What changed in this filing

/stocks — the workspaceLOADING

Item 1A. Risk Factors

2026-05-14 compared with 2026-02-12 · 59 added, 60 removed, 225 unchanged (35% of the section changed)

3 unchanged sentences

CONDENSED CONSOLIDATED STATE MENTS OF ASSETS, LIABILITIES AND TRUST CORPUS

As of December 31, 2025 and June 30, 2025

As of March 31, 2026 and June 30, 2025

Current assets:

11 unchanged sentences

CONDENSED CONSOLIDATED STATE MENTS OF DISTRIBUTABLE INCOME

For the Three Months and Six Months Ended December 31, 2025 and 2024

For the Three Months and Nine Months Ended March 31, 2026 and 2025

Three Months Ended

Six Months Ended

Nine Months Ended

Oil and natural gas royalties

7 unchanged sentences

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN TRUST CORPUS

For the Six Months Ended December 31, 2025 and 2024

Six Months Ended

For the Three Months Ended March 31, 2026 and 2025

Three Months Ended

Trust corpus, beginning of period

3 unchanged sentences

Distributions per unit

For the Three Months Ended December 31, 2025 and 2024

Three Months Ended

For the Nine Months Ended March 31, 2026 and 2025

Nine Months Ended

Trust corpus, beginning of period

6 unchanged sentences

NOTES TO CONDENSED CONSOLID ATED FINANCIAL STATEMENTS

December 31, 2025

March 31, 2026

Accounting Policies

21 unchanged sentences

If the 28th day falls on a Saturday, Sunday or legal holiday, the payments are to be made on the immediately succeeding business day.

Total estimated reserve for future expenses deducted from calculated distributable income for the three months ended December 31, 2025, was $110,000.

Total estimated reserve for future expenses deducted from calculated distributable income for the three months ended March 31, 2026, was $60,000.

As stated under “Note 1.

8 unchanged sentences

For the Three Months Ended

For the Six Months Ended

For the Nine Months Ended

Argent Trust Company

40 unchanged sentences

Factors that may impact future commodity prices, including the price of oil and natural gas, include but are not limited to:

political conditions worldwide, and in particular, political disruptions, terrorist activities, wars or other armed conflicts in oil producing regions, Eastern Europe, the Middle East and South America;

political conditions worldwide, and in particular, political disruptions, terrorist activities, wars or other armed conflicts in oil producing regions, Eastern Europe, and the Middle East;

worldwide economic conditions;

19 unchanged sentences

The Trust’s oil and natural gas properties are depleting assets that are not being replaced due to the prohibition against investments.

restrictions, along with other factors, allow the Trust to be treated as a grantor trust for U.S.

These restrictions, along with other factors, allow the Trust to be treated as a grantor trust for U.S.

federal income tax purposes.

2 unchanged sentences

The State of Texas imposes a franchise tax, but the Trust does not believe that it is subject to the franchise tax because at least 90% of its federal gross income is from passive sources.

Please see Marine’s Annual Report on Form 10-K for the fiscal year ended June 30, 2025 for further information.

MPC is a taxable entity that may owe state and U.S.

federal income taxes and state franchise taxes.

However, MPC’s income specifically excludes 98% of the oil and natural gas royalties collected by MPC, which are retained by and delivered to the Trust because of the Trust’s net profits interest.

However, MPC’s income specifically excludes 98% of the oil and natural gas royalties collected by MPC, which are

retained by and delivered to the Trust because of the Trust’s net profits interest.

Please see Marine’s Annual Report on Form 10-K for the fiscal year ended June 30, 2025 for further information.

Each unitholder should consult its own tax advisor regarding income and franchise tax requirements, if any, applicable to such person’s ownership of Trust units.

Marine has performed a review of the public records from the Bureau of Ocean Energy Management (BOEM) and Marine’s revenue records provided by the operators.

Based on this information, Marine believes that as of December 31, 2025, Marine had an overriding royalty interest in 19 different oil and natural gas leases covering an aggregate of 87,646 gross acres.

Marine has performed a review of the public records from the Bureau of Ocean Energy Management (BOEM) and Marine's revenue records provided by the operators.

