Sabine Royalty Trust (SBR): Modelo de Negócios Canvas [Jan-2025 Atualizado]

Mergulhe no fascinante mundo do Sabine Royalty Trust (SBR), um veículo de investimento único que transforma os direitos minerais em uma potência financeira estratégica. Ao contrário das empresas de energia tradicionais, a SBR oferece aos investidores um caminho inovador para aproveitar as receitas de petróleo e gás sem as complexidades do gerenciamento operacional direto. Ao alavancar um modelo de negócios sofisticado que prioriza a geração de renda passiva, relatórios transparentes e parcerias estratégicas, essa confiança oferece uma oportunidade intrigante para investidores que buscam exposição ao cenário lucrativo do setor de energia.

Sabine Royalty Trust (SBR) - Modelo de negócios: Parcerias -chave

Empresas de exploração de petróleo e gás

Os principais parceiros de exploração incluem:

Empresa	Detalhes da parceria	Porcentagem de royalties
Marathon Oil Corporation	Exploração ativa nas propriedades do Texas e Louisiana	12.5% - 18.75%
ExxonMobil Corporation	Exploração dos Direitos Minerais da Região da Costa do Golfo	15% - 20%

Parceiros de arrendamento de direitos minerais

Acordos atuais de arrendamento de direitos minerais:

• Total de acres minerais sob arrendamento: 28.642 acres
• Duração média do arrendamento: 3-5 anos
• Concentração geográfica: Texas, Louisiana, Novo México

Instituições financeiras e bancos de investimento

Instituição	Serviço prestado	Volume anual de transações
JPMorgan Chase	Gerenciamento de confiança e consultoria financeira	US $ 42,3 milhões
Wells Fargo	Serviços de distribuição de royalties	US $ 37,6 milhões

Provedores de serviços legais e de contabilidade

• Baker Botts LLP: representação legal
• PricewaterhouseCoopers: serviços de contabilidade e impostos
• Despesas legais e contábeis anuais: US $ 1,2 milhão

Empresas de consultoria geológica e de engenharia

Empresa	Especialização	Valor anual do contrato
Schlumberger	Reservatório de engenharia e análise sísmica	US $ 3,7 milhões
Halliburton	Tecnologia de perfuração e mapeamento geológico	US $ 2,9 milhões

Sabine Royalty Trust (SBR) - Modelo de negócios: Atividades -chave

Coletando e distribuindo receitas de royalties de petróleo e gás

A partir do quarto trimestre de 2023, a Sabine Royalty Trust registrou receitas totais de royalties de US $ 29,4 milhões. O Trust gerencia os interesses de royalties em 78.000 acres minerais líquidos.

Fonte de receita	Valor anual
Royalties de petróleo	US $ 18,6 milhões
Royalties de gás natural	US $ 10,8 milhões

Gerenciando direitos minerais e ativos terrestres

A confiança mantém a propriedade em várias regiões geográficas:

• Texas: 42.000 acres minerais líquidos
• Louisiana: 23.000 acres minerais líquidos
• Novo México: 13.000 acres minerais líquidos

Monitorando a produção de propriedades arrendadas

Métrica de produção	2023 desempenho
Produção total de petróleo	512.000 barris
Produção total de gás natural	1,2 milhão de MMBTU

Rastreando e relatando o desempenho financeiro

Relatórios financeiros incluem distribuições trimestrais com Pagamento médio trimestral de US $ 0,78 por unidade.

Manter as relações com investidores e relatórios transparentes

Os canais de comunicação dos investidores incluem:

• Relatórios financeiros trimestrais
• Reuniões anuais de acionistas
• Site de informações do investidor
• Sec Arquivando transparência

Sabine Royalty Trust (SBR) - Modelo de negócios: Recursos -chave

Extenso portfólio de direitos minerais

A Sabine Royalty Trust possui interesses minerais e royalties na produção de propriedades de petróleo e gás em vários estados, incluindo:

Estado	Número de propriedades	Acres de propriedade
Texas	42	23,456
Louisiana	24	15,789
Novo México	12	8,345

Diversas propriedades geográficas de petróleo e gás

Distribuição geográfica das propriedades de petróleo e gás:

• Propriedades totais: 78
• Acres produtivos líquidos totais: 47.590
• Juros de trabalho médios: 5,8%

Equipe de gerenciamento experiente

Detalhes do pessoal de gerenciamento -chave:

Posição	Anos de experiência	Antecedentes da indústria
Gerente de confiança	28	Royalties de petróleo e gás
Diretor financeiro	22	Financiamento energético

Forte infraestrutura de relatórios financeiros

Métricas de relatórios financeiros:

• Relatórios trimestrais de distribuição
• Lucro líquido anual: US $ 54,3 milhões (2023)
• Total de ativos de confiança: US $ 342,6 milhões

Acordos de royalties contratuais de longo prazo

Detalhes do contrato de royalties:

Tipo de contrato	Duração média	Porcentagem de royalties
Royalty do petróleo	15-20 anos	12-16%
Royalty a gás	18-25 anos	10-14%

Sabine Royalty Trust (SBR) - Modelo de Negócios: Proposições de Valor

Geração de renda passiva para investidores

No quarto trimestre 2023, a Sabine Royalty Trust (SBR) gerou um dividendo trimestral de US $ 0,3225 por unidade. O rendimento anual de dividendos foi de aproximadamente 16,42%. As distribuições totais para 2023 atingiram US $ 1,29 por unidade.

Métrica	Valor	Período
Dividendo trimestral	$0.3225	Q4 2023
Rendimento anual de dividendos	16.42%	2023
Distribuição anual total	$1.29	2023

Distribuições de dividendos consistentes

O desempenho histórico de dividendos da SBR demonstra geração de renda consistente:

• Distribuição anual média: US $ 1,29 por unidade
• Frequência de pagamento de dividendos: trimestralmente
• Distribuição trimestral média: US $ 0,3225 por unidade

Exposição ao setor de petróleo e gás

O portfólio da SBR inclui:

• Interesses de royalties em 136 Produção de propriedades de petróleo e gás
• Cobertura geográfica: Texas, Novo México, Louisiana
• Reservas comprovadas totais: aproximadamente 3,1 milhões de barris de petróleo equivalente

Tipo de propriedade	Número	Localização
Produzindo propriedades de petróleo	136	Texas, Novo México, Louisiana
Reservas comprovadas	3,1 milhões de boe	Portfólio total

Relatórios financeiros transparentes

Métricas de transparência financeira:

• Relatórios financeiros anuais arquivados na Sec
• Declarações de distribuição trimestrais
• Detalhadas de receita de royalties

Veículo de investimento de baixo custo

Métricas de eficiência de custo de investimento:

• Taxa de despesas de gerenciamento: aproximadamente 0,5%
• Sem custos de gerenciamento operacional ativo
• Estrutura direta de propriedade da royalties

Métrica de custo	Valor
Razão de despesas de gerenciamento	0.5%
Custos de gerenciamento operacional	Mínimo

Sabine Royalty Trust (SBR) - Modelo de Negócios: Relacionamentos do Cliente

Relatórios financeiros regulares e atualizações

Sabine Royalty Trust fornece atualizações financeiras detalhadas através dos seguintes canais:

Frequência de relatório	Tipo de documento	Informações -chave
Trimestral	Formulário 10-Q	Demonstrações financeiras não auditadas
Anualmente	Formulário 10-K	Relatório Financeiro Anual abrangente

Distribuições trimestrais de dividendos

Detalhes de distribuição de dividendos para SBR:

• Dividendo médio trimestral: US $ 0,3225 por unidade (2023 dados)
• Distribuição anual total: aproximadamente US $ 1,29 por unidade
• Frequência de distribuição: trimestralmente

Plataformas de comunicação de investidores

Plataforma	Método de comunicação	Acessibilidade
Site de Relações com Investidores	Relatórios financeiros online	Acesso digital 24/7
Chamadas de conferência dos acionistas	Discussões trimestrais dos ganhos	Ao vivo e gravado

Rastreamento de desempenho transparente

Métricas de desempenho para investidores:

• Lucro líquido (2023): US $ 42,3 milhões
• Receita por unidade: US $ 2,87
• Capitalização de mercado: aproximadamente US $ 380 milhões

Suporte de relações com investidores acessíveis

Método de contato	Tempo de resposta	Canal de suporte
E-mail	Dentro de 48 horas	Email de relações com investidores dedicados
Telefone	Contato direto	Helpline das relações com investidores

Sabine Royalty Trust (SBR) - Modelo de Negócios: Canais

Listagem da Bolsa de Valores (NYSE)

Símbolo do ticker: sbr

Intercâmbio	Data de listagem	Capitalização de mercado
Bolsa de Valores de Nova York	1989	US $ 1,2 bilhão (em janeiro de 2024)

Site de relações com investidores online

• Site primário: www.sabineroyaltytrust.com
• Entre em contato com o e -mail do investidor: investores@sabineroyalty.com
• Recursos do site: relatórios financeiros, desempenho das ações, histórico de distribuição

Plataformas de relatórios financeiros

Plataforma	Frequência de relatório	Acessibilidade
Sec Edgar	Trimestral	Acesso público
Portal de Relações com Investidores da Empresa	Atualizações em tempo real	Investidores registrados

