Black Stone Minerals, L.P. Executive Compensation (FY25)

Name: Black Stone Minerals, L.P. (BSM) executive compensation
Creator: Velarion
License: https://intel.velarion.ai/terms

BSM · Executive and director compensation, fiscal 2022 to 2025

Chief executive, fiscal 2025

◇

Thomas Carter

Median of the other named officers

$2,180,761

5 officers, excluding the chief executive

Latest say-on-pay support

June 11, 2026

Chief executive pay ratio

◇

To the median employee

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Data as of November 5, 2026Latest filing (8-K): June 16, 2026

13 filings cited on this page

Method: intel.velarion.ai/methodology

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280 figures on this page: 271 cited to the filing that reported them, 9 calculated from figures it prints. See the citations

What changed from fiscal 2024 to fiscal 2025

The figures that moved, and by how much. Analysis of these figures is part of the Velarion platform.

Chief executive total compensation — Thomas Carter: $4,733,947 → $4,787,678 (1.1% higher)

Say-on-pay support: 97.2% → 96.1% (1.1 points lower)

Frequently asked questions

Answers drawn from the data on this page.

Who is Black Stone Minerals, L.P.'s chief executive and what were they paid?

Thomas Carter was paid $4,787,678 in total compensation as President, Chairman and Chief Executive Officer for fiscal 2025. Carter's total was 1.1% higher than the $4,733,947 reported for fiscal 2024.

What was Black Stone Minerals, L.P.'s say-on-pay result?

Shareholders supported the say-on-pay proposal with 96.1% of votes cast for or against in favor at the meeting held June 11, 2026 for fiscal 2025.

Which companies are in Black Stone Minerals, L.P.'s peer group?

Companies named in the disclosed peer group include Antero Resources, California Resources, Chord Energy, Civitas Resources and CNX Resources, among others.

What is Black Stone Minerals, L.P.'s chief executive pay ratio?

The company reported a chief executive pay ratio of 32.3:1 for fiscal 2025, against median employee compensation of $148,267.

Executive compensation

Every element reported for each named executive officer, by fiscal year.

Fiscal 2022

Officer	Salary	Bonus	Stock awards	Option awards	Non-equity incentive	Pension and deferred earnings	All other compensation	Total
Thomas Carter Chairman, Chief Executive Officer, and President	◇	—	◇	—	◇	—	◇	◇
Jeffrey Wood Former President, Chief Financial Officer and Treasurer	◇	—	◇	—	◇	—	◇	◇
L. Steve Putman Senior Vice President, General Counsel, and Secretary	◇	—	◇	—	◇	—	◇	◇
Carrie Clark Senior Vice President, Chief Commercial Officer	◇	—	◇	—	◇	—	◇	◇
Dawn Smajstrla Former Vice President, Chief Accounting Officer	◇	—	◇	—	◇	—	◇	◇

Fiscal 2023

Officer	Salary	Bonus	Stock awards	Option awards	Non-equity incentive	Pension and deferred earnings	All other compensation	Total
Thomas Carter President, Chairman and Chief Executive Officer	◇	—	◇	—	◇	—	◇	◇
L. Steve Putman Senior Vice President, General Counsel, and Secretary	◇	—	◇	—	◇	—	◇	◇
Carrie Clark Former Senior Vice President and Chief Commercial Officer	◇	—	◇	—	◇	—	◇	◇
Evan Kiefer Former Senior Vice President, Chief Financial Officer, and Treasurer	◇	◇	◇	—	◇	—	◇	◇
Jeffrey Wood Former President, Chief Financial Officer and Treasurer Departed during or after this year	◇	—	—	—	—	—	◇	◇
Dawn Smajstrla Former Vice President, Chief Accounting Officer	◇	—	◇	—	◇	—	◇	◇

Fiscal 2024

Officer	Salary	Bonus	Stock awards	Option awards	Non-equity incentive	Pension and deferred earnings	All other compensation	Total
Thomas Carter President, Chairman and Chief Executive Officer	◇	—	◇	—	◇	—	◇	◇
L. Steve Putman Senior Vice President, General Counsel, and Secretary	◇	—	◇	—	◇	—	◇	◇
Carrie Clark Former Senior Vice President and Chief Commercial Officer	◇	—	◇	—	◇	—	◇	◇
Evan Kiefer Former Senior Vice President, Chief Financial Officer, and Treasurer Departed during or after this year	◇	◇	◇	◇	◇	—	◇	◇
H. Taylor DeWalch Senior Vice President and Chief Financial Officer	◇	—	◇	—	◇	—	◇	◇
Dawn Smajstrla Former Vice President, Chief Accounting Officer Departed during or after this year	◇	◇	◇	◇	◇	—	◇	◇

Fiscal 2025

Officer	Salary	Bonus	Stock awards	Option awards	Non-equity incentive	Pension and deferred earnings	All other compensation	Total
Thomas Carter President, Chairman and Chief Executive Officer	◇	—	◇	—	◇	—	◇	◇
Carrie Clark Former Senior Vice President and Chief Commercial Officer Departed during or after this year	◇	—	◇	—	—	—	◇	◇
L. Steve Putman Senior Vice President, General Counsel, and Secretary	◇	—	◇	—	◇	—	◇	◇
H. Taylor DeWalch Senior Vice President and Chief Financial Officer	◇	—	◇	—	◇	—	◇	◇
Fowler Carter Senior Vice President, Corporate Development	◇	—	◇	—	◇	—	◇	◇
Chris Bonner Vice President, Chief Accounting Officer	◇	◇	◇	—	◇	—	◇	◇

A dash means the company reported no figure in that column. $0 is shown only where the filing prints a zero. A negative change in pension value is shown but, as the company reports it, not included in the total.

