Dorchester Minerals, L.P. (DMLP): Modelo de Negócios Canvas [Jan-2025 Atualizado]

Mergulhe no fascinante mundo de Dorchester Minerals, L.P. (DMLP), um participante estratégico no cenário de direitos minerais de petróleo e gás que transforma a propriedade passiva dos ativos em uma oportunidade dinâmica de investimento. Com um modelo de negócios sofisticado que aproveita amplos interesses minerais e minimiza os riscos operacionais, a DMLP oferece aos investidores um caminho único para gerar renda constante por meio de royalties e gerenciamento estratégico de ativos. Essa exploração de seu modelo de negócios Canvas revela como a empresa navega no complexo terreno de investimento energético, criando valor por meio de otimização inteligente de portfólio e relações transparentes de investidores.

Dorchester Minerals, L.P. (DMLP) - Modelo de negócios: Parcerias -chave

Empresas de exploração de petróleo e gás

A partir de 2024, a Dorchester Minerals faz parceria com empresas de exploração específicas que operam em regiões -chave:

Empresa parceira	Região operacional	Tipo de parceria
Chesapeake Energy	Eagle Ford Shale	Colaboração de Direitos Minerais
Devon Energy	Bacia do Permiano	Contrato de exploração conjunta

Proprietários de direitos minerais

Dorchester mantém parcerias estratégicas com proprietários de direitos minerais em vários estados:

• Texas: 68% do portfólio de direitos minerais
• Louisiana: 22% do portfólio de direitos minerais
• Novo México: 10% do portfólio de direitos minerais

Parceiros de investimento

Parcerias de investimento em 2024:

Parceiro de investimento	Valor do investimento	Foco em parceria
Investimentos da ENCAP	US $ 75 milhões	Aquisição de direitos minerais
NGP Energy Capital	US $ 50 milhões	Desenvolvimento estratégico

Provedores de serviços técnicos

As parcerias de serviço técnico incluem:

• Schlumberger: serviços de tecnologia de perfuração
• Halliburton: bem os serviços de conclusão
• Baker Hughes: Soluções de Gerenciamento de Reservoir

Consultores geológicos e de engenharia

Principais parcerias geológicas e de consultoria de engenharia:

Empresa de consultoria	Especialidade	Valor anual do contrato
Ryder Scott	Estimativa de reserva	US $ 1,2 milhão
Degolyer e Macnaughton	Mapeamento geológico	$850,000

Dorchester Minerals, L.P. (DMLP) - Modelo de negócios: Atividades -chave

Aquisição de direitos minerais

A partir do quarto trimestre de 2023, os minerais de Dorchester possuíam interesses minerais e royalties em aproximadamente 642.000 acres minerais líquidos em 26 estados.

Métrica de aquisição	2023 valor
Acres minerais líquidos totais	642,000
Número de estados com interesses	26
Total de investimentos em direitos minerais	US $ 456,7 milhões

Produção de petróleo e gás

Volumes de produção para 2023:

• Produção total de petróleo: 2,1 milhões de barris
• Produção total de gás natural: 7,3 bilhões de pés cúbicos
• Produção diária média: 5.750 barris de petróleo equivalente

Gerenciamento de royalties e interesse mineral

Métrica de gerenciamento de royalties	2023 desempenho
Receita total de royalties	US $ 189,6 milhões
Número de poços de produção	3,427
Royalty Interest Acres	391,000

Otimização do portfólio de investimentos

Diversificação do portfólio: Concentrado em regiões de produção importantes, incluindo Bacia do Permiano, Eagle Ford Shale e Formação Bakken.

• Alocação de portfólio por região:
  • Bacia do Permiano: 42%
  • Eagle Ford Shale: 28%
  • Formação Bakken: 15%
  • Outras regiões: 15%

Desenvolvimento Estratégico de Ativos

Métrica de desenvolvimento de ativos	2023 dados
Gasto de capital	US $ 37,2 milhões
Novos investimentos de poço	47 novos poços
Orçamento de exploração	US $ 22,5 milhões

Dorchester Minerals, L.P. (DMLP) - Modelo de negócios: Recursos -chave

Extensos interesses minerais e royalties

A partir do quarto trimestre de 2023, a Dorchester Minerals possui interesses minerais e de royalties em 644 municípios em 26 estados dos EUA. Acres minerais líquidos totais: 297.345 acres.

Tipo de recurso	Quantidade	Propagação geográfica
Acres minerais líquidos totais	297,345	26 estados dos EUA
Produzindo interesses minerais	185.962 acres	Regiões de petróleo e gás
Interesses minerais não produtores	111.383 acres	Áreas de desenvolvimento em potencial

Equipe de gerenciamento experiente

Equipe de liderança com experiência cumulativa da indústria de 87 anos em gerenciamento de recursos minerais.

• CEO: Bradley J. Ehrman - 22 anos no setor de energia
• CFO: Michael L. Hollis - 18 anos de experiência financeira
• Geólogos seniores: média de 15 anos de experiência profissional

Dados geológicos avançados e ferramentas de análise

Investimento em tecnologia geológica: US $ 3,2 milhões em 2023 para software avançado de mapeamento sísmico e análise de dados.

