Director at Black Stone Minerals (NYSE: BSM) takes unit grant in lieu of cash

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 director D. Mark DeWalch received an equity grant of 1,240 common units representing limited partner interests on April 2, 2026 at $15.12 per unit. According to the footnote, he elected to take these units instead of a cash retainer for serving on the Board of Directors.

After this grant, he holds 393,845 units directly. He also reports additional indirect holdings, including units held through DeWalch Diversified LP, a personal trust, and his wife, reflecting a larger overall economic interest in Black Stone Minerals.

Insider Trade Summary

4 transactions reported

Mixed 4 txns

Insider DeWalch D Mark

Role Director

Type	Security	Shares	Price	Value
Grant/Award	Common units representing limited partner interests	1,240	$15.12	$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 — 393,845 shares (Direct); Common units representing limited partner interests — 558,522 shares (Indirect, By DeWalch Diversified LP)

Footnotes (1)

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Key Figures

Equity grant: 1,240 units Grant price: $15.12 per unit Direct holdings after grant: 393,845 units +3 more

6 metrics

Equity grant 1,240 units Common units granted on April 2, 2026

Grant price $15.12 per unit Price used for 1,240-unit award

Direct holdings after grant 393,845 units Directly owned common units following transaction

Indirect holdings via DeWalch Diversified LP 558,522 units Indirect ownership reported as of April 2, 2026

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

Indirect holdings via wife 6,749 units Units reported as held by wife

Key Terms

Form 4, Common units representing limited partner interests, cash retainer, Board of Directors

4 terms

Form 4 regulatory

"INSIDER FILING DATA (Form 4):"

Form 4 is a official document that company insiders, such as executives or major shareholders, file with regulators whenever they buy or sell company shares. It provides transparency about how those with inside knowledge are trading, helping investors see if insiders are confident in the company's prospects or may be selling for personal reasons. This information can influence investor decisions by revealing insiders' perspectives on the company's value.

Common units representing limited partner interests financial

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

cash retainer financial

"elected to 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.

Form 4 Insider Transactions: What Each Field Means →

04/06/2026 - 05:08 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)
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)
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	04/02/2026		A		1,240	A⁽¹⁾	$15.12	393,845	D
Common units representing limited partner interests								558,522	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	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)

Source: View Original Filing on SEC EDGAR

FAQ

What did D. Mark DeWalch report in his Form 4 for BSM?

He reported receiving 1,240 Black Stone Minerals common units as an equity grant. These units were taken in lieu of a cash retainer for his service on the Board of Directors, reflecting compensation rather than an open-market purchase or sale.

Was the BSM Form 4 transaction a market buy or sell?

No, it was not a market buy or sell. The Form 4 shows a grant coded as an acquisition (A), where DeWalch chose to receive 1,240 common units instead of cash for his board retainer, a routine compensation-related transaction.

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

Following the grant, he holds 393,845 common units directly. This figure reflects his direct ownership position in Black Stone Minerals and shows the 1,240-unit grant is small relative to his existing direct stake.

What indirect holdings in BSM does DeWalch report on this Form 4?

He reports indirect holdings of 558,522 units through DeWalch Diversified LP, 40,809 units through the Donald Mark DeWalch Trust, and 6,749 units held by his wife, indicating substantial additional economic exposure beyond his direct holdings.

What price was used for the BSM units granted to DeWalch?

The grant used a price of $15.12 per common unit. This value is reported on the Form 4 as the transaction price per unit for the 1,240-unit equity award he received instead of a cash board retainer.

Why did DeWalch receive BSM units instead of cash compensation?

A disclosed arrangement allowed him to elect units instead of a cash retainer. The footnote explains he chose common units in lieu of cash for serving on the Board of Directors of the partnership’s general partner, aligning part of his pay with equity.