Based on this information, Marine believes that as of March 31, 2026, Marine had an overriding royalty interest in 19 different oil and natural gas leases covering an aggregate of 87,646 gross acres.

The lease acreage is all located in federal waters in the Central and Western areas of the Gulf of America off the coasts of Louisiana and Texas.

13 unchanged sentences

Cash reserves are permitted to be established by the Trustee for certain contingencies that would not be recorded under generally accepted accounting principles in the United States.

Marine did not have any changes in its critical accounting policies or estimates during the three and six months ended December 31, 2025.

Marine did not have any changes in its critical accounting policies or estimates during the three and nine months ended March 31, 2026.

Please see Marine’s Annual Report on Form 10-K for the fiscal year ended June 30, 2025 for a detailed discussion of its critical accounting policies.

7 unchanged sentences

The oil and natural gas companies that lease tracts subject to Marine’s interests are responsible for the production and sale of oil and natural gas and the calculation of royalty payments to Marine.

The only obligation of the working interest owners to Marine is to make monthly overriding royalty payments that

reflect Marine’s interest in the oil and natural gas sold.

The only obligation of the working interest owners to Marine is to make monthly overriding royalty payments that reflect Marine’s interest in the oil and natural gas sold.

Marine’s distributions are processed and paid by its transfer agent, Equiniti Trust Company.

1 unchanged sentence

Production is affected by the natural production decline of the producing wells, the number of new wells drilled and the number of existing wells that are re-worked and placed back in production on the leases.

Production from existing wells is anticipated to decrease in the future due to normal well depletion.

Production from

existing wells is anticipated to decrease in the future due to normal well depletion.

The operators do not provide Marine with information regarding future drilling or re-working operations that could impact the oil and natural gas production from the leases for which Marine has an overriding royalty interest.

Summary of Operating Results

During the six month period ending December 31, 2025, the Trust realized approximately 94% of its royalty income from the sale of oil and approximately 6% of its royalty income from the sale of natural gas and natural gas liquids.

During the six month period ending December 31, 2024, the Trust realized approximately 94% of its royalty income from the sale of oil and approximately 6% of its royalty income from the sale of natural gas and natural gas liquids.

During the nine months ended March 31, 2026, the Trust realized approximately 93% of its royalty income from the sale of oil and approximately 7% of its royalty income from the sale of natural gas and natural gas liquids.

During the nine months ended March 31, 2025, the Trust realized approximately 94% of its royalty income from the sale of oil and approximately 6% of its royalty income from the sale of natural gas and natural gas liquids.

Royalty income includes royalties from oil, natural gas, and natural gas liquids received from producers.

Distributable income per unit for the six months ended December 31, 2025, was $0.16 as compared to $0.16 for the comparable period in 2024.

Distributions per unit also amounted to $0.12 per unit for the six months ended December 31, 2025, a decrease from distributions of $0.20 per unit for the comparable period in 2024.

For the six months ended December 31, 2025, oil production increased to 7,090 barrels (bbls) from 5,263 bbls for the comparable period in 2024.

Natural gas volumes sold decreased to 7,218 thousand cubic feet (mcf) from 8,438 mcf and natural gas liquids sold decreased to 13,657 mcf from 14,930 mcf for the six months ended December 31, 2025, as compared to the same period in 2024.

For the six months ended December 31, 2025, the average price realized for oil decreased to $64.15 per barrel (bbl) as compared to the price of $79.17 per bbl realized for the comparable period in 2024.

Distributable income per unit for the nine months ended March 31, 2026, was $0.23 as compared to $0.28 for the comparable period in 2025.

Distributions per unit also amounted to $0.22 per unit for the nine months ended March 31, 2026, a decrease from distributions of $0.27 per unit for the comparable period in 2025.

For the nine months ended March 31, 2026, oil production increased to 10,744 barrels (bbls) from 9,718 bbls for the comparable period in 2025.

Natural gas volumes sold decreased to 11,583 thousand cubic feet (mcf) from 14,677 mcf and natural gas liquids sold decreased from 26,686 mcf to 21,156 mcf for the nine months ended March 31, 2026, as compared to the same period in 2025.

