Black Stone Minerals, L.P. (BSM) Balance Sheet
BSM balance sheet, 2025
December 31, 2025 · U.S. dollars$1.34B assets = $207.1M liabilities + $1.13B equity
Both columns are drawn to the same scale: what BSM owns equals what it owes plus shareholders’ equity. Hover a block for its value.
BSM financial health
Descriptive bands, not a rating. Fiscal 2025.
BSM balance sheet trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Total assets | $1.13B2016 | $1.34B2025 | +1.9%/yr | |
| Total liabilities | $403.2M2016 | $207.1M2025 | −7.1%/yr | |
| Shareholders’ equity | $725.7M2016 | $1.13B2025 | +5.0%/yr | |
| Cash & short-term investments | $9.8M2016 | $1.5M2025 | −18.9%/yr | |
| Total debt | $366.4M2016 | $154.0M2025 | −9.2%/yr | |
| Net cash (debt) | −$356.7M2016 | −$152.5M2025 | +$204.1M | |
| Working capital | $7.7M2016 | $71.0M2025 | +$63.4M | |
| Book value per share | $3.782016 | $5.312025 | +3.8%/yr | |
| Current ratio | 1.112016 | 3.882025 | +2.78 | |
| Debt / equity | 0.502016 | 0.142025 | −0.37 | |
| Shares outstanding | 191.8M2016 | 211.7M2025 | +1.1%/yr |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
BSM assets
BSM liabilities and equity
BSM debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease obligations.
BSM balance sheet
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||
| Cash & short-term investments | $1.5M | $2.5M | $70.3M | $4.3M | $8.9M | $1.8M | $8.1M | $5.4M | $5.6M | $9.8M |
| Cash & equivalents | $1.5M | $2.5M | $70.3M | $4.3M | $8.9M | $1.8M | $8.1M | $5.4M | $5.6M | $9.8M |
| Short-term investments | — | — | — | — | — | — | — | — | $0 | $0 |
| Receivables | $65.6M | $71.1M | $82.3M | $135.7M | $97.1M | $61.9M | $78.2M | $113.1M | $80.7M | $68.2M |
| Inventory | $0 | $0 | $110.9M | $31.5M | $0 | $1 | $1 | $0 | $0 | $0 |
| Other current assets | $28.6M | $4.9M | $0 | $1.9M | $2.0M | $2.8M | $16.0M | $39.0M | $1.3M | $1.0M |
| Total current assets | $95.6M | $78.5M | $193.1M | $173.4M | $108.0M | $66.5M | $102.3M | $157.5M | $87.6M | $79.0M |
| Property, plant & equipment (net) | $1.1M | $1.13B | $1.07B | $1.09B | $1.13B | $1.17B | $1.43B | $1.58B | $1.48B | $1.04B |
| Goodwill & intangible assets | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Long-term investments | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other non-current assets | $1.24B | $6.3M | $8.3M | $9.5M | $6.6M | $5.3M | $8.7M | $16.7M | $7.5M | $5.2M |
| Total assets | $1.34B | $1.22B | $1.27B | $1.27B | $1.25B | $1.24B | $1.55B | $1.75B | $1.58B | $1.13B |
| Liabilities | ||||||||||
| Accounts payable | $2.8M | $5.9M | $6.3M | $6.8M | $5.9M | $3.4M | $5.3M | $4.1M | $2.5M | $4.1M |
| Short-term debt | $0 | $0 | $0 | $3.2M | $51.5M | $19.3M | $159,000 | $0 | $4.2M | $50.4M |
| Deferred revenue | — | — | — | — | — | — | — | — | — | $518,000 |
| Total current liabilities | $24.6M | $30.4M | $25.8M | $30.7M | $77.1M | $39.9M | $29.8M | $64.8M | $59.7M | $71.3M |
| Long-term debt | $154.0M | $25.0M | $0 | $13.6M | $91.8M | $125.1M | $400.8M | $466.0M | $407.2M | $316.0M |
| Lease obligations | $2.0M | $713,000 | — | — | — | — | — | — | — | — |
| Other long-term liabilities | $28.5M | $34.0M | $23.7M | $16.9M | $15.4M | $20.0M | $17.8M | $16.8M | $19.0M | $15.8M |
| Total liabilities | $207.1M | $89.5M | $49.5M | $61.3M | $184.3M | $185.0M | $448.4M | $547.5M | $485.9M | $403.2M |
| Shareholders' equity | ||||||||||
| Common stock & paid-in capital | $828.0M | $829.0M | $918.2M | $911.5M | $765.3M | $760.6M | $798.4M | $714.8M | $603.1M | $489.0M |
| Retained earnings (deficit) | — | — | — | $835.4M | $379.9M | — | — | −$904.3M | −$1.09B | −$724.6M |
