UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Quarterly Period ended June 30, 2025 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Transition Period from to Commission File Number: 1-7884 MESA ROYALTY TRUST (Exact name of registrant as specified in its charter) 76-6284806 (I.R.S. Employer Identification No.) | Title of each c ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 8-K CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Texas 1-7884 76-6284806 (State or other jurisdiction of (Commission (IRS Employer incorporation ) File Number) Identification No.) The Bank of New York Mellon Trust Company, N.A., Trustee Global Corporate Trust 601 Travis Street, Floor 16 Houston, Texas 77002 Date of Report (Date of earliest event reported): July 18, 2025 Mesa Royalty Trust (E ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Quarterly Period ended March 31, 2025 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Transition Period from to Commission File Number: 1-7884 MESA ROYALTY TRUST 1-713-483-6020 (Registrant's Telephone Number, Including Area Code) (Exact name of registrant as specified in its chart ...

Financial Results Announcement - Mesa Royalty Trust announced its royalty income and income distribution for April 2025[5] - The press release detailing the financial results is attached as Exhibit 99.1[7] - The report was filed on April 18, 2025, under the Securities Exchange Act of 1934[2] Company Information - The company is listed on the New York Stock Exchange under the trading symbol MTR[3] - The report indicates that the company is not classified as an emerging growth company[4] - The financial statements and exhibits are not deemed filed under the Securities Act of 1933[6]

