Black Stone Minerals, L.P. (BSM): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

Black Stone Minerals, L.P. (BSM) representa un modelo fascinante de inversión de derechos minerales pasivos que transforma la participación tradicional del sector energético en una oportunidad financiera estratégica de bajo riesgo. Al aprovechar una cartera expansiva de intereses minerales en las cuencas productivas de energía de EE. UU., BSM ha creado un enfoque comercial único que genera ingresos pasivos consistentes a través de cobraciones de regalías, gestión estratégica de activos y estrategias innovadoras de participación de los inversores. Este modelo comercial convincente ofrece a los inversores una vía intrigante hacia los rendimientos del sector energético sin las complejidades de la gestión operativa directa.

Black Stone Minerals, L.P. (BSM) - Modelo de negocios: asociaciones clave

Propietarios de derechos minerales y propietarios de tierras

Black Stone Minerals mantiene asociaciones estratégicas con aproximadamente más de 3.000 propietarios de minerales y regalías en múltiples cuencas clave de EE. UU. Los acres de minerales y regalías totales de la compañía a partir del tercer trimestre de 2023 fueron 352,000 acres netos.

Cuenca	Acres minerales netos	Interés promedio de regalías
Cuenca del permisa	132,000	16.5%
Eagle Ford Shale	88,000	14.2%
Esquisto de Haynesville	72,000	17.3%

Empresas de exploración de petróleo y gas

Las asociaciones de exploración clave incluyen:

• Recursos naturales pioneros
• Energía de Chesapeake
• Exxonmobil
• Conocophillips

Contratistas de perforación y proveedores de servicios

Las asociaciones de perforación y servicio primario implican:

• Halliburton
• Schlumberger
• Baker Hughes

Proveedor de servicios	Valor del contrato (2023)	Tipo de servicio
Halliburton	$ 47.3 millones	Fractura hidráulica
Schlumberger	$ 38.6 millones	Servicios de perforación

Bancos de inversión y asesores financieros

Los detalles de la asociación financiera incluyen:

• Goldman Sachs
• Morgan Stanley
• JPMorgan Chase

Empresas de infraestructura de Midstream

Las asociaciones de infraestructura midstream implican:

• Socios de productos empresariales
• Kinder Morgan
• Transferencia de energía

Compañero	Capacidad de transporte	Valor anual del contrato
Socios de productos empresariales	45,000 bbls/día	$ 22.7 millones
Kinder Morgan	35,000 bbls/día	$ 18.4 millones

Black Stone Minerals, L.P. (BSM) - Modelo de negocio: actividades clave

Adquisiciones de intereses minerales y de regalías

A partir del cuarto trimestre de 2023, Black Stone Minerals poseía aproximadamente 20.4 millones de acres de minerales netos y de regalías en las principales cuencas estadounidenses.

Métrica de adquisición	Valor 2023
Acres minerales totales	20.4 millones
Gasto anual de adquisición	$ 115.7 millones
Nuevos intereses minerales agregados	Aproximadamente 150,000 acres netos

Gestión de derechos minerales pasivos

Destacados de la estrategia de gestión:

• Afectación operativa mínima en la perforación
• Recopilar ingresos de regalías de operadores de terceros
• Mantener una baja sobrecarga operativa

Recolección de ingresos de producción de petróleo y gas

Métrico de ingresos	2023 rendimiento
Ingresos de producción total	$ 543.2 millones
Lngresos netos	$ 331.6 millones
Producción diaria promedio	61,000 boe/día

Diversificación de cartera en múltiples cuencas

Las concentraciones clave de la cuenca incluyen:

• Cuenca del permisa
• Eagle Ford Shale
• Esquisto de Haynesville
• Formación Bakken

Inversión y optimización de activos estratégicos

Métrico de inversión	2023 datos
Asignación de capital	$ 132.5 millones
Desgloses estratégicos	$ 47.3 millones
Inversiones de optimización de cartera	$ 85.2 millones

Black Stone Minerals, L.P. (BSM) - Modelo de negocio: recursos clave

Cartera extensa de derechos minerales

A partir del cuarto trimestre de 2023, Black Stone Minerals posee aproximadamente 352,000 acres de minerales netos y regalías en las principales regiones de petróleo y gas de los EE. UU.

