Company: BSM
Filing Date: 2025-08-05
Form Type: 10-Q
Source: 0001621434-25-000108
Chunk: 66

Company: Black Stone Minerals, L.P.
Filing Date: 2025-08-05
Form: 10-Q
Item: Part I, Item 8
Chunk 66
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 levels of fair value hierarchy for the six months ended June 30, 2025 and 2024. The carrying value of the Partnership's cash and cash equivalents, receivables, and payables approximate fair value due to the short-term nature of the instruments. The estimated carrying value of all debt as of June 30, 2025 and December 31, 2024 approximated the fair value due to variable market rates of interest. These debt fair values, which are Level 3 measurements, were estimated based on the Partnership’s incremental borrowing rates for similar types of borrowing arrangements, when quoted market prices were not available. The estimated fair values of the Partnership’s financial instruments are not necessarily indicative of the amounts that would be realized in a current market exchange. Assets and Liabilities Measured at Fair Value on a Recurring BasisThe Partnership estimated the fair value of commodity derivative financial instruments using the market approach via a model that uses inputs that are observable in the market or can be derived from, or corroborated by, observable data. See "Note 4 - Commodity Derivative Financial Instruments" for additional information. 

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

The following table presents information about the Partnership’s assets and liabilities measured at fair value on a recurring basis:  Fair Value Measurements UsingEffect of Counterparty NettingTotal Level 1Level 2Level 3 (in thousands)As of June 30, 2025     Financial Assets     Commodity derivative instruments$— $16,481 $— $(14,004)$2,477 Financial Liabilities     Commodity derivative instruments$— $32,842 $— $(14,004)$18,838 As of December 31, 2024     Financial Assets     Commodity derivative instruments$— $5,634 $— $(3,810)$1,824 Financial Liabilities     Commodity derivative instruments$— $19,243 $— $(3,810)$15,433 Assets and Liabilities Measured at Fair Value on a Non-Recurring BasisNonfinancial assets and liabilities measured at fair value on a non-recurring basis include certain nonfinancial assets and liabilities as may be acquired in a business combination and measurements of oil and natural gas property values for impairment.The determination of