Velarion · Company Intelligence
Compensation Brief
Fiscal year 2025 · Filings through 2026-06-16

Black Stone Minerals, L.P. (BSM)

Fiscal year 2025 executive and director compensation, incentive-plan design, equity activity, and governance — every figure in this brief is traceable to its exact location in the company’s SEC filing — the document, the section, the page, and the table, linked directly.

$4,787,678
Thomas Carter total, FY2025
33rd
CEO pay percentile vs peers
32.29:1
CEO-to-median pay ratio
96.12%
Say-on-pay support, latest vote
Companies that benchmark against BSM
1 company names BSM as a compensation peer

Each company listed discloses BSM in its own benchmarking peer group, as disclosed in each company's most recent proxy statement within the last two proxy seasons. Two companies are therefore absent by design: one that named BSM in an earlier year and no longer does, and one whose own most recent disclosure is older than the last two seasons.

01

Summary Compensation Table — fiscal year 2025

Named executive officerSalaryBonusStock awardsOption awardsNon-equity incentivePension / NQDCAll otherTotal
Thomas Carter$485,034$0$3,767,249$0$517,895$0$17,500$4,787,678
President, Chairman and Chief Executive Officer
Carrie Clark167,90301,902,870000934,3503,005,123
Former Senior Vice President and Chief Commercial Officer
L. Putman335,80601,902,8700298,797016,7902,554,263
Senior Vice President, General Counsel, and Secretary
H. DeWalch319,30001,561,3860284,110015,9652,180,761
Senior Vice President and Chief Financial Officer
Fowler Carter275,0000639,9990244,693013,7501,173,442
Senior Vice President, Corporate Development
Chris Bonner250,00030,000124,9740111,224012,500528,698
Vice President, Chief Accounting Officer

A dash means the company reported no figure in that column; 0 means it reported zero. Figures are as printed in the filing, without adjustment.

Three-year trend — total compensation per named executive

Named executive officerFY2025 totalFY2024 totalFY2023 totalΔ FY20242025
Thomas Carter$4,787,678$4,733,947$4,551,321+53,731
Carrie Clark3,005,1231,985,3911,905,318+1,019,732
L. Putman2,554,2632,529,1802,430,734+25,083
H. DeWalch2,180,761742,382+1,438,379
Fowler Carter1,173,442
Chris Bonner528,698

Prior-year totals as disclosed in the corresponding proxy; deltas are computed values with the derivation shown in the register.

02

Equity transactions since the proxy statement was filed

No insider equity transactions reported since the proxy statement.

03

Grants of plan-based awards — fiscal year 2025

ExecutiveAwardGrant dateThresholdTargetGrantedMaximumGrant-date fair value
H. Taylor DeWalchPSU2025-02-1425,79951,59951,599103,198$780,693
Fowler T. CarterRSU2025-02-1421,150320,000
H. Taylor DeWalchRSU2025-02-1451,599780,693
Chris BonnerPSU2025-02-142,0654,1304,1308,26062,487
Chris BonnerRSU2025-02-144,13062,487
Carrie ClarkRSU2025-02-1462,884951,435
L. PutmanPSU2025-02-1431,44262,88462,884125,768951,435
Thomas L. Carter Jr.RSU2025-02-14124,4961,883,624
L. PutmanRSU2025-02-1462,884951,435
Carrie ClarkPSU2025-02-1431,44262,88462,884125,768951,435
Fowler T. CarterPSU2025-02-1410,57521,15021,15042,300320,000
Thomas L. Carter Jr.PSU2025-02-1462,248124,496124,496248,9921,883,624
03b

Vehicle mix — grant-date fair value by award type

Named executive officerTime-vested (RSU)Performance-vested (PSU)Options / SARs% performance-vested
H. Taylor DeWalch$780,693$780,693$050.0%
Fowler T. Carter320,000320,000050.0%
Chris Bonner62,48762,487050.0%
Carrie Clark951,435951,435050.0%
L. Putman951,435951,435050.0%
Thomas L. Carter Jr.1,883,6241,883,624050.0%

% performance-vested = PSU grant-date fair value ÷ (RSU + PSU + Options), a computed value with the derivation shown in the register.

