Dorchester Minerals, L.P. (DMLP): Business Model Canvas [Jan-2025 Mise à jour]

Plongez dans le monde fascinant de Dorchester Minerals, L.P. (DMLP), un acteur stratégique dans le paysage des droits minéraux pétroliers et gaziers qui transforme la propriété des actifs passifs en une opportunité d'investissement dynamique. Avec un modèle commercial sophistiqué qui exploite les intérêts minéraux étendus et minimise les risques opérationnels, DMLP offre aux investisseurs une voie unique pour générer un revenu stable grâce à des redevances et à la gestion des actifs stratégiques. Cette exploration de son modèle de modèle commercial révèle comment l'entreprise navigue sur le terrain d'investissement énergétique complexe, créant de la valeur grâce à l'optimisation intelligente du portefeuille et aux relations transparentes des investisseurs.

Dorchester Minerals, L.P. (DMLP) - Modèle commercial: partenariats clés

Sociétés d'exploration du pétrole et du gaz

En 2024, Dorchester Minerals s'associe à des sociétés d'exploration spécifiques opérant dans des régions clés:

Entreprise partenaire	Région opérationnelle	Type de partenariat
Chesapeake Energy	Eagle Ford Schiste	Collaboration des droits minéraux
Devon Energy	Bassin permien	Accord d'exploration conjoint

Propriétaires de droits minéraux

Dorchester maintient des partenariats stratégiques avec les propriétaires de droits minéraux dans plusieurs États:

• Texas: 68% du portefeuille des droits minéraux
• Louisiane: 22% du portefeuille des droits minéraux
• Nouveau-Mexique: 10% du portefeuille des droits minéraux

Partenaires d'investissement

Partenariats d'investissement à partir de 2024:

Partenaire d'investissement	Montant d'investissement	Focus de partenariat
Encap d'investissements	75 millions de dollars	Acquisition des droits minéraux
NGP Energy Capital	50 millions de dollars	Développement stratégique

Fournisseurs de services techniques

Les partenariats de services techniques comprennent:

• Schlumberger: Services de technologie de forage
• Halliburton: Services d'achèvement des puits
• Baker Hughes: Solutions de gestion des réservoirs

Consultants géologiques et en génie

PARTENAIRES DE CONSULTATION GÉOLOGIQUE ET D'INGÉNIERIE:

Cabinet de conseil	Spécialité	Valeur du contrat annuel
Ryder Scott	Estimation de la réserve	1,2 million de dollars
Degolyer et MacNaughton	Cartographie géologique	$850,000

Dorchester Minerals, L.P. (DMLP) - Modèle d'entreprise: Activités clés

Acquisition des droits minéraux

Au quatrième trimestre 2023, Dorchester Minerals possédait des intérêts minéraux et de redevances dans environ 642 000 acres minéraux nets dans 26 États.

Métrique d'acquisition	Valeur 2023
Acres minéraux nets totaux	642,000
Nombre d'États ayant des intérêts	26
Investissements totaux sur les droits minéraux	456,7 millions de dollars

Production de pétrole et de gaz

Volumes de production pour 2023:

• Production totale de pétrole: 2,1 millions de barils
• Production totale de gaz naturel: 7,3 milliards de pieds cubes
• Production quotidienne moyenne: 5 750 barils de pétrole équivalent

Gestion de la royauté et de l'intérêt minéral

Métrique de gestion des redevances	Performance de 2023
Revenus de redevances totales	189,6 millions de dollars
Nombre de puits producteurs	3,427
Intérêt des royauté acres	391,000

Optimisation du portefeuille d'investissement

Diversification du portefeuille: Concentré dans des régions de production clés, notamment le bassin du Permien, le schiste Eagle Ford et la formation de Bakken.

