Company: BSM
Filing Date: 2025-02-25
Form Type: 10-K
Source: 0001628280-25-007730
Chunk: 96

Company: Black Stone Minerals, L.P.
Filing Date: 2025-02-25
Form: 10-K
Item: Item 15
Chunk 96
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 vesting provisions. Award recipients have all the rights of a unitholder in the Partnership, including the right to receive distributions thereon, if and when made by the Partnership. The grant-date fair value of these awards is recognized ratably using the straight-line attribution method.The Compensation Committee of the Board (the "Compensation Committee") annually approves a grant of awards to each of the executive officers of the Partnership's general partner and certain other employees. Consistent with previous awards the 2024 grant includes restricted common units subject to limitations on transferability, customary forfeiture provisions, and service-based graded vesting requirements through January 7, 2027. In January of each year, non-employee directors of the Partnership’s general partner receive compensation under the 2015 LTIP in the form of fully vested common units granted after each year of service.The following table summarizes information about restricted units for the year ended December 31, 2024.    Number 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