Black Stone Minerals, L.P.

BSM

Black Stone Minerals, L.P.

BSM

Insider Sentiment (TTM):

Last Purchase:2026-06-01Last Sale:2026-05-12Shares Purchased (TTM):174,023Shares Sold (TTM):130,452

Institutional Sentiment:

As of:N/AInstitutional Shares Owned:N/AShares Outstanding:N/AInstitutional Ownership Pct.:N/A

Earnings Market Reaction:

Filing Date:2026-05-05Price on Filing Date:N/APrevious Close:N/A% Change:N/A

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Black Stone Minerals, L.P. (BSM) — SEC Financial Statements & Analysis

Black Stone Minerals, L.P. (BSM) files its annual 10-K and quarterly 10-Q reports directly with the SEC. The financial data below is sourced as-filed from EDGAR — balance sheet, income statement, and cash flow as reported, without normalization or third-party adjustments.

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Financial Statements

10‑Q10‑K

Values in Millions ($)	2026-03-31	2025-12-31	2025-09-30	2025-06-30	2025-03-31	2024-12-31	2024-09-30	2024-06-30	2024-03-31	2023-12-31	2023-09-30	2023-06-30
Series B Cumulative Convertible Preferred Units	15	15	0	-0	15	15	0	0	15	15	0	0
Common Units	212	212	0	0	212	211	0	0	211	210	0	0
Assets
Cash And Cash Equivalents At Carrying Value	12	1	3	3	2	3	21	27	40	70	56	47
Restricted Cash And Cash Equivalents	-	-	3	-	-	-	-	-	-	-	-	-
Assets Current
Accounts Receivable Net Current	-	3	-	-	-	4	68	74	72	82	88	72
Assets Current	96	96	85	93	88	79	109	115	146	193	167	172
Derivative Assets Current	2	19	9	2	1	2	18	11	31	38	21	50
Prepaid Expense And Other Assets Current	7	10	6	9	7	3	2	3	3	2	2	3
Property Plant And Equipm…
Oil And Gas Property Successful Effort Method Gros…	3,091	3,079	3,175	3,154	3,121	3,105	3,058	3,078	3,049	3,026	3,009	3,006
Oil And Gas Property Successful Effort Method Accu…	-1,865	-1,855	-1,999	-1,990	-1,981	-1,973	-1,963	-1,984	-1,973	-1,962	-1,950	-1,938
Oil And Gas Property Successful Effort Method Net	1,226	1,224	1,175	1,164	1,140	1,132	1,095	1,094	1,077	1,064	1,058	1,068
Property Plant And Equipment Other Net	1	1	1	2	2	2	1	1	1	1	1	1
Property Plant And Equipment Net	1,227	1,225	1,177	1,166	1,142	1,134	1,096	1,095	1,078	1,066	1,059	1,069
Prepaid Expense And Other Assets Noncurrent	15	15	9	9	9	6	7	7	8	8	8	9
Assets	1,338	1,336	1,270	1,268	1,239	1,219	1,213	1,217	1,232	1,267	1,234	1,250
Liabilities And Stockhold…
Accounts Payable Current	3	3	3	7	5	6	4	6	6	6	5	6
Accrued Liabilities Current	8	19	14	13	12	17	14	11	7	17	14	10
Liabilities Current
Derivative Liabilities Current	28	0	0	7	46	4	0	9	13	1	15	0
Liabilities Current	41	25	20	29	65	30	19	27	27	26	34	17
Other Liabilities Current	3	2	3	3	2	3	2	1	1	1	1	1
Liabilities Noncurrent
Long Term Line Of Credit	187	154	95	99	63	25	-	-	-	0	0	0
Deferred Compensation Liability Classified Noncurr…	1	1	1	1	1	1	1	1	1	2	1	1
Derivative Liabilities Noncurrent	9	0	5	12	20	12	3	7	6	0	7	0
Asset Retirement Obligations Noncurrent	23	23	20	20	19	19	19	19	19	19	15	15
Other Long Term Debt Noncurrent	5	5	5	5	5	2	2	2	3	3	3	4
Liabilities	265	207	145	165	174	89	45	56	56	50	61	37
Temporary Equity
General Partners Capital Account	0	0	0	0	0	0	0	0	0	0	0	0
Partners Capital Includin…
Partners Capital Including Portion Attributable To…	773	828	825	802	764	829	868	860	875	918	875	915
Liabilities And Stockholders Equity	1,338	1,336	1,270	1,268	1,239	1,219	1,213	1,217	1,232	1,267	1,234	1,250
Capitalized Costs Unproved Properties	1,075	1,064	1,035	1,015	990	973	944	929	913	890	899	898
Property Plant And Equipment Other Accumulated Dep…	16	16	16	15	15	15	14	14	14	14	14	14