04

Outstanding equity awards at fiscal year-end 2025

ExecutiveAwardShares unvestedExercise priceMarket value unvested
CarterPSU124,496$1,654,552
CarterPSU3594,771
CarterPSU111,5101,481,968
L. PutmanPSU56,325748,559
L. PutmanPSU18,571246,809
CarterPSU2,10627,989
Chris BonnerPSU1,18415,735
CarterPSU21,150281,084
Chris BonnerPSU3915,196
L. PutmanPSU37,550499,040
Chris BonnerPSU4,13054,888
CarterPSU3,15841,970
L. PutmanPSU62,884835,728
CarterPSU51,599685,751
CarterPSU5,12168,058
CarterPSU3,41445,372
CarterPSU5417,190
CarterPSU74,340987,979
CarterPSU36,765488,607
Chris BonnerPSU79010,499
05

Incentive-plan design — the Compensation Discussion & Analysis

We design our executive compensation program to support our strategic goal of paying for performance and to motivate and reward executives for both short-term and long-term performance.

CEO STI target (% of salary)120%
CEO LTI target (% of salary)
Independent consultantFW Cook
Clawback policyTrue
Anti-hedgingTrue
Anti-pledgingTrue
06

Say-on-pay — recent advisory votes

Meeting yearMeeting dateForAgainstAbstainSupportOutcome
20262026-06-1173,430,2302,962,9171,534,29196.12%Passed
20252025-06-12103,253,5522,980,6541,057,67797.19%Passed
20242024-06-1398,403,5142,101,058803,83797.91%Passed
20232023-06-1597,778,1021,776,1821,449,64198.22%Passed
20222022-06-16111,497,8392,071,767671,70998.18%Passed
20212021-06-17103,354,777613,9682,904,57099.41%Passed

Rows are labeled by annual-meeting year, with the meeting date beside each; the vote held in a given year acts on the prior fiscal year's compensation.

Say-on-pay — history, company's computation

Meeting yearMeeting dateApproval — company's computation
20262026-06-1196.12%a
20252025-06-1297.19%b
20242024-06-1397.91%c

a. Approved under the standard stated in the filing — “Abstentions will be counted for purposes of establishing quorum but otherwise will have no effect on this proposal.”.

b. Approved under the standard stated in the filing — “Abstentions will be counted for purposes of establishing quorum but otherwise will have no effect on this proposal.”.

c. Voting standard not stated in the filing.

Approval percentages are the company's own reported computations under its own stated standard, not recomputed by Velarion. Where a company does not state a standard, none is assumed.

07

CEO pay ratio

Ratio (CEO : median employee)32.29 : 1
CEO total compensation$4,787,678
Median employee compensation$148,267
08

Director compensation — fiscal year 2025

DirectorCash feesStock awardsOption awardsNon-equity incentiveAll otherTotal
William N. MathisIndependent · Audit · Compensation · Nominating/Governance$80,679$371,458$1$452,138
Carin M. BarthIndependent · Lead Independent Director · Audit · Compensation · Nominating/Governance135,000203,591338,591
Alexander D. StuartIndependent · Audit · Compensation · Nominating/Governance90,000203,591293,591
Michael C. LinnIndependent · Audit · Compensation · Nominating/Governance85,000203,591288,591
William E. RandallIndependent · Audit · Compensation · Nominating/Governance76,685203,591280,276
Jerry V. Kyle JrIndependent · Audit · Compensation · Nominating/Governance75,000203,591278,591
D. Mark DeWalchIndependent · Audit · Compensation · Nominating/Governance75,000203,591278,591
James W. WhiteheadIndependent · Audit · Compensation · Nominating/Governance75,000203,591278,591
Ashley J. LongmaidIndependent · Audit · Compensation · Nominating/Governance75,000156,864231,864
Chris R. BonnerEmployee director · Newly elected000000
Fowler T. CarterEmployee director · Newly elected000000
H. Taylor DeWalchEmployee director · Newly elected000000
L. Steve PutmanEmployee director000000
09

Board fee structure and ownership guideline

Annual cash retainer$75,000
Annual equity retainer$200,000
Per board meeting fee$0
Committee chair fees (audit / comp / nom-gov)15,000 / 10,000 / 10,000
Stock ownership guideline
09b

Total cost of the board

ComponentFY2025
Cash retainers and fees$767,364
Equity awards (grant-date value)$1,953,459
All other compensation$1
Total cost of the board$2,720,824

Computed as the sum of the director compensation table rows above; inputs and formula shown in the register.

