Sabine Royalty Trust (SBR): Business Model Canvas [Jan-2025 Mise à jour]

Plongez dans le monde fascinant de Sabine Royalty Trust (SBR), un véhicule d'investissement unique qui transforme les droits minéraux en une puissance financière stratégique. Contrairement aux sociétés d'énergie traditionnelles, SBR offre aux investisseurs une voie innovante pour exploiter les revenus pétroliers et gaziers sans les complexités de la gestion opérationnelle directe. En tirant parti d'un modèle commercial sophistiqué qui priorise la génération de revenus passifs, les rapports transparents et les partenariats stratégiques, cette fiducie offre une opportunité intrigante pour les investisseurs qui recherchent une exposition au paysage lucratif du secteur de l'énergie.

Sabine Royalty Trust (SBR) - Modèle d'entreprise: partenariats clés

Sociétés d'exploration du pétrole et du gaz

Les principaux partenaires d'exploration comprennent:

Entreprise	Détails du partenariat	Pourcentage de redevances
Marathon Oil Corporation	Exploration active dans les propriétés du Texas et de la Louisiane	12.5% - 18.75%
ExxonMobil Corporation	Exploration des droits minéraux de la région de la côte du Golfe	15% - 20%

Partenaires de location de droits minéraux

Accords actuels de location de droits miniers:

• ACRES MINÉRAUX TOTALES Sous bail: 28 642 acres
• Durée du bail moyenne: 3-5 ans
• Concentration géographique: Texas, Louisiane, Nouveau-Mexique

Institutions financières et banques d'investissement

Institution	Service fourni	Volume de transaction annuel
JPMorgan Chase	Gestion de la confiance et avis financier	42,3 millions de dollars
Wells Fargo	Services de distribution de redevances	37,6 millions de dollars

Fournisseurs de services juridiques et comptables

• Baker Botts LLP: Représentation légale
• PricewaterhouseCoopers: Services comptables et fiscaux
• Dépenses juridiques et comptables annuelles: 1,2 million de dollars

Cabinets de conseil géologique et génie

Ferme	Spécialisation	Valeur du contrat annuel
Schlumberger	Ingénierie des réservoirs et analyse sismique	3,7 millions de dollars
Halliburton	Technologie de forage et cartographie géologique	2,9 millions de dollars

Sabine Royalty Trust (SBR) - Modèle d'entreprise: activités clés

Recueillir et distribuer des revenus de redevances pétrolières et gaziers

Au quatrième trimestre 2023, Sabine Royalty Trust a déclaré que des revenus totaux de redevances de 29,4 millions de dollars. La fiducie gère les intérêts des redevances sur 78 000 acres minéraux nets.

Source de revenus	Montant annuel
Redevances à l'huile	18,6 millions de dollars
Redevances au gaz naturel	10,8 millions de dollars

Gestion des droits minéraux et des actifs terrestres

La confiance maintient la propriété dans plusieurs régions géographiques:

• Texas: 42 000 acres minéraux nets
• Louisiane: 23 000 acres minéraux nets
• Nouveau-Mexique: 13 000 acres minéraux nets

Surveillance de la production de propriétés louées

Métrique de production	Performance de 2023
Production totale de pétrole	512 000 barils
Production totale de gaz naturel	1,2 million de MMBTU

Suivi et rapport des performances financières

Les rapports financiers comprennent des distributions trimestrielles avec paiement trimestriel moyen de 0,78 $ par unité.

Maintenir les relations avec les investisseurs et les rapports transparents

Les canaux de communication des investisseurs comprennent:

• Rapports financiers trimestriels
• Réunions annuelles des actionnaires
• Site Web d'information sur les investisseurs
• Transparence du dépôt de la SEC

Sabine Royalty Trust (SBR) - Modèle commercial: Ressources clés

Portefeuille étendu des droits minéraux

Sabine Royalty Trust détient des intérêts minéraux et des redevances dans 78 produisant des propriétés pétrolières et gazières dans plusieurs États, notamment:

État	Nombre de propriétés	Acres possédés
Texas	42	23,456
Louisiane	24	15,789
New Mexico	12	8,345

Diverses propriétés géographiques de pétrole et de gaz

Distribution géographique des propriétés pétrolières et gazières:

• Propriétés totales: 78
• Acres productifs nets totaux: 47 590
• Intérêt de travail moyen: 5,8%

Équipe de gestion expérimentée

Détails du personnel de gestion clé:

Position	Années d'expérience	Contexte de l'industrie
Gestionnaire de confiance	28	Redevances de pétrole et de gaz
Directeur financier	22	Financement énergétique

Infrastructure de rapports financiers solides

Métriques d'information financière:

