Company: BSM
Filing Date: 2025-11-04
Form Type: 10-Q
Source: 0001621434-25-000133
Chunk: 38

Company: Black Stone Minerals, L.P.
Filing Date: 2025-11-04
Form: 10-Q
Item: Part I, Item 1
Chunk 38
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 the Credit Facility at $375.0 million. All existing banks in the lender syndicate elected to continue participating in the Credit Facility. No other significant terms were changed as part of the amendment. 

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

Leadership SuccessionOn November 3, 2025, the Partnership announced its leadership succession plan, which will be effective January 1, 2026. At that time, Thomas Carter will move into the role of Executive Chairman, and Fowler Carter and Taylor DeWalch will succeed him as co-Chief Executive Officers and be appointed to the Board. Chris Bonner will be promoted to Senior Vice President and Chief Financial Officer. Director ResignationOn October 30, 2025, William Mathis tendered his resignation from the Board, effective immediately, to focus on other commitments. Mr. Mathis’s resignation is not the result of any disagreement with the Partnership’s operations, policies, or procedures.Will Randall has been named as Chair of the Nominating and Governance Committee, and Jerry Kyle has been appointed to fill the vacancy on that committee. The Board expects to fill the vacancy caused by Mr. Mathis’s resignation in due course.

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Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

The following discussion and analysis of our financial condition and results of operations should be read in conjunction with our unaudited condensed consolidated financial statements and notes thereto presented in this Quarterly Report on Form 10-Q, as well as our audited consolidated financial statements and notes thereto included in our Annual Report on Form 10-K for the year ended December 31, 2024 ("2024 Annual Report on Form 10-K"). This discussion and analysis contains forward-looking statements that involve risks, uncertainties, and assumptions. Actual results may differ materially from those anticipated in these forward-looking statements as a result of a number of factors, including those set forth under “Cautionary Note Regarding Forward-Looking Statements” and “Part II, Item 1A. Risk Factors.”

Cautionary Note Regarding Forward-Looking Statements

Certain statements and information in this Quarterly Report on Form 10-Q may constitute “forward-looking statements.” The words “believe,” “expect,” “anticipate,” “plan,” “intend,” “foresee,” “should,” “would,” “could,” or