Black Stone Minerals, L.P. (BSM): Business Model Canvas

Black Stone Minerals, L.P. (BSM) stellt ein faszinierendes Modell passiver Investitionen in Mineralrechte dar, das die traditionelle Beteiligung im Energiesektor in eine strategische, risikoarme Finanzmöglichkeit verwandelt. Durch die Nutzung eines umfangreichen Portfolios an Mineralbeteiligungen in produktiven US-Energiebecken hat BSM einen einzigartigen Geschäftsansatz entwickelt, der durch die Erhebung von Lizenzgebühren, strategisches Vermögensmanagement und innovative Strategien zur Investoreneinbindung konsistente passive Einnahmen generiert. Dieses überzeugende Geschäftsmodell bietet Anlegern einen interessanten Weg zu Erträgen im Energiesektor ohne die Komplexität einer direkten Betriebsführung.

Black Stone Minerals, L.P. (BSM) – Geschäftsmodell: Wichtige Partnerschaften

Eigentümer von Mineralrechten und Grundbesitzer

Black Stone Minerals unterhält strategische Partnerschaften mit über 3.000 Mineralien- und Lizenzgebührenbesitzern in mehreren wichtigen US-Becken. Die gesamten Mineral- und Lizenzflächen des Unternehmens beliefen sich im dritten Quartal 2023 auf 352.000 Netto-Hektar.

Becken	Netto-Mineralflächen	Durchschnittlicher Lizenzzins
Permbecken	132,000	16.5%
Eagle Ford Shale	88,000	14.2%
Haynesville-Schiefer	72,000	17.3%

Öl- und Gasexplorationsunternehmen

Zu den wichtigsten Explorationspartnerschaften gehören:

• Pionier der natürlichen Ressourcen
• Chesapeake-Energie
• ExxonMobil
• ConocoPhillips

Bohrunternehmen und Dienstleister

Zu den primären Bohr- und Servicepartnerschaften gehören:

• Halliburton
• Schlumberger
• Baker Hughes

Dienstleister	Vertragswert (2023)	Servicetyp
Halliburton	47,3 Millionen US-Dollar	Hydraulisches Fracking
Schlumberger	38,6 Millionen US-Dollar	Bohrdienstleistungen

Investmentbanken und Finanzberater

Zu den Einzelheiten der finanziellen Partnerschaft gehören:

• Goldman Sachs
• Morgan Stanley
• JPMorgan Chase

Midstream-Infrastrukturunternehmen

Midstream-Infrastrukturpartnerschaften umfassen:

• Partner für Unternehmensprodukte
• Kinder Morgan
• Energieübertragung

Midstream-Partner	Transportkapazität	Jährlicher Vertragswert
Partner für Unternehmensprodukte	45.000 Barrel pro Tag	22,7 Millionen US-Dollar
Kinder Morgan	35.000 Barrel pro Tag	18,4 Millionen US-Dollar

Black Stone Minerals, L.P. (BSM) – Geschäftsmodell: Hauptaktivitäten

Erwerb von Mineralien- und Lizenzgebührenanteilen

Im vierten Quartal 2023 besaß Black Stone Minerals etwa 20,4 Millionen Netto-Mineral- und Lizenzflächen in großen US-Becken.

Akquisitionsmetrik	Wert 2023
Gesamtmineralfläche	20,4 Millionen
Jährliche Akquisitionsausgaben	115,7 Millionen US-Dollar
Neue Mineralinteressen hinzugefügt	Ungefähr 150.000 Netto-Hektar

Passives Mineralrechtemanagement

Höhepunkte der Managementstrategie:

• Minimaler operativer Aufwand beim Bohren
• Sammeln Sie Lizenzeinnahmen von Drittbetreibern
• Sorgen Sie für einen geringen Betriebsaufwand

Erhebung der Einnahmen aus der Öl- und Gasproduktion

Umsatzmetrik	Leistung 2023
Gesamter Produktionsumsatz	543,2 Millionen US-Dollar
Nettoeinkommen	331,6 Millionen US-Dollar
Durchschnittliche Tagesproduktion	61.000 BOE/Tag

Portfoliodiversifizierung über mehrere Becken hinweg

Zu den wichtigsten Beckenkonzentrationen gehören:

• Permbecken
• Eagle Ford Shale
• Haynesville-Schiefer
• Bakken-Formation

Investition und strategische Vermögensoptimierung

Investitionsmetrik	Daten für 2023
Kapitalallokation	132,5 Millionen US-Dollar
Strategische Veräußerungen	47,3 Millionen US-Dollar
Portfoliooptimierungsinvestitionen	85,2 Millionen US-Dollar

Black Stone Minerals, L.P. (BSM) – Geschäftsmodell: Schlüsselressourcen

Umfangreiches Portfolio an Mineralrechten

Im vierten Quartal 2023 besitzt Black Stone Minerals etwa 352.000 Netto-Mineral- und Lizenzgebührenflächen in den wichtigsten Öl- und Gasregionen der USA.

