dmlp20260331

dmlp20260331_10q.htm

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION
Washington, DC. 20549

FORM 10-Q

(Mark One)

☒	QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended March 31, 2026

☐	TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from __________ to __________

Commission File Number: 000-50175

DORCHESTER MINERALS, L.P.

(Exact name of registrant as specified in its charter)

Delaware	81-0551518
(State or other jurisdiction of incorporation or organization)	(I.R.S. Employer Identification No.)

3838 Oak Lawn Avenue, Suite 300, Dallas, Texas 75219

(Address of principal executive offices) (Zip Code)

Registrant's telephone number, including area code: (214) 559-0300

None

(Former name, former address and former fiscal year, if changed since last report)

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading Symbol(s)

Name of each exchange on which

registered

Common Units Representing Limited

Partnership Interest

DMLP

NASDAQ Global Select Market

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

	Large accelerated filer ☒	Accelerated filer ☐	Non-accelerated filer ☐
	Smaller reporting company ☐	Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

Number of common units representing limited partnership interests outstanding as of May 6, 2026: 48,255,450

DISCLOSURE REGARDING FORWARD-LOOKING STATEMENTS			1

PART I – FINANCIAL INFORMATION			1

	ITEM 1.	CONDENSED FINANCIAL STATEMENTS (UNAUDITED)	1

		CONSOLIDATED BALANCE SHEETS	2

		CONSOLIDATED INCOME STATEMENTS	3

		CONSOLIDATED STATEMENTS OF CHANGES IN PARTNERSHIP CAPITAL	4

		CONSOLIDATED STATEMENTS OF CASH FLOWS	5

		NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS	6

	ITEM 2.	MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS	8

	ITEM 3.	QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK	11

	ITEM 4.	CONTROLS AND PROCEDURES	11

PART II – OTHER INFORMATION			11

	ITEM 1.	LEGAL PROCEEDINGS	11

	ITEM 1A.	RISK FACTORS	11

	ITEM 2.	UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS	12

	ITEM 5.	OTHER INFORMATION	12

	ITEM 6.	EXHIBITS	13

SIGNATURES			15

	*March 31,*			*December 31,*
	*2026*			*2025*

ASSETS
Current assets:
Cash and cash equivalents	$	28,157		$	41,937
Accounts receivable		26,849			13,968
Net profits interest receivable - related party		19,042			2,513
Prepaid expenses and other current assets		393			526
Total current assets		74,441			58,944

Oil and natural gas properties (full cost method)		743,059			745,539
Accumulated full cost depletion		(516,527	)		(495,643	)
Total		226,532			249,896

Leasehold improvements		989			989
Accumulated amortization		(721	)		(698	)
Total		268			291

Operating lease right-of-use asset		384			423
Total assets	$	301,625		$	309,554

LIABILITIES AND PARTNERSHIP CAPITAL

Current liabilities:
Accounts payable and other current liabilities	$	4,229		$	3,538
Operating lease liability		252			256
Total current liabilities		4,481			3,794

Operating lease liability		461			521
Total liabilities		4,942			4,315

Commitments and contingencies (Note 4)

Partnership capital:
General Partner		(5,174	)		(4,825	)
Unitholders (48,256 common units issued and outstanding as of March 31, 2026 and December 31, 2025, respectively)		301,857			310,064
Total partnership capital		296,683			305,239
Total liabilities and partnership capital	$	301,625		$	309,554

	*Three Months Ended*
	*March 31,*
	*2026*		*2025*

Operating revenues
Royalties	$	40,965	$	37,830
Net profits interest - related party		16,529		4,793
Lease bonus		849		111
Other		532		430
Total operating revenues		58,875		43,164

Costs and expenses
Operating, including production taxes		4,567		4,447
Depreciation, depletion and amortization		20,907		16,759
General and administrative		1,261		1,379
General and administrative expenses - related party		3,003		2,937
Total costs and expenses		29,738		25,522

