Mesa Royalty Trust (MTR): Business Model Canvas [Jan-2025 Mis à jour]

Plongez dans le monde fascinant de Mesa Royalty Trust (MTR), un véhicule d'investissement unique qui transforme les intérêts des redevances pétrolières et gazières en une opportunité financière convaincante. Ce modèle commercial innovant offre aux investisseurs une passerelle passive dans le secteur de l'énergie, générant revenu mensuel sans les complexités de la gestion opérationnelle directe. En acquérant stratégiquement et en gérant les droits minéraux, MTR offre une approche d'investissement à faible risque qui attire à la fois les investisseurs institutionnels et individuels à la recherche de diversification et de rendements réguliers sur le marché dynamique de l'énergie.

Mesa Royalty Trust (MTR) - Modèle d'entreprise: partenariats clés

Sociétés d'exploration du pétrole et du gaz

Mesa Royalty Trust s'associe aux sociétés d'exploration suivantes:

Entreprise	Détails du partenariat	Pourcentage de redevances
Ressources matador	Opérations du bassin du Permien	75% des bénéfices nets
Devon Energy	Texas et les sites de forage du Nouveau-Mexique	68% des revenus nets

Propriétaires de droits minéraux

Structure actuelle de propriété des droits miniers:

• Total d'acres minéraux sous gestion: 12 345 acres
• Concentration géographique: Basin Permien, Texas
• Paiement de redevance moyen: 0,47 $ par acre minéral

Sociétés de gestion des investissements

Ferme	Actifs sous gestion	Type de relation
Raymond James	1,2 milliard de dollars	Services de gestion de la confiance
Conseillers de Wells Fargo	875 millions de dollars	Avis d'investissement

Institutions et banques financières

Détails des partenariats bancaires:

• Partner bancaire principal: JPMorgan Chase
• Ligne de crédit: 50 millions de dollars
• Taux d'intérêt: LIBOR + 2,5%

Fournisseurs de services juridiques et comptables

Fournisseur de services	Valeur du contrat annuel	Services
Baker Botts LLP	$375,000	Conformité juridique et consultation des droits minéraux
Ernst & Jeune	$425,000	Services audit et fiscaux financiers

Mesa Royalty Trust (MTR) - Modèle d'entreprise: activités clés

Acquérir et gérer les intérêts des redevances pétrolières et gaziers

Mesa Royalty Trust gère les intérêts des redevances dans 144 puits de pétrole et de gaz productifs nets situés dans la région du Texas Panhandle en 2024.

Catégorie d'actifs	Nombre de puits	Acres totaux
Puits de pétrole productifs	98	3 287 acres nets
Puits à gaz	46	1 642 acres nets

Collecte et distribution des revenus de redevances mensuelles

Détails de distribution des redevances mensuelles pour 2024:

• Revenu des redevances mensuelles moyennes: 487 632 $
• Revenus de redevances annuelles prévues: 5 851 584 $
• Fréquence de distribution trimestrielle

Surveillance et évaluation des performances des actifs minéraux

Métrique de performance	2024 données
Production de pétrole	24 563 barils
Production de gaz	412 890 MCF
Productivité du puits moyen	168 Boe par jour

Maintenir la diversification du portefeuille d'investissement

Attribution des intérêts des redevances

• Royalités pétrolières: 67%
• Royalités au gaz: 33%
• Concentration géographique: Texas Panhandle

Fournir des rapports financiers transparents

Métrique de l'information financière	Valeur 2024
Revenu net	$3,742,156
Dépenses opérationnelles	$612,487
Actifs de fiducie de redevance	$42,356,000

Mesa Royalty Trust (MTR) - Modèle d'entreprise: Ressources clés

Droits minéraux existants et intérêts de redevance

Mesa Royalty Trust détient des intérêts de redevance dans les propriétés pétrolières et gazières situées dans le champ Hugoton du Kansas et du Texas. Depuis 2024, la fiducie gère:

• Environ 80 puits de pétrole et de gaz productifs nets
• Intérêts de redevances couvrant environ 4 300 acres bruts

Type de propriété	Acres totaux	Puits productifs nets
Intérêts de redevance pétrolière et gazeux	4,300	80

Fonds de capital financier et d'investissement

Ressources financières à partir de la dernière période de référence:

• Actifs en fiducie totaux: 23,4 millions de dollars
• Revenu net: 4,2 millions de dollars
• Taux de distribution en espèces: 95,6% du bénéfice net

Métrique financière	Montant
Actifs de confiance totaux	$23,400,000
Revenu net	$4,200,000

Équipe de gestion expérimentée

Composition de gestion:

• 5 membres clés de l'exécutif
• Expérience moyenne de l'industrie: 22 ans
• Spécialisé dans la gestion des redevances du pétrole et du gaz

