Black Stone Minerals (BSM) director reports new unit award and holdings

Rhea-AI Filing Summary

Black Stone Minerals, L.P. director Alexander D. Stuart reported acquiring additional common units representing limited partner interests. On 01/02/2026 he received 1,693 common units, reported as an acquisition at a price of $13.29 per unit, under a previous arrangement to take board cash retainers in equity instead.

Following this transaction, he is shown as directly owning 2,038,450 common units. He also reports significant indirect ownership through various entities and trusts, including 1,251,634 common units held by RDS Investments, L.P. and 2,112,711 common units held by Topsfield Energy Ltd., along with additional indirect holdings through multiple family and marital trusts.

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^*

Stuart Alexander D.

(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)		1,693	A	$13.29	2,038,450	D
Common units representing limited partner interests								1,251,634	I	By RDS Investments, L.P.
Common units representing limited partner interests								74,541	I	By Alexander Douglas Stuart Primary Trust
Common units representing limited partner interests								74,541	I	By Marian Stuart Pillsbury Primary Trust
Common units representing limited partner interests								159,901	I	By UA R Douglas Stuart III Marital Trust
Common units representing limited partner interests								74,541	I	By Robert D. Stuart III Primary Trust
Common units representing limited partner interests								74,541	I	By James McClure Stuart Primary Trust
Common units representing limited partner interests								239,333	I	By Marian S. Pillsbury Family 2012 GST Trust
Common units representing limited partner interests								286,976	I	By Ann Peake Stuart 2011 Exempt Trust
Common units representing limited partner interests								180,775	I	By Robert D. Stuart, Jr. 1996 Marital Trust
Common units representing limited partner interests								6,687	I	By Barbara E Stuart GST Exempt Trust fbo Alexander D Stuart
Common units representing limited partner interests								2,112,711	I	By Topsfield Energy Ltd.

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 Alexander D. Stuart	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 director Alexander D. Stuart reported acquiring 1,693 common units representing limited partner interests on 01/02/2026.

At what price were the new Black Stone Minerals (BSM) units acquired?

The 1,693 common units acquired on 01/02/2026 were reported at a price of $13.29 per unit.

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

After the reported transaction, Alexander D. Stuart is shown as directly owning 2,038,450 common units of Black Stone Minerals, L.P.

What is the nature of the compensation arrangement behind this BSM Form 4 filing?

The filing explains that, under a previous arrangement, the reporting person elected to receive common units instead of a cash retainer for service on the Board of Directors of the partnership's general partner.

What indirect ownership in Black Stone Minerals (BSM) does the reporting person disclose?

The reporting person lists indirect ownership of BSM common units through several entities and trusts, including 1,251,634 units held by RDS Investments, L.P. and 2,112,711 units held by Topsfield Energy Ltd., along with additional holdings in various family and marital trusts.

What is the relationship of the reporting person to Black Stone Minerals (BSM)?

The reporting person, Alexander D. Stuart, is identified as a Director of Black Stone Minerals, L.P.'s general partner on the form.