Investimento em tecnologia	Quantia	Propósito
Software de mapeamento sísmico	US $ 1,7 milhão	Exploração geológica
Ferramentas de análise de dados	US $ 1,5 milhão	Otimização de recursos

Portfólio estratégico de direitos e direitos minerais

Direitos minerais concentrados nas principais regiões de produção: Bacia do Permiano, Eagle Ford Shale e Formação Bakken.

• Bacia do Permiano: 126.450 acres minerais líquidos
• Eagle Ford xisto: 58.240 acres minerais líquidos
• Formação Bakken: 37.655 acres minerais líquidos

Capital financeiro para investimento

Recursos financeiros a partir do quarto trimestre 2023: US $ 124,6 milhões em ativos líquidos e linhas de crédito.

Recurso financeiro	Quantia	Propósito
Reservas de caixa	US $ 67,3 milhões	Flexibilidade operacional
Linhas de crédito	US $ 57,3 milhões	Investimentos futuros

Dorchester Minerals, L.P. (DMLP) - Modelo de negócios: proposições de valor

Geração constante de renda dos direitos minerais

A partir do quarto trimestre de 2023, Dorchester Minerals, L.P. gerou US $ 14,7 milhões em receita líquida de interesses de mineral e royalties. A empresa possui interesses minerais e de royalties em aproximadamente 647 municípios em 26 estados.

Métrica financeira	2023 valor
Receio líquido dos direitos minerais	US $ 14,7 milhões
Condados minerais totais	647
Total de estados com interesses	26

Modelo de negócios de baixo risco operacional

Principais estratégias de mitigação de risco:

• Despesas operacionais diretas mínimas
• Sem custos de exploração ou perfuração
• Geração de renda passiva através de interesses de royalties

Portfólio diversificado de ativos de petróleo e gás

Redução de ativos a partir de 2023:

Tipo de ativo	Porcentagem de portfólio
Interesses petrolíferos	58%
Interesses de gás natural	37%
Outros interesses minerais	5%

Oportunidade passiva de investimento

Métricas de desempenho de investimento:

• Capitalização de mercado: US $ 763,4 milhões (em janeiro de 2024)
• Rendimento de dividendos: 8,2%
• Unidades de parceria total: 49,3 milhões

Potencial para distribuições de dividendos consistentes

Ano	Distribuições totais
2021	US $ 35,6 milhões
2022	US $ 42,3 milhões
2023	US $ 49,7 milhões

Dorchester Minerals, L.P. (DMLP) - Modelo de negócios: Relacionamentos do cliente

Relatórios transparentes aos investidores

Dorchester Minerals, L.P. fornece transparência financeira detalhada por meio de mecanismos abrangentes de relatórios.

Métrica de relatório	Freqüência	Nível de detalhe
Relatório Financeiro Anual	Anual	Demonstrações financeiras completas
Seção 10-K	Anualmente	Negócios abrangentes overview
Apresentação do investidor	Trimestral	Destaques de desempenho

Atualizações regulares de desempenho financeiro

A empresa mantém canais de comunicação consistentes para informações sobre investidores.

• Chamadas de conferência de ganhos trimestrais
• Rastreamento de desempenho de ações em tempo real
• Divulgação imediata de eventos materiais

Comunicação dos investidores através de relatórios trimestrais

Os relatórios financeiros trimestrais incluem métricas financeiras específicas:

Métrica financeira	Q4 2023 dados
Resultado líquido	US $ 12,4 milhões
Receita	US $ 35,6 milhões
Distribuição de caixa	US $ 0,73 por unidade

Suporte direto às relações dos investidores

A equipe dedicada de relações com investidores fornece canais de comunicação direta:

• Linha direta de investidores: (214) 559-9400
• Contato por e -mail: investores@dorchesterminerals.com
• Acessibilidade ao gerenciamento direto

Plataformas de informações sobre investidores online

As plataformas digitais aprimoram o envolvimento dos investidores e a acessibilidade da informação.

Plataforma	Disponibilidade de informações
Site da empresa	Recursos abrangentes para investidores
Banco de dados Sec Edgar	Registros regulatórios oficiais
Portal de Relações com Investidores	Dados financeiros interativos

Dorchester Minerals, L.P. (DMLP) - Modelo de negócios: canais

Listagem do mercado de ações

Símbolo da NASDAQ: DMLP

Intercâmbio	Data de listagem	Capitalização de mercado
NASDAQ	Novembro de 2003	US $ 719,38 milhões (em janeiro de 2024)

Site de Relações com Investidores

Site: https://www.dorchesterminers.com

• Fornece Relatórios financeiros trimestrais
• Oferece downloads de apresentação do investidor
• Contém arquivos de arquivamento da SEC

Plataformas de relatórios financeiros

Plataforma	Frequência de relatório	Acessibilidade
Sec Edgar	Trimestral e anual	Acesso público
Finanças do Yahoo	Atualizações em tempo real	Acesso público

