Company: BSM
Filing Date: 2025-02-25
Form Type: 10-K
Source: 0001628280-25-007730
Chunk: 103

Company: Black Stone Minerals, L.P.
Filing Date: 2025-02-25
Form: 10-K
Item: Item 15
Chunk 103
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 B cumulative convertible preferred units at the Partnership's option or in connection with a change of control may not vote on any matter.The partnership agreement generally provides that any distributions are paid each quarter in the following manner:•first, to the holders of the Series B cumulative convertible preferred units in an amount equal to 7.0% of the face amount of the preferred units per annum, through November 27, 2023, adjusted to 9.8% effective November 28, 2023 and subject to readjustment every two years thereafter; and•second, to the holders of common units.The following table provides information about the Partnership's per unit distributions to common unitholders:Year Ended December 31,202420232022Distributions declared and paid per common unit$1.60 $1.90 $1.54 Common Unit Repurchase ProgramOn October 30, 2023, the Board authorized a $150.0 million unit repurchase program, terminating its existing $75.0 million program authorized in 2018. The unit repurchase program authorizes the Partnership to make repurchases on a discretionary basis as determined by management, subject to market condition, applicable legal requirements, available liquidity, and other appropriate factors. The Partnership made no repurchases under this program for the year ended December 31, 2024. The program is funded from the Partnership’s cash on hand or through borrowings under the Credit Facility. Any repurchased units are canceled.

NOTE 15 — SUBSEQUENT EVENTS

DistributionOn February 5, 2025, the Board approved a distribution for the period from October 1, 2024 to December 31, 2024 of $0.375 per common unit. Distributions will be paid on February 25, 2025 to unitholders of record at the close of business on February 18, 2025.AcquisitionsSubsequent to December 31, 2024, the Partnership acquired mineral and royalty interests from various sellers for cash consideration of $5.4 million. These acquisitions were funded with cash from operating activities and borrowings under the Credit Facility.

F-29

BLACK STONE MINERALS, L.P. AND SUBSIDIARIESSUPPLEMENTAL OIL AND NATURAL GAS DISCLOSURES—UNAUDITED

Geographic Area of Operation All the Partnership’s proved reserves are located within the continental U.S., with the majority concentrated in Texas, Louisiana, and North Dakota. However, the Partnership