Company: BSM
Filing Date: 2025-04-30
Form Type: DEF 14A
Source: 0001193125-25-107202
Chunk: 60

Company: Black Stone Minerals, L.P.
Filing Date: 2025-04-30
Form: DEF 14A
Chunk 60
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 Disclosure to Pay vs. Performance Table CAP and Total Unitholder Return The following graph illustrates the relationship betweenthe CAP to our PEO and the average CAP to our non-PEONEOs and both (i) the Partnership’s cumulative total return on our common units and (ii) the Partnership’s cumulative total unitholder return as compared to the cumulative total shareholder return of the S&POil & Gas E&P Index. Cumulative total returns presented below assume a $100 investment on December 31, 2019 and the reinvestment of dividends for each year presented below. 50 CAP and Net Income The following graph illustratesthe relationship between the CAP to our PEO and the average CAP to our non-PEONEOs and the net income of the Partnership for each year presented below. 51 CAP and Distributable Cash Flow The following graph illustrates the relationship between the CAP to our PEO and the average CAP to our non-PEONEOs and the Company Selected Measure, which for the Partnership is distributable cash flow, for each year presented below. Distributable cash flow is calculated by reference to Adjusted EBITDA. We define Adjusted EBITDA as net income (loss) before interest expense, income taxes, and depreciation, depletion, and amortization expense, adjusted for impairment of oil and natural gas properties, accretion of asset retirement obligations, unrealized gains and losses on commodity derivative instruments, non-cashequity-based compensation, and gains or losses on sales of assets, if any. We define distributable cash flow as Adjusted EBITDA plus or minus amounts for certain non-cashoperating activities, cash interest expense, distributions to preferred unitholders, and restructuring charges, if any. 52

SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT The following tables present information regarding the beneficial ownership of our common and preferred units as of April 14, 2025 by:

| • |     | the General Partner; |

| • |     | each of the General Partner’s directors, director nominees, and named executive officers; |

| • |     | each unitholder known by us to beneficially hold 5% or more of such classes of units; and |

| • |     | all of the General Partner’s directors, director nominees, and executive officers as a group. |

Beneficial ownership is determined under the rules of the SEC and generally includes voting or investment power with respect to securities. Unless otherwise noted, the address