Fideicomiso Sabine Royalty (SBR): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

Sumerja el fascinante mundo de Sabine Royalty Trust (SBR), un vehículo de inversión único que transforma los derechos minerales en una potencia financiera estratégica. A diferencia de las compañías de energía tradicionales, SBR ofrece a los inversores una vía innovadora para aprovechar los ingresos por petróleo y gas sin las complejidades de la gestión operativa directa. Al aprovechar un modelo de negocio sofisticado que prioriza la generación de ingresos pasivos, los informes transparentes y las asociaciones estratégicas, este fideicomiso brinda una oportunidad intrigante para los inversores que buscan exposición al paisaje lucrativo del sector energético.

Sabine Royalty Trust (SBR) - Modelo de negocios: asociaciones clave

Empresas de exploración de petróleo y gas

Los socios de exploración clave incluyen:

Compañía	Detalles de la asociación	Porcentaje de regalías
Marathon Oil Corporation	Exploración activa en Texas y Louisiana Properties	12.5% - 18.75%
ExxonMobil Corporation	Exploración de derechos minerales de la región de la costa del Golfo	15% - 20%

Socios de arrendamiento de derechos minerales

Contratos de arrendamiento de derechos minerales actuales:

• Acres minerales totales bajo arrendamiento: 28,642 acres
• Duración promedio de arrendamiento: 3-5 años
• Concentración geográfica: Texas, Louisiana, Nuevo México

Instituciones financieras y bancos de inversión

Institución	Servicio proporcionado	Volumen de transacción anual
JPMorgan Chase	Gestión de la confianza y asesoramiento financiero	$ 42.3 millones
Wells Fargo	Servicios de distribución de regalías	$ 37.6 millones

Proveedores de servicios legales y contables

• Baker Botts LLP: Representación legal
• PricewaterhouseCoopers: Servicios de contabilidad e impuestos
• Gastos legales y contables anuales: $ 1.2 millones

Empresas de consultoría geológica e ingeniería

Firme	Especialización	Valor anual del contrato
Schlumberger	Ingeniería de embalses y análisis sísmico	$ 3.7 millones
Halliburton	Tecnología de perforación y mapeo geológico	$ 2.9 millones

Sabine Royalty Trust (SBR) - Modelo de negocio: actividades clave

Recolectar y distribuir ingresos por regalías de petróleo y gas

A partir del cuarto trimestre de 2023, Sabine Royalty Trust reportó ingresos totales de regalías de $ 29.4 millones. El fideicomiso gestiona los intereses de regalías en 78,000 acres minerales netos.

Fuente de ingresos	Cantidad anual
Regalías petroleras	$ 18.6 millones
Regalías de gas natural	$ 10.8 millones

Administración de derechos minerales y activos de tierras

El fideicomiso mantiene la propiedad en múltiples regiones geográficas:

• Texas: 42,000 acres minerales netos
• Louisiana: 23,000 acres minerales netos
• Nuevo México: 13,000 acres minerales netos

Monitoreo de la producción a partir de propiedades arrendadas

Métrica de producción	2023 rendimiento
Producción total de petróleo	512,000 barriles
Producción total de gas natural	1.2 millones de mmbtu

Seguimiento e informes de desempeño financiero

La información financiera incluye distribuciones trimestrales con pago trimestral promedio de $ 0.78 por unidad.

Mantener las relaciones con los inversores y los informes transparentes

Los canales de comunicación de los inversores incluyen:

• Informes financieros trimestrales
• Reuniones anuales de accionistas
• Sitio web de información de inversores
• SEC que presenta transparencia

Sabine Royalty Trust (SBR) - Modelo de negocio: recursos clave

Cartera extensa de derechos minerales

Sabine Royalty Trust posee intereses minerales y de regalías en 78 propiedades de petróleo y gas en múltiples estados, incluyendo:

Estado	Número de propiedades	Acres de propiedad
Texas	42	23,456
Luisiana	24	15,789
Nuevo Méjico	12	8,345

Diversas propiedades geográficas de propiedades de petróleo y gas

Distribución geográfica de propiedades de petróleo y gas:

• Propiedades totales: 78
• Acres productivos netos totales: 47,590
• Interés laboral promedio: 5.8%

Equipo de gestión experimentado

Detalles del personal de gestión clave:

Posición	Años de experiencia	Antecedentes de la industria
Gerente de confianza	28	Royalias de petróleo y gas
Director financiero	22	Finanzas energéticas

Infraestructura de informes financieros sólidos

Métricas de informes financieros:

• Informes de distribución trimestrales
• Ingresos netos anuales: $ 54.3 millones (2023)
• Activos totales de fideicomiso: $ 342.6 millones

Acuerdos de regalías contractuales a largo plazo

Detalles del acuerdo de regalías:

Tipo de contrato	Duración promedio	Porcentaje de regalías
Regalías petroleras	15-20 años	12-16%
Regalía de gas	18-25 años	10-14%

Sabine Royalty Trust (SBR) - Modelo de negocio: propuestas de valor

Generación de ingresos pasivos para inversores

A partir del cuarto trimestre de 2023, Sabine Royalty Trust (SBR) generó un dividendo trimestral de $ 0.3225 por unidad. El rendimiento anual de dividendos fue de aproximadamente el 16,42%. Las distribuciones totales para 2023 alcanzaron $ 1.29 por unidad.