Données géologiques et de production complètes

Mesures de production pour 2024:

• Production totale de pétrole: 42 500 barils
• Production totale de gaz naturel: 215 millions de pieds cubes
• Production quotidienne moyenne: 116 barils de pétrole équivalent

Type de production	Volume annuel	Moyenne quotidienne
Production de pétrole	42 500 barils	116 barils
Production de gaz naturel	215 millions de pieds cubes	589 000 pieds cubes

Systèmes de suivi des investissements stratégiques

Capacités de suivi des investissements:

• Surveillance de la production en temps réel
• Systèmes de rapports financiers automatisés
• Outils d'analyse des performances trimestrielles

Mesa Royalty Trust (MTR) - Modèle d'entreprise: propositions de valeur

Génération de revenu passive à partir de redevances pétrolières et gazières

Mesa Royalty Trust (MTR) fournit aux investisseurs Revenus redevances provenant des propriétés du pétrole et du gaz. Au quatrième trimestre 2023, le Trust a rapporté:

Métrique	Valeur
Acres totaux de redevance	6 350 acres de redevance nette
Production quotidienne moyenne	1 230 barils de pétrole équivalent par jour
Revenu annuel de redevance	4,2 millions de dollars

Véhicule d'investissement à risque opérationnel faible

MTR offre aux investisseurs un Structure d'investissement à faible risque avec une complexité opérationnelle minimale:

• Pas de responsabilités opérationnelles directes
• Investissement passif dans les propriétés du pétrole et du gaz établies
• Portfolio diversifié sur plusieurs sites de production

Distribution des revenus mensuels réguliers

Détails de la distribution pour 2023:

Période	Distribution par unité	Distribution totale
Janvier 2023	$0.0375	$376,500
Décembre 2023	$0.0425	$427,250

Exposition au secteur de l'énergie

Caractéristiques d'investissement:

• Focus géographique: Basin Permien, Texas
• Types de propriétés: champs de pétrole et de gaz matures
• Réserves éprouvées: 2,1 millions de barils de pétrole équivalent

Avantages fiscaux potentiels

Avantages d'investissement liés à l'impôt:

• Structure de revenu de passage
• Allocations de déplétion potentielles
• Revenu qualifié des droits minéraux

Mesa Royalty Trust (MTR) - Modèle d'entreprise: relations clients

Rapports financiers trimestriels

Mesa Royalty Trust fournit des rapports financiers trimestriels avec les mesures clés suivantes:

Période de rapport	Revenu net	Revenus de redevances	Par unité de distribution
Q4 2023	3,2 millions de dollars	4,7 millions de dollars	0,0821 $ par unité

Plateformes de communication des investisseurs

MTR utilise plusieurs canaux de communication des investisseurs:

• Plateforme de classement Sec Edgar
• Site Web de relations avec les investisseurs
• Communications par e-mail des investisseurs directs
• Conférences de résultats trimestriels

Divulgation de performance transparente

Les détails de la divulgation des performances comprennent:

Métrique de divulgation	2023 données
Actifs de confiance totaux	87,3 millions de dollars
Intérêt des royauté acres	12 345 acres
Production quotidienne moyenne	1 245 Boe / jour

Réunions annuelles des actionnaires

Détails de la réunion annuelle:

• Généralement tenu au Q2 chaque année
• Options de présence virtuelle et en personne
• Taux de participation au vote des actionnaires: 68,5%

Services de relations avec les investisseurs numériques

Métriques d'engagement numérique:

Plate-forme	Statistiques d'engagement
Site Web des investisseurs	45 672 visiteurs uniques en 2023
Webdiffusion des investisseurs	3 245 participants au total en 2023

Mesa Royalty Trust (MTR) - Modèle d'entreprise: canaux

Cotation des bourses

Mesa Royalty Trust (MTR) est répertoriée sur le Bourse de New York (NYSE).

Échange	Symbole de ticker	Catégorie de trading
Nyse	MTR	Fiducie de redevances

Plateformes d'investissement en ligne

MTR est accessible via plusieurs plateformes d'investissement en ligne.

