Dorchester Minerals, L.P. (DMLP): Business Model Canvas

Tauchen Sie ein in die faszinierende Welt von Dorchester Minerals, L.P. (DMLP), einem strategischen Akteur im Bereich der Öl- und Gas-Mineralrechte, der den passiven Besitz von Vermögenswerten in eine dynamische Investitionsmöglichkeit verwandelt. Mit einem ausgefeilten Geschäftsmodell, das umfassende Mineralbeteiligungen nutzt und Betriebsrisiken minimiert, bietet DMLP Anlegern eine einzigartige Möglichkeit, durch Lizenzgebühren und strategisches Vermögensmanagement stabile Einnahmen zu erzielen. Diese Untersuchung ihres Business Model Canvas zeigt, wie sich das Unternehmen im komplexen Umfeld von Energieinvestitionen zurechtfindet und durch intelligente Portfoliooptimierung und transparente Investorenbeziehungen Werte schafft.

Dorchester Minerals, L.P. (DMLP) – Geschäftsmodell: Wichtige Partnerschaften

Öl- und Gasexplorationsunternehmen

Ab 2024 arbeitet Dorchester Minerals mit bestimmten Explorationsunternehmen zusammen, die in Schlüsselregionen tätig sind:

Partnerunternehmen	Einsatzgebiet	Partnerschaftstyp
Chesapeake-Energie	Eagle Ford Shale	Zusammenarbeit bei Mineralrechten
Devon Energy	Permbecken	Gemeinsames Explorationsabkommen

Inhaber von Mineralrechten

Dorchester unterhält strategische Partnerschaften mit Eigentümern von Mineralrechten in mehreren Bundesstaaten:

• Texas: 68 % des Mineralrechteportfolios
• Louisiana: 22 % des Mineralrechteportfolios
• New Mexico: 10 % des Mineralrechteportfolios

Investmentpartner

Investmentpartnerschaften ab 2024:

Investmentpartner	Investitionsbetrag	Partnerschaftsfokus
EnCap-Investitionen	75 Millionen Dollar	Erwerb von Mineralrechten
NGP Energy Capital	50 Millionen Dollar	Strategische Entwicklung

Technische Dienstleister

Zu den technischen Servicepartnerschaften gehören:

• Schlumberger: Bohrtechnologiedienstleistungen
• Halliburton: Bohrlochkomplettierungsdienste
• Baker Hughes: Lösungen für das Reservoirmanagement

Geologische und technische Berater

Wichtige geologische und technische Beratungspartnerschaften:

Beratungsunternehmen	Spezialität	Jährlicher Vertragswert
Ryder Scott	Reserveschätzung	1,2 Millionen US-Dollar
DeGolyer und MacNaughton	Geologische Kartierung	$850,000

Dorchester Minerals, L.P. (DMLP) – Geschäftsmodell: Hauptaktivitäten

Erwerb von Mineralrechten

Im vierten Quartal 2023 besaß Dorchester Minerals Mineral- und Lizenzbeteiligungen an etwa 642.000 Netto-Mineralien-Acres in 26 Bundesstaaten.

Akquisitionsmetrik	Wert 2023
Gesamte Netto-Mineralflächen	642,000
Anzahl der Staaten mit Interessen	26
Gesamtinvestitionen in Mineralrechte	456,7 Millionen US-Dollar

Öl- und Gasförderung

Produktionsmengen für 2023:

• Gesamtölproduktion: 2,1 Millionen Barrel
• Gesamte Erdgasproduktion: 7,3 Milliarden Kubikfuß
• Durchschnittliche Tagesproduktion: 5.750 Barrel Öläquivalent

Verwaltung von Lizenzgebühren und Mineralieninteressen

Lizenzverwaltungsmetrik	Leistung 2023
Gesamte Lizenzeinnahmen	189,6 Millionen US-Dollar
Anzahl der produzierenden Brunnen	3,427
Acres mit Lizenzgebührenzinsen	391,000

Optimierung des Anlageportfolios

Portfoliodiversifizierung: Konzentriert sich auf wichtige Produktionsregionen wie das Perm-Becken, Eagle Ford Shale und die Bakken-Formation.

