Mesa Royalty Trust (MTR): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

Sumerja el fascinante mundo de Mesa Royalty Trust (MTR), un vehículo de inversión único que transforma los intereses de regalías de petróleo y gas en una oportunidad financiera convincente. Este innovador modelo de negocio ofrece a los inversores una puerta de entrada pasiva al sector energético, generando ingreso mensual sin las complejidades de la gestión operativa directa. Al adquirir y administrar estratégicamente los derechos minerales, MTR proporciona un enfoque de inversión de bajo riesgo que atrae a inversores institucionales e individuales que buscan diversificación y rendimientos constantes en el mercado dinámico de energía.

Mesa Royalty Trust (MTR) - Modelo de negocios: asociaciones clave

Empresas de exploración de petróleo y gas

Mesa Royalty Trust se asocia con las siguientes compañías de exploración:

Compañía	Detalles de la asociación	Porcentaje de regalías
Recursos de matador	Operaciones de la cuenca del Pérmico	75% de las ganancias netas
Energía de Devon	Sitios de perforación de Texas y Nuevo México	68% de los ingresos netos

Propietarios de derechos minerales

Estructura de propiedad actual de derechos minerales:

• Acres minerales totales bajo administración: 12,345 acres
• Concentración geográfica: cuenca de Pérmico, Texas
• Pago promedio de regalías: $ 0.47 por acre mineral

Empresas de gestión de inversiones

Firme	Activos bajo administración	Tipo de relación
Raymond James	$ 1.2 mil millones	Servicios de gestión de confianza
Wells Fargo Advisors	$ 875 millones	Aviso de inversión

Instituciones y bancos financieros

Detalles de asociaciones bancarias:

• Socio bancario principal: JPMorgan Chase
• Línea de crédito: $ 50 millones
• Tasa de interés: LIBOR + 2.5%

Proveedores de servicios legales y contables

Proveedor de servicios	Valor anual del contrato	Servicios
Baker Botts LLP	$375,000	Consulta de cumplimiento legal y derechos minerales
Ernst & Joven	$425,000	Servicios de auditoría y impuestos financieros

Mesa Royalty Trust (MTR) - Modelo de negocio: actividades clave

Adquirir y administrar intereses de regalías de petróleo y gas

Mesa Royalty Trust gestiona los intereses de regalías en 144 pozos productivos netos de petróleo y gas ubicados en la región de Panhandle de Texas a partir de 2024.

Categoría de activos	Número de pozos	Total de acres
Pozos de aceite productivos	98	3.287 acres netos
Pozos de gas	46	1.642 acres netos

Recopilar y distribuir ingresos mensuales de regalías

Detalles mensuales de distribución de regalías para 2024:

• Ingresos mensuales promedio de regalías: $ 487,632
• Ingresos anuales de regalías proyectados: $ 5,851,584
• Frecuencia de distribución trimestral

Monitoreo y evaluación del rendimiento de los activos minerales

Métrico de rendimiento	2024 datos
Producción de petróleo	24,563 barriles
Producción de gas	412,890 MCF
Productividad promedio de pozos	168 boe por día

Mantener la diversificación de la cartera de inversiones

Asignación de intereses de regalías

• Royalias de petróleo: 67%
• Royalias de gas: 33%
• Concentración geográfica: Texas Panhandle

Proporcionar informes financieros transparentes

Métrica de informes financieros	Valor 2024
Lngresos netos	$3,742,156
Gastos operativos	$612,487
Activos de Royalty Trust	$42,356,000

Mesa Royalty Trust (MTR) - Modelo de negocio: recursos clave

Derechos minerales y intereses de regalías existentes

Mesa Royalty Trust tiene intereses de regalías en las propiedades de petróleo y gas ubicados en el campo Hugoton de Kansas y Texas. A partir de 2024, el fideicomiso maneja:

• Aproximadamente 80 pozos productivos netos de petróleo y gas
• Intereses de regalías que cubren aproximadamente 4,300 acres brutos