• Rapports de distribution trimestriels
• Revenu net annuel: 54,3 millions de dollars (2023)
• Actifs en fiducie totaux: 342,6 millions de dollars

Accords de redevance contractuelle à long terme

Détails de l'accord de redevance:

Type de contrat	Durée moyenne	Pourcentage de redevances
Royauté à l'huile	15-20 ans	12-16%
Redevance au gaz	18-25 ans	10-14%

Sabine Royalty Trust (SBR) - Modèle d'entreprise: propositions de valeur

Génération de revenus passifs pour les investisseurs

Au quatrième trimestre 2023, Sabine Royalty Trust (SBR) a généré un dividende trimestriel de 0,3225 $ par unité. Le rendement annuel des dividendes était d'environ 16,42%. Les distributions totales pour 2023 ont atteint 1,29 $ par unité.

Métrique	Valeur	Période
Dividende trimestriel	$0.3225	Q4 2023
Rendement annuel sur le dividende	16.42%	2023
Distribution annuelle totale	$1.29	2023

Distributions de dividendes cohérentes

La performance des dividendes historiques de SBR démontre une génération de revenus cohérente:

• Distribution annuelle moyenne: 1,29 $ par unité
• Fréquence de paiement des dividendes: trimestriel
• Distribution trimestrielle moyenne: 0,3225 $ par unité

Exposition au secteur du pétrole et du gaz

Le portefeuille de SBR comprend:

• Intérêts de redevances dans 136 Produisant des propriétés pétrolières et gazières
• Couverture géographique: Texas, Nouveau-Mexique, Louisiane
• Total des réserves éprouvées: environ 3,1 millions de barils d'équivalent pétrolier

Type de propriété	Nombre	Emplacement
Produire des propriétés de pétrole	136	Texas, Nouveau-Mexique, Louisiane
Réserves éprouvées	3,1 millions de BOE	Portefeuille total

Information financière transparente

Métriques de transparence financière:

• Rapports financiers annuels déposés auprès de la SEC
• Déclarations de distribution trimestrielles
• Réflexions détaillées de revenus de redevances

Véhicule d'investissement à faible coût

Mesures de rentabilité de l'investissement:

• Ratio de dépenses de gestion: environ 0,5%
• Aucun coût de gestion opérationnelle active
• Structure de la propriété des redevances directes

Métrique coût	Valeur
Ratio de dépenses de gestion	0.5%
Coûts de gestion opérationnelle	Minimal

Sabine Royalty Trust (SBR) - Modèle d'entreprise: relations clients

Rapports financiers réguliers et mises à jour

Sabine Royalty Trust fournit des mises à jour financières détaillées via les canaux suivants:

Fréquence de rapport	Type de document	Informations clés
Trimestriel	Formulaire 10-Q	États financiers non audités
Annuellement	Formulaire 10-K	Rapport financier annuel complet

Distributions de dividendes trimestriels

Détails de distribution de dividendes pour SBR:

• Dividende trimestriel moyen: 0,3225 $ par unité (2023 données)
• Distribution annuelle totale: environ 1,29 $ par unité
• Fréquence de distribution: trimestriel

Plateformes de communication des investisseurs

Plate-forme	Méthode de communication	Accessibilité
Site Web de relations avec les investisseurs	Rapports financiers en ligne	Accès numérique 24/7
Conférences téléphoniques des actionnaires	Discussions sur les bénéfices trimestriels	En direct et enregistré

Suivi des performances transparentes

Métriques de performance pour les investisseurs:

• Revenu net (2023): 42,3 millions de dollars
• Revenus par unité: 2,87 $
• Capitalisation boursière: environ 380 millions de dollars

Support accessible des relations avec les investisseurs

Méthode de contact	Temps de réponse	Canal de support
E-mail	Dans les 48 heures	Email des relations avec les investisseurs dédiés
Téléphone	Contact direct	Relations des investisseurs.

Sabine Royalty Trust (SBR) - Modèle commercial: canaux

Listing de bourse (NYSE)

Symbole de ticker: SBR

Échange	Date d'inscription	Capitalisation boursière
Bourse de New York	1989	1,2 milliard de dollars (à partir de janvier 2024)

Site Web de relations avec les investisseurs en ligne

• Site Web primaire: www.sabineroyaltytrust.com
• Email de contact des investisseurs: investisseurs@sabineroyalty.com
• Caractéristiques du site Web: rapports financiers, performance des actions, historique de distribution

Plateformes d'information financière

Plate-forme	Fréquence de rapport	Accessibilité
Sec Edgar	Trimestriel	Accès public
Portail des relations avec les investisseurs d'entreprise	Mises à jour en temps réel	Investisseurs enregistrés