Region	Netto-Mineralflächen	Primärformationen
Permbecken	93,000	Delaware- und Midland-Becken
Eagle Ford	57,000	Eagle Ford Shale
Haynesville	92,000	Haynesville-Schiefer

Erfahrenes Management-Team

Zusammensetzung der Führung:

• Durchschnittliche Führungszugehörigkeit: 15+ Jahre im Energiesektor
• Führungsteam mit umfassender Upstream- und Midstream-Erfahrung
• Gesamtes Führungsteam: 7 hochrangige Führungskräfte

Starke Finanzlage

Finanzkennzahlen ab Q4 2023:

• Gesamtumsatz: 345,2 Millionen US-Dollar
• Nettoeinkommen: 187,6 Millionen US-Dollar
• Bargeld und Äquivalente: 124,3 Millionen US-Dollar
• Verhältnis von Schulden zu Eigenkapital: 0,42

Fortgeschrittene geologische und technologische Expertise

Technologieinvestitionen und -fähigkeiten:

• Jährliche F&E-Investition: 7,2 Millionen US-Dollar
• Fortschrittliche seismische Bildgebungstechnologien
• Eigene geologische Kartierungssysteme

Strategische Vermögensstandorte

Region	Produktionsvolumen (BOE/Tag)	Hauptbetreiber
Permbecken	42,500	Chevron, EOG-Ressourcen
Eagle Ford	28,700	Marathon, ConocoPhillips
Haynesville	35,200	Chesapeake, BP

Black Stone Minerals, L.P. (BSM) – Geschäftsmodell: Wertversprechen

Konsequente passive Einkommensgenerierung

Schwarzsteinmineralien erzeugt 350,8 Millionen US-Dollar Gesamtumsatz für das Geschäftsjahr 2022. Das Unternehmen verteilt 264,4 Millionen US-Dollar an Dividenden im gleichen Zeitraum an seine Kommanditisten übertragen.

Finanzkennzahl	Wert 2022
Gesamtumsatz	350,8 Millionen US-Dollar
Gesamte ausgeschüttete Dividenden	264,4 Millionen US-Dollar
Durchschnittliche Dividendenrendite	8.5%

Geschäftsmodell mit geringem operativen Risiko

Black Stone Minerals arbeitet mit minimalen direkten Betriebskosten:

• Ist über Mineralien- und Lizenzbeteiligungen tätig
• Keine direkten Bohr- oder Produktionskosten
• Minimaler Investitionsbedarf

Diversifiziertes Portfolio an Mineralrechten

Ab 2022 besaß das Unternehmen:

• 404.000 Netto-Mineralflächen
• Interessen quer 27 Staaten
• Konzentriert in wichtigen Becken:
  • Permbecken
  • Eagle Ford Shale
  • Bakken-Formation

Exposition gegenüber mehreren produktiven Energiebecken

Becken	Netto-Mineralflächen	Produktionstyp
Permbecken	150,000	Öl und Gas
Eagle Ford Shale	85,000	Öl und Gas
Bakken-Formation	45,000	Öl

Attraktive Dividendenausschüttungsstrategie

Kennzahlen zur Dividendenleistung für 2022:

• Insgesamt gezahlte Dividenden: 264,4 Millionen US-Dollar
• Vierteljährlicher Dividendensatz: 0,27 $ pro gemeinsame Einheit
• Annualisierte Dividendenrendite: 8.5%

Black Stone Minerals, L.P. (BSM) – Geschäftsmodell: Kundenbeziehungen

Transparente Finanzberichterstattung

Black Stone Minerals bietet detaillierte finanzielle Transparenz durch umfassende Quartals- und Jahresberichte. Zum vierten Quartal 2023 berichtete das Unternehmen:

Finanzkennzahl	Betrag
Gesamtumsatz	224,3 Millionen US-Dollar
Nettoeinkommen	85,6 Millionen US-Dollar
Ausschüttbarer Cashflow	107,2 Millionen US-Dollar

Anlegerkommunikation und vierteljährliche Updates

Das Unternehmen verfolgt strenge Strategien für die Anlegerkommunikation:

• Telefonkonferenzen zu den Quartalsergebnissen
• Detaillierte Präsentationsdecks für Investoren
• Umfassende Offenlegungen bei der SEC-Einreichung

Digitale Investor-Relations-Plattformen

BSM nutzt fortschrittliche digitale Plattformen für die Einbindung von Investoren:

Digitale Plattform	Engagement-Kennzahlen
Investoren-Website	Über 75.000 einzigartige monatliche Besucher
Investoren-Webcast	Durchschnittlich 2.500 gleichzeitige Zuschauer pro vierteljährlichem Anruf

Aktionärsbindungsprogramme

Wichtige Statistiken zum Aktionärsengagement für 2023:

• Gesamtzahl der Aktionäre: 32.457
• Institutioneller Besitz: 48,6 %
• Durchschnittliche Häufigkeit der Kommunikation mit Aktionären: Vierteljährlich

Regelmäßige Performance-Präsentationen

Details zur Aufführungspräsentation für 2023:

Präsentationstyp	Häufigkeit	Zielgruppenreichweite
Investorenkonferenz	4 mal jährlich	Über 500 institutionelle Anleger
Ergebnispräsentation	Vierteljährlich	Webcast mit 2.500 Teilnehmern

Black Stone Minerals, L.P. (BSM) – Geschäftsmodell: Kanäle

Börsennotierung

Black Stone Minerals, L.P. wird am gehandelt New Yorker Börse (NYSE) unter dem Tickersymbol BSM.

