WhiteHawk Minerals (WHK) Registration filing summary

Company overview and business model

• Operates as a holding company focused on acquiring, managing, and owning natural gas mineral and royalty interests, primarily in the Marcellus and Haynesville Shales, with a capital-light, high-margin model that does not require drilling capital expenditures.

• Portfolio spans 3.4 million gross DSU acres, with interests in over 10,900 producing wells and 8,000+ undeveloped locations, representing an economic interest in 13% of U.S. natural gas production as of December 31, 2025.

• Revenue is generated from royalties and lease bonuses tied to production, with minimal operating expenses and no direct exposure to drilling or completion costs.

• Business strategy centers on disciplined acquisitions, active management, and consolidation in a fragmented market, targeting high-quality assets and top-tier operators.

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 net loss of $3.6 million (restated).

• Adjusted EBITDA for 2025 was $40.5 million, with pro forma Adjusted EBITDA of $66.1 million, and pro forma Cash Available for Distribution of $38.0 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.

• Production for 2025 averaged 50,351 Mcfe/d, with 86% natural gas, 10% NGLs, and 4% oil.

• Paid 46 consecutive monthly dividends, totaling approximately $30 million and representing a 36% cash-on-cash return to initial investors through January 1, 2026.

Use of proceeds and capital allocation

• Net proceeds from the IPO will be used to prepay outstanding Senior Notes, redeem all Series D preferred stock, redeem a portion of Series B preferred stock, and for general corporate purposes.

• Proceeds will also be used to purchase newly issued OpCo Interests from WhiteHawk OpCo at the IPO price, less underwriting discounts.

• Capital allocation strategy prioritizes debt reduction, redemption of preferred equity, and selective reinvestment in accretive acquisitions.