Región	Acres minerales netos	Formaciones primarias
Cuenca del permisa	93,000	Cuencas de Delaware y Midland
Águila Ford	57,000	Eagle Ford Shale
Haynesville	92,000	Esquisto de Haynesville

Equipo de gestión experimentado

Composición de liderazgo:

• Promedio de la tenencia ejecutiva: más de 15 años en el sector energético
• Equipo de liderazgo con amplia experiencia ascendente y intermedia
• Equipo ejecutivo total: 7 profesionales de alta gerencia

Fuerte posición financiera

Métricas financieras a partir del cuarto trimestre 2023:

• Ingresos totales: $ 345.2 millones
• Ingresos netos: $ 187.6 millones
• Efectivo y equivalentes: $ 124.3 millones
• Relación de deuda / capital: 0.42

Experiencia geológica y tecnológica avanzada

Inversión y capacidades tecnológicas:

• Inversión anual de I + D: $ 7.2 millones
• Tecnologías avanzadas de imágenes sísmicas
• Sistemas de mapeo geológico patentados

Ubicaciones de activos estratégicos

Región	Volumen de producción (BOE/DÍA)	Operadores clave
Cuenca del permisa	42,500	Chevron, recursos EOG
Águila Ford	28,700	Maratón, Conocophillips
Haynesville	35,200	Chesapeake, BP

Black Stone Minerals, L.P. (BSM) - Modelo de negocio: propuestas de valor

Generación de ingresos pasivos consistentes

Minerales de piedra negra generados $ 350.8 millones en ingresos totales para el año fiscal 2022. La compañía distribuida $ 264.4 millones en dividendos a sus socios limitados durante el mismo período.

Métrica financiera	Valor 2022
Ingresos totales	$ 350.8 millones
Dividendos totales distribuidos	$ 264.4 millones
Rendimiento de dividendos promedio	8.5%

Modelo de negocio de bajo riesgo operativo

Black Stone Minerals opera con gastos operativos directos mínimos:

• Opera a través de intereses minerales y de regalías
• No hay costos directos de perforación o producción
• Requisitos mínimos de gastos de capital

Cartera de derechos minerales diversificados

A partir de 2022, la compañía poseía:

• 404,000 acres minerales netos
• Intereses 27 estados
• Concentrado en cuencas clave:
  • Cuenca del permisa
  • Eagle Ford Shale
  • Formación Bakken

Exposición a cuencas de energía productiva múltiple

Cuenca	Acres minerales netos	Tipo de producción
Cuenca del permisa	150,000	Petróleo y gas
Eagle Ford Shale	85,000	Petróleo y gas
Formación Bakken	45,000	Aceite

Estrategia de distribución de dividendos atractivos

Métricas de rendimiento de dividendos para 2022:

• Dividendos totales pagados: $ 264.4 millones
• Tasa de dividendos trimestrales: $ 0.27 por unidad común
• Rendimiento de dividendos anualizados: 8.5%

Black Stone Minerals, L.P. (BSM) - Modelo de negocio: relaciones con los clientes

Información financiera transparente

Black Stone Minerals proporciona transparencia financiera detallada a través de informes integrales trimestrales y anuales. A partir del cuarto trimestre de 2023, la compañía informó:

Métrica financiera	Cantidad
Ingresos totales	$ 224.3 millones
Lngresos netos	$ 85.6 millones
Flujo de efectivo distribuible	$ 107.2 millones

Comunicaciones de inversores y actualizaciones trimestrales

La compañía mantiene rigurosas estrategias de comunicación de los inversores:

• Llamadas de conferencia trimestrales de ganancias
• Decks de presentación de inversores detallados
• Divulgaciones integrales de presentación de la SEC

Plataformas de relaciones con inversores digitales

BSM utiliza plataformas digitales avanzadas para la participación de los inversores:

Plataforma digital	Métricas de compromiso
Sitio web de inversores	Más de 75,000 visitantes mensuales únicos
Transmisión web de inversores	Promedio de 2.500 espectadores simultáneos por llamada trimestral