Equity awards granted

Individual awards as disclosed: type, date, unit counts at each level, and grant date value.

Fiscal 2025

Officer	Award	Grant date	Threshold units	Target units	Units granted	Maximum units	Exercise price	Grant date fair value
Carrie P. Clark	RSU	◇	—	—	◇	—	—	◇
Carrie P. Clark	PSU	◇	◇	◇	—	◇	—	◇
Chris R. Bonner	PSU	◇	◇	◇	—	◇	—	◇
Chris R. Bonner	RSU	◇	—	—	◇	—	—	◇
Fowler T. Carter	RSU	◇	—	—	◇	—	—	◇
Fowler T. Carter	PSU	◇	◇	◇	—	◇	—	◇
H. Taylor DeWalch	PSU	◇	◇	◇	—	◇	—	◇
H. Taylor DeWalch	RSU	◇	—	—	◇	—	—	◇
L. Steve Putman	PSU	◇	◇	◇	—	◇	—	◇
L. Steve Putman	RSU	◇	—	—	◇	—	—	◇
Thomas L. Carter Jr.	RSU	◇	—	—	◇	—	—	◇
Thomas L. Carter Jr.	PSU	◇	◇	◇	—	◇	—	◇

Fiscal 2023, 2024 are included in the PDF.

A dash means the company reported no figure in that column. $0 is shown only where the filing prints a zero. Threshold, target and maximum apply only to performance awards and are never shown for time-based or option awards.

Outstanding awards

Awards still held at fiscal year end.

As disclosed at fiscal 2025 year end

Officer	Award	Unvested units	Market value of unvested units	Exercise price	Expires
Thomas Carter	PSU	◇	◇	—	—
	PSU	◇	◇	—	—
	PSU	◇	◇	—	—
	PSU	◇	◇	—	—
L. Putman	PSU	◇	◇	—	—
	PSU	◇	◇	—	—
	PSU	◇	◇	—	—
	PSU	◇	◇	—	—
H. Taylor DeWalch	PSU	◇	◇	—	—
	PSU	◇	◇	—	—
	PSU	◇	◇	—	—
	PSU	◇	◇	—	—
Fowler Carter	PSU	◇	◇	—	—
	PSU	◇	◇	—	—
	PSU	◇	◇	—	—
	PSU	◇	◇	—	—
Chris Bonner	PSU	◇	◇	—	—
	PSU	◇	◇	—	—
	PSU	◇	◇	—	—
	PSU	◇	◇	—	—

A dash means the company reported no figure in that column. $0 is shown only where the filing prints a zero.

Director compensation

What each non-employee director was paid.

Fiscal 2025

Director	Fees earned in cash	Stock awards	Option awards	Non-equity incentive	Pension and deferred earnings	All other compensation	Total
William N. Mathis	◇	◇	—	—	—	◇	◇
Carin M. Barth Lead independent director	◇	◇	—	—	—	—	◇
Alexander D. Stuart	◇	◇	—	—	—	—	◇
Michael C. Linn	◇	◇	—	—	—	—	◇
William E. Randall	◇	◇	—	—	—	—	◇
D. Mark DeWalch	◇	◇	—	—	—	—	◇
Jerry V. Kyle Jr	◇	◇	—	—	—	—	◇
James W. Whitehead	◇	◇	—	—	—	—	◇
Ashley J. Longmaid	◇	◇	—	—	—	—	◇

H. Taylor DeWalch, Chris R. Bonner, Fowler T. Carter and L. Steve Putman served on the board in fiscal 2025 and received no compensation for board service. Executive directors are typically paid through their executive roles, shown above.

Earlier years are included in the PDF.

A dash means the company reported no figure in that column. $0 is shown only where the filing prints a zero.

Director fee schedule

The standing retainers and premiums the board pays, as published.

Board cash retainer	◇
Board equity retainer	◇
Total board retainer	◇
Lead independent director premium	◇
Audit committee chair	◇
Compensation committee chair	◇
Nominating and governance chair	◇

Equity is delivered as Common Units.

Disclosed peer group

The companies this board named as its compensation comparison group. The list is disclosure; the comparison is analysis.

Fiscal 2025

Antero Resources AR
California Resources CRC
Chord Energy CHRD
Civitas Resources CIVI
CNX Resources CNX
Comstock Resources CRK
Dorchester Minerals symbol not shown
Gulfport Energy GPOR
Kimbell Royalty Partners symbol not shown
Magnolia Oil & Gas MGY
Matador Resources MTDR
Northern Oil & Gas NOG
Range Resources RRC
Sitio Royalties symbol not shown
SM Energy SM
Vital Energy VTLE

Say-on-pay history

Shareholder support for the compensation program, by year.