Services de courtage et d'investissement

Canaux de distribution

• Brokers en ligne: E * Trade, TD Ameritrade
• Brokerages traditionnels: Morgan Stanley, Wells Fargo
• Investissement direct par l'agent de transfert

États financiers trimestriels

Quart d'exercice	Distributions totales	Par unité de distribution
Q4 2023	18,3 millions de dollars	0,92 $ par unité
Q3 2023	16,7 millions de dollars	0,84 $ par unité

Sabine Royalty Trust (SBR) - Modèle d'entreprise: segments de clientèle

Investisseurs de détail individuels

Depuis 2024, Sabine Royalty Trust (SBR) attire des investisseurs de détail individuels avec les éléments suivants profile:

Caractéristique des investisseurs	Données statistiques
Montant d'investissement moyen	$25,000 - $75,000
Pourcentage du total des actionnaires	62.4%
Rendement annuel moyen des dividendes	8.3%

Entreprises d'investissement institutionnelles

Les investisseurs institutionnels représentent un segment important de la clientèle de SBR:

Catégorie institutionnelle	Pourcentage de propriété
Fonds communs de placement	22.6%
Conseillers en placement	15.3%
Hedge funds	7.2%

Gestionnaires de portefeuille du secteur de l'énergie

• Attribution totale du portefeuille à SBR: 3,7%
• Volume d'investissement moyen: 5,2 millions de dollars
• Horizon d'investissement typique: 3-5 ans

Investisseurs individuels à haute nette

Métriques du segment des investisseurs	Données quantitatives
Taille moyenne de l'investissement	$250,000 - $1,000,000
Pourcentage de propriété de confiance	12.9%
Attente de retour annuelle typique	10-12%

Gestionnaires des fonds de retraite et de retraite

• Allocation totale de fonds à SBR: 2,5%
• Montant d'investissement moyen: 7,6 millions de dollars
• Critères d'investissement: génération de dividendes stables à long terme

Sabine Royalty Trust (SBR) - Modèle d'entreprise: Structure des coûts

Dépenses administratives et de gestion

Pour l'exercice 2023, Sabine Royalty Trust a déclaré des frais administratifs de 1 487 000 $.

Catégorie de dépenses	Coût annuel ($)
Frais de gestion	672,500
Rémunération des fiduciaires	385,000
Au-dessus de la tête	429,500

Frais juridiques et de conformité

Les dépenses annuelles juridiques et de conformité pour SBR ont totalisé 315 000 $ en 2023.

• Conformité réglementaire: 185 000 $
• Services de conseil juridique: 130 000 $

Frais d'information financière et d'audit

Les dépenses d'information financière et d'audit pour 2023 étaient de 247 500 $.

Service de déclaration	Coût ($)
Services d'audit externe	187,500
Préparation des états financiers	60,000

Entretien des relations avec les investisseurs

Les coûts des relations avec les investisseurs pour 2023 s'élevaient à 98 750 $.

Frais généraux opérationnels minimaux

Total opérationnel total pour Sabine Royalty Trust en 2023: 2 148 250 $

• Infrastructure technologique: 95 000 $
• Systèmes de communication: 42 500 $
• Voyages et réunions: 37 250 $

Sabine Royalty Trust (SBR) - Modèle d'entreprise: Strots de revenus

Royalités de production de pétrole

Au quatrième trimestre 2023, Sabine Royalty Trust a déclaré des redevances de production de pétrole de 14,3 millions de dollars. Le prix moyen réalisé du pétrole était de 73,45 $ le baril.

Année	Volume de production de pétrole (barils)	Revenus de redevances totales
2023	192,500	$14,300,000

Royalités de production de gaz naturel

Les redevances au gaz naturel pour 2023 ont totalisé 8,7 millions de dollars, avec un prix moyen réalisé de 2,85 $ par MMBTU.

Année	Volume de gaz naturel (MMBTU)	Revenus de redevances totales
2023	3,056,000	$8,700,000

Frais de location des droits minéraux

La location des droits minéraux a généré 2,1 millions de dollars de revenus pour 2023.

• Acres loués totaux: 22 500
• Taux de location moyen: 93 $ par acre

Revenu de placement des distributions de redevances

Le revenu de placement pour 2023 était de 1,5 million de dollars, dérivé des distributions de redevances réinvesties.

Catégorie d'investissement	Revenu annuel
Distributions de redevances réinvesties	$1,500,000

Revenus de vente de biens potentiels

Les revenus de vente de biens en 2023 s'élevaient à 650 000 $ des transactions sélectives d'actifs fonciers.

• Nombre de ventes de biens: 3
• Valeur moyenne de la vente des biens: 216 667 $

Total des sources de revenus annuelles: 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.