多尔切斯特 2025年度报告

DORCHESTER MINERALS, L.P. (214) 559-0300(Registrant's telephone number, including area code) SECURITIES REGISTERED PURSUANT TO SECTION 12(b) OF THE ACT:Title of each classTrading Symbol(s)Name of each exchange on which registeredCommon Units Representing Limited NASDAQ Global Select Market SECURITIES REGISTERED PURSUANT TO SECTION 12(g) OF THE ACT:Title of ClassNone Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes☐No☒Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or 15(d) of the Act. Yes☐No☒Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the SecuritiesExchange 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 theregistrant 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,” “smallerreporting company,”and “emerging growth company” in Rule 12b-2 of the Exchange Act.Large accelerated filer☒Accelerated filer☐Non-accelerated filer☐ If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period forcomplying 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 has filed a report on and attestation to its management’s assessment of the effectivenessof its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registeredpublic accounting firm that prepared or issued its audit report.☒If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction of an error to previously issued financial statements.☐Indicate by check markwhether any of those error corrections are restatements that required a recovery analysis of incentive-based DOCUMENTS INCORPORATED BY REFERENCEPortions of the definitive proxy statement for the registrant's2026 Annual Meeting of Unitholders are incorporated by reference in Part III of this Form 10-K. Such definitive proxy statement will be filed with the Securities and Exchange Commission not later than120 days subsequent to December 31, 2025. TABLE OF CONTENTS PART IITEM 1.BUSINESS1ITEM1A.RISK FACTORS5ITEM1B.UNRESOLVED STAFF COMMENTS19ITEM1C.CYBERSECURITY19ITEM 2.PROPERTIES20ITEM 3.LEGAL PROCEEDINGS23ITEM 4.MINE SAFETY DISCLOSURES23PART IIITEM 5.MARKET FOR REGISTRANT’S COMMON EQUITY, RELATED UNITHOLDER MATTERS AND ISSUERPURCHASES OF EQUITY SECURITIES23ITEM 6.[RESERVED]24ITEM 7.MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OFOPERATIONS25ITEM7A.QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK32ITEM 8.FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA32ITEM 9.CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIALDISCLOSURE33ITEM9A.CONTROLS AND PROCEDURES33ITEM9B.OTHER INFORMATION33ITEM9C.DISCLOSURE REGARDING FOREIGN JURSIDICTIONS THAT PREVENT INSPECTIONS33PART IIIITEM 10.DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE34ITEM 11.EXECUTIVE COMPENSATION34ITEM 12.SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED34 UNITHOLDER MATTERSITEM 13.CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR INDEPENDENCE34ITEM 14.PRINCIPAL ACCOUNTANTFEES AND SERVICES34PART IVITEM 15.EXHIBITS AND FINANCIAL STATEMENT SCHEDULES35ITEM 16.FORM 10-K SUMMARY36GLOSSARY OF CERTAIN OIL AND NATURAL GAS TERMS37 PART I. ITEM 1. BUSINESS General Dorchester Minerals, L.P. is a publicly traded Delaware limited partnership that commenced operations on January 31, 2003,upon the combination of Dorchester Hugoton, Ltd., Republic Royalty Company, L.P. and Spinnaker Royalty Company, L.P.Dorchester Hugoton was a publicly traded Texas limited partnership, and Republic and Spinnaker were private Texas limitedpartnerships. We have established a website atwww.dmlp.net that contains the last annual meeting presentation. You may obtain allcurrent filings free of charge throughour website. We will provide electronic or paper copies of our annual report on Form 10-K,quarterly reports on Form 10-Q, current reports on Form 8-K and amendments to those reports filed o