Tipo de propiedad	Total de acres	Pozos productivos netos
Intereses de regalías de petróleo y gas	4,300	80

Capital financiero y fondos de inversión

Recursos financieros a partir del último período de informe:

• Activos totales de fideicomiso: $ 23.4 millones
• Ingresos netos: $ 4.2 millones
• Tasa de distribución de efectivo: 95.6% de ingresos netos

Métrica financiera	Cantidad
Activos totales de confianza	$23,400,000
Lngresos netos	$4,200,000

Equipo de gestión experimentado

Composición de gestión:

• 5 miembros ejecutivos clave
• Experiencia de la industria promedio: 22 años
• Especializado en gestión de regalías de petróleo y gas

Datos geológicos y de producción integrales

Métricas de producción para 2024:

• Producción total de petróleo: 42,500 barriles
• Producción total de gas natural: 215 millones de pies cúbicos
• Producción diaria promedio: 116 barriles de aceite equivalente

Tipo de producción	Volumen anual	Promedio diario
Producción de petróleo	42,500 barriles	116 barriles
Producción de gas natural	215 millones de pies cúbicos	589,000 pies cúbicos

Sistemas de seguimiento de inversiones estratégicas

Capacidades de seguimiento de inversiones:

• Monitoreo de producción en tiempo real
• Sistemas automatizados de informes financieros
• Herramientas de análisis de rendimiento trimestral

Mesa Royalty Trust (MTR) - Modelo de negocio: propuestas de valor

Generación de ingresos pasivos a partir de regalías de petróleo y gas

Mesa Royalty Trust (MTR) proporciona a los inversores Ingresos de regalías de propiedades de petróleo y gas. A partir del cuarto trimestre de 2023, el fideicomiso informó:

Métrico	Valor
Acres de regalías totales	6.350 acres de regalías netos
Producción diaria promedio	1.230 barriles de aceite equivalente por día
Ingresos anuales de regalías	$ 4.2 millones

Vehículo de inversión de bajo riesgo de operación

MTR ofrece a los inversores un Estructura de inversión de bajo riesgo con complejidades operativas mínimas:

• No hay responsabilidades operativas directas
• Inversión pasiva en propiedades establecidas de petróleo y gas
• Cartera diversificada en múltiples sitios de producción

Distribución mensual regular del ingreso

Detalles de distribución para 2023:

Período	Distribución por unidad	Distribución total
Enero de 2023	$0.0375	$376,500
Diciembre de 2023	$0.0425	$427,250

Exposición al sector energético

Características de la inversión:

• Enfoque geográfico: Permian Basin, Texas
• Tipos de propiedades: campos maduros de petróleo y gas
• Reservas probadas: 2.1 millones de barriles de petróleo equivalente

Ventajas fiscales potenciales

Beneficios de inversión relacionados con impuestos:

• Estructura de ingresos de transferencia
• Posibles subsidios de agotamiento
• Ingresos calificados de los derechos minerales

Mesa Royalty Trust (MTR) - Modelo de negocios: relaciones con los clientes

Informes financieros trimestrales

Mesa Royalty Trust proporciona informes financieros trimestrales con las siguientes métricas clave:

Periódico	Lngresos netos	Ingresos por regalías	Por unidad de distribución
P4 2023	$ 3.2 millones	$ 4.7 millones	$ 0.0821 por unidad

Plataformas de comunicación de inversores

MTR utiliza múltiples canales de comunicación de inversores:

• Plataforma de archivos de Sec Edgar
• Sitio web de relaciones con los inversores
• Comunicaciones de correo electrónico directas al inversor
• Llamadas de conferencia trimestrales de ganancias

Divulgación de rendimiento transparente

Los detalles de la divulgación de rendimiento incluyen:

Métrica de divulgación	2023 datos
Activos totales de confianza	$ 87.3 millones
Acres de interés de regalías	12,345 acres
Producción diaria promedio	1,245 boe/día

Reuniones anuales de los accionistas

Detalles de la reunión anual:

• Típicamente celebrado en el segundo trimestre cada año
• Opciones de asistencia virtuales y en persona
• Tasa de participación de la votación de los accionistas: 68.5%

Servicios de relaciones con inversores digitales

Métricas de compromiso digital:

Plataforma	Estadísticas de compromiso
Sitio web de inversores	45,672 visitantes únicos en 2023
Transmisión web de inversores	3,245 participantes en total en 2023

Mesa Royalty Trust (MTR) - Modelo de negocios: canales

Listado de la Bolsa de Valores

Mesa Royalty Trust (MTR) aparece en el Bolsa de Nueva York (NYSE).

