DeWalch takes unit award over cash at Black Stone Minerals (NYSE: BSM)

Filing Impact

(Neutral)

Filing Sentiment

(Neutral)

Form Type

Rhea-AI Filing Summary

DeWalch D Mark reported acquisition or exercise transactions in this Form 4 filing.

Black Stone Minerals, L.P. director D. Mark DeWalch reported an equity grant of common units representing limited partner interests. He received 1,342 units at $13.97 per unit, increasing his directly held position to 432,837 units. According to the filing, this award reflects a prior arrangement under which he elected to receive common units instead of a cash retainer for serving on the board.

Insider Trade Summary

4 transactions reported

Mixed 4 txns

Insider DeWalch D Mark

Role null

Type	Security	Shares	Price	Value
Grant/Award	Common units representing limited partner interests	1,342	$13.97	$19K
holding	Common units representing limited partner interests	--	--	--
holding	Common units representing limited partner interests	--	--	--
holding	Common units representing limited partner interests	--	--	--

Holdings After Transaction: Common units representing limited partner interests — 432,837 shares (Direct, null); Common units representing limited partner interests — 631,248 shares (Indirect, By DeWalch Diversified LP)

Footnotes (1)

[object Object]

Key Figures

Units granted: 1,342 units Grant unit price: $13.97 per unit Direct holdings after grant: 432,837 units +3 more

6 metrics

Units granted 1,342 units Equity grant to D. Mark DeWalch

Grant unit price $13.97 per unit Value used for awarded common units

Direct holdings after grant 432,837 units Common units owned directly after transaction

Indirect holdings via wife 6,749 units Common units held indirectly by wife

Indirect holdings via trust 40,809 units Common units held by Donald Mark DeWalch Trust

Indirect holdings via LP 631,248 units Common units held by DeWalch Diversified LP

Key Terms

Common units representing limited partner interests, grant/award acquisition, indirect, retainer, +1 more

5 terms

Common units representing limited partner interests financial

"security_title: "Common units representing limited partner interests""

grant/award acquisition financial

"transaction_action: "grant/award acquisition" for the A-code transaction"

indirect financial

"ownership_type: "indirect" for units held by wife, trust, and LP"

retainer financial

"receive common units in lieu of a cash retainer for service on the Board"

beneficially owned following the transaction financial

"total_shares_following_transaction reported for each ownership line"

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Form 4 Insider Transactions: What Each Field Means →

Available on EDGAR 07/02/2026 - 04:56 PM Accepted by SEC EDGAR 07/02/2026 - 04:55 PM

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

DeWalch D Mark

(Last)

(First)

(Middle)

1001 FANNIN STREET, SUITE 2020

(Street)

HOUSTON

TEXAS

77002

(City)

(State)

(Zip)

UNITED STATES

(Country)

2. Issuer Name and Ticker or Trading Symbol
Black Stone Minerals, L.P. [ BSM ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director	10% Owner
	Officer (give title below)	Other (specify below)

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
07/02/2026

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

4. If Amendment, Date of Original Filed (Month/Day/Year)

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	Amount	(A) or (D)	Price		6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
Common units representing limited partner interests	07/02/2026		A		1,342	A⁽¹⁾	$13.97	432,837	D
Common units representing limited partner interests								631,248	I	By DeWalch Diversified LP
Common units representing limited partner interests								40,809	I	By Donald Mark DeWalch Trust
Common units representing limited partner interests								6,749	I	By wife

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares	8. Price of Derivative Security (Instr. 5)		10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)

Explanation of Responses:

1. Pursuant to a previous arrangement, the Reporting Person elected to receive common units in lieu of a cash retainer for service on the Board of Directors of the Partnership's General Partner.

Remarks:

	/s/ Steve Putman, attorney-in-fact for D. Mark DeWalch	07/02/2026
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.
* Form 4: SEC 1474 (03-26)

Source: View Original Filing on SEC EDGAR

FAQ

What insider transaction did BSM director D. Mark DeWalch report?

D. Mark DeWalch reported receiving 1,342 common units of Black Stone Minerals as a grant. The units were valued at $13.97 each and represent compensation for his service on the board, increasing his directly held stake to 432,837 common units.

What price was used for the Black Stone Minerals units granted to DeWalch?

The grant to D. Mark DeWalch used a unit value of $13.97 per common unit. This price applies to the 1,342 units awarded as compensation and is explicitly stated in the insider transaction details for the reported Form 4 filing.

How many Black Stone Minerals units does DeWalch hold directly after this Form 4?

After the reported grant, D. Mark DeWalch holds 432,837 common units directly. This total includes the 1,342-unit award received as compensation and is disclosed as the number of units beneficially owned following the transaction.

Does D. Mark DeWalch have indirect ownership of BSM units?

Yes. The filing lists indirect holdings of common units by his wife, by the Donald Mark DeWalch Trust, and by DeWalch Diversified LP. Each is reported separately as indirect ownership, reflecting units held through related parties rather than in his direct name.

Was the BSM unit grant to DeWalch a market purchase or compensation award?

The 1,342-unit transaction is characterized as a grant or award acquisition, not an open-market purchase. A footnote explains he previously elected to receive common units instead of a cash retainer for board service, so this reflects non-cash compensation.

Why did DeWalch receive Black Stone Minerals units instead of cash?

A footnote states that under a prior arrangement, D. Mark DeWalch chose to receive common units in lieu of a cash retainer. This election applies to his compensation for serving on the board of the partnership’s general partner.