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)

Core Points - Argent Trust Company, as Trustee of the Sabine Royalty Trust, declared a cash distribution of $0.368910 per unit, payable on October 29, 2025, to unit holders of record on October 15, 2025 [1] - The distribution is primarily based on oil production for July 2025 and gas production for June 2025, with preliminary production volumes of approximately 48,527 barrels of oil and 1,111,528 Mcf of gas [2] - This month's distribution is lower than the previous month due to a decrease in oil and natural gas production and a decrease in oil pricing, partially offset by an increase in natural gas pricing [3] Production and Pricing Summary - Current month production volumes: 48,527 barrels of oil and 1,111,528 Mcf of gas, with average prices of $65.48 per barrel of oil and $2.62 per Mcf of gas [3] - Prior month production volumes: 97,403 barrels of oil and 1,181,086 Mcf of gas, with average prices of $68.79 per barrel of oil and $2.40 per Mcf of gas [3] - The decrease in production and pricing reflects the timing of cash receipts, as sales volumes and pricing may fluctuate from month to month [3][4] Revenue Posting Information - Revenues are distributed only after they are received, verified, and posted, with most energy companies issuing royalty payments around the 25th of each month [4] - Approximately $423,000 of revenue received in September will be posted in October, in addition to normal cash receipts for that month [5] - As of the date of the press release, approximately $109,000 in revenue has already been received [5]

Group 1 - Sabine Royalty Trust (NYSE:SBR) is recognized as one of the most profitable oil stocks currently available for investment, with a recent acquisition by Moody National Bank Trust Division of 35,185 shares, amounting to approximately $2,346,000, representing nearly 0.24% ownership in the company [1] - The company offers an attractive dividend yield of 6.70%, making it appealing for investors seeking stable income while benefiting from the oil and gas cycle [2] - Over the past five years, Sabine Royalty Trust has delivered a return exceeding 300%, significantly outperforming the market's return of nearly 100% [3] Group 2 - Sabine Royalty Trust operates as a Texas-based holder of royalty and mineral interests in various producing oil and gas properties, and it has been committed to providing cash distributions to its unitholders since its founding in 1982 [3]

Distribution Announcement - Argent Trust Company declared a cash distribution of $0.584110 per unit for the Sabine Royalty Trust, payable on September 29, 2025, to unit holders of record on September 15, 2025 [1] Production and Revenue Details - The distribution reflects oil production for June 2025 and gas production for May 2025, with preliminary production volumes of approximately 97,403 barrels of oil and 1,181,086 Mcf of gas [2] - Preliminary prices for the current month are approximately $68.79 per barrel of oil and $2.40 per Mcf of gas [2] - This month's distribution is lower than the previous month due to a decrease in oil and natural gas production, as well as a decrease in pricing [3] Comparative Analysis - Current month production and pricing compared to the prior month: - Oil volumes decreased from 121,894 barrels to 97,403 barrels - Gas volumes decreased from 1,280,573 Mcf to 1,181,086 Mcf - Average oil price decreased from $69.53 to $68.79 per barrel - Average gas price decreased from $2.77 to $2.40 per Mcf [3] Revenue Posting Information - Revenues are distributed after being received, verified, and posted, with most energy companies issuing royalty payments around the 25th of each month [4] - Approximately $498,000 of revenue received in August will be posted in September, in addition to normal cash receipts [5]