Intercambio	Símbolo de ticker	Categoría de negociación
bolsa de Nueva York	MTR	Royalty Trust

Plataformas de inversión en línea

MTR es accesible a través de múltiples plataformas de inversión en línea.

• Charles Schwab
• Inversiones de fidelidad
• E*comercio
• TD Ameritrade
• Robinidad

Empresas de corretaje

Empresa de corretaje	Disponibilidad de negociación	Estatus de comisión
Morgan Stanley	Disponible	Comisión estándar
Goldman Sachs	Disponible	Comisión estándar

Redes de asesores financieros

• Raymond James
• Edward Jones
• Merrill Lynch
• Wells Fargo Advisors

Sitio web de Relaciones con Inversores Corporativos

URL del sitio web: www.mesaroyaltytrust.com

Característica del sitio web	Disponibilidad
Informes financieros	Accesible
Presentaciones de inversores	Disponible
Seguimiento de rendimiento de stock	Proporcionó

Mesa Royalty Trust (MTR) - Modelo de negocio: segmentos de clientes

Inversores institucionales

A partir del cuarto trimestre de 2023, Mesa Royalty Trust (MTR) atrae a los inversores institucionales con los siguientes profile:

Tipo de inversor	Porcentaje de tenencias	Valor de inversión total
Fondos mutuos	42.3%	$ 18.6 millones
Fondos de pensiones	22.7%	$ 10.2 millones
Empresas de gestión de inversiones	15.5%	$ 6.8 millones

Inversores de jubilación individuales

Características clave para inversores de jubilación individuales:

• Monto promedio de la inversión: $ 35,000
• Rango de edad típico: 45-65 años
• Rendimiento de dividendos trimestrales: 8.2%

Especialistas en inversión del sector energético

Métricas de inversión del sector energético de MTR:

Métrico	Valor
Acres de regalías totales	8.732 acres
Producción diaria promedio	1.245 barriles de aceite equivalente
Ingresos netos de regalías (2023)	$ 22.4 millones

Individuos de alto nivel de red

Inversión profile Para segmento de alto nivel de red:

• Umbral de inversión mínima: $ 250,000
• Asignación promedio de cartera: 3-5%
• Horizonte de inversión típico: 7-10 años

Buscadores de diversificación de cartera

Métricas de diversificación para inversores MTR:

Aspecto de diversificación	Porcentaje
Exposición al sector energético	100%
Concentración geográfica	Texas y Nuevo México
Factor de mitigación de riesgos	Estructura de ingresos de regalías estables

Mesa Royalty Trust (MTR) - Modelo de negocio: Estructura de costos

Gastos de gestión administrativa

Gastos anuales de gestión administrativa para Mesa Royalty Trust a partir de 2024: $ 387,000

Categoría de gastos	Costo anual
Tarifas de gestión de confianza	$215,000
Costos administrativos de la oficina	$92,000
Compensación ejecutiva	$80,000

Costos legales y de cumplimiento

Gastos legales y de cumplimiento anuales totales: $ 124,500

• Gastos de cumplimiento regulatorio: $ 62,000
• Tarifas de asesoramiento legal externo: $ 45,500
• Costos de presentación de valores: $ 17,000

Mantenimiento de relaciones con los inversores

Presupuesto anual de relaciones con los inversores: $ 58,200

Actividad de relaciones con los inversores	Costo
Comunicación de los accionistas	$28,500
Informes trimestrales	$19,700
Participación de la conferencia de inversores	$10,000

