[Form 4] Black Stone Minerals, L.P. Insider Trading Activity

Rhea-AI Filing Summary

Insider purchase increases board member stake in Black Stone Minerals. Director Jerry V. Kyle Jr. received 1,426 common units as compensation in lieu of a cash retainer, executed on 10/03/2025 at an indicated price of $13.14 per unit. After the transaction his reported beneficial ownership totals 304,242 common units directly, plus additional indirect holdings of 250,088 units (held by the Kyle 1968 Trust), 4,000 units (family limited partnership), and 350,182 units (Lena C A Kyle Trust).

The filing is routine Section 16 reporting: the acquisition was made under a prior arrangement to receive units instead of cash for board service. The form was signed by an attorney-in-fact on 10/07/2025. No derivative transactions or sales are reported.

Positive

• Equity alignment: Director elected to receive 1,426 units in lieu of cash, increasing skin in the game
• Clear reporting: Form 4 discloses direct and indirect holdings totaling over 900,000 units across accounts

Negative

• Concentrated control risk: Significant indirect holdings through trusts and a family partnership may centralize voting power
• Limited liquidity signal: No sales reported; concentrated holdings could limit near-term secondary-market liquidity from this holder

Insights

Corporate Governance Analyst

Director accepted equity compensation, modestly increasing his direct ownership.

The director elected to receive 1,426 common units instead of cash as compensation, which raises his direct stake to 304,242 units. Equity retainer elections align director interests with unitholders by converting cash payments into ownership.

This filing shows concentrated indirect holdings across trusts and a family partnership, which can affect voting alignment and governance dynamics. Monitor future Section 16 filings for any sales or option exercises within the next 12 months that would change holdings.

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^*

Kyle Jerry V. Jr.

(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)

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

3. Date of Earliest Transaction (Month/Day/Year)
10/03/2025

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	10/03/2025		A(1)		1,426	A	$13.14	304,242	D
Common units representing limited partner interests								250,088	I	By Lena C Anderson Kyle 1968 Trust
Common units representing limited partner interests								4,000	I	By family limited partnership
Common units representing limited partner interests								350,182	I	By Lena C A Kyle Trust

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 Jerry V. Kyle, Jr.	10/07/2025
	** 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 did Jerry V. Kyle Jr. report on the Form 4 for BSM?

He reported acquiring 1,426 common units on 10/03/2025 as compensation in lieu of cash, at an indicated price of $13.14 per unit.

How many BSM units does Jerry V. Kyle Jr. beneficially own after this transaction?

He reports 304,242 units directly and additional indirect holdings of 250,088, 4,000, and 350,182 units across trusts and a family limited partnership.

Was this transaction a sale or a purchase reported on the Form 4?

It was an acquisition reported as an election to receive common units in lieu of a cash retainer; the transaction code is shown as an acquisition.

Are there any derivative securities or option exercises reported?

No. Table II lists no derivative securities, exercises, or dispositions in this filing.

Who signed the Form 4 and when was it filed?

The form was signed by an attorney-in-fact, Steve Putman, on 10/07/2025.