Company: BSM
Filing Date: 2025-04-30
Form Type: DEF 14A
Source: 0001193125-25-107202
Chunk: 59

Company: Black Stone Minerals, L.P.
Filing Date: 2025-04-30
Form: DEF 14A
Chunk 59
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   |           |   |
| Fair value of equity awards granted during the year from the Summary Compensation Table                   |     |      |   |  (951,895 | ) |
| Fair value at year end of equity awards granted during the year                                           |     |      |   |   577,318 |   |
| Fair value of awards granted during the year that vested during the year                                  |     |      |   |     9,489 |   |
| Change in fair value of equity awards granted in prior years that were unvested as of the end of the year |     |      |   |   (68,540 | ) |
| Change in fair value of equity awards granted in prior years that vested during the year                  |     |      |   |   (57,970 | ) |
| Equity awards granted in prior years that were forfeited during the year                                  |     |      |   |  (184,204 | ) |
| Dividends or other earnings paid on equity awards during the year                                         |     |      |   |   199,938 |   |
| Total Equity Award Related Adjustments                                                                    |     |      |   |  (475,864 | ) |
| AVERAGE COMPENSATION ACTUALLY PAID TOTALS                                                                 |     |      | $ | 1,042,034 |   |

| (3) | The CAP numbers for fiscal year 2023, the TSR numbers, and the Peer Group TSR numbers have been updated from the numbers reported in last year’s Pay Versus Performance Table to reflect an immaterial adjustment in the calculations. References to the Partnership’s TSR throughout this disclosure refer to our Total Unitholder Return or “TUR.” |

| (4) | Please see disclosure under “Narrative Disclosure to Pay vs. Performance Table” below for a description of how TSR and Peer Group TSR are calculated and for howdistributable cash flowis derived from our audited financial statements. |

Disclosure of Most Important Performance Measures for 2024 Fiscal Year

The following is an unranked list of the most important financial performance measures that we used to determine CAP for fiscal year 2024. For more detail regarding these financial performance measures, please see below, as well as “Compensation Discussion and Analysis” beginning on page 21.

| Most Important Performance Measures |
| Distributable Cash Flow             |
| Adjusted EBITDA                     |
| Net Debt to Adjusted EBITDA         |

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Narrative