Form NT 10-Q HUGOTON ROYALTY TRUST For: Mar 31

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 12b-25

NOTIFICATION OF LATE FILING

SEC File Number 001-10476

CUSIP Number 444717102

(Check one): □ Form 10-K □ Form 20-F □ Form 11-K  Form 10-Q □ Form 10-D □ Form N-SAR

□ Form N-CSR

For Period Ended: March 31, 2026

□ Transition Report on Form 10-K

□ Transition Report on Form 20-F

□ Transition Report on Form 11-K

□ Transition Report on Form 10-Q

□ Transition Report on Form N-SAR

For Period Ended:

If the notification relates to a portion of the filing checked above, identify the Item(s) to which the notification relates:

_______________________________________________________________________________________________

PART I – REGISTRANT INFORMATION

Hugoton Royalty Trust

Full Name of Registrant

Not Applicable

Former Name if Applicable

Argent Trust Company, Trustee, 3838 Oak Lawn Ave., Suite 1720

Address of Principal Executive Office (Street and Number)

Dallas, Texas 75219-4518

City, State and Zip Code

PART II – RULES 12b-25(b) AND (c)

If the subject report could not be filed without unreasonable effort or expense and the registrant seeks relief pursuant to Rule 12b-25(b), the following should be completed. (Check box if appropriate)

PART III – NARRATIVE

State below in reasonable detail the reasons why Forms 10-K, 20-F, 11-K, 10-Q, 10-D, N-CEN, N-CSR, or the transition report or portion thereof, could not be filed within the prescribed time period.

As previously reported in the Registrant’s Form 10-K for the year ended December 31, 2025, the Registrant had substantial doubt about its ability to continue as a going concern and anticipated its cash reserve to be depleted in the second quarter of 2026, after which it would not have funds with which to continue to make SEC filings. As a result, the Registrant did not anticipate being able to file its quarterly report on Form 10-Q for the quarter ended March 31, 2026 (the “Form 10-Q”). Additionally, as disclosed in the Registrant’s Form 8-K filed April 17, 2026, the Registrant dismissed Grant Thornton LLP, its independent registered public accounting firm on April 16, 2026 and, due to cash constraints, is currently not seeking engagement of a new independent registered public accounting firm. For the foregoing reasons, the Registrant requires additional time in order to prepare and file the Form 10-Q.

It is not anticipated that the Form 10-Q will be filed on or before the fifth calendar day following the prescribed due date for the Form 10-Q; however, the Registrant intends to file the Form 10-Q at such time, if any, as the Form 10-Q is able to be completed.

PART IV – OTHER INFORMATION

Yes  No □

Yes □ No 

If so, attach an explanation of the anticipated change, both narratively and quantitatively, and, if appropriate, state the reasons why a reasonable estimate of the results cannot be made.

has caused this notification to be signed on its behalf by the undersigned hereunto duly authorized.