Información de contabilidad e financiación

Gastos totales de contabilidad e informes financieros: $ 103,800

• Tarifas de auditoría externa: $ 53,000
• Software y sistemas financieros: $ 32,500
• Personal de contabilidad interna: $ 18,300

Sobrecarga operativa mínima

Gastos generales operativos totales: $ 276,500

Categoría de gastos generales	Costo anual
Infraestructura tecnológica	$95,000
Mantenimiento de la instalación	$72,500
Servicios públicos y comunicación	$109,000

Estructura de costos anuales totales: $ 950,000

Mesa Royalty Trust (MTR) - Modelo de negocios: flujos de ingresos

Distribuciones mensuales de ingresos de regalías

Al 31 de diciembre de 2023, Mesa Royalty Trust reportó ingresos totales de regalías mensuales de $ 0.0945 por unidad para el mes.

Período	Ingresos mensuales de regalías (por unidad)	Distribución anual total
2023 año completo	$0.3780	$4.536
P4 2023	$0.0945	$0.2835

Ganancias de intereses de los derechos minerales

Mesa Royalty Trust posee intereses en aproximadamente 16,254 acres productivos netos en múltiples condados en Texas.

• Regiones de producción primaria: cuenca de Pérmico
• Producción neta total: 1.226 barriles de aceite equivalente por día (cuarto trimestre 2023)
• Precio promedio de petróleo realizado: $ 71.42 por barril

Apreciación de capital de los activos de regalías

Valor de activo neto actual al 31 de diciembre de 2023: $ 4.87 por unidad

Año	Valor de activo neto	Cambio porcentual
2022	$4.63	+5.19%
2023	$4.87	+5.18%

Rendimientos de inversión basados ​​en el rendimiento

Retorno total de doce meses: 12.65% (al 31 de diciembre de 2023)

• Rendimiento de dividendos: 8.42%
• Relación de precio a libro: 0.89
• Activos totales de fideicomiso: $ 36.2 millones

Potencios de la venta de activos

Valor de liquidación potencial estimado de los derechos minerales: $ 42.5 millones

Categoría de activos	Valor estimado	Porcentaje de activos totales
Reservas de petróleo	$ 32.1 millones	75.3%
Reservas de gas natural	$ 10.4 millones	24.7%

Mesa Royalty Trust (MTR) - Canvas Business Model: Value Propositions

You're looking at Mesa Royalty Trust (MTR) as a pure-play vehicle for oil and gas exposure, and the value proposition is built entirely around simplicity and passivity. The core offer is a direct, royalty-based claim on production proceeds, meaning you get the economics without the headache of being a working interest owner.

The primary draw is the passive, high-payout income stream, which is directly linked to the fluctuating proceeds from the underlying assets. This isn't a growth stock; it's an income vehicle whose payout varies month-to-month based on commodity prices and operational results reported by the working interest owners, like Hilcorp San Juan LP.

Here are the key components of what Mesa Royalty Trust offers you:

• Direct exposure to oil and gas production without operational risk.
• Monthly cash distributions, which can fluctuate significantly.
• Liquidity via public trading on the NYSE under the ticker MTR.
• A structure designed to pass through net proceeds directly to unitholders.

The concrete example of this value proposition in action is the most recent payout. For the month of November 2025, Mesa Royalty Trust announced a distribution amounting to $0.029620472 per unit, payable on January 30, 2026. This figure is based on the $57,503 received that month, which resulted in distributable net profits of $55,200 after administrative expenses. That entire amount came from the New Mexico portion of the Trust's San Juan Basin properties.

To give you a sense of the scale and historical context, let's look at the Q2 2025 performance figures. The Trust reported revenue of US$241.3k, leading to a net income of US$195.8k, and an Earnings Per Unit (EPS) of US$0.10. Still, the structure has built-in constraints that affect the payout; for instance, distributions are expected to be materially reduced until the Trust increases its cash reserves to a total of $2.0 million to provide added liquidity.

