Mesa Royalty Trust (MTR): Modelo de Negócios Canvas [Jan-2025 Atualizado]

Mergulhe no fascinante mundo do Mesa Royalty Trust (MTR), um veículo de investimento único que transforma os interesses de royalties de petróleo e gás em uma oportunidade financeira atraente. Este modelo de negócios inovador oferece aos investidores uma porta passiva para o setor de energia, gerando renda mensal sem as complexidades do gerenciamento operacional direto. Ao adquirir e gerenciar estrategicamente os direitos minerais, a MTR fornece uma abordagem de investimento de baixo risco que atrai investidores institucionais e individuais que buscam diversificação e retornos constantes no mercado dinâmico de energia.

Mesa Royalty Trust (MTR) - Modelo de Negócios: Principais Parcerias

Empresas de exploração de petróleo e gás

A Mesa Royalty Trust faz parceria com as seguintes empresas de exploração:

Empresa	Detalhes da parceria	Porcentagem de royalties
Recursos Matador	Operações da bacia do Permiano	75% dos lucros líquidos
Devon Energy	Texas e sites de perfuração do Novo México	68% das receitas líquidas

Proprietários de direitos minerais

Estrutura atual de propriedade dos direitos minerais:

• Total de acres minerais sob gestão: 12.345 acres
• Concentração geográfica: Bacia Permiana, Texas
• Pagamento médio de royalties: US $ 0,47 por acre mineral

Empresas de gerenciamento de investimentos

Empresa	Ativos sob gestão	Tipo de relacionamento
Raymond James	US $ 1,2 bilhão	Serviços de gerenciamento de confiança
Wells Fargo Advisors	US $ 875 milhões	Aviso de investimento

Instituições financeiras e bancos

Detalhes das parcerias bancárias:

• Parceiro bancário primário: JPMorgan Chase
• Linha de crédito: US $ 50 milhões
• Taxa de juros: LIBOR + 2,5%

Provedores de serviços legais e de contabilidade

Provedor de serviços	Valor anual do contrato	Serviços
Baker Botts LLP	$375,000	Conformidade legal e consulta de direitos minerais
Ernst & Jovem	$425,000	Auditoria financeira e serviços tributários

Mesa Royalty Trust (MTR) - Modelo de negócios: Atividades -chave

Adquirir e gerenciar interesses de royalties de petróleo e gás

A Mesa Royalty Trust gerencia os interesses de royalties em 144 poços líquidos produtivos de petróleo e gás localizados na região do Texas Panhandle a partir de 2024.

Categoria de ativos	Número de poços	Total de acres
Poços de petróleo produtivos	98	3.287 acres líquidos
Poços a gás	46	1.642 acres líquidos

Coleta e distribuição de renda mensal de royalties

Detalhes mensais de distribuição de royalties para 2024:

• Renda média mensal de royalties: US $ 487.632
• Receita anual de royalty projetada: US $ 5.851.584
• Frequência trimestral de distribuição

Monitorar e avaliar o desempenho dos ativos minerais

Métrica de desempenho	2024 dados
Produção de petróleo	24.563 barris
Produção de gás	412.890 MCF
Produtividade média do poço	168 Boe por dia

Mantendo a diversificação do portfólio de investimentos

Alocação de juros de royalties

• Royalties de petróleo: 67%
• Royalties de gás: 33%
• Concentração geográfica: Texas Panhandle

Fornecendo relatórios financeiros transparentes

Métrica de relatório financeiro	2024 Valor
Resultado líquido	$3,742,156
Despesas operacionais	$612,487
Ativos do Royalty Trust	$42,356,000

Mesa Royalty Trust (MTR) - Modelo de negócios: Recursos -chave

Direitos minerais existentes e interesses de royalties

A Mesa Royalty Trust detém interesses de royalties em propriedades de petróleo e gás localizadas no campo de Hugoton, no Kansas e no Texas. A partir de 2024, a confiança gerencia:

• Aproximadamente 80 poços de petróleo e gás produtivos líquidos
• Interesses de royalties cobrindo aproximadamente 4.300 acres brutos

Tipo de propriedade	Total de acres	Poços produtivos líquidos
Interesses de royalties de petróleo e gás	4,300	80

Capital financeiro e fundos de investimento

Recursos financeiros no período mais recente de relatórios:

• Total de ativos de confiança: US $ 23,4 milhões
• Lucro líquido: US $ 4,2 milhões
• Taxa de distribuição de caixa: 95,6% do lucro líquido

Métrica financeira	Quantia
Total de ativos de confiança	$23,400,000
Resultado líquido	$4,200,000

Equipe de gerenciamento experiente

Composição de gerenciamento:

• 5 Membros executivos -chave
• Experiência média da indústria: 22 anos
• Especializado em gestão de royalties de petróleo e gás

Dados geológicos e de produção abrangentes

Métricas de produção para 2024:

• Produção total de petróleo: 42.500 barris
• Produção total de gás natural: 215 milhões de pés cúbicos
• Produção diária média: 116 barris de petróleo equivalente

Tipo de produção	Volume anual	Média diária
Produção de petróleo	42.500 barris	116 barris
Produção de gás natural	215 milhões de pés cúbicos	589.000 pés cúbicos

Sistemas de rastreamento estratégico de investimento

Recursos de rastreamento de investimentos:

• Monitoramento de produção em tempo real
• Sistemas de relatórios financeiros automatizados
• Ferramentas trimestrais de análise de desempenho

Mesa Royalty Trust (MTR) - Modelo de Negócios: Proposições de Valor

Geração de renda passiva de royalties de petróleo e gás

Mesa Royalty Trust (MTR) fornece aos investidores Renda de royalties de propriedades de petróleo e gás. A partir do quarto trimestre 2023, o Trust relatou:

Métrica	Valor
Total Royalty Acres	6.350 acres de royalties líquidos
Produção diária média	1.230 barris de óleo equivalente por dia
Renda anual de royalties	US $ 4,2 milhões

Veículo de investimento operacional de baixo risco

MTR oferece aos investidores um Estrutura de investimento de baixo risco com complexidades operacionais mínimas:

• Sem responsabilidades operacionais diretas
• Investimento passivo em propriedades estabelecidas de petróleo e gás
• Portfólio diversificado em vários sites de produção

Distribuição mensal regular de renda

Detalhes de distribuição para 2023:

Período	Distribuição por unidade	Distribuição total
Janeiro de 2023	$0.0375	$376,500
Dezembro de 2023	$0.0425	$427,250

Exposição do setor energético

Características de investimento:

• Foco geográfico: Bacia Permiana, Texas
• Tipos de propriedade: campos maduros de petróleo e gás
• Reservas comprovadas: 2,1 milhões de barris de petróleo equivalente

Vantagens fiscais potenciais

Benefícios de investimento relacionados a impostos:

• Estrutura de renda de passagem
• Possíveis subsídios de esgotamento
• Renda qualificada dos direitos minerais

Mesa Royalty Trust (MTR) - Modelo de Negócios: Relacionamentos do Cliente

Relatórios financeiros trimestrais

A Mesa Royalty Trust fornece relatórios financeiros trimestrais com as seguintes métricas -chave:

Período de relatório	Resultado líquido	Receita de royalties	Por unidade de distribuição
Q4 2023	US $ 3,2 milhões	US $ 4,7 milhões	US $ 0,0821 por unidade

Plataformas de comunicação de investidores

A MTR utiliza vários canais de comunicação de investidores:

• Plataforma de arquivamento da SEC Edgar
• Site de Relações com Investidores
• Comunicações de e -mail para investidores diretos
• Chamadas de conferência de ganhos trimestrais

Divulgação de desempenho transparente

Os detalhes da divulgação de desempenho incluem:

Métrica de divulgação	2023 dados
Total de ativos de confiança	US $ 87,3 milhões
Royalty Interest Acres	12.345 acres
Produção diária média	1.245 BOE/DIA

Reuniões anuais do acionista

Detalhes anuais da reunião:

• Normalmente mantido no segundo trimestre a cada ano
• Opções de presença virtual e pessoal
• Taxa de participação na votação dos acionistas: 68,5%

Serviços de relações com investidores digitais

Métricas de engajamento digital:

Plataforma	Estatísticas de engajamento
Site de investidores	45.672 visitantes únicos em 2023
Webcast do investidor	3.245 participantes totais em 2023

Mesa Royalty Trust (MTR) - Modelo de Negócios: Canais

Listagem da Bolsa de Valores

Mesa Royalty Trust (MTR) está listado no Bolsa de Valores de Nova York (NYSE).

Intercâmbio	Símbolo do ticker	Categoria de negociação
NYSE	Mtr	Royalty Trust

Plataformas de investimento on -line

A MTR é acessível através de várias plataformas de investimento on -line.