For the nine months ended March 31, 2026, the average price realized for oil decreased to $61.92 per barrel (bbl) as compared to the price of $75.67 per bbl realized for the comparable period in 2025.

The average price realized for natural gas (net of expenses) increased to $3.19 per mcf as compared to the average price of $2.10 per mcf realized for the comparable period in 2025, and the average price realized for natural gas liquids (net of expenses) decreased to $0.37 per mcf as compared to the average price of $0.46 per mcf realized for the comparable period in 2025.

Results of Operations—Three Months Ended December 31, 2025 Compared to the Three Months Ended December 31, 2024

Income from oil and natural gas royalties increased to $263,371 during the three months ended December 31, 2025, from $159,064 realized for the comparable period in 2024.

Royalties increased for the three months ended December 31, 2025 as compared to the comparable period in 2024 primarily due to increases in the production of oil, natural gas and natural gas liquids, along with higher natural gas and natural gas liquids prices;

partially offset by lower oil prices.

The increase in production for 2025 is due to the fact that a check from one remitter was not received and processed by the deadline to be included in the three months ended December 31, 2024 oil and natural gas royalty income.

Distributable income increased to $191,844 for the three months ended December 31, 2025, from $81,138 realized for the comparable period in 2024.

Income from oil royalties, for the three months ended December 31, 2025, increased to $249,975 from $151,919 realized for the comparable period in 2024.

The volume of oil sold in the three months ended December 31, 2025, increased to 3,864 bbls from 1,999 bbls realized for the comparable period in 2024, and the average price realized for oil decreased to $64.68 per bbl for the three months ended December 31, 2025, from $76.01 per bbl realized for the comparable period in 2024.

Income from natural gas royalties (net of expenses), for the three months ended December 31, 2025, increased to $10,574 from $5,090 for the comparable period in 2024.

The volume of natural gas sold in the three months ended December 31, 2025, increased to 3,651 mcf from 3,343 mcf realized for the comparable period in 2024, and the average price realized for natural gas (net of expenses) increased to $2.90 per mcf for the three months ended December 31, 2025, from $1.52 per mcf realized for the comparable period in 2024.

Income from natural gas liquids royalties (net of expenses), for the three months ended December 31, 2025, increased to $2,822 from $2,054 for the comparable period in 2024.

The volume of natural gas liquids sold in the three months ended December 31, 2025, increased to 7,367 mcf from 6,493 mcf realized for the comparable period in 2024, and the average price realized for natural gas liquids (net of expenses) increased to $0.38 per mcf for the three months ended December 31, 2025, from $0.32 per mcf realized for the comparable period in 2024.

The following table presents the quantities of oil, natural gas, and natural gas liquids sold and the average price realized for the three months ended December 31, 2025, and those realized for the comparable period in 2024.

Results of Operations—Three Months Ended March 31, 2026 Compared to the Three Months Ended March 31, 2025

Income from oil and natural gas royalties decreased to $228,173 during the three months ended March 31, 2026, from $332,993 realized for the comparable period in 2025.

Royalties decreased $104,820 for the three months ended March 31, 2026 as compared to the comparable period in 2025 primarily due to decreases in the production of oil, natural gas, and natural gas liquids ($54,150) as well as lower oil prices ($62,198), partially offset by higher natural gas and plant products prices ($11,528).

Distributable income decreased to $134,148 for the three months ended March 31, 2026, from $242,418 realized for the comparable period in 2025.

Income from oil royalties, for the three months ended March 31, 2026, decreased to $210,403 from $318,672 realized for the comparable period in 2025.

The volume of oil sold in the three months ended March 31, 2026, decreased to 3,654 bbls from 4,455 bbls realized for the comparable period in 2025, while the average price realized for oil decreased to $57.59 per bbl for the three months ended March 31, 2026, from $71.53 per bbl realized for the comparable period in 2025.

Income from natural gas royalties (net of expenses), for the three months ended March 31, 2026, increased to $15,103 from $10,319 for the comparable period in 2025.

