Sabine Royalty Trust is a passive oil and gas royalty trust formed in 1982, traded on the NYSE under "SBR." The Trust holds landowner's royalties, overriding royalty interests, and other non-participatory mineral interests in producing oil and gas properties across Florida, Louisiana, Mississippi, New Mexico, Oklahoma, and Texas. The Trust has no employees and does not operate or manage any properties — third-party operators extract oil and gas from properties overlying the Trust's mineral interests, and the Trust simply receives a contractually defined share of production revenues. The Trust then distributes that income, net of administrative expenses, to unit holders monthly. Revenue is driven by two factors: production volumes from the underlying properties, and prevailing oil and gas commodity prices. The Trust has no ability to influence either — it cannot direct operators, hedge commodity exposure, or reinvest in its asset base. Because the Trust cannot acquire new properties, its revenue stream is inherently depleting as existing wells decline over time. The Trust is structured as a grantor trust, meaning income flows directly to unit holders rather than being taxed at the trust level. The Trust will terminate if gross revenues fall below $2M in two successive fiscal years.