Director at Black Stone Minerals (NYSE: BSM) receives 1,240-unit award

Q: Was the Black Stone Minerals (BSM) Form 4 an open-market purchase or a grant?

The Form 4 reflects a grant/award acquisition , not an open-market purchase. Jerry V. Kyle Jr. elected to receive 1,240 common units instead of a cash retainer for board service, so it is compensation-related rather than a discretionary market transaction.

Filing Impact

(Neutral)

Filing Sentiment

(Neutral)

Form Type

Rhea-AI Filing Summary

Kyle Jerry V. Jr. reported acquisition or exercise transactions in this Form 4 filing.

Black Stone Minerals, L.P. director Jerry V. Kyle Jr. received a grant of 1,240 common units representing limited partner interests on April 2, 2026, valued at $15.12 per unit. According to a footnote, he elected to receive these units in lieu of a cash retainer for serving on the Board of Directors of the partnership’s general partner.

After this equity award, he directly holds 321,147 common units. The filing also lists indirect holdings of 250,088 units held by the Lena C Anderson Kyle 1968 Trust, 4,000 units held by a family limited partnership, and 350,182 units held by the Lena C A Kyle Trust.

Insider Trade Summary

4 transactions reported

Mixed 4 txns

Insider Kyle Jerry V. Jr.

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 — 321,147 shares (Direct); Common units representing limited partner interests — 250,088 shares (Indirect, By Lena C Anderson Kyle 1968 Trust)

Footnotes (1)

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Key Figures

Equity award: 1,240 common units Grant price: $15.12 per unit Direct holdings after award: 321,147 common units +3 more

6 metrics

Equity award 1,240 common units Grant on April 2, 2026 in lieu of cash retainer

Grant price $15.12 per unit Valuation for 1,240-unit board compensation award

Direct holdings after award 321,147 common units Direct ownership following April 2, 2026 transaction

Lena C Anderson Kyle 1968 Trust units 250,088 units Indirect ownership through 1968 Trust

Family limited partnership units 4,000 units Indirect ownership via family limited partnership

Lena C A Kyle Trust units 350,182 units Indirect ownership through Lena C A Kyle Trust

Key Terms

common units representing limited partner interests, cash retainer, indirect ownership, family limited partnership, +1 more

5 terms

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"

indirect ownership financial

"direct_or_indirect: "I" with nature_of_ownership by trusts and partnership"

family limited partnership financial

"nature_of_ownership: "By family limited partnership""

trust financial

"nature_of_ownership references Lena C Anderson Kyle 1968 Trust and Lena C A Kyle Trust"

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^*

Kyle Jerry V. Jr.

(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	321,147	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)
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 Jerry V. Kyle, Jr.	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 the latest Form 4 for Black Stone Minerals (BSM) report?

The Form 4 reports that director Jerry V. Kyle Jr. received a grant of 1,240 common units on April 2, 2026 at $15.12 per unit, as equity compensation in lieu of a cash retainer for serving on the Board of Directors.

Was the Black Stone Minerals (BSM) Form 4 an open-market purchase or a grant?

The Form 4 reflects a grant/award acquisition, not an open-market purchase. Jerry V. Kyle Jr. elected to receive 1,240 common units instead of a cash retainer for board service, so it is compensation-related rather than a discretionary market transaction.

How many Black Stone Minerals (BSM) units does Jerry V. Kyle Jr. hold directly after this filing?

Following the April 2, 2026 award, Jerry V. Kyle Jr. directly holds 321,147 common units of Black Stone Minerals, L.P. These are common units representing limited partner interests, separate from additional units held indirectly through trusts and a family limited partnership.

What indirect holdings of Black Stone Minerals (BSM) units are reported for Jerry V. Kyle Jr.?

Indirect holdings include 250,088 units held by the Lena C Anderson Kyle 1968 Trust, 4,000 units held by a family limited partnership, and 350,182 units held by the Lena C A Kyle Trust, as disclosed in the Form 4’s indirect ownership entries.

Why did the Black Stone Minerals (BSM) director receive units instead of cash?

A footnote explains that, under a previous arrangement, the reporting person elected to receive common units instead of a cash retainer for Board service, so the 1,240-unit award represents equity compensation in place of cash fees for serving on the Board of Directors.