Welcome to our dedicated page for Black Stone Minerals L P SEC filings (Ticker: BSM), a comprehensive resource for investors and traders seeking official regulatory documents including 10-K annual reports, 10-Q quarterly earnings, 8-K material events, and insider trading forms.
This page compiles U.S. Securities and Exchange Commission filings for Black Stone Minerals, L.P. (NYSE: BSM), an oil and natural gas mineral company that owns mineral and royalty interests across 41 states in the continental United States. These filings provide detailed insight into the Partnership’s financial condition, operations, governance, and compensation practices.
Investors can use Black Stone’s annual reports on Form 10-K and quarterly reports on Form 10-Q to review revenue from oil and condensate sales, natural gas and natural gas liquids sales, lease bonus and other income, as well as production volumes, operating expenses, Adjusted EBITDA, and distributable cash flow. These reports also describe the company’s hedge positions, including volumes and fixed prices for oil and natural gas swaps, and explain how gains or losses on commodity derivative instruments affect reported results.
Current reports on Form 8-K and amendments such as Form 8-K/A document significant events, including leadership transitions, compensation decisions, and changes in governance. For example, an amended Form 8-K filing details a leadership transition effective January 1, 2026, and sets out salary and incentive targets for certain executive officers. Such filings help clarify how Black Stone structures executive roles and compensatory arrangements.
Stock Titan’s tools surface these filings as they are made available on EDGAR and apply AI-powered summaries to highlight key points from lengthy documents. Users can quickly identify items related to quarterly earnings, distribution decisions, debt and credit facility terms, hedge positions, and executive compensation, as well as track material developments reported under Item 5.02 and other sections. Form 4 and related ownership filings, when available, can be used to monitor insider transactions in BSM units. This page offers a structured view of Black Stone Minerals’ regulatory record, helping readers understand the Partnership’s financial reporting and governance over time.
Black Stone Minerals, L.P. executive reports tax-related unit withholding
Black Stone Minerals, L.P. Co-CEO, President, and director Taylor DeWalch reported a Form 4 transaction involving the partnership's common units representing limited partner interests. On January 7, 2026, DeWalch had 5,458 common units disposed of at $13.38 per unit under transaction code F, which indicates shares withheld to cover taxes. A footnote explains that this represents tax withholding tied to the vesting of restricted common units issued under the company's long-term incentive plan.
Following this tax withholding transaction, DeWalch beneficially owned 59,783 common units directly. The filing reflects an administrative equity event related to compensation rather than an open-market purchase or sale.
Black Stone Minerals, L.P. Executive Chairman Thomas L. Carter Jr. reported a tax-related share withholding on common units representing limited partner interests. On 01/07/2026, 34,933 common units were withheld at $13.38 per unit to cover taxes upon the vesting of restricted common units issued under the company’s LTIP. After this transaction, he beneficially owned 3,477,768 common units directly, along with additional units held indirectly through family trusts, his spouse, and Carter2221, Ltd.
Black Stone Minerals, L.P. insider activity: Senior Vice President, General Counsel, and Secretary Luke S. Putman reported a tax-related share withholding tied to equity compensation. On 01/07/2026, 14,920 common units representing limited partner interests were withheld at a price of $13.38 per unit, coded as an "F" transaction, which indicates shares withheld to cover taxes upon vesting of equity awards.
Following this tax withholding, Putman beneficially owned 682,722 common units directly. The filing clarifies in a footnote that the transaction represents tax withholding associated with the vesting of restricted common units issued under the company’s long-term incentive plan, rather than an open-market sale.
Black Stone Minerals, L.P. filed an amendment to a prior report to complete details of its previously announced leadership transition effective January 1, 2026. The filing confirms that the new officer and director appointments have taken effect and that the Compensation Committee has set target pay levels for the affected executives.
Executive Chairman Thomas L. Carter, Jr. has a salary of $450,000, with a short-term incentive target of $450,000 and a long-term incentive target of $1,600,000, for a total target compensation of $2,500,000. Co-Chief Executive Officers and Presidents Fowler T. Carter and Taylor DeWalch each have a salary of $425,000, STI target of $425,000, and LTI target of $2,400,000, for total targets of $3,250,000 each. Senior Vice President, Chief Financial Officer, and Treasurer Chris Bonner has a salary of $320,000, STI target of $320,000, and LTI target of $1,280,000, for a total target of $1,920,000.
The amendment also notes that Mr. Bonner is expected to enter into a severance agreement providing cash severance payments and benefits if his employment is terminated under certain circumstances, in a form substantially similar to agreements for certain other executives.
Black Stone Minerals, L.P. director D. Mark DeWalch reported receiving additional equity as part of his board compensation. On 01/02/2026, he acquired 1,410 common units representing limited partner interests at $13.29 per unit, electing to take units instead of a cash retainer for service on the board of the partnership's general partner.
Following this transaction, DeWalch beneficially owned 378,350 common units directly. He also reported indirect beneficial ownership of 558,522 common units through DeWalch Diversified LP, 40,809 common units through the Donald Mark DeWalch Trust, and 6,749 common units through his wife.
Black Stone Minerals, L.P. director Alexander D. Stuart reported acquiring additional common units representing limited partner interests. On 01/02/2026 he received 1,693 common units, reported as an acquisition at a price of $13.29 per unit, under a previous arrangement to take board cash retainers in equity instead.
Following this transaction, he is shown as directly owning 2,038,450 common units. He also reports significant indirect ownership through various entities and trusts, including 1,251,634 common units held by RDS Investments, L.P. and 2,112,711 common units held by Topsfield Energy Ltd., along with additional indirect holdings through multiple family and marital trusts.
Black Stone Minerals, L.P. director William E. Randall reported acquiring additional equity in the partnership through board compensation. On 01/02/2026, he received 1,537 common units representing limited partner interests at a price of $13.29 per unit, electing to take units instead of a cash retainer for his service on the Board of Directors of the partnership's general partner. Following this transaction, he beneficially owned 176,031 common units, held directly.
Black Stone Minerals, L.P. director Jerry V. Kyle, Jr. reported receiving additional equity in the company. On 01/02/2026, he acquired 1,410 common units representing limited partner interests at $13.29 per unit, electing to take this award instead of a cash retainer for serving on the board of directors of the partnership’s general partner.
After this transaction, he directly holds 305,652 common units. He also reports indirect beneficial ownership of 250,088 units through the Lena C Anderson Kyle 1968 Trust, 4,000 units through a family limited partnership, and 350,182 units through the Lena C A Kyle Trust. The filing is made by a single reporting person.
Black Stone Minerals, L.P. announced leadership changes and a board departure. On October 30, 2025, director William Mathis resigned from the Board of Black Stone Minerals GP, L.L.C., effective immediately; the company stated his decision was not due to any disagreement on operations, policies, or practices.
The Board approved a succession plan effective January 1, 2026 in which Thomas L. Carter, Jr. will become Executive Chairman. Fowler Carter and Taylor DeWalch will be appointed co‑Chief Executive Officers and join the Board. Chris Bonner will become Senior Vice President, Chief Financial Officer, and Treasurer, and Erin Phillips will serve as Controller and principal accounting officer. As directors, Mr. F. Carter and Mr. DeWalch will not be named to board committees and will not receive additional director compensation. Compensation arrangements for the new roles will be decided later. Disclosures note family relationships among certain appointees and that Stephen Fox, a related employee, received total compensation of $339,682 in 2024 and $258,659 for January 1, 2025 through October 31, 2025.
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.