Austausch	Tickersymbol	Marktkapitalisierung (Stand Q4 2023)
NYSE	BSM	2,85 Milliarden US-Dollar

Investor-Relations-Website

Offizielle Investor-Relations-Plattform: www.blackstoneminerals.com/investors

• Stellt Jahresberichte bereit
• Vierteljährliche Finanzberichte
• Investorenpräsentationen
• SEC-Einreichungsdokumente

Finanzkonferenzen und Präsentationen

Konferenzname	Häufigkeit	Typische Anwesenheit
EnerCom-Öl & Gaskonferenz	Jährlich	350-400 institutionelle Anleger
Stephens Energy Symposium	Jährlich	250–300 Investoren im Energiesektor

Vierteljährliche Gewinnaufrufe

Dirigiert viermal im Jahr im Anschluss an jede vierteljährliche Finanzberichtsperiode.

• Durchschnittliche Gesprächsdauer: 45–60 Minuten
• Findet normalerweise um 10:00 Uhr Eastern Time statt
• Webcast verfügbar auf der Investor-Relations-Website

Finanzielle Offenlegungen der SEC

Art der Einreichung	Häufigkeit	Schlüsseldokumente
10-K	Jährlich	Umfangreicher Jahresbericht
10-Q	Vierteljährlich	Vierteljährliche Finanzleistung
8-K	Nach Bedarf	Benachrichtigungen zu wichtigen Ereignissen

Black Stone Minerals, L.P. (BSM) – Geschäftsmodell: Kundensegmente

Institutionelle Anleger

Im vierten Quartal 2023 zog Black Stone Minerals institutionelle Anleger an, die einen Gesamtinvestitionswert von 2,3 Milliarden US-Dollar repräsentierten. Der institutionelle Eigentumsanteil des Unternehmens liegt bei 29,4 %.

Institutioneller Anlegertyp	Investitionsbetrag	Prozentsatz des Eigentums
Vermögensverwaltungsunternehmen	897 Millionen US-Dollar	12.6%
Investmentbanken	612 Millionen Dollar	8.5%
Unternehmensinvestoren	421 Millionen US-Dollar	5.9%

Investmentfonds für den Energiesektor

Investmentfonds aus dem Energiesektor tragen 1,6 Milliarden US-Dollar zum Anlageportfolio von Black Stone Minerals bei.

• Spezielle Energiefonds: 742 Millionen US-Dollar
• Rohstofforientierte Fonds: 521 Millionen US-Dollar
• Investmentfonds für natürliche Ressourcen: 337 Millionen US-Dollar

Vermögende Privatanleger

Vermögende Privatpersonen repräsentieren Investitionen in Höhe von 653 Millionen US-Dollar für Black Stone Minerals.

Kategorie „Anlegervermögen“.	Investitionsbetrag
Ultra-High-Net-Worth (Nettovermögen über 50 Millionen US-Dollar)	287 Millionen Dollar
High-Net-Worth (Nettovermögen von 5 bis 50 Millionen US-Dollar)	366 Millionen Dollar

Altersvorsorge- und Pensionsfonds

Altersvorsorge- und Pensionsfonds investierten ab 2023 1,1 Milliarden US-Dollar in Black Stone Minerals.

• Öffentliche Pensionsfonds: 612 Millionen US-Dollar
• Private Pensionsfonds: 288 Millionen US-Dollar
• betriebliche Altersvorsorgefonds: 200 Millionen US-Dollar

Private-Equity-Firmen

Private-Equity-Firmen haben Black Stone Minerals 924 Millionen US-Dollar zugesagt.

Art der Private-Equity-Firma	Investitionsbetrag
Energieorientierte PE-Unternehmen	456 Millionen US-Dollar
Generalistische PE-Unternehmen	328 Millionen Dollar
PE-Unternehmen für natürliche Ressourcen	140 Millionen Dollar

Black Stone Minerals, L.P. (BSM) – Geschäftsmodell: Kostenstruktur

Kosten für den Erwerb von Mineralrechten

Im Jahr 2023 meldete Black Stone Minerals Gesamtkosten für den Erwerb von Mineral- und Lizenzgebühren in Höhe von 85,2 Millionen US-Dollar. Die Landerwerbsstrategie des Unternehmens umfasst strategische Käufe in wichtigen Öl- und Gasregionen.

Ausgabenkategorie	Betrag (2023)
Erwerb von Mineralrechten	$85,200,000
Flächenerweiterung	$42,600,000

Verwaltungs- und Verwaltungsaufwand

Die Verwaltungskosten von Black Stone Minerals beliefen sich im Jahr 2023 auf insgesamt 37,5 Millionen US-Dollar und deckten das Betriebsmanagement und die Unternehmensinfrastruktur ab.

• Allgemeine und Verwaltungsgehälter: 22,3 Millionen US-Dollar
• Kosten für die Unternehmenszentrale: 6,8 Millionen US-Dollar
• Leistungen an Arbeitnehmer: 8,4 Millionen US-Dollar

Compliance- und Regulierungskosten

Die Ausgaben für die Einhaltung gesetzlicher Vorschriften beliefen sich im Jahr 2023 auf 15,6 Millionen US-Dollar und stellten die Einhaltung von Industriestandards und Umweltvorschriften sicher.

