Black Stone Minerals (NYSE: BSM) Co-CEO receives 80,106-unit equity grant

Rhea-AI Filing Summary

Black Stone Minerals, L.P. reported that Co-CEO and President Carter Fowler received 80,106 common units representing limited partner interests on February 4, 2026. These units are a restricted unit award under the 2025 Long-Term Incentive Plan and were granted at $0 per unit.

The award vests in three equal installments on January 7, 2027, January 7, 2028, and January 7, 2029, subject to his continued employment with the issuer, its general partner, or their affiliates through each vesting date. Following this grant, Fowler directly beneficially owns 124,374 common units.

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

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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^*

Carter Fowler

(Last) (First) (Middle)

1001 FANNIN ST.

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
X	Officer (give title below)		Other (specify below)
	Co-CEO and President

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)		80,106	A	$0	124,374	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/ Steve Putman, attorney-in-fact for Fowler Carter	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.
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FAQ

What insider transaction did Black Stone Minerals (BSM) report for Carter Fowler?

Black Stone Minerals reported that Co-CEO and President Carter Fowler received 80,106 common units representing limited partner interests. The units were granted at $0 per unit as a restricted unit award under the company’s 2025 Long-Term Incentive Plan.

How many Black Stone Minerals (BSM) units does Carter Fowler own after this Form 4?

After the reported award, Carter Fowler directly beneficially owns 124,374 common units of Black Stone Minerals, L.P. This total includes the newly granted 80,106 restricted units reported as acquired on February 4, 2026 at no cash cost.

What are the vesting terms of Carter Fowler’s 80,106 restricted units at Black Stone Minerals (BSM)?

The 80,106 restricted common units vest in three equal installments. They are scheduled to vest on January 7, 2027, January 7, 2028, and January 7, 2029, provided Fowler remains continuously employed by the issuer, its general partner, or their affiliates.

Under which plan were Carter Fowler’s new Black Stone Minerals (BSM) units granted?

The newly reported 80,106 restricted common units for Co-CEO Carter Fowler were granted under the Black Stone Minerals, L.P. 2025 Long-Term Incentive Plan. The units are subject to time-based vesting and continued employment conditions described in the plan and award agreement.

Does Carter Fowler’s Black Stone Minerals (BSM) Form 4 show a purchase price for the new units?

The Form 4 lists a per-unit price of $0 for the 80,106 common units acquired. This reflects that the units were received as a restricted unit award under the company’s 2025 Long-Term Incentive Plan rather than bought in the open market.

What role does Carter Fowler hold at Black Stone Minerals (BSM) in this Form 4 filing?

In this filing, Carter Fowler is identified as both a Director and an Officer of Black Stone Minerals, L.P., serving as Co-CEO and President. The reported restricted unit grant relates to his position with the company and its affiliates.