Black Stone Minerals (BSM) director takes 1,488 units instead of cash fee

Rhea-AI Filing Summary

Randall William E. reported acquisition or exercise transactions in this Form 4 filing.

Black Stone Minerals, L.P. director Randall William E. received an equity award of 1,488 common units representing limited partner interests at a value of $15.12 per unit. Following this grant, he directly holds 191,774 common units. According to the disclosure, he elected to take these units in lieu of a cash retainer for serving on the Board of Directors of the partnership’s general partner.

Insider Trade Summary

1 transaction reported

Mixed 1 txn

Insider Randall William E.

Role Director

Type	Security	Shares	Price	Value
Grant/Award	Common units representing limited partner interests	1,488	$15.12	$22K

Holdings After Transaction: Common units representing limited partner interests — 191,774 shares (Direct)

Footnotes (1)

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Key Figures

Equity award: 1,488 common units Award value per unit: $15.12 per unit Total holdings after transaction: 191,774 common units

3 metrics

Equity award 1,488 common units Grant in lieu of cash retainer

Award value per unit $15.12 per unit Value used for the 1,488-unit grant

Total holdings after transaction 191,774 common units Director’s direct ownership after the award

Key Terms

Common units representing limited partner interests, cash retainer, Board of Directors, grant, award, or other acquisition

4 terms

Common units representing limited partner interests financial

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

cash retainer financial

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

Board of Directors financial

"cash retainer for service on the Board of Directors of the Partnership's General Partner"

The Board of Directors is a group of people chosen by a company's owners to help make big decisions and oversee how the company is run. They act like a team of advisors or managers, making sure the company stays on track and meets its goals. Their choices can influence the company's success and how it grows.

grant, award, or other acquisition financial

"transaction_code_description: "Grant, award, or other acquisition""

Form 4 Insider Transactions: What Each Field Means →

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^*

Randall William E.

(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)
04/02/2026

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)
			Code	V	Amount	(A) or (D)	Price
Common units representing limited partner interests	04/02/2026		A		1,488	A(1)	$15.12	191,774	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. 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 William E. Randall	04/06/2026
	** 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)

FAQ

What insider transaction did Black Stone Minerals (BSM) disclose in this Form 4?

Black Stone Minerals disclosed that director Randall William E. received 1,488 common units as an equity award. The units were valued at $15.12 each and were taken instead of a cash retainer for serving on the Board of Directors.

How many Black Stone Minerals (BSM) units did the director receive and at what value?

The director received 1,488 common units representing limited partner interests, valued at $15.12 per unit. This reflects an equity-based form of compensation rather than a traditional cash retainer for his Board of Directors service.

What are Randall William E.’s total Black Stone Minerals (BSM) holdings after this award?

After the award, Randall William E. directly holds 191,774 common units of Black Stone Minerals. This total includes the 1,488 units granted as compensation in lieu of cash for his role on the Board of Directors.

Was this Black Stone Minerals (BSM) Form 4 transaction a market purchase or sale?

The transaction was not a market purchase or sale. It was an acquisition coded as a grant or award, where the director received 1,488 common units instead of a cash retainer for his Board of Directors service.

How was the director of Black Stone Minerals (BSM) compensated according to this filing?

According to the filing, the director was compensated with 1,488 common units at $15.12 each. A footnote explains he elected to receive these units in lieu of a cash retainer for serving on the Board of Directors of the partnership’s general partner.