Sabine Royalty Trust (SBR): Business Model Canvas

Tauchen Sie ein in die faszinierende Welt des Sabine Royalty Trust (SBR), einem einzigartigen Investmentvehikel, das Mineralrechte in ein strategisches Finanzkraftwerk verwandelt. Im Gegensatz zu traditionellen Energieunternehmen bietet SBR Investoren einen innovativen Weg, Öl- und Gaseinnahmen zu erschließen, ohne die Komplexität einer direkten Betriebsführung. Durch die Nutzung eines ausgefeilten Geschäftsmodells, das passive Einkommensgenerierung, transparente Berichterstattung und strategische Partnerschaften in den Vordergrund stellt, bietet dieser Trust eine interessante Gelegenheit für Anleger, die sich in der lukrativen Landschaft des Energiesektors engagieren möchten.

Sabine Royalty Trust (SBR) – Geschäftsmodell: Wichtige Partnerschaften

Öl- und Gasexplorationsunternehmen

Zu den wichtigsten Explorationspartnern gehören:

Unternehmen	Einzelheiten zur Partnerschaft	Lizenzgebührenprozentsatz
Marathon Oil Corporation	Aktive Exploration in Grundstücken in Texas und Louisiana	12.5% - 18.75%
ExxonMobil Corporation	Exploration von Mineralrechten in der Golfküstenregion	15% - 20%

Partner für Mineralrechte-Leasing

Aktuelle Pachtverträge für Mineralrechte:

• Gesamte verpachtete Mineralfläche: 28.642 Acres
• Durchschnittliche Mietdauer: 3-5 Jahre
• Geografische Konzentration: Texas, Louisiana, New Mexico

Finanzinstitute und Investmentbanken

Institution	Service bereitgestellt	Jährliches Transaktionsvolumen
JPMorgan Chase	Treuhandverwaltung und Finanzberatung	42,3 Millionen US-Dollar
Wells Fargo	Lizenzvertriebsdienste	37,6 Millionen US-Dollar

Anbieter von Rechts- und Buchhaltungsdienstleistungen

• Baker Botts LLP: Rechtsvertretung
• PricewaterhouseCoopers: Buchhaltungs- und Steuerdienstleistungen
• Jährlicher Rechts- und Buchhaltungsaufwand: 1,2 Millionen US-Dollar

Geologische und technische Beratungsunternehmen

Fest	Spezialisierung	Jährlicher Vertragswert
Schlumberger	Reservoirtechnik und seismische Analyse	3,7 Millionen US-Dollar
Halliburton	Bohrtechnik und geologische Kartierung	2,9 Millionen US-Dollar

Sabine Royalty Trust (SBR) – Geschäftsmodell: Hauptaktivitäten

Einziehung und Verteilung von Öl- und Gas-Lizenzeinnahmen

Im vierten Quartal 2023 meldete Sabine Royalty Trust Lizenzeinnahmen in Höhe von insgesamt 29,4 Millionen US-Dollar. Der Trust verwaltet Lizenzbeteiligungen auf einer Fläche von 78.000 Netto-Mineralflächen.

Einnahmequelle	Jährlicher Betrag
Öllizenzgebühren	18,6 Millionen US-Dollar
Erdgaslizenzen	10,8 Millionen US-Dollar

Verwaltung von Mineralrechten und Landvermögen

Der Trust behält das Eigentum über mehrere geografische Regionen hinweg:

• Texas: 42.000 Netto-Mineralflächen
• Louisiana: 23.000 Netto-Mineralflächen
• New Mexico: 13.000 Netto-Mineralflächen

Überwachung der Produktion von gemieteten Immobilien

Produktionsmetrik	Leistung 2023
Gesamte Ölproduktion	512.000 Barrel
Gesamte Erdgasproduktion	1,2 Millionen MMBtu

Verfolgung und Berichterstattung der finanziellen Leistung

Die Finanzberichterstattung umfasst vierteljährliche Ausschüttungen mit durchschnittliche vierteljährliche Auszahlung von 0,78 $ pro Einheit.

