Company: BSM
Filing Date: 2025-11-04
Form Type: 10-Q
Source: 0001621434-25-000133
Chunk: 78

Company: Black Stone Minerals, L.P.
Filing Date: 2025-11-04
Form: 10-Q
Item: Part I, Item 8
Chunk 78
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 months ended September 30, 2025. The program is funded from the Partnership’s cash on hand or through borrowings under the Credit Facility. Any repurchased units are canceled.

NOTE 12 - SUBSEQUENT EVENTS    

DistributionOn October 15, 2025, the Board approved a distribution for the three months ended September 30, 2025 of $0.30 per common unit. Distributions will be payable on November 13, 2025 to unitholders of record at the close of business on November 6, 2025.Credit Facility AmendmentIn October 2025, the Partnership revised and amended the Credit Facility to extend the maturity date from October 31, 2027 to October 31, 2030. Concurrent with the Credit Facility amendment, the borrowing base under the Credit Facility was reaffirmed at $580.0 million and the Partnership elected to maintain cash commitments under the Credit Facility at $375.0 million. All existing banks in the lender syndicate elected to continue participating in the Credit Facility. No other significant terms were changed as part of the amendment. 

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

Leadership SuccessionOn November 3, 2025, the Partnership announced its leadership succession plan, which will be effective January 1, 2026. At that time, Thomas Carter will move into the role of Executive Chairman, and Fowler Carter and Taylor DeWalch will succeed him as co-Chief Executive Officers and be appointed to the Board. Chris Bonner will be promoted to Senior Vice President and Chief Financial Officer. Director ResignationOn October 30, 2025, William Mathis tendered his resignation from the Board, effective immediately, to focus on other commitments. Mr. Mathis’s resignation is not the result of any disagreement with the Partnership’s operations, policies, or procedures.Will Randall has been named as Chair of the Nominating and Governance Committee, and Jerry Kyle has been appointed to fill the vacancy on that committee. The Board expects to fill the vacancy caused by Mr. Mathis’s resignation in due course.

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Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

The following discussion and analysis of our financial condition and results of operations should be read in conjunction with our unaudited condensed consolidated financial statements and notes thereto presented in this Quarterly Report