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10‑Q10‑K

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10‑Q10‑K

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Earnings Market Reaction

10‑Q10‑K

Fiscal Year	Q1 1 Month	Q1 2 Month	Q1 3 Month	Q2 1 Month	Q2 2 Month	Q2 3 Month	Q3 1 Month	Q3 2 Month	Q3 3 Month	Q4 1 Month	Q4 2 Month	Q4 3 Month
2026	1.32%	5.36%	-	-	-	-	-	-	-	-	-	-
2025	-2.02%	-4.22%	-9.28%	-2.25%	7.48%	4.10%	7.59%	2.38%	12.12%	0.39%	-10.24%	-5.90%
2024	-0.65%	-3.36%	-5.15%	4.72%	5.28%	4.72%	6.69%	-2.73%	4.76%	1.06%	-3.18%	-7.17%
2023	-	-	-	0.08%	2.93%	5.59%	0.95%	-5.27%	-7.44%	4.16%	7.71%	9.93%
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Performance and Valuation Metrics

Metrics	2026-03-31	2025-12-31	2025-09-30	2025-06-30	2025-03-31	2024-12-31	2024-09-30	2024-06-30	2024-03-31	2023-12-31	2023-09-30	2023-06-30
Liquidity Ratios
Current Ratio	2.34	3.88	4.37	3.22	1.35	2.58	5.61	4.23	5.34	7.48	4.94	10.26
Quick Ratio	2.17	3.49	4.05	2.92	1.24	2.48	5.51	4.12	5.25	7.39	4.88	10.10
Working Capital	54.71M	71.01M	65.67M	64.41M	22.95M	48.12M	89.80M	87.46M	118.79M	167.29M	133.17M	155.18M
Leverage & Debt
Debt to Equity	0.25	0.18	0.13	0.15	0.16	0.08	0.04	0.05	0.05	0.04	0.05	0.03
Interest Coverage TTM	-	-	-	-	361.49	217.61	193.46	134.16	137.16	153.81	112.38	110.00
Debt Ratio	0.20	0.16	0.11	0.13	0.14	0.07	0.04	0.05	0.05	0.04	0.05	0.03
Efficiency & Turnover
Asset Turnover TTM	0.38	0.33	0.38	0.36	0.32	0.35	0.38	0.39	0.39	0.39	0.56	0.64
Days Sales Outstanding TTM	-	3.00	-	-	-	35.84	60.48	55.94	62.79	79.38	64.02	48.17
Receivables Turnover TTM	-	121.73	-	-	-	10.18	6.04	6.52	5.81	4.60	5.70	7.58
Margin Metrics
Gross Profit Margin TTM	-	-	-	-	-	-	-	100.53%	100.53%	100.55%	100.59%	100.64%
Operating Profit Margin TTM	63.22%	73.02%	59.50%	63.22%	57.55%	62.15%	79.35%	71.73%	72.76%	84.53%	65.84%	70.54%
Net Profit Margin TTM	62.55%	71.02%	50.22%	53.77%	47.44%	55.04%	79.90%	72.80%	72.69%	84.32%	65.43%	70.62%
