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Performance Graph
−Removed: The Performance Graph below compares the cumulative five-year total unitholder return on our common units beginning December 31, 2019 and for each subsequent year end through and including December 31, 2024, with cumulative returns of the S&P 500 Index and an industry peer group selected by us.
+Added: The Performance Graph below compares the cumulative five-year total unitholder return on our common units beginning December 31, 2020, and for each subsequent year end through and including December 31, 2025, with cumulative returns of the S&P 500 Index, the SPDR S&P Oil and Gas Exploration and Production ETF (“XOP”), and an industry peer group selected by us.
The industry peer group we selected is comprised of the following companies:
−Removed: Black Stone Minerals, L.P., Viper Energy, Inc., Sitio Royalties Corp., and Kimbell Royalty Partners, L.P.
−Removed: The Performance Graph assumes $100 was invested in our common units and in each of the other indices described above on December 31, 2019.
+Added: Black Stone Minerals, L.P., Viper Energy, Inc., and Kimbell Royalty Partners, L.P.
+Added: In prior years, we compared our cumulative five-year total unitholder return to an industry peer group selected by us that we believed appropriately reflected the minerals and royalties industry.
+Added: Over time, however, consolidation within the minerals and royalties industry has resulted in a smaller, less stable set of entities.
+Added: As a result, the composition of the industry peer group has changed frequently and has introduced volatility that we believe no longer provides a consistent or meaningful basis for comparison.
+Added: Beginning with this year’s performance graph, we have selected the XOP index for comparison.
+Added: XOP represents a broader and more stable industry benchmark composed of a diversified set of oil and natural gas exploration companies.
+Added: We believe use of this index enhances comparability and provides unitholders with a more consistent, long-term measure of our relative total unitholder return performance.
+Added: The Performance Graph assumes $100 was invested in our common units and in the index and industry peer group described above on December 31, 2020.
Distribution or dividend reinvestments have been assumed on the payment dates.
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Dorchester Minerals, L.P.
−Removed: Industry Group
S&P 500 Index
+Added: Industry Peer Group
Issuer Purchases of Equity Securities
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December 1, 2025 – December 31, 2025
−Removed: The number of common units that our General Partner may grant under the Dorchester Minerals Management LP Equity Incentive Program, as amended and restated as of October 4, 2023, which was approved by our common unitholders on October 4, 2023 (the “Equity Incentive Program”), each fiscal year may not exceed 0.333% of the number of common units outstanding at the beginning of the fiscal year.
+Added: The number of common units that our General Partner may grant under the Dorchester Minerals Management LP Equity Incentive Program, originally adopted on May 20, 2015, by Dorchester Minerals Operating LP, the Partnership’s sole limited partner, as amended and restated and adopted by the Partnership on October 20, 2022, and, subsequently, as amended and restated as of October 4, 2023, which was approved by our common unitholders on October 4, 2023 (the “Equity Incentive Program”), each fiscal year may not exceed 0.333% of the number of common units outstanding at the beginning of the fiscal year.
In 2025, the maximum number of common units that could be purchased under the Equity Incentive Program is 157,641 common units.
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Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.