10-K

10-K 1 sbr_10-k_2025-12-31.htm 10-K 10-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Form 10-K

(Mark One)


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

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
(State or other jurisdiction of incorporation or organization)	(I.R.S. Employer Identification No.)
Argent Trust Company 3838 Oak Lawn Avenue, Suite 1720 Dallas, Texas	75219
(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:

      Title of Each Class

      Trading
Symbol

      Name of Each Exchange
on Which Registered

      Units of Beneficial Interest

      SBR

      New York Stock Exchange

Securities registered pursuant to Section 12(g) of the Act: None

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes ☒ No ☐

Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15 (d) of the Act. Yes ☐ No ☒

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, a 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:

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 has filed a report on and attestation to its management’s assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report. ☒

If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction of an error to previously issued financial statements. ☐

Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant’s executive officers during the relevant recovery period pursuant to §240.10D-1(b). ☐

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

The aggregate market value of units of beneficial interest of the registrant (based on the closing sale price on the New York Stock Exchange as of the last business day of its most recently completed second fiscal quarter) held by non-affiliates of the registrant was approximately $972 million.

At February 27, 2026 there were 14,579,345 units of beneficial interest outstanding.

DOCUMENTS INCORPORATED BY REFERENCE

None


		Page
PART I
Item 1.	Business	1
	Description of the Trust	1
	Assets of the Trust	2
	Liabilities of the Trust	2
	Duties and Limited Powers of Trustee	2
	Liabilities of Trustee	3
	Duration of Trust	3
	Voting Rights of Unit Holders	3
	Description of Units	4
	Distributions of Distributable Income	4
	Transfer	4
	Reports to Unit Holders	4
	Widely Held Fixed Investment Trust Reporting Information	5
	Liability of Unit Holders	5
	Possible Divestiture of Units	5
	Federal Taxation	6
	State Tax Considerations	8
	Regulation and Prices	9
	Regulation	9
	Prices	15
Item 1A.	Risk Factors	15
Item 1B.	Unresolved Staff Comments	19
Item 1C.	Cybersecurity	19
Item 2.	Properties	20
	Title	21
	Reserves	21
Item 3.	Legal Proceedings	28
Item 4.	Mine Safety Disclosures	28
PART II
Item 5.	Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities	29
Item 6.	[Reserved]	29
Item 7.	Trustee’s Discussion and Analysis of Financial Condition and Results of Operations	29
Item 7A.	Quantitative and Qualitative Disclosures About Market Risk	32
Item 8.	Financial Statements and Supplementary Data	33
Item 9.	Changes in and Disagreements with Accountants on Accounting and Financial Disclosure	45
Item 9A.	Controls and Procedures	45
Item 9B.	Other Information	47
Item 9C.	Disclosure Regarding Foreign Jurisdictions that Prevent Inspections	47
PART III
Item 10.	Directors and Executive Officers and Corporate Governance	48
Item 11.	Executive Compensation	48
Item 12.	Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters	48
Item 13.	Certain Relationships and Related Transactions, and Director Independence	49
Item 14.	Principal Accounting Fees and Services	49
PART IV
Item 15.	Exhibits, Financial Statement Schedules	50


	Mineral and Royalty
State	Gross Acres		Net Acres
Florida		5,448		697
Louisiana		244,391		23,682
Mississippi		75,489		9,713
New Mexico		112,294		9,141
Oklahoma		381,538		67,558
Texas		1,273,132		105,760
Total		2,092,292		216,551


	Acreage by Basin
Basin	Gross Acres		Net Acres
Permian		909,808		43,300
Anadarko		275,200		59,300
Gulf Coast		364,500		34,800
East Texas		116,000		33,500
Arkoma		92,200		18,600
Mississippi Salt		71,500		9,300
Various Others		263,084		17,751
Total		2,092,292		216,551


	Estimated by DeGolyer and MacNaughton Net Proved Developed Producing Reserves as of December 31, 2025
State	Oil and Condensate (Mbbl)		NGL (Mbbl)		Total Liquids (Mbbl)		Sales Gas (MMcf)
Florida		28		2		30		—
Louisiana		29		157		186		96
Mississippi		66		1		67		318
New Mexico		276		84		360		842
Oklahoma		670		455		1,125		13,303
Texas		5,562		1,993		7,555		46,099
Total		6,631		2,692		9,323		60,658


	Proved Developed Producing (M$)
Future Gross Revenue		694,055
Production Taxes		38,400
Ad Valorem Taxes

SEC Form 10-K filed by Sabine Royalty Trust