• Attribution du portefeuille par région:
  • Basin Permien: 42%
  • Eagle Ford Shale: 28%
  • Formation de Bakken: 15%
  • Autres régions: 15%

Développement des actifs stratégiques

Métrique de développement des actifs	2023 données
Dépenses en capital	37,2 millions de dollars
Nouveaux investissements de puits	47 nouveaux puits
Budget d'exploration	22,5 millions de dollars

Dorchester Minerals, L.P. (DMLP) - Modèle d'entreprise: Ressources clés

Intérêts étendus en minéraux et redevances

Au quatrième trimestre 2023, Dorchester Minerals possède des intérêts minéraux et de redevances dans 644 comtés dans 26 États américains. Acres minéraux nets totaux: 297 345 acres.

Type de ressource	Quantité	Propagation géographique
Acres minéraux nets totaux	297,345	26 États américains
Produire des intérêts minéraux	185 962 acres	Régions pétrolières et gazières
Intérêts minéraux non producteurs	111 383 acres	Zones de développement potentiels

Équipe de gestion expérimentée

Équipe de direction avec une expérience cumulative de l'industrie de 87 ans dans la gestion des ressources minérales.

• PDG: Bradley J. Ehrman - 22 ans dans le secteur de l'énergie
• CFO: Michael L. Hollis - 18 ans d'expertise financière
• Géologues seniors: 15 ans d'expérience professionnelle moyenne

Outils de données géologiques avancées et d'analyse

Investissement dans la technologie géologique: 3,2 millions de dollars en 2023 pour les logiciels avancés de cartographie sismique et d'analyse des données.

Investissement technologique	Montant	But
Logiciel de cartographie sismique	1,7 million de dollars	Exploration géologique
Outils d'analyse des données	1,5 million de dollars	Optimisation des ressources

Portfolio stratégique des terres et des droits minéraux

Droits minéraux concentrés dans les régions de production clés: bassin du Permien, schiste d'Eagle Ford et formation de Bakken.

• Basin Permien: 126 450 acres minéraux nets
• Eagle Ford Shale: 58 240 acres minéraux nets
• Formation de Bakken: 37 655 acres minéraux nets

Capital financier pour l'investissement

Ressources financières au quatrième trimestre 2023: 124,6 millions de dollars en actifs liquides et facilités de crédit.

Ressource financière	Montant	But
Réserves en espèces	67,3 millions de dollars	Flexibilité opérationnelle
Facilités de crédit	57,3 millions de dollars	Investissements futurs

Dorchester Minerals, L.P. (DMLP) - Modèle d'entreprise: propositions de valeur

Génération de revenus stable à partir des droits minéraux

Au quatrième trimestre 2023, Dorchester Minerals, L.P., a généré 14,7 millions de dollars de bénéfice net des intérêts minéraux et de redevances. La société possède des intérêts minéraux et redevables dans environ 647 comtés dans 26 États.

Métrique financière	Valeur 2023
Résultat net des droits minéraux	14,7 millions de dollars
Total des comtés minéraux	647
Total des États ayant des intérêts	26

Modèle commercial à faible risque opérationnel

Stratégies clés d'atténuation des risques:

• Dépenses opérationnelles minimales
• Aucun coût d'exploration ou de forage
• Génération de revenus passifs par des intérêts de redevance

Portfolio diversifié des actifs pétroliers et gaziers

Répartition des actifs à partir de 2023:

Type d'actif	Pourcentage de portefeuille
Intérêts pétroliers	58%
Intérêts au gaz naturel	37%
Autres intérêts minéraux	5%

Opportunité d'investissement passive

Mesures de performance des investissements:

• Capitalisation boursière: 763,4 millions de dollars (en janvier 2024)
• Rendement des dividendes: 8,2%
• Unités de partenariat total: 49,3 millions

Potentiel de distributions de dividendes cohérentes

Année	Distributions totales
2021	35,6 millions de dollars
2022	42,3 millions de dollars
2023	49,7 millions de dollars

Dorchester Minerals, L.P. (DMLP) - Modèle d'entreprise: relations avec les clients

Rapports transparents aux investisseurs

Dorchester Minerals, L.P. fournit une transparence financière détaillée grâce à des mécanismes de rapports complets.

