WhiteHawk Minerals (WHK) Registration filing summary

Company overview and business model

• Operates as a pure-play natural gas mineral and royalty company with assets concentrated in the Marcellus and Haynesville Shales, among the most productive U.S. gas basins.

• Business model is capital-light, generating high-margin cash flow by owning mineral and royalty interests without incurring drilling or operating costs.

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

• Revenue is primarily derived from royalties and lease bonuses tied to third-party operator production.

• Focused on disciplined acquisitions and active management to deliver cash flow and total returns to investors.

Financial performance and metrics

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

• Net loss attributable to common stockholders was $10.9 million for 2025, with adjusted EBITDA of $40.5 million.

• Cash available for distribution was $13.6 million for 2025, with $320 million in cash provided by financing activities.

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

• Proved reserves as of December 31, 2025: 177,380 MMcf natural gas, 3,457 MBbls NGLs, 1,392 MBbls oil, with a PV-10 of $293.7 million.

Use of proceeds and capital allocation

• Net proceeds of approximately $160.9 million from the IPO will be used to prepay $156.4 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 from WhiteHawk OpCo.

• Focus on maintaining a conservative capital structure and supporting future acquisitions and dividend payments.