Royalty Trust (the "Trust") was convened for the purpose of soliciting Unit Holder approval of (i) the appointment of Argent Trust Company, a Tennessee chartered trust company ("Argent"), as successor trustee to PNC Bank, National Association, as current trustee (the "Trustee") of the Trust and (ii) amendments to the indenture, as amended and restated, of the Trust (the "Indenture") that are necessary to permit Argent to serve as successor trustee and otherwise in connection with the resignation of the Trustee and appointment of Argent, each as further described in the definitive proxy statement on Schedule 14A filed with the Securities and Exchange Commission ("SEC") on October 2, 2023 (the "Proxy Statement"), as supplemented by the additional proxy materials filed with the SEC on October 23, 2023 and the additional proxy materials filed with the SEC on December 5, 2023 (the "Special Meeting Proposals"). The final results for the votes regarding the Special Meeting Proposals are set forth below. (i) The Unit Holders approved the appointment of Argent as the successor trustee of the Trust in accordance with the terms set forth in that certain attached Agreement of Conditional Resignation: Votes For Votes Against Votes Abstained Broker Non-Votes 21,885,141 751,916 735,544 Not applicable. (ii) The Unit Holders approved an amendment to the Indenture that would permit a bank or trust company with capital, surplus and undivided profits (as of the end of its last fiscal year prior to its appointment) of at least $15,000,000 to serve as successor trustee of the Trust: Votes For Votes Against Votes Abstained Broker Non-Votes 21,522,872 1,212,252 637,477 Not applicable. (iii) The Unit Holders approved an amendment to the Indenture that would clarify the meaning of "

01

Item 8.01. Other Events. On January 16, 2024, the Trust issued a press release relating to the matters described in Item 5.07 of this Current Report on Form 8-K, a copy of which is attached as Exhibit 99.1 and incorporated by reference into this Item 8.01.

Financial Statements and Exhibits

Financial Statements and Exhibits. (d) Exhibits. Exhibit No. Description 99.1 Press Release, dated January 16, 2024 .

SIGNATURES

SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report on Form 8-K to be signed on its behalf by the undersigned hereunto duly authorized. PNC BANK, NATIONAL ASSOCIATION, AS TRUSTEE FOR THE SAN JUAN BASIN ROYALTY TRUST (Registrant) Date: January 16 , 2024 By: /s/ Ross C. Durr Ross C. Durr, RPL Senior Vice President Mineral Interest Director

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