Company: BSM
Filing Date: 2025-11-04
Form Type: 10-Q
Source: 0001621434-25-000133
Chunk: 23

Company: Black Stone Minerals, L.P.
Filing Date: 2025-11-04
Form: 10-Q
Item: Part I, Item 1
Chunk 23
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 located in East Texas for total consideration, including estimated transaction costs, of approximately $40 million, subject to customary title due diligence and closing adjustments. In connection with this transaction, the Partnership deposited $3.3 million into escrow as of September 30, 2025. These funds are legally restricted from use for general purposes and are held in escrow pursuant to the terms of the purchase and sale agreement, pending the satisfaction of closing conditions. The acquisition is expected to close in the fourth quarter of 2025. A reconciliation of cash, cash equivalents, and restricted cash as presented on the condensed consolidated statements of cash flows is as follows (in thousands):September 30, 2025December 31, 2024(in thousands)Cash and cash equivalents$2,864 $2,519 Restricted cash3,304 — Total cash, cash equivalents and restricted cash$6,168 $2,519 

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BLACK STONE MINERALS, L.P. AND SUBSIDIARIESNOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

NOTE 3 - OIL AND NATURAL GAS PROPERTIES    

AcquisitionsDuring the nine months ended September 30, 2025, the Partnership acquired mineral and royalty interests that consisted of primarily unproved oil and natural gas properties in the Gulf Coast land region from various sellers for an aggregate of $65.7 million, including capitalized direct transaction costs, and were considered asset acquisitions. The consideration paid consisted of $58.3 million in cash that was funded from operating activities and $7.4 million in equity that was funded through the issuance of common units of the Partnership based on the fair values of the common units issued on the acquisition dates. During the year ended December 31, 2024, the Partnership acquired mineral and royalty interests that consisted of unproved oil and natural gas properties in the Gulf Coast land region from various sellers for an aggregate of $110.4 million, including capitalized direct transaction costs, and were considered asset acquisitions. The cash portion of the consideration paid of $109.4 million was funded with borrowings under our Credit Facility and funds from operating activities, and $1.0 million in equity that was funded through the issuance of common units of the Partnership based on the fair value of the common units issued on the acquisition date.Asset Exchanges The Partnership completed multiple asset exchange transactions to consolidate a concentrated acreage position in East Texas. These transactions, which are described below