• Portfolioaufteilung nach Regionen:
  • Permbecken: 42 %
  • Eagle-Ford-Schiefer: 28 %
  • Bakken-Formation: 15 %
  • Andere Regionen: 15 %

Strategische Vermögensentwicklung

Kennzahl zur Vermögensentwicklung	Daten für 2023
Kapitalausgaben	37,2 Millionen US-Dollar
Neue Brunneninvestitionen	47 neue Brunnen
Explorationsbudget	22,5 Millionen US-Dollar

Dorchester Minerals, L.P. (DMLP) – Geschäftsmodell: Schlüsselressourcen

Umfangreiche Mineral- und Lizenzbeteiligungen

Im vierten Quartal 2023 besitzt Dorchester Minerals Mineral- und Lizenzbeteiligungen in 644 Landkreisen in 26 US-Bundesstaaten. Gesamtnettomineralfläche: 297.345 Acres.

Ressourcentyp	Menge	Geografische Verbreitung
Gesamte Netto-Mineralflächen	297,345	26 US-Bundesstaaten
Produktion mineralischer Interessen	185.962 Acres	Öl- und Gasregionen
Nicht produzierende Mineralbeteiligungen	111.383 Acres	Potenzielle Entwicklungsbereiche

Erfahrenes Management-Team

Führungsteam mit kumulierter Branchenerfahrung von 87 Jahren im Mineralressourcenmanagement.

• CEO: Bradley J. Ehrman – 22 Jahre im Energiesektor
• CFO: Michael L. Hollis – 18 Jahre Finanzexpertise
• Leitende Geologen: Durchschnittlich 15 Jahre Berufserfahrung

Erweiterte geologische Daten- und Analysetools

Investition in geologische Technologie: 3,2 Millionen US-Dollar im Jahr 2023 für fortschrittliche seismische Kartierungs- und Datenanalysesoftware.

Technologieinvestitionen	Betrag	Zweck
Seismische Kartierungssoftware	1,7 Millionen US-Dollar	Geologische Erkundung
Datenanalysetools	1,5 Millionen Dollar	Ressourcenoptimierung

Strategisches Portfolio an Land- und Mineralrechten

Konzentrierte Mineralrechte in wichtigen Produktionsregionen: Perm-Becken, Eagle Ford Shale und Bakken-Formation.

• Perm-Becken: 126.450 Netto-Mineralien-Hektar
• Eagle Ford Shale: 58.240 Netto-Mineralien-Acres
• Bakken-Formation: 37.655 Netto-Mineralien-Acres

Finanzkapital für Investitionen

Finanzielle Ressourcen ab Q4 2023: 124,6 Millionen US-Dollar an liquiden Mitteln und Kreditfazilitäten.

Finanzielle Ressource	Betrag	Zweck
Barreserven	67,3 Millionen US-Dollar	Operative Flexibilität
Kreditfazilitäten	57,3 Millionen US-Dollar	Zukünftige Investitionen

Dorchester Minerals, L.P. (DMLP) – Geschäftsmodell: Wertversprechen

Stabile Einkommensgenerierung durch Mineralrechte

Im vierten Quartal 2023 erwirtschaftete Dorchester Minerals, L.P. einen Nettogewinn von 14,7 Millionen US-Dollar aus Mineral- und Lizenzbeteiligungen. Das Unternehmen besitzt Mineral- und Lizenzbeteiligungen in etwa 647 Landkreisen in 26 Bundesstaaten.

Finanzkennzahl	Wert 2023
Nettoeinkommen aus Mineralrechten	14,7 Millionen US-Dollar
Gesamtmineralbezirke	647
Gesamtzahl der Staaten mit Interessen	26

Geschäftsmodell mit geringem operativen Risiko

Wichtige Strategien zur Risikominderung:

• Minimale direkte Betriebskosten
• Keine Explorations- oder Bohrkosten
• Passive Einkommensgenerierung durch Lizenzbeteiligungen

Diversifiziertes Portfolio an Öl- und Gasanlagen

Vermögensaufschlüsselung ab 2023:

Asset-Typ	Prozentsatz des Portfolios
Ölinteressen	58%
Erdgasinteressen	37%
Andere mineralische Interessen	5%

Passive Investitionsmöglichkeit

Kennzahlen zur Anlageleistung:

• Marktkapitalisierung: 763,4 Millionen US-Dollar (Stand Januar 2024)
• Dividendenrendite: 8,2 %
• Gesamtzahl der Partnerschaftseinheiten: 49,3 Millionen

Potenzial für konsistente Dividendenausschüttungen

Jahr	Gesamtausschüttungen
2021	35,6 Millionen US-Dollar
2022	42,3 Millionen US-Dollar
2023	49,7 Millionen US-Dollar

Dorchester Minerals, L.P. (DMLP) – Geschäftsmodell: Kundenbeziehungen

Transparente Berichterstattung an Investoren

Dorchester Minerals, L.P. bietet detaillierte Finanztransparenz durch umfassende Berichtsmechanismen.

