---
schema_version: "secwatch.filing_event.v1"
accession: "0001628280-25-022331"
form_type: "8-K"
ticker: "BSM"
cik: "0001621434"
company_name: "Black Stone Minerals, L.P."
filed_at: "2025-05-06T23:59:59+00:00"
generated_at: "2026-05-22T12:12:34.823601+00:00"
event_type: "earnings"
sentiment: "negative"
materiality_score: 0.65
calibrated_materiality_score: 0.65
confidence: "high"
source: SEC EDGAR
---

# Black Stone Minerals Q1 net income $15.9M, down 75% YoY; distribution held at $0.375/unit

## Summary
- Net income of $15.9M vs $63.9M in Q1 2024 (down 75%); Adjusted EBITDA $82.2M vs $104.1M.
- Revenue $108.3M, up 6% QoQ but down 4% YoY; average realized price $33.94/Boe (+10% YoY).
- Production 35.5 MBoe/d (96% mineral/royalty), down from 40.3 MBoe/d Q1 2024.
- Distribution of $0.375/unit declared, coverage 0.93x; $14.2M mineral acquisitions in Q1.
- Borrowing base reaffirmed at $375M; total debt $63M, $4.3M cash as of May 2.

## SEC filing metadata
- accession: 0001628280-25-022331
- form_type: 8-K
- ticker: BSM
- cik: 0001621434
- company_name: Black Stone Minerals, L.P.
- filed_at: 2025-05-06T23:59:59+00:00
- event_type: earnings
- sentiment: negative
- materiality_score: 0.65
- calibrated_materiality_score: 0.65
- confidence: high
- sec_items: 2.02, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1621434/000162828025022331/0001628280-25-022331-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1621434/000162828025022331/bsm-20250505.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001628280-25-022331
- JSON: https://secwatch.observer/filing/0001628280-25-022331.json
- Plain text: https://secwatch.observer/filing/0001628280-25-022331.txt

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