PART I — FINANCIAL INFORMATION This section presents the unaudited condensed financial statements for Sabine Royalty Trust, prepared on a modified cash basis, not GAAP, as permitted by the SEC [Item 1. Financial Statements](index=3&type=section&id=Item%201.%20Financial%20Statements) This section presents the unaudited condensed financial statements for Sabine Royalty Trust, prepared on a modified cash basis, not GAAP, as permitted by the SEC - **The condensed financial statements are unaudited and prepared by Argent Trust Company, as Trustee, with certain information and footnote disclosures condensed or omitted per SEC rules**[8](index=8&type=chunk) - **The financial statements are prepared on a modified cash basis of accounting, not in conformity with GAAP, as permitted for royalty trusts by SEC Staff Accounting Bulletin Topic 12:E**[33](index=33&type=chunk)[34](index=34&type=chunk) [Condensed Statements of Assets, Liabilities, and Trust Corpus](index=4&type=section&id=Condensed%20Statements%20of%20Assets%20%2C%20Liabilities%2C%20and%20Trust%20Corpus) Condensed Statements of Assets, Liabilities, and Trust Corpus (June 30, 2025 vs. December 31, 2024) | Metric | June 30, 2025 | December 31, 2024 | | :------------------------------------------------ | :------------ | :---------------- | | Cash and short-term investments | $7,889,388 | $9,169,742 | | Royalty interests in oil and gas properties (net) | $74,351 | $80,619 | | **Total Assets** | **$7,963,739** | **$9,250,361** | | Trust expenses payable | $250,620 | $311,784 | | Other payables | $505,365 | $231,645 | | **Total liabilities** | **$755,985** | **$543,429** | | Trust corpus | $7,207,754 | $8,706,932 | | **Total Liabilities and Trust Corpus** | **$7,963,739** | **$9,250,361** | [Condensed Statements of Distributable Income (Unaudited)](index=5&type=section&id=Condensed%20Statements%20of%20Distributable%20Income) Condensed Statements of Distributable Income (Three Months Ended June 30) | Metric | 2025 | 2024 | Change (YoY) | | :------------------------------------ | :----------- | :----------- | :----------- | | Royalty income | $18,583,570 | $22,607,108 | -$4,023,538 | | Interest income | $119,730 | $175,353 | -$55,623 | | Total Income | $18,703,300 | $22,782,461 | -$4,079,161 | | General and administrative expenses | ($914,305) | ($703,464) | -$210,841 | | **Distributable income** | **$17,788,995** | **$22,078,997** | **-$4,290,002** | | Distributable income per unit | $1.22 | $1.51 | -$0.29 | Condensed Statements of Distributable Income (Six Months Ended June 30) | Metric | 2025 | 2024 | Change (YoY) | | :------------------------------------ | :----------- | :----------- | :----------- | | Royalty income | $37,978,136 | $43,365,913 | -$5,387,777 | | Interest income | $226,690 | $327,279 | -$100,589 | | Total Income | $38,204,826 | $43,693,192 | -$5,488,366 | | General and administrative expenses | ($2,269,348) | ($1,692,768) | -$576,580 | | **Distributable income** | **$35,935,478** | **$42,000,424** | **-$6,064,946** | | Distributable income per unit | $2.46 | $2.88 | -$0.42 | [Condensed Statements of Changes in Trust Corpus (Unaudited)](index=7&type=section&id=Condensed%20Statements%20of%20Changes%20in%20Trust%20Corpus) Condensed Statements of Changes in Trust Corpus (Three Months Ended June 30) | Metric | 2025 | 2024 | Change (YoY) | | :-------------------------- | :----------- | :----------- | :----------- | | Trust corpus, beginning | $9,514,016 | $9,987,642 | -$473,626 | | Amortization of royalty interests | ($2,732) | ($5,276) | +$2,544 | | Distributable income | $17,788,995 | $22,078,997 | -$4,290,002 | | Distributions | ($20,092,525) | ($24,360,190) | +$4,267,665 | | **Trust corpus, end of period** | **$7,207,754** | **$7,701,173** | **-$493,419** | | Distributions per unit | $1.38 | $1.67 | -$0.29 | Condensed Statements of Changes in Trust Corpus (Six Months Ended June 30) | Metric | 2025 | 2024 | Change (YoY) | | :-------------------------- | :----------- | :----------- | :----------- | | Trust corpus, beginning | $8,706,932 | $8,558,906 | +$148,026 | | Amortization of royalty interests | ($6,269) | ($10,335) | +$4,066 | | Distributable income | $35,935,478 | $42,000,424 | -$6,064,946 | | Distributions | ($37,428,387) | ($42,847,822) | +$5,419,435 | | **Trust corpus, end of period** | **$7,207,754** | **$7,701,173** | **-$493,419** | | Distributions per unit | $2.57 | $2.94 | -$0.37 | [NOTES TO CONDENSED FINANCIAL STATEMENTS (UNAUDITED)](index=9&type=section&id=Notes%20to%20Condensed%20Financial%20Statements) [1. TRUST ORGANIZATION AND PROVISIONS](index=9&type=section&id=Trust%20Organization%20and%20Provisions) - **Sabine Royalty Trust was established effective December 31, 1982, to receive royalty and mineral interests in oil and gas properties across Florida, Louisiana, Mississippi, New Mexico, Oklahoma, and Texas**[21](index=21&type=chunk) - **Argent Trust Company became the successor trustee effective December 30, 2022**[26](index=26&type=chunk)[27](index=27&type=chunk) - **The Trust is passive, prohibited from engaging in business or acquiring assets other than those initially transferred, and the Trustee makes monthly cash distributions to Unit holders**[28](index=28&type=chunk)[29](index=29&type=chunk) [2. ACCOUNTING POLICIES](index=10&type=section&id=Accounting%20Policies) - **The condensed financial statements are prepared on a modified cash basis, not GAAP, as permitted by SEC Staff Accounting Bulletin Topic 12:E**[33](index=33&type=chunk)[34](index=34&type=chunk) - **Royalty income and interest income are recognized in the month received by the Trust, while amortization of royalty interests reduces Trust corpus, not operating results**[35](index=35&type=chunk) - **The Trust is classified as a grantor trust for federal income tax purposes, meaning income is taxed at the Unit holder level. The One Big Beautiful Bill Act (OBBBA) was signed into law on July 4, 2025, with significant federal income tax provisions effective from 2025 through 2027**[40](index=40&type=chunk)[41](index=41&type=chunk) - **State income taxes apply in Louisiana, Mississippi, New Mexico, and Oklahoma for royalty income, with New Mexico and Oklahoma imposing withholding taxes on non-resident oil and gas proceeds**[44](index=44&type=chunk) [3. DISTRIBUTION TO UNIT HOLDERS](index=12&type=section&id=Distribution%20to%20Unit%20Holders) - **The Monthly Income Amount is determined by cash received from royalties and interest, less liabilities paid and changes in cash reserves, and is distributed to Unit holders of record on the 15th day of each calendar month**[48](index=48&type=chunk) - **The Trustee maintains an expense reserve due to the unusual volatility of oil and natural gas prices**[48](index=48&type=chunk) [4. PAYABLES](index=12&type=section&id=Payables) - **Payables primarily consist of royalty receipts suspended pending verification of ownership interest or title, and amounts reserved for other expenses, which are expected to be paid or released in the normal course of business**[50](index=50&type=chunk) [5. CONTINGENCIES](index=12&type=section&id=Contingencies) - **Unfavorably resolved contingencies related to royalty properties would generally reduce future royalty income payments and corresponding cash distributions to Unit holders**[51](index=51&type=chunk) - **The Trustee is not aware of any such contingent items as of June 30, 2025**[51](index=51&type=chunk) [6. TRUSTEE FEES](index=12&type=section&id=Trustee%20Fees) Trustee and Escrow Agent Fees (Three Months Ended June 30) | Fee Type | 2025 | 2024 | Change (YoY) | | :------------------ | :---------- | :---------- | :----------- | | Trustee Fee | $136,932 | $109,145 | +$27,787 | | Escrow Agent Fee | $410,798 | $327,432 | +$83,366 | | Trustee Bonus Fee | $92,271 | — | +$92,271 | | **Total Fees** | **$640,001** | **$436,577** | **+$203,424** | Trustee and Escrow Agent Fees (Six Months Ended June 30) | Fee Type | 2025 | 2024 | Change (YoY) | | :------------------ | :---------- | :---------- | :----------- | | Trustee Fee | $279,884 | $211,260 | +$68,624 | | Escrow Agent Fee | $839,653 | $633,774 | +$205,879 | | Trustee Bonus Fee | $184,542 | — | +$184,542 | | **Total Fees** | **$1,304,079** | **$845,034** | **+$459,045** | - **A Trustee bonus fee of approximately $31,000 per month is being taken from February 2025 until January 2026, based on 2024 cost savings**[52](index=52&type=chunk) [7. SUBSEQUENT EVENTS](index=13&type=section&id=Subsequent%20Events) Distributions Declared Subsequent to June 30, 2025 | Notification Date | Monthly Record Date | Payment Date | Distribution per Unit | | :---------------- | :------------------ | :----------- | :-------------------- | | July 3, 2025 | July 15, 2025 | July 29, 2025 | $0.345930 | | August 5, 2025 | August 15, 2025 | August 29, 2025 | $0.744730 | [Item 2. Trustee's Discussion and Analysis of Financial Condition and Results of Operations](index=14&type=section&id=Item%202.%20Trustee%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) This section discusses the Trust's financial condition, liquidity, and operations, highlighting commodity price impact on income and distributions - **The Trust's income and monthly distributions are heavily influenced by volatile commodity prices (oil and natural gas)**[56](index=56&type=chunk) - **Distributable income for the three months ended June 30, 2025, was $17,788,995 ($1.22 per unit), and for the six months ended June 30, 2025, was $35,935,478 ($2.46 per unit)**[58](index=58&type=chunk)[13](index=13&type=chunk)[15](index=15&type=chunk) - **Royalty income decreased by 18% YoY for Q2 2025 and 12% YoY for the six months ended June 30, 2025, primarily due to lower production and oil prices, partially offset by higher natural gas prices**[61](index=61&type=chunk)[63](index=63&type=chunk) [Liquidity and Capital Resources](index=14&type=section&id=Liquidity%20and%20Capital%20Resources) - **The Trust makes monthly distributions of excess royalty income over expenses and is dependent on royalty income for cash flows**[55](index=55&type=chunk) - **The Trust's only long-term assets are royalty interests in oil and gas properties; it does not undertake capital projects or make capital expenditures**[55](index=55&type=chunk) - **Borrowings are permitted if necessary but are not anticipated in the foreseeable future**[55](index=55&type=chunk) [Commodity Prices](index=14&type=section&id=Commodity%20Prices) - **Oil prices showed weakness in early 2024, rose in early 2025, then fell due to weak demand and rising supply, before rallying in May and June 2025**[56](index=56&type=chunk) - **Natural gas markets experienced heightened volatility, with prices rising in Q1 2025 due to colder weather and tight conditions, and further increasing through May and June 2025 due to geopolitical tensions**[56](index=56&type=chunk) - **Factors influencing commodity prices include political conditions, economic/geopolitical conditions, weather, trade barriers, public health concerns, supply/demand, alternative fuels, transportation, energy conservation, and governmental regulation/taxation**[60](index=60&type=chunk) [Results of Operations](index=14&type=section&id=Results%20of%20Operations) - **Distributable income for the three months ended June 30, 2025, was $17,788,995, or $1.22 per unit**[58](index=58&type=chunk) - **Royalty income for Q2 2025 decreased by approximately $4.024 million (18%) YoY, primarily due to decreased oil and natural gas production ($7.1M) and lower oil prices ($2.4M), partially offset by higher natural gas prices ($4.9M) and lower taxes/expenses ($0.5M)**[61](index=61&type=chunk) - **Royalty income for the six months ended June 30, 2025, decreased by approximately $5.388 million (12%) YoY, mainly due to lower production ($4.0M) and oil prices ($6.5M), partially offset by higher natural gas prices ($3.7M), one-time miscellaneous receipts ($0.7M), and lower taxes/expenses ($0.7M)**[63](index=63&type=chunk) Production and Average Realized Prices | Metric | Quarter Ended June 30, 2025 | Quarter Ended June 30, 2024 | Quarter Ended March 31, 2025 | | :-------------------- | :-------------------------- | :-------------------------- | :--------------------------- | | Oil Production (Bbls) | 155,573 | 220,438 | 211,707 | | Gas Production (Mcfs) | 3,046,325 | 3,869,375 | 3,883,612 | | Average Oil Price (per Bbl) | $68.17 | $78.89 | $59.17 | | Average Gas Price (per Mcf) | $3.26 | $1.99 | $2.19 | | Metric | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :-------------------- | :----------------------------- | :----------------------------- | | Oil Production (Bbls) | 367,280 | 394,440 | | Gas Production (Mcfs) | 6,929,937 | 7,804,325 | | Average Oil Price (per Bbl) | $62.98 | $79.47 | | Average Gas Price (per Mcf) | $2.66 | $2.18 | - **General and administrative expenses for Q2 2025 increased by approximately $210,800 YoY, primarily due to higher Escrow Agent/Trustee/Bonus fees and professional services, offset by lower printing expenses**[66](index=66&type=chunk) [Critical Accounting Policies and Estimates](index=16&type=section&id=Critical%20Accounting%20Policies%20and%20Estimates) - **There have been no significant changes to the Trust's critical accounting policies during the three months ended June 30, 2025**[71](index=71&type=chunk) [Distributable Income per Unit](index=16&type=section&id=Distributable%20Income%20per%20Unit) - **Basic and diluted distributable income per Unit are the same as there were no equivalent Units outstanding for any period presented**[72](index=72&type=chunk) [New Accounting Pronouncements](index=16&type=section&id=New%20Accounting%20Pronouncements) - **No new accounting pronouncements are expected to have a significant impact on the Trust's financial statements**[73](index=73&type=chunk) [Forward Looking Statements](index=16&type=section&id=Forward%20Looking%20Statements) - **The report includes forward-looking statements subject to numerous risks and uncertainties, including factors affecting oil and gas prices, recoverability of reserves, general economic conditions, and actions of petroleum-producing nations**[74](index=74&type=chunk) [Item 3. Quantitative and Qualitative Disclosures About Market Risk](index=16&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The Trust has minimal market risk exposure, avoiding derivatives, foreign operations, and long-term debt, with no material interest rate risk - **The Trust does not invest in derivative financial instruments, has no foreign operations, and no long-term debt instruments**[76](index=76&type=chunk) - **Borrowings are limited to paying expenses and are unlikely to be material**[76](index=76&type=chunk) - **The Trustee believes the Trust is not subject to any material interest rate risk due to the short-term nature of its investments and limitations on investment types**[76](index=76&type=chunk) [Item 4. Controls and Procedures](index=16&type=section&id=Item%204.%20Controls%20and%20Procedures) The Trustee concluded the Trust's disclosure controls and procedures are effective, with no material changes to internal control over financial reporting - **The Trustee concluded that the Trust's disclosure controls and procedures are effective as of June 30, 2025**[77](index=77&type=chunk) - **There has been no material change in the Trust's internal control over financial reporting during the period**[77](index=77&type=chunk) - **The Trustee has fully transitioned to and is utilizing the 2013 COSO Internal Control – Integrated Framework for evaluating internal control over financial reporting**[79](index=79&type=chunk) PART II — OTHER INFORMATION [Item 1. Legal Proceedings](index=18&type=section&id=Item%201.%20Legal%20Proceedings) This item states that there are no legal proceedings applicable to the Trust - **Legal proceedings are not applicable to the Trust**[81](index=81&type=chunk) [Item 1A. Risk Factors](index=18&type=section&id=Item%201A.