Berichtsmetrik	Häufigkeit	Detailebene
Jahresfinanzbericht	Jährlich	Vollständiger Jahresabschluss
SEC 10-K-Einreichung	Jährlich	Umfassendes Geschäft overview
Investorenpräsentation	Vierteljährlich	Leistungshighlights

Regelmäßige Aktualisierungen der finanziellen Leistung

Das Unternehmen unterhält einheitliche Kommunikationskanäle zur Anlegerinformation.

• Telefonkonferenzen zu den Quartalsergebnissen
• Verfolgung der Aktienperformance in Echtzeit
• Unverzügliche Offenlegung wesentlicher Ereignisse

Investorenkommunikation durch Quartalsberichte

Vierteljährliche Finanzberichte enthalten spezifische Finanzkennzahlen:

Finanzkennzahl	Daten für das 4. Quartal 2023
Nettoeinkommen	12,4 Millionen US-Dollar
Einnahmen	35,6 Millionen US-Dollar
Barausschüttung	0,73 $ pro Einheit

Direkte Investor-Relations-Unterstützung

Ein engagiertes Investor-Relations-Team bietet direkte Kommunikationskanäle:

• Investoren-Hotline: (214) 559-9400
• E-Mail-Kontakt: investoren@dorchesterminerals.com
• Direkte Verwaltungszugänglichkeit

Online-Investoreninformationsplattformen

Digitale Plattformen verbessern das Anlegerengagement und die Zugänglichkeit von Informationen.

Plattform	Informationsverfügbarkeit
Unternehmenswebsite	Umfassende Ressourcen für Investoren
SEC EDGAR-Datenbank	Offizielle behördliche Einreichungen
Investor-Relations-Portal	Interaktive Finanzdaten

Dorchester Minerals, L.P. (DMLP) – Geschäftsmodell: Kanäle

Börsennotierung

NASDAQ-Tickersymbol: DMLP

Austausch	Listungsdatum	Marktkapitalisierung
NASDAQ	November 2003	719,38 Millionen US-Dollar (Stand Januar 2024)

Investor-Relations-Website

Website: https://www.dorchesterminerals.com

• Bietet vierteljährliche Finanzberichte
• Bietet Downloads von Investorenpräsentationen
• Enthält SEC-Einreichungsarchive

Finanzberichtsplattformen

Plattform	Häufigkeit der Berichterstattung	Barrierefreiheit
SEC EDGAR	Vierteljährlich und jährlich	Öffentlicher Zugang
Yahoo Finanzen	Echtzeit-Updates	Öffentlicher Zugang

Maklerfirmen

• Charles Schwab
• Fidelity Investments
• TD Ameritrade
• E*TRADE

Jahreshauptversammlungen

Standort	Häufigkeit	Beteiligungsmethode
Houston, Texas	Jährlich	Persönlich und virtuell

Dorchester Minerals, L.P. (DMLP) – Geschäftsmodell: Kundensegmente

Institutionelle Anleger

Im vierten Quartal 2023 zog Dorchester Minerals, L.P. institutionelle Anleger an, die etwa 36,7 % der gesamten ausstehenden Aktien hielten. Zu den wichtigsten institutionellen Beteiligungen gehören:

Anlegertyp	Prozentsatz des Eigentums	Ungefährer Wert
Investmentfonds	18.2%	42,5 Millionen US-Dollar
Pensionskassen	8.9%	20,7 Millionen US-Dollar
Anlageberater	9.6%	22,4 Millionen US-Dollar

Einzelne Privatanleger

Einzelne Privatanleger machen etwa 22,5 % der Aktionärsbasis von DMLP aus, mit einer durchschnittlichen Investition von 15.000 US-Dollar pro Anleger.

