Item 5. Market for Registrant’s Common Equity
ITEM 5. MARKET FOR REGISTRANT'S COMMON EQUITY, RELATED UNITHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES
Our common units trade on the NASDAQ Global Select Market under the ticker symbol “DMLP”.
As of December 31, 2025, there were 22,832 common unitholders.
Our partnership agreement requires that we make quarterly distributions in an amount equal to all funds that we receive from the Royalty Properties and the NPI (other than cash proceeds received by the Partnership from a public or private offering of securities of the Partnership) less certain expenses and reasonable reserves.
Performance Graph
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: Black Stone Minerals, L.P., Viper Energy, Inc., and Kimbell Royalty Partners, L.P. 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. Over time, however, consolidation within the minerals and royalties industry has resulted in a smaller, less stable set of entities. 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. Beginning with this year’s performance graph, we have selected the XOP index for comparison. XOP represents a broader and more stable industry benchmark composed of a diversified set of oil and natural gas exploration companies. 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.
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. The stock performance shown on the graph below is not necessarily indicative of future price performance.
12/31/2020
12/31/2021
12/31/2022
12/31/2023
12/31/2024
12/31/2025
Dorchester Minerals, L.P.
$
100.00
$
199.09
$
342.06
$
408.60
$
476.98
$
354.05
S&P 500 Index
$
100.00
$
128.71
$
105.40
$
133.10
$
166.04
$
196.16
XOP
$
100.00
$
163.88
$
232.27
$
234.03
$
226.27
$
215.83
Industry Peer Group
$
100.00
$
183.47
$
304.65
$
318.66
$
445.10
$
406.36
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Issuer Purchases of Equity Securities
(c)
(d)
Total
Maximum
Number of
Number
Units
of Units that
Purchased
May
as
Yet Be
(a)
(b)
Part of
Purchased
Total
Average
Publicly
Under the
Number of
Price
Announced
Plans
Units
Paid
Plans
or
Period
Purchased
per Unit
or Programs
Programs
October 1, 2025 – October 31, 2025
-
N/A
-
133,306
(1)
November 1, 2025 – November 30, 2025
-
N/A
-
133,306
(1)
December 1, 2025 – December 31, 2025
35,000
(2)
$
22.27
35,000
98,306
(1)
Total
35,000
$
22.27
35,000
98,306
(1)
(1)
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.
(2)
Open-market purchases by the Operating Partnership, an affiliate of the Partnership, pursuant to a Rule 10b5-1 plan adopted on November 12, 2025, for the purpose of satisfying equity awards to be granted pursuant to the Equity Incentive Program.
Recent Sales of Unregistered Securities
None.
ITEM 6. [RESERVED]
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