Company: BSM
Filing Date: 2025-04-30
Form Type: DEF 14A
Source: 0001193125-25-107202
Chunk: 56

Company: Black Stone Minerals, L.P.
Filing Date: 2025-04-30
Form: DEF 14A
Chunk 56
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 718. The number of common units granted to each non-employee director with respect to their January 2024 (or April 2024 for Mr. Ashley J. Longmaid) equity compensation award was determined by dividing $200,000 (or $100,000 for Mr. Ashley J. Longmaid) by the closing price of our common units on the date immediately preceding the date these awards were approved. See Note 9 to our consolidated financial statements for the fiscal year ended December 31, 2024, for additional detail regarding assumptions underlying the value of these equity awards. None of the non-employee directors held unvested common units as of December 31, 2024. |

| (3) | Mr. John H. Longmaid’s service on the Board ended in April 2024. At that time, he was paid for his Board service in 2024 in the form of a pro rata equity grant. |

46

CEO PAY RATIO As required by Section 953(b) of the Dodd-Frank Wall Street Reform and Consumer Protection Act, and Item 402(u) of Regulation S-K,we are providing the following information about the relationship of the median annual total compensation of our employees (other than the Chief Executive Officer) and the annual total compensation of Thomas L. Carter, Jr., our Chief Executive Officer (our “CEO”). For the 2024 fiscal year, our last completed fiscal year:

| • |     | The annual total compensation of the median employee of all employees of our company (other than the CEO) was $137,677; and |

| • |     | The annual total compensation of our CEO, as reported in the Summary Compensation Table included in this Proxy Statement, was $4,733,947. |

| • |     | Based on this information, for 2024 the ratio of the annual total compensation of our CEO to the median of the annual total compensation of all employees (other than the CEO) was reasonably estimated to be 34.4 to 1. |

To identify the median of the annual total compensation of all our employees, as well as to determine the annual total compensation of our median employee and our CEO, we took the following steps:

| • |     | We used a consistently applied compensation measure to identify our median employee of comparing the amount of salary or wages and cash bonuses reflected in our payroll records as reported to the Internal Revenue Service on Form W-2 for 2024. Equity awards were excluded from the methodology because