Growth Metrics
Net Revenue Growth (1Y)	23.86%	-3.89%	0.44%	-7.10%	-18.81%	-12.31%	-32.83%	-40.89%	-44.35%	-36.11%	0.07%	48.57%
Net Income Growth (1Y)	63.32%	24.01%	-36.87%	-31.39%	-47.02%	-42.76%	-17.98%	-39.06%	-43.51%	-11.32%	14.19%	128.91%
Calculated Values
Free Cash Flow TTM	199.55M	203.12M	232.54M	231.60M	252.73M	279.65M	354.35M	391.59M	450.99M	506.65M	542.49M	534.99M
Net Debt	-11.61M	-1.48M	-6.17M	-2.52M	-2.42M	-2.52M	-20.96M	-26.67M	-40.46M	-70.28M	-56.03M	-46.67M
Per-Share and Margin
EPS TTM
Adjusted EPS TTM
Cash Flow Per Share TTM
Pretax Margin TTM
Stock Comp to Revenue TTM
Turnover Ratios and Averages
Average Assets
Average Equity
Average Inventory
Average Receivables
Average Accounts Payables
Inventory Turnover TTM
Payables Turnover TTM
Days Inventory Outstanding TTM
Days Payables Outstanding TTM
Cash Conversion Cycle TTM
Working Capital to Revenue
Deferred Revenue to Revenue
Growth Rates
Total Assets Growth (1Y)
Total Assets Growth (3Y)
Total Assets Growth (5Y)
Dividends Paid Growth (1Y)
Dividends Paid Growth (3Y)
Dividends Paid Growth (5Y)
EPS Growth (3Y)
EPS Growth (5Y)
Net Income Growth (3Y)
Net Income Growth (5Y)
Net Profit Margin Growth (1Y)
Net Profit Margin Growth (3Y)
Net Profit Margin Growth (5Y)
Net Revenue Growth (3Y)
Net Revenue Growth (5Y)
Deferred Revenue Growth (1Y)
Retained Earnings Growth (1Y)
Credit, Liquidity, Returns, Payout
Cash Ratio
Net Working Capital
Debt to EBITDA TTM
Net Debt to EBITDA TTM
Net Debt to Equity
Altman A
Altman B
Altman C
Altman D
Altman E
Altman Z-Score
ROA TTM
ROE TTM
NOPAT TTM
ROIC TTM
Effective Tax Rate TTM
Payout Ratio TTM
Dilution Ratio
Retained Earnings to Equity
Treasury Stock to Equity
Treasury Stock Change (1Y)
Accrued to Current Liabilities
Valuation Ratios
P/CF TTM
Dividend Yield TTM
Free Cash Flow Yield TTM
EV EBITDA TTM
EV EBIT TTM
Stock Compensation TTM
Adjusted Net Income TTM
Billings TTM
Total Debt
Invested Capital

