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 15. Exhibits and Financial Statement Schedules

PART IV

Item 15.

Exhibits and Financial Statement Schedules.

(a)(1) Financial Statements

The following financial statements are set forth under Part II, Item 8 of this Form 10-K on the pages indicated.

Report of Independent Registered Public Accounting Firm – KPMG LLP, Houston, TX, Auditor Firm ID: 185					36
Statements of Distributable Income					38
Statements of Assets, Liabilities and Trust Corpus					39
Statements of Changes in Trust Corpus					40
Notes to Financial Statements					41

(a)(2) Schedules

Schedules have been omitted because they are not required, not applicable or the information required has been included elsewhere herein.

(a)(3) Exhibits

Exhibit Number		SEC File or Registration Number	Exhibit Number
4(a)*	Mesa Royalty Trust Indenture between Mesa Petroleum Co. and Texas Commerce Bank National Association, as Trustee, dated November 1, 1979	2-65217	1(a)
4(b)*	Form of Overriding Royalty Conveyance between Mesa Petroleum Co. and Texas Commerce Bank, as Trustee, dated November 1, 1979	2-65217	1(b)
4(c)*	First Amendment to the Mesa Royalty Trust Indenture dated as of March 14, 1985 (Exhibit 4(c) to Form 10-K for year ended December 31, 1984 of Mesa Royalty Trust)	1-7884	4(c)
4(d)*	Form of Assignment of Overriding Royalty Interest, effective April 1, 1985, from Texas Commerce Bank National Association, as Trustee, to MTR Holding Co. (Exhibit 4(d) to Form 10-K for year ended December 31, 1984 of Mesa Royalty Trust)	1-7884	4(d)
4(e)*	Purchase and Sale Agreement, dated March 25, 1991, by and among Mesa Limited Partnership, Mesa Operating Limited Partnership and ConocoPhillips, as amended on April 30, 1991 (Exhibit 4(e) to Form 10-K for year ended December 31, 1991 of Mesa Royalty Trust)	1-7884	4(e)
4(f)	Description of Trust Units (Incorporated by reference to Exhibit 4(f) to the Trust’s Annual Report on Form 10-K for the year ended December 31, 2019)
23	Consent of Miller and Lents, Ltd.
31	Certification furnished pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
32	Certification furnished pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
97.1	Mesa Royalty Trust Clawback Policy (Incorporated by reference to Exhibit 97.1 to the Trust’s Annual Report on Form 10-K for the year ended December 31, 2023)
99	Summary Reserve Report from Miller and Lents

Previously filed in paper format with the Securities and Exchange Commission and incorporated herein by reference.

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