Royalty Income and Financial Performance - The Trust currently owns an overriding royalty interest equal to 11.44% of 90% of the Net Proceeds from specified oil and gas properties[16]. - The Trust is entitled to receive 11.44% of 90% of the Net Proceeds each month, following a significant reduction of approximately 88.56% in size due to the 1985 Assignment[16]. - The Monthly Distribution Amount is determined by the cash received from the Royalty during the month, minus obligations paid, with distributions made in January, April, July, and October[30]. - As of December 31, 2024, there were $0 of unreimbursed expenses, indicating effective cost management[31]. - The Trust will terminate if Royalty income falls below $250,000 per year for two consecutive years or if unitholders vote for termination[23]. - The Trust has no sources of liquidity other than revenues from the Royalty and interest on cash reserves held[23]. - The Trust's units are transferable, with a total of 1,863,590 units outstanding as of March 28, 2025[29]. - The Trust's Royalty income is classified as portfolio income and cannot be offset by passive losses[39]. - Distributions from the Trust are subject to backup withholding at a current rate of 24% unless proper taxpayer identification is provided[41]. - Non-U.S. unitholders are generally subject to a 30% tax on gross income from royalties, which may be reduced by applicable treaties[45]. - Royalty income for the year ended December 31, 2024, was $649,164, a significant decrease from $3,279,909 in 2023, primarily due to lower pricing for natural gas and liquids and decreased net production volumes[198]. - Distributable income for 2024 was $462,956, compared to $2,856,814 in 2023, reflecting a decrease in overall income available for distribution[198]. - The Trust's total gross proceeds for 2024 were $1,885,373, compared to $4,996,266 in 2023, showing a decrease of approximately 62%[198]. - The Trust's distributions to unitholders are influenced by the sale prices received from the marketing of production[187]. Reserves and Production - As of December 31, 2024, the Trust's total proved reserves include 9 thousand barrels of oil and condensate, 337 thousand barrels of natural gas liquids, and 4,536 million cubic feet of gas[60]. - The estimated future royalty income attributable to the Trust is $20,071 thousand, with a standardized measure of future net royalty income discounted at 10% per annum totaling $8,907 thousand[62]. - The Hugoton Royalty Properties consist of 104,437 net producing acres, while the San Juan Basin Royalty Properties encompass 31,328 net producing acres[52][54]. - The Trust's net reserves are calculated based on net revenues from Working Interest Owners, with natural gas prices averaging $2.137 per Mcf for San Juan Basin-New Mexico Royalty Properties in 2024[64]. - Total net production volumes for the year ended December 31, 2024, included 195,665 Mcf of natural gas and 12,145 Bbls of oil from Hugoton Royalty Properties[71]. - The quantities of reserves attributable to the Royalty Properties decreased in 2024 and may continue to decrease due to low commodity prices and high operating costs[121]. - Actual production volumes attributable to the Royalty paid for Hugoton Royalty Properties were 298,972 Mcf of natural gas and 23,697 Bbls of oil in 2024, compared to 313,407 Mcf and 23,450 Bbls in 2023[210]. Pricing and Market Conditions - Average sales price for natural gas decreased from $3.90 per Mcf in 2023 to $3.02 per Mcf in 2024, reflecting a significant price drop[71]. - The average Henry Hub Natural Gas Spot Prices decreased from $2.53 per MMBtu in 2023 to $2.19 per MMBtu in 2024, indicating a downward trend in market prices[75]. - The Trust's income is heavily influenced by natural gas pricing, which has a more significant impact than oil and condensate prices[70]. - The average sales price for natural gas liquids in 2024 was $3.02, down from $3.90 in 2023, indicating a decline in market pricing[198]. - Henry Hub Natural Gas Spot Prices increased from $2.58 per MMBtu on December 29, 2023, to $3.40 per MMBtu on December 31, 2024[206]. - The West Texas Intermediate spot price of crude oil increased from $71.65 per barrel on December 29, 2023, to $71.72 per barrel on December 31, 2024[206]. Operating and Administrative Costs - The Working Interest Owners are required to reimburse the Trust for 59.34%, 27.45%, and 1.77% of general and administrative expenses, respectively[23]. - Operating expenses for the Royalty Properties are based on current expenses with no future increases projected due to inflation[65]. - Total excess production costs increased to $793,838 at December 31, 2024, up from $260,731 at December 31, 2023[114]. - General and administrative expenses rose to $196,399 in 2024 from $186,843 in 2023, reflecting increased operational costs[200]. - The average production costs for natural gas in 2024 were $2.64 per Mcf, compared to $2.14 per Mcf in 2023, indicating an increase in production costs[198]. Regulatory and Environmental Factors - The Trust's operations are subject to numerous federal, state, and local environmental regulations, which can impose liability for cleanup costs[90]. - The federal Clean Water Act imposes strict controls on the discharge of pollutants, impacting operational protocols[99]. - Hydraulic fracturing operations are regulated at the state and local level, with potential legislative changes that could affect production[100]. - The Environmental Protection Agency plans to introduce proposed rules targeting per- and polyfluoroalkyl substances (PFAS), which may affect operations[97]. - Environmental regulations are becoming more stringent, potentially increasing compliance costs and adversely affecting Trust distributions[144]. - Climate change legislation could impose additional costs on the Working Interest Owners, impacting their operations and Trust distributions[147]. Risks and Uncertainties - The Trust's financial condition could be adversely affected by declines in commodity prices, particularly natural gas and crude oil[105]. - Cyber-attacks and IT system failures pose significant risks to the operations of the Working Interest Owners, potentially affecting Trust distributions[136]. - Terrorism and geopolitical instability could adversely impact Trust distributions and the market price of Trust units[135]. - The volatility of energy prices reduces the predictability of future cash distributions to unitholders[108]. - The Trustee relies on reserve estimates prepared by Miller and Lents, which may be inaccurate and affect future revenue estimates[122]. - The Trust has no control over the operations of the Royalty Properties, which are managed by independent Working Interest Owners[126]. - Cybersecurity risks could lead to increased costs and operational disruptions, affecting the Trust's financial performance[139]. Governance and Unitholder Rights - The Trust is classified as a grantor trust, incurring no federal income tax liability, with unitholders taxed on their pro rata share of income[35]. - The Trust unitholders have limited voting rights compared to stockholders of public corporations, which may affect governance[152]. - The Trust relies on Working Interest Owners for all operating and financial information regarding the Royalty Properties[186].