Net income	$	29,137	$	17,642

Allocation of net income
General Partner	$	877	$	632
Unitholders	$	28,260	$	17,010
Net income per common unit (basic and diluted)	$	0.59	$	0.36
Weighted average basic and diluted common units outstanding		48,256		47,340

	*General Partner*			*Unitholders*			*Total*			*Unitholder Units*
Three Months Ended March 31, 2025
Balance at January 1, 2025	$	(1,997	)	$	363,785		$	361,788			47,340
Net income		632			17,010			17,642
Distributions ($0.739412 per common unit)		(1,291	)		(35,004	)		(36,295	)
Balance at March 31, 2025	$	(2,656	)	$	345,791		$	343,135			47,340

Three Months Ended March 31, 2026
Balance at January 1, 2026	$	(4,825	)	$	310,064		$	305,239			48,256
Net income		877			28,260			29,137
Distributions ($0.755712 per common unit)		(1,226	)		(36,467	)		(37,693	)
Balance at March 31, 2026	$	(5,174	)	$	301,857		$	296,683			48,256

	*In Thousands*
	*As of*
	*March 31, 2026*		*December 31, 2025*		*December 31, 2024*
Royalty Properties receivable	$	26,791	$	13,810	$	19,120
Other		58		158		121
Accounts receivable		26,849		13,968		19,241
Net profits interest receivable - related party		19,042		2,513		5,544
Total Receivables	$	45,891	$	16,481	$	24,785

	Three Months Ended
	March 31,
Accrual basis sales volumes:	2026		2025		% Change
Royalty Properties natural gas sales (mmcf)		1,663		1,482		12	%
Royalty Properties oil sales (mbbls)		625		518		21	%
NPI natural gas sales (mmcf)		641		436		47	%
NPI oil sales (mbbls)		353		136		160	%

Accrual basis average sales prices:
Royalty Properties natural gas sales ($/mcf)	$	2.60	$	3.51		(26	)%
Royalty Properties oil sales ($/bbl)	$	58.63	$	63.00		(7	)%
NPI natural gas sales ($/mcf)	$	4.47	$	3.91		14	%
NPI oil sales ($/bbl)	$	72.16	$	61.33		18	%

	As of
	3/31/2026
	(In Thousands)
2026	$	277
2027		374
2028		380
2029		63
Total lease payments		1,094
Less amount representing interest		(381	)
Total lease obligation	$	713

Number	Description
3.1	Certificate of Limited Partnership of Dorchester Minerals, L.P. (incorporated by reference to Exhibit 3.1 to Dorchester Minerals’ Registration Statement on Form S-4, Registration Number 333-88282)

3.2	Amended and Restated Agreement of Limited Partnership of Dorchester Minerals, L.P. (incorporated by reference to Exhibit 3.2 to Dorchester Minerals’ Annual Report on Form 10-K filed for the year ended December 31, 2002)

3.3	Amendment No. 1 to Amended and Restated Partnership Agreement of Dorchester Minerals, L.P. (incorporated by reference to Exhibit 3.1 to Dorchester Minerals’ Current Report on Form 8-K filed with the SEC on December 22, 2017)

3.4	Amendment No. 2 to Amended and Restated Partnership Agreement of Dorchester Minerals, L.P. (incorporated by reference to Exhibit 3.4 to Dorchester Minerals’ Quarterly Report on Form 10-Q filed with the SEC on August 6, 2018)

3.5	Amendment No. 3 to Amended and Restated Partnership Agreement of Dorchester Minerals, L.P. (incorporated by reference to Exhibit 3.1 to Dorchester Minerals’ Current Report on Form 8-K filed with the SEC on October 6, 2023)

3.6	Certificate of Limited Partnership of Dorchester Minerals Management LP (incorporated by reference to Exhibit 3.4 to Dorchester Minerals’ Registration Statement on Form S-4, Registration Number 333-88282)

