Company: BSM
Filing Date: 2025-02-25
Form Type: 10-K
Source: 0001628280-25-007730
Chunk: 97

Company: Black Stone Minerals, L.P.
Filing Date: 2025-02-25
Form: 10-K
Item: Item 15
Chunk 97
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 each of the three calendar year performance periods commencing January 1 of the first calendar period. The target number of common units subject to each restricted performance unit is one; however, based on the achievement of performance criteria, the number of common units that may be received in settlement of each restricted performance unit can range from zero to two times the target number. The restricted performance units are eligible to become earned at the end of the required service period assuming the minimum performance metrics are achieved. Compensation expense related to the restricted performance unit awards is determined by multiplying the number of common units underlying such awards that, based on the Partnership’s estimate of performance metrics by the measurement-date (i.e., the last day of each reporting period date) fair value and recognized using the accelerated or straight-line attribution methods, depending on the terms of the award. Distribution equivalent rights for the restricted performance unit awards are charged to partners’ capital.

F-24

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

The following table summarizes information about performance units for the year ended December 31, 2024.    Performance unitsNumber of UnitsWeighted-Average Grant-Date Fair Value per UnitUnvested at December 31, 2023922,039 $12.24 Granted1389,801 15.11 Vested(420,783)9.50 Forfeited(90,895)15.47 Unvested at December 31, 2024800,162 $14.71 1  Includes 70,505 of additional performance units issued based on the final performance multiplier for awards that vested in the period.The weighted-average grant-date fair value per unit for performance unit awards was $15.11, $14.54, and $12.40 for the years ended December 31, 2024, 2023, and 2022, respectively. Unrecognized compensation cost associated with performance unit awards was $3.7 million as of December 31, 2024, which the Partnership expects to recognize over a weighted-average period of 1.69 years. The fair value of performance units vested for the years ended December 31, 2024, 2023 and 2022 was $6.3 million, $8.0 million, and $3.9 million, respectively. Aspirational Performance Unit AwardsIn the first quarter of 2022, the Board approved