Year	Meeting	Support	Votes for	Votes against	Abstentions
2025	June 11, 2026	=	◇	◇	◇
2024	June 12, 2025	=	◇	◇	◇
2023	June 13, 2024	=	◇	◇	◇
2022	June 15, 2023	=	◇	◇	◇
2021	June 16, 2022	=	◇	◇	◇
2020	June 17, 2021	=	◇	◇	◇
2019	June 18, 2020	=	◇	◇	◇
2018	June 13, 2019	=	◇	◇	◇
2017	June 14, 2018	=	◇	◇	◇

Chief executive pay ratio

As calculated and reported by the company.

Ratio

◇

Median employee compensation

◇

Chief executive total compensation

◇

Ask our research desk — $99, 24h, every figure cited to its filing.

Sample answer — “What is the CEO’s total compensation?”

- Thomas Carter (President, Chairman and Chief Executive Officer), FY2025 total compensation $4,787,678 (base salary $485,034) [exec_comp, SEC accession 0001193125-26-197340, filed 2026-04-30]

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What this page does not include

Everything above is a fact Black Stone Minerals, L.P. disclosed, and it is free. Everything below is our analysis of those facts, and it is not.

Peer benchmarking

Where Black Stone Minerals, L.P. sits against its disclosed peers — percentile position by role and by pay element, and the ranking behind it. The disclosed peer group is free; comparisons across it are part of the Velarion platform.

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Written compensation analysis

A read of the pay program as designed and as paid: incentive structure, goal rigor, the alignment between the committee's stated philosophy and what the numbers show.

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Board and governance analysis

Committee composition, independence, director pay positioning, and the governance provisions read together rather than listed.

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Realizable pay

What the awards above are actually worth today against what they were valued at on grant, and what the gap says about the pay-for-performance link.

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Adviser switching and vote outcomes

Two datasets covering compensation-adviser changes and what followed a contested vote. Both are part of the Velarion platform.

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Citations

Every figure on this page is cited to the document that reported it. Select any figure to see its citation.

280 figures on this page: 271 cited to the filing that reported them, 9 calculated from figures it prints.

271 cited to the filing

9 calculated from the filing

Documents cited

8-K, filed June 16, 2026
0001628280-26-043636
Item 5.07. Submission of Matters to a Vote of Security Holders.
DEF 14A, filed April 30, 2026
0001193125-26-197340
CEO PAY RATIO · DIRECTOR COMPENSATION · Grants of Plan-Based Awards for the 2025 Fiscal Year · Outstanding Equity Awards at 2025 Fiscal Year-End · and 1 more section
8-K, filed June 18, 2025
0001621434-25-000086
Proposal 3 Approval, on a Non-binding Advisory Basis, of the Compensation of the General Partner s Named Executive Officers
DEF 14A, filed April 30, 2025
0001193125-25-107202
Summary Compensation Table
8-K, filed June 18, 2024
0001193125-24-162812
Item 5.07. Submission of Matters to a Vote of Security Holders.
DEF 14A, filed April 29, 2024
0001193125-24-122305
Summary Compensation Table
8-K, filed June 16, 2023
0001193125-23-169014
Item 5.07. Submission of Matters to a Vote of Security Holders.
DEF 14A, filed May 1, 2023
0001193125-23-130472
Summary Compensation Table
8-K, filed June 21, 2022
0001193125-22-177649
Item 5.07. Submission of Matters to a Vote of Security Holders.
8-K, filed June 23, 2021
0001193125-21-196892
Item 5.07. Submission of Matters to a Vote of Security Holders.
8-K, filed June 24, 2020
0001193125-20-177669
Item 5.07. Submission of Matters to a Vote of Security Holders.
8-K, filed June 19, 2019
0001193125-19-176514
Item 5.07. Submission of Matters to a Vote of Security Holders.
8-K, filed June 20, 2018
0001193125-18-197976
Item 5.07. Submission of Matters to a Vote of Security Holders.

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13 filings cited on this page

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Peers Black Stone Minerals, L.P. discloses

The companies named in BSM's own disclosed peer group.

Antero Resources California Resources Chord Energy Civitas Resources CNX Resources Comstock Resources Gulfport Energy Magnolia Oil & Gas Matador Resources Northern Oil & Gas Range Resources SM Energy Vital Energy

Terms on this page

Say-on-Pay Vote CEO Pay Ratio Median Employee Compensation All companies

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Cite this data

APA

Velarion Company Intelligence. (2026). Velarion database: executive and board compensation data (Version 2026Q3) [Data set]. Zenodo. https://doi.org/10.5281/zenodo.22283854

BibTeX

@misc{velarionData2026,
  author = {{Velarion Company Intelligence}},
  title = {Velarion database: executive and board compensation data},
  year = {2026},
  version = {2026Q3},
  doi = {10.5281/zenodo.22283854},
  publisher = {Zenodo},
  url = {https://doi.org/10.5281/zenodo.22283854}
}