Black Stone Minerals (NYSE: BSM) SVP granted units, uses some for taxes

Rhea-AI Filing Summary

Black Stone Minerals, L.P. insider Putman Luke Stevens, SVP, General Counsel and Secretary, reported equity compensation activity involving common units representing limited partner interests. On February 24, 2026, he acquired 68,853 common units as a grant or award, with no cash price per unit reported.

On the same date, he disposed of 25,302 common units in a tax-withholding transaction, where the units were valued at $15.23 each to satisfy tax liabilities tied to the performance unit settlement under the company’s Long-Term Incentive Plan. Following these transactions, he directly owned 791,693 common units.

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

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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^*

Putman Luke Stevens

(Last) (First) (Middle)

1001 FANNIN STREET, SUITE 2020

(Street)

HOUSTON TX 77002

(City) (State) (Zip)

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)

	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	SVP, General Counsel, and Sec

3. Date of Earliest Transaction (Month/Day/Year)
02/24/2026

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

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

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

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)
			Code	V	Amount	(A) or (D)	Price
Common units representing limited partner interests	02/24/2026		A(1)		68,853	A	$0	816,995	D
Common units representing limited partner interests	02/24/2026		F(1)		25,302	D	$15.23	791,693	D

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)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

Explanation of Responses:

1. Represents settlement of performance units awarded under the Issuer's Long-Term Incentive Plan. For tax withholding purposes, the value of the common units was deemed to be equal to the closing price of BSM common units on February 24, 2026.

Remarks:

	/s/ Luke S. Putman	02/26/2026
	** 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).
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FAQ

What insider transactions did BSM SVP Putman Luke Stevens report?

Putman Luke Stevens reported an equity award and related tax withholding. He received 68,853 Black Stone Minerals common units as a grant, then disposed of 25,302 units valued at $15.23 each to cover tax liabilities tied to the performance unit settlement.

How many Black Stone Minerals (BSM) units does Putman Luke Stevens now hold?

After the reported transactions, Putman Luke Stevens directly owns 791,693 Black Stone Minerals common units. This balance reflects the grant of 68,853 units and the tax-withholding disposition of 25,302 units conducted in connection with the Long-Term Incentive Plan settlement.

Was the BSM insider transaction a market purchase or sale?

The filing shows an equity award and a tax-withholding disposition, not open-market trades. Stevens received 68,853 units as compensation and used 25,302 units, valued at $15.23 each, to satisfy tax obligations from the performance unit settlement.

What price was used for the BSM units in the tax-withholding transaction?

For tax withholding purposes, the common units were valued at $15.23 each. This value corresponded to the closing price of Black Stone Minerals common units on February 24, 2026 and was applied to the 25,302 units used to satisfy tax liabilities.

What plan governed the BSM performance unit settlement for Putman Luke Stevens?

The performance unit settlement came under Black Stone Minerals’ Long-Term Incentive Plan. The filing notes that 68,853 units represented settlement of performance units, with part of the award—25,302 units—used at a deemed price of $15.23 to cover related tax obligations.