Company: BSM
Filing Date: 2025-11-04
Form Type: 10-Q
Source: 0001621434-25-000133
Chunk: 63

Company: Black Stone Minerals, L.P.
Filing Date: 2025-11-04
Form: 10-Q
Item: Part I, Item 8
Chunk 63
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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 located in East Texas for total consideration, including estimated transaction costs, of approximately $40 million, subject to customary title due diligence and closing adjustments. In connection with this transaction, the Partnership deposited $3.3 million into escrow as of September 30, 2025. These funds are legally restricted from use for general purposes and are held in escrow pursuant to the terms of the purchase and sale agreement, pending the satisfaction of closing conditions. The acquisition is expected to close in the fourth quarter of 2025. A reconciliation of cash, cash equivalents, and restricted cash as presented on the condensed consolidated statements of cash flows is as follows (in thousands):September 30, 2025December 31, 2024(in thousands)Cash and cash equivalents$2,864 $2,519 Restricted cash3,304 — Total cash, cash equivalents and restricted cash$6,168 $2,519 

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

NOTE 3 - OIL AND NATURAL GAS PROPERTIES    

AcquisitionsDuring the nine months ended September 30, 2025, the Partnership acquired mineral and royalty interests that consisted of primarily unproved oil and natural gas properties in the Gulf Coast land region from various sellers for an aggregate of $65.7 million, including capitalized direct transaction costs, and were considered asset acquisitions. The consideration paid consisted of $58.3 million in cash that was funded from operating