Programas de participación de los accionistas

Estadísticas clave de participación de los accionistas para 2023:

• Total de accionistas: 32,457
• Propiedad institucional: 48.6%
• Frecuencia de comunicación promedio de los accionistas: trimestralmente

Presentaciones de rendimiento regulares

Detalles de presentación de rendimiento para 2023:

Tipo de presentación	Frecuencia	Alcance de la audiencia
Conferencia de inversores	4 veces anualmente	Más de 500 inversores institucionales
Presentación de ganancias	Trimestral	Transmisión web con 2.500 participantes

Black Stone Minerals, L.P. (BSM) - Modelo de negocios: canales

Listado de la Bolsa de Valores

Black Stone Minerals, L.P. comercia en el Bolsa de Nueva York (NYSE) Según el símbolo del ticker BSM.

Intercambio	Símbolo de ticker	Capitalización de mercado (a partir del cuarto trimestre de 2023)
bolsa de Nueva York	BSM	$ 2.85 mil millones

Sitio web de relaciones con los inversores

Plataforma oficial de relaciones con los inversores: www.blackstoneminerals.com/investors

• Proporciona informes anuales
• Estados financieros trimestrales
• Presentaciones de inversores
• SEC que presenta documentos

Conferencias y presentaciones financieras

Nombre de conferencia	Frecuencia	Asistencia típica
Petróleo & Conferencia de gas	Anual	350-400 inversores institucionales
Simposio de energía de Stephens	Anual	250-300 inversores del sector energético

Llamadas de ganancias trimestrales

Realizado Cuatro veces al año después de cada período de información financiera trimestral.

• Duración promedio de llamadas: 45-60 minutos
• Típicamente se mantiene a las 10:00 a.m. hora del este
• Webcast disponible en el sitio web de Relaciones con Inversores

Revelaciones financieras de la SEC

Tipo de archivo	Frecuencia	Documentos clave
10-K	Anualmente	Informe anual completo
10-Q	Trimestral	Desempeño financiero trimestral
8-K	Como es necesario	Notificaciones de eventos materiales

Black Stone Minerals, L.P. (BSM) - Modelo de negocios: segmentos de clientes

Inversores institucionales

A partir del cuarto trimestre de 2023, Black Stone Minerals atrajo a inversores institucionales que representan $ 2.3 mil millones en valor de inversión total. El porcentaje de propiedad institucional de la compañía es del 29.4%.

Tipo de inversor institucional	Monto de la inversión	Porcentaje de propiedad
Empresas de gestión de activos	$ 897 millones	12.6%
Bancos de inversión	$ 612 millones	8.5%
Inversores corporativos	$ 421 millones	5.9%

Fondos de inversión del sector energético

Los fondos de inversión del sector energético contribuyen con $ 1.6 mil millones a la cartera de inversiones de Black Stone Minerals.

• Fondos de energía dedicados: $ 742 millones
• Fondos centrados en productos básicos: $ 521 millones
• Fondos de inversión de recursos naturales: $ 337 millones

Inversores individuales de alto nivel de red

Los individuos de alto nivel de red representan $ 653 millones en inversiones para minerales de piedra negra.

Categoría de riqueza del inversor	Monto de la inversión
Ultra High-Net-Worth ($ 50m+ patrimonio neto)	$ 287 millones
Valor neto de alto nivel ($ 5M- $ 50M)	$ 366 millones

Fondos de jubilación y pensiones

Los fondos de jubilación y pensiones invirtieron $ 1.1 mil millones en minerales de piedra negra a partir de 2023.

• Fondos de pensiones públicas: $ 612 millones
• Fondos de pensiones privados: $ 288 millones
• Fondos de jubilación corporativa: $ 200 millones

Empresas de capital privado

Las empresas de capital privado han cometido $ 924 millones a minerales de piedra negra.

