Glenbrook Calls for Enhanced Transparency at San Juan Royalty Trust

MINDEN, Nev., Sept. 10, 2026 /CourierPR/ -- Glenbrook Capital Management, a significant unitholder of San Juan Royalty Trust (NYSE: TRC), has issued a letter to the Trust's Trust Officer, Argent Trust Company, calling for enhanced communication and transparency. The letter, dated September 10, 2026, highlights several areas of concern regarding the Trust's financial health and operational decisions.

Glenbrook, which holds over 724,000 units of the Trust, expressed dissatisfaction with the current level of information provided to unitholders. The letter cites the suspension of distributions, the accumulated excess production cost balance, recent capital expenditures, and the Trust's reliance on its credit facility as serious issues that require immediate attention.

The letter specifically requests a detailed breakdown of the Trust's administrative expenses, including trustee fees, legal and professional fees, accounting and audit fees, unitholder servicing costs, and investor communication costs. Glenbrook noted a significant year-over-year decrease in these expenses and asked for an explanation of the factors contributing to this reduction.

Additionally, the letter addresses the 2017-2020 joint interest audit adjustment, which resulted in a net negative impact of approximately $2.6 million to the Trust. Glenbrook requested detailed information on the review process, including the timing of the adjustment and any consultations with previous trustees.

Regarding Hilcorp's capital expenditures, Glenbrook questioned the economic rationale for these investments, particularly given the current natural gas price environment and the Trust's existing excess production cost balance. The letter asked for information on Argent's rights and responsibilities under the Trust documents and any actions taken regarding these expenditures.

The letter also highlighted the Trust's liquidity concerns, noting that Argent has drawn on the Trust's $2.0 million Texas Bank credit facility, which is set to mature on May 21, 2027. Glenbrook requested a detailed liquidity plan, including the current amount drawn, the status of any extension or renewal discussions, and alternative financing sources.

Finally, Glenbrook called for the restoration of the Trust's national newswire distribution of monthly press releases, which had been suspended. The company noted that these releases were an effective means of reaching unitholders and the broader market and proposed a modest annual cost of $7,200 for this service.

Glenbrook stated that it would consider participating in any financing efforts proposed by Argent, alongside other unitholders, if a viable plan is presented. The company emphasized its willingness to engage constructively with Argent, Hilcorp, and fellow unitholders to address these issues and strengthen the Trust's financial position and transparency.

In response to the letter, Argent Trust Company is expected to provide a written response within ten business days, outlining its plans and addressing the concerns raised by Glenbrook.