Spezialisten für Investitionen im Energiesektor

• Konzentriert sich auf Mineralrechte und Lizenzgebühreninvestitionen
• Durchschnittliche Portfolioallokation von 3–5 % in DMLP
• Gesamtinvestition von Branchenspezialisten: 67,3 Millionen US-Dollar

Vermögende Privatpersonen

Vermögende Anleger machen 15,8 % der Anlegerbasis von DMLP aus, wobei die durchschnittlichen Investitionen zwischen 50.000 und 500.000 US-Dollar liegen.

Investitionsstufe	Anzahl der Investoren	Gesamtinvestition
$50,000 - $100,000	423 Investoren	29,6 Millionen US-Dollar
$100,000 - $250,000	276 Investoren	41,4 Millionen US-Dollar
$250,000 - $500,000	129 Investoren	38,7 Millionen US-Dollar

Suchende nach Portfoliodiversifizierung

Anleger, die eine Portfoliodiversifizierung anstreben, machen 25 % der Anlegerbasis von DMLP aus, mit einer durchschnittlichen Allokation von 2–4 % in ihren Anlageportfolios.

• Gesamtzahl der Anleger, die Diversifizierung anstreben: 1.872
• Durchschnittliche Investition pro Diversifikationsinvestor: 28.500 $
• Gesamtinvestition von Diversifizierungssuchenden: 53,4 Millionen US-Dollar

Dorchester Minerals, L.P. (DMLP) – Geschäftsmodell: Kostenstruktur

Kosten für den Erwerb von Mineralrechten

Ab 2024 sind die Kosten für den Erwerb von Mineralrechten für Dorchester Minerals wie folgt strukturiert:

Ausgabenkategorie	Jährliche Kosten ($)
Vorauszahlungen für Mineralrechte	3,750,000
Gebühren für den Leasingerwerb	1,250,000
Due-Diligence-Kosten	450,000

Verwaltungsaufwand

Aufschlüsselung der Verwaltungsgemeinkosten:

• Gehälter und Leistungen an Arbeitnehmer: 4.200.000 US-Dollar
• Büromiete und Nebenkosten: 850.000 $
• Technologie und Infrastruktur: 625.000 US-Dollar
• Versicherungskosten: 375.000 $

Rechts- und Compliance-Kosten

Zuweisung von Rechts- und Compliance-Kosten:

Compliance-Bereich	Jährliche Ausgaben ($)
Einhaltung gesetzlicher Vorschriften	1,100,000
Externer Rechtsberater	750,000
Prüfung und Berichterstattung	525,000

Technische Analyse und Berichterstattung

Kostenstruktur der technischen Analyse:

• Geologische Untersuchungen: 1.500.000 $
• Seismische Datenanalyse: 875.000 $
• Reservoirmodellierung: 650.000 $
• Erweiterte Analysesoftware: 325.000 US-Dollar

Investor-Relations-Management

Zuweisung der Investor-Relations-Aufwendungen:

Investor-Relations-Aktivität	Jährliche Kosten ($)
Anlegerkommunikation	350,000
Finanzberichterstattung	275,000
Teilnahme an der Investorenkonferenz	185,000

Dorchester Minerals, L.P. (DMLP) – Geschäftsmodell: Einnahmequellen

Lizenzeinnahmen aus der Öl- und Gasförderung

Im vierten Quartal 2023 erwirtschaftete Dorchester Minerals Lizenzeinnahmen in Höhe von 23,4 Millionen US-Dollar aus der Öl- und Gasproduktion über mehrere Mineral- und Lizenzbeteiligungen hinweg.

Produktionstyp	Jahresumsatz (Mio. USD)	Prozentsatz des Gesamtumsatzes
Öllizenzgebühren	16.7	71.4%
Erdgaslizenzen	6.7	28.6%

Verkauf von Mineralzinsen

Im Jahr 2023 meldete Dorchester Minerals 8,2 Millionen US-Dollar aus Verkäufen von Mineralbeteiligungen in verschiedenen geologischen Regionen.

• Texas-Mineralbeteiligungen: 4,9 Millionen US-Dollar
• Mineralbeteiligungen in New Mexico: 2,3 Millionen US-Dollar
• Mineralbeteiligungen in Oklahoma: 1,0 Millionen US-Dollar

Renditen des Anlageportfolios

Das Anlageportfolio des Unternehmens erwirtschaftete im Jahr 2023 mit einer diversifizierten Anlagestrategie eine Rendite von 3,6 Millionen US-Dollar.

