Company: BSM
Filing Date: 2025-02-25
Form Type: 10-K
Source: 0001628280-25-007730
Chunk: 102

Company: Black Stone Minerals, L.P.
Filing Date: 2025-02-25
Form: 10-K
Item: Item 15
Chunk 102
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 unitholders$241,860 $400,773 $455,480 Effect of dilutive securities— 21,776 21,000 Numerator for diluted EPU - net income (loss) attributable to common unitholders after the effect of dilutive securities$241,860 $422,549 $476,480 DENOMINATOR:Denominator for basic EPU - weighted average common units outstanding (basic)210,684 209,970 209,382 Effect of dilutive securities96 15,135 15,064 Denominator for diluted EPU - weighted average number of common units outstanding after the effect of dilutive securities210,780 225,105 224,446 NET INCOME (LOSS) ATTRIBUTABLE TO LIMITED PARTNERS PER COMMON UNIT:   Per common unit (basic)$1.15 $1.91 $2.18 Per common unit (diluted)$1.15 $1.88 $2.12 The following units of potentially dilutive securities were excluded from the computation of diluted weighted average units outstanding because their inclusion would be anti-dilutive:For the Year Ended December 31,202420232022(in thousands)Potentially dilutive securities (common units):Series B cumulative convertible preferred units on an as-converted basis15,072 — — 

F-28

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

NOTE 14 — COMMON UNITS

The common units represent limited partner interests in the Partnership. The holders of common units are entitled to participate in distributions and exercise the rights and privileges provided to limited partners holding common units under the partnership agreement. The partnership agreement restricts unitholders’ voting rights by providing that any units held by a person or group that owns 15% or more of any class of units then outstanding, other than the limited partners in Black Stone Minerals Company, L.P. prior to the IPO, their transferees, persons who acquired such units with the prior approval of the Board, holders of Series B cumulative convertible preferred units in connection with any vote, consent or approval of the Series B cumulative convertible preferred units as a separate class, and persons who own 15% or more of any class as a result of any redemption or purchase of any other person's units or similar action by the Partnership or any conversion of the Series