10

Disclosed peer group — fiscal year 2025

The compensation peer group as the company disclosed it in its own proxy — the reference set behind the percentile above.

AR Antero ResourcesCHRD Chord EnergyMTDR Matador ResourcesCNX CNX ResourcesCRK Comstock ResourcesVTLE Vital EnergySM SM EnergyGPOR Gulfport EnergyDMLP Dorchester MineralsMGY Magnolia Oil & GasNOG Northern Oil & GasRRC Range Resources Civitas ResourcesKRP Kimbell Royalty Partners Sitio RoyaltiesCRC California Resources
10a

Peer reciprocity

Of the companies Black Stone Minerals, L.P. names as compensation peers, which name it back in their own disclosed peer groups. A peer set the market reciprocates reads differently from one selected in a single direction.

Antero Resources (AR)45 Chord Energy (CHRD) Matador Resources (MTDR)46 CNX Resources (CNX) Comstock Resources (CRK) Vital Energy (VTLE) SM Energy (SM)47 Gulfport Energy (GPOR) Dorchester Minerals (DMLP) Magnolia Oil & Gas (MGY) Northern Oil & Gas (NOG)48 Range Resources (RRC)49 Kimbell Royalty Partners (KRP) California Resources (CRC)

Reciprocity shown where the peer's own current proxy has been read — each mark is cited in the register to that peer's filing. A dash means the peer's current proxy was read and names no reciprocal group including Black Stone Minerals, L.P..

10b

Chief executive pay against the peer group

Most recent fiscal-year chief executive compensation at each disclosed peer, taken from that company's own proxy statement.

RankCompanyFYChief executiveSalaryStock awardsOption awardsNon-equity incentiveTotal
1Matador Resources2024Joseph Foran$1,500,000$3,010,300$0$3,900,000$8,437,049
2Range Resources2025Dennis Degner932,5006,143,87701,128,0008,375,421
3Antero Resources2025Michael Kennedy655,4704,325,73401,678,3076,687,656
4Northern Oil & Gas2025Nicholas O'Grady925,0002,815,68301,638,5645,602,413
5Black Stone Minerals, L.P.2025Thomas Carter485,0343,767,2490517,8954,787,678
6SM Energy2025Elizabeth McDonald576,3692,299,9950536,0244,475,172
Chord Energynot in coverage universe
CNX Resourcesnot in coverage universe
Comstock Resourcesnot in coverage universe
Vital Energynot in coverage universe
Gulfport Energynot in coverage universe
Dorchester Mineralsnot in coverage universe
Magnolia Oil & Gasnot in coverage universe
Kimbell Royalty Partnersnot in coverage universe
California Resourcesnot in coverage universe

Each peer's compensation is from its most recently filed proxy; fiscal years differ by company. Each peer's figures come from its own filings; the subject company is highlighted. Peers whose chief executive compensation is outside our coverage universe are stated as such, never left blank.