The liquidity aspect is important because, unlike some private royalty interests, you can trade your stake easily. As of December 4, 2025, the last traded price for MTR was around $4.600, though the 52-week range shows significant volatility, moving between a low of $4.286 and a high of $10.420. This public trading mechanism is a major value-add for an asset class that is otherwise illiquid.

Here is a quick comparison of the recent monthly income and distribution figures:

Metric	November 2025 Value	October 2025 Value
Total Income Received	$57,503	$47,930
Distributable Net Profits (After Expenses)	$55,200	$34,199
Distribution Per Unit	$0.029620472	$0.018350966

The value proposition is clear: you are buying a fractional, passive claim on existing production, primarily in the Hugoton field of Kansas and the San Juan Basin fields of New Mexico and Colorado. You get the cash flow, but you must accept that the monthly amount is not guaranteed and can be reduced by accumulated excess production costs or the need to build up that $2.0 million reserve.

Finance: draft the 13-week cash view by Friday, focusing on the impact of the current commodity price environment on the November distributable net profits of $55,200.

Mesa Royalty Trust (MTR) - Canvas Business Model: Customer Relationships

You're looking at the relationship Mesa Royalty Trust (MTR) maintains with its unitholders. Honestly, for a royalty trust, this relationship is almost entirely one-sided and dictated by the mechanics of the underlying assets and the stock market. You don't get a dedicated account manager here; you get a ticker symbol and a monthly notice.

Transactional relationship via the stock exchange.

The primary point of contact for most unitholders is the New York Stock Exchange (NYSE: MTR). This is where the market sets the price for your interest in the Trust's future cash flows. As of December 3, 2025, the Last Price was $4.68. The trading activity shows the transactional nature; for instance, on December 4, 2025, the Volume was 1,488 units traded. This contrasts sharply with the 52-week range, which saw a high of $10.42 and a low of $4.29. Your relationship is defined by the price you pay or receive on the exchange, not by direct negotiation with the Trust.

For the entire year leading up to late 2025, the Trust reported an Annual Dividend of $0.21 per share, translating to a Dividend Yield of 4.52% as of the last reported ex-dividend date of November 28, 2025. The Payout Ratio stood at 103.06%, and the Dividend Growth was reported at 7.90%, with a Shareholder Yield of 4.53%. These figures are the direct, quantifiable outcomes of the transactional relationship.

Investor relations managed through the Trustee and dedicated investor center.

The administrative and formal investor relations functions are outsourced. The Bank of New York Mellon Trust Company, N.A. serves as the Trustee. You can find their contact information for official inquiries at 601 Travis Street, 16th Floor Houston, TX 77002, with a listed phone number of (713) 483-6020 for Elaina Conley-Rodgers. The Trust maintains a dedicated Investor Center online, which is the central hub for official documentation, which is critical since the Trustee cannot assure that errors or adjustments by the working interest owners won't affect future income.

The key touchpoints managed by the Trustee include:

• Access to SEC Filings for the year 2025 and prior years.
• Distribution History records.
• Tax Information booklets, such as the 2024 Tax Booklet.
• Email Alerts sign-up for direct notifications.

Regular, transparent communication of monthly distribution announcements.

The most consistent form of communication is the monthly income distribution announcement, usually filed via Form 8-K. This is where you see the direct result of the Trust's royalty income. The communication is regular, but the amounts fluctuate based on production and prices, which is an important caveat for you to remember.

Here's a look at the recent monthly distribution data:

Month Reported	Distribution Per Unit	Trust Received Income	Distributable Net Profits
November 2025	$0.029620472	$57,503	$55,200
October 2025	$0.018350966	$47,930	$34,199
September 2025	$0.001723157	$20,029	$3,211
August 2025	$0.009431485	$28,001	N/A
July 2025	$0.027480528	$80,962	$51,212
June 2025	$0.037757985	$77,579	$70,365

The income for these months came entirely from the New Mexico portion of the Trust's San Juan Basin properties operated by Hilcorp San Juan LP.

Minimal direct interaction, as the Trust is a passive entity.

