WhiteHawk Minerals (WHK) Registration filing summary

Company overview and business model

• Operates as a holding company with a focus on acquiring, managing, and owning natural gas mineral and royalty interests, primarily in the Marcellus and Haynesville Shales, and the Mid-Continent region.

• Business model is capital-light, with no drilling-related capital expenditures and minimal operating costs, generating high-margin, recurring cash flows from royalties and lease bonuses.

• Portfolio covers approximately 3.4 million gross DSU acres, with economic interests in about 13% of total U.S. natural gas production as of December 31, 2025.

• Assets are developed by leading operators, including EQT, Range Resources, CNX, Antero, Expand Energy, Comstock, and Aethon.

• Management team has over 125 years of industry experience and a track record of over $31 billion in energy transactions.

Financial performance and metrics

• For the year ended December 31, 2025, reported royalty revenue of $50.1 million, total revenue of $67.6 million, and a net loss of $10.9 million.

• Pro forma net daily production for 2025 was 67,255 Mcfe/d, with 86% natural gas, 10% NGLs, and 4% oil.

• Adjusted EBITDA for 2025 was $40.5 million; pro forma Adjusted EBITDA was $66.1 million.

• Cash Available for Distribution for 2025 was $13.6 million; pro forma Cash Available for Distribution was $38.0 million.

• As of March 31, 2026, cash and cash equivalents were $64.6 million; total assets were $544.9 million; total liabilities were $261.2 million.

• PV-10 of proved reserves as of December 31, 2025, was $293.7 million.

Use of proceeds and capital allocation

• Net proceeds of $160.9 million from the IPO will be used to prepay $162.7 million of Senior Notes, redeem $37.0 million of Series D preferred stock, and for general corporate purposes.

• Proceeds will also be used to purchase newly issued OpCo Interests, supporting the Up-C structure.

• A portion of proceeds will be used to redeem outstanding Series D Preferred Stock; any shortfall will be covered by cash on hand.