The volume of natural gas sold in the three months ended March 31, 2026, decreased to 4,364 mcf from 6,239 mcf realized for the comparable period in 2025, while the average price realized for natural gas (net of expenses) increased to $3.46 per mcf for the three months ended March 31, 2026, from $1.65 per mcf realized for the comparable period in 2025.

Income from natural gas liquids royalties (net of expenses), for the three months ended March 31, 2026, decreased to $2,667 from $4,001 for the comparable period in 2025.

The volume of natural gas liquids sold in the three months ended March 31, 2026, decreased to 7,500 mcf from 11,756 mcf realized for the comparable period in 2025, and the average price realized for natural gas liquids (net of expenses) increased to $0.36 per mcf for the three months ended March 31, 2026, from $0.34 per mcf realized for the comparable period in 2025.

The following table presents the quantities of oil, natural gas, and natural gas liquids sold and the average price realized for the three months ended March 31, 2026, and those realized for the comparable period in 2025.

Three Months Ended

3 unchanged sentences

Average price

General and administrative expenses decreased to $76,335 for the three months ended December 31, 2025 from $84,758 for the comparable period of 2024, primarily due to the timing of payment of professional fees.

Results of Operations—Six Months Ended December 31, 2025 Compared to the Six Months Ended December 31, 2024

Income from oil and natural gas royalties increased to $481,897 during the six months ended December 31, 2025, from $445,562 realized for the comparable period in 2024.

Royalties increased for the six months ended December 31, 2025, primarily due to an increase in production of oil, and natural gas prices, offset somewhat by decreases in the price of oil and natural gas liquids, as well as decreases in the production of natural gas and natural gas liquids.

Distributable income increased to $322,658 for the six months ended December 31, 2025 from $314,690 realized for the comparable period in 2024.

Income from oil royalties for the six months ended December 31, 2025, increased to $454,888 from $416,705 realized for the comparable period in 2024.

The volume of oil sold in the six months ended December 31, 2025, increased to 7,090 bbls from 5,263 bbls realized for the comparable period in 2024, and the average price realized for oil decreased to $64.15 per bbl for the six months ended December 31, 2025, from $79.17 per bbl realized for the comparable period in 2024.

Income from natural gas royalties (net of expenses) for the six months ended December 31, 2025, increased to $21,764 from $20,474 for the comparable period in 2024.

The volume of natural gas sold in the six months ended December 31, 2025, decreased to 7,218 mcf from 8,438 mcf realized for the comparable period in 2024, and the average price realized for natural gas (net of expenses) increased to $3.02 per mcf for the six months ended December 31, 2025, from $2.43 per mcf realized for the comparable period in 2024.

Income from natural gas liquids royalties (net of expenses), for the six months ended December 31, 2025, decreased to $5,245 from $8,383 for the comparable period in 2024.

The volume of natural gas liquids sold in the six months ended December 31, 2025, decreased to 13,657 mcf from 14,930 mcf realized for the comparable period in 2024, and the average price realized for natural gas liquids (net of expenses) decreased to $0.38 per mcf for the six months ended December 31, 2025, from $0.56 per mcf realized for the comparable period in 2024.

The following table presents the quantities of oil, natural gas, and natural gas liquids sold and the average price realized for six months ended December 31, 2025, and those realized for the comparable period in 2024.

Six Months Ended

General and administrative expenses increased to $98,731 for the three months ended March 31, 2026 from $95,670 for the comparable period of 2025, primarily due to the timing of payment of professional fees.

Results of Operations—Nine months Ended March 31, 2026 Compared to the Nine months ended March 31, 2025

Income from oil and natural gas royalties decreased to $710,069 during the nine months ended March 31, 2026, from $778,554 realized for the comparable period in 2025.

Royalties decreased $68,485 for the nine months ended March 31, 2026, primarily due to lower prices for oil and plant products ($136,097) and decreases in the volumes of both natural gas and plant products ($11,916), partially offset by an increase in the production of oil ($63,530) as well as higher natural gas prices ($15,998).

Distributable income decreased to $456,810 for the nine months ended March 31, 2026 from $557,108 realized for the comparable period in 2025.

