DORCHESTER MINERALS, L.P.

For the period ended Dec 31, 2025. Filed Feb 24, 2026.

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A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.

FY2025 · Filed Feb 24, 2026

DMLP$27.50-0.0%Stored close · as of Nov 10, 2026

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Contents

Item 8. Consolidated Statements of Cash Flows

	2025	2024	2023
Cash flows from operating activities:
Net income	$57,352	$92,449	$114,117
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation, depletion and amortization	66,300	42,588	26,307
Amortization of operating lease right-of-use asset	163	179	194
Changes in operating assets and liabilities:
Accounts receivable	6,024	(4,646)	(467)
Net profits interest receivable - related party	3,031	2,731	(1,105)
Prepaid expenses and other current assets	13	133	25
Accounts payable and other current liabilities	(135)	(522)	1,052
Operating lease liability	(263)	(273)	(281)
Net cash provided by operating activities	132,485	132,639	139,842
Cash flows provided by investing activities:
Net cash contributed in acquisitions of oil and natural gas properties	3,888	14,725	2,284
Cash flows used in financing activities:
Distributions paid to General Partner and unitholders	(136,944)	(151,881)	(135,855)
(Decrease) Increase in cash and cash equivalents	(571)	(4,517)	6,271
Cash and cash equivalents at beginning of period	42,508	47,025	40,754
Cash and cash equivalents at end of period	$41,937	$42,508	$47,025
Non-cash investing and financing activities:
Fair value of common units issued for acquisitions of oil and natural gas properties	$23,043	$235,663	$35,777

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