Black Stone Minerals, L.P.

BSM · Crude Petroleum & Natural Gas · EDGAR filings ↗

Net buyback after stock comp: -$8M (gross $3M, SBC $11M)

Reference price $13.62 — last insider purchase, 2026-06-01 (estimated from the dated SEC Form 4 price — not a live quote)

Grade

A85

Top-decile mineral-royalty franchise with dominant margins and returns from a durable, capital-light perpetual royalty base.

Strengths

ROA 22.5% (100th pct), net margin 63.8% (98.8th), operating margin 65.6% (98.5th), EBITDA margin 73.5% (95.8th) — top-decile across returns and margins
Capital-light royalty model with current ratio 3.9 (92nd) and escalating drilling commitments from operators (Aethon/Revenant/Caturus)

Risks

Commodity-price dependent and distribution-driven MLP with very thin cash ($1.5M, 17.3th pct)
Modest revenue growth (4.4%, 44.7th) and reliance on third-party operators for development

Notable findings

Exec changeRecent 8-K item 5.02 8-K ↗
Insider buyingInsider buying — 7 open-market buy(s) by 2 insider(s) (cluster of 2 insiders, ~$2M, last 6mo) Form 4 ↗
Insider sellingInsider selling — 6 open-market sale(s) by 2 insider(s) (cluster of 2 insiders, ~$2M, last 6mo) Form 4 ↗

Quarterly revenue

2025-06-30 · $107M2025-09-30 · $129M2025-12-31 · $119M2026-03-31 · $124M

Last 4 quarters · from SEC filings.

Key metrics

Operating margin

65.6%

Net margin

63.8%

Return on assets

22.5%

Revenue growth (QoQ)