3.7	Amended and Restated Limited Partnership Agreement of Dorchester Minerals Management LP (incorporated by reference to Exhibit 3.4 to Dorchester Minerals’ Annual Report on Form 10-K for the year ended December 31, 2002)

3.8	Certificate of Formation of Dorchester Minerals Management GP LLC (incorporated by reference to Exhibit 3.7 to Dorchester Minerals’ Registration Statement on Form S-4, Registration Number 333-88282)

3.9	Second Amended and Restated Limited Liability Company Agreement of Dorchester Minerals Management GP LLC dated October 15, 2024 (incorporated by reference to Exhibit 3.1 to Dorchester Minerals’ Current Report on Form 8-K filed with the SEC on October 18, 2024)

3.10	Certificate of Formation of Dorchester Minerals Operating GP LLC (incorporated by reference to Exhibit 3.10 to Dorchester Minerals’ Registration Statement on Form S-4, Registration Number 333-88282)

3.11	Limited Liability Company Agreement of Dorchester Minerals Operating GP LLC (incorporated by reference to Exhibit 3.11 to Dorchester Minerals’ Registration Statement on Form S-4, Registration Number 333-88282)

3.12	Certificate of Limited Partnership of Dorchester Minerals Operating LP (incorporated by reference to Exhibit 3.12 to Dorchester Minerals’ Registration Statement on Form S-4, Registration Number 333-88282)

3.13	Amended and Restated Agreement of Limited Partnership of Dorchester Minerals Operating LP (incorporated by reference to Exhibit 3.10 to Dorchester Minerals’ Annual Report on Form 10-K for the year ended December 31, 2002)

3.14	Certificate of Limited Partnership of Dorchester Minerals Oklahoma LP (incorporated by reference to Exhibit 3.11 to Dorchester Minerals’ Annual Report on Form 10-K for the year ended December 31, 2002)

3.15	Agreement of Limited Partnership of Dorchester Minerals Oklahoma LP (incorporated by reference to Exhibit 3.12 to Dorchester Minerals’ Annual Report on Form 10-K for the year ended December 31, 2002)

3.16	Certificate of Incorporation of Dorchester Minerals Oklahoma GP, Inc. (incorporated by reference to Exhibit 3.13 to Dorchester Minerals’ Annual Report on Form 10-K for the year ended December 31, 2002)

3.17	Bylaws of Dorchester Minerals Oklahoma GP, Inc. (incorporated by reference to Exhibit 3.14 to Dorchester Minerals’ Annual Report on Form 10-K for the year ended December 31, 2002)

31.1*	Certification of Chief Executive Officer of the Partnership pursuant to Rule 13a-14(a) / 15d-14(a) of the Securities Exchange Act of 1934

31.2*	Certification of Chief Financial Officer of the Partnership pursuant to Rule 13a-14(a) / 15d-14(a) of the Securities Exchange Act of 1934

32.1**	Certification of Chief Executive Officer and Chief Financial Officer of the Partnership pursuant to 18 U.S.C. Sec. 1350

101.INS*	XBRL Instance Document – the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document

101.SCH*	Inline XBRL Taxonomy Extension Schema Document

101.CAL*	Inline XBRL Taxonomy Extension Calculation Linkbase Document

101.DEF*	Inline XBRL Taxonomy Extension Definition Document

101.LAB*	Inline XBRL Taxonomy Extension Label Linkbase Document

101.PRE*	Inline XBRL Taxonomy Extension Presentation Linkbase Document

104	Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101)

	* Filed herewith
	**Furnished herewith

	By:	/s/ Bradley Ehrman
		Bradley Ehrman
Date: May 6, 2026		Chief Executive Officer

	By:	/s/ Leslie Moriyama
		Leslie Moriyama
Date: May 6, 2026		Chief Financial Officer

SEC Form 10-Q filed by Dorchester Minerals L.P.