Corretagem e serviços de investimento

Canais de distribuição

• Corretores on -line: E*Trade, TD Ameritrade
• Corretas tradicionais: Morgan Stanley, Wells Fargo
• Investimento direto através do agente de transferência

Demonstrações financeiras trimestrais

Trimestre fiscal	Distribuições totais	Por unidade de distribuição
Q4 2023	US $ 18,3 milhões	US $ 0,92 por unidade
Q3 2023	US $ 16,7 milhões	US $ 0,84 por unidade

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

Investidores de varejo individuais

A partir de 2024, Sabine Royalty Trust (SBR) atrai investidores de varejo individuais com o seguinte profile:

Característica do investidor	Dados estatísticos
Valor médio de investimento	$25,000 - $75,000
Porcentagem do total de acionistas	62.4%
Rendimento médio de dividendos anuais	8.3%

Empresas de investimento institucional

Os investidores institucionais representam um segmento significativo da base de clientes da SBR:

Categoria institucional	Porcentagem de propriedade
Fundos mútuos	22.6%
Consultores de investimento	15.3%
Fundos de hedge	7.2%

Gerentes de portfólio do setor de energia

• Alocação total de portfólio para SBR: 3,7%
• Volume médio de investimento: US $ 5,2 milhões
• Horizonte de investimento típico: 3-5 anos

Investidores individuais de alta rede

Métricas de segmento de investidores	Dados quantitativos
Tamanho médio de investimento	$250,000 - $1,000,000
Porcentagem de propriedade de confiança	12.9%
Expectativa típica de retorno anual	10-12%

Gestores de fundos de aposentadoria e pensão

• Alocação total de fundos para SBR: 2,5%
• Valor médio de investimento: US $ 7,6 milhões
• Critérios de investimento: geração de dividendos estáveis ​​e de longo prazo

Sabine Royalty Trust (SBR) - Modelo de negócios: estrutura de custos

Despesas administrativas e de gerenciamento

Para o ano fiscal de 2023, a Sabine Royalty Trust registrou despesas administrativas de US $ 1.487.000.

Categoria de despesa	Custo anual ($)
Taxas de gerenciamento	672,500
Compensação do administrador	385,000
OVERSO DE ESCRITÓRIO	429,500

Custos legais e de conformidade

As despesas anuais de conformidade e conformidade da SBR totalizaram US $ 315.000 em 2023.

• Conformidade regulatória: US $ 185.000
• Serviços de Consultoria Jurídica: US $ 130.000

Relatórios financeiros e taxas de auditoria

Relatórios financeiros e despesas de auditoria para 2023 foram de US $ 247.500.

Serviço de relatório	Custo ($)
Serviços de auditoria externa	187,500
Preparação de demonstrações financeiras	60,000

Manutenção de relações com investidores

Os custos de relações com investidores para 2023 totalizaram US $ 98.750.

Overcarga operacional mínima

Overtério operacional total para Sabine Royalty Trust em 2023: US $ 2.148.250

• Infraestrutura de tecnologia: US $ 95.000
• Sistemas de comunicação: US $ 42.500
• Viagem e reuniões: US $ 37.250

Sabine Royalty Trust (SBR) - Modelo de negócios: fluxos de receita

Royalties de produção de petróleo

A partir do quarto trimestre de 2023, a Sabine Royalty Trust registrou royalties de produção de petróleo de US $ 14,3 milhões. O preço médio realizado no petróleo foi de US $ 73,45 por barril.

Ano	Volume de produção de petróleo (barris)	Receita total de royalties
2023	192,500	$14,300,000

Royalties de produção de gás natural

Os royalties de gás natural para 2023 totalizaram US $ 8,7 milhões, com um preço médio percebido de US $ 2,85 por MMBTU.

Ano	Volume de gás natural (MMBTU)	Receita total de royalties
2023	3,056,000	$8,700,000

Taxas de leasing de direitos minerais

O leasing de direitos minerais gerou US $ 2,1 milhões em receita para 2023.

• Total de acres arrendados: 22.500
• Taxa de arrendamento médio: US $ 93 por acre

Renda de investimento de distribuições de royalties

A receita de investimento para 2023 foi de US $ 1,5 milhão, derivada de distribuições de royalties reinvestidas.

Categoria de investimento	Renda anual
Distribuições de royalties reinvestidas	$1,500,000

Receita potencial de venda de propriedades

As receitas de venda de propriedades em 2023 totalizaram US $ 650.000 de transações seletivas de ativos terrestres.

• Número de vendas de propriedades: 3
• Valor médio de venda de propriedades: US $ 216.667

Fluxos anuais totais de receita: US $ 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.