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Insider Transactions

2026-06-01Purchase

Owner: Dewalch, D Mark

Title: -

Shares: 36,363

Price/Share: $13.62

Value: $495,264.06

Shares Owned: 631,248

Relationship: Director

Ownership: Indirect

2026-05-28Purchase

Owner: Dewalch, D Mark

Title: -

Shares: 37,650

Price/Share: $13.21

Value: $497,356.50

Shares Owned: 431,495

Relationship: Director

Ownership: Direct

2026-05-13Purchase

Owner: Carter, Thomas L Jr

Title: Executive Chairman

Shares: 1,120

Price/Share: $13.50

Value: $15,120.00

Shares Owned: 3,682,724

Relationship: Director,Officer

Ownership: Direct

2026-05-12Sale

Owner: Longmaid, Ashley J

Title: -

Shares: 11,128

Price/Share: $13.45

Value: $149,671.60

Shares Owned: 137,335

Relationship: Director

Ownership: Direct

2026-05-12Purchase

Owner: Carter, Thomas L Jr

Title: Executive Chairman

Shares: 19,154

Price/Share: $13.48

Value: $258,195.92

Shares Owned: 3,681,604

Relationship: Director,Officer

Ownership: Direct

Filed Date	Owner	Relationship	Title	Ownership	Purchase/Sale	No. Shares	Price Per Share	Value	Shares Owned	Document Type
2026-06-01	Dewalch, D Mark	Director	-	Indirect	Purchase	36,363	13.62	$495,264.06	631,248	4
2026-05-28	Dewalch, D Mark	Director	-	Direct	Purchase	37,650	13.21	$497,356.50	431,495	4
2026-05-13	Carter, Thomas L Jr	Director,Officer	Executive Chairman	Direct	Purchase	1,120	13.50	$15,120.00	3,682,724	4
2026-05-12	Longmaid, Ashley J	Director	-	Direct	Sale	11,128	13.45	$149,671.60	137,335	4
2026-05-12	Carter, Thomas L Jr	Director,Officer	Executive Chairman	Direct	Purchase	19,154	13.48	$258,195.92	3,681,604	4
2026-05-05	Putman, Luke Stevens	Officer	SVP, General Counsel, and Sec	Direct	Sale	29,386	13.75	$404,057.50	702,645	4
2026-04-06	Putman, Luke Stevens	Officer	SVP, General Counsel, and Sec	Direct	Sale	29,386	14.45	$424,627.70	732,031	4/A
2026-03-05	Putman, Luke Stevens	Officer	SVP, General Counsel, and Sec	Direct	Sale	30,276	15.25	$461,709.00	761,417	4/A
2026-03-05	Putman, Luke Stevens	Officer	SVP, General Counsel, and Sec	Direct	Sale	30,276	15.25	$461,709.00	761,417	4
2025-09-12	Carter, Thomas L Jr	Director,Officer	CEO, President, and Chairman	Direct	Purchase	14,000	12.59	$176,260.00	3,512,701	4
2025-09-10	Carter, Thomas L Jr	Director,Officer	CEO, President, and Chairman	Direct	Purchase	10,536	12.32	$129,803.52	3,497,401	4
2025-08-20	Carter, Thomas L Jr	Director,Officer	CEO, President, and Chairman	Direct	Purchase	21,000	12.03	$252,630.00	3,472,031	4
2025-08-12	Carter, Thomas L Jr	Director,Officer	CEO, President, and Chairman	Direct	Purchase	9,200	12.36	$113,712.00	3,431,031	4
2025-08-11	Carter, Thomas L Jr	Director,Officer	CEO, President, and Chairman	Direct	Purchase	25,000	12.10	$302,500.00	3,421,831	4
2025-05-29	Clark, Carrie Pearson	Officer	SVP, Chief Commercial Officer	Direct	Sale	36,900	13.56	$500,364.00	165,857	4
2025-05-21	Carter, Thomas L Jr	Director,Officer	CEO, President, and Chairman	Direct	Purchase	14,500	13.52	$196,040.00	3,349,621	4
2024-09-06	Carter, Thomas L Jr	Director,Officer	CEO, President, and Chairman	Direct	Purchase	100,000	14.12	$1,412,000.00	3,133,128	4
2024-08-26	Clark, Carrie Pearson	Officer	SVP, Chief Commercial Officer	Direct	Sale	18,532	14.84	$275,014.88	116,923	4
2024-08-15	Dewalch, D Mark	Director	-	Direct	Purchase	34,200	14.62	$500,004.00	357,005	4
2024-02-26	Dewalch, D Mark	Director	-	Direct	Purchase	3,250	15.47	$50,277.50	320,436	4
2023-12-08	Carter, Thomas L Jr	Director,Officer	CEO, President, and Chairman	Direct	Purchase	2,075	16.20	$33,615.00	2,792,443	4
2023-11-17	Dewalch, D Mark	Director	-	Direct	Purchase	22,297	17.49	$389,974.53	304,879	4
2023-11-08	Carter, Thomas L Jr	Director,Officer	CEO and Chairman	Direct	Purchase	9,000	17.11	$153,990.00	2,761,368	4
2023-11-03	Carter, Thomas L Jr	Director,Officer	CEO and Chairman	Direct	Purchase	25,000	18.34	$458,500.00	2,702,791	4
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Black Stone Minerals, L.P. (BSM) — SEC Financial Statements & Analysis

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