Métrique de rapport	Fréquence	Niveau de détail
Rapport financier annuel	Annuel	États financiers complets
SEC 10-K DISPOST	Annuellement	Affaires complètes overview
Présentation des investisseurs	Trimestriel	Points forts des performances

Mises à jour régulières des performances financières

La société maintient des canaux de communication cohérents pour les informations sur les investisseurs.

• Conférences de résultats trimestriels
• Suivi des performances des stocks en temps réel
• Divulgation immédiate des événements matériels

Communication des investisseurs par le biais de rapports trimestriels

Les rapports financiers trimestriels comprennent des mesures financières spécifiques:

Métrique financière	T2 2023 Données
Revenu net	12,4 millions de dollars
Revenu	35,6 millions de dollars
Répartition en espèces	0,73 $ par unité

Support des relations avec les investisseurs directs

L'équipe de relations avec les investisseurs dédiée fournit des canaux de communication directs:

• Hotline des investisseurs: (214) 559-9400
• Contact par e-mail: investisseurs@dorchesternerals.com
• Accessibilité directe de la gestion

Plateformes d'information sur les investisseurs en ligne

Les plates-formes numériques améliorent l'engagement des investisseurs et l'accessibilité de l'information.

Plate-forme	Disponibilité des informations
Site Web de l'entreprise	Ressources complètes des investisseurs
SEC Edgar Database	Dépôts réglementaires officiels
Portail des relations avec les investisseurs	Données financières interactives

Dorchester Minerals, L.P. (DMLP) - Modèle d'entreprise: canaux

Cotation boursière

Symbole de ticker NASDAQ: DMLP

Échange	Date d'inscription	Capitalisation boursière
Nasdaq	Novembre 2003	719,38 millions de dollars (en janvier 2024)

Site Web de relations avec les investisseurs

Site Web: https://www.dorchesternerals.com

• Proposer rapports financiers trimestriels
• Offre des téléchargements de présentation des investisseurs
• Contient des archives de classement SEC

Plateformes d'information financière

Plate-forme	Fréquence de rapport	Accessibilité
Sec Edgar	Trimestriel et annuel	Accès public
Yahoo Finance	Mises à jour en temps réel	Accès public

Sociétés de courtage

• Charles Schwab
• Investissements de fidélité
• Améritrade TD
• E * Commerce

Réunions annuelles des actionnaires

Emplacement	Fréquence	Méthode de participation
Houston, Texas	Annuellement	En personne et virtuel

Dorchester Minerals, L.P. (DMLP) - Modèle d'entreprise: segments de clientèle

Investisseurs institutionnels

Au quatrième trimestre 2023, Dorchester Minerals, L.P., a attiré des investisseurs institutionnels détenant environ 36,7% du total des actions en circulation. Les principaux avoirs institutionnels comprennent:

Type d'investisseur	Pourcentage de propriété	Valeur approximative
Fonds communs de placement	18.2%	42,5 millions de dollars
Fonds de pension	8.9%	20,7 millions de dollars
Conseillers en placement	9.6%	22,4 millions de dollars

Investisseurs de détail individuels

Les investisseurs de détail individuels représentent environ 22,5% de la base des actionnaires de DMLP, avec un investissement moyen de 15 000 $ par investisseur.

Spécialistes des investissements du secteur de l'énergie

• Axé sur les droits minéraux et les investissements de redevances
• Attribution moyenne du portefeuille de 3 à 5% dans le DMLP
• Investissement total des spécialistes du secteur: 67,3 millions de dollars

Individus à haute nette

Les investisseurs à haute navette représentent 15,8% de la base d'investisseurs de DMLP, avec des investissements moyens allant de 50 000 $ à 500 000 $.