Art der Compliance-Ausgaben	Betrag (2023)
Umweltkonformität	$8,700,000
Regulatorische Berichterstattung	$6,900,000

Technologie- und Berichtsinfrastruktur

Die Technologieinvestitionen für 2023 beliefen sich auf 12,4 Millionen US-Dollar und konzentrierten sich auf fortschrittliche geologische Kartierungs- und Berichtssysteme.

• Software- und Datenverwaltungssysteme: 7,2 Millionen US-Dollar
• Geologische Kartierungstechnologie: 3,6 Millionen US-Dollar
• Cybersicherheitsinfrastruktur: 1,6 Millionen US-Dollar

Gebühren für professionelle Dienstleistungen

Die Ausgaben für professionelle Dienstleistungen beliefen sich im Jahr 2023 auf 18,3 Millionen US-Dollar und umfassten Rechts-, Buchhaltungs- und Beratungsdienstleistungen.

Kategorie „Professioneller Service“.	Betrag (2023)
Juristische Dienstleistungen	$8,500,000
Buchhaltung und Revision	$5,800,000
Technische Beratung	$4,000,000

Black Stone Minerals, L.P. (BSM) – Geschäftsmodell: Einnahmequellen

Lizenzeinnahmen aus der Öl- und Gasförderung

Stand: 4. Quartal 2023, berichtete Black Stone Minerals Gesamtumsatz 90,4 Millionen US-Dollar, wobei der Großteil aus Lizenzeinnahmen aus Öl und Gas stammt. Das Unternehmen besitzt Mineral- und Lizenzbeteiligungen im Umfang von ca 16,2 Millionen Brutto-Hektar.

Umsatzkategorie	Betrag (4. Quartal 2023)	Prozentsatz
Öllizenzgebühren	52,6 Millionen US-Dollar	58.2%
Erdgaslizenzen	37,8 Millionen US-Dollar	41.8%

Leasinggebühren für Mineralrechte

Im Jahr 2023 wurden Black Stone Minerals generiert 14,3 Millionen US-Dollar aus der Verpachtung von Mineralrechten. Die Leasingstrategie des Unternehmens konzentriert sich auf Schlüsselregionen:

• Permbecken
• Eagle Ford Shale
• Haynesville-Schiefer
• Delaware-Becken

Aufteilung der Produktionseinnahmen

Black Stone Minerals beteiligt sich an Vereinbarungen zur Aufteilung der Produktionserlöse, die ca 22,7 Millionen US-Dollar im Jahr 2023. Der durchschnittliche Arbeitszins in ihrem Portfolio beträgt 2.4%.

Wertschätzung des Mineralvermögensportfolios

Der Wert des Mineralvermögensportfolios des Unternehmens wurde auf geschätzt 2,1 Milliarden US-Dollar zum 31. Dezember 2023. Zu den wichtigsten Kennzahlen gehören:

Portfolio-Metrik	Wert
Gesamtmineralfläche	16,2 Millionen
Netto-Mineralflächen	7,3 Millionen
Wertsteigerung des Portfolios	6,2 % im Jahresvergleich

Dividendenausschüttungen an Aktionäre

Im Jahr 2023 wird Black Stone Minerals vertrieben 166,4 Millionen US-Dollar an Dividenden, mit einer vierteljährlichen Verteilung von 0,43 $ pro gemeinsame Einheit. Das Unternehmen verfolgt eine konsequente Dividendenstrategie mit einer jährlichen Ausschüttungsrendite von ca 8.5%.

Dividendenzeitraum	Ausschüttungsbetrag	Verteilung pro Einheit
1. Quartal 2023	41,6 Millionen US-Dollar	$0.43
Q2 2023	41,6 Millionen US-Dollar	$0.43
Q3 2023	41,6 Millionen US-Dollar	$0.43
Q4 2023	41,6 Millionen US-Dollar	$0.43

Black Stone Minerals, L.P. (BSM) - Canvas Business Model: Value Propositions

You're looking at the core reasons why Black Stone Minerals, L.P. generates value for its unit holders, focusing on the inherent structure of its mineral and royalty business as of late 2025. It's about owning the resource and letting others do the heavy lifting.

Non-cost-bearing revenue stream from mineral and royalty interests

Black Stone Minerals, L.P. is fundamentally an owner and manager of oil and natural gas mineral interests across the United States, specifically holding interests in 41 states in the continental U.S.. This ownership structure means the revenue generated is largely non-cost-bearing, as the operating risk and capital expenditure fall to the lessees (the operators). For the third quarter of 2025, mineral and royalty production alone reached 34.7 MBoe/d. The oil and gas revenue for that quarter totaled $100.2 million, with 57% coming from oil and condensate sales. Furthermore, the company captures income from non-development activities, reporting $5.0 million in lease bonus and other income for the third quarter of 2025.

Stable, long-lived cash flow due to diversified, large-scale asset base

The value proposition here is stability derived from scale and longevity. Black Stone Minerals, L.P. believes its large, diversified asset base provides for stable production and reserves over time. This translates directly into consistent cash flow available for distribution. As of June 30, 2025, the company reported total assets of $1.43 billion. The third quarter of 2025 demonstrated this financial strength:

Metric	Q3 2025 Amount
Net Income	$91.7 million
Adjusted EBITDA	$86.3 million
Distributable Cash Flow (DCF)	$76.8 million
Distribution per Unit	$0.30
Distribution Coverage	1.21x

That 1.21x coverage ratio in the third quarter shows they generated more cash than needed to cover the distribution, which is key for perceived stability.