10c

Incentive design against the same peers

CompanyAnnual incentive payoutLong-term vehicle mixPSU measures include TSRCompensation consultant
Black Stone Minerals, L.P.88.98%PSU 50 · RSU 50NoFW Cook
Antero Resources157.2%PSU 50 · RSU 50Yes — Absolute TSRCBIZ Compensation Consulting
California Resourcesnot disclosednot disclosednot disclosednot disclosed
Chord Energynot disclosednot disclosednot disclosednot disclosed
CNX Resourcesnot disclosednot disclosednot disclosednot disclosed
Comstock Resourcesnot disclosednot disclosednot disclosednot disclosed
Dorchester Mineralsnot disclosednot disclosednot disclosednot disclosed
Gulfport Energynot disclosednot disclosednot disclosednot disclosed
Kimbell Royalty Partnersnot disclosednot disclosednot disclosednot disclosed
Magnolia Oil & Gasnot disclosednot disclosednot disclosednot disclosed
Matador Resources260%PSU 50 · Cash LTI 50NoMeridian Compensation Partners, LLC
Northern Oil & Gas136.5%MSU 88 · RSU 12Yes — 3-Year Absolute TSRWillis Towers Watson
Range Resources101%PSU 60 · RSU 40Yes — Total Stockholder Return (TSR)Meridian Compensation Partners, LLC
SM Energy93%PSU 60 · RSU 40Yes — Absolute TSRFrederic W. Cook & Co., Inc.
Vital Energynot disclosednot disclosednot disclosednot disclosed

Read from each company's Compensation Discussion and Analysis: annual incentive payout as a percentage of target, the disclosed long-term vehicle mix, whether performance-share measures include a total shareholder return component, and the retained compensation consultant. “Not disclosed” appears only where the company's filing does not state the item.

11

Source register

Each figure's location is given both for the eye (section · page · table · row · column) and for a script (table/row/column index and exact character span in the filed document). Any figure can be independently confirmed against the source.

