DORCHESTER MINERALS, L.P. Business Summary

Dorchester Minerals, L.P. (DMLP) operates as a non-operating owner of producing and non-producing oil and natural gas mineral, royalty, overriding royalty, and net profits interests (NPI) across 28 states. The partnership’s revenue model is primarily passive, generating income from three core segments: Royalty Properties, which capture a percentage of gross production revenue; Net Profits Interests, which provide a share of net proceeds from specific properties; and Lease Bonuses earned from new drilling agreements. By maintaining a debt-free balance sheet and avoiding the capital-intensive costs of exploration and drilling, DMLP functions as an energy "landlord," insulating unitholders from operational risks while providing high-yield distributions. In the competitive landscape, DMLP contends with direct royalty peers such as Black Stone Minerals, L.P., Sabine Royalty Trust, and Kimbell Royalty Partners, distinguishing itself through its lean management structure and a premium valuation often driven by its consistent 20-plus-year dividend track record. Formed in 2003 through the strategic combination of Dorchester Hugoton, Ltd., Republic Royalty Company, and Spinnaker Royalty Company, the partnership is currently led by Chief Executive Officer Bradley J. Ehrman, a petroleum engineer and Rice MBA who rose through the firm’s engineering and operations ranks over two decades. Financial oversight is managed by CFO Leslie A. Moriyama, who brought a pedigree from PricewaterhouseCoopers and Encana upon joining in 2015. As of early 2026, the leadership transition following the retirement of long-time Chairman William Casey McManemin (now Chairman Emeritus) has seen co-founder Robert C. Vaughn assume the role of Interim Chairman, supported by the recent board appointment of industry veteran Albert G. Nance III. The partnership maintains a strong institutional investor base, with significant positions held by Morgan Stanley, Horizon Kinetics, and Hollow Brook Wealth Management.