Accelerated development of acreage via committed drilling programs (e.g., Caturus deal)

Black Stone Minerals, L.P. actively structures agreements to ensure its acreage is developed, accelerating the realization of value. The recent development agreement with an affiliate of Caturus Energy, announced in December 2025, covers 220,000 gross acres in the Shelby Trough and Haynesville Expansion areas. This multi-year program is structured to begin with approximately two gross wells in 2026, scaling up to roughly 12 gross wells annually by the end of six years. Black Stone currently manages about 40,000 undeveloped net acres within that Caturus contract area. This deal adds to existing commitments; Black Stone now has over 200,000 net acres covered by announced development partnerships, representing an estimated two decades of drilling inventory in the Haynesville and Bossier plays. This is further supported by the Revenant Energy agreement, which has commitments ramping up to 25 wells per year by 2030.

Direct participation in commodity upside without operating risk

Because Black Stone Minerals, L.P. is a mineral and royalty owner, it captures upside from commodity price increases without incurring the operational costs or liabilities of drilling and production. The company is strategically positioned to benefit from increasing natural gas demand, particularly from LNG and power sectors. The financial impact of commodity price movements is often visible through derivatives, as seen in the third quarter of 2025, when the Partnership reported a gain on commodity derivative instruments of $27.3 million. The total revenue for Q3 2025 was $132.47 million, showing the scale of the underlying economic activity Black Stone benefits from.

• The Partnership's mineral and royalty production for Q3 2025 was 34.7 MBoe/d.
• Total revenue for Q3 2025 was $132.5 million.
• The company expects to benefit from the constructive outlook for natural gas over the next decade.

Black Stone Minerals, L.P. (BSM) - Canvas Business Model: Customer Relationships

Black Stone Minerals, L.P. engages its key customers-the operators who drill and produce hydrocarbons-through structured, long-term agreements designed to ensure consistent activity across its vast mineral acreage.

Strategic, long-term development agreements with key operators

Black Stone Minerals, L.P. actively shapes development timing by partnering with strong operators, aligning capital and technical expertise to accelerate extraction from its mineral and royalty interests. This strategy is central to Black Stone Minerals, L.P.'s approach to securing future cash flow for unitholders.

The Partnership now has over 200,000 net acres covered by announced development partnerships, representing an estimated two decades of drilling inventory in the Haynesville and Bossier plays. Contractual development obligations are projected to more than double over the next five years based on these agreements.

Key development agreements include:

• Agreement with Revenant Energy covering 270,000 gross acres in the Shelby Trough.
• Revenant commitment starts at a minimum of six wells per year in 2026, escalating to a minimum of 25 wells per year by 2030.
• Black Stone Minerals, L.P. controls about 95,000 undeveloped net acres within the Revenant agreement area.
• Multi-year agreement with Caturus Energy covering 220,000 gross acres across the Shelby Trough and Haynesville Expansion.
• Caturus drilling program begins with approximately two gross wells in 2026, scaling to roughly a dozen gross wells annually by year six.
• Amendment with Aethon Energy returned over 50,000 gross acres back to Black Stone Minerals, L.P.

The relationship with operators is formalized through structured drilling programs with minimum yearly lateral-foot commitments.

Transactional relationships for leasing and one-off acquisitions

The transactional aspect of customer relationships involves the initial leasing of exploration and development rights and the ongoing acquisition of mineral and royalty interests, which directly expands the asset base served by operators.

Black Stone Minerals, L.P. owns mineral interests in approximately 16.8 million gross acres, with an average 43.3% ownership interest in that acreage. These non-cost-bearing interests include ownership in approximately 71,000 producing wells.

Recent acquisition activity demonstrates the transactional engagement:

Period	Acquisition Amount (USD)
Q1 2025	$14.2 million
Q2 2025	$31.2 million
Q3 2025	$20.3 million
Sept 2023 - July 2025 (Cumulative)	$172.3 million

The Partnership also holds nonparticipating royalty interests in 1.8 million gross acres and overriding royalty interests in 1.6 million gross acres.

Investor relations and consistent distribution communication with unitholders

Unitholders are a critical constituency, managed through consistent communication regarding financial performance and distribution policy. Black Stone Minerals, L.P. communicates results and outlook through scheduled investor events.

Communication cadence in 2025 included:

• Q1 2025 Earnings Conference Call on May 6, 2025.
• Q2 2025 Earnings Conference Call on August 5, 2025.
• September 2025 Investor Presentation on September 17, 2025.
• Q3 2025 Earnings Conference Call on November 4, 2025.

Distribution history shows the direct financial outcome communicated to unitholders:

Here's the quick math on recent per-unit distributions:

Quarter	Distribution Per Common Unit (USD)	Distribution Coverage
Q1 2025	$0.3750	0.93x
Q2 2025	$0.30	1.18x
Q3 2025	$0.30	1.21x

The projected 2025 distributable cash flow estimate stands at $345 million, which translates to approximately $1.63 per unit.

