Company: BSM
Filing Date: 2025-08-05
Form Type: 10-Q
Source: 0001621434-25-000108
Chunk: 74

Company: Black Stone Minerals, L.P.
Filing Date: 2025-08-05
Form: 10-Q
Item: Part I, Item 8
Chunk 74
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 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 June 30,Six Months Ended June 30,2025202420252024Distributions declared and paid per common unit$0.3750 $0.3750 $0.7500 $0.8500 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 six months ended June 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 July 16, 2025, the Board approved a distribution for the three months ended June 30, 2025 of $0.30 per common unit. Distributions will be payable on August 14, 2025 to unitholders of record at the close of business on August 7, 2025.

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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