| Treasury stock | — | — | — | — | — | — | — | — | $0 | $0 |
| Accumulated other comprehensive income | $824.7M | — | — | — | — | −$2.00B | −$1.88B | −$1.88B | −$1.78B | −$1.67B |
| Minority interest | — | — | — | — | — | — | — | — | $0 | $0 |
| Total shareholders' equity | $1.13B | $1.13B | $1.22B | $1.21B | $1.06B | $1.06B | $1.10B | $1.20B | $1.09B | $725.7M |
| Key figures | ||||||||||
| Total debt | $154.0M | $25.0M | $1.8M | $16.8M | $143.3M | $144.4M | $401.0M | $466.0M | $411.4M | $366.4M |
| Net cash (debt) | −$152.5M | −$22.5M | $68.5M | −$12.5M | −$134.4M | −$142.6M | −$392.9M | −$460.6M | −$405.8M | −$356.7M |
| Working capital | $71.0M | $48.1M | $167.3M | $142.6M | $30.8M | $26.6M | $72.5M | $92.8M | $27.9M | $7.7M |
| Tangible book value | $1.13B | $1.13B | $1.22B | $1.21B | $1.06B | $1.06B | $1.10B | $1.20B | $1.09B | $725.7M |
| Book value per share | $5.31 | $5.36 | $5.41 | $5.39 | $5.11 | $5.12 | $5.32 | $5.53 | $5.66 | $3.78 |
| Shares outstanding | 211.7M | 210.8M | 225.1M | 224.4M | 208.3M | 206.8M | 206.1M | 217.6M | 192.5M | 191.8M |
| Current ratio | 3.88 | 2.58 | 7.48 | 5.64 | 1.40 | 1.67 | 3.43 | 2.43 | 1.47 | 1.11 |
| Quick ratio | 2.72 | 2.42 | 5.90 | 4.56 | 1.37 | 1.59 | 2.90 | 1.83 | 1.45 | 1.09 |
| Debt / equity | 0.14 | 0.02 | 0.00 | 0.01 | 0.13 | 0.14 | 0.37 | 0.39 | 0.38 | 0.50 |
| Equity / assets | 84.3% | 92.7% | 96.1% | 95.2% | 85.2% | 85.1% | 71.0% | 68.7% | 69.2% | 64.3% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||||
| Cash & short-term investments | $1.7M | $11.6M | $1.5M | $6.2M | $2.5M | $2.4M | $2.5M | $21.0M | $26.7M | $40.5M | $70.3M | $56.0M |
| Cash & equivalents | $1.7M | $11.6M | $1.5M | $6.2M | $2.5M | $2.4M | $2.5M | $21.0M | $26.7M | $40.5M | $70.3M | $56.0M |
| Short-term investments | — | — | — | — | — | — | — | — | $80.9M | $140.6M | — | — |
| Receivables | $71.1M | $75.4M | $65.6M | $64.4M | $80.0M | $77.9M | $71.1M | $68.1M | $73.8M | $72.4M | $82.3M | $87.7M |
| Inventory | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $1 | $110.9M | $21.2M |
| Other current assets | $16.3M | $8.7M | $28.6M | $14.6M | $10.8M | $7.9M | $4.9M | $20.2M | $14.0M | $33.3M | $0 | $2.0M |
| Total current assets | $89.0M | $95.7M | $95.6M | $85.2M | $93.4M | $88.3M | $78.5M | $109.3M | $114.5M | $146.2M | $193.1M | $167.0M |
| Property, plant & equipment (net) | $1.26B | $1.23B | $1.1M | $1.18B | $1.17B | $1.14B | $1.13B | $1.10B | $1.10B | $1.08B | $1.07B | $1.06B |
| Goodwill & intangible assets | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Long-term investments | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other non-current assets | $15.5M | $15.4M | $1.24B | $8.6M | $8.7M | $8.7M | $6.3M | $7.3M | $7.1M | $7.6M | $8.3M | $7.6M |
| Total assets | $1.37B | $1.34B | $1.34B | $1.27B | $1.27B | $1.24B | $1.22B | $1.21B | $1.22B | $1.23B | $1.27B | $1.23B |
| Liabilities | ||||||||||||
| Accounts payable | $4.1M | $2.8M | $2.8M | $2.6M | $6.9M | $4.8M | $5.9M | $3.7M | $5.6M | $5.8M | $6.3M | $4.5M |
| Short-term debt | — | — | $0 | $0 | $0 | $0 | $0 | $0 | — | — | — | $1.2M |
| Total current liabilities | $23.7M | $41.0M | $24.6M | $19.5M | $29.0M | $65.3M | $30.4M | $19.5M | $27.1M | $27.4M | $25.8M | $33.8M |
| Long-term debt | $196.0M | $187.0M | $154.0M | $95.0M | $99.0M | $63.0M | $25.0M | $0 | $0 | $0 | $0 | $0 |
| Lease obligations | $1.2M | $1.1M | $2.0M | — | — | — | $713,000 | — | — | — | — | — |
| Other long-term liabilities | $32.7M | $36.8M | $28.5M | $30.7M | $37.3M | $45.5M | $34.0M | $25.1M | $29.4M | $28.5M | $23.7M | $26.8M |