Black Stone Minerals, L.P. (BSM) - Canvas Business Model: Channels

You're looking at how Black Stone Minerals, L.P. (BSM) gets its product-mineral and royalty interests-to market or, more accurately, how it sources and funds its growth. For BSM, the channels aren't about selling widgets; they are about acquiring assets and accessing capital to sustain the unitholder distributions. It's a mix of direct, boots-on-the-ground land work and public market access.

Direct negotiations and contracts with E&P operating companies

The core of Black Stone Minerals, L.P.'s asset growth channel involves direct, negotiated deals. This is where their land teams interface with Exploration & Production (E&P) companies to secure new mineral and royalty interests. This channel is crucial for complementing their existing portfolio, especially in high-activity areas like the Shelby Trough.

The results of this channel are visible in their acquisition spend. For instance, in the third quarter of 2025, Black Stone acquired $20.3 million of additional mineral and royalty interests. That's a tangible output from their negotiation efforts. To be fair, the pace can fluctuate; they picked up $14.2 million in Q1 2025. Still, the overall commitment to this channel is clear, with total mineral and royalty acquisitions from September 2023 through the end of October 2025 reaching $193.2 million.

This direct channel also manifests in structured development agreements, which secure future production visibility. A recent example is the December 2025 agreement with an affiliate of Caturus Energy, LLC, covering 220,000 gross acres within the Shelby Trough and Haynesville Expansion. This deal puts a structure around development, starting with approximately two gross (0.2 net) wells in 2026 and ramping up to approximately 12 gross (0.8 net) wells annually by the end of six years, all net to BSM's interest. Black Stone Minerals, L.P. currently manages approximately 40,000 undeveloped net acres in that specific contract area.

Here's a quick look at the recent acquisition activity flowing through this channel:

Time Period	Acquisition Spend (USD)	Cumulative Acquisitions (Since Sept 2023)
Q3 2025 (through Oct 2025)	$20.3 million	$193.2 million
Q2 2025 (through July 2025)	$31.2 million	$172.3 million
Q1 2025	$14.2 million	$160.6 million

Public equity markets (NYSE: BSM) for capital raising and unitholder access

The public market channel is how Black Stone Minerals, L.P. manages its capital structure and returns cash to its unitholders. Accessing the New York Stock Exchange (NYSE: BSM) is vital for maintaining financial flexibility and providing liquidity. The primary interaction here is the distribution policy.

The distribution per unit shows the direct return mechanism to this channel's participants. For the third quarter of 2025, the approved cash distribution was $0.30 per unit, consistent with the second quarter of 2025 distribution of $0.30 per common unit. This is a step down from the Q1 2025 distribution of $0.375 per unit. What this estimate hides is the underlying coverage; the Q3 2025 distribution coverage was 1.21x, which is solid, though down from the Q2 coverage of approximately 1.18x. The Q1 coverage was only approximately 0.93x.

The balance sheet activity also reflects this channel's role in funding operations and acquisitions. Total debt stood at $95.0 million at the end of Q3 2025 (September 30, 2025), but it was reduced to $73.0 million by October 31, 2025. This is a significant deleveraging from the $99.0 million debt level at the end of Q2 2025. Furthermore, Black Stone Minerals, L.P. extended its credit facility maturity to October 31, 2030, showing continued access to committed capital, which was set at total commitments of $375.0 million as of April 30, 2025.

The market reacts to the performance delivered through these channels, as seen when the stock price rose by 1.6% to $13.31 following the Q3 2025 earnings announcement.

Key financial metrics related to the public channel:

• Q3 2025 Distribution per Unit: $0.30
• Q3 2025 Distribution Coverage: 1.21x
• Total Debt (as of Oct 31, 2025): $73.0 million
• Credit Facility Total Commitments: $375.0 million
• Stock Price Post-Q3 2025 Earnings: $13.31

Internal land and technical teams for direct mineral acquisition sourcing

This is the engine room for the first channel discussed. The internal land and technical teams are responsible for identifying, evaluating, and executing the targeted mineral and royalty acquisitions. Their success is measured by the volume and quality of assets added to the Black Stone Minerals, L.P. portfolio.

The technical teams support the strategy to focus on gas-weighted assets, like the Shelby Trough and Haynesville Expansion. The company expects to double its annual drilling rate in the Shelby Trough over the next five years. The internal teams also have line of sight to additional acquisition opportunities that could enhance the existing asset position in the Shelby Trough, building on the $193.2 million deployed since September 2023.

The company's overall asset base is large and diversified, owning mineral interests in 41 states in the continental United States. This breadth is the result of decades of internal sourcing, with some positions in East Texas being assembled for over 100 years, often through capital deployed from timber companies.

The output of these teams directly impacts production volumes, which are the ultimate source of distributable cash flow. Mineral and royalty production for Q3 2025 equaled 34.7 MBoe/d, an increase of 5% from the prior quarter. The teams are focused on maintaining this growth, with full-year 2025 production guidance set at 38 - 41 MBoe/d, representing approximately 2% growth over 2024 levels.

Here are the production volumes that these sourcing channels ultimately support:

Metric	Q3 2025	Q2 2025	Q3 2024
Mineral and Royalty Production (MBoe/d)	34.7	33.2	35.3
Total Production (MBoe/d)	36.3	34.6	37.4

Finance: draft 13-week cash view by Friday.