Métrico	Valor	Período
Dividendo trimestral	$0.3225	P4 2023
Rendimiento de dividendos anuales	16.42%	2023
Distribución anual total	$1.29	2023

Distribuciones de dividendos consistentes

El rendimiento de dividendos históricos de SBR demuestra una generación de ingresos consistente:

• Distribución anual promedio: $ 1.29 por unidad
• Frecuencia de pago de dividendos: trimestralmente
• Distribución trimestral promedio: $ 0.3225 por unidad

Exposición al sector de petróleo y gas

La cartera de SBR incluye:

• Intereses de regalías en 136 Productos de propiedades de petróleo y gas
• Cobertura geográfica: Texas, Nuevo México, Louisiana
• Reservas totales probadas: aproximadamente 3.1 millones de barriles de aceite equivalente

Tipo de propiedad	Número	Ubicación
Producción de propiedades de aceite	136	Texas, Nuevo México, Louisiana
Reservas probadas	3.1 millones de boe	Cartera total

Información financiera transparente

Métricas de transparencia financiera:

• Informes financieros anuales presentados ante la SEC
• Declaraciones de distribución trimestrales
• Desgloses detallados de ingresos de regalías

Vehículo de inversión de bajo costo

Métricas de rentabilidad de la inversión:

• Relación de gastos de gestión: aproximadamente 0.5%
• No hay costos activos de gestión operativa
• Estructura de propiedad directa de regalías

Métrico de costo	Valor
Relación de gastos de gestión	0.5%
Costos de gestión operacional	Mínimo

Sabine Royalty Trust (SBR) - Modelo de negocios: relaciones con los clientes

Informes financieros y actualizaciones regulares

Sabine Royalty Trust proporciona actualizaciones financieras detalladas a través de los siguientes canales:

Frecuencia de informes	Tipo de documento	Información clave
Trimestral	Formulario 10-Q	Estados financieros no auditados
Anualmente	Formulario 10-K	Informe financiero anual integral

Distribuciones de dividendos trimestrales

Detalles de distribución de dividendos para SBR:

• Dividendo trimestral promedio: $ 0.3225 por unidad (2023 datos)
• Distribución anual total: aproximadamente $ 1.29 por unidad
• Frecuencia de distribución: trimestralmente

Plataformas de comunicación de inversores

Plataforma	Método de comunicación	Accesibilidad
Sitio web de relaciones con los inversores	Informes financieros en línea	Acceso digital 24/7
Llamadas de conferencia de accionistas	Discusiones de ganancias trimestrales	En vivo y grabado

Seguimiento de rendimiento transparente

Métricas de rendimiento para inversores:

• Ingresos netos (2023): $ 42.3 millones
• Ingresos por unidad: $ 2.87
• Capitalización de mercado: aproximadamente $ 380 millones

Soporte de relaciones con los inversores accesibles

Método de contacto	Tiempo de respuesta	Canal de soporte
Correo electrónico	Dentro de las 48 horas	Correo electrónico dedicado de relaciones con los inversores
Teléfono	Contacto directo	Limpieza de relaciones con los inversores

Sabine Royalty Trust (SBR) - Modelo de negocios: canales

Listado de la Bolsa de Valores (NYSE)

Símbolo de ticker: SBR

Intercambio	Fecha de listado	Capitalización de mercado
Bolsa de Nueva York	1989	$ 1.2 mil millones (a partir de enero de 2024)

Sitio web de relaciones con inversores en línea

• Sitio web principal: www.sabineroyaltytrust.com
• Correo electrónico de contacto con el inversor: inversors@sabineroyalty.com
• Características del sitio web: informes financieros, rendimiento de acciones, historial de distribución

Plataformas de informes financieros

Plataforma	Frecuencia de informes	Accesibilidad
Sec Edgar	Trimestral	Acceso público
Portal de relaciones con inversores de la empresa	Actualizaciones en tiempo real	Inversores registrados