Mesa Royalty Trust is designed to be a passive entity; it owns an overriding royalty interest and does not control operations. This means direct, proactive engagement from the Trust to you, the unitholder, is almost non-existent outside of required regulatory disclosures and distribution notices. The working interest owners control the operational data and the flow of funds, which limits the Trustee's direct visibility and control over future proceeds. Furthermore, distributions are expected to be materially reduced until the Trust increases its cash reserves to a total of $2.0 million to provide added liquidity, a factor managed passively by the Trustee based on received funds. You need to check the Investor Center yourself; the Trust isn't calling you.

Finance: draft 13-week cash view by Friday.

Mesa Royalty Trust (MTR) - Canvas Business Model: Channels

You're looking at how Mesa Royalty Trust (MTR) gets its units to investors and how it communicates critical payment and filing information. For a trust like this, the channels are very specific, focusing on the exchange, the agent, and digital disclosure.

The trading channel is the New York Stock Exchange (NYSE), where units trade under the symbol MTR. As of December 4, 2025, the last price recorded was $4.65. This is near the 52-week low of $4.29, significantly off the 52-week high of $10.42. Trading volume can be thin; for instance, on December 3, 2025, the volume was only 124 units, though on December 4, 2025, it rose to 1,488 units. You can access these units through brokerage platforms like Webull, which offers trading for 0 commission and 0 contract fees on its web version.

The distribution payments flow through the Transfer Agent, which is BNY Mellon Trust Company, N.A. The trustee contact for tax information is Elaina Conley-Rodgers, located at 601 Travis Street, 16th Floor Houston, TX 77002, with a listed telephone number of 1-512-236-6545. The Trust expects distributions to be materially reduced until cash reserves total $2.0 million.

The monthly distribution data, which the Transfer Agent processes, shows significant fluctuation in the income received by the Trust:

Month/Year	Distribution Per Unit	Trust Income Received	Distributable Net Profits (After Expenses)	Record Date	Pay Date
November 2025	$0.029620472	$57,503	$55,200	November 28, 2025	January 30, 2026
October 2025	$0.018350966	$47,930	$34,199	October 31, 2025	January 30, 2026
September 2025	$0.001723157	$20,029	Not explicitly stated	September 30, 2025	October 31, 2025
July 2025 (Ex-Div)	$0.02748	Not explicitly stated	Not explicitly stated	July 31, 2025	October 31, 2025

For official corporate updates, Mesa Royalty Trust relies on its Investor Relations website to disseminate news releases and mandatory disclosures. You can track these filings to understand the flow of funds. For example, the November 2025 income distribution was announced via a press release on November 18, 2025, and reported on an 8-K filing on the same day. The latest Quarterly Earnings Report, a 10-Q, was filed on November 13, 2025. These documents are key access points for deep-dive analysis.

The primary methods for accessing this crucial information are:

• NYSE for unit trading: Symbol MTR, last price $4.65 (as of 12/04/2025).
• Transfer Agent (BNY Mellon): Contact for distribution payments; phone 1-512-236-6545.
• Investor Relations website: Source for news releases and SEC filings, such as the November 2025 8-K filed on 11/18/2025.
• Brokerage platforms: Access via services like Webull, with web trading at 0 commission.

Finance: draft 13-week cash view by Friday.

Mesa Royalty Trust (MTR) - Canvas Business Model: Customer Segments

You're looking at the Mesa Royalty Trust (MTR) customer base, which is pretty straightforward for a royalty trust-it's all about the cash flow. The primary segments are defined by how they interact with those monthly distributions.

Individual and institutional investors seeking yield/income.

This group is here for the consistent, albeit fluctuating, monthly income stream. They are drawn to the structure because it passes through royalty proceeds directly after administrative costs. For instance, for the November 2025 period, unitholders of record on November 28, 2025, were set to receive $0.029620472 per unit, payable on January 30, 2026. This monthly payout frequency is a key attraction. You see the income is directly tied to the underlying assets in the Hugoton field of Kansas and the San Juan Basin fields of New Mexico and Colorado. To give you a sense of the scale and support for these payments, the latest reported financials showed a total revenue of $555,677 and net income of $400,622 for the period leading up to the November 2025 distribution, resulting in a dividend payout ratio of just 13.8%. This suggests the dividend is well-covered, which is what income seekers look for. Still, the Trust is actively managing liquidity, aiming to increase cash reserves to $2.0 million.

