Company: BSM
Filing Date: 2025-02-25
Form Type: 10-K
Source: 0001628280-25-007730
Chunk: 41

Company: Black Stone Minerals, L.P.
Filing Date: 2025-02-25
Form: 10-K
Item: Item 9B
Chunk 41
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 of UnitsWeighted-Average Grant-Date Fair Value per UnitUnvested at December 31, 2023597,175 $13.38 Granted319,296 16.39 Vested(311,294)12.28 Forfeited(77,434)15.91 Unvested at December 31, 2024527,743 $15.48 The weighted-average grant-date fair value per unit for unit-based awards was $16.39, $16.03, and $12.00 for the years ended December 31, 2024, 2023, and 2022, respectively. As of December 31, 2024, unrecognized compensation cost associated with restricted unit awards was $4.3 million, which the Partnership expects to recognize over a weighted-average period of 1.70 years. The fair value of units vested for the years ended December 31, 2024, 2023, and 2022 was $5.0 million, $6.2 million, and $4.0 million, respectively. There were no cash payments made for vested units during the years ended December 31, 2024, 2023, and 2022.Performance Unit AwardsThe Compensation Committee also approves grants of restricted performance units that are subject to both performance-based and service-based vesting provisions. The number of common units issued to a recipient upon vesting of a restricted performance unit will be calculated based on performance against certain metrics that relate to the Partnership’s performance over each of the three calendar year performance periods commencing January 1 of the first calendar period. The target number of common units subject to each restricted performance unit is one; however, based on the achievement of performance criteria, the number of common units that may be received in settlement of each restricted performance unit can range from zero to two times the target number. The restricted performance units are eligible to become earned at the end of the required service period assuming the minimum performance metrics are achieved. Compensation expense related to the restricted performance unit awards is determined by multiplying the number of common units underlying such awards that, based on the Partnership’s estimate of performance metrics by the measurement-date (i.e., the last day of each reporting period date) fair value and recognized using the accelerated or straight-line attribution methods, depending on the terms of the award. Distribution equivalent rights for the restricted performance unit awards are charged to partners’ capital.

F-24

BLACK STONE MINERALS,