Sabine Royalty Trust (SBR) investor relations material

Executive summary

• Distributable income for Q1 2026 was $13.0 million ($0.89 per unit), down from $18.1 million ($1.24 per unit) in Q1 2025, primarily due to lower oil and gas production and prices, partially offset by higher natural gas prices and lower expenses.

• Royalty income for Q1 2026 was $14.2 million, a 27% decrease year-over-year, mainly from reduced production and lower oil prices.

• Compared to Q4 2025, royalty income increased 5% due to higher natural gas prices and lower operating expenses, despite lower production and oil prices.

Financial highlights

• Total assets as of March 31, 2026, were $8.3 million, up from $7.6 million at December 31, 2025.

• Trust corpus at quarter-end was $6.9 million, compared to $6.8 million at the start of the quarter.

• General and administrative expenses for Q1 2026 were $1.2 million, down $133,000 year-over-year.

• Distributions per unit for Q1 2026 were $0.321550, $0.283370, and $0.286230 for January, February, and March record dates, respectively.

Outlook and guidance

• The Trust's income and distributions remain highly sensitive to oil and gas prices, which are influenced by global demand, geopolitical tensions, weather, and regulatory factors.

• No material changes to risk factors or forward-looking statements since the last annual report.