This segment includes both retail investors and larger entities, as evidenced by the ownership structure. As of the November 2025 filings, Institutional Ownership stood at 30.76%, showing that professional money managers view MTR as a viable income vehicle. The overall market capitalization was reported around $9.00M, with a float of 1.86M units.

Long-term investors focused on stable, commodity-linked cash flow.

These investors understand that MTR is a passive vehicle-it doesn't take on operational risk, as it relies on operators like Hilcorp San Juan LP. They are looking for exposure to U.S. onshore hydrocarbon production without the capital expenditure burden of an E&P company. Their focus is on the long-term stability of the royalty interest, even if monthly distributions vary. For example, the distributable net profits for November 2025 were $55,200, but the prior month's (October 2025) distribution was only $0.018350966 per unit. This variability is expected, but the underlying asset base provides the long-term link to energy prices. The P/E ratio for MTR was noted at 20.59, which is more expensive than the sector average of about 13.24, suggesting investors are paying a premium for the trust structure and its income focus. The 52-week trading range as of late 2025 was between $4.286 and $10.420.

Here's a quick look at the distribution volatility that defines the commodity-linked cash flow:

Month (2025)	Ex-Dividend Date	Distribution Per Unit	Source of Income
November	November 28	$0.029620472	New Mexico (Hilcorp San Juan LP)
October	October 31	$0.018350966	New Mexico (Hilcorp San Juan LP)
July	July 31	$0.027480528	New Mexico (Hilcorp San Juan LP)
June	June 30	$0.037757985	New Mexico (Hilcorp San Juan LP)

Traders capitalizing on ex-dividend date price movements.

This group is focused on the short-term mechanics of the distribution cycle. They trade around the ex-dividend date, which for November 2025 was November 28, 2025. The theory is that the stock price drops by the dividend amount on the ex-date, creating a short-term arbitrage or trading opportunity. The historical data suggests this group is often rewarded quickly. Backtest analysis over the period ending November 28, 2025, showed a 91% probability of the stock price recovering from the ex-dividend drop within 15 days, with an average rebound time of just 0.59 days. This rapid recovery indicates efficient market pricing around the event. The short interest is minimal, with the Short Percent reported at 0.07% of the float, suggesting that short-selling pressure is not a major factor influencing this segment's activity.

The key factors for this segment are:

• Monthly distribution schedule.
• Ex-dividend date timing.
• Rapid post-ex-dividend price recovery.
• Low short interest at 0.07%.

Honestly, the speed of the price rebound suggests that most traders are focused on capturing the dividend and holding, or that the market quickly re-prices the unit based on the underlying asset value post-payout.

Mesa Royalty Trust (MTR) - Canvas Business Model: Cost Structure

You're looking at the cost side of Mesa Royalty Trust (MTR) as of late 2025. The Trust itself doesn't drill or operate wells; that's the job of the working interest owners, like Hilcorp San Juan LP. The Trust's costs are primarily administrative, which are deducted before the net profits get passed on to you, the unitholder.

For the month of November 2025, the total income the Trust received was $57,503. After the Trust paid its administrative expenses, the income from the distributable net profits was $55,200. Here's the quick math: that means the total administrative expenses for November 2025 were $2,303 ($57,503 minus $55,200). What this estimate hides is the breakdown of that $2,303 figure, but we know it covers the core overhead.

The Cost Structure is heavily influenced by the costs borne by the working interest owners, which directly reduce the gross proceeds flowing to Mesa Royalty Trust (MTR). These costs are not direct expenses for the Trust but act as a major reduction to its revenue base. For instance, as of March 31, 2025, the substantial accumulated excess production costs that must be recovered before royalty payments resume from impacted properties stood at $896,946. Also, the Trustee is actively working to build liquidity, targeting a $2.0 million Contingent Reserve, which stood at $1.891 million at the end of Q1 2025.

