Executive at Black Stone Minerals (BSM) awarded 65,420 restricted units

Rhea-AI Filing Summary

Black Stone Minerals, L.P. reported that senior vice president, general counsel, and secretary Luke S. Putman received a grant of 65,420 restricted common units representing limited partner interests at a price of $0 per unit under the company’s 2025 Long-Term Incentive Plan.

Following this grant, Putman directly holds 748,142 common units. The restricted units are scheduled to vest in three equal installments on January 7, 2027, January 7, 2028, and January 7, 2029, contingent on his continued employment with Black Stone Minerals, its general partner, or their affiliates through each vesting date.

Insider Trade Summary

1 transaction reported

Mixed 1 txn

Insider Putman Luke Stevens

Role SVP, General Counsel, and Sec

Type	Security	Shares	Price	Value
Grant/Award	Common units representing limited partner interests	65,420	$0.00	--

Holdings After Transaction: Common units representing limited partner interests — 748,142 shares (Direct)

Footnotes (1)

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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^*

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)
02/04/2026

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	02/04/2026		A(1)		65,420	A	$0	748,142	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. Common units subject to a restricted unit award issued pursuant to the Black Stone Minerals, L.P. 2025 Long-Term Incentive Plan (the "LTIP"). Except as otherwise provided in the LTIP or the award agreement governing the award, the common units will vest in three equal installments on each of January 7, 2027, January 7, 2028, and January 7, 2029, so long as the Reporting Person remains continuously employed by the Issuer, Black Stone Minerals GP, L.L.C. (the "General Partner"), or any of their respective affiliates through each such vesting date.

Remarks:

	/s/ Luke S. Putman	02/06/2026
	** 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.

FAQ

What insider transaction did Black Stone Minerals (BSM) disclose for Luke S. Putman?

Black Stone Minerals disclosed that SVP, General Counsel, and Secretary Luke S. Putman received 65,420 restricted common units at a price of $0 per unit. The award comes under the 2025 Long-Term Incentive Plan, increasing his directly held units to a total of 748,142.

How many Black Stone Minerals (BSM) units does Luke S. Putman own after this grant?

After the reported grant, Luke S. Putman directly owns 748,142 common units representing limited partner interests in Black Stone Minerals. This total includes the newly awarded 65,420 restricted units issued under the 2025 Long-Term Incentive Plan, as shown in the Form 4 filing.

What are the vesting terms of Luke S. Putman’s 65,420 restricted units at BSM?

The 65,420 restricted common units will vest in three equal installments on January 7, 2027, January 7, 2028, and January 7, 2029. Vesting requires that Luke S. Putman remain continuously employed by Black Stone Minerals, its general partner, or their affiliates through each vesting date.

Under which plan were the new Black Stone Minerals (BSM) units granted to Luke S. Putman?

The new units were granted under the Black Stone Minerals, L.P. 2025 Long-Term Incentive Plan. The Form 4 notes that the 65,420 common units are subject to this plan and to the specific award agreement that governs vesting and other conditions on the grant.

Was cash paid for the 65,420 Black Stone Minerals (BSM) units granted to Luke S. Putman?

No cash was paid for these units; the transaction price per unit is reported as $0. The 65,420 common units were issued as a restricted unit award under the 2025 Long-Term Incentive Plan, reflecting equity-based compensation rather than an open-market purchase.

Is Luke S. Putman considered an officer or major owner at Black Stone Minerals (BSM)?

Luke S. Putman is reported as an officer of Black Stone Minerals, serving as senior vice president, general counsel, and secretary. He is not identified in the filing as a director or 10% owner, and the reported transaction relates to his executive compensation award.