#SupportsDocumentFiledAccessionLocation in document
1Section 01, Thomas CarterDEF 14A2026-04-300001193125-26-197340Section “Summary Compensation Table” · page 36. As printed: 4,787,678. Filing ↗machine: t98 · r2 · c34 · span 390210–390219
2Section 01, Carrie ClarkDEF 14A2026-04-300001193125-26-197340Section “Summary Compensation Table” · page 36. As printed: 3,005,123. Filing ↗machine: t98 · r19 · c34 · span 419330–419339
3Section 01, L. PutmanDEF 14A2026-04-300001193125-26-197340Section “Summary Compensation Table” · page 36. As printed: 2,554,263. Filing ↗machine: t98 · r9 · c34 · span 402845–402854
4Section 01, H. DeWalchDEF 14A2026-04-300001193125-26-197340Section “Summary Compensation Table” · page 36. As printed: 2,180,761. Filing ↗machine: t98 · r6 · c34 · span 397649–397658
5Section 01, Fowler CarterDEF 14A2026-04-300001193125-26-197340Section “Summary Compensation Table” · page 36. As printed: 1,173,442. Filing ↗machine: t98 · r13 · c34 · span 410292–410301
6Section 01, Chris BonnerDEF 14A2026-04-300001193125-26-197340Section “Summary Compensation Table” · page 36. As printed: 528,698. Filing ↗machine: t98 · r16 · c34 · span 414805–414812
7Section 03, H. Taylor DeWalch PSUDEF 14A2026-04-300001193125-26-197340Section “Grants of Plan-Based Awards for the 2025 Fiscal Year” · grants of plan-based awards table. Filing ↗machine: t77 · r3 · c4 · span 303700–303706
8Section 03, Fowler T. Carter RSUDEF 14A2026-04-300001193125-26-197340Section “Grants of Plan-Based Awards for the 2025 Fiscal Year” · grants of plan-based awards table. Filing ↗machine: t77 · r5 · c4 · span 304882–304888
9Section 03, H. Taylor DeWalch RSUDEF 14A2026-04-300001193125-26-197340Section “Grants of Plan-Based Awards for the 2025 Fiscal Year” · grants of plan-based awards table. Filing ↗machine: t77 · r3 · c4 · span 303700–303706
10Section 03, Chris Bonner PSUDEF 14A2026-04-300001193125-26-197340Section “Grants of Plan-Based Awards for the 2025 Fiscal Year” · grants of plan-based awards table. Filing ↗machine: t77 · r6 · c4 · span 305485–305490
11Section 03, Chris Bonner RSUDEF 14A2026-04-300001193125-26-197340Section “Grants of Plan-Based Awards for the 2025 Fiscal Year” · grants of plan-based awards table. Filing ↗machine: t77 · r6 · c4 · span 305485–305490
12Section 03, Carrie Clark RSUDEF 14A2026-04-300001193125-26-197340Section “Grants of Plan-Based Awards for the 2025 Fiscal Year” · grants of plan-based awards table. Filing ↗machine: t77 · r7 · c4 · span 306062–306068
13Section 03, L. Putman PSUDEF 14A2026-04-300001193125-26-197340Section “Grants of Plan-Based Awards for the 2025 Fiscal Year” · grants of plan-based awards table. Filing ↗machine: t77 · r4 · c4 · span 304303–304309
14Section 03, Thomas L. Carter Jr. RSUDEF 14A2026-04-300001193125-26-197340Section “Grants of Plan-Based Awards for the 2025 Fiscal Year” · grants of plan-based awards table. Filing ↗machine: t103 · r4 · c44 · span 438564–438573
15Section 03, L. Putman RSUDEF 14A2026-04-300001193125-26-197340Section “Grants of Plan-Based Awards for the 2025 Fiscal Year” · grants of plan-based awards table. Filing ↗machine: t77 · r4 · c4 · span 304303–304309
16Section 03, Carrie Clark PSUDEF 14A2026-04-300001193125-26-197340Section “Grants of Plan-Based Awards for the 2025 Fiscal Year” · grants of plan-based awards table. Filing ↗machine: t77 · r7 · c4 · span 306062–306068
17Section 03, Fowler T. Carter PSUDEF 14A2026-04-300001193125-26-197340Section “Grants of Plan-Based Awards for the 2025 Fiscal Year” · grants of plan-based awards table. Filing ↗machine: t77 · r5 · c4 · span 304882–304888
18Section 03, Thomas L. Carter Jr. PSUDEF 14A2026-04-300001193125-26-197340Section “Grants of Plan-Based Awards for the 2025 Fiscal Year” · grants of plan-based awards table. Filing ↗machine: t103 · r4 · c44 · span 438564–438573
19Section 07, pay ratioDEF 14A2026-04-300001193125-26-197340Section “CEO Pay Ratio”. As printed: 32.29 : 1. Filing ↗
20Section 08, William N. MathisDEF 14A2026-04-300001193125-26-197340Section “Director Compensation”. As printed: 452,138. Filing ↗machine: t149 · r7 · c14 · span 645543–645550
21Section 08, Carin M. BarthDEF 14A2026-04-300001193125-26-197340Section “Director Compensation”. As printed: 338,591. Filing ↗machine: t149 · r2 · c14 · span 639583–639590
22Section 08, Alexander D. StuartDEF 14A2026-04-300001193125-26-197340Section “Director Compensation”. As printed: 293,591. Filing ↗machine: t149 · r9 · c14 · span 647935–647942
23Section 08, Michael C. LinnDEF 14A2026-04-300001193125-26-197340Section “Director Compensation”. As printed: 288,591. Filing ↗machine: t149 · r5 · c14 · span 643150–643157