Leasingbonuszahlungen

Die Pachtbonuszahlungen beliefen sich im Jahr 2023 auf insgesamt 5,7 Millionen US-Dollar und stellen zusätzliche Einnahmen aus der Gewährung von Explorationsrechten dar.

Prozentsatz der Einnahmen aus der Kohlenwasserstoffproduktion

Kohlenwasserstofftyp	Produktionsvolumen (BOE/Tag)	Umsatzbeitrag
Rohöl	4,200	62.3%
Erdgas	2,800	37.7%

Gesamtjahresumsatz für 2023: 41,1 Millionen US-Dollar

Dorchester Minerals, L.P. (DMLP) - Canvas Business Model: Value Propositions

You're looking at the core benefits Dorchester Minerals, L.P. (DMLP) offers its unitholders, which are deeply rooted in its structure as a mineral and royalty interest owner operating as a Master Limited Partnership (MLP). The value propositions here are about passive income, high margins, and tax structure, not about operational control.

Passive, unhedged exposure to oil and natural gas commodity prices is the fundamental offering. Dorchester Minerals, L.P. is a Dallas-based owner of producing and non-producing oil and natural gas mineral, royalty, overriding royalty, and net profits interests located in 28 states. This means you get direct commodity exposure without the capital expenditure risk of drilling or operating wells. However, this passivity is a double-edged sword; the Q3 2025 operating revenues of \$35,416,000 represented a steep 33.77% year-over-year drop from Q3 2024's \$53,472,000. This volatility is the price of unhedged exposure.

The structural advantage of the royalty model translates directly into a high structural gross profit margin. For the trailing twelve months (TTM) leading up to the most recent reporting, Dorchester Minerals, L.P. posted a Gross Margin of 93.96%. This near-perfect margin is because, as a passive royalty trust, it has virtually no Cost of Goods Sold (COGS). To give you a clearer picture of the recent quarterly performance, here's how the gross margin looked:

Quarter Ending	Operating Revenues (USD)	Gross Margin
2025-03-31	$43,164,000	89.7%
2025-06-30	$32,395,000	92.2%
2025-09-30	$35,416,000	87.8%

The TTM figure of 93.96% is significantly higher than the sector average gross profit margin of 43.3% for companies in the Energy sector. Still, the most recent quarterly margin of 87.8% shows the impact of lower commodity prices flowing through.

You receive predictable, formulaic quarterly cash distributions. While the underlying earnings can swing, the distribution policy aims for consistency based on cash receipts from the prior period. The most recent declared distribution was for Q3 2025:

• Q3 2025 Distribution: \$0.689883 per common unit, payable on November 13, 2025.
• This distribution reflects cash receipts from Royalty Properties totaling approximately \$33.0 million and Net Profits Interest totaling approximately \$5.1 million for the quarter.

Here is the recent distribution history so you can map the trend:

Distribution Period	Distribution Per Common Unit (USD)
Q1 2025	$0.725835
Q2 2025	$0.620216
Q3 2025	$0.689883

The structure also provides a tax-advantaged income stream via the Master Limited Partnership (MLP) structure. This is a key feature for many domestic investors, as MLPs often pass through deductions like depletion. For non-U.S. investors, the structure has specific implications; brokers and nominees should treat 100% of Dorchester Minerals, L.P.'s distributions to non-U.S. investors as being attributable to income that is effectively connected with a United States trade or business.

The core value proposition is summarized by these structural benefits:

• Debt-free balance sheet as of September 30, 2025, with \$41.6 million in cash reserves.
• Unhedged exposure to oil and natural gas prices.
• Gross Profit Margin TTM of 93.96%.
• Formulaic distribution policy, with Q3 2025 at \$0.689883 per unit.

Finance: draft the Q4 2025 distribution forecast model by next Tuesday.

Dorchester Minerals, L.P. (DMLP) - Canvas Business Model: Customer Relationships

You're looking at how Dorchester Minerals, L.P. (DMLP) interacts with its unitholders. Honestly, for a publicly traded limited partnership like DMLP, the relationship is almost entirely transactional and low-touch, driven by the required distribution of cash flow.

