Core Viewpoint - Sabine Royalty Trust announced a cash distribution of $0.286230 per unit for March 2026, reflecting an increase due to higher oil production and natural gas pricing [1] Distribution Details - The cash distribution is payable on March 30, 2026, to unit holders of record on March 16, 2026 [1] - This distribution is based on oil production for December 2025 and gas production for November 2025 [1] Production and Pricing - Preliminary production volumes are approximately 49,137 barrels of oil and 931,107 Mcf of gas [1] - Average prices for the current month are approximately $54.40 per barrel of oil and $2.73 per Mcf of gas [1] - The current month's distribution is higher than the previous month due to an increase in oil production and natural gas pricing, despite a decrease in natural gas production and lower oil pricing [1] Comparison with Previous Month - Current Month: - Oil: 49,137 bbls at $54.40 per bbl - Gas: 931,107 Mcf at $2.73 per Mcf - Prior Month: - Oil: 45,316 bbls at $59.01 per bbl - Gas: 1,026,714 Mcf at $2.27 per Mcf [1] Revenue Posting - Approximately $88,300 of revenue received in February will be posted in March, in addition to normal cash receipts [1] - As of the press release, approximately $526,000 in revenue has been received since the close of business in February [1]

Form 10-K (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 For the fiscal year ended December 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: 1-8424 Sabine Royalty Trust (Exact name of registrant as specified in its charter) | Texas | 75-6297143 | | --- | --- | | ...

Core Viewpoint - Argent Trust Company, as Trustee of the Sabine Royalty Trust, announced a cash distribution of $0.283370 per unit, payable on February 27, 2026, to unit holders of record on February 17, 2026 [1] Distribution Details - The distribution is based on oil production for November 2025 and gas production for October 2025, with preliminary production volumes of approximately 45,316 barrels of oil and 1,026,714 Mcf of gas [2] - The average prices for this month's distribution are approximately $59.01 per barrel of oil and $2.27 per Mcf of gas [2] - This month's distribution is lower than the previous month due to decreased oil and natural gas production and lower pricing [2] Production and Pricing Comparison - Current month production and pricing compared to the prior month: - Oil: 45,316 barrels (down from 56,504 barrels) - Gas: 1,026,714 Mcf (down from 1,314,850 Mcf) - Oil price: $59.01 per barrel (down from $61.05) - Gas price: $2.27 per Mcf (down from $2.31) [3] Revenue Posting - Approximately $166,000 of revenue received in January will be posted in February, in addition to normal cash receipts for February [4] - Since the end of January, approximately $476,000 in revenue has been received [4] Tax Deductions - Approximately $17,000 for 2025 Ad Valorem taxes were deducted from this month's distribution, compared to $115,000 during the same period last year [5]

Cash Distribution - The Registrant announced a monthly cash distribution to unitholders of record on January 15, 2026[6] - The press release regarding the cash distribution was issued on January 5, 2026[6] - The cash distribution details are included in Exhibit 99.1 attached to the report[8]

Group 1 - The article discusses the analysis of oil and gas companies, focusing on identifying undervalued entities within the sector, including Sabine Royalty Trust [1] - Sabine Royalty Trust is characterized as a passive entity that passes through taxes to investors, presenting both advantages and challenges [2] - The oil and gas industry is described as cyclical, requiring patience and experience for successful investment [2] Group 2 - The investing group, Oil & Gas Value Research, seeks under-followed oil companies and out-of-favor midstream companies that present compelling investment opportunities [2] - The group facilitates discussions among oil and gas investors through an active chat room, allowing for the sharing of recent information and ideas [2]

Core Viewpoint - The share price of Sabine Royalty Trust (NYSE:SBR) has experienced a significant decline due to a substantial cut in its monthly dividend, marking a challenging period for the company in the energy sector [1][2][3]. Group 1: Dividend and Production Changes - Sabine Royalty Trust announced a monthly dividend of $0.19667 per share, which is a decrease of nearly 45% from the previous month's distribution of $0.3567 [3]. - The company reported preliminary production volumes of approximately 28,904 barrels of oil in September, a significant drop from 65,727 barrels in the prior month [3]. - Natural gas production also decreased, coming in at 796,698 Mcf compared to 1,135,345 Mcf previously [3]. Group 2: Historical Context and Market Reaction - This marks the fourth consecutive cut in monthly distributions by Sabine Royalty Trust, resulting in the lowest dividend since 2021 [4]. - Despite the recent slump, the company has gained over 10% in share price so far this year [5].