| Total liabilities | $252.4M | $264.7M | $207.1M | $145.2M | $165.3M | $173.9M | $89.5M | $44.5M | $56.4M | $55.9M | $49.5M | $60.6M |
| Shareholders' equity | ||||||||||||
| Common stock & paid-in capital | $813.0M | $773.2M | $828.0M | $824.7M | $802.1M | $764.5M | $829.0M | $867.8M | $860.0M | $875.3M | $918.2M | $875.0M |
| Retained earnings (deficit) | — | — | — | — | — | — | — | — | −$1.74B | −$1.79B | — | — |
| Accumulated other comprehensive income | — | — | $824.7M | — | — | — | — | — | $875.3M | $918.2M | — | — |
| Total shareholders' equity | $1.11B | $1.07B | $1.13B | $1.13B | $1.10B | $1.06B | $1.13B | $1.17B | $1.16B | $1.18B | $1.22B | $1.17B |
| Key figures | ||||||||||||
| Total debt | $196.0M | $187.0M | $154.0M | $95.0M | $99.0M | $63.0M | $25.0M | $0 | — | — | $1.8M | $4.4M |
| Net cash (debt) | −$194.3M | −$175.4M | −$152.5M | −$88.8M | −$96.5M | −$60.6M | −$22.5M | $21.0M | — | — | $68.5M | $51.7M |
| Working capital | $65.3M | $54.7M | $71.0M | $65.7M | $64.4M | $22.9M | $48.1M | $89.8M | $87.5M | $118.8M | $167.3M | $133.2M |
| Tangible book value | $1.11B | $1.07B | $1.13B | $1.13B | $1.10B | $1.06B | $1.13B | $1.17B | $1.16B | $1.18B | $1.22B | $1.17B |
| Book value per share | $5.24 | $5.06 | $5.30 | $5.32 | $4.86 | $5.04 | $5.35 | $5.55 | $5.51 | $5.58 | $5.40 | $5.59 |
| Shares outstanding | 212.5M | 212.4M | 212.1M | 211.6M | 226.8M | 211.3M | 211.1M | 210.7M | 210.7M | 210.7M | 225.5M | 210.0M |
| Current ratio | 3.76 | 2.34 | 3.88 | 4.37 | 3.22 | 1.35 | 2.58 | 5.61 | 4.23 | 5.34 | 7.48 | 4.94 |
| Quick ratio | 3.07 | 2.12 | 2.72 | 3.62 | 2.85 | 1.23 | 2.42 | 4.58 | 3.71 | 4.12 | 5.90 | 4.25 |
| Debt / equity | 0.18 | 0.17 | 0.14 | 0.08 | 0.09 | 0.06 | 0.02 | 0.00 | — | — | 0.00 | 0.00 |
| Equity / assets | 81.5% | 80.2% | 84.3% | 88.6% | 87.0% | 86.0% | 92.7% | 96.3% | 95.4% | 95.5% | 96.1% | 95.1% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported (latest annual report filed February 24, 2026); data from EODHD.
BSM financial position
At the end of fiscal 2025 (December 31, 2025), Black Stone Minerals had total assets of $1.3 billion (up 9.6% from a year earlier), total liabilities of $207.1 million and shareholders' equity of $1.1 billion. It held $1.5 million in cash and short-term investments against $154.0 million of debt, net debt of $152.5 million. Its current ratio was 3.88. In the latest quarter (ended June 30, 2026) total assets were $1.4 billion and equity $1.1 billion.
Related: BSM income statement, BSM cash flow statement, BSM key metrics. See the BSM stock overview for the latest quote and news.
BSM balance sheet FAQ
What are Black Stone Minerals's total assets?
Black Stone Minerals reported total assets of $1.3 billion at the end of fiscal 2025 (December 31, 2025), compared with $1.2 billion a year earlier.
How much debt does Black Stone Minerals have?
Black Stone Minerals had $154.0 million of total debt at the end of fiscal 2025, including short-term borrowings and lease obligations. Its debt-to-equity ratio was 0.14.
How much cash does Black Stone Minerals have?
Black Stone Minerals held $1.5 million in cash and short-term investments at the end of fiscal 2025; with $154.0 million of debt that is net debt of $152.5 million.
What is Black Stone Minerals's book value?
Black Stone Minerals's shareholders' equity (book value) was $1.1 billion at the end of fiscal 2025, or $5.31 per share.
What is Black Stone Minerals's current ratio?
Black Stone Minerals had current assets of $95.6 million and current liabilities of $24.6 million, a current ratio of 3.88 (it can cover its short-term obligations).