WhiteHawk closes $96.8M SJM II mineral acquisition; raises $50M Series E preferred at 10-14% dividend

WhiteHawk Income Corp

Closed SJM II Acquisition on Sept 25, 2026: paid ~$96.8M after adjustments (vs $105.0M PSA price) for Marcellus and Haynesville mineral/royalty interests from Three Rivers Royalty II and Cypress.
Series E Preferred: issued 50,000 shares for $50.0M gross to investors including Chairman/CEO Daniel Herz; monthly cash dividends at 10% annual through 3/31/2027, 12% through 12/31/2028, then 14%.
Series E ranks senior to Class A/B common; redeemable at $1,000/share plus accrued dividends; mandatory redemption on Deemed Liquidation Event; holders entitled to 1.08x minimum return.
Credit agreement Second Amendment raised borrowing base and elected commitments to $175.0M from $150.0M; Capital One is administrative agent; new lender admitted to revolving facility.
Acquired assets' 2025 carve-out financials: net income $24.56M on total net sales $34.44M (2024: $23.62M income, $34.72M sales); proved oil and gas properties $89.7M of $108.3M total assets.

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