---
schema_version: "secwatch.filing_event.v1"
accession: "0001621434-26-000015"
form_type: "8-K"
ticker: "BSM"
cik: "0001621434"
company_name: "Black Stone Minerals, L.P."
filed_at: "2026-02-24T23:59:59+00:00"
generated_at: "2026-05-16T00:49:08.398635+00:00"
event_type: "earnings"
sentiment: "neutral"
materiality_score: 0.65
calibrated_materiality_score: 0.65
confidence: "high"
source: SEC EDGAR
---

# Black Stone Minerals Q4 2025 earnings: net income $72.2M, production down 11% QoQ, 2026 growth expected

## Summary
- Net income Q4 2025 $72.2M vs $91.7M Q3 2025 and $46.3M Q4 2024; Adjusted EBITDA $76.7M vs $88.1M Q3.
- Mineral & royalty production 30.9 MBoe/d, down 11% from Q3 2025 (34.7 MBoe/d) and from Q4 2024 (34.8 MBoe/d).
- Q4 distribution $0.30/unit, coverage 1.05x; full year 2025 distribution $1.28/unit.
- Acquired $114.5M mineral interests in 2025; debt $156M as of Feb 20, 2026 with $5.1M cash.
- 2026 guidance: expects production growth; new agreements with Revenant and Caturus add 8 wells in 2026, rising to 37 by 2031.

## SEC filing metadata
- accession: 0001621434-26-000015
- form_type: 8-K
- ticker: BSM
- cik: 0001621434
- company_name: Black Stone Minerals, L.P.
- filed_at: 2026-02-24T23:59:59+00:00
- event_type: earnings
- sentiment: neutral
- materiality_score: 0.65
- calibrated_materiality_score: 0.65
- confidence: high
- sec_items: 2.02, 7.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1621434/000162143426000015/0001621434-26-000015-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1621434/000162143426000015/bsm-20260223.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001621434-26-000015
- JSON: https://secwatch.observer/filing/0001621434-26-000015.json
- Plain text: https://secwatch.observer/filing/0001621434-26-000015.txt

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.