MESA ROYALTY TRUST/TX

For the period ended Dec 31, 2025. Filed Mar 30, 2026.

About this filing

A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.

FY2025 · Filed Mar 30, 2026

MTR$1.90+0.2%Stored close · as of Nov 10, 2026

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Contents

Cover page TABLE OF CONTENTS Item 1. Business Item 1A. Risk Factors Item 1B. Unresolved Staff Comments Item 1C. Cybersecurity

Item 2. Properties (no text here)

Item 3. Legal Proceedings Item 4. Mine Safety Disclosures

Item 5. Market for Registrant’s Common Equity, Related Unitholder Matters and Issuer Purchases of Equity Securities (no text here)

Item 6. [Reserved] (no text here)

Item 7. Trustee’s Discussion and Analysis of Financial Condition and Results of Operations Summary of Royalty Income, Production, Prices and Costs (Unaudited)Item 7A. Quantitative and Qualitative Disclosures About Market Risk Item 8. Financial Statements and Supplementary Data

Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure (no text here)

Item 9A. Controls and Procedures

Item 9B. Other Information (no text here)

Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections

Item 10. Directors, Executive Officers and Corporate Governance (no text here)

Item 11. Executive Compensation (no text here)

Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Unitholder Matters

Item 13. Certain Relationships and Related Transactions, and Director Independence (no text here)

Item 14. Principal Accounting Fees and Services Item 15. Exhibits and Financial Statement Schedules SIGNATURES

Item 14. Principal Accounting Fees and Services

(b)

Security Ownership of Management.

(c)

Changes in Control.

The Trustee is not aware of any arrangements, including the pledge of securities of the Trust, the operation of which may at a subsequent date result in a change in control of the Trust.

Item 13.

Certain Relationships and Related Transactions, and Director Independence.

Item 14.

Principal Accounting Fees and Services.

The Trust does not have an audit committee. Any pre-approval and approval of all services performed by the principal auditor or any other professional services firms and related fees are granted by the Trustee.

The following table presents fees for professional audit services rendered by KPMG LLP for the audit of the Trust’s financial statements for the years ended December 31, 2025 and 2024, as well as fees billed for other services rendered by KPMG LLP.

· · · 2025 · · · 2024 ·
Audit fees(1)	$525,000	$525,000
Audit-related fees	—	—
Tax fees(2)	144,000	136,236
All other fees	—	—
Total fees	$669,000	$661,236

(1)

Audit fees consist of fees for the audit of the Trust’s financial statements, and reimbursement of expenses related to the audit and quarterly reviews for the years ended December 31, 2025 and 2024. The Trust is reimbursed by the Working Interest Owners for approximately 88.56% of all general and administrative expenses incurred.

(2)

Tax fees consist of fees related to the Trust’s tax information for its unitholders, which includes work performed on the taxes, returns and other items billed during the years ended December 31, 2025 and 2024. The Trust is reimbursed by the Working Interest Owners for approximately 88.56% of all general and administrative expenses incurred.

ContentsView on SEC.gov

The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.