<SEC-DOCUMENT>0001437749-25-037040.txt : 20251205
<SEC-HEADER>0001437749-25-037040.hdr.sgml : 20251205
<ACCEPTANCE-DATETIME>20251205164611
ACCESSION NUMBER:		0001437749-25-037040
CONFORMED SUBMISSION TYPE:	4
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20251203
FILED AS OF DATE:		20251205
DATE AS OF CHANGE:		20251205

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			EHRMAN BRADLEY J
		CENTRAL INDEX KEY:			0001642868
		ORGANIZATION NAME:           	

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-50175
		FILM NUMBER:		251553559

	MAIL ADDRESS:	
		STREET 1:		3838 OAK LAWN AVE
		STREET 2:		STE 300
		CITY:			DALLAS
		STATE:			TX
		ZIP:			75219

ISSUER:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			DORCHESTER MINERALS, L.P.
		CENTRAL INDEX KEY:			0001172358
		STANDARD INDUSTRIAL CLASSIFICATION:	CRUDE PETROLEUM & NATURAL GAS [1311]
		ORGANIZATION NAME:           	01 Energy & Transportation
		EIN:				810551518
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	BUSINESS ADDRESS:	
		STREET 1:		3838 OAK LAWN AVENUE
		STREET 2:		SUITE 300
		CITY:			DALLAS
		STATE:			TX
		ZIP:			75219-4541
		BUSINESS PHONE:		2145590300

	MAIL ADDRESS:	
		STREET 1:		3838 OAK LAWN AVENUE
		STREET 2:		SUITE 300
		CITY:			DALLAS
		STATE:			TX
		ZIP:			75219-4541

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	DORCHESTER MINERALS LP
		DATE OF NAME CHANGE:	20020430
</SEC-HEADER>
<DOCUMENT>
<TYPE>4
<SEQUENCE>1
<FILENAME>rdgdoc.xml
<DESCRIPTION>FORM4-EHRMAN-120525
<TEXT>
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<ownershipDocument>

    <schemaVersion>X0508</schemaVersion>

    <documentType>4</documentType>

    <periodOfReport>2025-12-03</periodOfReport>

    <issuer>
        <issuerCik>0001172358</issuerCik>
        <issuerName>DORCHESTER MINERALS, L.P.</issuerName>
        <issuerTradingSymbol>DMLP</issuerTradingSymbol>
    </issuer>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001642868</rptOwnerCik>
            <rptOwnerName>EHRMAN BRADLEY J</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>3838 OAK LAWN AVE</rptOwnerStreet1>
            <rptOwnerStreet2>SUITE 300</rptOwnerStreet2>
            <rptOwnerCity>DALLAS</rptOwnerCity>
            <rptOwnerState>TX</rptOwnerState>
            <rptOwnerZipCode>75219</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isOfficer>1</isOfficer>
            <officerTitle>Chief Executive Officer</officerTitle>
        </reportingOwnerRelationship>
    </reportingOwner>

    <aff10b5One>0</aff10b5One>

    <nonDerivativeTable>
        <nonDerivativeTransaction>
            <securityTitle>
                <value>Common Units</value>
            </securityTitle>
            <transactionDate>
                <value>2025-12-03</value>
            </transactionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>M</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
            </transactionCoding>
            <transactionAmounts>
                <transactionShares>
                    <value>4810</value>
                </transactionShares>
                <transactionPricePerShare>
                    <value>0</value>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>A</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>31459</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                    <footnoteId id="F2"/>
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            </ownershipNature>
        </nonDerivativeTransaction>
        <nonDerivativeTransaction>
            <securityTitle>
                <value>Common Units</value>
            </securityTitle>
            <transactionDate>
                <value>2025-12-03</value>
            </transactionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>F</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
                <footnoteId id="F3"/>
            </transactionCoding>
            <transactionAmounts>
                <transactionShares>
                    <value>1749</value>
                </transactionShares>
                <transactionPricePerShare>
                    <value>0</value>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>D</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>29710</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
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                <directOrIndirectOwnership>
                    <value>D</value>
                    <footnoteId id="F2"/>
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        </nonDerivativeTransaction>
        <nonDerivativeHolding>
            <securityTitle>
                <value>Common Units</value>
            </securityTitle>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>121197</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>I</value>
                    <footnoteId id="F1"/>
                </directOrIndirectOwnership>
                <natureOfOwnership>
                    <value>.</value>
                </natureOfOwnership>
            </ownershipNature>
        </nonDerivativeHolding>
    </nonDerivativeTable>

    <derivativeTable>
        <derivativeTransaction>
            <securityTitle>
                <value>Notional Units</value>
            </securityTitle>
            <conversionOrExercisePrice>
                <footnoteId id="F4"/>
            </conversionOrExercisePrice>
            <transactionDate>
                <value>2025-12-03</value>
            </transactionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>M</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
            </transactionCoding>
            <transactionAmounts>
                <transactionShares>
                    <value>4810</value>
                </transactionShares>
                <transactionPricePerShare>
                    <value>0</value>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>D</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <exerciseDate>
                <footnoteId id="F4"/>
            </exerciseDate>
            <expirationDate>
                <footnoteId id="F4"/>
            </expirationDate>
            <underlyingSecurity>
                <underlyingSecurityTitle>
                    <value>Common Units</value>
                </underlyingSecurityTitle>
                <underlyingSecurityShares>
                    <value>4810</value>
                </underlyingSecurityShares>
            </underlyingSecurity>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>9620</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                </directOrIndirectOwnership>
            </ownershipNature>
        </derivativeTransaction>
    </derivativeTable>

    <footnotes>
        <footnote id="F1">These common units are held by Quiscalus Ventures, LLC, in which Mr. Ehrman is the sole member.</footnote>
        <footnote id="F2">These common units are held by Mr. Ehrman in his individual name, IRA or Keogh Plan.</footnote>
        <footnote id="F3">Represents payment of tax liability incident to the grant of common units awarded to the reporting person on December 3, 2025 pursuant to an equity incentive plan, by withholding common units from such grant.</footnote>
        <footnote id="F4">Notional Units granted on December 3, 2024, pursuant to the Dorchester Minerals Management LP Equity Incentive program.  Each Notional Unit entitles the holder to receive either (1) the number of common units representing limited partnership interests in Dorchester Minerals, L.P. (the &quot;Common Units&quot;) equal to the number of Notional Units that become vested or (2) the cash equivalent at the time of vesting of the number of Common Units equal to the number of Notional Units that become vested.  One-third of the Notional Units vest on each anniversary of the date of the award agreement over a three year period beginning on December 3, 2025.  Vested Notional Units are settled within 60 days after the date on which they vest.</footnote>
    </footnotes>

    <ownerSignature>
        <signatureName>/s/ Bradley J. Ehrman</signatureName>
        <signatureDate>2025-12-05</signatureDate>
    </ownerSignature>
</ownershipDocument>
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</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