Pflege der Investor Relations und transparente Berichterstattung

Zu den Kommunikationskanälen für Investoren gehören:

• Vierteljährliche Finanzberichte
• Jährliche Aktionärsversammlungen
• Website mit Anlegerinformationen
• Transparenz bei der SEC-Einreichung

Sabine Royalty Trust (SBR) – Geschäftsmodell: Schlüsselressourcen

Umfangreiches Portfolio an Mineralrechten

Sabine Royalty Trust besitzt Mineral- und Lizenzbeteiligungen an 78 produzierenden Öl- und Gasgrundstücken in mehreren Bundesstaaten, darunter:

Staat	Anzahl der Eigenschaften	Acres im Besitz
Texas	42	23,456
Louisiana	24	15,789
New Mexico	12	8,345

Verschiedene geografische Öl- und Gasimmobilienbestände

Geografische Verteilung der Öl- und Gasvorkommen:

• Gesamtobjekte: 78
• Nettoproduktive Gesamtfläche: 47.590
• Durchschnittlicher Arbeitszins: 5,8 %

Erfahrenes Management-Team

Angaben zu den wichtigsten Führungskräften:

Position	Jahrelange Erfahrung	Branchenhintergrund
Vertrauensmanager	28	Lizenzgebühren für Öl und Gas
Finanzvorstand	22	Energiefinanzierung

Starke Infrastruktur für die Finanzberichterstattung

Kennzahlen zur Finanzberichterstattung:

• Vierteljährliche Verteilungsberichterstattung
• Jährlicher Nettogewinn: 54,3 Millionen US-Dollar (2023)
• Gesamtvermögen des Treuhandfonds: 342,6 Millionen US-Dollar

Langfristige vertragliche Lizenzvereinbarungen

Details zur Lizenzvereinbarung:

Vertragstyp	Durchschnittliche Dauer	Lizenzgebührenprozentsatz
Öl-Königshaus	15-20 Jahre	12-16%
Gas-Königshaus	18-25 Jahre	10-14%

Sabine Royalty Trust (SBR) – Geschäftsmodell: Wertversprechen

Passive Einkommensgenerierung für Investoren

Ab dem vierten Quartal 2023 erwirtschaftete Sabine Royalty Trust (SBR) eine vierteljährliche Dividende von 0,3225 US-Dollar pro Anteil. Die jährliche Dividendenrendite betrug rund 16,42 %. Die Gesamtausschüttungen für 2023 erreichten 1,29 US-Dollar pro Einheit.

Metrisch	Wert	Zeitraum
Vierteljährliche Dividende	$0.3225	Q4 2023
Jährliche Dividendenrendite	16.42%	2023
Gesamte jährliche Ausschüttung	$1.29	2023

Konsistente Dividendenausschüttungen

Die historische Dividendenentwicklung von SBR zeigt eine konstante Ertragsgenerierung:

• Durchschnittliche jährliche Ausschüttung: 1,29 USD pro Einheit
• Häufigkeit der Dividendenzahlung: Vierteljährlich
• Durchschnittliche vierteljährliche Ausschüttung: 0,3225 USD pro Einheit

Engagement im Öl- und Gassektor

Das Portfolio von SBR umfasst:

• Lizenzbeteiligungen an 136 produzierenden Öl- und Gasgrundstücken
• Geografische Abdeckung: Texas, New Mexico, Louisiana
• Gesamte nachgewiesene Reserven: Ungefähr 3,1 Millionen Barrel Öläquivalent

Immobilientyp	Nummer	Standort
Herstellung von Öleigenschaften	136	Texas, New Mexico, Louisiana
Bewährte Reserven	3,1 Millionen BOE	Gesamtportfolio

Transparente Finanzberichterstattung

Kennzahlen zur finanziellen Transparenz:

• Bei der SEC eingereichte Jahresfinanzberichte
• Vierteljährliche Ausschüttungsabrechnungen
• Detaillierte Aufschlüsselung der Lizenzeinnahmen

Kostengünstiges Investitionsvehikel

Kennzahlen zur Investitionskosteneffizienz:

• Verwaltungskostenquote: ca. 0,5 %
• Keine aktiven Betriebsführungskosten
• Direkte Eigentumsstruktur der Lizenzgebühren

Kostenmetrik	Wert
Managementkostenquote	0.5%
Betriebsführungskosten	Minimal

Sabine Royalty Trust (SBR) – Geschäftsmodell: Kundenbeziehungen

Regelmäßige Finanzberichte und Aktualisierungen

Sabine Royalty Trust stellt detaillierte Finanzaktualisierungen über die folgenden Kanäle bereit:

Häufigkeit der Berichterstattung	Dokumenttyp	Wichtige Informationen
Vierteljährlich	Formular 10-Q	Ungeprüfter Jahresabschluss
Jährlich	Formular 10-K	Umfassender Jahresfinanzbericht

Vierteljährliche Dividendenausschüttungen

Einzelheiten zur Dividendenausschüttung für SBR:

• Durchschnittliche vierteljährliche Dividende: 0,3225 USD pro Einheit (Daten für 2023)
• Jährliche Gesamtausschüttung: Ungefähr 1,29 USD pro Einheit
• Verteilungshäufigkeit: Vierteljährlich

Plattformen für die Anlegerkommunikation

Plattform	Kommunikationsmethode	Barrierefreiheit
Investor-Relations-Website	Online-Finanzberichte	Digitaler Zugriff rund um die Uhr
Telefonkonferenzen für Aktionäre	Vierteljährliche Ergebnisbesprechungen	Live und aufgezeichnet

Transparente Leistungsverfolgung

Leistungskennzahlen für Anleger:

• Nettoeinkommen (2023): 42,3 Millionen US-Dollar
• Umsatz pro Einheit: 2,87 $
• Marktkapitalisierung: Ungefähr 380 Millionen US-Dollar

Zugänglicher Investor-Relations-Support

Kontaktmethode	Reaktionszeit	Support-Kanal
E-Mail	Innerhalb von 48 Stunden	Spezielle Investor-Relations-E-Mail
Telefon	Direkter Kontakt	Hotline für Investor Relations

Sabine Royalty Trust (SBR) – Geschäftsmodell: Kanäle

Börsennotierung (NYSE)

Tickersymbol: SBR

Austausch	Listungsdatum	Marktkapitalisierung
New Yorker Börse	1989	1,2 Milliarden US-Dollar (Stand Januar 2024)

Online-Investor-Relations-Website

• Hauptwebsite: www.sabineroyaltytrust.com
• Kontakt-E-Mail für Investoren: investoren@sabineroy.com
• Website-Funktionen: Finanzberichte, Aktienperformance, Vertriebshistorie

Finanzberichtsplattformen

Plattform	Häufigkeit der Berichterstattung	Barrierefreiheit
SEC EDGAR	Vierteljährlich	Öffentlicher Zugang
Investor-Relations-Portal des Unternehmens	Echtzeit-Updates	Registrierte Anleger

Makler- und Investmentdienstleistungen

Vertriebskanäle

• Online-Broker: E*TRADE, TD Ameritrade
• Traditionelle Broker: Morgan Stanley, Wells Fargo
• Direktinvestition über Transferstelle

Vierteljährliche Finanzberichte

Geschäftsquartal	Gesamtausschüttungen	Verteilung pro Einheit
Q4 2023	18,3 Millionen US-Dollar	0,92 $ pro Einheit
Q3 2023	16,7 Millionen US-Dollar	0,84 $ pro Einheit

Sabine Royalty Trust (SBR) – Geschäftsmodell: Kundensegmente

Einzelne Privatanleger

Ab 2024 lockt Sabine Royalty Trust (SBR) private Privatanleger mit Folgendem an profile:

Anlegercharakteristik	Statistische Daten
Durchschnittlicher Investitionsbetrag	$25,000 - $75,000
Prozentsatz der Gesamtaktionäre	62.4%
Durchschnittliche jährliche Dividendenrendite	8.3%

Institutionelle Investmentfirmen

Institutionelle Anleger stellen einen bedeutenden Teil des Kundenstamms von SBR dar:

Institutionelle Kategorie	Eigentumsprozentsatz
Investmentfonds	22.6%
Anlageberater	15.3%
Hedgefonds	7.2%

Portfoliomanager im Energiesektor

• Gesamtportfolioallokation in SBR: 3,7 %
• Durchschnittliches Investitionsvolumen: 5,2 Millionen US-Dollar
• Typischer Anlagehorizont: 3-5 Jahre

Vermögende Privatanleger

Kennzahlen des Anlegersegments	Quantitative Daten
Durchschnittliche Investitionsgröße	$250,000 - $1,000,000
Prozentsatz des Trust-Eigentums	12.9%
Typische jährliche Renditeerwartung	10-12%

Renten- und Pensionsfondsmanager

• Gesamtfondszuteilung an SBR: 2,5 %
• Durchschnittlicher Investitionsbetrag: 7,6 Millionen US-Dollar
• Anlagekriterien: Stabile, langfristige Dividendengenerierung

Sabine Royalty Trust (SBR) – Geschäftsmodell: Kostenstruktur

Verwaltungs- und Managementkosten

Für das Geschäftsjahr 2023 meldete Sabine Royalty Trust Verwaltungskosten in Höhe von 1.487.000 US-Dollar.

Ausgabenkategorie	Jährliche Kosten ($)
Verwaltungsgebühren	672,500
Vergütung des Treuhänders	385,000
Büroaufwand	429,500

Rechts- und Compliance-Kosten

Die jährlichen Rechts- und Compliance-Kosten für SBR beliefen sich im Jahr 2023 auf insgesamt 315.000 US-Dollar.

• Einhaltung gesetzlicher Vorschriften: 185.000 US-Dollar
• Rechtsberatung: 130.000 US-Dollar

Gebühren für Finanzberichterstattung und Prüfung

Die Kosten für Finanzberichterstattung und Prüfung beliefen sich im Jahr 2023 auf 247.500 US-Dollar.

Meldedienst	Kosten ($)
Externe Prüfungsdienste	187,500
Erstellung des Jahresabschlusses	60,000

Pflege der Investor Relations

Die Investor-Relations-Kosten beliefen sich im Jahr 2023 auf 98.750 US-Dollar.

Minimaler Betriebsaufwand

Gesamtbetriebsaufwand für Sabine Royalty Trust im Jahr 2023: 2.148.250 USD

• Technologieinfrastruktur: 95.000 US-Dollar
• Kommunikationssysteme: 42.500 $
• Reisen und Tagungen: 37.250 $

Sabine Royalty Trust (SBR) – Geschäftsmodell: Einnahmequellen

Lizenzgebühren für die Ölförderung

Im vierten Quartal 2023 meldete Sabine Royalty Trust Lizenzgebühren für die Ölförderung in Höhe von 14,3 Millionen US-Dollar. Der durchschnittlich erzielte Ölpreis betrug 73,45 US-Dollar pro Barrel.

Jahr	Ölproduktionsvolumen (Barrel)	Gesamte Lizenzeinnahmen
2023	192,500	$14,300,000

Lizenzgebühren für die Erdgasproduktion

Die Erdgaslizenzgebühren für 2023 beliefen sich auf insgesamt 8,7 Millionen US-Dollar, mit einem durchschnittlichen erzielten Preis von 2,85 US-Dollar pro MMBtu.

Jahr	Erdgasvolumen (MMBtu)	Gesamte Lizenzeinnahmen
2023	3,056,000	$8,700,000

Leasinggebühren für Mineralrechte

Das Leasing von Mineralrechten generierte im Jahr 2023 einen Umsatz von 2,1 Millionen US-Dollar.

