SABINE ROYALTY TRUST
For the period ended Dec 31, 2025. Filed Feb 27, 2026.
View on SEC.govAbout 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 Feb 27, 2026
SBR$64.72-1.5%Stored close · as of Nov 9, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
See the whole filing, with its images and exhibitsContents
Table of Contents
| 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 |
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