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Table of Contents ( Mark One ) ☑ ப ☐ UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington , D.C. 20549 Form 10 - K ANNUAL REPORT PURSUANT TO SECTION 13 OR 15 ( d ) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31 , 2020 TRANSITION REPORT PURSUANT TO SECTION 13 OR 15 ( d ) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from Texas to Commission File Number : 1-8424 Sabine Royalty Trust ( Exact name of registrant as specified in its charter ) ( State or other jurisdiction of incorporation or organization ) Simmons Bank Suite 850 2911 Turtle Creek Boulevard Dallas , Texas ( Address of principal executive offices ) 75-6297143 ( I.R.S. Employer Identification No. ) 75219 ( Zip Code ) Registrant's telephone number , including area code : 855-588-7839 Securities registered pursuant to Section 12 ( b ) of the Act : Title of Each Class Units of Beneficial Interest Trading Symbol SBR Name of Each Exchange on Which Registered New York Stock Exchange Securities registered pursuant to Section 12 ( g ) of the Act : None No spa No ☑ Indicate by check mark if the registrant is a well - known seasoned issuer , as defined in Rule 405 of the Securities Act . Yes □ Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15 ( d ) of the Act . Yes □ Indicate by check mark whether the registrant ( 1 ) has filed all reports required to be filed by Section 13 or 15 ( d ) of the Securities Exchange Act of 1934 during the preceding 12 months ( or for such shorter period that the registrant was required to file such reports ) , and ( 2 ) has been subject to such filing requirements for the past 90 days . Yes ☑ No □ Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S - T ( § 232.405 of this chapter ) during the preceding 12 months ( or for such shorter period that the registrant was required to submit such files ) . Yes □ No □ Indicate by check mark whether the registrant is a large accelerated filer , an accelerated filer , a non - accelerated filer , a smaller reporting company , or an emerging growth company . See the definitions of “ large accelerated filer , ” “ accelerated filer , ” “ smaller reporting company , ” and “ emerging growth company " in Rule 12b - 2 of the Exchange Act : Large accelerated filer □ Accelerated filer □ Non - accelerated filer > Smaller reporting company > Emerging growth company ☐ If an emerging growth company , indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13 ( a ) of the Exchange Act □ Indicate by check mark whether the registrant has filed a report on and attestation to its management's assessment of the effectiveness of its internal control over financial reporting under Section 404 ( b ) of the Sarbanes - Oxley Act ( 15 U.S.C. 7262 ( b ) ) by the registered public accounting firm that prepared or issued its audit report . ☐ Indicate by check mark whether the registrant is a shell company ( as defined in Rule 12b - 2 of the Act ) . Yes □ No ☑ The aggregate market value of units of beneficial interest of the registrant ( based on the closing sale price on the New York Stock Exchange as of the last business day of its most recently completed second fiscal quarter ) held by non - affiliates of the registrant was approximately $ 404 million . At March 26 , 2021 , there were 14,579,345 units of beneficial interest outstanding . DOCUMENTS INCORPORATED BY REFERENCE None