Servicios de corretaje e inversión

Canales de distribución

• Brokers en línea: E*Trade, TD Ameritrade
• Brokeros tradicionales: Morgan Stanley, Wells Fargo
• Inversión directa a través del agente de transferencia

Estados financieros trimestrales

Trimestre fiscal	Distribuciones totales	Por unidad de distribución
P4 2023	$ 18.3 millones	$ 0.92 por unidad
P3 2023	$ 16.7 millones	$ 0.84 por unidad

Sabine Royalty Trust (SBR) - Modelo de negocio: segmentos de clientes

Inversores minoristas individuales

A partir de 2024, Sabine Royalty Trust (SBR) atrae a inversores minoristas individuales con los siguientes profile:

Característica del inversor	Datos estadísticos
Monto promedio de la inversión	$25,000 - $75,000
Porcentaje de accionistas totales	62.4%
Rendimiento de dividendos anuales promedio	8.3%

Empresas de inversión institucional

Los inversores institucionales representan un segmento significativo de la base de clientes de SBR:

Categoría institucional	Porcentaje de propiedad
Fondos mutuos	22.6%
Asesores de inversiones	15.3%
Fondos de cobertura	7.2%

Gerentes de cartera del sector energético

• Asignación total de cartera a SBR: 3.7%
• Volumen de inversión promedio: $ 5.2 millones
• Horizonte de inversión típico: 3-5 años

Inversores individuales de alto nivel de red

Métricas de segmento de inversores	Datos cuantitativos
Tamaño de inversión promedio	$250,000 - $1,000,000
Porcentaje de propiedad de la confianza	12.9%
Expectativa típica de retorno anual	10-12%

Administradores de fondos de jubilación y pensiones

• Asignación total de fondos a SBR: 2.5%
• Monto promedio de la inversión: $ 7.6 millones
• Criterios de inversión: Generación de dividendos estable a largo plazo

Sabine Royalty Trust (SBR) - Modelo de negocio: Estructura de costos

Gastos administrativos y de gestión

Para el año fiscal 2023, Sabine Royalty Trust informó gastos administrativos de $ 1,487,000.

Categoría de gastos	Costo anual ($)
Tarifas de gestión	672,500
Compensación de fideicomisos	385,000
Sobrecarga de la oficina	429,500

Costos legales y de cumplimiento

Los gastos legales y de cumplimiento anuales para SBR totalizaron $ 315,000 en 2023.

• Cumplimiento regulatorio: $ 185,000
• Servicios de asesoramiento legal: $ 130,000

Tarifas de información financiera y auditoría

Los informes financieros y los gastos de auditoría para 2023 fueron de $ 247,500.

Servicio de informes	Costo ($)
Servicios de auditoría externa	187,500
Preparación del estado financiero	60,000

Mantenimiento de relaciones con los inversores

Los costos de relaciones con los inversores para 2023 ascendieron a $ 98,750.

Sobrecarga operativa mínima

Sobrecosidad operativa total para Sabine Royalty Trust en 2023: $ 2,148,250

• Infraestructura tecnológica: $ 95,000
• Sistemas de comunicación: $ 42,500
• Viajes y reuniones: $ 37,250

Sabine Royalty Trust (SBR) - Modelo de negocios: flujos de ingresos

Regalías de producción de petróleo

A partir del cuarto trimestre de 2023, Sabine Royalty Trust informó regalías de producción de petróleo de $ 14.3 millones. El precio promedio de petróleo realizado era de $ 73.45 por barril.

Año	Volumen de producción de aceite (barriles)	Ingresos totales de regalías
2023	192,500	$14,300,000

Regalías de producción de gas natural

Las regalías de gas natural para 2023 totalizaron $ 8.7 millones, con un precio promedio realizado de $ 2.85 por MMBTU.

Año	Volumen de gas natural (MMBTU)	Ingresos totales de regalías
2023	3,056,000	$8,700,000

Tarifas de arrendamiento de derechos minerales

El arrendamiento de derechos minerales generó $ 2.1 millones en ingresos para 2023.

• Acres alquilados totales: 22,500
• Tasa de arrendamiento promedio: $ 93 por acre

Ingresos de inversión de distribuciones de regalías

Los ingresos por inversiones para 2023 fueron de $ 1.5 millones, derivado de distribuciones de regalías reinvertidas.

Categoría de inversión	Renta anual
Distribuciones de regalías reinvertidas	$1,500,000

Ingresos potenciales de venta de propiedades

Los ingresos por venta de propiedades en 2023 ascendieron a $ 650,000 de las transacciones selectivas de activos de tierras.

• Número de ventas de propiedades: 3
• Valor de venta de propiedad promedio: $ 216,667

Flujos de ingresos anuales totales: $ 27,250,000

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.