Black Stone Minerals, L.P. (BSM) - Canvas Business Model: Customer Segments

You're looking at the core groups Black Stone Minerals, L.P. (BSM) serves to generate its revenue from mineral and royalty interests. This isn't about selling a product; it's about managing a vast, non-cost-bearing asset base and structuring deals that keep the cash flowing to unitholders.

E&P Operating Companies (large and small) seeking drilling inventory

This segment represents the operators on the ground. Black Stone Minerals, L.P. provides them with the necessary drilling inventory via its mineral and royalty interests, which are spread across 41 states in the continental United States. The relationship is symbiotic: operators drill, and BSM collects royalties without bearing the capital expenditure (capex) risk.

The value proposition here is access to developed and undeveloped acreage where BSM has influence. For instance, the September 2025 Investor Presentation highlighted a development visibility through a Line-of-Sight (LOS) Pipeline. The strategy involves active management to encourage drilling, such as the ongoing expansion in the Haynesville Basin, where BSM is advancing plans targeting over 50 wells annually in the Shelby Trough. Furthermore, the company plans to market 220,000 gross acres, which is expected to add about 12 wells annually by 2030.

Key operational alignment points for these E&P customers include:

• Mineral interests spanning over 20 million gross acres (or 7.4 million net acres).
• Strategic positioning aligned with top operators in major basins.
• Development initiatives like the Shelby Trough and Haynesville Expansion (HEX) expected to drive production growth.
• Production growth target from 33,000 to 35,000 barrels of oil equivalent per day (MBoe/d) to over 60,000 MBoe/d by 2035, much of which is tied to development success from these operators.

Institutional and individual investors seeking yield and energy exposure

This is the capital provider segment, the unitholders. They are looking for stable, high yield and direct exposure to the oil and gas sector without the operational headaches of an E&P company. Black Stone Minerals, L.P.'s model is designed to distribute the majority of its cash flow to this group.

The financial performance in late 2025 directly informs this segment's decision-making. For the third quarter of 2025, Black Stone Minerals, L.P. reported net income of $91.7 million and Adjusted EBITDA of $86.3 million. The distributable cash flow for that quarter was $76.8 million, which supported a cash distribution of $0.30 per unit. This distribution coverage for all units was 1.21x.

The focus on yield is evident in the stated metrics as of late 2025:

Metric	Value (Late 2025)	Context
Q3 2025 Distribution Per Unit	$0.30	Consistent with the prior quarter.
Forward Dividend Yield	8.27% to 8.55%	As of early December 2025 or late November 2025.
Total Assets	$1.43 billion	As of June 30, 2025.
Total Common Units Outstanding	211,636,423	As of May 2, 2025.
Long-Term Distribution Goal	Greater than $2.00 per unit	Over the next 5 to 10 years.

The company's total reported production averaged 36.3 MBoe/d for Q3 2025, with mineral and royalty production specifically at 34.7 MBoe/d (73% natural gas).

Private mineral and royalty owners selling their interests

This segment involves the acquisition side of the business, where Black Stone Minerals, L.P. buys existing mineral and royalty interests from private parties, often to consolidate acreage or gain exposure in key development areas. This activity directly feeds the asset base that serves the E&P segment.

The commitment to growth through acquisition is a constant. For example, in the first quarter of 2025, the Partnership acquired interests for an aggregate of $14.2 million, funded by $10.3 million in cash from operating activities and $3.9 million in equity. More recently, acquisitions in Q3 2025 amounted to $20 million, bringing the two-year total acquisition spend to $193 million.

These transactions are crucial for maintaining the asset base's quality and longevity. The strategy is to maintain financial discipline while actively growing the portfolio. The company's ability to fund these purchases while maintaining distributions is key. The Q3 2025 distributable cash flow was $76.8 million, which is what helps fund these growth-oriented investments.

The customer profile for sellers is typically those looking to monetize long-term, non-cost-bearing assets. Black Stone Minerals, L.P. is one of the largest owners of these interests in the U.S., making it a natural buyer for private sellers looking for a reliable exit.

Black Stone Minerals, L.P. (BSM) - Canvas Business Model: Cost Structure

The Cost Structure for Black Stone Minerals, L.P. centers on expenses related to growing and maintaining its asset base, which is predominantly non-cost-bearing, meaning the primary operational burden falls on the working interest owners (operators).

Primarily fixed and low-variable operating costs (G&A)

As a mineral and royalty interest owner, Black Stone Minerals, L.P. has a cost structure that is inherently lighter than that of a traditional E&P company. The costs are largely fixed overhead necessary to manage the portfolio, evaluate opportunities, and administer the partnership. While specific General and Administrative (G&A) figures for Q3 2025 aren't isolated in the summary data, the Partnership noted in early 2025 that it expected G&A expenses to be slightly higher due to inflationary costs and selective hires made to support its ability to evaluate and market undeveloped acreage positions. The variable operating costs borne directly by Black Stone Minerals, L.P. are minimal, though Lease Operating Expenses (LOE) for comparable periods in late 2024 were in the range of approximately $9.7 million to $11.4 million per quarter, which are costs typically passed through or estimated for non-participating interests.

• General and Administrative expenses are low relative to revenue due to the non-operator, non-cost-bearing nature of the core business.
• The Partnership's strategy involves selective hiring to support its evaluation and marketing capabilities.

