Company: BSM
Filing Date: 2025-02-25
Form Type: 10-K
Source: 0001628280-25-007730
Chunk: 27

Company: Black Stone Minerals, L.P.
Filing Date: 2025-02-25
Form: 10-K
Item: Item 9B
Chunk 27
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2023 due to the short-term maturity of these instruments. See "Note 6 – Fair Value Measurements" for additional information.Incentive Compensation Incentive compensation includes both liability awards and equity-based awards. The Partnership recognizes compensation expense associated with its incentive compensation awards using either straight-line or accelerated attribution over the requisite service period (generally the vesting period of the awards) depending on the given terms of the award, based on their grant date fair values. Liability awards are awards that are expected to be settled in cash or an unknown number of common units on their vesting dates. Liability awards are recorded as accrued liabilities based on the vested portion of the estimated fair value of the awards as of the grant date, which is subject to revision based on the impact of certain performance conditions associated with the incentive plans.Incentive compensation expense is charged to the General and administrative line item on the consolidated statements of operations. See "Note 9 – Incentive Compensation" for additional information.

F-14

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

Recent Accounting PronouncementsIn November 2023, the FASB issued ASU 2023-07, Improvements to Reportable Segments Disclosures (Topic 280), which updates reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses that are regularly provided to the CODM and included within reported measures of segment profit and loss. In addition, the amendments provide new segment disclosure requirements for entities with a single reportable segment. We adopted ASU 2023-07 on December 31, 2024. The CODM evaluates significant expenses based off the consolidated financial statements and does not further disaggregate expenses in deciding how to allocate resources and assess performance. Since the Partnership operates as a single reporting segment, all required segment reporting disclosures can be found in the consolidated financial statements. The effect of the adoption had no impact on our consolidated financial statements.In 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 Company'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.

NOTE 3 — AS