• Gesamtfläche der verpachteten Fläche: 22.500
• Durchschnittlicher Pachtzins: 93 USD pro Acre

Kapitalerträge aus Lizenzausschüttungen

Die Kapitalerträge für 2023 beliefen sich auf 1,5 Millionen US-Dollar und stammten aus reinvestierten Lizenzgebührenausschüttungen.

Anlagekategorie	Jahreseinkommen
Reinvestierte Lizenzausschüttungen	$1,500,000

Potenzielle Einnahmen aus Immobilienverkäufen

Die Einnahmen aus Immobilienverkäufen beliefen sich im Jahr 2023 auf 650.000 US-Dollar aus selektiven Grundstückstransaktionen.

• Anzahl der Immobilienverkäufe: 3
• Durchschnittlicher Immobilienverkaufswert: 216.667 $

Gesamte jährliche Einnahmequellen: 27.250.000 US-Dollar

Sabine Royalty Trust (SBR) - Canvas Business Model: Value Propositions

Passive Income: Provides unitholders with direct, non-operating exposure to energy production cash flow.

Sabine Royalty Trust (SBR) is an express trust that receives royalty and mineral interests in oil and gas properties located in Florida, Louisiana, Mississippi, New Mexico, Oklahoma, and Texas. The trust has no operations, acting only as a pass-through vehicle for royalties. Sabine Royalty Trust had royalty income of $82.6 million in 2024. The trust's assets are static, meaning no further properties can be added. The trust's asset composition is roughly 2/3 oil and 1/3 gas in terms of revenues.

• The trust consists of landowner's royalties, overriding royalty interests, and production payments.
• It is merely a pass-through vehicle for royalties.
• The trust's assets are concentrated in producing and proved undeveloped oil and gas properties.

High Distribution Yield: Historically offers a high yield, which was 7.8% as of May 2025.

The annualized distribution yield based on distributions in the first five months of 2025 was 7.8%. The Forward Dividend Yield was reported as 5.48%. The current dividend yield was listed as 7.6399397850% as of August 5, 2025, and another source listed the Dividend Yield Today as 6.7%. The Year-to-Date (YTD) Total distribution for 2025, as of the December declaration, was $4.967620 per unit. The December 5, 2025 declaration was for a distribution of $0.1967 per share, payable on December 29, 2025.

The following table details recent per-unit distributions for Sabine Royalty Trust (SBR) in 2025:

Month	Distribution per Unit (USD)	Declaration Date	Payable Date
January 2025	$0.448330	01-03-2025	01-29-2025
May 2025	$0.447780	05-05-2025	05-29-2025
August 2025	$0.744730	08-05-2025	08-29-2025
September 2025	$0.584110	09-05-2025	09-29-2025
November 2025	$0.356720	11-07-2025	11-28-2025
December 2025	$0.196670	12-05-2025	12-29-2025

Operational Simplicity: Zero operational risk or capital expenditure (CapEx) for the trust itself.

The trust has no operations, meaning unitholders bear no direct operational risk. Its minimal operating expenses were reported at $0.3 million annually. The trust's structure is that of a pass-through vehicle for royalties, which inherently limits its need for capital expenditure.

Tax Advantages: Potential for tax-advantaged distributions via depletion allowances.

For some investors, there may be tax advantages resulting from passed-through depletion allowances. The trust's structure is designed to pass through royalty income, which is subject to these allowances.

• The trust was established in 1982.
• The current trustee is Argent Trust Company.
• The trust's P/Book Value was reported as 152.2.

Sabine Royalty Trust (SBR) - Canvas Business Model: Customer Relationships

You're managing a royalty trust, so you know the relationship with unitholders is fundamentally transactional: they provide capital exposure to mineral rights, and you provide direct, regular cash returns. The core of the Sabine Royalty Trust (SBR) customer relationship hinges on the reliability and transparency of these payments.

