WhiteHawk Income Files for NYSE IPO, Setting Liquidity Path for Retail Investors
WhiteHawk Income Corporation, a natural gas mineral and royalty company, has filed a registration statement with the U.S. Securities and Exchange Commission for a proposed initial public offering of its Class A common stock on the New York Stock Exchange.
The company plans to list under the ticker “WHK” and intends to change its corporate name to WhiteHawk Minerals Corp. in connection with the offering. The number of shares and price range have not yet been determined.
For broker-dealers and registered investment advisers whose clients hold positions in WhiteHawk Income Corporation through its Regulation D private placement, the S-1 filing marks the first concrete step toward a public-market exit. The offering’s private placement memorandum had cautioned investors that no liquidity event was guaranteed.
Current holders of WhiteHawk private placement shares — referred to in the S-1 as legacy common stock investors — will face a lockup period of up to 365 days following the offering’s close before their shares are eligible for resale, according to the filing. Directors and executive officers are subject to a 180-day lockup. The board may shorten the investor lockup period, but not below 180 days, without underwriter consent. Once lockup restrictions expire, shares held by affiliates will remain subject to the volume, manner-of-sale, and holding-period limitations of SEC Rule 144.
Preferred Capital Securities, an independent managing broker-dealer, served as WhiteHawk Income Corporation’s distributor, wholesaling the private placement to independent broker-dealers and registered investment advisers across the United States. In 2023, Preferred Capital Securities reported raising more than $65 million for another WhiteHawk company as part of its broader retail capital-raise activity.
In June 2025, the company – together with WhiteHawk Energy LLC and their respective subsidiaries – acquired PHX Minerals Inc. for a total value of $194.8 million, including PHX’s net debt. The all-cash transaction added 1.8 million gross unit acres and expanded WhiteHawk’s footprint into the core of Haynesville Shale in East Texas and North Louisiana, as well as the SCOOP/STACK region in Oklahoma.
More recently, the company closed on natural gas mineral and royalty interests in the core of Haynesville Shale in Louisiana and East Texas on April 3, 2026, adding approximately 150,000 gross drilling space unit (DSU) acres. WhiteHawk funded the purchase primarily through the issuance of approximately $37.8 million in Series D preferred stock and said it intends to use a portion of IPO proceeds to redeem those shares.
As of Dec. 31, 2025, WhiteHawk’s portfolio spanned approximately 3.4 million gross DSU acres, including 1.6 million gross DSU acres across the Appalachian and Haynesville basins and represented, according to the company, an economic interest in approximately 13% of all natural gas produced in the United States. Further, the company reported more than 10,900 producing wells and more than 8,000 remaining identified undeveloped locations as of the end of 2025. The company said that the Appalachian and Haynesville basins form the core of U.S. natural gas production and are among the most prolific energy-producing regions globally.
Raymond James & Associates Inc.; Stifel, Nicolaus & Company Inc.; and J.P. Morgan Securities LLC are acting as joint book-running managers for the proposed offering. Capital One Securities, Inc. and Stephens Inc. are also acting as book-running managers.
WhiteHawk was founded by Daniel C. Herz, the company’s chairman and chief executive officer. Herz previously led Falcon Minerals Corporation, Atlas Energy Group, and Titan Energy LLC.
The registration statement has been filed with the SEC but has not yet become effective. The proposed offering is subject to market and other conditions, and the company said there can be no assurance the offering will be completed or, if completed, as to its timing or terms.
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