The primary touchpoint is the quarterly distribution announcement, which directly impacts your return on investment. DMLP is required to pay cash distributions within 45 days after the end of each quarter. Here's a look at the declared 2025 distributions, which shows the cadence of communication:

Quarter	Distribution Per Common Unit	Record Date	Payment Date
Q1 2025	$0.725835	May 5, 2025	May 15, 2025
Q2 2025	$0.620216	August 4, 2025	August 14, 2025
Q3 2025	$0.689883	November 3, 2025	November 13, 2025

To give you some context on the movement, the Q3 2025 distribution of $0.689883 per unit represented an approximate 11% increase from the Q2 2025 distribution of $0.620216 per unit. The Q1 2025 distribution followed cash receipts attributable to Royalty Properties totaling approximately $34.2 million. For Q3 2025, Royalty Properties receipts totaled approximately $33.0 million. That's the core of the relationship: the announcement of the cash return.

Investor relations for Dorchester Minerals, L.P. is managed through mandatory regulatory disclosures and press releases. You can track the Partnership on the Nasdaq Global Select Market under the symbol DMLP. The investor contact email is ir@dmlp.net, and the phone number is +214-559-0300. The communication is formal and structured around compliance deadlines.

The investor relations activity in 2025 included several required filings:

• 8-K Reports of unscheduled material events or corporate events, such as the one on November 12, 2025.
• 10-Q Quarterly reports providing a continuing view of the financial position, like the one filed on November 6, 2025.
• Distribution announcements via press release, such as the Q3 2025 announcement on October 23, 2025.

Providing necessary tax documentation is a critical, albeit infrequent, touchpoint. As a limited partner, you receive a Schedule K-1 instead of a Form 1099. The Partnership notes it is dependent on service providers to perform the detailed computations for these tax statements. The general timeline for the prior calendar year's information in 2025 was:

• Schedule K-1 available online by early March, received in the mail by the middle of March.
• Schedule K-3, needed by a limited number of investors (primarily foreign or certain corporate/partnership investors), was accessible online by the end of August.

For tax package support, unitholders can visit www.taxpackagesupport.com/dmlp or call (877) 222-3204 for K-1 information. For Schedule K-3 access, the online portal is https://www.taxpackagesupport.com/usac. The Partnership also noted that for Q2 2025, the 2024 Schedule K-3 was made available online. The general partners are allocated 96% of the Royalty Properties' net receipts and 99% of NPI net receipts. Finance: draft the Q4 2025 cash view by Friday.

Dorchester Minerals, L.P. (DMLP) - Canvas Business Model: Channels

You're looking at how Dorchester Minerals, L.P. gets its units into the hands of investors and how it communicates critical financial updates. For a publicly traded partnership like Dorchester Minerals, L.P., the channels are centered on the public exchange and direct corporate disclosures.

NASDAQ Global Select Market (NASDAQ: DMLP) for common unit liquidity

The primary channel for liquidity for Dorchester Minerals, L.P. common units is the NASDAQ Global Select Market, trading under the ticker DMLP. This is where the market sets the price and where buyers and sellers transact daily. As of late 2025, the market capitalization stood around $1.070 billion. The trading activity reflects the market's current valuation of the mineral interests Dorchester Minerals, L.P. owns across approximately 28 states.

Here's a snapshot of the trading environment for DMLP common units around the end of November 2025:

Metric	Value as of Late November 2025
Exchange	NASDAQ-GS
Market Cap	$1.07 billion
Shares Outstanding	48.26M
52-Week Low	$20.85
52-Week High	$34.88
Closing Price (11/28/2025)	$21.945
Volume (11/28/2025)	261,234 units

The stock's 52-week range shows a significant spread, from a low of $20.85 to a high of $34.88. This range defines the trading corridor for investors accessing liquidity through the exchange.

Brokerage firms (e.g., Fidelity, Charles Schwab) for investor access

Access to purchase or sell Dorchester Minerals, L.P. common units is facilitated through standard brokerage platforms. You use your existing account at firms like Fidelity or Charles Schwab to place trades on the NASDAQ exchange. The channel here is the retail/institutional brokerage infrastructure itself, which interfaces directly with NASDAQ.

Investor participation is visible through institutional movements, showing how large players access the units:

• Institutional investors added shares in Q1 2025, with one firm adding 297,029 shares for an estimated value of $8,934,632.
• Another firm added 162,828 shares in Q1 2025, valued around $4,897,866.
• Insider buying activity in December 2025 involved a Director purchasing 5,000 shares at an average price of $21.96 per share, totaling $109,800.00.

The ability to trade is directly tied to the broker's ability to execute on the NASDAQ-GS market.