Niveau d'investissement	Nombre d'investisseurs	Investissement total
$50,000 - $100,000	423 investisseurs	29,6 millions de dollars
$100,000 - $250,000	276 investisseurs	41,4 millions de dollars
$250,000 - $500,000	129 investisseurs	38,7 millions de dollars

Demandeurs de diversification de portefeuille

Les investisseurs à la recherche de diversification du portefeuille représentent 25% de la base d'investisseurs de DMLP, avec une allocation moyenne de 2 à 4% dans leurs portefeuilles d'investissement.

• Investisseurs totaux à la recherche de diversification: 1 872
• Investissement moyen par investisseur de diversification: 28 500 $
• Investissement total des demandeurs de diversification: 53,4 millions de dollars

Dorchester Minerals, L.P. (DMLP) - Modèle d'entreprise: Structure des coûts

Frais d'acquisition des droits minéraux

En 2024, les coûts d'acquisition des droits minéraux de Dorchester Minerals sont structurés comme suit:

Catégorie de dépenses	Coût annuel ($)
Paiements de droits minéraux initiaux	3,750,000
Frais d'acquisition de location	1,250,000
Coûts de diligence raisonnable	450,000

Frais généraux administratifs

Répartition administrative des frais généraux:

• Salaires et avantages sociaux: 4 200 000 $
• Loyer de bureau et services publics: 850 000 $
• Technologie et infrastructure: 625 000 $
• Coûts d'assurance: 375 000 $

Frais juridiques et de conformité

Attribution des dépenses juridiques et conformes:

Zone de conformité	Dépenses annuelles ($)
Conformité réglementaire	1,100,000
Conseiller juridique externe	750,000
Audit et rapport	525,000

Analyse technique et rapport

Structure des coûts d'analyse technique:

• Enquêtes géologiques: 1 500 000 $
• Analyse des données sismiques: 875 000 $
• Modélisation du réservoir: 650 000 $
• Logiciel d'analyse avancée: 325 000 $

Gestion des relations avec les investisseurs

Attribution des dépenses des relations avec les investisseurs:

Activité de relations avec les investisseurs	Coût annuel ($)
Communications des investisseurs	350,000
Information financière	275,000
Participation de la conférence des investisseurs	185,000

Dorchester Minerals, L.P. (DMLP) - Modèle d'entreprise: Strots de revenus

Revenu des redevances provenant de la production de pétrole et de gaz

Au quatrième trimestre 2023, Dorchester Minerals a généré 23,4 millions de dollars de revenus de redevances provenant de la production de pétrole et de gaz à travers plusieurs intérêts minéraux et redevances.

Type de production	Revenus annuels ($ m)	Pourcentage du total des revenus
Redevances à l'huile	16.7	71.4%
Redevances au gaz naturel	6.7	28.6%

Ventes d'intérêt minéral

En 2023, Dorchester Minerals a déclaré 8,2 millions de dollars provenant des ventes d'intérêts minéraux dans diverses régions géologiques.

• Texas Mineral Interests: 4,9 millions de dollars
• Intérêts minéraux du Nouveau-Mexique: 2,3 millions de dollars
• Intérêts minéraux de l'Oklahoma: 1,0 million de dollars

Returns du portefeuille d'investissement

Le portefeuille d'investissement de la société a généré 3,6 millions de dollars en rendements en 2023, avec une stratégie d'investissement diversifiée.

Paiements de bonus de location

Les paiements de primes de location ont totalisé 5,7 millions de dollars en 2023, ce qui représente les revenus supplémentaires de l'octroi de droits d'exploration.

Pourcentage de revenus de production d'hydrocarbures

Type d'hydrocarbure	Volume de production (BOE / Day)	Contribution des revenus
Huile brute	4,200	62.3%
Gaz naturel	2,800	37.7%

Revenu annuel total pour 2023: 41,1 millions de dollars

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.