10-Q/A

10-Q/A 1 amended_sbr_10-q_2025-09.htm 10-Q/A 10-Q/A

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

FORM 10-Q/A

(Amendment No. 1)

(Mark One)


☒	QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended September 30, 2025


☐	TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period to

Commission File Number: 1-8424

SABINE ROYALTY TRUST

(Exact name of registrant as specified in its charter)


Texas	75-6297143
( State or other jurisdiction of incorporation or organization)	(I.R.S. Employer Identification No.)
Argent Trust Company 3838 Oak Lawn Ave, Suite 1720 Dallas, Texas 75219-4518
(Address of principal executive offices) (Zip Code)

Registrant’s telephone number, including area code: (855) 588-7839

Securities registered pursuant to Section 12(b) of the Act:


	Trading Symbol(s)	Name of each exchange on which registered
Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Units of Beneficial Interest	SBR	New York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☐ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act. (Check one):


Large accelerated filer	☒	Accelerated filer	☐
Non-accelerated filer	☐	Smaller reporting company	☐
		Emerging growth company	☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes☐ No ☒

Number of units of beneficial interest outstanding at November 7, 2025: 14,579,345


PART I — FINANCIAL INFORMATION		4
	Item 1. Financial Statements	4
	Item 2. Trustee’s Discussion and Analysis of Financial Condition and Results of Operations	15
	Item 3. Quantitative and Qualitative Disclosures About Market Risk	17
	Item 4. Controls and Procedures	18
PART II — OTHER INFORMATION		19
	Item 1. Legal Proceedings	19
	Item 1A. Risk Factors	19
	Item 5. Other Information	19
	Item 6. Exhibits	19
SIGNATURES		20
EX-31
EX-32


	Page
Condensed Statements of Assets, Liabilities, and Trust Corpus	4
Condensed Statements of Distributable Income (Unaudited)	5
Condensed Statements of Changes in Trust Corpus (Unaudited)	7


			September 30,		December 31,
			2025		2024
	Note		(UNAUDITED)
Assets
Cash and short-term investments			$	8,221,344	$	9,169,742
Royalty interests in oil and gas properties (less accumulated amortization of $22,324,389 and $22,314,566 at September 30, 2025 and December 31, 2024)				70,796		80,619
Total Assets			$	8,292,140	$	9,250,361
Liabilities and Trust Corpus
Trust expenses payable		4	$	330,081	$	311,784
Other payables		4		422,741		231,645
Total liabilities				752,822		543,429
Contingencies		5
Trust corpus — 14,579,345 units of beneficial interest authorized and outstanding				7,539,318		8,706,932
Total Liabilities and Trust Corpus			$	8,292,140	$	9,250,361


		Three Months Ended September 30,
	Notes	2025			2024
Royalty income		$	25,522,605		$	19,784,478
Interest income			155,561			145,868
Total			25,678,166			19,930,346
General and administrative expenses			(925,998	)		(859,880	)
Distributable income		$	24,752,168		$	19,070,466
Distributable income per unit (14,579,345 units outstanding)	1,3,5	$	1.70		$	1.31


		Nine Months Ended September 30,
	Notes	2025			2024
Royalty income		$	63,500,741		$	63,150,392
Interest income			382,251			473,146
Total			63,882,992			63,623,538
General and administrative expenses			(3,195,346	)		(2,552,648	)
Distributable income		$	60,687,646		$	61,070,890
Distributable income per unit (14,579,345 units outstanding)	1,3,5	$	4.16		$	4.19


Notification Date	Monthly Record Date	Payment Date	Distribution per Unit
October 3, 2025	October 15, 2025	October 29, 2025	$	0.368910
November 7, 2025	November 17, 2025	November 28, 2025	$	0.356720


			Quarter Ended
	September 30,		September 30,		June 30,
	2025		2024		2025
Production
Oil (Bbls)		268,602		206,892		155,573
Gas (Mcfs)		3,568,824		3,822,044		3,046,325
Average Realized Price
Oil (per Bbl)	$	68.33	$	77.55	$	68.17
Gas (per Mcf)	$	2.60	$	1.52	$	3.26


	Nine Months Ended
	September 30, 2025		September 30, 2024
Production
Oil (Bbls)		635,883		601,332
Gas (Mcfs)		10,498,761		11,490,966
Average Realized Price
Oil (Bbls)	$	65.24	$	78.81
Gas (Mcfs)	$	2.64	$	1.99


4(a)*	Sabine Corporation Amended and Restated Royalty Trust Agreement effective as of May 22, 2014

(b)**	Amendment No. 1 to the Amended and Restated Royalty Trust Agreement of Sabine Royalty Trust, dated May 2, 2022

(c)***	Sabine Corporation Louisiana Royalty Trust Agreement effective as of December 31, 1982, by and between Sabine Corporation and Hibernia National Bank in New Orleans, as trustee, and joined by InterFirst Bank Dallas, N.A., as trustee. (P)

31	Trustee Certification pursuant to Section 302 of the Sarbanes-Oxley Act of 2002

32 99	Trustee Certification pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 Item 1A, and 7 to the Annual Report on Form 10-K for Sabine Royalty Trust filed with the Securities and Exchange Commission on February, 27, 2025 (incorporated herein by reference).


SABINE ROYALTY TRUST

By:		Argent Trust Company, Trustee

By:		/s/ Nancy Willis
		Nancy Willis
		Director of Royalty Trust Services


	Three Months ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
Trustee Fee	$	144,640	$	119,935	$	424,524	$	331,195
Escrow Agent Fee		433,919		359,806		1,273,572		993,580
Trustee Bonus Fee (1)		92,271		—		276,813		—
Total Fees	$	670,830	$	479,741	$	1,974,909	$	1,324,775

Amendment: SEC Form 10-Q/A filed by Sabine Royalty Trust