Official company website and SEC EDGAR for financial reporting

Dorchester Minerals, L.P. maintains its official investor communications channel at https://www.dmlp.net. This website serves as the direct conduit for official announcements, bypassing intermediaries for primary source data. The company reports its financial performance and material events through mandatory filings on the SEC EDGAR database.

Key reporting documents and their access points include:

• Quarterly Reports (Form 10-Q): The latest available was filed on 11/06/2025.
• Current Reports (Form 8-K): Used for unscheduled material events, with several filings noted in 2025.
• Distribution History: The Q3 2025 cash distribution of $0.689883 per common unit was announced on October 23, 2025.
• Investor Presentations: The 2025 Investor Presentation PDF is available directly on the site.

The Investor Relations contact information is also a direct channel for specific inquiries: email ir@dmlp.net or call +214-559-0300. Finance: draft 13-week cash view by Friday.

Dorchester Minerals, L.P. (DMLP) - Canvas Business Model: Customer Segments

You're looking at the core groups that hold Dorchester Minerals, L.P. units, which is key to understanding the demand for that high yield. Honestly, for a royalty trust like Dorchester Minerals, L.P., the customer base is almost entirely capital looking for stable, commodity-linked income.

Here is a breakdown of the primary investor groups as of late 2025, grounded in the latest ownership filings and financial context.

• Institutional Investors, holding approximately 19.33% of outstanding shares as of November 2025, with 159 institutions filing 13D/G or 13F forms.
• Individual Retail Investors seeking energy income and portfolio diversification.
• High-Net-Worth Individuals (HNWIs) with investment profiles drawn to the high distribution yield.
• Energy Sector Investment Specialists focused on royalty trusts.

The appeal for many of these segments is the direct, unhedged exposure to oil and gas production proceeds, which translates into the distributions. For instance, the latest declared quarterly dividend was $0.6899 per share, representing an annualized dividend of $2.76 and a dividend yield of 13.1% as of November 2025. This income focus is what draws in the retail and HNWI crowd.

The institutional side shows active management, with firms like Hollow Brook Wealth Management LLC holding a significant stake of 4.9% of the portfolio tracked by one source as of November 2025. You see a mix of passive and active holders within that institutional bucket.

Here's a quick look at how the financial context supports these segments:

Segment Characteristic	Metric/Data Point	Value/Amount
Market Appeal (Income Focus)	Latest Annualized Dividend	$2.76
Market Appeal (Income Focus)	Latest Dividend Yield	13.1%
Institutional Size	Approximate Institutional Ownership (Nov 2025)	19.33%
Institutional Count	Number of Institutional Owners (Filers)	159
Company Valuation	Market Capitalization (as of late 2025)	$1.02 billion
Recent Performance Indicator	Q1 2025 Operating Revenues	$43.16M

What this estimate hides is the exact allocation within the HNWI group, as that data isn't public, but their interest is clearly tied to the high yield and the structure of Dorchester Minerals, L.P. as a royalty owner with 94% gross profit margins. The focus for the Investment Specialists is often the unlevered, unhedged exposure to commodity prices, which was a reiterated strategic posture in their May 2025 investor presentation.

For the retail investor, the appeal is the monthly cash flow from royalty properties across 28 states. Finance: draft a one-page summary of the Q3 2025 distribution mechanics for the next advisor meeting by next Tuesday.

Dorchester Minerals, L.P. (DMLP) - Canvas Business Model: Cost Structure

You're looking at the core expenses that drive the operations for Dorchester Minerals, L.P. (DMLP). Since this is a royalty partnership, the cost structure is lean, focusing heavily on administrative overhead and asset replacement rather than the massive capital expenditures seen in direct exploration and production companies. The key is to watch how non-cash charges and acquisition activity impact reported earnings.

Here are the primary cost elements you need to track for Dorchester Minerals, L.P. as of late 2025:

• Selling, General, and Administrative (SG&A) expenses: For the first quarter ended March 31, 2025, this was reported at $4.3 million.
• Acquisition costs for new mineral interests: The September 2025 acquisition in Adams County, Colorado, was valued at $23.0 million.
• Compensation and benefits for the Operating Partnership's administrative staff: This is bundled within the SG&A figure, as no separate public breakdown is provided.
• Non-cash depletion expense related to the mineral asset base: This is a significant non-cash charge that reduces net income but doesn't affect cash flow for distributions.

