Company: BSM
Filing Date: 2025-11-04
Form Type: 10-Q
Source: 0001621434-25-000133
Chunk: 22

Company: Black Stone Minerals, L.P.
Filing Date: 2025-11-04
Form: 10-Q
Item: Part I, Item 1
Chunk 22
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., including all of the major onshore producing basins. Reportable segments are defined as components of an enterprise for which separate financial information is evaluated regularly by the chief operating decision maker ("CODM") in deciding how to allocate resources and assess performance. The Partnership’s chief executive officer has been determined to be the CODM and allocates resources and assesses performance based upon net income reported on the consolidated statements of operations. The measure of segment assets is reported on the consolidated balance sheets as total assets. The CODM uses net income to evaluate the income generated from segment assets in deciding whether to reinvest profits into the Partnership's oil and natural gas properties or for other activities such as distributions to unitholders and reducing outstanding borrowings as applicable.

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

NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Significant Accounting Policies Significant accounting policies are disclosed in the Partnership’s 2024 Annual Report on Form 10-K. There have been no changes in such policies or the application of such policies during the nine months ended September 30, 2025.Accrued Revenue and Accounts ReceivableThe following table presents information about the Partnership's accrued revenue and accounts receivable:September 30, 2025December 31, 2024(in thousands)Accrued revenue$59,219 $67,047 Accounts receivable5,148 4,046 Total accrued revenue and accounts receivable$64,367 $71,093 Recent Accounting PronouncementsIn November 2024, the FASB issued ASU 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures, which enhances the disclosures required for certain expense captions in the Partnership's annual and interim consolidated financial statements. The guidance is effective for fiscal years beginning after December 15, 2026 and for interim periods beginning after December 15, 2027, with early adoption permitted. The Partnership is currently evaluating the impact of this standard on its disclosures.Restricted CashRestricted cash consists of funds reserved for a special purpose and therefore not available for immediate and general use. Our restricted cash is comprised of cash that is contractually required to be restricted to pay for future mineral acquisitions. On August 14, 2025, the Partnership entered into a purchase and sale agreement to acquire certain unproved oil and gas mineral interests