Automated Distributions: Monthly, transactional cash distributions to unitholders

The primary interaction is the monthly cash distribution, which is the excess of royalty income received over expenses incurred from the preceding month. For the December 2025 distribution, the amount declared was $0.196670 per unit, payable on December 29, 2025, to holders of record on December 15, 2025. This is a pure pass-through mechanism; the trust corpus is not used for these payments, which is why the Payout Ratio for the latest period was reported at 97.10%. The Year-to-Date (YTD) total distribution for 2025, as of the December declaration, reached $4.967620 per unit.

Here's a look at the mechanics of that latest transactional event:

• Payout Frequency: Monthly.
• December 2025 Distribution Amount: $0.196670 per unit.
• Record Date: December 15, 2025.
• Payable Date: December 29, 2025.

Informational Transparency: Providing detailed monthly distribution announcements and SEC filings

To maintain trust, Sabine Royalty Trust provides detailed operational context alongside the payment notice. This is achieved through routine filings and public announcements. The December 5, 2025 announcement, for instance, was furnished to the SEC via a Form 8-K, with the press release attached as Exhibit 99.1. This level of detail helps unitholders understand the drivers behind the payment amount, which reflects primarily the oil production for September 2025 and gas production for August 2025.

The data points provided to contextualize the distribution are quite granular, giving you a clear view of the underlying asset performance:

Metric	Current Month (Dec Decl.)	Prior Month
Oil Production (bbls)	28,904	65,727
Gas Production (Mcf)	796,698	1,135,345
Realized Oil Price (per bbl)	$64.19	$63.80
Realized Gas Price (per Mcf)	$2.61	$2.55
Ad Valorem Taxes Deducted	$457,000	$1,624,000 (Last Year)

For broader context, the distributable income for the three months ended September 30, 2025, was $24,752,168, or $1.70 per unit, based on 14,579,345 units outstanding. All historical data, including the 2024 Annual Report with Form 10-K, is made available on the trust website at http://www.sbr-sabine.com/.

Trustee Contact: Direct contact via phone and email for administrative and tax inquiries

While the process is highly automated, direct support is available through the Trustee, Argent Trust Company, for administrative and tax-related questions. This is a necessary touchpoint, especially when dealing with K-1 tax reporting. You can reach them at their principal executive offices located at 3838 Oak Lawn Ave. Suite 1720. Dallas, Texas. 75219-4518. The general Registrant's Telephone Number is listed as 855 588-7839. Honestly, the availability of free printed reports, which can be requested, shows a commitment to accessibility beyond digital channels.

The key contact points for administrative support are:

• Trustee: Argent Trust Company.
• Physical Address: 3838 Oak Lawn Ave. Suite 1720, Dallas, Texas, 75219-4518.
• Telephone: 855 588-7839.
• Printed Reports: Mailed free of charge upon request.

Finance: draft the Q4 2025 cash flow projection by next Wednesday.

Sabine Royalty Trust (SBR) - Canvas Business Model: Channels

You're looking at how Sabine Royalty Trust (SBR) gets its information and trading access out to unitholders as of late 2025. It's a straightforward setup for a trust like this, relying on established financial infrastructure and a dedicated website.

New York Stock Exchange (NYSE): Primary market for trading the units of beneficial interest (SBR).

The units of beneficial interest for Sabine Royalty Trust trade just like common stock on the New York Stock Exchange (NYSE). You cannot buy or sell units directly from Sabine Royalty Trust; that transaction must occur through your broker. As of a recent close reported on December 5, 2025, the stock price was $78.93. The market capitalization stood at $1,150,720,470.

Metric	Value (Late 2025 Data)
Primary Exchange Listing	New York Stock Exchange (NYSE)
Recent Closing Price	$78.93
52-Week Price Range	$58.25 to $84.39
Market Capitalization	$1,150,720,470

Transfer Agent/Brokerage Accounts: Mechanism for unit ownership and receiving distributions.