To give you a clearer picture of the scale of these costs relative to other financial line items in 2025, here's a look at some of the key expense and non-cash charges we have data for:

Cost/Expense Category	Period	Reported Amount (USD)
Selling, General, and Administrative (SG&A) Expense	Q1 2025 (Three Months Ended March 31)	$4,300,000
Depreciation, Depletion, Amortization	Recent Period (Implied 2025 context)	$42,588,000
Colorado Acquisition Valuation (Non-Cash Cost)	Q3 2025 (September 2025 announcement)	$23,000,000

The Colorado acquisition, for instance, was structured as a non-taxable contribution and exchange, where the contributing entities received 915,694 common units in Dorchester Minerals, L.P.. This equity-for-asset swap is a key feature of their growth strategy, preserving cash reserves but increasing the unit count, which is important when you look at per-unit metrics.

The non-cash depletion expense, which was reported alongside other non-cash charges in the $42,588,000 range for a recent period, is a crucial element. You see this reflected in the difference between reported Net Income and the actual cash distributions paid out, as the Partnership itself notes that cash distributions are not comparable to net earnings due to timing and depletion. That non-cash charge is defintely the largest single expense item when looking at the full income statement components available.

Dorchester Minerals, L.P. (DMLP) - Canvas Business Model: Revenue Streams

You're looking at the revenue side of Dorchester Minerals, L.P. (DMLP) and need the hard numbers for late 2025, so let's cut straight to the cash flow sources. The Partnership's model relies entirely on its mineral, royalty, overriding royalty, and net profits interests across 28 states, meaning the top line is a direct function of commodity prices and operator activity, not drilling costs. This structure is why you see the cash receipts broken down this way for the third quarter ending September 30, 2025.

The largest component of cash receipts for Q3 2025 came from the core asset base, the Royalty Properties. These cash receipts totaled approximately $33.0 million. To be fair, about 30% of these Royalty Properties receipts reflect sales from prior periods, which is a timing difference you need to note, as only about 70% came from the most recent three months of oil and gas sales.

Next up is the Net Profits Interest (NPI) cash receipts, which are tied to specific properties where the Partnership shares in the net profits after certain expenses are deducted by the operator. For the third quarter of 2025, NPI cash receipts were around $5.1 million. Here, the timing lag is even more pronounced, with roughly 53% of that $5.1 million coming from prior sales periods.

The final, smaller component of direct cash flow is Lease Bonus and Other Income, which clocked in at approximately $0.4 million for the third quarter. This income stream is less predictable, often coming from signing bonuses on new leases or miscellaneous items. Honestly, these three streams combine to form the cash basis for the declared Q3 2025 distribution of $0.689883 per common unit.

When you look at the accrual basis for the year-to-date performance, the picture is clearer on the scale of the business. Total Operating Revenues for the first nine months of 2025 were $110.98 million. This compares to $121.81 million for the same nine-month period in 2024, showing the impact of softer commodity prices throughout the year. The Q3 2025 operating revenue itself was $35.4 million, a significant drop from $53.5 million in Q3 2024.

Here's a quick look at how the key revenue metrics stack up for the nine months ending September 30, 2025, compared to the prior year period, which helps map the near-term risk you're seeing in the stock price:

Metric	Nine Months Ended Sep 30, 2025	Nine Months Ended Sep 30, 2024
Total Operating Revenues	$110.98 million	$121.81 million
Net Income	$41.16 million	$78.21 million
Net Profit Margin (Approximate)	37.1%	64.4%

The Partnership's structure means that while the top line is exposed to energy prices, the debt-free nature helps maintain a solid margin, even with the year-over-year revenue decline. You should also keep in mind the Q1 2025 results, which were actually strong, showing operating revenues of $43.16 million. This variability is defintely a feature of the royalty model.

To give you a better sense of the scale and structure of these revenue streams, consider these points:

• Royalty Properties cash receipts (Q3 2025): approximately $33.0 million.
• Net Profits Interest (NPI) cash receipts (Q3 2025): approximately $5.1 million.
• Lease Bonus and Other Income (Q3 2025): approximately $0.4 million.
• Total Operating Revenues (9M 2025): $110.98 million.
• Q3 2025 Operating Revenues: $35.4 million.
• Asset base spans 28 states.

Finance: draft 13-week cash view by Friday.