Core Viewpoint - Monthly dividends are preferred over quarterly payouts due to more frequent cash flow and often higher annual yields, with examples yielding between 8% and 19.8% [2] Group 1: Monthly Dividend Stocks - Monthly dividend stocks can provide substantial annual income, with potential earnings ranging from $40,000 to $99,000 on a $500,000 investment [2] - The article discusses four specific monthly dividend payers, highlighting their unique characteristics and performance [2] Group 2: Sabine Royalty Trust (SBR) - Sabine Royalty Trust is a passive income vehicle that pays distributions from income generated by natural resources, primarily from the Permian Basin [3] - The trust has no debt and has outperformed the broader energy sector, but it is sensitive to commodity prices and has variable distributions [4][7] - SBR's asset base is fixed, and it may terminate if gross revenues fall below $2 million for two consecutive years or if unitholders vote for closure [6] Group 3: Capital Southwest Corp. (CSWC) - Capital Southwest Corp. is a business development company that provides capital to lower middle market firms, with a portfolio of 122 firms [8] - The company has a high percentage of floating-rate debt, which can be advantageous in rising rate environments, and it has outperformed its peers and the S&P 500 [10] - CSWC's dividends are well-covered, and it pays monthly, with a portion of the yield coming from supplemental dividends [10] Group 4: PennantPark Floating Rate Capital (PFLT) - PennantPark Floating Rate Capital targets midsized companies and invests primarily through first-lien floating-rate debt [12][14] - The company has faced tight dividend coverage, with the possibility of a dividend reduction, but management is optimistic about growth through joint ventures [14] Group 5: Orchid Island Capital (ORC) - Orchid Island Capital is a mortgage REIT that deals in agency residential mortgage-backed securities, currently offering a yield close to 20% [16] - The company has experienced significant price declines since its IPO, leading to a reverse stock split, and has a history of reducing dividends [18][19]

Group 1 - The article provides a market analysis covering several companies including Capital Southwest Corporation, Orchid Island Capital Inc, Sabine Royalty Trust, and PennantPark Floating Rate Capital Ltd [1] Group 2 - The analysis highlights the investment opportunities and risks associated with the mentioned companies, indicating a focus on their financial performance and market positioning [1]

Group 1: AI Investment Opportunity - Artificial intelligence is considered the greatest investment opportunity of our lifetime, with a strong emphasis on the urgency to invest now [1] - Wall Street is investing hundreds of billions into AI, but there is a critical question regarding the energy supply needed to support this technology [2] - AI data centers consume as much energy as small cities, leading to concerns about power grid strain and rising electricity prices [2] Group 2: Company Overview - A specific company is highlighted as a key player in the AI energy sector, owning critical energy infrastructure assets that are essential for meeting the increasing energy demands of AI [3][6] - This company is not a chipmaker or cloud platform but is positioned to benefit significantly from the upcoming AI energy spike [3] - It is involved in U.S. LNG exportation and is expected to thrive under the "America First" energy doctrine [7] Group 3: Financial Position - The company is completely debt-free and has a cash reserve equal to nearly one-third of its market cap, making it financially robust compared to other energy firms [8] - It trades at less than 7 times earnings, indicating it is undervalued relative to its potential [10] Group 4: Market Trends - The company is poised to benefit from the AI infrastructure supercycle, the onshoring boom due to tariffs, and a surge in U.S. LNG exports [14] - The influx of talent into the AI sector is expected to drive rapid advancements and innovation, further solidifying the importance of investing in AI [12] Group 5: Investment Potential - The company is described as a "toll booth" operator in the AI energy boom, collecting fees on energy exports and benefiting from the growing demand for electricity [5][6] - There is a potential for significant returns, with projections suggesting a 100+% return within 12 to 24 months [15]

[FORM 8-K Filing Information](index=1&type=section&id=FORM%208-K%20Filing%20Information) This section details the administrative information for the Form 8-K filing, including registrant identification and exchange listing [Registrant Details and Exchange Listing](index=1&type=section&id=Registrant%20Details%20and%20Exchange%20Listing) This section details the registrant's legal name, contact information, and New York Stock Exchange listing under SBR - Registrant Name: **SABINE ROYALTY TRUST**[2](index=2&type=chunk) Securities Registered | Title of each class | Symbol(s) | Name of each exchange on which registered | | :----------------------- | :-------- | :---------------------------------------- | | Units of Beneficial Interest | SBR | New York Stock Exchange | [Current Report Items](index=2&type=section&id=Current%20Report%20Items) This section outlines key reported events, including financial condition updates and accompanying exhibits [Item 2.02 Results of Operations and Financial Condition](index=2&type=section&id=Item%202.02%20Results%20of%20Operations%20and%20Financial%20Condition) SABINE ROYALTY TRUST announced a monthly cash distribution to unitholders, furnished under Section 18 of the Securities Exchange Act - A press release on **October 3, 2025**, announced the monthly cash distribution to unitholders of record on **October 15, 2025**[6](index=6&type=chunk) - The furnished information is not considered 'filed' under Section 18 of the Securities Exchange Act of 1934, thus avoiding associated liabilities[7](index=7&type=chunk) [Item 9.01 Financial Statements and Exhibits](index=2&type=section&id=Item%209.01%20Financial%20Statements%20and%20Exhibits) This item lists the Form 8-K exhibits, identifying the October 3, 2025 press release as Exhibit 99.1 - **Exhibit 99.1**: Press Release dated **October 3, 2025**[8](index=8&type=chunk) [SIGNATURES](index=3&type=section&id=SIGNATURES) This section confirms the official signing of the report by the authorized trustee representative [Signature Details](index=3&type=section&id=Signature%20Details) The report was signed by Argent Trust Company, Trustee for SABINE ROYALTY TRUST, on October 3, 2025 - The report was signed by **Argent Trust Company**, Trustee, on behalf of **SABINE ROYALTY TRUST**[11](index=11&type=chunk) - Signatory: **Nancy Willis**, Director of Royalty Trust Services[11](index=11&type=chunk) - Date of signature: **October 3, 2025**[11](index=11&type=chunk)