24Section 08, William E. RandallDEF 14A2026-04-300001193125-26-197340Section “Director Compensation”. As printed: 280,276. Filing ↗machine: t149 · r8 · c14 · span 646751–646758
25Section 08, Jerry V. Kyle JrDEF 14A2026-04-300001193125-26-197340Section “Director Compensation”. As printed: 278,591. Filing ↗machine: t149 · r4 · c14 · span 641970–641977
26Section 08, D. Mark DeWalchDEF 14A2026-04-300001193125-26-197340Section “Director Compensation”. As printed: 278,591. Filing ↗machine: t149 · r3 · c14 · span 640763–640770
27Section 08, James W. WhiteheadDEF 14A2026-04-300001193125-26-197340Section “Director Compensation”. As printed: 278,591. Filing ↗machine: t149 · r10 · c14 · span 649143–649150
28Section 08, Ashley J. LongmaidDEF 14A2026-04-300001193125-26-197340Section “Director Compensation”. As printed: 231,864. Filing ↗machine: t149 · r6 · c14 · span 644358–644365
29Section 08, Chris R. BonnerDEF 14A2026-04-300001193125-26-197340Section “Director Compensation”. As printed: 0. Filing ↗
30Section 08, Fowler T. CarterDEF 14A2026-04-300001193125-26-197340Section “Director Compensation”. As printed: 0. Filing ↗
31Section 08, H. Taylor DeWalchDEF 14A2026-04-300001193125-26-197340Section “Director Compensation”. As printed: 0. Filing ↗
32Section 08, L. Steve PutmanDEF 14A2026-04-300001193125-26-197340Section “Director Compensation”. As printed: 0. Filing ↗
33Section 06, 2026 voteForm 8-K2026-06-160001628280-26-043636Item 5.07 · say-on-pay result. As reported: 96.12% (votes for as printed: 73,430,230). Filing ↗
34Section 06, 2025 voteForm 8-K2025-06-180001621434-25-000086Item 5.07 · say-on-pay result. As reported: 97.19% (votes for as printed: 103,253,552). Filing ↗
35Section 06, 2024 voteForm 8-K2024-06-180001193125-24-162812Item 5.07 · say-on-pay result. As reported: 97.91% (votes for as printed: 98,403,514). Filing ↗
36Section 01 trend, Δ column (computed)ComputedcomputedΔ = current-FY total − prior-FY total per named officer.machine: formula: Δ = FY(n) − FY(n−1)
37Section 03b vehicle mix (computed)ComputedcomputedRSU / PSU / Options grant-date fair values summed per officer from the grants table; % performance-vested = PSU ÷ (RSU+PSU+Options).machine: formula: sums + PSU ratio
38Section 09b board cost (computed)ComputedcomputedCash 767,364 + equity 1,953,459 + all other 1 = 2,720,824, summed across the director compensation table rows.machine: formula: Σ = 2,720,824
39Matador Resources, Section 10b CEO totalDEF 14A2025-04-280001520006-25-000125CEO total compensation as printed in Matador Resources's own proxy. As printed: 8,437,049. Filing ↗machine: r2 · c6 · span 2079441–2079451
40Range Resources, Section 10b CEO totalDEF 14A2026-03-310001193125-26-134699CEO total compensation as printed in Range Resources's own proxy. As printed: 8,375,421. Filing ↗machine: span 2305762–2305771
41Antero Resources, Section 10b CEO totalDEF 14A2026-04-230001308179-26-000330CEO total compensation as printed in Antero Resources's own proxy. As printed: 6,687,656. Filing ↗machine: t260 · r1 · c27 · span 557200–557209
42Northern Oil & Gas, Section 10b CEO totalDEF 14A2026-04-100001104485-26-000013CEO total compensation as printed in Northern Oil & Gas's own proxy. As printed: 5,602,413. Filing ↗machine: t117 · r4 · c12 · span 550610–550619
43Black Stone Minerals, L.P. (subject), Section 10b CEO totalDEF 14A2026-04-300001193125-26-197340CEO total compensation as printed in Black Stone Minerals, L.P.'s own proxy. As printed: 4,787,678. Filing ↗machine: t98 · r2 · c34 · span 390210–390219
44SM Energy, Section 10b CEO totalDEF 14A2026-04-080000893538-26-000048CEO total compensation as printed in SM Energy's own proxy. As printed: 4,475,172. Filing ↗machine: span 673171–673180
45Section 10a, Antero Resources reciprocityDEF 14A0001308179-26-000330Antero Resources's most recent proxy was read; its disclosed peer group does not include Black Stone Minerals, L.P.. Filing ↗
46Section 10a, Matador Resources reciprocityDEF 14A0001520006-26-000013Matador Resources's most recent proxy was read; its disclosed peer group does not include Black Stone Minerals, L.P.. Filing ↗
47Section 10a, SM Energy reciprocityDEF 14A0000893538-26-000048SM Energy's most recent proxy was read; its disclosed peer group does not include Black Stone Minerals, L.P.. Filing ↗
48Section 10a, Northern Oil & Gas reciprocityDEF 14A0001104485-26-000013Northern Oil & Gas's most recent proxy was read; its disclosed peer group does not include Black Stone Minerals, L.P.. Filing ↗
49Section 10a, Range Resources reciprocityDEF 14A0001193125-26-134699Range Resources's most recent proxy was read; its disclosed peer group does not include Black Stone Minerals, L.P.. Filing ↗