3rd Quarter (SRT 3Q2025)

Quarter Report

2025

3

rd

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abine Royalty Trust (the "Trust") makes monthly distributions to the holders of units of beneficial interest

in the Trust ("Units") of the excess of the preceding month's

royalty income received over expenses incurred. Upon receipt,

for the periods discussed above and the related oil and gas production volume:

Quarter Ended September 30, September 30, June 30,

royalty income is invested in short-term investments until

Production

2025 2024 2025

properties. Although the Trust is permitted to borrow funds if necessary to continue its operations, borrowings are not anticipated in the foreseeable future.

Distributable income consists of royalty income plus

Production

Nine Months Ended September 30, 2025 September 30, 2024

interest income plus any decrease in cash reserves established by the Trustee less general and administrative expenses

of the Trust less any increase in cash reserves established by the Trustee. Distributable income for the three months

ended September 30, 2025, was $24,752,168, or $1.70 per unit. Royalty income for the three months ended September 30, 2025, amounted to $25,522,605 while interest income was

$155,561. General and administrative expenses totaled

$925,998 for the three months ended September 30, 2025.

Distributions during the period were $0.345930, $0.744730, and $0.584110 per Unit payable to Unit holders of record on July 15, August 15, and September 15, 2025, respectively.

Royalty income for the quarter ended September 30, 2025, increased approximately $5,738,000, or 29%, compared with the third quarter of 2024. This increase was primarily due to an increase in oil production ($4.2 million), increase in natural gas prices ($4.1 million), and lower operating expenses ($0.1 million), partially offset by lower natural gas production ($0.6 million), lower oil prices ($1.9 million), and higher production taxes and ad valorem taxes ($0.2 million).

Compared to the preceding quarter ended June 30, 2025, royalty income increased approximately $6,939,000, or 37%, due mainly to increased oil and natural gas production ($9.1 million), partially offset by lower natural gas prices ($2.0 million), and higher production taxes and ad valorem taxes ($0.2 million).

Royalty income for the nine months ended September 30,

2025, increased approximately $350,000, or 1%, compared to the same 2024 period. This increase was primarily the result of higher oil production ($2.3 million), higher natural gas prices ($7.5 million), a one-time miscellaneous receipts distribution recognized in the first quarter of 2025 ($0.7 million), lower operating expenses ($0.4 million), and lower production taxes and ad valorem taxes ($0.3 million). This increase was partially offset by lower natural gas production ($2.7 million), and lower oil prices ($8.2 million).

The following tables illustrate average prices received

Oil (Bbls) 635,883 601,332

Gas (Mcfs) 10,498,761 11,490,966

Average Price

Oil (per Bbl) $ 65.24 $ 78.81

Gas (per Mcf) $ 2.64 $ 1.99

Oil royalty income for the three months ended September 30, 2025, related primarily to production for May through July 2025. The average price of oil reported by NYMEX for that time period was $66.25 per barrel. The average price of oil was $67.31 per barrel for January through September 2025. Gas royalty income received for the three months ended September 30, 2025, related primarily to production for April through June 2025. The average price of gas reported by the Henry Hub for the April through June 2025 period was $2.87 per thousand cubic feet ("Mcf"). The average price of gas reported by the Henry Hub was $3.10 per Mcf for January through September 2025. As of October 27, 2025, the average price of oil reported by NYMEX was $62.13 per barrel and the average price of gas for the Henry Hub was 2.97 per Mcf. It is difficult to estimate future prices of oil and gas, and an assumptions concerning future prices may prove to be incorrect.

Interest income for the quarter ended September 30, 2025, increased $9,700 compared to the third quarter of 2024. Compared to the preceding quarter ended June 30, 2025, interest income increased $35,800. Interest income for the nine months ended September 30, 2025, decreased approximately $90,900 compared to the same period in 2024. Changes in interest income are the result of changes in interest rates and funds available for investment.

General and administrative expenses for the quarter ended September 30, 2025, increased approximately

$66,100 compared to the same quarter of 2024, primarily due to increases in Escrow Agent/Trustee/Bonus fees

of approximately $190,800, professional services of approximately $38,000, and courier expenses of approximately

$50,100. These were offset by a decrease in legal services of

approximately $90,400, check stub data exchange ("CDEX") services of approximately $79,400, tax reporting services of approximately $16,500, and approximately $26,500 in unit holder services expenses.

Compared to the previous quarter ended June 30, 2025, general and administrative expenses increased approximately

$11,700, primarily due to increases in courier expenses of approximately $50,000, professional services of approximately

$69,000, and Escrow Agent/Trustee fees of approximately

$30,800. These increases were partially offset by decreases in printing services of approximately $82,000, processing services of approximately $18,000, miscellaneous expenses of approximately $6,300, and unit holder and other related expenses of approximately $31,800.

General and administrative expenses increased

approximately $642,700 for the nine months ended September 30, 2025, compared to the same period in 2024, due primarily to increases in Escrow Agent/Trustee/Bonus fees of approximately $649,000 and an increase in miscellaneous

expenses of approximately $4,300. These were slightly offset by a decrease in tax reporting services of approximately $10,600.

November 7, 2025

S

abine Royalty Trust (the "Trust"), formed effective December 31, 1982, is an express trust existing

under the Sabine Corporation Royalty Trust Agreement. All units of beneficial interest (the "Units") in the Trust were distributed to Sabine Corporation's shareholders of record on December 23, 1982 on the basis of one Unit for each outstanding share of Sabine Corporation's common stock. Pacific Enterprise Oil Company (USA), as successor to Sabine Corporation, has assumed by operation of law all of Sabine Corporation's rights and obligations with respect to the Trust. The Units are traded on the New York Stock Exchange under the symbol "SBR". The Trust has a December 31 fiscal year end

The Trust's assets consist of royalty and mineral interests, including landowner's royalties and overriding royalty interests, in producing and proved undeveloped oil and gas properties in Florida, Louisiana, Mississippi, New Mexico, Oklahoma and Texas (the "Royalties"). Revenues of the Trust are directly dependent upon the price of oil and gas as well as the quantities produced. The Trust does not participate in any exploration or development projects and does not have any working interest revenues or expenses.

The Trust makes monthly distributions of net income to Unit holders of record on the monthly record date (generally the 15th of each calendar month).

Distributions are mailed to Unit holders on or about the 29th of each month. Distributions by the Trust in 2025

by the Trustee, acting as Escrow Agent on the record date for such distribution, which represents cash attributable to the Royalties, and interest thereon, collected by the Trustee, acting as Escrow Agent, during the preceding calendar month. Schedules of information on a per Unit basis for preparation of federal and state income tax returns will be provided in booklet form for calendar year 2025 in March 2026. Monthly schedules of income tax information for January through September 2025 are available now for those Unit holders who file fiscal yea tax returns and need this information. Please request to be placed on a special mailing list if you need this interim tax information by writing to Tax Mailing List, Sabine Royalty Trust, Argent Trust Company, 3838 Oak Lawn Avenue Suite 1720, Dallas, TX 75219, 1 (855) 588-7839.

Our website is https://www.sbr-sabine.com.

Three Months Ended Nine Months Ended

September 30, September 30,

Three Months Ended Nine Months Ended

September 30, September 30,