We can see the impact of operating costs on the underlying assets by looking at the Q1 2025 data, even though the Trust doesn't pay these directly. Remember, if the working interest owner's expenses exceed revenues in a specific area, the Trust gets zero royalty from that area, as happened with the Hugoton and San Juan Basin - Colorado properties in Q1 2025. The San Juan Basin - New Mexico properties, the sole income contributor in November 2025, still saw operating costs fall year-over-year.

Here is a snapshot of the November 2025 cash flow impact:

Metric	Amount
Total Trust Income Received (November 2025)	$57,503
Distributable Net Profits After Expenses (November 2025)	$55,200
Estimated Administrative Expenses (November 2025)	$2,303

Administrative expenses, which include Trustee fees and professional services, are the Trust's direct operational cost. Regulatory and compliance costs, such as SEC filings and tax preparation, are bundled into these general administrative overheads. These costs are defintely fixed to some degree, but they fluctuate based on the complexity of reporting and the Trustee's service agreements.

The costs borne by working interest owners are critical to understanding the net proceeds. These costs include both routine operating expenses and capital expenditures, which can be substantial. For example, in Q1 2025, capital expenditures for the San Juan Basin - New Mexico properties were $25,258, a significant drop of approximately 61% year-over-year.

Here's a look at the underlying property operating costs reported for Q1 2025, which set the stage for future net proceeds:

• Hugoton Operating Costs (Q1 2025): $487,403 (down ~11% YoY)
• San Juan Basin - New Mexico Operating Costs (Q1 2025): $249,267 (down ~3% YoY)
• San Juan Basin - Colorado Royalty Income (Q1 2025)
• Hugoton Royalty Income (Q1 2025): Zero due to expenses exceeding revenues

Finance: draft 13-week cash view by Friday.

Mesa Royalty Trust (MTR) - Canvas Business Model: Revenue Streams

You're looking at the core of Mesa Royalty Trust (MTR)'s business model, which is pretty straightforward: it's a passive entity collecting money from the ground, not digging it up yourself. The primary revenue stream is overriding royalty income from crude oil, natural gas, and NGL sales generated from its underlying properties. These assets are located in the Hugoton field of Kansas and the San Juan Basin fields of New Mexico and Colorado.

Honestly, the structure is simple: MTR holds an overriding royalty interest, meaning it gets a cut of the production revenue without having to pay for operations or development costs. Specifically, the Trust holds an interest equivalent to 11.44% of 90% of the net proceeds from production after the working interest owners cover operating and marketing costs. This means your royalty income is entirely based on net proceeds, fluctuating with commodity prices and the volume produced by operators like Hilcorp San Juan LP.

For the latest reported period, the figures you need to note are the required benchmarks: the latest reported total revenue was $555,677, and the latest reported net income was $400,622. To give you a real-time feel for the monthly volatility, here's what the recent monthly income looked like after administrative expenses:

Reporting Period	Trust Income (Distributable Net Profits)	Primary Source
November 2025	$55,200	San Juan Basin (NM portion)
October 2025	$34,199	San Juan Basin (NM portion)

Also, looking at the broader picture, the annual net income starting line for the latest annual reporting period was reported as $463K. For context on recent quarterly performance, the energy company reported earnings of $0.13 million for the quarter ending September 30, 2025.

The actual cash flowing to unitholders is highly sensitive to external factors, which you must track closely. Here are the key variables that directly impact the revenue stream:

• Fluctuations in oil and natural gas prices.
• Proceeds reported by the working interest owners.
• The Trust's administrative expenses.
• Accumulated excess production costs that decrease distributions.
• The current cash reserve level, which affects the amount distributed until it reaches $2.0 million.

The Trust's net margin was reported at 76.84% recently, showing strong profitability on the revenue it does receive. Still, the P/E ratio of 20.59 suggests it trades at a premium compared to the Energy sector average of about 13.24. Finance: draft 13-week cash view by Friday.