%20Risk%20Factors) This section refers to risk factors detailed in the latest Form 10-K, noting no material changes during the current period - **Risk factors relating to the Trust are contained in Item 1A of the Trust's Annual Report on Form 10-K for the fiscal year ended December 31, 2024**[82](index=82&type=chunk) - **No material change to such risk factors has occurred during the three and six months ended June 30, 2025**[82](index=82&type=chunk) [Item 5. Other Information](index=18&type=section&id=Item%205.%20Other%20Information) The Trust has no directors or officers, thus no Rule 10b5-1 or non-Rule 10b5-1 trading arrangements were adopted or terminated - **The Trust does not have any directors or officers**[83](index=83&type=chunk) - **No Rule 10b5-1 or non-Rule 10b5-1 trading arrangements were adopted or terminated**[83](index=83&type=chunk) [Item 6. Exhibits](index=18&type=section&id=Item%206.%20Exhibits) This section lists the exhibits filed with the Form 10-Q, including the Trust Agreement, amendments, and certifications - **The exhibits include the Sabine Corporation Amended and Restated Royalty Trust Agreement, Amendment No. 1, Sabine Corporation Louisiana Royalty Trust Agreement, and Trustee Certifications (302 and 906 of Sarbanes-Oxley Act)**[85](index=85&type=chunk) [SIGNATURES](index=19&type=section&id=SIGNATURES) - **The report is signed on behalf of Sabine Royalty Trust by Argent Trust Company, as Trustee, through Nancy Willis, Director of Royalty Trust Services**[88](index=88&type=chunk) - **The Trust has no directors or executive officers**[88](index=88&type=chunk)

[Sabine Royalty Trust Form 8-K Filing (July 3, 2025)](index=1&type=section&id=Form%208-K%20Filing) This Form 8-K filing details Sabine Royalty Trust's monthly cash distribution announcement and related exhibits [Monthly Cash Distribution Announcement](index=2&type=section&id=Item%202.02%20Results%20of%20Operations%20and%20Financial%20Condition) Sabine Royalty Trust announced its monthly cash distribution with a specified record date, furnished via press release - The company issued a press release on July 3, 2025, to announce its monthly cash distribution[6](index=6&type=chunk) - The record date for the distribution is set for **July 15, 2025**[6](index=6&type=chunk) - The information furnished in this report is not deemed "filed" under Section 18 of the Securities Exchange Act of 1934 and is not subject to its liabilities[7](index=7&type=chunk) [Exhibits](index=2&type=section&id=Item%209.01%20Financial%20Statements%20and%20Exhibits) The Form 8-K filing includes a single exhibit detailing the monthly cash distribution - The sole exhibit attached to the report is the press release dated **July 3, 2025**, designated as Exhibit 99.1[8](index=8&type=chunk)

Distribution Announcement - Argent Trust Company declared a cash distribution of $0.744730 per unit for the Sabine Royalty Trust, payable on August 29, 2025, to unit holders of record on August 15, 2025 [1] Production and Revenue Details - The distribution reflects oil production for May 2025 and gas production for April 2025, with preliminary production volumes of approximately 121,894 barrels of oil and 1,280,573 Mcf of gas [2] - Preliminary prices for the current month are approximately $69.53 per barrel of oil and $2.77 per Mcf of gas, showing an increase in both production and pricing compared to the previous month [2][3] - The current month's oil production increased significantly from 42,748 barrels in the prior month, while gas production also rose from 940,600 Mcf [3] Revenue Posting and Timing - Revenues are distributed only after being received, verified, and posted, with most energy companies issuing royalty payments around the 25th of each month [4] - Approximately $4,782,450 of revenue received in July will be posted in August, in addition to normal cash receipts for that month [5]