4.4%

Net-income growth

10.5%

Current ratio

3.9×

EBITDA

$345M

Cash & investments

$1M

Stock comp / revenue

2.0%

Insider transactions · last 18 months

Date	Insider	Type	Shares	Price
2026-06-01	DeWalch D Mark	Buy	36K	$13.62
2026-05-29	DeWalch D Mark	Buy	36K	$13.48
2026-05-28	DeWalch D Mark	Buy	38K	$13.21
2026-05-13	Carter Thomas L Jr	Buy	1.1K	$13.50
2026-05-12	Longmaid Ashley J	Sell	11K	$13.45
2026-05-12	Carter Thomas L Jr	Buy	19K	$13.48
2026-05-11	Carter Thomas L Jr	Buy	25K	$13.47
2026-05-08	Carter Thomas L Jr	Buy	24K	$13.32
2026-05-05	Putman Luke Stevens	Sell	29K	$13.75
2026-04-06	Putman Luke Stevens	Sell	29K	$14.45
2026-04-06	Putman Luke Stevens	Sell	29K	$14.45
2026-04-02	Stuart Alexander D.	Grant	1.6K	$15.12
2026-04-02	Hamman Anne Lenoir	Grant	473	$15.12
2026-04-02	Randall William E.	Grant	1.5K	$15.12
2026-04-02	DeWalch D Mark	Grant	1.2K	$15.12
2026-04-02	Kyle Jerry V. Jr.	Grant	1.2K	$15.12
2026-03-11	Hamman Anne Lenoir	Grant	6.6K	—
2026-03-05	Putman Luke Stevens	Sell	30K	$15.25
2026-03-05	Putman Luke Stevens	Sell	30K	$15.25
2026-02-24	Bonner Chris	Grant	1.4K	—
2026-02-24	Bonner Chris	Tax withheld	430	$15.23
2026-02-24	DeWalch Taylor	Grant	2.0K	—
2026-02-24	DeWalch Taylor	Tax withheld	478	$15.23
2026-02-24	Putman Luke Stevens	Grant	69K	—
2026-02-24	Putman Luke Stevens	Tax withheld	25K	$15.23
2026-02-24	Carter Thomas L Jr	Tax withheld	54K	$15.23
2026-02-24	Carter Thomas L Jr	Grant	136K	—
2026-02-24	Carter Fowler	Grant	1.3K	—
2026-02-24	Carter Fowler	Tax withheld	325	$15.23
2026-02-04	Phillips Erin Leah	Grant	2.0K	—
2026-02-04	Carter Fowler	Grant	80K	—
2026-02-04	Bonner Chris	Grant	43K	—
2026-02-04	DeWalch Taylor	Grant	80K	—
2026-02-04	Putman Luke Stevens	Grant	65K	—
2026-02-04	Carter Thomas L Jr	Grant	53K	—
2026-01-13	BARTH CARIN MARCY	Grant	14K	—
2026-01-13	Randall William E.	Grant	14K	—
2026-01-13	Stuart Alexander D.	Grant	14K	—
2026-01-13	Longmaid Ashley J	Grant	14K	—
2026-01-13	DeWalch D Mark	Grant	14K	—
2026-01-13	Kyle Jerry V. Jr.	Grant	14K	—
2026-01-13	Whitehead James	Grant	14K	—
2026-01-13	Linn Michael C	Grant	14K	—
2026-01-07	DeWalch Taylor	Tax withheld	5.5K	$13.38
2026-01-07	Phillips Erin Leah	Tax withheld	211	$13.38
2026-01-07	Carter Fowler	Tax withheld	2.5K	$13.38
2026-01-07	Bonner Chris	Tax withheld	642	$13.38
2026-01-07	Putman Luke Stevens	Tax withheld	15K	$13.38
2026-01-07	Carter Thomas L Jr	Tax withheld	35K	$13.38
2026-01-02	Randall William E.	Grant	1.5K	$13.29
2026-01-02	Stuart Alexander D.	Grant	1.7K	$13.29
2026-01-02	DeWalch D Mark	Grant	1.4K	$13.29
2026-01-02	Kyle Jerry V. Jr.	Grant	1.4K	$13.29
2025-10-03	Randall William E.	Grant	1.4K	$13.14
2025-10-03	Mathis William N.	Grant	2.4K	$13.14
2025-10-03	Stuart Alexander D.	Grant	1.7K	$13.14
2025-10-03	DeWalch D Mark	Grant	1.4K	$13.14
2025-10-03	Kyle Jerry V. Jr.	Grant	1.4K	$13.14
2025-09-12	Carter Thomas L Jr	Buy	14K	$12.59
2025-09-11	Carter Thomas L Jr	Buy	1.3K	$12.39
2025-09-10	Carter Thomas L Jr	Buy	11K	$12.32
2025-09-09	Carter Thomas L Jr	Buy	1.3K	$12.07
2025-09-08	Carter Thomas L Jr	Buy	14K	$11.90
2025-08-20	Carter Thomas L Jr	Buy	21K	$12.03
2025-08-19	Carter Thomas L Jr	Buy	20K	$11.97
2025-08-15	Stuart Alexander D.	Gift	20K	—
2025-08-12	Carter Thomas L Jr	Buy	9.2K	$12.36
2025-08-11	Carter Thomas L Jr	Buy	25K	$12.10
2025-08-08	Carter Thomas L Jr	Buy	28K	$12.20
2025-08-07	Carter Thomas L Jr	Buy	20K	$12.24
2025-07-03	Stuart Alexander D.	Grant	1.7K	$13.08
2025-07-03	Randall William E.	Grant	1.4K	$13.08
2025-07-03	Kyle Jerry V. Jr.	Grant	1.4K	$13.08
2025-07-03	DeWalch D Mark	Grant	1.4K	$13.08
2025-07-03	Mathis William N.	Grant	1.6K	$13.08
2025-06-20	Mathis William N.	Other	55K	—
2025-06-20	Mathis William N.	Other	55K	—
2025-06-20	Mathis William N.	Other	12K	—
2025-05-29	Clark Carrie Pearson	Sell	37K	$13.56
2025-05-21	Carter Thomas L Jr	Buy	14K	$13.52
2025-04-04	DeWalch D Mark	Grant	1.2K	$15.27
2025-04-04	Kyle Jerry V. Jr.	Grant	1.2K	$15.27
2025-04-04	Stuart Alexander D.	Grant	1.5K	$15.27
2025-04-04	Mathis William N.	Grant	1.4K	$15.27
2025-04-04	Randall William E.	Grant	1.2K	$15.27
2025-02-25	Carter Thomas L Jr	Grant	190K	—
2025-02-25	Clark Carrie Pearson	Grant	47K	—
2025-02-25	Clark Carrie Pearson	Tax withheld	15K	$15.11
2025-02-25	Carter Fowler	Grant	1.9K	—
2025-02-25	Carter Fowler	Tax withheld	552	$15.11
2025-02-25	Carter Thomas L Jr	Tax withheld	75K	$15.11
2025-02-25	Putman Luke Stevens	Grant	96K	—
2025-02-25	Putman Luke Stevens	Tax withheld	37K	$15.11
2025-02-25	Bonner Chris	Grant	2.0K	—
2025-02-25	Bonner Chris	Tax withheld	583	$15.11
2025-02-14	Carter Thomas L Jr	Grant	124K	—
2025-02-14	Putman Luke Stevens	Grant	63K	—
2025-02-14	Clark Carrie Pearson	Grant	63K	—
2025-02-14	Bonner Chris	Grant	4.1K	—
2025-02-14	DeWalch Taylor	Grant	52K	—
2025-01-13	Mathis William N.	Grant	13K	—
2025-01-13	Kyle Jerry V. Jr.	Grant	13K	—
2025-01-13	Longmaid Ashley J	Grant	10K	—
2025-01-13	Stuart Alexander D.	Grant	13K	—
2025-01-13	BARTH CARIN MARCY	Grant	13K	—
2025-01-13	Whitehead James	Grant	13K	—
2025-01-13	Randall William E.	Grant	13K	—
2025-01-13	Linn Michael C	Grant	13K	—
2025-01-13	DeWalch D Mark	Grant	13K	—
2025-01-07	Carter Thomas L Jr	Tax withheld	38K	$14.49
2025-01-07	DeWalch Taylor	Tax withheld	668	$14.49
2025-01-07	Clark Carrie Pearson	Tax withheld	9.9K	$14.49
2025-01-07	Putman Luke Stevens	Tax withheld	15K	$14.49
2025-01-07	Bonner Chris	Tax withheld	377	$14.49
2025-01-03	DeWalch D Mark	Grant	1.3K	$14.60
2025-01-03	Randall William E.	Grant	1.3K	$14.60
2025-01-03	Mathis William N.	Grant	1.5K	$14.60
2025-01-03	Stuart Alexander D.	Grant	1.5K	$14.60
2025-01-03	Kyle Jerry V. Jr.	Grant	1.3K	$14.60