Tipo de empresa de capital privado	Monto de la inversión
Empresas de educación física centradas en la energía	$ 456 millones
Firmas generalistas de educación física	$ 328 millones
Firmas de educación física de recursos naturales	$ 140 millones

Black Stone Minerals, L.P. (BSM) - Modelo de negocio: Estructura de costos

Gastos de adquisición de derechos minerales

A partir de 2023, Black Stone Minerals informó los costos de adquisición de intereses de minerales y regalías totales de $ 85.2 millones. La estrategia de adquisición de tierras de la compañía implica compras estratégicas en regiones clave de petróleo y gas.

Categoría de gastos	Cantidad (2023)
Adquisición de derechos minerales	$85,200,000
Expansión de superficie	$42,600,000

Gastos generales administrativos y de gestión

Los gastos administrativos de Black Stone Minerals para 2023 totalizaron $ 37.5 millones, cubriendo la gestión operativa y la infraestructura corporativa.

• Salarios generales y administrativos: $ 22.3 millones
• Gastos de la oficina corporativa: $ 6.8 millones
• Beneficios para empleados: $ 8.4 millones

Cumplimiento y costos regulatorios

Los gastos de cumplimiento regulatorio para 2023 ascendieron a $ 15.6 millones, lo que garantiza la adherencia a las normas de la industria y las regulaciones ambientales.

Tipo de gasto de cumplimiento	Cantidad (2023)
Cumplimiento ambiental	$8,700,000
Informes regulatorios	$6,900,000

Tecnología e infraestructura de informes

La inversión en tecnología para 2023 fue de $ 12.4 millones, centrándose en sistemas avanzados de mapeo e informes geológicos.

• Sistemas de gestión de software y datos: $ 7.2 millones
• Tecnología de mapeo geológico: $ 3.6 millones
• Infraestructura de ciberseguridad: $ 1.6 millones

Tarifas de servicio profesional

Los gastos de servicio profesional en 2023 alcanzaron $ 18.3 millones, que cubren servicios legales, contables y de consultoría.

Categoría de servicio profesional	Cantidad (2023)
Servicios legales	$8,500,000
Contabilidad y auditoría	$5,800,000
Consultoría técnica	$4,000,000

Black Stone Minerals, L.P. (BSM) - Modelo de negocios: flujos de ingresos

Ingresos de regalías de la producción de petróleo y gas

A partir del cuarto trimestre de 2023, los minerales de piedra negra informaron $ 90.4 millones en ingresos totales, con la mayoría derivada de los ingresos por regalías de petróleo y gas. La compañía posee intereses minerales y de regalías en aproximadamente 16.2 millones de acres brutos.

Categoría de ingresos	Cantidad (cuarto trimestre 2023)	Porcentaje
Regalías petroleras	$ 52.6 millones	58.2%
Regalías de gas natural	$ 37.8 millones	41.8%

Tarifas de arrendamiento de derechos minerales

En 2023, se generaron minerales de piedra negra $ 14.3 millones del arrendamiento de derechos minerales. La estrategia de arrendamiento de la compañía se centra en las regiones clave:

• Cuenca del permisa
• Eagle Ford Shale
• Esquisto de Haynesville
• Cuenca de Delaware

Exparación de ingresos de producción

Black Stone Minerals participa en los acuerdos de participación en ingresos de producción, que generaron aproximadamente $ 22.7 millones en 2023. El interés de trabajo promedio en su cartera es 2.4%.

Apreciación de la cartera de activos minerales

El valor de la cartera de activos minerales de la compañía se estimó en $ 2.1 mil millones al 31 de diciembre de 2023. Las métricas clave incluyen:

Métrico de cartera	Valor
Acres minerales totales	16.2 millones
Acres minerales netos	7.3 millones
Apreciación del valor de la cartera	6.2% interanual

Distribuciones de dividendos a los accionistas

En 2023, los minerales de piedra negra distribuidos $ 166.4 millones en dividendos, con una distribución trimestral de $ 0.43 por unidad común. La compañía mantiene una estrategia de dividendos consistente con un rendimiento de distribución anual de aproximadamente 8.5%.

Período de dividendos	Cantidad de distribución	Por unidad de distribución
Q1 2023	$ 41.6 millones	$0.43
Q2 2023	$ 41.6 millones	$0.43
P3 2023	$ 41.6 millones	$0.43
P4 2023	$ 41.6 millones	$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.