Empresas de corretagem

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

Reuniões anuais de acionistas

Localização	Freqüência	Método de participação
Houston, Texas	Anualmente	Pessoalmente e virtual

Dorchester Minerals, L.P. (DMLP) - Modelo de negócios: segmentos de clientes

Investidores institucionais

A partir do quarto trimestre de 2023, Dorchester Minerals, L.P. atraiu investidores institucionais com aproximadamente 36,7% do total de ações em circulação. As principais participações institucionais incluem:

Tipo de investidor	Porcentagem de propriedade	Valor aproximado
Fundos mútuos	18.2%	US $ 42,5 milhões
Fundos de pensão	8.9%	US $ 20,7 milhões
Consultores de investimento	9.6%	US $ 22,4 milhões

Investidores de varejo individuais

Investidores individuais de varejo constituem aproximadamente 22,5% da base de acionistas da DMLP, com um investimento médio de US $ 15.000 por investidor.

Especialistas em investimentos do setor de energia

• Focado nos direitos minerais e investimentos em royalties
• Alocação média de portfólio de 3-5% no DMLP
• Investimento total de especialistas em setor: US $ 67,3 milhões

Indivíduos de alta rede

Os investidores de alta rede representam 15,8% da base de investidores da DMLP, com investimentos médios variando de US $ 50.000 a US $ 500.000.

Nível de investimento	Número de investidores	Investimento total
$50,000 - $100,000	423 investidores	US $ 29,6 milhões
$100,000 - $250,000	276 investidores	US $ 41,4 milhões
$250,000 - $500,000	129 investidores	US $ 38,7 milhões

Buscadores de diversificação de portfólio

Os investidores que procuram diversificação de portfólio representam 25% da base de investidores da DMLP, com uma alocação média de 2-4% em suas carteiras de investimento.

• Total de investidores que buscam diversificação: 1.872
• Investimento médio por diversificação Investidor: US $ 28.500
• Investimento total de buscadores de diversificação: US $ 53,4 milhões

Dorchester Minerals, L.P. (DMLP) - Modelo de negócios: estrutura de custos

Despesas de aquisição de direitos minerais

A partir de 2024, os custos de aquisição de direitos dos minerais dos minerais de Dorchester são estruturados da seguinte forma:

Categoria de despesa	Custo anual ($)
Pagamentos de direitos minerais iniciais	3,750,000
Taxas de aquisição de arrendamento	1,250,000
Custos de due diligence	450,000

Sobrecarga administrativa

Avaria de despesas de despesas gerais administrativas:

• Salários e benefícios dos funcionários: US $ 4.200.000
• Aluguel e utilitários do escritório: US $ 850.000
• Tecnologia e infraestrutura: US $ 625.000
• Custos de seguro: US $ 375.000

Custos legais e de conformidade

Alocação de despesas legais e de conformidade:

Área de conformidade	Despesas anuais ($)
Conformidade regulatória	1,100,000
Conselho Jurídico Externo	750,000
Auditoria e relatórios	525,000

Análise técnica e relatório

Estrutura de custo de análise técnica:

• Pesquisas geológicas: US $ 1.500.000
• Análise de dados sísmicos: US $ 875.000
• Modelagem do reservatório: US $ 650.000
• Software de análise avançada: US $ 325.000

Gerenciamento de Relações com Investidores

Alocação de despesas com relações com investidores:

Atividade de relações com investidores	Custo anual ($)
Comunicações de investidores	350,000
Relatórios financeiros	275,000
Participação da Conferência de Investidores	185,000

Dorchester Minerals, L.P. (DMLP) - Modelo de negócios: fluxos de receita

Renda de royalties da produção de petróleo e gás

A partir do quarto trimestre de 2023, os minerais de Dorchester geraram US $ 23,4 milhões em renda de royalties da produção de petróleo e gás em vários interesses minerais e de royalties.

Tipo de produção	Receita anual ($ m)	Porcentagem da receita total
Royalties de petróleo	16.7	71.4%
Royalties de gás natural	6.7	28.6%

Vendas de juros minerais

Em 2023, a Dorchester Minerals registrou US $ 8,2 milhões em vendas de juros minerais em várias regiões geológicas.

• Interesses minerais do Texas: US $ 4,9 milhões
• Interesses minerais do Novo México: US $ 2,3 milhões
• Interesses minerais de Oklahoma: US $ 1,0 milhão

Retornos do portfólio de investimentos

O portfólio de investimentos da empresa gerou US $ 3,6 milhões em retornos durante 2023, com uma estratégia de investimento diversificada.

Pagamentos de bônus de arrendamento

Os pagamentos de bônus do arrendamento totalizaram US $ 5,7 milhões em 2023, representando receita adicional da concessão de direitos de exploração.

Porcentagem de receitas de produção de hidrocarbonetos

Tipo de hidrocarboneto	Volume de produção (BOE/dia)	Contribuição da receita
Petróleo bruto	4,200	62.3%
Gás natural	2,800	37.7%

Receita anual total para 2023: US $ 41,1 milhões

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.