Financial Results Announcement - Mesa Royalty Trust announced its royalty income and income distribution for January 2025[5] - The press release detailing the financial results is attached as Exhibit 99.1[7] - The report was filed on January 17, 2025, under the Securities Exchange Act of 1934[2] Company Classification - The company is not classified as an emerging growth company[4] Financial Statements - The financial statements are not deemed incorporated by reference in any filing under the Securities Act of 1933[6]

Core Insights - Destiny Media Technologies Inc. announced a new integration between Play MPE and MTR, enhancing music promotion and tracking capabilities for artists and labels [1][2] - The integration aims to create a unified ecosystem for music distribution and monitoring, set to launch in 2025, which will provide valuable insights into promotional strategies [1][2] - MTR currently tracks airplay at over 5,000 stations in North America, indicating a significant reach for the service [2] Company Overview - Destiny Media Technologies provides SaaS solutions for the music industry, focusing on distribution and promotion challenges [3] - The core service, Play MPE, facilitates promotional music marketing to decision-makers in radio, film, and TV [3]

Core Insights - The report "Megatrends: Convenience - Impact on Consumer Goods and Services Categories" highlights the growing consumer demand for convenience across various industries, driven by technological advancements and changing consumer habits since 2020-2021 [2][8]. Consumer Behavior - In times of financial constraints, consumers prioritize convenience and seek products and services that offer multiple benefits, reflecting a cautious approach to spending [3]. - The trend of blurred categories in the FMCG landscape is evident, with products serving multiple purposes, particularly in the beauty and personal care sectors [4]. Industry Adaptation - Service providers are under pressure to adapt to new technologies, with the consumer foodservice industry increasingly utilizing artificial intelligence to enhance menu offerings and consumer preferences [5]. - The consumer finance industry is experiencing significant changes due to the rise of ultra-fast payments and all-in-one apps, creating both competition and opportunities [5][11]. Product Innovation - The food and beverage sectors are transforming convenient food perceptions, with snacks being fortified with proteins and vitamins, and powder beverages targeting hydration and energy needs [6][12]. - Innovations in beauty and personal care focus on on-the-go and multipurpose products, with blurred lines between makeup and skincare enhancing convenience [10]. Travel Industry Developments - The travel industry is making strides to improve consumer experiences through initiatives that streamline processes, such as biometrics for quicker airport check-ins and partnerships to simplify baggage handling [7][13]. Strategic Implications - The report emphasizes the need for industries to adapt quickly to evolving consumer needs and leverage megatrends to shape future strategies [13].

Core Insights - MTR™ is launching its airplay tracking platform in the US after a successful beta in Canada, targeting customers who need to monitor song airplay across various radio stations [1][4] - The service aims to fill a gap in the market by providing affordable and comprehensive airplay tracking solutions, which have traditionally been limited by high costs and restricted coverage [2][5] Company Overview - Destiny Media Technologies Inc. is a pioneer in music promotional delivery services and is introducing MTR™ to set a new standard for accessibility and affordability in airplay tracking [4][6] - Play MPE® is the company behind MTR™, focusing on empowering artists and music professionals with innovative solutions in the digital age [6] Product Features - MTR™ offers comprehensive coverage by tracking data from a wide network of radio stations, providing insights into song performance across diverse markets and demographics [3] - The platform features affordable pricing plans, making it accessible to artists and professionals without compromising quality or accuracy [3] - Real-time reporting capabilities allow users to access data and analytics instantly, enabling them to adapt strategies and optimize campaigns effectively [3] Market Strategy - The initial market entry is focused on smaller, underserved customers in the US, with plans for long-term growth through enterprise solutions and global expansion [5] - The company aims to break down barriers to access crucial airplay data, allowing clients to make informed marketing decisions and enhance their market impact [5]

Financial Results Announcement - Mesa Royalty Trust announced its royalty income and income distribution for June 2024[5] - The press release detailing the financial results was issued on June 18, 2024[5] Regulatory Information - The report is not filed under the Securities Exchange Act of 1934 and is provided for informational purposes only[6] Trustee Information - The trustee for Mesa Royalty Trust is The Bank of New York Mellon Trust Company, N.A.[10]