All non-derivative Form 4 activity (SEC), newest first.

Notable events (8-K)

Date	Items
2026-06-16	Shareholder voteExhibits	filing ↗
2026-05-05	ResultsExhibits	filing ↗
2026-02-24	ResultsReg FDExhibits	filing ↗
2026-02-10	Exec/director changeExhibits	filing ↗
2026-01-07	Exec/director changeExhibits	filing ↗
2025-11-05	Exec/director change	filing ↗
2025-11-04	ResultsExhibits	filing ↗
2025-09-17	Reg FD	filing ↗

Recent filings

Form	Filed	Period	Accession
8-K	2026-06-16	2026-06-11	0001628280-26-043636 ↗
10-Q	2026-05-05	2026-03-31	0001628280-26-030534 ↗
8-K	2026-05-05	2026-05-04	0001628280-26-030031 ↗
10-K	2026-02-24	2025-12-31	0001621434-26-000018 ↗
8-K	2026-02-24	2026-02-23	0001621434-26-000015 ↗
8-K	2026-02-10	2026-02-04	0001621434-26-000010 ↗
8-K/A	2026-01-07	2025-10-30	0001621434-26-000005 ↗
8-K	2025-11-05	2025-10-30	0001621434-25-000136 ↗
8-K	2025-11-04	2025-11-03	0001621434-25-000130 ↗
10-Q	2025-11-04	2025-09-30	0001621434-25-000133 ↗
8-K	2025-09-17	2025-09-16	0001621434-25-000126 ↗
8-K	2025-08-27	2025-08-22	0001621434-25-000119 ↗