Company: BSM
Filing Date: 2025-11-04
Form Type: 10-Q
Source: 0001621434-25-000133
Chunk: 73

Company: Black Stone Minerals, L.P.
Filing Date: 2025-11-04
Form: 10-Q
Item: Part I, Item 8
Chunk 73
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ES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

The aggregate principal balance outstanding was $95.0 million and $25.0 million at September 30, 2025 and December 31, 2024, respectively. The unused portion of the available borrowings under the Credit Facility was $280.0 million and $350.0 million at September 30, 2025 and December 31, 2024, respectively.

NOTE 7 - COMMITMENTS AND CONTINGENCIES

Environmental MattersThe Partnership’s business includes activities that are subject to U.S. federal, state, and local environmental regulations with regard to air, land, and water quality and other environmental matters.The Partnership does not consider the potential remediation costs that could result from issues identified in any environmental site assessments to be material to the unaudited interim consolidated financial statements, and no provision for potential remediation costs has been recorded.Litigation

From time to time, the Partnership is involved in legal actions and claims arising in the ordinary course of business. The Partnership believes existing claims as of September 30, 2025 will be resolved without material adverse effect on the Partnership’s financial condition or operations. 

NOTE 8 - INCENTIVE COMPENSATION

The table below summarizes incentive compensation expense recorded in the General and administrative line item of the consolidated statements of operations for the periods presented: Three Months Ended September 30,Nine Months Ended September 30,2025202420252024 (in thousands)Cash—short and long-term incentive plans$937 $1,498 $3,458 $3,883 Equity-based compensation—restricted common units1,043 1,006 3,178 2,967 Equity-based compensation—restricted performance units615 621 2,395 2,050 Board of Directors incentive plan550 550 1,650 1,748  Total incentive compensation expense$3,145 $3,675 $10,681 $10,648 For nine months ended September 30, 2025, the Partnership repurchased 256,771 common units at a weighted average price of $14.62 per unit for the purpose of satisfying tax withholding obligations upon the vesting of certain long-term incentive equity awards held by our executive officers and certain other employees. Specifically, when an employee's equity award vests, the Partnership withholds a portion of the units to cover the employee's tax liability