Black Stone Minerals (BSM) director reports equity unit compensation

Rhea-AI Filing Summary

Black Stone Minerals, L.P. director D. Mark DeWalch reported receiving additional equity as part of his board compensation. On 01/02/2026, he acquired 1,410 common units representing limited partner interests at $13.29 per unit, electing to take units instead of a cash retainer for service on the board of the partnership's general partner.

Following this transaction, DeWalch beneficially owned 378,350 common units directly. He also reported indirect beneficial ownership of 558,522 common units through DeWalch Diversified LP, 40,809 common units through the Donald Mark DeWalch Trust, and 6,749 common units through his wife.

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

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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^*

DeWalch D Mark

(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)
01/02/2026

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	01/02/2026		A		1,410	A(1)	$13.29	378,350	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)
				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 D. Mark DeWalch	01/06/2026
	** 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?

Black Stone Minerals reported that director D. Mark DeWalch acquired 1,410 common units representing limited partner interests on 01/02/2026.

What price did the Black Stone Minerals (BSM) director pay for the units?

D. Mark DeWalch acquired the 1,410 common units at a price of $13.29 per unit.

Why did the Black Stone Minerals (BSM) director receive these common units?

According to the explanation, the director elected to receive common units in lieu of a cash retainer for serving on the Board of Directors of the partnership's general partner.

How many Black Stone Minerals (BSM) units does the director own directly after the transaction?

After the reported transaction, D. Mark DeWalch directly beneficially owned 378,350 common units of Black Stone Minerals, L.P.

What indirect holdings in Black Stone Minerals (BSM) were reported by the director?

The director reported indirect beneficial ownership of 558,522 common units through DeWalch Diversified LP, 40,809 common units through the Donald Mark DeWalch Trust, and 6,749 common units through his wife.

What is the director’s relationship to Black Stone Minerals (BSM)?

The reporting person, D. Mark DeWalch, is identified as a Director of Black Stone Minerals, L.P.