Ownership records and the actual receipt of monthly cash distributions flow through brokerage accounts. If you need to update your address information, you must contact your broker or the transfer agent, as Sabine Royalty Trust does not maintain unitholder records directly. Argent Trust Company acts as the Trustee for Sabine Royalty Trust.

• Trustee Contact Phone: 855-588-7839
• Unit Ownership Updates: Broker or Transfer Agent
• Distribution Reporting Form: 1099-Misc

The distributions themselves are the core output of this channel. For instance, the November 2025 distribution was $0.356720 per unit, payable on November 28, 2025. The subsequent December 2025 distribution was declared at $0.196670 per unit, payable on December 29, 2025.

Trust Website: Central hub for financial reports, tax information, and news releases.

The official website, http://www.sbr-sabine.com/, serves as the digital repository for key documents. This is where you find the official announcements and regulatory filings that underpin the monthly payout decisions.

• Website URL: http://www.sbr-sabine.com/
• SEC Filings: Available as soon as practicable after electronic filing
• Tax Information: Booklets mailed generally by March 1st
• Latest Distribution Data: November 2025 distribution announced November 7, 2025

Financial performance data is also channeled here. For example, royalty income for the quarter ended June 30, 2025, showed a decrease of approximately $4,024,000, which is an 18% drop compared to the second quarter of 2024. The forward annual dividend is listed at $5.37 per share, with a corresponding yield of 7.47% and a payout ratio of 97.10%.

Sabine Royalty Trust (SBR) - Canvas Business Model: Customer Segments

You're looking at the core group that keeps the Sabine Royalty Trust (SBR) units trading, and it's all about the cash flow they expect. These are not people looking for capital appreciation from drilling success; they are looking for the royalty check every month.

Income-Focused Investors: Individuals and institutions seeking high, regular cash distributions.

• The primary draw is the Monthly payout frequency.
• The Forward Annual Dividend is pegged at $5.37 per unit.
• This translates to a Forward Dividend Yield of 7.47%.
• The December 2025 declared cash distribution was $0.196670 per unit.
• The previous distribution amount was 35.67c.
• The Payout Ratio stands at a high 97.10%, showing nearly all distributable income is passed through.
• The 1-Year Dividend Growth rate shows a decline of -15.99% as of late 2025.

The cash flow underpinning these distributions for the December 2025 payment reflected preliminary September 2025 oil production of approximately 28,904 barrels at about $64.19 per barrel, and August 2025 gas production of approximately 796,698 Mcf at about $2.61 per Mcf. The Trust holds $8.22M in Total Cash as of the last reported quarter.

Energy Sector Exposure Seekers: Investors wanting commodity price exposure without drilling risk.

This segment buys into the underlying asset base-oil and gas properties across Florida, Louisiana, Mississippi, New Mexico, Oklahoma, and Texas-without taking on the operational risk of exploration or production. They are purely passive recipients of the royalty income generated from those properties. Their exposure is directly tied to the realized prices of oil and gas, as seen in the preliminary prices used for the December 2025 distribution.

Retail and Institutional Unitholders: Diverse ownership base, with institutions holding about 14.68% of the float.

The ownership structure shows a mix of individual and professional money managers. The total float for Sabine Royalty Trust (SBR) is approximately 14.58M units. Here's a quick look at the ownership composition based on recent filings:

Ownership Type	Percentage of Shares Outstanding	Approximate Shares Held
Institutions	14.68%	2,250,000 (based on 15.40% figure from one source)
Insiders	3.7%	Not explicitly calculated from float

The institutional base is comprised of 153 entities filing 13D/G or 13F forms, holding a combined total of 2,305,592 shares as of late 2025. The Market Value of the institutional holdings was reported around $177.22M in one filing. The Trust's Market Cap is listed at 1.15B.

Sabine Royalty Trust (SBR) - Canvas Business Model: Cost Structure

The Cost Structure for Sabine Royalty Trust (SBR) is inherently lean because it is a non-operating entity, meaning its primary costs relate to administration and statutory obligations rather than direct operational expenses like drilling or extraction.