Acquisition costs for new mineral and royalty interests

Acquisitions represent a significant, discretionary cost component used to expand the asset base. Black Stone Minerals, L.P. actively deploys capital toward these targeted efforts, primarily in areas like the Shelby Trough. For the third quarter of 2025, the Partnership acquired $20.3 million of additional, primarily non-producing, mineral and royalty interests. This activity is strategic, as evidenced by the cumulative spend from September 2023 through October 2025 reaching $193.2 million.

Acquisition Period	Acquisition Cost (Millions USD)
Q3 2025	$20.3
Q2 2025	$31.2
Q1 2025	$14.2
Cumulative (Sept 2023 - Oct 2025)	$193.2

The excess distributable cash flow over the declared distribution often funds these growth expenditures; for instance, Q3 2025 distributable cash flow of $76.8 million provided coverage of 1.21x, which was used in part to fund acquisitions.

Interest expense on outstanding debt (e.g., credit facility draws)

Interest expense is a direct financial cost tied to the use of the revolving credit facility to fund operations or acquisitions. Black Stone Minerals, L.P. maintains a significant borrowing capacity, with its credit facility having total commitments of $375.0 million and a reaffirmed borrowing base of $580.0 million as of April 30, 2025. The outstanding debt level fluctuates based on capital deployment. At the end of the third quarter of 2025 (September 30, 2025), debt drawn was $95.0 million, which subsequently decreased to $73.0 million by October 31, 2025. While the exact interest expense for Q3 2025 is not itemized separately, it is a component that is backed out to calculate Adjusted EBITDA (Net Income of $91.7 million minus Interest Expense, Taxes, and D&A equals Adjusted EBITDA of $86.3 million for Q3 2025).

• Total debt drawn as of September 30, 2025: $95.0 million.
• Total debt drawn as of October 31, 2025: $73.0 million.
• Credit facility maturity date extended to October 31, 2030.

Minimal capital expenditure (CapEx) as a non-operator

Capital expenditures are inherently minimal because Black Stone Minerals, L.P. owns non-cost-bearing mineral and royalty interests. The Partnership's primary capital deployment is through its acquisition program, which is listed above. The actual CapEx related to drilling and development is borne by the operators with whom Black Stone Minerals, L.P. has agreements. The focus on organic growth is through securing development agreements, not direct capital investment in drilling infrastructure. For example, the Q2 2025 results showed net cash used in investing activities of $23.4 million, which largely reflects the acquisition spend rather than traditional CapEx.

Finance: draft 13-week cash view by Friday.

Black Stone Minerals, L.P. (BSM) - Canvas Business Model: Revenue Streams

You're looking at the core ways Black Stone Minerals, L.P. (BSM) brings in cash, which is really the engine for everything else in their business model. For a mineral and royalty owner, the revenue streams are pretty direct, tied to what operators are drilling and what the market is paying for the commodities those wells produce. Honestly, it's about owning the ground rights and letting others do the heavy lifting.

The primary revenue drivers for Black Stone Minerals, L.P. in the third quarter of 2025 were heavily weighted toward production revenue, supplemented by upfront payments and hedging gains. Here's a breakdown of the key components from the Q3 2025 results:

Revenue Stream Component	Q3 2025 Amount (Millions USD)	Notes
Oil and Gas Royalty Revenue	$100.2 million	This is the bread and butter, derived from production volumes across their mineral and royalty acreage.
Gains from Commodity Derivative Instruments	$27.3 million	This reflects the realized value from their hedging program, which helps stabilize cash flow against volatile commodity prices.
Lease Bonus and Other Income	$5.0 million	Upfront payments received from operators for securing new leases on Black Stone Minerals, L.P.'s acreage.
Total Revenue (Reported)	$132.5 million	The sum of all revenue sources for the quarter.

The Oil and gas royalty revenue of $100.2 million in Q3 2025 was supported by production growth. Mineral and royalty production specifically reached 34,700 BOE per day, a 5% sequential increase. To be fair, oil and condensate sales revenue actually declined year-over-year due to lower realized prices, but natural gas and NGL sales rose on higher prices.

You see the impact of their risk management strategy clearly in the derivatives line. The gains from commodity derivative instruments totaled $27.3 million for the quarter. This stream is crucial because it smooths out the volatility inherent in the underlying commodity prices, which directly affect the $100.2 million royalty revenue.

The Lease bonus and other income stream brought in $5.0 million. This number is variable, depending on how active operators are in signing up for new acreage, and Q3 2025 saw this income more than double compared to Q3 2024, driven by leasing activity in areas like the Permian Basin.

The fourth component, Working interest revenue from limited, non-farmed-out participation, is less visible as a standalone revenue line item because it gets bundled, but it's important to track the underlying volumes. Total production, which includes these working-interest volumes, was 36.3 MBoe/d for the quarter. This means the pure mineral and royalty production was 34.7 MBoe/d, with the difference representing Black Stone Minerals, L.P.'s direct operational take.

For context on how these revenues translated to the bottom line and distributions, consider these associated figures from Q3 2025:

• Net Income was $91.7 million.
• Adjusted EBITDA totaled $86.3 million.
• Distributable Cash Flow (DCF) was $76.8 million.
• The quarterly distribution per unit was $0.30, covered 1.21x by DCF.

Finance: draft comparison of Q3 2025 revenue mix vs. Q3 2024 by Tuesday.