Company: BSM
Filing Date: 2025-08-05
Form Type: 10-Q
Source: 0001621434-25-000108
Chunk: 7

Company: Black Stone Minerals, L.P.
Filing Date: 2025-08-05
Form: 10-Q
Item: Part II, Item 2
Chunk 7
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Item 2. Unregistered Sales of Equity Securities and Use of Proceeds

Recent Sales of Unregistered Securities

During the three months ended June 30, 2025, we closed on purchases of certain mineral and royalty interests using an aggregate of 253,158 common units valued at $3.5 million to fund the purchases.

The issuance of the common units was made in reliance upon an exemption from the registration requirements of the Securities Act of 1933, as amended, pursuant to Section 4(a)(2) thereunder.

Purchases of Equity Securities by the Issuer and Affiliated Purchasers

The following table sets forth our purchases of our common units during the three months ended June 30, 2025:

Purchases of Common UnitsPeriodTotal Number of Common Units Purchased1Average Price Paid Per UnitTotal Number of Common Units Purchased as Part of Publicly Announced Plans or ProgramsMaximum Dollar Value of Common Units That May Yet Be Purchased Under the Plans or Programs2June 1 - June 30, 202535,721 $13.05 — $150,000,000 

1 Consists of units withheld to satisfy tax withholding obligations upon the vesting of certain long-term incentive equity awards held by our executive officers and certain other employees. 

2 On October 30, 2023, the Board authorized the repurchase of up to $150.0 million in common units. The repurchase program authorizes us to make repurchases on a discretionary basis as determined by management, subject to market conditions, applicable legal requirements, available liquidity, and other appropriate factors. All or a portion of any repurchases may be made under a Rule 10b5-1 plan, which would permit common units to be repurchased when we might otherwise be precluded from doing so under insider trading laws. The repurchase program does not obligate us to acquire any particular amount of common units and may be modified or suspended at any time and could be terminated prior to completion. 

Item 5. Other Information

During the three months ended June 30, 2025, none of our directors or executive officers adopted or terminated a "Rule 10b5-1 trading arrangement" or "non-Rule 10b5-1 trading arrangement," as each term is defined in Item 408(a) of Regulation S-K.

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Item 6. ExhibitsExhibit Number Description   3.1Certificate of Limited Partnership of Black Stone Minerals, L.P.