Black Stone Minerals L P SEC Filings

Black Stone Minerals (BSM) reported steady Q3 2025 results. Total revenue was $132.5 million versus $134.9 million a year ago, with net income of $91.7 million versus $92.7 million. Oil sales decreased to $57.1 million, while natural gas and NGL sales rose to $43.1 million. Derivative gains were $27.3 million. Operating expenses declined to $38.4 million, supporting income from operations of $94.1 million.

Liquidity and capital remained solid. The Credit Facility maturity was extended to October 31, 2030, with the $580.0 million borrowing base reaffirmed and $375.0 million of elected commitments; $95.0 million was outstanding at quarter end. The Board declared a $0.30 per common unit distribution for Q3. Year-to-date, BSM acquired Gulf Coast mineral and royalty interests for $65.7 million (including $58.3 million cash and $7.4 million in equity). It also agreed to acquire unproved East Texas mineral interests for approximately $40 million, with $3.3 million in escrow as restricted cash. As of October 31, 2025, 211,862,412 common units and 14,711,219 Series B preferred units were outstanding.

Black Stone Minerals (BSM) filed a current report announcing it furnished a press release with its third quarter 2025 financial and operating results. The press release, dated November 3, 2025, is included as Exhibit 99.1 under Item 2.02 (Results of Operations and Financial Condition).

The information in this report, including Exhibit 99.1, is being furnished, not filed, under the Exchange Act and is not subject to Section 18 liabilities, nor incorporated by reference into Securities Act filings except as expressly stated.

Black Stone Minerals, L.P. (BSM) director D. Mark DeWalch elected to receive part of his board cash retainer in common units, acquiring 1,426 common units at a reported price of $13.14 on 10/03/2025. After the transaction, the filing reports 376,940 units held directly and an aggregate of 605, () 606,080 units held indirectly through DeWalch Diversified LP, the Donald Mark DeWalch Trust, and spouse, for a combined beneficial ownership of 982,020 units. The filing is a routine Section 16 disclosure noting distribution of board compensation in equity rather than cash.

William E. Randall, a director of Black Stone Minerals, L.P. (BSM), received 1,426 common units on 10/03/2025 at a price of $13.14 per unit, bringing his total beneficial ownership to 174,494 common units. The units were issued because he elected to receive common units in lieu of a cash retainer for board service. The transaction was reported on Form 4 and signed by an attorney-in-fact on 10/07/2025. This is a routine director compensation election and does not disclose any derivative transactions or other changes to previously reported holdings.

Insider purchase increases board member stake in Black Stone Minerals. Director Jerry V. Kyle Jr. received 1,426 common units as compensation in lieu of a cash retainer, executed on 10/03/2025 at an indicated price of $13.14 per unit. After the transaction his reported beneficial ownership totals 304,242 common units directly, plus additional indirect holdings of 250,088 units (held by the Kyle 1968 Trust), 4,000 units (family limited partnership), and 350,182 units (Lena C A Kyle Trust).

The filing is routine Section 16 reporting: the acquisition was made under a prior arrangement to receive units instead of cash for board service. The form was signed by an attorney-in-fact on 10/07/2025. No derivative transactions or sales are reported.

Director William N. Mathis reported a non-derivative acquisition of 2,378 common units of Black Stone Minerals, L.P. (BSM) on 10/03/2025 at a price of $13.14 per unit, increasing his direct holdings to 246,200 units. The Form 4 shows multiple indirect holdings tied to family trusts and affiliated entities, the largest being 842,637 units held by WM Capital Partners, L.P., and other indirect holdings ranging from 10,436 to 324,763 units. The filing states the acquisition resulted from electing to receive common units in lieu of a cash board retainer for service as a director.

Stuart Alexander D., a director of Black Stone Minerals, L.P. (BSM), reported acquiring 1,712 common units on 10/03/2025 by electing to receive units instead of a cash board retainer. The reported per‑unit price for that election was $13.14. After the reported transaction, the filing shows 2,036,757 common units beneficially owned in total, with the majority held indirectly through a series of trusts and entities (including RDS Investments, L.P. and Topsfield Energy Ltd.). The filing is signed by an attorney‑in‑fact on behalf of the reporting person on 10/07/2025.

Insider purchases increased both direct and indirect stakes in Black Stone Minerals (BSM). Thomas L. Carter Jr., who serves as CEO, President and Chairman and is also a director, reported three open‑market purchases executed on 09/08/2025, 09/09/2025 and 09/10/2025 totaling 25,370 common units at weighted average prices in ranges of $11.88–$11.91, $12.04–$12.10 and $12.22–$12.38, respectively. Following the reported transactions the filing shows 3,497,401 common units beneficially owned directly by the reporting person. The Form 4 also discloses significant indirect holdings through trusts and entities, including 11,481,503 units held by Carter2221, Ltd., and multiple 1995 trusts and spouse holdings. The filing is a routine Section 16 disclosure of insider purchases and beneficial ownership.