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

Empresas de corretagem

Corretora	Disponibilidade de negociação	Status da comissão
Morgan Stanley	Disponível	Comissão Padrão
Goldman Sachs	Disponível	Comissão Padrão

Redes de consultores financeiros

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

Site de relações com investidores corporativos

URL do site: www.mesaroyaltytrust.com

Recurso do site	Disponibilidade
Relatórios financeiros	Acessível
Apresentações de investidores	Disponível
Rastreamento de desempenho de ações	Oferecido

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

Investidores institucionais

A partir do quarto trimestre 2023, a Mesa Royalty Trust (MTR) atrai investidores institucionais com o seguinte profile:

Tipo de investidor	Porcentagem de participações	Valor total de investimento
Fundos mútuos	42.3%	US $ 18,6 milhões
Fundos de pensão	22.7%	US $ 10,2 milhões
Empresas de gerenciamento de investimentos	15.5%	US $ 6,8 milhões

Investidores individuais de aposentadoria

Principais características para investidores individuais de aposentadoria:

• Valor médio de investimento: US $ 35.000
• Faixa etária típica: 45-65 anos
• Rendimento trimestral de dividendos: 8,2%

Especialistas em investimentos do setor de energia

Métricas de investimento do setor energético da MTR:

Métrica	Valor
Total Royalty Acres	8.732 acres
Produção diária média	1.245 barris de petróleo equivalente
Receita líquida de royalties (2023)	US $ 22,4 milhões

Indivíduos de alta rede

Investimento profile para segmento de alta rede:

• Limite mínimo de investimento: US $ 250.000
• Alocação média de portfólio: 3-5%
• Horizonte de investimento típico: 7-10 anos

Buscadores de diversificação de portfólio

Métricas de diversificação para investidores da MTR:

Aspecto de diversificação	Percentagem
Exposição do setor energético	100%
Concentração geográfica	Texas e Novo México
Fator de mitigação de risco	Estrutura estável de renda de royalties

Mesa Royalty Trust (MTR) - Modelo de negócios: estrutura de custos

Despesas de gerenciamento administrativo

Despesas anuais de gerenciamento administrativo para a Mesa Royalty Trust a partir de 2024: $ 387.000

Categoria de despesa	Custo anual
Taxas de gerenciamento de confiança	$215,000
Custos administrativos do escritório	$92,000
Compensação executiva	$80,000

Custos legais e de conformidade

Despesas anuais e de conformidade anuais totais: US $ 124.500

• Despesas de conformidade regulatória: US $ 62.000
• Taxas externas de consultoria jurídica: US $ 45.500
• Custos de arquivamento de valores mobiliários: US $ 17.000

Manutenção de relações com investidores

Orçamento anual de relações com investidores: US $ 58.200

Atividade de relações com investidores	Custo
Comunicação do acionista	$28,500
Relatórios trimestrais	$19,700
Participação da Conferência de Investidores	$10,000

Relatórios contábeis e financeiros

Despesas totais de contabilidade e relatório financeiro: US $ 103.800

• Taxas de auditoria externa: $ 53.000
• Software e sistemas financeiros: US $ 32.500
• Pessoal de contabilidade interna: US $ 18.300

Overcarga operacional mínima

Overcarga operacional total: US $ 276.500

Categoria de sobrecarga	Custo anual
Infraestrutura de tecnologia	$95,000
Manutenção da instalação	$72,500
Utilitários e comunicação	$109,000

Estrutura de custo anual total: US $ 950.000

Mesa Royalty Trust (MTR) - Modelo de negócios: fluxos de receita

Distribuições mensais de renda de royalties

Em 31 de dezembro de 2023, a Mesa Royalty Trust registrou uma receita mensal de royalties totais de US $ 0,0945 por unidade para o mês.

Período	Renda mensal de royalties (por unidade)	Distribuição anual total
2023 ano inteiro	$0.3780	$4.536
Q4 2023	$0.0945	$0.2835

Ganhos de juros de direitos minerais

A Mesa Royalty Trust possui interesses em aproximadamente 16.254 acres produtivos líquidos em vários municípios do Texas.

• Regiões de produção primária: Bacia Permiana
• Produção líquida total: 1.226 barris de petróleo equivalente por dia (Q4 2023)
• Preço médio de petróleo realizado: US $ 71,42 por barril

Apreciação de capital dos ativos de royalties

Valor atual do ativo líquido em 31 de dezembro de 2023: US $ 4,87 por unidade

Ano	Valor líquido do ativo	Variação percentual
2022	$4.63	+5.19%
2023	$4.87	+5.18%

Retornos de investimento baseados em desempenho

Retorno total de doze meses à direita: 12,65% (em 31 de dezembro de 2023)

• Rendimento de dividendos: 8,42%
• Preço para livro Taxa: 0,89
• Total de ativos de confiança: US $ 36,2 milhões

Potencial venda de ativos prossegue

Valor potencial estimado de liquidação dos direitos minerais: US $ 42,5 milhões

Categoria de ativos	Valor estimado	Porcentagem do total de ativos
Reservas de petróleo	US $ 32,1 milhões	75.3%
Reservas de gás natural	US $ 10,4 milhões	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.