Sabine Royalty Trust (SBR) Q3 2025 earnings summary

Executive summary

• Distributable income for Q3 2025 was $24.8 million ($1.70 per unit), up 29% year-over-year, driven by higher oil production and natural gas prices, partially offset by lower oil prices and higher taxes.

• For the nine months ended September 30, 2025, distributable income was $60.7 million ($4.16 per unit), nearly flat compared to the same period in 2024.

• The Trust declared subsequent monthly distributions of $0.368910 and $0.356720 per unit in October and November 2025.

Financial highlights

• Q3 2025 royalty income: $25.5 million, up $5.7 million (29%) from Q3 2024; interest income: $155,561.

• General and administrative expenses for Q3 2025: $926,000, up $66,100 year-over-year.

• Nine-month royalty income: $63.5 million (2025) vs. $63.2 million (2024); interest income: $382,251 (2025) vs. $473,146 (2024).

• Distributions per unit for the nine months: $4.24 (2025) vs. $4.19 (2024).

• Cash and short-term investments at September 30, 2025: $8.2 million, down from $9.2 million at year-end 2024.

Outlook and guidance

• Distributable income and distributions remain highly sensitive to oil and gas prices, which are subject to significant volatility due to geopolitical, economic, and weather-related factors.

• No material changes to risk factors or critical accounting policies during the period.