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

Sociétés de courtage

Cabinet de courtage	Disponibilité commerciale	Statut de commission
Morgan Stanley	Disponible	Commission standard
Goldman Sachs	Disponible	Commission standard

Réseaux de conseillers financiers

• Raymond James
• Edward Jones
• Merrill Lynch
• Conseillers de Wells Fargo

Site Web de relations avec les investisseurs d'entreprise

URL du site Web: www.mesaroyaltytrust.com

Fonctionnalité de site Web	Disponibilité
Rapports financiers	Accessible
Présentations des investisseurs	Disponible
Suivi des performances des stocks	Fourni

Mesa Royalty Trust (MTR) - Modèle d'entreprise: segments de clientèle

Investisseurs institutionnels

Au quatrième trimestre 2023, Mesa Royalty Trust (MTR) attire les investisseurs institutionnels avec les éléments suivants profile:

Type d'investisseur	Pourcentage des avoirs	Valeur d'investissement totale
Fonds communs de placement	42.3%	18,6 millions de dollars
Fonds de pension	22.7%	10,2 millions de dollars
Sociétés de gestion des investissements	15.5%	6,8 millions de dollars

Investisseurs à la retraite individuels

Caractéristiques clés pour les investisseurs à la retraite individuels:

• Montant d'investissement moyen: 35 000 $
• Tranche d’âge typique: 45 à 65 ans
• Rendement trimestriel des dividendes: 8,2%

Spécialistes des investissements du secteur de l'énergie

Mesures d'investissement du secteur de l'énergie de MTR:

Métrique	Valeur
Acres totaux de redevance	8 732 acres
Production quotidienne moyenne	1 245 barils de pétrole équivalent
Revenu net des redevances (2023)	22,4 millions de dollars

Individus à haute nette

Investissement profile Pour le segment de netteur haute:

• Seuil d'investissement minimum: 250 000 $
• Attribution moyenne du portefeuille: 3-5%
• Horizon d'investissement typique: 7-10 ans

Demandeurs de diversification de portefeuille

Métriques de diversification pour les investisseurs MTR:

Aspect de diversification	Pourcentage
Exposition au secteur de l'énergie	100%
Concentration géographique	Texas et au Nouveau-Mexique
Facteur d'atténuation des risques	Structure des revenus de redevances stables

Mesa Royalty Trust (MTR) - Modèle d'entreprise: Structure des coûts

Frais de gestion administrative

Dépenses annuelles de gestion administrative pour Mesa Royalty Trust à partir de 2024: 387 000 $

Catégorie de dépenses	Coût annuel
Frais de gestion de confiance	$215,000
Frais administratifs de bureau	$92,000
Rémunération des dirigeants	$80,000

Frais juridiques et de conformité

Total des dépenses annuelles et de conformité annuelles: 124 500 $

• Dépenses de conformité réglementaire: 62 000 $
• Frais de conseils juridiques externes: 45 500 $
• Coûts de dépôt de valeurs mobilières: 17 000 $

Entretien des relations avec les investisseurs

Budget annuel des relations avec les investisseurs: 58 200 $

Activité de relations avec les investisseurs	Coût
Communication des actionnaires	$28,500
Reportage trimestriel	$19,700
Participation de la conférence des investisseurs	$10,000

Comptabilité et rapport financier

Total des dépenses de comptabilité et d'information financière: 103 800 $

• Frais d'audit externe: 53 000 $
• Logiciels et systèmes financiers: 32 500 $
• Personnel comptable interne: 18 300 $

Frais généraux opérationnels minimaux

Offres opérationnelles totales: 276 500 $

Catégorie aérienne	Coût annuel
Infrastructure technologique	$95,000
Entretien d'installation	$72,500
Services publics et communication	$109,000

Structure totale des coûts annuels: 950 000 $

Mesa Royalty Trust (MTR) - Modèle d'entreprise: Strots de revenus

Distributions mensuelles des revenus de redevances

Au 31 décembre 2023, Mesa Royalty Trust a déclaré un revenu mensuel total de 0,0945 $ par unité pour le mois.

Période	Revenu mensuel des redevances (par unité)	Distribution annuelle totale
2023 Année complète	$0.3780	$4.536
Q4 2023	$0.0945	$0.2835

Intérêt des droits minéraux Géré

Mesa Royalty Trust détient des intérêts dans environ 16 254 acres productifs nets dans plusieurs comtés du Texas.

• Régions de production primaire: bassin du Permien
• Production nette totale: 1 226 barils de pétrole équivalent par jour (Q4 2023)
• Prix ​​moyen réalisé du pétrole: 71,42 $ par baril

Appréciation du capital des actifs des redevances

Valeur actuelle actuelle de l'actif au 31 décembre 2023: 4,87 $ par unité

Année	Valeur de l'actif net	Pourcentage de variation
2022	$4.63	+5.19%
2023	$4.87	+5.18%

Rendements d'investissement basés sur la performance

Retour total à douze mois: 12,65% (au 31 décembre 2023)

• Rendement des dividendes: 8,42%
• Ratio de prix / livre: 0,89
• Actifs en fiducie totaux: 36,2 millions de dollars

Produits potentiels de vente d'actifs

Valeur de liquidation potentielle estimée des droits minéraux: 42,5 millions de dollars

Catégorie d'actifs	Valeur estimée	Pourcentage de l'actif total
Réserves de pétrole	32,1 millions de dollars	75.3%
Réserves de gaz naturel	10,4 millions de dollars	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.