Company: BSM
Filing Date: 2025-11-04
Form Type: 10-Q
Source: 0001621434-25-000133
Chunk: 37

Company: Black Stone Minerals, L.P.
Filing Date: 2025-11-04
Form: 10-Q
Item: Part I, Item 1
Chunk 37
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 (the "Board"), holders of Series B cumulative convertible preferred units in connection with any vote, consent or approval of the Series B cumulative convertible preferred units as a separate class, and persons who own 15% or more of any class as a result of any redemption or purchase of any other person's units or similar action by the Partnership or any conversion of the Series B cumulative convertible preferred units at the Partnership's option or in connection with a change of control, may not vote on any matter.The partnership agreement generally provides that beginning on November 28, 2023 any distributions are paid each quarter in the following manner:• first, to the holders of the Series B cumulative convertible preferred units in an amount equal to 9.8% of the face amount of the preferred units per annum, subject to readjustment every two years thereafter; and• second, to the holders of common units.The following table provides information about the Partnership's per unit distributions to common unitholders:Three Months Ended September 30,Nine Months Ended September 30,2025202420252024Distributions declared and paid per common unit$0.300 $0.375 $1.050 $1.225 Common Unit Repurchase ProgramOn October 30, 2023, the Board authorized a $150.0 million unit repurchase program. The unit repurchase program authorizes the Partnership to make repurchases on a discretionary basis as determined by management, subject to market condition, applicable legal requirements, available liquidity, and other appropriate factors. The Partnership made no repurchases under this program for the nine months ended September 30, 2025. The program is funded from the Partnership’s cash on hand or through borrowings under the Credit Facility. Any repurchased units are canceled.

NOTE 12 - SUBSEQUENT EVENTS    

DistributionOn October 15, 2025, the Board approved a distribution for the three months ended September 30, 2025 of $0.30 per common unit. Distributions will be payable on November 13, 2025 to unitholders of record at the close of business on November 6, 2025.Credit Facility AmendmentIn October 2025, the Partnership revised and amended the Credit Facility to extend the maturity date from October 31, 2027 to October 31, 2030. Concurrent with the Credit Facility amendment, the borrowing base under the Credit Facility was reaffirmed at $580.0 million and the Partnership elected to maintain cash commitments under