Income from oil royalties for the nine months ended March 31, 2026, decreased to $665,291 from $735,377 realized for the comparable period in 2025.

The volume of oil sold in the nine months ended March 31, 2026, increased to 10,744 bbls from 9,718 bbls realized for the comparable period in 2025, while the average price realized for oil decreased to $61.92 per bbl for the nine months ended March 31, 2026, from $75.67 per bbl realized for the comparable period in 2025.

Income from natural gas royalties (net of expenses) for the nine months ended March 31, 2026, increased to $36,915 from $30,848 for the comparable period in 2025.

The volume of natural gas sold in the nine months ended March 31, 2026, decreased to 11,583 mcf from 14,677 mcf realized for the comparable period in 2025, while the average price realized for natural gas (net of expenses) increased to $3.19 per mcf for the nine months ended March 31, 2026, from $2.10 per mcf realized for the comparable period in 2025.

Income from natural gas liquids royalties (net of expenses), for the nine months ended March 31, 2026, decreased to $7,863 from $12,330 for the comparable period in 2025.

The volume of natural gas liquids sold in the nine months ended March 31, 2026, decreased to 21,156 mcf from 26,686 mcf realized for the comparable period in 2025, and the average price realized for natural gas liquids (net of expenses) decreased to $0.37 per mcf for the nine months ended March 31, 2026, from $0.46 per mcf realized for the comparable period in 2025.

The following table presents the quantities of oil, natural gas and natural gas liquids sold and the average price realized for the nine months ended March 31, 2026, and those realized for the comparable period in 2025.

Nine Months Ended

Average price

2 unchanged sentences

Average price

General and administrative expenses increased to $168,924 for the six months ended December 31, 2025 from $153,398 for the comparable period of 2024, primarily due to the timing of payment of professional fees.

General and administrative expenses increased to $267,655 for the nine months ended March 31, 2026 from $249,073 for the comparable period of 2025, primarily due to the timing of payment of professional fees.

Forward-Looking Statements

33 unchanged sentences

Argent Trust Company, as Trustee of the Trust, is responsible for establishing and maintaining Marine’s disclosure controls and procedures.

Marine’s disclosure controls and procedures include controls and other procedures that are designed to ensure that information required to be disclosed by Marine in the reports that it files or submits under the Exchange Act is recorded, processed,

summarized and reported within the time periods specified in the SEC’s rules and forms.

Disclosure controls and procedures include, without limitation, controls and procedures designed to ensure that information required to be disclosed by Marine in the reports that it files or submits under the Exchange Act is accumulated and communicated to the Trustee as appropriate to allow timely decisions regarding required disclosure.

As of December 31, 2025, the Trustee carried out an evaluation of the effectiveness of the design and operation of Marine’s disclosure controls and procedures pursuant to Rules 13a-15(b) and 15d-15(b) of the Exchange Act.

Based upon that evaluation, the Trustee concluded that Marine’s disclosure controls and procedures were effective as of December 31, 2025.

Disclosure controls and procedures include, without limitation, controls and procedures designed to ensure that information required to be disclosed by Marine in the reports that it

files or submits under the Exchange Act is accumulated and communicated to the Trustee as appropriate to allow timely decisions regarding required disclosure.

As of March 31, 2026, the Trustee carried out an evaluation of the effectiveness of the design and operation of Marine’s disclosure controls and procedures pursuant to Rules 13a-15(b) and 15d-15(b) of the Exchange Act.

Based upon that evaluation, the Trustee concluded that Marine’s disclosure controls and procedures were effective as of March 31, 2026.

Changes in Internal Control Over Financial Reporting

There have not been any changes in Marine’s internal control over financial reporting during the quarter ended December 31, 2025, that have materially affected, or are reasonably likely to materially affect, Marine’s internal control over financial reporting.

There have not been any changes in Marine’s internal control over financial reporting during the quarter ended March 31, 2026, that have materially affected, or are reasonably likely to materially affect, Marine’s internal control over financial reporting.

OT HER INFORMATION

5 unchanged sentences

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-Q

Item 1A. Risk Factors