Minimal General and Administrative (G&A) Expenses: Low overhead is a defining characteristic due to the pass-through nature of the Trust. For the three months ended in September 2025, Selling, General, & Admin. expense was reported as $0.93 Mil. The trailing twelve months (TTM) ending September 2025 showed total Selling, General, & Admin. expense of $4.17 Mil. The Trust has no operations; it merely passes through royalties.

Trustee and Administrative Fees are paid to Argent Trust Company for managing the Trust. These costs are a fixed and variable component of the overall administrative burden. For the calendar year 2025, the estimated breakdown of these administrative costs includes:

• Argent's Administration Expenses estimated at $1,855,000.
• A bonus fee to Argent of $92,200.
• Total fees payable to Argent estimated around $2,650,000 for 2025.

Ad Valorem Taxes represent property taxes levied on the underlying mineral interests, which are a significant, variable cost deducted before distributions. The deduction for the December 2025 distribution was $457,000 for 2025 Ad Valorem taxes. This compares to a deduction of $1,624,000 in December 2024, showing a substantial year-over-year reduction in that specific month's tax outlay.

Legal and Accounting Fees are necessary expenditures to maintain compliance and provide financial oversight for the unit holders. Specific components of the 2025 estimated administrative costs include:

Cost Component	Estimated Amount for Calendar Year 2025
Legal Fees	Approximately $195,700
Ad Valorem Taxes (December 2025 Deduction)	$457,000
Ad Valorem Taxes (November 2025 Deduction)	$942,000
Ad Valorem Taxes (December 2024 Deduction)	$1,624,000

Other administrative costs factored into the 2025 estimates include unitholder and printing services of approximately $81,300, and miscellaneous expenses of approximately $9,300.

Finance: review the November 2025 Ad Valorem tax deduction against the December 2025 figure by Monday.

Sabine Royalty Trust (SBR) - Canvas Business Model: Revenue Streams

The revenue streams for Sabine Royalty Trust (SBR) are straightforward, stemming entirely from its mineral and royalty interests in oil and gas properties. You see this reflected in the trust's extremely high gross margins, which approach 100.00%.

Oil Royalty Income

• The largest component, historically around 67% of total revenue.
• For context on the underlying revenue drivers, the December 2025 distribution reflected September 2025 oil production of approximately 28,904 barrels at a preliminary price of \$64.19 per barrel.

Gas Royalty Income

• This makes up the remaining portion, historically around 33% of total revenue.
• The December 2025 distribution reflected August 2025 gas production of approximately 796,698 Mcf at a preliminary price of \$2.61 per Mcf.

Interest Income

This is minimal income earned on cash reserves held prior to the monthly distribution cycle. For the first quarter of 2025, the interest income earned for the three months ended March 31, 2025, was \$106,960.

Total LTM Revenue

The Trailing Twelve Months (LTM) revenue as of September 30, 2025, was reported at \$83.43 million. This LTM revenue resulted in a Net Income of \$79.26 million over the same period.

Here's a quick look at the key revenue-related financial figures we have:

Metric	Amount/Value	Period/Date
Total LTM Revenue	\$83.43 million	As of September 30, 2025
Interest Income	\$106,960	Q1 2025 (Three months ended March 31, 2025)
Oil Royalty Income (Historical Share)	67%	Historical Proportion
Gas Royalty Income (Historical Share)	33%	Historical Proportion
Preliminary Oil Price	\$64.19 per barrel	September 2025 Production (Reflected in Dec 2025 Dist.)
Preliminary Gas Price	\$2.61 per Mcf	August 2025 Production (Reflected in Dec 2025 Dist.)

You should note that the Trust's distributable income calculation for any given month is royalty income plus interest income, less expenses, and adjusted for cash reserve changes. For instance, the Q1 2025 distributable income was \$18,146,483.